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76ers Building New Arena

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PHILADELPHIA – (Staff and Wire Service Report) – The ownership group of the Philadelphia 76ers and Comcast Spectacor on Monday announced plans to build a new arena in South Philadelphia that will open in 2031.

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The announcement of the new arena, which will also be home to the NHL’s Philadelphia Flyers, comes a day after the 76ers abandoned plans for a $1.3 billion arena in downtown Philadelphia. This arena is a 50-50 joint venture between Harris Blitzer Sports & Entertainment and Comcast, which will have naming rights to the arena.

“Today’s announcement is great news for the City of Philadelphia,” NBA Commissioner Adam Silver said in a joint statement.

In addition, the venture will include a 50-50 effort between HBSE and Comcast to invest in the revitalization of Market East in Center City, where the new arena was originally slated to be built.

Sunday’s decision was a surprise, coming weeks after the city council voted to approve the NBA team’s move to Center City. However, Chinatown residents and activists had protested the project.

“By committing to both investments, the partnership will create thousands of jobs, generate billions of dollars in economic activity for the city, region and state, and enhance commitments to create economic opportunity in neighborhoods across Philadelphia,” the joint statement reads.

The Sixers and Flyers currently play in the Wells Fargo Center, which is owned by Comcast Spectacor. Their lease expires in 2031.

The new arena in South Philly will also host touring acts and special events.

–Field Level Media

Major Damage to “The Trop”

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TAMPA-St. PETERSBURG  – (Staff and Wire Service Report) – The Tampa Bay Rays organization will assess the damage done to Tropicana Field, inflicted on Wednesday night as Hurricane Milton bore down on the region.

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The roof at the stadium in St. Petersburg, Fla., broke apart amid the wind and rain from the Category 3 hurricane. The Rays didn’t address whether the “Trop,” as it is called, will be playable to start the 2025 season.

“During the past couple weeks, our beloved city, region and state have been impacted by Hurricanes Helene and Milton. We are devastated by the damage incurred by so many,” the team noted Thursday afternoon in a statement posted to social media.

“Our priority is supporting our community and our staff. We are fortunate and grateful that no one was hurt by the damage to our ballpark last night. Over the coming days and weeks, we expect to be able to assess the true condition of Tropicana Field. In the meantime, we are working with law enforcement to secure the building.

“We ask for your patience at this time, and we encourage those who can to donate to organizations in our community that are assisting those directly impacted by these storms.”

The stadium, initially called the Florida Suncoast Dome when it opened in 1990, has been the Rays’ home since the franchise played its first game in 1998. It had been set to serve as a staging area for first responders in the storm.

Tropicana Field cost $138 million to build. The 1.1-million square foot building was covered by what the team media guide calls “the world’s largest cable-supported domed roof,” which is “made of six acres of translucent, Teflon-coated fiberglass and supports itself with 180 miles of cables connected by struts.”

It was built to withstand winds up to 115 mph.

The Weather Channel reported wind gusts of up to 102 mph in St. Petersburg. Parts of the downtown Tampa and St. Petersburg were drenched by as much as 17 inches or rain, per the report.

There was good news at Raymond James Stadium, the home of the Tampa Bay Buccaneers, however. NFL Network reported Thursday that the stadium and the Bucs’ practice field sustained only “cosmetic” damage.

–Field Level Media

Pac-12 Reloads with Four Schools

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SAN RAMON – (Staff and Wire Service Report) – Mountain West representatives Boise State, Colorado State, Fresno State and San Diego State will join the Pac-12 in the 2026-27 academic year, the latter conference announced Thursday morning.

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The Pac-12 board of directors unanimously approved the additions of the four schools to join Oregon State and Washington State, the last two remaining schools after an offseason that saw 10 members jump to other power conferences. Oregon, Washington, UCLA and Southern California moved to the Big Ten; Utah, Colorado, Arizona and Arizona State shifted to the Big 12; and Cal and Stanford joined the Atlantic Coast Conference.

