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Tristan Thompson shut down the New York Stock Exchange with the launch of his TracyAI platform following NBA All-Star Weekend. On Wednesday (February 19), the Cleveland Cavaliers forward visited the Stock Exchange to greet executives and floor brokers along for photo ops, according to a press release.
ESPN is finally getting into sports betting. The Disney (NYSE: DIS) unit is partnering with Penn National (Nasdaq: PENN) to rebrand its Barstool Sportsbook as ESPN BET, which will launch in the 16 states where Penn is licensed later this year. Alongside the transaction, Penn has agreed to sell 100% of the full Barstool media company back to founder David Portnoy “in exchange for certain non-compete and other restrictive covenants.”
Andrew Lustgarten is stepping down as CEO and president of MSG Sports, the parent of the New York Knicks and New York Rangers. A longtime sports and media executive, Lustgarten has been with MSG for nearly a decade. He was president of the combined MSG companies, which included MSG Sports and MSG Entertainment (NYSE: MSGE), then helped lead their split in April 2020.
The Atlanta Hawks are the latest NBA team to draw up a private equity play from Dyal HomeCourt Partners. The Hawks confirmed on Tuesday that the club will sell almost 6% of the franchise to Dyal, the private equity fund owned by Blue Owl Capital (NYSE: OWL).
The Cleveland Cavaliers and Fubo Gaming, a subsidiary of fuboTV Inc. (NYSE: FUBO) that is dedicated to delivering a unique, hyper-personalized sports entertainment and wagering experience, today announced a new long-term partnership. The agreement marks Fubo Gaming’s first sponsorship with an NBA franchise.
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The NBA’s rules on private equity investors are as follows: A fund can buy as much as 20% of a franchise, and it may own equity in up to five teams. No team can have more than 30% of its equity owned by PE funds. Dyal HomeCourt Partners, a unit of Blue Owl Capital (NYSE: OWL), bought nearly 5% of the Kings earlier this year at a similar valuation.
Paycom is a public company based in Oklahoma that sells human resources and payroll software; its customers include the National Football League’s New England Patriots. Paycom is traded on the New York Stock Exchange and has a market cap of $23.6 billion. Terms of the pact with the Thunder were not disclosed, but the deal doesn’t surpass $100 million.
Before extending his executive career in the National Basketball Association, former Miami Heat forward Shane Battier is positioning his business affairs away from sports. Battier, 42, joined New York-based software firm Yext as a board member on Wednesday. Yext is an artificial intelligence search company that offers brand data management and helps companies increase their digital presence. It has agreements with companies including Verizon, Marriott, and Samsung. Yext went public in 2017 and trades on the New York Stock Exchange. It has a market capitalization of about $1.8 billion.
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The planned $12 billion tie-up, which aims to close this summer, promises a big payout for Tsai, who will be able to sell preferred shares in Owl Rock as part of the deal, a source close to the merger said. It will result in a new investment company called Blue Owl that will trade on the New York Stock Exchange and manage $45 billion in assets, according to public documents.
Ted Leonsis: I was there the day prior to the first game after 9-11 when Michael Jordan went to Ground Zero at the World Trade Center. He respectfully and confidentially met with first responders—talking with them, consoling them and thanking them—no camera crews or media allowed as he was not seeking acclaim or press attention. He was not even concerned with his own personal safety and well-being—just unselfishness and teamwork. I was there when Michael Jordan walked the floor of the New York Stock Exchange meeting with business leaders and the traders on Wall Street. He thanked them for helping to get the economy back up and running. He then rang the closing bell for the country’s first day back to business after 9-11.
Earlier this morning, the New York Stock Exchange welcomed the Golden State Warriors and JPMorgan Chase (NYSE: JPM) in celebration of the opening of Chase Center, the new sports and entertainment home of the Golden State Warriors in San Francisco. Rick Welts, Chief Operating Officer and President of the Golden State Warriors, and Zaza Pachulia, former Warriors player, joined Betty Liu, NYSE Executive Vice Chairman, to ring The Opening Bell.
Marc J. Spears: Kudos to #Wizards assistant coach Robert Pack for his mentoring of underprivileged kids in New Orleans through his non-profit Robert Pack Organization. He took the kids to the New York Stock Exchange today. Two other kids spent time in LA with @Chris Paul earlier this week. #NBA pic.twitter.com/gmqiIt0LwE
Kudos to #Wizards assistant coach Robert Pack for his mentoring of underprivileged kids in New Orleans through his non-profit Robert Pack Organization. He took the kids to the New York Stock Exchange today. Two other kids spent time in LA with @CP3 earlier this week. #NBA pic.twitter.com/gmqiIt0LwE
— Marc J. Spears (@MarcJSpears) July 19, 2019
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