Closing Bell

The NFL issued $196M of new debt to fund stadium construction projects in late 2025, which garnered an A+ debt rating by Fitch for the league’s continued strong financial situation and contractually guaranteed revenue, according to a note published Monday. The new debt came in three tranches, all in December, all as part of the league’s G-4 and G-5 stadium finance program, which allows teams to borrow against the league’s spending power (up to $200M in the G-4 program and up to $300M in the G-5 program). Fitch did not identify which teams tapped the loans.

In gauging the NFL’s strong credit risk, Fitch cites the league’s strong cash flow, hard salary cap and long-term media rights contracts and collective bargaining agreement.

The NFL in total has $13.4B in outstanding debt, per Fitch publications, all of which is rated either A+ or A.

Under the G-4 and G-5 program, teams are expected to pay back the debt with revenue generated by newly built premium spaces that would normally be subject to revenue sharing.

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Univ. of Michigan AD Warde Manuel said on Monday that he is “staying at Michigan amid reports about his future being in trouble.” When asked Monday morning whether he is staying, Manuel told the Detroit News, “Yes, I am.” His comments came following reports that a decision on his future “could be discussed as part of the review of a broader investigation into the Michigan Athletic Department’s culture.” However, Manuel told Yahoo Sports on Monday, “There are no plans for me not to continue to be the athletic director for the near future.” As the regents prepare to meet Thursday in Traverse City, they might discuss on Thursday the findings of the $12M investigation into the athletic department (DETROIT NEWS, 7/13).

Phillies 1B Bryce Harper claimed that he “was unknowingly working on behalf of FanDuel” when he recorded a personalized video for a man with a gambling addiction who had placed millions of dollars in bets on the site. Harper said in a story on his Instagram that he had “joined the messaging site Cameo to engage with fans with paid videos but that ‘what happened here went beyond anything I knew about or approved.’” Harper said, “I did not know this video would be used for commercial purposes. The request included a short script. I read it in good faith. FanDuel then put its own logo on the video and used it as a gambling promotion. I did not know FanDuel would do this, I did not consent to it, and FanDuel had no right to do it.” The 21-second video from November 2024 shows Harper “offering a greeting to the bettor, Terry Thompson, and Thompson’s son, by name.” Harper’s statement also said that he has “no affiliation with FanDuel.” He added, “I did not know that the Cameo video would be used for a FanDuel VIP promotion.” However, in the video Harper states that he is “reaching out at the request of Thompson’s VIP manager -- ‘your host Bryttanni at FanDuel.’” Harper also “posted the Cameo script, which included the language about FanDuel.” He said, “Had I known FanDuel’s true intent, I would not have made the video” (PHILADELPHIA INQUIRER, 7/13).

Ronin Capital Partners founder & CEO Jay Farner will be making the largest single investment in USL Championship club Detroit City FC’s history through Ronin Sports & Entertainment Group, the sports investment division of Ronin. The investment will help the construction of AlumniFi Field, accelerate the club’s mixed-use development connecting Detroit’s Corktown and Mexicantown neighborhoods, and support Detroit City FC’s continued growth of the team. As part of the investment, Farner has joined the DCFC Holdings board of directors. The club is advancing construction of AlumniFi Field, a forthcoming $150M, 15,000-seat, soccer-specific stadium that will anchor a broader $200M mixed-use development. Construction is on track for the stadium to open ahead of the 2028 USL Championship season -- with nearly 6,000 seat deposits already secured (Detroit FC). The exact amount of the investment was not disclosed (DETROIT NEWS, 7/13).

President Trump on Monday welcomed IndyCar stakeholders to D.C. to tout the upcoming Freedom 250 Grand Prix on Aug. 22-23, saying the Penske team “held more than 80 meetings in 90 days on Capitol Hill to get this event to happen.” At a presser that featured IndyCar series owner Roger Penske; Freedom 250 Grand Prix Chair Bud Denker; Fox Sports CEO Eric Shanks; IndyCar drivers Álex Palou, Felix Rosenqvist and David Malukas; U.S. Transportation Secretary Sean Duffy and others, Trump added the race “will be equally as breathtaking” as the UFC Freedom 250 event on the White House lawn last month. Penske took to the podium and added, “We think about the Indy 500 as an iconic race, but this is going to move right up there next to it as far as we’re concerned.” Denker then came forward to thank Trump, Duffy, Penske, D.C. Mayor Muriel Bowser, U.S. Chief of Protocol Monica Crowley and others for their efforts in getting the event (SBJ).

WSL club London City Lionesses have “held talks” with the Mayor of London’s office over the “possibility of hosting matches at the National Sports Centre stadium in Crystal Palace Park.” No agreement has yet been reached for football to return to the park, with sources indicating that “talks are at a relatively early stage,” but “conversations are ongoing” about “moving to the stadium” in south London. It could “more than double the capacity of their home ground,” as the NSC ground seats around 15,500 as opposed to their current Hayes Lane stadium, which has a capacity of around 6,000. Their highest attendance in their maiden Women’s Super League campaign last season was 5,414, while their “average gate was 3,000,” having moved to the stadium before the 2024-25 season. The club, which is part of owner Michele Kang’s multi-club portfolio, has “aspirations to continue growing” (THE ATHLETIC, 7/13).