Latest news with #BusinessofSports
Yahoo
25-06-2025
- Business
- Yahoo
Los Angeles Lakers Confirms Majority Stake Sale to Mark Walter
(Bloomberg) -- The Los Angeles Lakers has confirmed Mark Walter will purchase a majority stake in the NBA franchise from the Buss family, a deal that values the team at a record $10 billion. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US Renters Face Storm of Rising Costs US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags The sale is expected to close in the third or fourth quarter of 2025, according to a joint statement on Wednesday. Jeanie Buss will remain governor of the franchise and continue to oversee all team operations on 'a day-to-day basis for the foreseeable future.' Walter, the billionaire financier who runs Guggenheim Partners, had been a minority owner of the Lakers since 2021, when he purchased a 27% stake in the club from Philip Anschutz. At the time, the stake valued the team at about $5 billion. The Buss family bought the Lakers in 1979 for $67.5 million, in a deal that included the Forum, where the Lakers used to play, the National Hockey League's LA Kings, and even a 13,000-acre ranch in the Sierra Nevada mountains. Outside of the Lakers, Walter's sports portfolio includes the Los Angeles Dodgers, the Los Angeles Sparks, the Cadillac Formula 1 Team and the Professional Women's Hockey League. 'The Lakers have long been one of the most iconic franchises in sports,' said Walter in a statement. 'Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.' Guggenheim Securities served as a financial adviser to Walter, with Davis Polk & Wardwell LLP acting as legal adviser. ArentFox Schiff LLP was the legal adviser to the Lakers and the Buss family. Sign up for Bloomberg's Business of Sports newsletter for the context you need on the collision of power, money and sports. Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags How to Steal a House Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
SUCCESS® Magazine's Business Of Sports Issue Hits Newsstands
Industry athletes accelerate in all facets of life SUCCESS® Magazine's Business Of Sports Issue Hits Newsstands DALLAS, June 03, 2025 (GLOBE NEWSWIRE) -- Today, SUCCESS® magazine revealed Tim and Demi-Leigh Tebow, former NFL Broncos quarterback and Miss Universe 2017, proponents of the Tim Tebow Foundation on the cover of its July/August 2025 issue. Dubbed the Business of Sports issue, the magazine's exclusive content is spotlighting athletes, coaches, sport agents, and executives who are extending their influence from sports arenas to leadership, entrepreneurship, and social impact. 'Charting excellence in athletic performance and beyond the field in integrative careers, the sports world is producing meaningful, mission-driven industry leaders,' says Kerrie Lee Brown, editor-in-chief and VP Publishing of SUCCESS® Enterprises. 'I had the opportunity to sit down with Tim and Demi-Leigh Tebow, two inspiring advocates of humanitarian change with their incredible foundation. We discussed their commitment to helping vulnerable children in need, disability awareness, and their determined steps to dismantling human trafficking. Their journey is one of compassion and an allegiance to sparking real transformation.' Tim Tebow, an influential force in the football world, transitioned from his athletic passion to philanthropic and entrepreneurial ventures. Demi-Leigh Tebow, former Miss Universe and Miss South Africa, is the author of A Crown That Lasts, Princess Paris Finds Her Purpose, and creator of self-defense initiatives for women through her platform. Together, the Tebows are a powerful force, united in their mission to inspire hope, faith, love, and a lasting impact around the world. The premise behind SUCCESS® magazine's Business of Sports issue is to showcase dynamic sports pioneers who are leveraging their skills from the scoreboard into thriving careers, businesses, and movements off the field. For more information, visit pick up a copy at your local newsstand today. Contact Information:Kerrie Lee BrownVice President of Publishing and Editor-in-Chief, SUCCESS® About SUCCESS® EnterprisesFounded in 1897, SUCCESS® is a leading multimedia company dedicated to personal and professional development. Through SUCCESS® magazine, newsletters, videos, and more, SUCCESS® inspires individuals to dream big and live their own definition of success. Optimism, determination, and resilience drive SUCCESS'® mission to provide individuals with tools and education for continuous growth and lasting success. For more information, visit A photo accompanying this announcement is available at in to access your portfolio
Yahoo
03-06-2025
- Business
- Yahoo
SUCCESS® Magazine's Business Of Sports Issue Hits Newsstands
Industry athletes accelerate in all facets of life SUCCESS® Magazine's Business Of Sports Issue Hits Newsstands DALLAS, June 03, 2025 (GLOBE NEWSWIRE) -- Today, SUCCESS® magazine revealed Tim and Demi-Leigh Tebow, former NFL Broncos quarterback and Miss Universe 2017, proponents of the Tim Tebow Foundation on the cover of its July/August 2025 issue. Dubbed the Business of Sports issue, the magazine's exclusive content is spotlighting athletes, coaches, sport agents, and executives who are extending their influence from sports arenas to leadership, entrepreneurship, and social impact. 'Charting excellence in athletic performance and beyond the field in integrative careers, the sports world is producing meaningful, mission-driven industry leaders,' says Kerrie Lee Brown, editor-in-chief and VP Publishing of SUCCESS® Enterprises. 'I had the opportunity to sit down with Tim and Demi-Leigh Tebow, two inspiring advocates of humanitarian change with their incredible foundation. We discussed their commitment to helping vulnerable children in need, disability awareness, and their determined steps to dismantling human trafficking. Their journey is one of compassion and an allegiance to sparking real transformation.' Tim Tebow, an influential force in the football world, transitioned from his athletic passion to philanthropic and entrepreneurial ventures. Demi-Leigh Tebow, former Miss Universe and Miss South Africa, is the author of A Crown That Lasts, Princess Paris Finds Her Purpose, and creator of self-defense initiatives for women through her platform. Together, the Tebows are a powerful force, united in their mission to inspire hope, faith, love, and a lasting impact around the world. The premise behind SUCCESS® magazine's Business of Sports issue is to showcase dynamic sports pioneers who are leveraging their skills from the scoreboard into thriving careers, businesses, and movements off the field. For more information, visit pick up a copy at your local newsstand today. Contact Information:Kerrie Lee BrownVice President of Publishing and Editor-in-Chief, SUCCESS® About SUCCESS® EnterprisesFounded in 1897, SUCCESS® is a leading multimedia company dedicated to personal and professional development. Through SUCCESS® magazine, newsletters, videos, and more, SUCCESS® inspires individuals to dream big and live their own definition of success. Optimism, determination, and resilience drive SUCCESS'® mission to provide individuals with tools and education for continuous growth and lasting success. For more information, visit A photo accompanying this announcement is available at in to access your portfolio
