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Todd Boehly now in the clear to acquire Chelsea

Todd Boehly's deal to buy Chelsea was "finally sealed by Government, the Premier League and Europe." A "fraught two month sale saga was finally resolved" shortly after 7:00am London time today, as Roman Abramovich was told that he "will now receive the approval licence he needs from the U.K." Portugal and the European Commission are "expected to confirm the deal this morning, having signalled to the U.K. that they are happy." Proceeds from the initial US$3.1B sale are "expected to start changing hands almost immediately as ministers now draw up a licence amendment," which means Chelsea "can be sold as a frozen asset." Last-minute European permission, "which caused further delays, was necessary because Abramovich is also sanctioned there and he has had a Portuguese passport" (London TELEGRAPH, 5/25).

SBJ Morning Buzzcast: July 7, 2022

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Ahead of the PGA Tour’s John Deere Classic in Illinois and LIV Golf Invitational Portland, SBJ’s Josh Carpenter, and David Rumsey spoke with Sports Illustrated's Bob Harig and Brendan Porath of The Fried Egg to discuss the current state of golf.

SBJ Spotlight: TikTok’s threat to traditional sports media

While tech companies are consumed with finding ways to compete with TikTok, almost no one in conventional media “spends any time talking about it,” said Recode senior correspondent Peter Kafka in an Spotlight interview with SBJ’s John Ourand. “To me, that’s just an obvious disconnect.” Kafka authored a recent column headlined, “It’s TikTok’s world. Can TV live in it?” He said the main response to TikTok’s growth from traditional media execs has been to “punt and hope it’s someone else’s problem a quarter from now or two years from now.” But Kafka said that ignores the trend of conventional broadcast audiences growing older while a billion younger consumers spend most of their media time watching short video after short video. “If you’re in the business of getting anyone under the age of 30 to look at what you’re putting on a screen, you have to think about the fact that you’re probably asking them to put down TikTok and watch your thing instead,” said Kafka. “That’s a very difficult ask. … [TikTok] is insanely addictive.”

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