NFL owners approved a measure today allowing teams to take on an additional $100M in debt, raising the per-team debt ceiling to $700M, or double the level allowed just five years ago. The vote is a sign of the league’s rapidly growing revenue pie as the 2021 package of media rights deals kicked in. Many financial industry experts believe the banking industry would happily lend far more to teams, who enjoy extraordinary revenue and cost certainty thanks to the media revenue and salary cap agreed to with the NFLPA. 

There was some objection to the move in the traditionally conservative owners’ room, sources said. They noted that the $100M increase per team, if fully extended, would increase the league’s collective leverage by $3.2B.

The league also raised a limit on a separate category of debt available to veteran owners. Since 2019, controlling owners with at least 10 years in the league to borrow up to $150M against small parts of their own team equity without it counting against the team debt limits. That limit has been raised to $250M. About one-quarter of the owners have tapped this debt capacity.Colts owner Jim Irsay argued the other way -- the decision to increase it to $700M originated in Irsay’s proposal for an increase to $800M. In an interview, he cited the league’s business strength and his own team’s history, when his father borrowed $5M to buy the Colts for about $15M -- a higher debt-to-equity ratio than would be created even if the current NFL rules allowed $1B in debt, presuming an average club valuation of $5B.

He also called it a fairness issue. “We’re always granting special waivers anyway, so yes there’s a limit but these special waivers get granted by these committees, including the finance committee,” Irsay said. “And I like fairness for all too, I’d rather see a higher debt ceiling in general.”

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The leadup to and throughout LIV Golf’s debut season in 2022 was filled with intrigue around which big-name players would join the Saudi-backed league. And while the numbers were fewer and names were smaller in 2023, Phil Mickelsonbelieves more will come in 2024.   

“Do I think that? No. I know that's going to happen,” Mickelson said when asked if he thought there would be another exodus of big-name players who would join LIV. “When players look at LIV, they are wanting to be a part of it. … The question is, you know, how many spots are available. There's a lot more players that want to come than there are spots. I've been fielding calls, as we all have, from players that are (LIV) free agents to PGA Tour players to DP World Tour players that want to come over.”  

Mickelson spoke at a news conference leading into LIV’s season-ending tournament this weekend in Miami. A big unknown, at least for now, is what LIV’s 2024 season actually looks like. The league has yet to reveal its official schedule, and looming over the entire men’s professional game is the framework agreementbetween the PGA Tour, DP World Tour and Saudi Arabia Public Investment Fund.  

Reports have said the initial Dec. 31 deadline for a deal may be pushed back, and the PGA Tour also has been seeking investment from several U.S. firms. Mickelson doesn’t see the uncertainty around the framework -- or a potential agreement -- slowing down any players from joining. “I think the merger talks allow for it,” Mickelson said. “I think it allows and kind of opens the door for that.” 

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NBA Commissioner Adam Silver sat down with ESPN’s Stephen A. Smithon “First Take” this morning with the NBA season less than a week away from tipping off, and Silver said the league is “in a great position” economically and “from an attendance standpoint, you almost can’t fit more people in our arenas so there’s not a lot of growth that will come there.” With little room to grow in attendance, “it’s about media” and what “we’re seeing now is this transition where people first look to their phones rather than to televisions these days so the question is, ‘How can we do a better job presenting our games to people, particularly a younger audience that live on their phones as opposed to being in front of a television?’” 

Silver: “It’s not just taking those same -- call it a ‘stream’ -- that’s on conventional television and moving it to your phone. It’s taking advantage of all the functionality that comes with personalization, customization, alerts, the engagement that comes through, fantasy, betting, merchandising, all of that will be part of the experience going forward and all on a global basis.” Silver also discussed:

• The new NBA player participation policy: “In fairness to our players, it was as much a team issue as a player issue … they’re willing to sacrifice, in essence, in some cases fan interest during the regular season because, at least from their standpoint, they had data that was showing them that if they rested players tactically, strategically in certain games they would be better off.”

• The new NBA in-season tournament: “Traditions aren’t created overnight, (but) I’m hearing a lot of buy-in throughout the league. Guys are getting excited about it.” 

• Players demanding trades: “The expectation is that everyone is going to honor their contracts, and to the extent a player or a team is unhappy those are issues that should be worked out behind closed doors.”

• More players getting involved in media: “It’s fantastic … (because) I’m very encouraging of players speaking out on issues that are important to them. Of course, I want players to do their homework and be knowledgeable about issues they’re speaking out on” (“First Take,” ESPN, 10/18).

76ers C Joel Embiid is "nearing a deal to become Skechers' star pitchman" as the company prepares to launch a basketball line, industry sources said. A deal "has not been signed yet," but Embiid wore a Skechers shoe for the first time during 76ers practice today "with the brand’s performance staff on site as he begins to test out the sneaker," sources said. Embiid "will begin wearing the new Skechers shoe in games once the deal is fully complete." Embiid, who had been with Under Armour, "would be a massive signing for the new Skechers project." In addition to Embiid, Knicks F Julius Randle and Clippers G Terance Mann "are expected to sign with the brand as well," industry sources said (THE ATHLETIC, 10/18).

