The Deal: Magic Johnson
In this episode of The Deal, Alex Rodriguez and Jason Kelly talk with Magic Johnson, the iconic point guard for the Los Angeles Lakers. In their conversation, taped in front of a live audience at the Milken Global Conference, Johnson reveals what he's learned from his 'greatest deal,' becoming part of the Washington Commanders ownership group. He also explains why pitching himself as a partner to the Starbucks board was the hardest thing he's ever done, and how much it meant to win an Olympic gold medal alongside Michael Jordan and Larry Bird.
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Associated Press
35 minutes ago
- Associated Press
J.J. Spaun handles tough Oakmont with the putter for a 66 and early US Open lead
OAKMONT, Pa. (AP) — J.J. Spaun handled the toughest test with a club that never fails any U.S. Open. His putter carried him to a 4-under 66, only the second bogey-free round in the last three U.S. Opens at Oakmont for an early one-shot lead. Spaun, who started his round by chipping in from ankle-deep rough just right of the 10th green, was walking down the 18th fairway when a spectator looked at the group's scoreboard and said, 'J.J. Spaun. He's 4 under?' The emphasis was on the number, not the name. Only five players from the morning wave managed to break par on an Oakmont course that was still trying to dry out from rain, and still very much holding its own. Thriston Lawrence of South Africa, who contended at Royal Troon last summer, had six birdies in a round of 67. Si Woo Kim was at 68, with Ben Griffin and Thomas Detry at 69. The course allowed plenty of birdies, and doled out plenty of punishment. Masters champion Rory McIlroy also was bogey-free, at least on his opening nine. Then he three-putted for bogey on No. 1 and wound up with a 41 on the front nine for a 74. That included a 30-foot putt to save bogey after taking three hacks to get out of the rough on the par-5 fourth. Shane Lowry became the first player to hole out from the fairway for eagle on No. 3. He also had three double bogeys and shot 79. Spaun was not immune from this. He just made everything, particularly five par putts from 7 feet or longer. 'I think today was one of my best maybe putting days I've had maybe all year,' Spaun said. 'Converting those putts ... that's huge for momentum and keeping a round going, and that's kind of what happens here at U.S. Opens.' Spaun wouldn't know that from experience. This is only his second U.S. Open, and his ninth major since his first one in 2018. He didn't have to qualify, moving to No. 25 in the world on the strength of his playoff loss to McIlroy at The Players Championship. 'I haven't played in too many,' Spaun said 'I knew it was going to be tough. I did my best just to grind through it all.' It was every bit of a grind, from the rough and on the fast greens. Xander Schauffele had to birdie his last two holes to salvage a 72. Defending champion Bryson DeChambeau had four bogeys over his last 10 holes for a 73. On this course, at this major, those weren't bad starts. PGA champion Scottie Scheffler, the world's No. 1 player, was among those who played in the afternoon as the breeze got a little stronger, the greens got a little firmer and the rough stayed as thick as ever. The average score already was in the 75 range as the late wave was starting out. Eight players already shot 80 or worse, including Matt Vogt, the Indiana dentist and former caddie at Oakmont. Vogt was selected to hit the opening shot, an appropriate choice for a U.S. Open that prides itself on giving anyone a chance to qualify. He was among 16 players who had to go through two stages, 54 holes, just for a crack at Oakmont. 'Oakmont is relentless,' said John Bodenhamer, the chief championships officer at the USGA who sets up the course. 'There's no let up. It's a grind. That's the U.S. Open.' It was living up to its reputation in the opening round. Spaun managed to avoid any calamity. The chip-in on No. 10 to start his round was a bonus. His best shot was a long iron to 5 feet on the par-3 16th. His longest birdie putt was 12 feet on the short par-4 17th, where he drove to the collar of thick rough around the green. But it was those par putts that saved him — from 8 feet on the par-5 fourth after driving in a grassy 'pew' in the famed Church Pew bunker; from 16 feet after finding a bunker off the tee on the par-3 sixth; and from 8 feet on the par-3 eighth toward the end of his round. McIlroy's biggest putt was 30 feet on the fourth, and that was for bogey. He drove right into rough that came up to his shins. He hammered that shot all of 20 yards into more rough. The next one went 10 yards and stayed in the rough. He finally got out to the fairway, and from there was 30 feet left of the pin. So it could have been worse. There also was the par-3 eighth, with a front pin so that it only played 276 yards. McIlroy went with 3-wood and sent that well right, where it disappeared into the high grass. Two hacks later, he was on his way to another double bogey. ___ AP golf:
Bloomberg
38 minutes ago
- Bloomberg
Private Equity Is Looking for a Little Help
Things aren't going all that great for private equity firms. They're struggling to sell the companies they own and return cash to investors. But it turns out their counterparts in the world of private credit are offering special loans to tide them over. Direct lending arms at shops from Ares Management to Neuberger Berman Group and even private equity titan KKR have all launched what some are calling 'dequity' funds—to convey the presence of both debt and equity—to the tune of $30 billion industry-wide since 2023. Demand for this type of stopgap financing has soared lately as cash-strapped PE firms face a prolonged deal drought. Higher borrowing costs as well as erratic US trade policies have made it harder for corporate buyers to appraise the value of potential targets or for sponsors to figure out how public stock offerings will go. That's left PE firms saddled with their portfolio companies longer than they'd planned, creating a situation where they don't have enough money to distribute to their limited partners.
Associated Press
41 minutes ago
- Associated Press
Mi Hyang Lee shoots an 8-under 64 to take a 1-shot lead in the Meijer LPGA Classic
BELMONT, Mich. (AP) — Mi Hyang Lee of South Korea played a six-hole stretch in 6 under and shot an 8-under 64 on Thursday to take the first-round lead in the Meijer LPGA Classic. Grace Kim of Australia was a shot back, a year after losing to Lilia Vu in a playoff that also included 2015 champion Lexi Thompson. Fellow Australian Karis Davidson, Akie Iwai of Japan and Sofia Garcia of Paraguay were two strokes behind at 66 in the final event before the major KPMG Women's PGA Championship next week in Texas. Only three of the top 10 in the world are at Blythefield County Club, with Haeran Ryu the highest-ranked player at No. 5. She shot a 69 in the afternoon. Playing in the morning on the tree-lined course, Lee birdied Nos. 5-8, parred the ninth and eagled the 10th after surprising herself by reaching the green in two on the par-5 hole. 'I didn't expect I can hit the green there for my second shot,' Lee said. 'But it was a great line and good hit with the 3-wood and I made the green. It was almost 24 feet, like right-to left-eagle putt. I didn't expect to make it.' The 32-year-old player capped the bogey-free round with birdies on Nos. 14 and 17. She won the last of her two LPGA Tour titles in 2017. 'I missed only two fairways,' Lee said. 'I think that's a lot of help to hit the greens a lot, too.' Kim chipped in for eagle on 10 and for birdie on 11 in her morning round. 'That was a good start to the back nine,' Kim said. 'Just kind of saved pars early and then loosened up as we went on. That was quite nice.' She won the 2023 LOTTE Championship for her lone tour title. The 22-year-old Iwai made five birdies in a seven-hole stretch from the eighth to the 14th, then rebounded from a bogey on 17 with a birdie on 18. Her twin sister, Chisato won in Mexico in May for her first LPGA Tour title. Chisato Iwai opened with a 73. Minjee Lee was at 67 with Caley McGinty, Ruixin Liu, Andrea Lee, Gabriela Ruffels and Jiwon Jeon. Andrea Lee was the only U.S. player in the top 11. Thompson shot a 68. Vu had a 77. ___ AP golf:
