Sports Business Wrap For The Week Of April 14
Milwaukee Bucks Sold To Hedge Fund Managers For $550 Million
The Bucks finished the season with the NBA's worst record (15-67), the team's ninth season in the last 10 years with a sub-.500 record. Enter Marc Lasry and Wesley Edens.
Lasry is the chairman and CEO of the Avenue Capital Group; Edens is co-chairman of the Fortress Investment Group. Together, they're worth over $2 billion, although Edens' Fortress fell hard during the 2008 financial crisis. They're are taking over a team worth $405 million, according to Forbes, the least valuable team in the league.
Per the sale terms of the team's former owner, the Bucks will remain in Milwaukee and at least $100 million has already been pledged to build towards a new arena.
Donald Trump Interested In The Bills
Founded in 1959, the Bills long-time owner Ralph Wilson passed away in March; his wife, Mary, is controlling owner until a sale can be arranged. Buffalo fans have been worried in recent years that their beloved Bills may move to Toronto. The Donald could change that.
The Buffalo News reported that Trump is very interested in making the NFL franchise his next purchase. “I'm going to give it a heavy shot,” Trump told The News on Monday. “I would love to do it, and if I can do it, I'm keeping it in Buffalo.”
According to Forbes, the Bills were the third-least valuable team in 2013, worth $870 million, but with an operating income of just $12.6 million.
Detroit Week For ESPN
The worldwide leader in sports have dedicated an entire week across multiple platforms to the Motor City. The move comes in lieu of the network's acclaimed 30 For 30 franchise, which broadcasted Bad Boys on Thursday night. The film took a close look at the Pistons' NBA championship teams of the late 1980s and early 1990s.
Grantland, ESPN's pop culture-based spinoff website, released several pieces about past Detroit sports and music figures. FiveThirtyEight, the newly-launched Nate Silver project, took time to study the Bad Boys from a statistical and analytical point-of-view.
Who's Watching What?
Bubba Watson won his second Masters Tournament in three years, but audiences didn't seem to care. ESPN reported the average audience for the weekend coverage on CBS (NYSE: CBS) was 8.6 million viewers in 6.4 million homes, according to the Nielsen rating -- that would be the lowest in over two decades for the Masters.
That huge decline is almost assuredly attributed to the lack of Tiger Woods. Woods missed the first Masters of his career this year; as the past has shown, golf viewership takes a big hit when the red shirt is not playing on Sundays, or any day for that matter.
A Closer Look At... Nike
It's been and up-and-down year for Nike (NYSE: NKE), currently on another upturn. The stock nearly peaked at $80.00 in February, but closed as low as $70.83 on April 7. It has rebounded nicely the last five trading sessions, up 1.27 percent to $74.03 at Thursday's close.
Tweet Of The Week
The Los Angeles Lakers finished the year 27-55, the worst in the franchise's 67-year history. Kobe Bryant played in just six games due to a foot injury -- but not before signing a two-year contract extension worth between $40-50 million.
— Kobe Bryant (@kobebryant) April 16, 2014
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