Latest news with #LarryTanenbaum
Yahoo
15-05-2025
- Business
- Yahoo
WNBA's Connecticut Sun Hire Allen & Company to Explore Sale
The owners of the WNBA's Connecticut Sun hired investment bank Allen & Company to explore the sale of the franchise, according to multiple people familiar with the details. Mohegan Sun, a subsidiary of Mohegan Tribal Gaming Authority, has owned the club since 2003. The Sun could raise capital through an LP stake sale, but the expectation is a control sale and likely franchise relocation. There are multiple potential built-in buyers via the 10-plus groups who submitted bids during the current WNBA expansion process, which is also being run by Allen. Advertisement More from Allen & Company declined to comment, while the Sun did not immediately respond to request for comment. The move arrives as WNBA franchise values have exploded. The Golden State Warriors and Maple Leaf Sports & Entertainment chairman Larry Tanenbaum were each awarded an expansion franchise for $50 million in 2023 and 2024. The latest round of W expansion is expected to fetch more than $200 million per franchise. The last WNBA control sale was in 2021 when the Atlanta Dream were purchased for between $7 million and $10 million by a group led by real estate investor Larry Gottesdiener. Advertisement As team values soared, the cost of running a WNBA franchise has also jumped. The Phoenix Mercury, Seattle Storm and Las Vegas Aces opened state-of-the-art training facilities. The Los Angeles Sparks, New York Liberty, Chicago Sky and Indiana Fever announced plans to build their own facilities. The recent expansion teams will all have their own practice facilities, and the expectation is that every WNBA team will need a dedicated practice facility within the next three years. Speculation has swirled around whether Mohegan Sun wanted to keep up with the current WNBA arms race, with gaming, concerts and hospitality the primary businesses at the casino resort. The Sun play in the WNBA's smallest media market and host home games in 10,000-seat Mohegan Sun Arena. An LP stake sale could help fund the construction of a new practice facility, a tactic the Storm used for their $64 million buildign. Connecticut's current practice set-up has drawn criticism from Sun players. The Mohegan tribe has priority at the venue, and community events have left Sun with half a court to practice in cases. In 2003, the Native American tribe became the first non-NBA owner in WNBA history when the former Orlando Miracle relocated to the then-new $40 million Mohegan Sun Arena in Uncasville, Conn. The tribe paid $10 million as an expansion fee. Last year, the Sun were valued at $80 million, per Sportico's WNBA valuations, which was tied for ninth in the WNBA. Franchise values have jumped considerably since then. Advertisement Mohegan Tribal Gaming Authority recently faced a potential debt crunch, but last month, it completed a comprehensive refinancing of nearly all its restricted debt. It pushed back $1.5 billion in debt due in 2026 and 2027 to 2030 and 2031. The Sun reached the semifinals of the WNBA playoffs last season, which marked the sixth straight season they made it at least that far, but their entire starting lineup exited via trade or free agency ahead of the 2025 season. Last year, the WNBA had explosive growth for revenue, attendance, sponsorships and viewership. But it now faces a challenge after the players union decided to opt out of the current CBA back in October. The WNBA regular season tips off Friday. Advertisement With assistance from Scott Soshnick Best of Sign up for Sportico's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
Yahoo
13-05-2025
- Entertainment
- Yahoo
LILLY SINGH JOINS TORONTO TEMPO OWNERSHIP GROUP
Canadian actress, writer and advocate will become the team's Chief Hype Officer, building excitement and passion for the team on and off the court TORONTO, May 13, 2025 /CNW/ - Lilly Singh, one of Canada's most beloved and accomplished entertainers and entrepreneurs, is the newest member of the Toronto Tempo ownership group, the team announced today. A native of Scarborough, Ontario, Singh is a multifaceted actress, writer, and advocate whose dynamic presence has made her a global force in digital media and beyond. After gaining prominence as one of the most successful creators on YouTube, Singh has continued to make history in TV and film. She's a bestselling author, a co-owner of the NWSL's Angel City FC, a gender equality advocate and President of Unicorn Island, an entertainment production company and non-profit fund that champions diverse voices through storytelling and advocacy work. "I know from experience that in every corner of the world, one thing always rings true: the positive impact that participating in sports and the sports community has on girls and women," explains Singh. "I love women. I love Toronto. Joining the ownership group of the Tempo is an absolute no-brainer - I can't think of anything else I would rather spend my money, time and hype-woman energy on." In addition to her role as an owner, Singh will assume a role as the team's Chief Hype