In this week’s SportsMoney Playbook: a private-equity-led turnaround at TaylorMade, FTX's sponsorship spree and the fallout at Chelsea. Plus: the issue still looming over MLB.
Soccer
After effectively losing his club, which he had been trying to sell for years, Chelsea owner Roman Abramovich will have to get creative to dodge sanctions imposed by the U.K. government. The fallout has already dealt a major blow to the organization, with sponsors dropping both the men's and women's teams. If the saga continues through the summer, it could cause a power shift in the Premier League.
Although it has increased the pot of the women's FA Cup tenfold, England's Football Association is under renewed pressure to equalize the prize money between the men's and women's tournaments. One club has an idea on how to do it.
The NWSL made National Lacrosse League executive Jessica Berman its new commissioner, a potential watershed moment for the league. "All of the ingredients are there for growth," she says.
Baseball
A new collective bargaining agreement has brought labor peace to MLB. But the possibility of a draft for international prospects looms large over baseball.
College Basketball
About 45 million Americans plan to wager $3.1 billion on this year's NCAA men's Division I tournament, according to a new report by the American Gaming Association. The event will also be enlivened by a pair of Michigan State football players who hope to replicate the success of ESPN's Manning Cast with a second-screen experience for their school's basketball games.
Auto Racing
IndyCar is doubling down on its "street race" model, with two new races set to run in Iowa. The sport is also partnering with an Israeli tech firm to bring AI-driven highlights to its broadcasts.
Nascar's fan experience is evolving, with race-day performances from artists like Pitbull and Ice Cube. Its newly named COO says it's just the start.
Sports Business
The pandemic has caused millions to lean into good old-fashioned bad behavior. Two years in, the gambling business has never been better; Nevada reported record annual revenue of $13.4 billion for 2021.
Crypto exchange FTX has made a major sponsorship push into sports. Its head of partnerships discusses why. More broadly, sports sponsorship has skyrocketed since the onset of the pandemic. Peter Laatz, a sports sponsorship consultant, breaks down the trend.
Featured Story
How Tiger Woods Helped Fuel A Private Equity Hole-In-One At TaylorMade
When KPS bought TaylorMade in 2017 for $380 million, the company was losing $80 million a year. Thanks to Tiger Woods' star power and a pandemic golfing boom, the private equity firm transformed the brand into a flourishing golf club supplier that sold for $1.7 billion. "Quite frankly, we couldn't have asked for a better experience," TaylorMade's CEO tells us. Read the story behind the turnaround.
Hot Reads:
- Tepetonka: A New Club (And Model) Will Bring Private Destination Golf To Minnesota
- 11-Year-Old Golf Phenom Xeve Perez Signs Brand Partnership With OnCore
- Motion Capture Platform Built For Golf Goes Beyond Hitting Bays
Upon Further Review
Aaron Rodgers just signed a $150 million contract extension, and it sets him up to surpass Tom Brady for the NFL mark for career earnings. It will also likely help him gain ground in the short term. Rodgers ranked fourth among the NFL's highest-paid players this past season.
The Last Word
“I want to have a laugh at people’s expense to a certain degree, but I don’t want it to be nasty.” - Sam Harrop
Sam Harrop's golf-themed pop-music parodies have made him a social media star. But even though he pokes at sensitive subjects, like Phil Mickelson's controversial statement on the proposed Saudi Golf League, Harrop takes great care to be fair in his songs. Learn more about the Weird Al Yankovic of golf.
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