Closing Bell

Buyout fund HIG Capital is "preparing to put its sports management agency Sportfive up for sale," according to sources. The Miami-based firm has hired Citi to "explore a sale" of the former Lagardere sports business. HIG is "looking to sell now as the company has performed well" and it is looking to capitalize on that success, a source said. The deliberations are "at an early stage" and a sale "could happen next year unless markets deteriorate further," the person said. Headquartered in Hamburg, Germany, Sportfive manages events, media rights brands and sponsorship sales across sports including soccer, handball, Olympics events, esports and American football, with a network of 1,200 experts across 15 countries (REUTERS, 10/23).

Nations Group is representing Florida State athletics and Seminole Boosters Inc., in their roughly $255M renovation project at Doak Campbell Stadium. Nations Group has been working on the project since January, with Populous designing and the Manhattan-Culpepper Construction joint venture doing the building. 

The project will completely revamp the 73-year-old stadium’s west side, adding premium seating, including founders’ boxes and a field-level club. Chair-backed seating and access to indoor hospitality spaces and more climate-controlled amenities will be central to the renovation as will expanded and improved premium food and beverage service. 

The work will also upgrade the north end zone club, which was redone in the 2010s and put over 5,000 club seats in that section. That ultimately was too much club seating for the college level, so the renovation will reduce the capacity and increase the variety of seating options in that end, including loge seating and drink rails. All the new premium options have sold out. FSU will “make more revenue because of the diversity of the product,” said Nations Group President Chris Nations. 

The project will reduce the stadium’s capacity by about 11,000 seats total, taking it under 70,000 capacity. The plan is to play in the stadium next season with temporary seating and about 10,000 less capacity due to the ongoing work. The project will be completed in August 2025; that’s a deadline no one involved wants to miss because Florida State opens that season at home against Alabama. 

The NFL has selected the Dolphins to "appear on this year’s in-season incarnation of 'Hard Knocks,'" a "spin-off of the usual training camp 'Hard Knocks' series" produced by NFL Films and HBO. The NFL and HBO "declined to say when the program will debut or how many episodes will air." Last year, the in-season series aired on both HBO and the HBO Max streaming service. An HBO publicist "declined to say if the series would air on HBO again this season or only on HBO Max," adding that it will be "announced soon" (MIAMI HERALD, 10/23).

DAZN and Sky "will keep the rights to screen live Serie A matches in Italy" for the next five seasons after Italian clubs today "approved bids worth at least" $4.8B, just below the annual value for the current agreement. Seventeen of the 20 clubs backed the offer. Serie A "explored the creation of a media platform" to distribute matches to other TV outlets "as well as the launch of a home-run live video subscription service." Torino Chair Urbano Cairo said, "Creating a Serie A TV channel now...would have meant adding further risk to a risky business as soccer" (REUTERS, 10/23).

Reliance Industries Ltd. is "nearing a cash and stock deal to buy Walt Disney Co.’s India operations," according to sources. The entertainment giant "may sell a controlling stake in the Disney Star business," which it values at around $10B, "as opposed to piecemeal transactions weighed earlier." Reliance "views the assets at between" $7B-$8B, sources said. Under the proposal, Disney "will likely continue to hold on to a minority stake" in the Indian company after any cash and stock swap transaction is completed. The deal talks are "illustrative" of Mukesh Ambani's "disruption of India’s entertainment industry" after he scooped up the streaming rights to the Indian Premier League for $2.7B in 2022 (BLOOMBERG NEWS, 10/23).

ESPN has added new diverse talent to its NBA studio coverage this coming season, including WNBA head coaches Becky Hammon and Stephanie White, former Knicks GM Scott Perryand recent NBAers Austin Rivers and Andre Iguodala. The network’s head of event studio production, David Roberts, made the announcement via Zoom on Monday, saying also that game analyst Hubie Brownwill return for his 50th season as either an NBA coach or broadcaster. 

Hammon, who last week coached the Las Vegas Aces to the WNBA title, has previously provided commentary for ESPNbefore stepping away to coach full-time. Roberts said she will return "mainly in the studio," leaving open the possibility that she could call games as an analyst. 

"She brings added credibility along with the fact that her resume includes years as an assistant head coach with the San Antonio Spurs," Roberts said. "So we're very fortunate that she will be back with us this season and more of an expanded role on our studio shows. Becky, who I truly believe one day will be a [head] coach in the NBA, is just an exceptional analyst when it comes to talking about the NBA as well as any basketball franchise." 

Former players Rivers and Iguodala will join Perry and White -- currently coach of the WNBA’s Connecticut Sun -- and the others in multiple roles that range from "First Take," "Get Up" and "NBA Countdown." Roberts said Rivers will at one point call a game broadcast with his father, Doc Rivers, who is now an analyst on ESPN/ABC’s top broadcast team alongside Mike Breen and Doris Burke.  

