By Rick Horrow
Podcast edited by Tanner Simkins
- Ted Leonsis is the owner of the Washington Capitals, Wizards, Mystics, and Capital One Arena and has a plan to get the D.C. punk band Fugazi back and playing together. Leonsis said that he would compensate the band, and make a major donation to local charities around Washington D.C. in their names. Fugazi hasn’t been playing together since 2003, however the four members were recently reunited due to a museum exhibition called “Action. Reaction. Action: Visualizing Fugazi” at the Lost Origins Gallery in D.C. According to WTOP, the exhibit fittingly explored the impact of the band, both as musicians and activists. Whether or not the punk band reunites, their activism has already raised hundreds of thousands of dollars thanks to their fame and keenness for charity.
- The WNBA officially has a new commissioner. