Sports Business

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The GIST: Following last week’s ESPN layoffs, the sports media business continues to contract. The New York Times (NYT) announced the disbandment of its sports desk on Monday, while the LA Times will shrink their daily sports coverage in just another sign of the times.

The New York Times: In lieu of its sports department, the newspaper will rely on The Athletic for sports coverage. The (unsurprising) move comes after the NYT acquired the website for $550M last year, which has been scrambling for success since.

• Despite more than doubling subscribers, The Athletic has posted over $43M in total operating losses since January 2022.

• The move displaces roughly 35 employees, but no layoffs are expected. Still, the NewsGuild of NY is gearing up for a labor fight as those roles, previously filled by union workers, will now be filled by non-union Athletic writers. Drama.

LA Times: Across the country, the LA Times decided to do away with game stories, box scores, and standings on Sunday. The news follows the paper’s sports section's transformation into a “daily sports magazine” feel and the sale of its printing press, which made deadlines less conducive for late games.

Zooming out: It’s old news that print journalism is dying and media companies are “going digital,” but even digital media strategy is changing. To align with trends and younger generations’ sports consumption habits, companies are relying more on social media, as in-depth media takes the form of newsletters (shameless plug) and podcasts (another shameless plug).

• With layoffs and shrinking sports sections already common in smaller markets, is this the final nail in the coffin? Or is it just another shift in the way journalists tell stories? The times they are a-changin’ and the media will keep changing with it.

The GIST: Women’s soccer could be Gone to Denver. Colorado native and former NWSL player, Jordan Angeli, is leading an investment group’s bid for a professional women’s soccer team, with hopes to kick off in the women’s soccer hub of Colorado by 2026.

The details: The interested group is called For Denver FC, with FC standing for “For Colorado.” Angeli is joined by the founder of Parsyl Inc. Ben Hubbard and Tom Dunmore, a sports executive with soccer, cricket, and motorsports experience.

• In addition to more investors, the group is looking to secure a stadium deal and a site for training facilities. For Denver FC expects to submit an expansion bid by the end of 2023.

The market: The group is making moves while the Denver sports market is booming. The Mile High City is becoming Championship City — the NHL’s Colorado Avalanche and the NBA’s Denver Nuggets both won their respective league championships within the last 14 months.

• Interestingly, Denver is one of the few major cities without any pro women's sports, despite having five major men’s teams. Cue Lizzo.

The options: For Denver FC is considering either an NWSL or USL bid. The USL recently announced its intention to launch the USL Super League by 2024, a top-tier women’s league that could compete with the NWSL. Depending on timing, For Denver FC has a chance at joining either organization.

• Securing a USL bid would give the franchise an opportunity to build from the ground up, while entering the NWSL would offer established resources and credibility.

• Entry fees are also another potential factor — the two, yet-to-be-decided 2026 NWSL expansion teams will fork up around $50M to enter the league, while USL Super League fees are expected to be smaller.

The women’s soccer trend: No matter which league For Denver FC ultimately chooses to bid for, this is just another example of women’s soccer commanding huge interest in the U.S. As the sport — and women’s sports in general — grows, the major American sports markets will need to keep up. Stay tuned, Denver.

Big viewership numbers were expected from the final rounds of last weekend’s LPGA major after it aired on network primetime for the first time, and they did not disappoint. The final round audience peaked at over 2.2M viewers, with total tournament viewership up 118% from 2022.

• Plus, NBC averaged a Total Audience Delivery (TAD) of 1.34M viewers across the weekend, making it the most streamed women’s golf event in NBC history. Put women’s sports on TV.

NY Liberty star Sabrina Ionescu and American Express will team up for activations during the upcoming WNBA All-Star weekend in Las Vegas. Their “60 Second Challenge” will allow fans to attempt to beat Ionescu’s shooting score at the AmEx WNBA All-Star Experience event.

Saturday’s WNBA All-Star Game will air in primetime on ABC for the first time, with 2003’s 1.44M viewers being the record to beat. The network will also air a WNBA Countdown show, while ESPN will fund numerous marketing activations, including player-themed billboards on the Las Vegas Strip. We’re all in.

🎾 The WTA announced an extension of its multiyear agreement with FanDuel, renewing the online betting company as one of its authorized gaming operators.

🏀 NBA commissioner Adam Silver hinted at expansion in the existing WNBA markets of Las Vegas and Seattle.

🥍 AU Championship Lacrosse announced 11 new signees ahead of its third season.

📈 SportsCenter reported that viewership is up 7%, as it captures 442K viewers on average.

⚽️ Hip hop superstar Jay Z’s agency, Roc Nation Sports, acquired Brazilian soccer agency TFM. That’s an Empire-building State of Mind.

🏀 The WNBA and Google extended their Changemakers partnership through 2025, recommitting to grow women’s sports through creative and innovative content.

The FIFA Women’s World Cup is finally here and we’re celebrating by hosting our very own free-to-enter bracket challenge. The winner will walk away with a grand prize of $1,000 and some GIST swag, with $500 and $250 going to 2nd and 3rd place brackets, respectively. Nothing like some spending money.

Submit your picks for the group stage by July 19th at 11:59 p.m. ET and once the group stage is done, keep an eye out for an email from us on the knockout round. You got this!