Mike Brown feels the revenue pressures of the NFL; Ben Navarro lands coveted Cincy tennis deal; Baseball's back in NYC
Well, baseball is hot in the biggest market right now. Yes, new York city, a Subway Series as the Mets host the Yankees. Two first place teams, City Field was jamming on Tuesday night as the Mets beat the Yankees in the opener, a rare matchup, like I said, a Subway Series matchup of first place teams. The game drew one of the biggest crowds of the year at City Field with more than 42,000 fans on hand. Again, baseball is rocking in the heart of New York City.
Meanwhile, what else is rocking? Soccer in England. England is in the Women's Euro 2022 finals as they beat Sweden in front of 30,000 fans on Tuesday. They will play the winner of Germany, France on Sunday. We set on the Buzzcast, a sellout of more than 85,000 fans are expected at Wembley for the finals on Sunday.
And the Las Vegas Aces won the second annual WNBA Commissioner's Cup Championship by beating the Chicago Sky on Tuesday before nearly 9,000 fans, including some members of the Chicago Bulls on hand at Wintrust Arena. So some big sports in the end of July.
And this is your morning Buzzcast for Wednesday, July 27th. Good morning. I'm Abe Madkour. I hope everybody is doing well. Let's start with college sports because Big Ten Commissioner, Kevin Warren had a few interesting points as he met the media during Big Ten media days in Indianapolis. First, he said that Big Ten was open for more expansion after adding USC and UCLA over the last few months. He also said USC and UCLA will enter the Big Ten as full members with regards to revenue sharing when they come in 2024. Remember, in previous expansions with Nebraska, Rutgers and Maryland, the incoming members received partial shares at first. Not the case with UCLA and USC, they will get full membership.
In terms of future expansion, Kevin Warren said that any expansion would be, of course, strategic and add additional value to the conference. He also said the Big Ten is finalizing that new media rights deal that will go in effect in 2023. He said an announcement is expected sooner rather than later. Indeed, we've been waiting for an announcement in May and June and July and we're entering into August. We expect a deal certainly before Labor Day. Let's move on.
Big news in the tennis world as the United States Tennis Association has picked Ben Navarro to buy the Western and Southern Opens ATP Tour sanction in Cincinnati for a reported $275 million. Now, many of you may wonder, why is this important and why are we mentioning it on the Buzzcast? Well, first virtually every major sports agency and every major PE firm was bidding on this or interested in this sanction. Sources confirmed that groups led by Dodgers owner Mark Walter, Billy Jean King Enterprises, Citi Open owner Mark Ein, Harris Blitzer Sports and Entertainment, RedBird Capital. These are big hitters and they were all eyeing this possible deal.
Why did they look at this deal? Well, the tournament does very well. Earns a hefty profit each year and for the USTA, this is a no brainer. They got $275 million that they can now distribute to their membership. So a very good deal for the USTA and for the buyer, Ben Navarro. He sees a very profitable event, a recurring revenue stream. One he anticipates building. Now, Navarro is not a newcomer to tennis. He bought the WTAA's Charleston Open in 2018. They completed a major renovation of that facility. It's called Credit One Stadium just outside of Charleston. That is one of the most popular events on the WTA tour. He is founder and CEO of the Sherman Financial Group.
Ben Navarro was a finalist to purchase the Carolina Panthers in 2018 before the team was sold to David Tepper. Living in Charlotte, I'll say a lot of people really wish Ben Navarro bought that team. While many bidders considered moving the event from Cincinnati, it's believed that Ben Navarro would keep this event in that city. But again, this has been a big story in tennis circles, a big story in finance circles, Ben Navarro buying the Western and Southern Opens ATP Tour sanction in Cincinnati for roughly $275 million.
Let's move to some news of no in-stadium development. As you know, the MLS Club, New York City Football Club NYC FC has been looking for a true home for years. One that they can call their own. They've been playing in Yankee Stadium since the team came on the scene more than a decade ago. While the New York Post is reporting that New York City Mayor, Eric Adams, is said to support plans to build a 25,000 seat soccer stadium near City Field in Queens. Now we all know there would be a number of other approvals needed before this project moves forward, but this would be a very big step for the team for a new stadium could be built by 2025.
The New York Post reports that it would be a privately funded facility. Remember NYC FC is, of course, owned by City Football Group. That's the Abu Dhabi led group, which owns Manchester City. But bottom line, we could be seeing in the horizon, a future home and a real home for NYC FC.
In the NFL. For years, Bengal's owner Mike Brown, was criticized by fellow owners for not maximizing revenue opportunities around his franchise. Many big market high revenue clubs would get upset publicly at Mike Brown when it came to revenue sharing. Their argument was why should they share their revenue with teams like the Cincinnati Bengals who don't even maximize their own revenue or sell naming rights to their own stadium? It was a very hotly contested debate for years until the NFL shifted some of its revenue sharing rules.
But now Mike Brown has had a change of heart and said the team will sell naming rights for Paul Brown Stadium as he admitted, it's vital to the team's ability to keep pace with others in the NFL. Maybe because of the pressures of being a super bowl contending club, but Brown now acknowledges the team has to keep up and they need the revenue. Mike Brown didn't say if he expects a naming rights deal by the opening of the regular season on September 11th, but it's an interesting and a major change of heart by the Bengals and Mike Brown to sell naming rights to its stadium.
And finally, my hat tip of the day. We all know how well the character of Rocky Balboa and the Rocky movies play in Philadelphia. And if you are a young Buzzcast listener who isn't familiar with the story of Rocky Balboa, please go back and watch Rocky or Rocky III or even Creed for a glimpse into one of the great characters of my generation. Well, Wells Fargo Center, Aramark Sports and Entertainment and Star restaurants have opened a new club level restaurant at the Wells Fargo Center that will be called Adrian. It will hold 300 fans and, of course, be a tribute to Adrian, Rocky Balboa's supportive wife.
It has floor to ceiling windows. It has views of Philadelphia's skyline and it's part of Comcast Spectacor's $300 million dollar renovation of the 26 year old Wells Fargo Center. I think it's a cool concept and I'm sure there will be a few yo, Adrian calls throughout that club. So well done for Aramark, Wells Fargo Arena and Star Restaurants drawing on a piece of heritage of Philadelphia.
So that is your morning Buzzcast. It's Wednesday, July 27th. I'm Abe Madkour. Hope everybody has a great day. Stay healthy. Be good to each other. I'll speak to you tomorrow.