Officer, building and amplifying excitement for the Tempo on and off the court - including cultivating the fan community, curating in-game rituals, and celebrating the sport of women's basketball. "Lilly is a creative visionary with infectious energy and enthusiasm," says Teresa Resch, President, Tempo Basketball Club. "She's been one of the earliest and most vocal supporters of this team, and we're thrilled to have her as part of our ownership group. Her expertise in online community-building and socially-driven storytelling, not to mention her deep passion for this game, this league and this city, will be absolutely invaluable." Singh joins global phenomenon Serena Williams, technology leader Sukhinder Singh Cassidy and Larry Tanenbaum, Chairman of Kilmer Sports Ventures, in the Tempo ownership group. The Tempo will begin playing at Coca-Cola Coliseum in 2026 and will host regular-season games across Canada. More information about the team, including details on how to place a Season Ticket deposit and access the Tempo's merchandise store, is available at About Toronto TempoIn May 2024, the Women's National Basketball Association (WNBA) announced its expansion into Canada by awarding Toronto an expansion team, the league's first outside the United States. The new team, owned by Kilmer Sports Ventures, will begin play in the 2026 season as the WNBA's 14th franchise. Sephora Canada and CIBC are the team's first announced founding partners. Larry Tanenbaum, Chairman of Kilmer Sports Ventures and a 30-year veteran of building championship-caliber teams, is also Chairman of the NBA Board of Governors and Chairman of Maple Leaf Sports & Entertainment, which owns the NBA's Toronto Raptors, NHL's Toronto Maple Leafs, MLS' Toronto FC and other professional sports franchises. Under his leadership, the Raptors won their first NBA championship in 2019. SOURCE Toronto Tempo View original content to download multimedia:
New York Times
13-05-2025
- Business
- New York Times
Lilly Singh joins Toronto Tempo ownership group, will be team's Chief Hype Officer
TORONTO — The Toronto Tempo are still months away from adding players, but an area where the WNBA expansion team has become formidable with other franchises is at the ownership table. Following the news two months ago that tennis icon Serena Williams had joined the Tempo's ownership group, the franchise will announce Tuesday that Lilly Singh, one of Canada's most well-known entertainers and a breakout YouTube star with more than 14 million subscribers, is the newest ownership member. Singh joins an ownership group that includes technology leader Sukhinder Singh Cassidy, the CEO of small business accounting software company Xero Ltd. and the former president of StubHub. The Tempo's principal owner is billionaire Larry Tanenbaum, chairman of Kilmer Sports Ventures, and a 25 percent owner of Maple Leaf Sports and Entertainment, parent to the Toronto Raptors. Advertisement In addition to her role as an owner, the Tempo said Singh will be the team's Chief Hype Officer, which the club described as 'building and amplifying excitement for the Tempo on and off the court, including cultivating the fan community, curating in-game rituals, and celebrating the sport of women's basketball.' Singh said the role fits her personality perfectly. 'I think if you were to ask any of my friends or family, 'what is Lilly known for,' they would say 'Lilly's everyone's biggest hype woman,'' Singh said in an interview last week. 'I just love cheering on people, but namely I love cheering women on. I'm an over-the-top person, and I think that's exactly what you need to be a team hype officer. That means cheering on the team at the games, bringing some of my international friends to the games and talking about the Tempo on and offline. I love basketball and I love Toronto. I'm a Toronto girlie through and through.' Tempo president Teresa Resch said in an interview that the franchise will continue to add more accomplished women to the ownership table. 'Larry's been great and supportive of understanding how important it is to have women on the ownership table and to give them an opportunity to have an ownership stake in women's sports,' Resch said. 'We've tried to be strategic. Serena is obviously one of the greatest athletes of all time, Sukhinder is an incredible businesswoman who's gonna be really strategic on how she can help with this team operate. We will have other women join that are strategic in different ways.' Singh also has an ownership stake in the NWSL's Angel City FC, and Resch said her name came up in conversations when it came to adding women to the Tempo ownership group. 'We were connected together early in the process, and she was like, 'I love Toronto, I love women, I love sports.'' Resch said. 'When we were working through the ownership process, we would both sign off emails saying this is the greatest combination — women, sports, Toronto. Lily speaks to so many different people, and we really want the Toronto Tempo to represent all of Canada, to be a place where people can feel welcome and feel part of this energy.' Advertisement 'Having the Angel City experience definitely played a role in my decision making, although let me just be blunt: Even if I wasn't in part owner of Angel City, if some approached me and said women's basketball and Toronto, I would have been like, 'absolutely, yes,'' Singh said. 