April 20, 2022
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No one can accuse the Cleveland Browns of penny-pinching. The Browns have opened their wallets and spent an eye-popping $461.3 million in guarantees alone for their top four contracts: Deshaun Watson ($230 million), Myles Garrett ($100M), Denzel Ward ($71.3M), and Amari Cooper ($60M).
IPL
Disney and Amazon are among the six entities that have already purchased the documents needed to bid for the Indian Premier League’s broadcasting rights — the third-largest sporting event by viewership.
Bids worth $5 billion or more are expected for the rights between 2023 and 2027, while earlier reports suggested the rights could fetch as much as $7 billion.
The other companies looking to obtain the rights include fantasy sports platform Dream 11, Reliance Industries, Sony, and Zee Entertainment — Sony purchased a 53% stake in Zee last year. Other bidders may still decide to join, and those listed may not end up bidding at all.
BCCI, the sport’s local governing body, will conduct an online auction that includes linear and streaming rights starting June 12.
As the media numbers get bigger for IPL, so does its size. The Indian Premier League added two new teams this season: the Gujarat Titans and the Lucknow Super Giants.
CVC Capital Partners purchased the Titans for $737.7 million, and the RP-Sanjiv Goenka Group bought the Super Giants for $930 million.
David Richard-USA TODAY Sports
The Cleveland Browns are being investigated by the NFL following accusations from former head coach Hue Jackson, who previously said that the franchise incentivized him to lose games during the 2016 and 2017 seasons.
The league confirmed that former SEC chair Mary Jo White is leading the independent probe.
White, of Debevoise & Plimpton LLP, is also investigating former Dolphins coach Brian Flores’ claim that Miami owner Stephen Ross offered him $100,000 per loss during the 2019 season.
“Two years ago I tried to do this the right way, through the bylaws and constitution of the National Football League, to ask them to investigate the Cleveland Browns for all the allegations I’ve made,” Jackson said. “So why open an investigation now?”
A spokesperson for the Browns clarified: “It was important to us and to the integrity of the game to have an independent review of the allegations.”
The spokesperson added that the team is confident that Jackson’s accusations are false. The probe is expected to conclude soon.
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Moody Center
On Tuesday, officials cut the ribbon on the new $338 million arena for the University of Texas Longhorns men’s and women’s basketball teams — the latest multimillion-dollar college sports venue.
The Moody Center was funded by a $130 million donation from the Moody Foundation, as well as the Oak View Group, Matthew McConaughey, and Live Nation/CE Presents.
The Austin, Texas, venue replaces the Frank Erwin Center, which was 45 years old.
While the official opening will take place April 29-30, events commence this week.
At a kickoff celebration on Tuesday, a joyous McConaughey — who is a Texas alum and was decked out in a burnt orange suit — pointed at the venue behind him and said, “It’s time to bless the Mood.”
The Moody Center is one of several new expensive venues that will either open or is being built this year.
Across the country, about $1.4 billion will be spent on college sports venues finishing construction this year, according to Sports Business Journal. About $1.87 billion are going toward projects still underway.
Billy Hurst-USA TODAY Sports
The XFL is relaunching next year — and it’s already working to box out the USFL.
Making its case to agents on Monday, the XFL argued that it is the better choice for players looking to compete in a spring football league, according to an ESPN report.
The XFL is returning in 2023 after going bankrupt in 2020 due to the pandemic. The league was bought by actor Dwayne Johnson, Dany Garcia, and Redbird Capital in 2020 for $15 million from WWE CEO Vince McMahon.
Both football leagues are boosted by major partners.
The Fox-owned USFL also partners with NBCUniversal, which broadcasts every game through a mix of their flagship channels, affiliates, and streaming services such as Peacock. Fox is committing $150 million to the league over three years.
The XFL reached a deal with the NFL in February to allow the league to experiment with new rules and innovations in the spring league.
Johnson said in December that the XFL hopes to announce its broadcast partners early this year.
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