Highlight Reel: ECB bowled over with £400m private equity bid for The Hundred 💯
This week's top stories feature Disney, MLB, NBA, PGA Tour, TMRW Sports, Tiger Woods, the Women's IPL, and BCCI.
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Happy Friday!
Before your mind completely drifts off to thoughts about the weekend, take a moment to reflect with this recap of FIVE stories that grabbed the headlines this week…
MLB teams to receive additional $30 million in deal with Disney
NBA opens up team investment to pension and sovereign wealth funds
ECB bowled over with £400m private equity bid for The Hundred
PGA Tour duo join McIlroy and Woods’ Monday night golf league
BCCI sets the base price for Women’s IPL franchise at $50m
MLB teams to receive additional $30m in deal with Disney ⚾️
Disney recently paid Major League Baseball (MLB) $900 million for the remaining 15% of BAMTech. The entertainment giant, which had already paid $350 million to the National Hockey League (NHL) for its remaining stake last year, now owns the streaming company outright.
As a result of this deal, Eric Fisher, the U.S. Editor for SportBusiness Group, states that each MLB team should be receiving another $30 million from the sale.
NBA opens up investment in franchises to pension and sovereign wealth funds 🏀
The National Basketball Association (NBA) is set to permit sovereign wealth funds, endowments and pensions to start acquiring passive stakes in the league’s franchises.
As per a report from Sportico, the decision was passed during a recent vote by the NBA’s board of governors. Crucially, the maximum equity a franchise can sell to external funds is 30% and any investment would still be subject to board approval and league review.
ECB bowled over with £400m private equity bid for The Hundred 💯
Sky News has reported that the English Cricket Board has been handed an offer from Bridgepoint Group, the London-listed buyout firm, to buy a controlling 75% stake in The Hundred, potentially injecting £300m of new money into game.
However, Sky’s source also added that a bid was unlikely to succeed at the current time. New ECB chair Richard Thompson is cautious about the prospect of external investment in this newest format of the game, stating the tournament needs space for growth.
PGA Tour duo join McIlroy and Woods’ Monday night golf league ⛳️
PGA TOUR stars Justin Thomas and Jon Rahm join Tiger Woods and Rory McIlroy as golfers committed to play in the TGL, a new tech-infused golf league in partnership with the PGA TOUR that will begin in 2024.
In August, following nearly two years of development, Woods, McIlroy, and CEO Mike McCarley announced the formation of TMRW Sports and TGL. The new golf league will showcase team competitions from a custom-built venue fusing advanced tech and live action in primetime on Monday nights.
BCCI sets the base price for Women’s IPL franchise at $50m 🏏
The BCCI, the governing cricket body in India, are looking to auction five franchises for their upcoming women’s T20 league at a base price of Rs 400 crore (that’s approx. USD $50 million).
The long-awaited women's IPL is set to become a reality next year with the BCCI planning a five-team tournament for March 2023, immediately after the Women's T20 World Cup ends in South Africa on February 26.
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