Barcelona is "on track to reducing its debt without having to resort to new financial levers," the club said today while announcing a "higher-than-expected" net profit of $320.5M (all figures U.S.) for the 2022-23 season. Barcelona said the club’s operating income was $1.33B, with expenses at $1.22B, which "enabled the reduction of the net debt for a second consecutive season." The debt dropped from $717M in June 2021 to $582M in June this year. The club said it "expects to make a profit" in the current financial year "despite the reduction in income" resulting from the transfer of games to the smaller Olympic Stadium in Montjuic while the Camp Nou undergoes renovation work (AP, 10/18).

Meanwhile, Barcelona President Joan Laporta "has been charged with suspected bribery" as part of the "Negreira case." Laporta is "suspected of offering payments to companies linked to José María Enríquez Negreira," former VP of the refereeing committee during his first tenure as president from 2003-2010. Judge Joaquin Aguirre said that there were "more than ample indications that Laporta committed the same acts as subsequent presidents," amounting to paying "large amounts of money" to Negreira (AS, 10/18).

Former Syracuse men's basketball coach Jim Boeheim is "finalizing plans to do television work for ESPN and radio work for Westwood One" during the upcoming college basketball season. Boeheim believes that his contract with ESPN, which is still being finished, "will involve about 15-20 appearances; half of them would be in the studio and the other half would be live games." Of the Westwood radio deal, Boeheim said the contract "would likely cover conference tournaments and the NCAA Tournament." Boeheim also noted that his work as a special assistant to Syracuse AD John Wildhack would "factor into the amount of games he is able to do" (Syracuse POST-STANDARD, 10/18).

USL Championship club Orange County SC is seeking to raise around $2.5M from soccer fans in the U.S. and Europe by offering small shares of equity in the California-based franchise, becoming the first American club to solicit both domestic and foreign investment via crowdfunding. The equity is being offered at a total team valuation of $50M, according to a club spokesperson, meaning about 5% of the club is available. The club is in the process of raising $1.235M from U.S. investors through the Republic investment platform and plans to raise at least as much from Europeans through equity crowdfunding platform Seedrs.

In addition to their equity stakes in the club, those who choose to participate will receive tiered rewards depending on the level of investment, ranging from an exclusive owner’s pin to a five-year season ticket in the President Club. The club recently signed a new five-to-ten-year lease agreement to play its home games at Championship Soccer Stadium in Irvine and touts itself as the top player development club in the country based on the six players it has transferred to European clubs since 2021. 

USL Super League Tampa Bay has reached a deal with the Hillsborough County School Board to "play in an expanded waterfront stadium along the Hillsborough River" near Armature Works in West Tampa "until it moves into a yet-to-be-determined permanent location." The yet-unnamed team, which begins play in the new USL Super League in August 2024, "agreed to pay the full cost for permanent stadium enhancements," estimated at more than $4M. The team will play its home games on Saturday nights and hold daily training at its Ybor City training facility in Tampa (WUSF.org, 10/18).

Enhancements paid for by the team will include expanding the stadium’s capacity from 1,800 to around 5,000, installing new FIFA-approved turf, upgrading locker room facilities and additional upgrades that will be identified as plans are completed. Construction timelines are not yet set, but will be complete by August 2024 when the team begins competition. The club’s name, colors, and logo will be revealed in the coming weeks (USL Super League Tampa Bay).

GoVision has appointed three new executives to its board of directors. The company that provides large-scale, often temporary, LED video displays to clients, including ESPN’s College Gameday, has added Matt Deimund (Chief Transformation Officer, Varsity Spirit); Chuck Huttinger (co-founder and CEO, GFX International, Inc.); and Stephen Shannon(founder and CEO, Colo Development Partners). 

GoVision’s other two board members are founder and chairman, Chris Curtis, and co-founder and CEO Kevin Faciane. The 21-year-old company, which is newly independent again after six years under Learfield’s corporate umbrella, is on pace to provide its LED screens and live event tech solutions to over 500 events this year and recently renewed long-term contracts with the PGA of America and the NCAA. Its fixed installations include the “Big Hoss” giant LED screen at Texas Motor Speedway and newly completed installs at 10 Live Nation venues across the country.

As rumors about ESPN’s streaming plans continue to swirl, hosts Andrew Marchand and John Ourand try to separate fact from fiction. 

View the discussion below.

SBJ's Reader Survey is back and we want to hear from you. This year’s questions take a broad look at the industry and the many changes that have occurred in recent years. Questions include:

• What was the sports business story of the year?

• Did you attend/watch more or fewer MLB games this season because of the new rules put in place?

• What factors would most cause you to want to invest more in women’s sports?

• How much would you pay per month for a subscription to your favorite team’s streaming service?

The survey will take no more than six or seven minutes to complete. Cast your votes and look for the results in Sports Business Journal the week of December 4.

