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It’s been another important week for tennis. A few days after the game said it’s farewell Serena WilliamsAnother great one is gone. Roger Federer After an illustrious career spanning over 1,500 matches and 20 Grand Slam titles, he is hanging his racquet.
“I wish this day never comes. It is a sad day for me personally and for sports around the world”, said Rafael NadalFederer’s great rival on the court and his close friend. Carlos AlcarazuThe rising star and crowned US Open champion just tweeted a broken heart emoji.
We’ve been writing on the scoreboard for a while about generational change in tennis, but things are really picking up speed. We’ll be keeping an eye out to see if big commercial deals open up for young guns — a sign that the game world is really moving forward.
This Week We’re Thinking the Latest Bit of Blue Sky Chelsea FCThe new title-grabbing owner of. Plus we explain how European energy shortages are starting to grind gears formula 1, Must read- Josh Noble, Sports Editor
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Imagine, for a moment, that you could assemble an ensemble as diverse as Machine Gun Kelly, Tiffany Haddish, and Olympic high jump champion Gianmarco Tambri, put them on a field in Ohio and watch them on international television. Saw him playing basketball.
In case this sounds ridiculous, the above scene actually happened in real life as part of this past February National Basketball Associationof the annual All-Star Weekend, a circus of slam dunk stunts, celebrity gimmicks, and a friendly basketball game between the league’s top stars.
The two-day event resulted in $249mn in total economic impact In the greater Cleveland area, which includes more than 100,000 tourists from 45 US states and two dozen countries.
The concept of the All-Star Game – and indeed, All-Star Weekend – is a staple in each of the four American professional sports leagues, a piece of pinnacle Americana for its alchemy of celebrity, glitz and tourism. The fleeting experience of watching the top players of the game like steph curry either Shohei Ohtani Line up once a year in a friendly match with the middle bet.
The idea is that the new owners of Chelsea FC Todd Boehley floated this week as a suggestion for English Premier League, speaking at the Salt Financial Conference in New York. Briefly, Boehly hosted a “North versus South” football match featuring the league’s best players, and a tournament between the bottom four squads in the table, using the proceeds to help smaller clubs.
Boehly speaks from experience: his Los Angeles Dodgers Baseball team hosted major League Baseball This summer saw the All-Star Weekend, a two-day extravaganza with $200mn of home running competition on his account.
It’s unclear how serious any discussion about a potential Premier League All-Star fixture could be – it seems better suited for video games than the real world, where fixture congestion is already a major concern. subject is. The response within football has been far more brazen than the diplomatic “That’s an interesting idea” to “Is this a real man?”
But let’s look at the underlying economics and media impact of such a festival.
For one thing, no one is wondering about the athlete component – why would stars from rival clubs like armory And tottenham suit with each other? There are financial incentives. The terms of collective bargaining agreements between the American League and their respective players’ associations specify bonus salaries earned by athletes selected to compete in the All-Star Games (for basketball players, above $50,000), not resumes. Not to mention praise which often translates to better support and opportunities. Selection for such games is often a combination of votes from fans, members of the media and fellow players.
US domestic television ratings for the 2022 All-Star Games and events drew viewership per broadcast from about 1mn to about 8mn, According to SportsMediaWatch, In the case of the MLB All-Star Game, the highest rating of all leagues, viewership was the lowest this year, though it tracks with a general decline in television ratings.
Preventing such an event in a European context may be an insult to the vast disparities between American and English sporting culture. Could the league be hosting its own celebrity sideshow — perhaps a friendly between the cast of Love Island and Made in Chelsea? Will football fans even care? If nothing else, the brainstorming component of the English All-Star festival is entertainment in itself.
Formula 1: Rising costs put teams under pressure
for years, formula One There was a cost problem. teams like ferrari Could afford big expenses in the fight for the championship. mercedes And red Bull were able to maintain. but others, such as McLarenBurned through cash and struggled to bridge the gap in performance.