'But me having some ownership of Angel City was really helpful navigating this entire thing. ' Drake has served as a global ambassador for the Toronto Raptors for more than a decade. When asked if there were parallels with bringing Singh to the Tempo, Resch said what Singh will be doing is different. 'It's a little nuanced, but Drake was a community ambassador for the Raptors and had no share in the team,' she said. 'This is really being on the ownership. There is a vested interest here. I think in the same way that when in 2013 Drake was hyping Toronto and hyping the Raptors, there might be some comparison, but Lilly is a unique individual who will help us reach new audiences.' Away from the Singh announcement, the basketball building continues. Resch said that general manager Monica Wright is targeting the conclusion of the WNBA season to name the Tempo's first coach. (Expect that announcement to come in October or November.) Resch said Wright will hire an assistant general manager soon, and the team will also hire a basketball operations leader. 'We'll be keeping a keen eye on the (Golden State) Valkyries for sure, but our strategy might not match theirs,' Resch said. 'It might be more aligned with other teams. We are paying very close attention and learning from everyone.'
Asharq Al-Awsat
09-05-2025
- Sport
- Asharq Al-Awsat
French Monuments in Trouble While PSG Prepare for Champions League Final
While Paris Saint-Germain are looking forward to the Champions League final and have already wrapped up another Ligue 1 title, two of France's biggest clubs with proud European track records are facing the end of the season with trepidation. PSG beat Arsenal in their semi-final on Wednesday to set up a final at the end of May in Munich against Inter Milan, the second in their history after a defeat by Bayern Munich in 2020. It will be the eighth time that a French side has appeared in the final of Europe's elite club competition, with Marseille in 1993 still the only team from the country to have won the trophy. Saint-Etienne were beaten finalists in 1976, when they lost 1-0 to Franz Beckenbauer's Bayern in Glasgow. Almost half a century later, they stand on the brink of being relegated to Ligue 2, just a year after coming back up and then being bought by Canadian billionaire Larry Tanenbaum. With two games of the season remaining they sit in the automatic relegation places, above only a Montpellier side who are already down. Les Verts, whose tally of 10 French titles is bettered only by PSG on 13, are four points adrift of Le Havre in the relegation play-off spot and five away from outright safety. That means a defeat away to Reims on Saturday will send them down, while a draw will effectively mean relegation too due to their poor goal difference. However, a win will keep their hopes alive going into the last day, provided they also get some favours from elsewhere. "The whole season has been a struggle and a fight for our lives. There is nothing new about that," said Saint-Etienne's Norwegian coach, Eirik Horneland. "We cannot wait for others anymore. We have to help ourselves. We need two victories to stay in the league." Saint-Etienne's great rivals Lyon are seventh with two games to play, their hopes of Champions League qualification were dealt a huge blow when they lost 2-1 to Lens last weekend. Lyon appointed Paulo Fonseca as coach at the end of January in the belief that he could take the seven-time French champions back to Europe's top table. However, they were three points off the top four then and they still are now, meaning it appears a first Champions League campaign since they got to the semi-finals in 2020 is probably beyond them. Saturday's trip to third-placed Monaco is a game they simply must win, with the consequences of failing to reach the Champions League potentially disastrous for Lyon. The club owned by the American John Textor's Eagle Football Group have huge debts and were warned earlier this season by the French footballing authorities that they would be relegated if drastic action was not taken to reduce their liabilities. "We need to win our last two games and then see where that leaves us," Fonseca said this week. "It is six years since the club qualified for the Champions League so this is important. "I want to be the coach who takes OL (Lyon) back there. It will be hard but it is possible." Player to watch: Andre Ayew The 35-year-old Ghanaian is hoping to fire Le Havre to survival for the second season running. On Saturday he will come up against Marseille, the club where he starred at the beginning of his career, making over 200 appearances. It is also the club where his father Abedi Pele played, winning the Champions League in 1993. Ayew is in line to make the 500th league appearance of his career, spread across stints in England, Qatar and Türkiye as well as in France.