This week’s slate of “Podcast Picks” found Peyton Manning  taking a seat on “SmartLess” to speak to the co-hosts about his post-playing career. It will be interesting to hear what the reclusive, camera-shy Manning has been doing in his retirement, then USA Fencing CEO Phil Andrews picks up his foil and defends himself against questions from the “Keep the Flame Alive” hosts, including what his first year on the job was like and finally, Patriots owner Robert Kraft speaks about his legendary ownership career and his efforts to combat antisemitism and although this appearance was taped prior to the Hamas attacks in Israel, his thoughts and efforts regarding his battle against antisemitism are more important today than ever before.

The hardest-working man in media/commercial acting/country music award hosting/being a big brother Peyton Manning took a break and sat down with the “SmartLess” podcast, with co-host Jason Bateman verifying the intro because after he “mastered playing football he now dominates television.” Co-host Will Arnett said to Manning, “I think you’re the best actor/athlete of all-time.” Manning was asked about how the “ManningCast” came about, noting he was in “talks about doing the traditional broadcast” for NFL games but with the travel schedule of being away oftentimes from Thursday or Friday to Monday and when you do get home “you’re really not home because you’d better be studying where the left guard went to high school.” Manning: “That’s what I did not want to do.”

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A GROWING SPORT : USA Fencing CEO Phil Andrews lunged and parried his way onto “Keep the Flame Alive” where he noted there are “some challenges” facing the sport, but “much, much less than we did in the sport of weightlifting” as he had previously served as USA Weightlifting CEO. Andrews: “It’s been a great transition. We’re about 40,000 members which is a little under double what we had at weightlifting. It’s a really, as I said, interesting community that fencing has. It’s a really tight-knit community, a very passionate community and a very, very intelligent community.” Andrews noted if “you look at the amount of fencing universities out there, the majority of them are really good universities.” 

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The NBA and WNBA inked a multiyear partnership with Peloton that makes it an official fitness partner of the leagues. The collaboration will make NBA League Pass available to stream across compatible Peloton devices in the fitness platform's new Entertainment hub, which will launch during the 2023-24 NBA season (Peloton). 

The United States Equestrian Federation has signed SI Tickets as the Official Ticketing Partner of US Equestrian (USEF).

Virtual reality ice hockey training firm Sense Arena has signed Sabres G Devon Levi as an official ice hockey brand ambassador (Sense Arena).

Pramana Labs expanded its relationship with the NHL in a multiyear, multidiscipline deal that will include NHL EDGE, the League's Puck and Player Tracking technology (Pramana Labs). 

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Talks to "establish a British and Irish 'super league' for rugby "that would also include clubs from South Africa and Italy have taken place between executives from the Home Unions and the leagues." It is understood that "initial discussions have already taken place" at the Rugby World Cup in France (London TELEGRAPH, 10/18).

Juventus Sporting Dir Cristiano Giuntoli has "triggered outrage" after saying that "buying the wrong footballer was akin to discovering a girlfriend was 'not good' because she did not do household chores." He made the remarks "during a discussion at a sports festival in Trento," with his comments prompting "calls for resignation" (London GUARDIAN, 10/18).

The Premier League "will make around 270 matches available for live television broadcast as part of a major revamp to the sale of match rights that will impact Manchester United and Manchester City." Significantly for both United and City, all Sunday 2pm kick-offs "will be shown live on TV." These changes will take effect for the 2025-26 campaign (MANCHESTER EVENING NEWS, 10/18).

European esports organization Astralis exited the League of Legends EMEA Championship Series and will be replaced by Paris-based Karmine Corp. The transfer of the LEC franchise slot will be completed through a transfer to a new subsidiary, AK-Game SAS, at a total agreed valuation of $27.4M. Karmine Corp. SAS will receive 66.67% of the shares in AK-Game SAS for $18.2M (Kevin Hitt, SBJ).

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“He will have been the longest-serving NFL commissioner in history, but frankly there is no obvious successor in place … and there is no indication he is preparing to retire and there are a lot of things he wants to do” -- NFL Network’s Judy Battista, on NFL Commissioner Roger Goodell signing a contract extension through March 2027 ( “The Insiders,” NFL Network, 10/18).

“I like that he made a splash with a woman instead of going with the traditional male athlete” -- CBS’s Nate Burleson, on Reebok President of Basketball Shaquille O’Neal signing LSU F Angel Reese as a Brand Ambassador ( “CBS Mornings,” 10/18).

“As they look to push their ad tier forward, adding some live sports elements there is an obvious fit. These are live events, they are sort of the premium advertising events. It’s one of the reasons why Netflix has never gotten into it in the past. Now they have this ad tier so maybe that is room for them to grow” -- CNBC's Alex Sherman, on Netflix looking to get subscribers to use their ad supported service ( “The Exchange,” CNBC, 10/18).

Neon today released the official trailer for its upcoming film "Ferrari," a biopic of automotive mogul Enzo Ferrari and a family that "practically spawned the concept of Formula One racing."

1,243  -- Number of people that made up the largest beer-tasting event in the world back in July 2022, according to Guinness World Records -- a record that Tulsa fans are aiming to break prior to tomorrow night's football game against Rice at Chapman Stadium. Each participant is "required to taste 3 beers as they are guided by a certified cicerone" (X, 10/18).