FOS PM: Chicago's $2.2B Hail Mary - Front Office Sports

1 year ago 45

January 9, 2023

The NFL’s infamous Black Monday has already claimed 2 caput coaches. The Houston Texans fired Lovie Smith aft a azygous play — and the last-minute nonaccomplishment of this year’s No. 1 prime successful the draught — portion the Arizona Cardinals parted with Kliff Kingsbury aft a 4-13 season.

Landmark Development

The combat to support the Chicago Bears successful the Windy City continues.

Landmark Development, the developer advising politician Lori Lightfoot’s medication connected however to upgrade Soldier Field, released a six-minute virtual circuit of a revamped stadium.

On apical of a caller glass dome to support the wrong of the venue from weather, the $2.2 billion renovation connection includes nine lounges, nutrient halls, an amusement district, and a transit hub.

Seating astatine the updated stadium would grow to 70,000, with much backstage suites.
The transit hub would see entree to CTA, Metro, and Amtrak obstruction lines, arsenic good arsenic a caller “CHI-Line” downtown circulator strategy for rideshares.
Soldier Field would besides see a veteran’s memorial.

“Chicago deserves an bonzer imaginativeness to instrumentality this iconic nationalist plus into the adjacent 100 years and beyond,” said Bob Dunn, president of Landmark Development.

There volition beryllium adjacent much buzz surrounding the Bears successful the coming months aft the squad secured the No. 1 wide pick successful the 2023 NFL Draft connected Sunday. The draught is scheduled to beryllium held successful Kansas City for the archetypal clip connected April 27-29.

With no fiscal plan presented, it’s unclear however overmuch the stadium would outgo taxpayers.

Another Hail Mary

Sportscorp Limited president Marc Gain said the connection is apt excessively late.

Last year, the Bears entered an statement to acquisition a 326-acre spot for $197.2 cardinal successful Arlington Heights, wherever the squad wants to physique a $5 cardinal stadium.

After the squad closes connected the purchase, it volition besides request to taxable plans and studies connected traffic, transportation, parking, economical feasibility, and economical impact.

John Shishmanian / USA TODAY NETWORK

New York has acceptable different caller grounds successful its archetypal twelvemonth of ineligible sports betting.

The Empire State — the largest mobile sports betting marketplace successful the U.S. — reported $1.62 billion successful accepted bets successful December, bringing its full betting grip to $16.2 billion for 2022.

New York launched ineligible mobile sports betting successful January 2022.
In its archetypal month, the authorities reported an authoritative full grip of $1.6 billion.
The fig acceptable the single-month record for immoderate state.
December 2022 marked the 10th period New York had exceeded a $1 cardinal handle.

The records person resulted successful beardown gross for New York and its licensed sportsbooks, which see DraftKings, Flutter Entertainment’s FanDuel, BetMGM, Caesars, and others.

Sportsbooks successful New York generated $1.4 billion successful gross gross successful 2022, portion the authorities reported $693 million successful authorities taxation revenue, to beryllium allocated toward nationalist education.

The grounds authorities taxation gross is the byproduct of New York’s precocious taxation complaint for licensed sportsbooks. Each sports betting relation is required to wage a 51% taxation rate to the authorities for 10 years — the mean taxation complaint successful the U.S. is 19%, per Morgan Stanley.

New Competition

On Jan. 1, Ohio launched ineligible sports betting — joining 35 different states since the U.S. Supreme Court authorized state-regulated betting successful 2018.

Last week, the Ohio Casino Control Commission announced that it intends to instrumentality enactment against BetMGM, Caesars, and DraftKings for violating Ohio law concerning advertising.

THFC

Qatar Sports Investments could beryllium adding different shot squad to its increasing list.

The proprietor of Ligue 1’s Paris Saint-Germain is looking to bargain a number involvement successful a Premier League nine this year, according to CBS Sports — and QSI president Nasser Al-Khelaifi has already met with Tottenham chairman Daniel Levy for exploratory discussions.

Tottenham denied having immoderate meetings regarding the club’s equity.
But CBS Sports said it has seen “indisputable evidence” that Levy did conscionable with QSI, specifically to talk astir a number investment.

CBS Sports reported that multiple clubs are inactive being assessed.

QSI has reportedly not held immoderate discussions with Liverpool — which Fenway Sports Group, the Premier League club’s owner, announced successful November is unfastened to a sale. It was antecedently reported that the Qatari Royal Family is not funny successful the club.

Revenue Roster

QSI has owned Paris Saint-Germain for much than a decade, but has lone precocious begun diversifying its portfolio.

It’s looking to offload a 15% involvement successful PSG astatine a valuation of much than $4.1 billion.

In October, QSI entered an statement to acquisition a astir 22% involvement successful Portugal’s SC Braga for astir $18.4 cardinal — the state-backed fund’s 2nd shot venture.

South America is besides reportedly a precedence portion for QSI this year.

Cleveland Browns fable Bernie Kosar was fired arsenic a squad vigor announcer aft placing a $19,000 stake connected his erstwhile squad to bushed the Pittsburgh Steelers.
ReachTV has announced a contented deal to administer respective caller shows starring ex-ESPN personalities John Brenkus and Marcellus Wiley.
Former NFL wide receiver Brandon Marshall has launched HOA+ — a holistic fittingness app designed to reflector the services provided astatine House of Athlete gyms.

The TCU Horned Frogs (13-1) look the Georgia Bulldogs (14-0) connected Monday nighttime astatine SoFi Stadium successful the 2023 College Football Playoff National Championship.

How to Watch: 7:30 p.m. ET connected ESPN

Betting Odds: Bulldogs -13 || ML -435 || O/U 63.5

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