Tonight in Unpacks: Formed in 2020 in response to social unrest, the NBA Foundation has now raised more than $100 million to help Black youth in all team markets find career opportunities, reports SBJ’s Tom Friend.
Also tonight:
- Salt Lake City files preferred host submission for Olympics
- F1 Miami brings on Bonhams auction house
- NASCAR spends big on Netflix 'Full Speed' docuseries
- Op-ed: Morals clauses can protect athletes as well as brands
Listen to SBJ's most popular podcast, Morning Buzzcast, where Abe Madkour discusses Saudi Arabia’s PIF making a branding play with the ATP Tour, FedEx abruptly ending its naming rights deal with the Commanders, the Chiefs’ failing grade from the NFLPA and more.
NBA Foundation reaches $100 million in total grants
The NBA Foundation, founded after the social unrest of 2020 to provide career opportunities for Black youth in all of the league's markets, has reached $100 million in total grants after its 11th and latest round of funding, keeping it on pace to reach its initial goal of raising $300 million over 10 years, reports SBJ's Tom Friend. The foundation has now awarded 337 overall grants to 227 nonprofits
The latest round of grants are donations from the NBA board of governors and will be divvied among 46 separate nonprofits, including the American Cancer Society, the Organization of Black Aerospace Professionals, the Dallas Black Dance Theater, the Black Liberated Arts Center and the Thunder Fellows Foundation. Those groups will help with mentoring, skill training, networking and apprenticeships, focusing on high school, college and career-ready Black men and women between 14 and 24.
Salt Lake City files preferred host submission for Olympics
Salt Lake City bid officials took the next step in securing the Winter Olympics, filing their preferred host submission with the IOC today, reports SBJ's Rachel Axon.
The IOC selected Salt Lake City as the preferred host for the 2034 Olympics and Paralympics and is expected to vote to confirm it as a host during its session in July. Today's filing detailed bid leaders' answers to 43 questions outlining their vision and concept for the Games, planned legacy, financial information, site plans and sustainability studies. Officials in Utah have been pursuing the Games for more than a decade, relying on widespread local and government support as well as a legacy of venues still in use from hosting more than two decades ago.
F1 Miami brings on Bonhams auction house
The F1 Crypto.com Miami Grand Prix is trying to further install itself as a bastion of South Florida luxury with a new partnership with Bonhams auction house’s car division, reports SBJ's Adam Stern.
The deal focuses on Bonham hosting a live auction at the May race weekend at the Miami International Autodrome circuit around Hard Rock Stadium in Miami Gardens. The third edition of the race takes place May 3-5, and the auction will take place on the Saturday of that weekend. It'll feature about 25 collector cars that will be driven on the track before holding the auction in front of the podium area. While the auction will be invite-only for guests and Bonham clients, the cars will also be showcased around the venue during the race weekend so that all fans will be able to check them out. They’re set to include supercars and used F1 race cars.
F1 Miami president Tyler Epp told SBJ that the deal “isn’t just a new thing -- it’s a new thing with purpose,” noting that luxury car collectors and enthusiasts comprise a growing portion of its ticket buyers. “This is a bit of an ode to that group, and I think [Bonhams] will bring additional experiences specifically for that segment of the population.”
NASCAR spends big on Netflix 'Full Speed' docuseries
NASCAR Holdings spent well into seven figures to make its Netflix project come to life, sources tell SBJ's Adam Stern. It's the latest indication that the company is opening its pocketbook to try to grow the sport.
The five-episode docuseries “NASCAR: Full Speed” focuses on the 2023 Cup Series playoffs. While financial details have never been reported, people familiar with the matter now tell SBJ that NASCAR spent well into the mid-seven figures to pull off the project, with one saying it was over $5 million. That money went to paying Netflix, production studio Words + Pictures and other entities that worked on the project.
'Tastes Great/Less Filling' ready for a comeback
Molson Coors is reprising one of the most storied beer campaigns of all time on behalf of its Miller Lite brand -- McCann Erickson’s classic "Tastes Great/Less Filling" ads -- just in time for March Madness, reports SBJ's Terry Lefton. The original ads launched in the mid-1970s, and the new version of the Miller Lite All-Stars includes David Ortiz, Reggie Miller, J.J. Watt, Jorge Posada, Mia Hamm and actor Luke Wilson in creative that is heavily overlayed with a '70s theme.
This week's SBJ Marketing newsletter also covers:
- Jess Smith already has some sponsors eyeing WNBA's Bay Area expansion team
- Horizon Sports & Entertainment lands F1 team work for SentinelOne
NBA ID helping league grow fan engagement
NBA ID was born from the league’s mobile app overhaul ahead of the 2022-23 season. The free global membership program has since become a superhighway of opportunities for the NBA to provide fan experiences, both in venues and in homes across the world. During the recent SBJ Live, “NBA ID: Rewarding Fans for Being Fans,” one sentiment weaved throughout: It’s not on fans to show up for the league -- the exact opposite is true, reports SBJ's Ethan Joyce.
This week's SBJ Tech newsletter also covers:
- Relo Metrics’ Super Bowl postmortem
- Essential reads ahead of SBJ Tech Week
Op-ed: Morals clauses can protect athletes as well as brands
Tonight's op-ed is from Owen Seitel, the co-founder of intellectual property law firm Crown LLP, on how morals clauses on athlete endorsements can work both ways.
"Since company owners and executives are equally capable of bad behavior, an athlete is entirely justified in seeking a reciprocal morals clause in an endorsement agreement. The same logic that has been thrown in the face of athletes for years is applicable to company brand owners -- if you are concerned that you may lose this deal because you triggered the morals clause, then don’t do anything that could potentially trigger the morals clause."
Read the full submission here.
Speed reads
- The Atlantic Sun Conference is partnering with Collegiate Sports Management Group for its media rights strategy, working exclusively with Commissioner Jeff Bacon, reports SBJ's Ben Portnoy. The league's current deal with ESPN expires in 2025.
- The Timbers axed their kit-sponsorship deal with local home improvement company DaBella following the emergence of a court filing suggesting that at least three female employees have previously accused the company’s CEO, Donnie McMillan Jr., of sexual harassment and unwanted sexual advances, notes SBJ's Alex Silverman.
- Monumental Sports & Entertainment will lean on Synamedia's Quortex PowerVu to bolster its broadcast distribution for the Monumental Sports Network, writes SBJ's Ethan Joyce.
- ASM Global is expanding its Business Incubator Program (BIP) and introducing the Supplier Diversity Legacy Program (DLP) to encourage inclusivity, innovation and sustainable business practices within the venue management company’s global supply chain, reports SBJ's Bret McCormick.
- The PPA Tour and Major League Pickleball completed their merger, bringing together two leading pickleball organizations in a new entity that has $75 million in backing from SC Holdings and PPA Tour owners Tom Dundon and the Pardoe family, among others.