Closing Bell

The Raiders have added another tranche of high-profile limited partners, with Dell Technology founder Michael Dell, Blackstone Head of Global Private Equity Strategies Joseph Baratta and TKO Group executives Ari Emanuel and Mark Shapiro buying stakes in the team for the first time, under a deal approved by NFL owners today.

The foursome have entered the NFL ownership ranks by buying Raiders stakes previously owned by First Football, a consortium led by Paul Leff, David Abrams and Dan Goldring, which has owned a large minority share of the Raiders since 2007. That group is divesting its entire 25.3% interest in the team, sources said. BDT & MSD represented First Football in the deal.

The other two buyers of First Football’s stake are existing Raiders LP Egon Durban, who has a right of first refusal on control of the team if Mark Davis sells; and real estate developer Michael Meldman. Those men first bought into the team in 2024.

Once this transaction closes, the new buyers will have the following interests, per a document shared with owners and executives:

• Durban 22% (+11%)
• Meldman 12.9% (+5.4%)
• Dell 5.3%
• Baratta 1.7%
• Emanuel 1.4%
• Shapiro 0.6%

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Arctos Partners acquired 3.2% of the Browns in a deal approved by NFL owners Tuesday, sources said, its third ownership stake in the world’s richest sports league.

A source familiar with the deal said the deal values the team at just north of $9B. Public estimates in 2025 had the Browns worth between $6.14B-$7.15B, but minority shares often trade at a premium. Jimmy and Dee Haslam will retain control of the franchise.

The transaction gives the Haslams a nine-figure cash infusion as they begin to build a new stadium development in Brook Park, Ohio. The Haslams have pledged to pay $1.755B of the $2.6B project.

In a prepared statement attributed to both Haslams, they said Arctos “share our long-term vision for investing in both the franchise and northeast Ohio.”

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Blue Owl Capital co-founder Doug Ostrover recently “sold the last of his stake” in the Commanders. Ostrover was among the individuals who “cashed out their investments in the Commanders in recent weeks,” according to sources cited by the WALL STREET JOURNAL. A source said that Ostrover started “selling much of his stake in 2025 and is currently liquidating the remaining piece.” Ostrover bought his share in 2023, when he joined a consortium led by Josh Harris to purchase the team. A source said that the group also included Blue Owl co-founder Marc Lipschultz, who has “not sold his stake.” Sources said that Harris is the “buyer of Ostrover’s most recent sale” (WALL STREET JOURNAL, 5/19). Ostrover said in a statement the conclusion of his minority investment in the team has “been in the works for some time.” He added his “focus remains firmly on Tampa Bay,” where he noted he is “proud to continue as majority owner” of the Lightning (TAMPA BAY BUSINESS JOURNAL, 5/19).

During NFL meetings on Tuesday, the league announced that the 2028 NFL Draft will take place in Minneapolis. It will be hosted in collaboration with the Vikings and Minnesota Sports and Events. The league also announced that Super Bowl LXIV in 2030 will be headed to Nashville and will be played at the New Nissan Stadium (NFL).

The PGA Tour’s plan for major change around the 2028 season is coming into focus. In a meeting at the Truist Championship in Charlotte two weeks ago, the tour presented players with the concept of a plan that would include two tiers, or “tracks,” as CEO Brian Rolapp mentioned earlier this year.

In the plan presented to players, according to sources with knowledge of the meeting, the first track would include 23 elevated tournaments: 16 regular season PGA Tour events, three FedExCup Playoff events and then four majors. The regular-season tournaments would be expected to have 120-man fields under the plan, the people said.

Included in that first track are expected to be at least three new markets. Rolapp has talked at length about the need to hit bigger markets, and sources said Boston, Philadelphia, Denver, Nashville and San Francisco have been under consideration. SBJ last week reported on additional interest from the tour in the Seattle market.

Multiple people said the tour has been in the market seeking as much as $30M annually from potential title sponsors for the new events. SBJ previously reported the tour was in the market for $30M for the Cadillac Championship.

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LIV Golf has “begun laying the groundwork for a potential US bankruptcy filing if it fails to raise new funds,” according to sources cited by BLOOMBERG NEWS. It is “currently looking for money” after its main backer, Saudi Arabia’s PIF, pulled its funding. The sources said that while LIV’s management and advisers are “looking for options, including trying to find investors,” they are “preparing for the league’s collapse when the season ends in late August as a possible outcome.” A source said that LIV is “preparing a business plan for potential investors and is expecting to get further clarity over the timing and structure of any potential transaction.” Sources said that LIV’s advisers are viewing Chapter 11 “as a last resort” (BLOOMBERG NEWS, 5/19).