Boise State, Colorado State, Fresno State and San Diego State officially will join the Pac-12 on July 1, 2026.

“For over a century, the Pac-12 Conference has been recognized as a leading brand in intercollegiate athletics,” Pac-12 commissioner Teresa Gould said in a statement. “We will continue to pursue bold cutting-edge opportunities for growth and progress, to best serve our member institutions and student-athletes. I am thankful to our board for their efforts to welcome Boise State University, Colorado State University, California State University, Fresno, and San Diego State University to the conference. An exciting new era for the Pac-12 Conference begins today.”

The NCAA gave the Pac-12 until July 2026 to have a minimum of eight universities if the league is to remain part of the Football Bowl Subdivision. The Mountain West additions still leave the league two short, although officials are pursuing additional options.

The four schools joining the Pac-12 would have to pay an exit fee of $18 million. The Pac-12 also would owe the Mountain West $43 million for taking schools away, part of the deal it reached to arrange scheduling of football matchups for Oregon State and Washington State this year.

MWC commissioner Gloria Nevarez released a statement late Wednesday to address reports that the four schools were exiting the conference.

“The Mountain West Conference is aware of media reports regarding the potential departure of several of our members, and we will have more to say in the days ahead,” Nevarez said. “All members will be held to the Conference bylaws and policies should they elect to depart. The requirements of the scheduling agreement will apply to the Pac-12 should they admit Mountain West members. Our Board of Directors is meeting to determine our next steps. The Mountain West has a proud 25-year history and will continue to thrive in the years ahead.”

Colorado State and San Diego State have been in the Mountain West since the league’s founding in 1999. Boise State joined the conference in 2011, and Fresno State followed in 2012. One of those four schools won or shared the league’s football championship in 10 of the past 12 seasons.

“We are ecstatic to be joining the Pac-12 Conference,” San Diego State athletic director John David Wicker said. “While we are grateful to be a founding member of the Mountain West with 26 years of success in the conference, we are excited at what lies ahead with these new opportunities. We will continue to compete for conference championships on the field and to graduate leaders in the community.”

–Field Level Media

The Boston Celtics | For Sale

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BOSTON – (Staff and Wire Service Report with Team News Release) – Investors with deep pockets willing to purchase a champion can line up for bidding on the 2024 NBA Champion Boston Celtics.

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The franchise is available for purchase, according to a team issued news release.  The imminent sale comes on the heels of a record 18th NBA title secured last month, as the league’s most storied franchise defeated the Dallas Mavericks in a five-game NBA Finals.

No purchase price was reported. Earlier this year, Forbes estimated the franchise’s value at $4.7 billion.

The potential sale comes at a time when the Celtics could approach a record payroll — and payroll tax to the NBA — with All-Star and MVP candidate Jayson Tatum discussing a contract that would make him the league’s highest-paid player.

Boston Basketball Partners was formed in 2002 and it completed the purchase of the Celtics on New Year’s Eve of that year from previous owner Paul Gaston for $360 million. Reports at the time indicated the actual sale price was $310 million since $50 million of debt was not assumed by the new ownership group.

 

Koch Industry Heir Invests in Nets

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BROOKLYN – (Wire Service Report via Sportico) – New York billionaire Julia Koch and her children are purchasing a minority stake in BSE Global, which owns the Brooklyn Nets of the NBA, the New York Liberty of the WNBA and Barclays Center in Brooklyn.

BSE Global announced the pending transaction but did not disclose financial terms. The NBA Board of Governors must approve the deal.

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Sportico reported the Kochs will buy 15 percent of BSE Global, adding that the value assigned to the company’s sports holdings was $6 billion. Under that scenario, the Kochs would pay $900 million for their share.

Forbes ranks Julia Koch as the 23rd-richest person in the world, with a net worth of $65.7 billion. She and her children inherited 42 percent of Koch Industries — one of the largest privately held companies in the nation — upon the death of her husband, David, in 2019.