Yahoo
29-05-2025
- Business
- Yahoo
Andrew Brandt explains details of Shemar Stewart contract negotiations
Cincinnati Bengals first-round pass rusher Shemar Stewart is essentially the only healthy first-round pick not participating in offseason work with this new team. Stewart and the team still haven't been able to come to an agreement on his rookie contract. On the Business of Sports podcast, former NFL executive Andrew Brandt provided more detail about the holdup in negotiations. Advertisement 'They're (Bengals) basically putting in a default clause that says if the player defaults and a default could be a breach like a discipline issue, a steroid or drug test issue, a morals clause issue, getting in trouble, being suspended, being fined, whatever default is defined as, you can void future guarantees,' Brandt said. 'In other words, if this happens in Year 1, you can say, 'Well, Years 2, 3, 4 are not guaranteed.' And that is something the Bengals are trying to impose for their own precedent where they can do it now going forward with all rookies and maybe even with veterans. 'Shemar Stewart's agent is saying 'Nope. No sir, because last year you didn't have the 17th pick, you had the 18th pick, and he didn't have that.' And in past years, players like Ja'Marr Chase and Tee Higgins, they didn't have that.' Essentially, the Bengals want to introduce new language in their contracts and Stewart has the misfortune of being the first player to negotiate with them with their new stance on voiding guarantees. Advertisement Brand continued, 'The Bengals saying we're trying to create the precedent. So this is the one that could last a while. Basically, it's all about language,' 'That could go into training camp. I know there are all kinds of restrictions on holding out of training camp. And maybe the Bengals, who are known to be tough. You know, known to be very tough. Just hold the line, saying, 'It'll be here when you want to sign it.' Players have no options down the road. 'What is he going to do? Not sign? Here we go.' Stewart's father, Mo Marquez, also weighed in on the issue, basically saying he just wants his son to get the same type of contract last year's first-rounder, Amarius Mims, got. Advertisement It seems both sides are digging their heels in and not wanting to compromise. With each practice that takes place without Stewart participating, this story seems to get louder and louder. Pair that with the Trey Hendrickson situation, and you have the Bengals in standoffs with two of their pass rushers. This could be a matter of who caves first, and history suggests that it won't be the Bengals. More from
Yahoo
15-05-2025
- Business
- Yahoo
NFL's 49ers to Sell Stakes at Record $8.5 Billion Valuation
(Bloomberg) -- The San Francisco 49ers reached a deal to sell stakes in the NFL team at a valuation of about $8.5 billion, breaking the record for a sports franchise set in December. As Coastline Erodes, One California City Considers 'Retreat Now' How a Highway Became San Francisco's Newest Park Power-Hungry Data Centers Are Warming Homes in the Nordics Maryland's Credit Rating Gets Downgraded as Governor Blames Trump NYC Commuters Brace for Chaos as NJ Transit Strike Looms The club is offloading equity totaling about 6% to three private investors, according to two people familiar with the transaction — each of them are major figures in the world of Silicon Valley venture capital. Billionaire Vinod Khosla is buying the largest stake with the families of Byron Deeter, a partner at Bessemer Venture Partners, and Will Griffith, founding partner at Iconiq Growth, also acquiring pieces. The deal will require approval at one of the NFL's owners meetings. Bloomberg reported in March that the 49ers were looking to sell a stake. The 49ers and a spokesperson for Khosla declined to comment. The three investors buying stakes all high-profile VC names. Khosla, the founder of Khosla Ventures, co-founded Sun Microsystems before launching his investing career, and more recently, became one of the first and largest backers of OpenAI. Deeter, a 20-year veteran of Bessemer, is a leading investor in cloud technology companies and has served on the board of companies such as Twilio Inc. and ServiceTitan Inc., which recently went public. Griffith is a leader at Iconiq Growth, Iconiq's venture and growth investing platform, which last year said it had raised $5.75 billion for its latest fund. Professional sports team valuations have boomed in recent years because pro clubs have maintained television ratings better than other entertainment, which has boosted revenue from media rights. The NFL's Philadelphia Eagles had the previous high, reaching $8.3 billion last year. Leagues have broadened the pool of potential investors by allowing institutional funds to make investments. In 2024, the NFL became the latest pro league to allow them to buy stakes in teams. That's drawing more money, including funds started to invest in pro clubs. Sportico reported the news earlier. Sign up for Bloomberg's Business of Sports newsletter for the context you need on the collision of power, money and sports, from the latest deals to the newest stakeholders. (Updates with context on tech investors starting the second paragraph.) Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Why Obesity Drugs Are Getting Cheaper — and Also More Expensive As Nuclear Power Makes a Comeback, South Korea Emerges a Winner Tariffs Won't Reindustrialize America. Here's What Will ©2025 Bloomberg L.P.