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Beats by Dre "tells a captivating, cross-generational, multi-sport story in an epic two-minute spot" that rolled out today, starring Lakers F LeBron James and Manchester City F Erling Haaland. Created by agency Translation, James' wife Savannah James and Haaland's father Alfie Haaland narrate the spot, "framing the challenges facing each athlete through an inspirational manifesto." This is Haaland’s first spot for the brand. For the James family, it’s "an expansion of the relationship." LeBron has endorsed Beats since 2008, while his son Bronny signed in 2022 as the "first high school athlete on the roster." Now, the rest of the James family -- Savannah as well as son Bryce, 16, and daughter Zhuri, 9 -- are "officially becoming endorsers as well." This is the brand’s "first-ever family signing" (AD AGE, 10/23).

Italian soccer club AC Milan "swung back to profit" for the first time since 2006 as revenues grew by more than $106M (all figures U.S.) last year "to a record high." The club, owned by U.S.-based investment fund RedBird Capital Partners, reported a profit of $6.5M and revenues exceeding $426.8M in the financial year ended in June. Results are "mainly driven by revenue growth in commercial and sponsorships, broadcasting rights and an increase in season ticket sales" (BLOOMBERG NEWS, 10/23).

Kim Kardashian’s shapewear brand Skims is "adding men’s boxers, briefs, undershirts, T-shirts, tank tops and leggings to its online store," and it has tapped popular athletes like Brazil F Neymar, Thunder G Shai Gilgeous-Alexander and 49ers DE Nick Bosa for its first ad campaign. Kardashian said she "hoped the athletes will help Skims show that its pieces can fit a range of body types." Kardashian said the brand has been "sending its men’s products to influencers and athletes ahead of the launch." The campaign featuring Neymar, Gilgeous-Alexander and Bosa will run "across digital, social media and TV" (WALL STREET JOURNAL, 10/23).

October 23, 1921 -- The 1st APFA (American Professional Football Association) game is played when the Packers defeated the Minneapolis Marines, 7-6 at Hagemeister Park. An agreement to form the APFA was made by four independent teams from Ohio on Aug. 20, 1920. The APFA had 14 teams that played during its inaugural season. The APFA renamed the National Football League in 1922. 

Also happening this week:

• October 23, 1945 -- Jackie Robinson signs a contract with the Montreal Royals, minor league farm team of the Brooklyn Dodgers.

• October 24, 2004 -- Ricky Hendrick and 9 others are killed in place crash near Martinsville Speedway.

• October 26, 1993 -- NFL announces new expansion team, the Carolina Panthers.

• October 27, 1989 -- After a weeks delay due to earthquake, World Series game 3 between the S.F. Giants and A’s is played.

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.

The NHL on its website launched the NHL EDGE stats section, which delivers player performance metrics from the league's Puck and Player Tracking system. NHL EDGE was developed in collaboration with league partner Sportradar, and it contains season-long top-10 leaderboards for skaters, goalies and clubs in various metrics, including skating speed, skating distance, shot speed, shot location and puck zone time (NHL).

Puma and music artist and designer A$AP Rocky have officially announced a long-term creative partnership where A$AP Rocky will serve as the Creative Dir for the category with a focus on the intersection of the sport and streetwear. A$AP Rocky will focus his energy and efforts on PUMA’s new partnership with F1 (Puma).

WTA President Steve Simon has "had to come out against claims" by Kazakhstan Tennis Federation VP Yuri Polsy that the WTA was "in danger of bankruptcy, by 2026 or 2027, if a merger with the ATP did not take place." The WTA and ATP "will continue to work together for the good of tennis," but "in no case will there be a merger in the near future" (MARCA, 10/23). 

Golfer Rory McIlroy said that he is "interested in buying a stake in Manchester United" if the opportunity arose and "welcomed Sir Jim Ratcliffe's bid to be involved with the club" (London TIMES, 10/22).

Arsenal "acknowledged a lack of diversity in their women's team" and said that they "will work to deliver 'greater diversity' as a 'priority.'" The club's comments follow a recent women's squad photo that was criticized because there was "not a single Black or ethnic minority player in the quad" (SKY SPORTS, 10/23).

There are "plans to stage a historic clash between two NRL sides" in Fiji as early as next year as the game "prepares to expand into another international frontier." The initiative is the brainchild of the Melbourne Storm, who are poised to announce tomorrow a new partnership with Fiji Airways "for at least the next three years" (SYDNEY MORNING HERALD, 10/23).

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To celebrate National Tight Ends Day, which was yesterday, the NFL released a song and music video featuring 49ers TE George Kittle, Chiefs TE Travis Kelce, former NFLer Rob Gronkowski and more.

$950  -- Price of a squat cage from Nike, the most expensive item in the brand's first foray into selling gym equipment (SPORTS BUSINESS JOURNAL, 10/23 issue).