BSE Global and the teams will remain under the control of Joe Tsai and Clara Wu Tsai. Joe Tsai’s net worth is $8.6 billion, per Forbes.

Kelce’s Invest in Small Batch Brew

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COLUMBUS – (Staff Report from Official News Release) – For the first time, Jason and Travis Kelce are teaming up as significant owners and operators of a business – and of course, it is with one of the fastest growing beer brands in the country, Garage Beer! The small batch brewed, classic light beer was founded in their home state of Ohio and has been growing rapidly across the country.

Jason Kelce and Travis Kelce team up as significant owners and operators of Garage Beer (Garage Beer via PR Newswire).

The Kelce brothers are passionate about their beer and their business and have talked for years about partnering together in the beverage category. With this passion, they wanted to be thoughtful and find the right opportunity with the highest quality brewery and brand that aligned with their values of how a business should be run. And most importantly, a company built to serve the customer. Jason and Travis believe that beer should be fun, and they want to partner with a brand that embodies the spirit of a neighborhood feel, a light beer all will enjoy. Serendipitously, through a prior relationship, the Kelces’ learned about Garage Beer and for the past two years have been laying the groundwork to join forces with the company.

The brothers join Garage as significant investors, partners, owners, and operators. Jason and Travis will be involved in every aspect of the business, including brewing, distribution, sales, marketing, and national expansion efforts. Retail displays will be in stores shortly along with social content, billboards, and other promotional activities.

The Garage Beer recipe was originally created in Cincinnati, Ohio (where Jason and Travis both played college football for the Cincinnati Bearcats) and the business headquarters is now just north in Columbus, Ohio. The beer is currently sold in Ohio, Kentucky, Tennessee, Indiana, Pennsylvania, Wisconsin, Michigan, Illinois, Missouri, West Virginia, Idaho, Montana, and New Jersey… with planned expansion into dozens of new states this year.

“People crave quality and simplicity, and Garage Beer nails both for me. We are light beer drinkers and Garage is the best light beer,” said Jason Kelce. “For me, the brand fits my lifestyle, and having a few beers is a great excuse to get the neighbors together.”

“It comes down to quality for me. I think everyone knows I like to have a couple beers now and then, so being an owner of Garage Beer and heavily involved in making the best light beer is exciting, man! There is nothing better to bring people together than an ice-cold beer, and for Jason and me that is what beer is all about – friends, family and fun. I have worked with Andy for years and I really trust the team and their approach to running the business. We look forward to taking Garage Beer to the next level,” added Travis Kelce.

“We want a beer that tastes like beer and one that keeps the stories alive in the neighborhood. Garage prides ourselves on small batch brewing and a commitment to quality. Ever since our first conversation with Travis and Jason, it was clear we had similar opinions about beer, but they also had brilliant, and very funny, business sensibility. Our team better be on their toes now,” quipped Garage Beer co-owner Andy Sauer. “The garage is a symbol for building stronger communities one beer at a time, and I think we can all use more time with friends, family, and neighbors to talk, smile, laugh, and enjoy that time together.”

Sports Wagering Falls Short in GA

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ATLANTA – Georgia remained one of 12 states not to have some form of sports wagering when the state’s Rules Committee declined to consider two bills this week.

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The state’s House Higher Education Committee moved forward two amended sports betting bills on Thursday, one a state constitutional amendment and the other that would have enabled legislation, according to iGamingBusiness. But those bills never made it to the House.

This week’s action becomes the fourth time Georgia lawmakers considered legalizing sports wagering since 2021 without ultimately getting two-third approval in both the state House and Senate.

Georgia’s proposed constitutional amendment, named SR 579, was recently been amended to include up to $22.5 million to promote responsible gambling through tax revenue.

While Georgia appeared the closest to becoming the next state to legalize sports wagering, efforts continue in Minnesota, where multiple bills have been introduced. Missouri is moving toward placing a sports wagering on the November ballot.

