On the latest Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams discuss some of the biggest sports business stories of the week, including the sale of English soccer giant Chelsea FC. A group led by notable sports investor Todd Boehly and backed by private equity firm Clearlake Capital reached an agreement last week to pay $3.1 billion (£2.5 billion) for the franchise, ending a two-month process that became the most competitive franchise sale in sports history.
The $3.1 billion is just shy of the $3.3 billion price paid by Joe Tsai to consolidate his Brooklyn Nets ownership, still the most ever paid for a sports team. The Boehly group, which includes Swiss billionaire Hansjörg Wyss and British real estate magnate Jonathan Goldstein, also committed to spend an additional $2.16 billion on the team and its stadium moving forward.
The hosts also discuss the recent F1 race in Miami, the latest example of American fans embracing the open-wheel racing circuit. That growth has come at an opportune time for F1 and owner Liberty Media—the U.S. media rights, currently held by ESPN, are up at the end of 2022.
Lastly, the hosts talk about the latest in the sale of the Denver Broncos. At least five groups have reached the next stage of bidding, and the consortiums are beginning to add limited partners. Magic Johnson, for example, recently joined the group led by Philadelphia 76ers/New Jersey Devils co-owner Josh Harris. It’s unclear how Boehly’s successful Chelsea bid might affect his bid to purchase the Broncos.