Closing Bell

The NBA is pursuing franchise fees of more than $500M from teams looking to join the prospective NBA Europe, with multiple sources maintaining the league’s preferred number is somewhere between half a billion and $1B.

Following the BOG meetings two weeks ago in Las Vegas, one governor told SBJ that the Europe league is “very high priority.” However, another source said the league is willing to walk away if it does not receive entry fees in the desired number range.

Sources confirmed that NBA Commissioner Adam Silver and Deputy Commissioner Mark Tatum have been in Europe this week for advancing talks with would-be NBA Europe stakeholders. Franchise valuations are also said to be part of ancillary discussions with banks and private equity conglomerates, as part of an effort to settle on a dollar figure.

An official from one EuroLeague franchise had earlier scoffed at a proposed $500M figure, and -- considering the template for NBA Europe includes existing EuroLeague clubs -- it seemed unclear whether teams will be priced out of joining.

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Hamilton County Commissioners voted 2-1 today to approve a “full new lease agreement” for Paycor Stadium that “would expire in 2036.” Hamilton County Administrator Jeff Aluotto said that the negotiations “have been ‘spirited’ and lasted late in the night” yesterday, the day before county officials said that they “would have a completed lease.” The lease agreement and a management agreement were “added to the county commissioners’ agenda last-minute, after a nearly two-hour executive session.” The Bengals and the county “agreed to work toward a new 11-year lease.” The county “would contribute” $350M and the “Bengals would chip in” $120M, including a $60M loan from the NFL. The lease terms lay out $470M “worth of stadium improvements, with the potential for more should the project get funding from the state of Ohio” (CINCINNATI ENQUIRER,7/31). The Bengals have “not yet signed off on the deal, which the county said caps its liability.” It was unclear immediately after the vote what “specific provisions were hanging up negotiations.” The county’s vote essentially “punts the new 11-year lease to the team to approve or disapprove” (CINCINNATI BUSINESS COURIER, 7/31).

Ahead of ESPN’s new direct-to-consumer product, DirecTV plans to make the service’s “unlimited” plan available to all its streaming and “MySports” package customers at launch. DirecTV subscribers of satellite and U-Verse will gain access to the product -- simply called ESPN -- later this fall as an upgrade at no additional cost.

Conversations began as early as last fall, when DirecTV and Disney were negotiating a contract dispute that ended with DirecTV having the ability to break up a “one-size-fits-all” programming bundle with kids, sports and entertainment.

Existing subscribers of the MySports package already have ESPN+, and will be upgraded to the unlimited ESPN plan, which would usually cost $29.99 per month and includes 47,000 live events per year and all of ESPN’s content, including ESPN+, SEC Network, ACC Network and all linear networks. Those that own a DirecTV Gemini device (and subscribe to the Signature package) will also get the Disney+ and Hulu bundle at no extra cost. DirecTV also plans to add HBO Max and Peacock ad tiers available to some customers later this year.

While ESPN hasn’t announced a launch date for ESPN DTC, it’s widely expected in late August ahead of football season.

The Heisman Trophy Trust is seeking new leadership, as the group is currently on the hunt for a new president or CEO that will essentially replace current Executive Director Rob Whalen, a source confirmed to Sports Business Journal on Thursday.

Whalen has been executive director of the organization for more than 30 years.

“The Heisman Trophy Trust is launching a national search for a purpose-driven leader -- someone who will honor the Heisman’s rich tradition while thoughtfully growing the brand to expand the impact of our charitable mission,” the organization said in statement provided to SBJ.

TurnkeyZRG, which has been tabbed for the search, listed the job on its internal job board, noting the position “will protect the integrity of the Heisman legacy while launching a bold new chapter: driving new revenue models, expanding year-round visibility, strengthening engagement and partnership with Heisman winners, and growing the Trust’s philanthropic impact.”

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The Reds along with The Coca-Cola Company and local bottler, Coca-Cola Consolidated, have debuted the first-ever holographic wall inside an MLB ballpark. The display is located along the third base concourse at Great American Ball Park. The installation spans 15 feet wide by 30 feet tall and features 32 high-speed holographic displays spinning at nearly 800 RPM. Together, they create 3D visuals that appear to float in mid-air. The Reds, The Coca-Cola Company and Coca-Cola Consolidated have partnered with Holovisn, a Pennsylvania-based experiential technology firm, to design and install this display. Current content includes holographic visuals of Reds C Tyler Stephenson and branding from Coca-Cola (Reds).

KeyBank has “inked a five-year naming rights deal” for a nearly 19,000-square-foot event center at the Pro Football HOF that is “set to open in time for Enshrinement Weekend in 2027.” Groundbreaking is “scheduled for this fall.” Financial details for the naming rights deal or cost of the center were not disclosed. The KeyBank Center will be the “largest event facility in the area, hosting Hall of Fame celebrations and also serving as a space for community gatherings.” KeyBank will also become the “exclusive bank of the Hall of Fame, replacing Huntington Bank” (CRAIN’S CLEVELAND BUSINESS, 7/31).