The Sun
09-05-2025
- Sport
- The Sun
French monuments in trouble while PSG prepare for Champions League final
PARIS: While Paris Saint-Germain are looking forward to the Champions League final and have already wrapped up another Ligue 1 title, two of France's biggest clubs with proud European track records are facing the end of the season with trepidation. PSG beat Arsenal in their semi-final on Wednesday to set up a final at the end of May in Munich against Inter Milan, the second in their history after a defeat by Bayern Munich in 2020. It will be the eighth time that a French side has appeared in the final of Europe's elite club competition, with Marseille in 1993 still the only team from the country to have won the trophy. Saint-Etienne were beaten finalists in 1976, when they lost 1-0 to Franz Beckenbauer's Bayern in Glasgow. Almost half a century later, they stand on the brink of being relegated to Ligue 2, just a year after coming back up and then being bought by Canadian billionaire Larry Tanenbaum. With two games of the season remaining they sit in the automatic relegation places, above only a Montpellier side who are already down. Les Verts, whose tally of 10 French titles is bettered only by PSG on 13, are four points adrift of Le Havre in the relegation play-off spot and five away from outright safety. That means a defeat away to Reims on Saturday will send them down, while a draw will effectively mean relegation too due to their poor goal difference. However, a win will keep their hopes alive going into the last day, provided they also get some favours from elsewhere. 'The whole season has been a struggle and a fight for our lives. There is nothing new about that,' said Saint-Etienne's Norwegian coach, Eirik Horneland. 'We cannot wait for others anymore. We have to help ourselves. We need two victories to stay in the league.' Saint-Etienne's great rivals Lyon are seventh with two games to play, their hopes of Champions League qualification were dealt a huge blow when they lost 2-1 to Lens last weekend. Lyon appointed Paulo Fonseca as coach at the end of January in the belief that he could take the seven-time French champions back to Europe's top table. However, they were three points off the top four then and they still are now, meaning it appears a first Champions League campaign since they got to the semi-finals in 2020 is probably beyond them. Saturday's trip to third-placed Monaco is a game they simply must win, with the consequences of failing to reach the Champions League potentially disastrous for Lyon. The club owned by the American John Textor's Eagle Football Group have huge debts and were warned earlier this season by the French footballing authorities that they would be relegated if drastic action was not taken to reduce their liabilities. 'We need to win our last two games and then see where that leaves us,' Fonseca said this week. 'It is six years since the club qualified for the Champions League so this is important. 'I want to be the coach who takes OL (Lyon) back there. It will be hard but it is possible.' Player to watch: Andre Ayew The 35-year-old Ghanaian is hoping to fire Le Havre to survival for the second season running. On Saturday he will come up against Marseille, the club where he starred at the beginning of his career, making over 200 appearances. It is also the club where his father Abedi Pele played, winning the Champions League in 1993. Ayew is in line to make the 500th league appearance of his career, spread across stints in England, Qatar and Turkey as well as in France. Key stats 3 - PSG have lost their last two Ligue 1 games but have not suffered three consecutive league defeats since 2010 6 - Saint-Etienne are on the brink of being relegated for the sixth time in their history 2 - Just two points separate five teams, from Marseille in second to Strasbourg in sixth, in the fight for Champions League qualification Fixtures on Saturday (kick-offs 1900 GMT) Angers v Strasbourg, Auxerre v Nantes, Brest v Lille, Le Havre v Marseille, Monaco v Lyon, Montpellier v Paris Saint-Germain, Reims v Saint-Etienne, Rennes v Nice, Toulouse v Lens