Legal sports wagering in North Carolina began on March 11, in advance of NCAA conference basketball tournaments and the current NCAA Tournament, with a reported $200 wagered over the first week it was legal.

Sports Illustrated Back in Biz

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LONDON – (Staff and Wire Service Report) – Sports Illustrated will resume publishing after its owner reached a new rights deal with digital media company Minute Media.

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Monday’s announcement comes nearly two months after owner Authentic Brands terminated its publishing deal with The Arena Group, which led to mass layoffs at the venerable sports magazine.

Minute Media, best known for its sports sites The Players’ Tribune and FanSided, said it reached a long-term partnership with Authentic Brands to “usher in the future of the SI brand.”

“Sports Illustrated is the gold standard for sports journalism and has been for nearly 70 years across both print and digital media. The weight and power of that distinction cannot be understated. At Minute Media, our focus will be to take that legacy into new, emerging channels enhancing visibility, commercial viability and sustainable impact, all while ensuring that the SI team is inspired to flourish in this new era of media,” Minute Media founder and CEO Asaf Peled said in a statement.

Authentic split with The Arena Group in late January after the latter missed a payment for licensing rights.

As part of the deal, Authentic will also acquire an equity stake in Minute Media.

–Field Level Media

Sports Biz: FOX Friday Night Football

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NEW YORK – (Staff and Wire Service Report) – Fox will broadcast a Friday college football game every week of the 2024 season, The Athletic and Sports Business Journal reported.

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College football’s TV schedule will not be ironed out until May, but the games eligible for the Friday night treatment will feature teams from the Big Ten, Big 12 and Mountain West conferences.

Once reserved for high schools, Friday night football is not new to the Big Ten, which started putting select games on Friday nights in 2017. The Big Ten Network and Fox Sports 1 (FS1) have carried those games in the past.

Now, games will be carried on Fox each week in the run-up to the network’s “Big Noon Saturday,” its weekly show that competes with ESPN’s “College GameDay” and highlights its best game of the week.

The college football games will fill an empty window after Fox did not renew its agreement for WWE’s “Friday Night Smackdown.”

–Field Level Media

Caps’ and Wizards’ Move Met with Resistance from Virginia Reps

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ALEXANDRIA – (Wire Service Report) – A Virginia state senator does not want Washington Wizards and Capitals owner Ted Leonsis to use taxpayer money to build a new entertainment district in the suburb of Alexandria, Va.

Sen. Louise Lucas, a Democrat who is the chairwoman of Virginia’s senate finance committee, told reporters Monday a bill that would pave the way to move the NBA and NHL franchises from Washington to Alexandria is dead in her eyes.

“I will not allow a billionaire to build his company’s wealth on a taxpayer’s dime,” Lucas said, saying Republican Gov. Glenn Youngkin’s “refusal to negotiate” left her to block the bill.

While Lucas declared the Senate bill dead after rejecting discussion of it at a meeting Monday, there is also a version of the legislation in the House of Delegates that passed through the house appropriations committee last week.

In December, Youngkin and Leonsis announced an agreement to move the Wizards and Capitals to a new $2 billion sports complex in Alexandria by 2028. The teams currently play in downtown Washington at Capital One Arena.

Underpinning the proposed move is legislation that would issue more than $1 billion in moral obligation bonds to build the complex. Virginia taxpayers would be on the hook if the site did not meet its revenue projections.

A spokeswoman for Monumental Sports and Entertainment, the Wizards’ and Capitals’ parent company, told reporters Monday that moving the teams to Virginia remains their “only” plan even after the District of Columbia offered $500 million for renovations at Capital One Arena.

Mayor Muriel Bowser said in a Washington Post op-ed Sunday that D.C. plans to require the Wizards and Capitals to play at the arena through 2047, per the terms of their lease. December’s announcement was also met with outrage from local sports fans who want the teams to stay put.

–Field Level Media