On the 572nd Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams discuss some of the biggest sports business stories of the week, including a breakdown of two very wealthy families that have sprawling sports ownership portfolios.
First, however, they discuss layoffs this week at ESPN. Many of the reductions were a direct result of the group’s $3 billion NFL Network deal, according to a memo sent to staff. The hosts break down the changes in ESPN economics, and the correlated shift in why fans watch the so-called “Worldwide Leader in Sports.” The cuts included some prominent on-air talent, like NFL analyst Ryan Clark, who was reportedly informed in the middle of filming NFL Live.
Next they talk about a pair of wealth families, the Waltons and the Mittals. The extended Walton family already has a sports portfolio that spans many leagues and many franchises, including multiple NFL teams (Broncos, Rams). Now, another arm of the family, led by Nancy Walton Laurie and her husband Bill Laurie, are preparing a bid for the NBA‘s Las Vegas expansion team. That team, which could cost $8 billion or more, would be another crown jewel for the family.
The Mittals, an Indian family that made its money in steel, have invested in the Boston Celtics and recently bid on the Seattle Seahawks. They are reportedly in talks to buy a significant chunk of English soccer giant Liverpool. The team is currently owned by Fenway Sports Group.