The NAACP on Tuesday has launched the “Out of Bounds” campaign, which “urges prospective Black athletes, their families, alumni and fans to ‘withhold athletic and financial support’ from major public universities in states that ‘have moved to limit, weaken or erase Black voting representation.’” The call comes as civil rights activists have “mobilized across the South to protest redistricting plans by Republican state legislatures that eliminate majority-Black congressional districts after the high court’s ruling.” The NAACP’s campaign calls out Alabama, Florida, Georgia, Louisiana, Mississippi, Texas and South Carolina as “states to boycott, arguing that the athletic programs of those states’ flagship universities are especially reliant on Black athletic talent and should protect Black political interests” (AP, 5/19).

Current athletes at schools in the listed states are urged to use their platforms and NIL reach “to elevate fair maps and voting rights.” The NAACP directed athletes to “‘consider all available options under the transfer portal’ if their state continues to dilute Black voting power” (Jackson CLARION LEDGER, 5/19).

Meanwhile, U.S. Rep. Hakeem Jeffries (D-N.Y.) indicated that the Congressional Black Caucus “stands with the NAACP in urging ‘athletes to boycott institutions within the SEC that belong to states that have unleashed Jim Crow-like racially oppressive tactics.’” Jeffries said, “The silence of the institutions is complicity. ... If LSU is for it, we are against it. If Alabama is for it, we are against it. If Ole Miss is for it, we are against it. If South Carolina is for it, we are against it. If Tennessee is for it, we are against it” (X, 5/19).

The Develop Fulton BOD “unanimously approved a bond inducement resolution of up to” $70M for a renovation project that will “help modernize and upgrade” Georgia Tech’s Bobby Dodd Stadium. The project plan includes a “new video board and press areas, an expansion of premium seating, with a new Founder’s Club area and additional suites and hospitality.” Fans also will “experience upgraded food service and social spaces, along with ADA improvements such as wider aisles, additional handrails and increased distribution of seating.” The renovation is “expected to begin this fall and be completed in late summer 2027, ahead of the football season.” Financing for the project will be done “primarily through federally tax-exempt bonds, issued by Develop Fulton, and the transaction is expected to be done by June” (ATLANTA JOURNAL-CONSTITUTION, 5/19).

“I love our hand.”

That’s the sentiment expressed by Tim Corrigan, ESPN’s SVP/Sports Production, regarding everything in the network’s arsenal as it takes over Madison Square Garden on Tuesday night for Game 1 of the Cavaliers-Knicks NBA Eastern Conference Finals.

That hand includes the A-team in the booth of Mike Breen, Tim Legler and Richard Jefferson, with Lisa Salters helming the sidelines. It’s the first conference finals at ESPN for Legler with the A-team. “What he’s done to put himself in this position -- he could not be more excited, and us more excited for him,” said Corrigan.

This year’s Conference Finals for ESPN also has the benefit of the “NBA Tip-Off” show featuring Ernie Johnson, Charles Barkley, Kenny Smith and Shaquille O’Neal bringing gravitas to the event (Draymond Green is also joining for select shows). After the game, Corrigan and ESPN are also letting “Inside the NBA” run for as long as TNT, which produces the show, wants before the baton passes to Scott Van Pelt’s “SportsCenter.”

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PWHL San Jose’s official team colors are “orange, blue and white,” the same colors as the city’s flag, which was adopted in 1984. The PWHL noted the orange is a nod to “the Sharks and the region’s historic orange groves, while blue evokes the beauty of California’s ocean coastline and sky.” PWHL San Jose’s home and road jerseys “will be revealed at a later date” (San Jose MERCURY NEWS, 5/19).

The team is “expected to play at the 17,435-seat SAP Center.” The move comes as San Jose officials explore the development of a sports and entertainment district in downtown. A city memorandum in March outlined a Deloitte study to identify a potential location for the district, which is “aimed at boosting economic activity downtown” (SILICON VALLEY BUSINESS JOURNAL, 5/19).

There’s no doubt Saumil Mehta entered the Ticketmaster ecosystem during a threatening time. He took over as the company’s global president in October, as Ticketmaster moved toward a federal antitrust trial against its parent company, Live Nation.

That uncertainty persists today, following a federal jury’s decision last month that Live Nation-Ticketmaster acted as an illegal monopoly. The remedies phase of that process -- which could still ultimately result in a breakup of live event promoter (Live Nation) and ticketing provider (Ticketmaster) -- will likely trickle into 2027.

On the SBJ Tech Week stage Tuesday afternoon, Mehta, the company’s global president, shared that he felt a clear understanding of all outcomes. And regardless, he’s encouraged his employees to focus on improving the quality and efficiency of the TM product.

“My message to our team is we’ve got to put our heads down, we’ve got to keep working for clients, we’ve got to keep working for fans,” Mehta told listeners at the Times Center in Manhattan. “Everyday matters. We have no time to waste.”

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Eighteen figures from across sports business and entertainment will present Sports Business Awards in 17 categories Wednesday night when the industry gathers at the Marriott Marquis Times Square.

Among the awards to be presented are Celebration of Service to Soccer Without Borders and Lifetime Achievement to Fenway Sports Group founder John Henry. Baseball HOFer and former Red Sox star David Ortiz will present Henry with his award.

To learn more about the awards, click here.