Lost a lot of money. And also faced competition. You have to go back to the season in 2009 in which Mercedes or Red Bull didn’t win the constructors’ championship. The Brawn GP, bought by Mercedes, won that year and Ferrari won in 2008.
american investment group Liberty Media, which bought F1 nearly six years ago in a deal worth $8bn, saw the problem. It persuaded the teams to agree a budget cap after tough negotiations. The pandemic, and the threat it posed to the sport, helped focus.
The limit came into effect in 2021 and fell to $140 million this year. This means going down to $135mn next season. This is attractive to investors who want to maximize cost and help teams be sustainable.
Only, there is a bottleneck. The cap was agreed before double-digit inflation and dwindling energy supplies. In July, Federation Internationale de l’Automobile, allowed the cap to increase by 3.1 percent this year. Next year’s obligation has also been relaxed.
Some teams say it’s not enough. Ferrari, which once threatened to withdraw the cost cap over F1, now tells FT that the budget cap is still too low. Teams are concerned about the consequences of rising energy prices in car parts and raw material costs, and ultimately, salaries. Teams that already have big budgets, such as Ferrari, are more likely to race against the cap.
Aston Martin F1 Finance chief Robert Yeovert told the FT that inflationary pressures are an early “test” for the budget cap. A little flexibility now can help avoid the embarrassment of many teams failing to comply.
That said, other teams started out with a cost base under the cap. Some senior game officials say the big teams will do nothing to reap the benefits of their spending. And if limits are loosened too much, F1’s long-term competitive balance will be at risk.
Our business of sports summit Will be in New York on October 24. Mark Larry and Josh Harris will be among those to share their insights. As a Scoreboard customer, you can claim your free Digital Pass using promo code Premium22 and purchase access to our VIP in-person discussion and drink reception. Register for your pass today,
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Our FT colleagues covering banking and fintech recently launched a new weekly fintech newsletter, future of money, Scoreboard readers may be interested in this Monday’s upcoming edition, which will cover a new platform for student athlete wealth management. Check it out and sign up Here,
paypal yesterday said it would no longer sponsor Phoenix Sun if the owner Robert Sarver Basketball remains part of the franchise when his one-year suspension expires. The National Basketball Association this week suspended Sarver, who also owns the Phoenix Mercury team in the Women’s National Basketball Association, after an independent investigation found he used “racially insensitive language” with female staff. abused and promoted a workplace culture that included bullying on occasion. ,
Axel Springer chief executive Mathias Dofner used his best-selling tabloid, Bild, to protest adidasThe decision to stop paying rent during the pandemic. He did not disclose that he was the landlord of the German sportswear manufacturer.
Activist investor Dan Loeb appeared to back down from the solicitation Disney to sell or spin it ESPN Sports Television Network. Entertainment Group chief executive Bob Chapek says he has a plan to reinstate ESPN’s growth.
US Private Equity Group silver Lake has emerged as the second largest shareholder in the parent company of Manchester City Football Club After acquiring more preferred equity in the Abu Dhabi controlled group.
English football club owner Fosun International wolverhampton wanderers, according to FT’s Lex column, is showing signs of stress. Shares in the Chinese conglomerate have lost nearly a fifth of their value this month.
Global sporting goods and collectibles platform fanatics Jason White has been appointed as its new Chief Marketing Officer for its Betting and Gaming division. White joins Paramount’s MTV Entertainment, where he also served as Chief Marketing Officer, and previously worked on advertising campaigns nike In Wyden + Kennedy.
You couldn’t do that in the UK pic.twitter.com/tCG2qu5oWz
— light-skinned cube of Saturn (@java_jigga) September 15, 2022
On the subject of bringing American features to European sport, there may be no more iconic piece of American affection for sporting spectacle than 2001 Dallas Cowboys Thanksgiving Game Halftime Show. Just a few months after the September 11 attacks, rock group Creed delivered a stellar repertoire of their hits, including “Higher”, complete with the release of Cheerleaders, Aerial Acrobats, Pyrotechnics and Pigeons. could This Will it be repeated in the UK?
The scoreboard is written by Josh Noble, Samuel Agini and Arash Massoudi in London, Sarah Germano, James Fontanella-Khan and Anna Nicolau in New York, with contributions from the team producing the Due Diligence newsletter, the FT’s global network of reporters and data. is together. visualization team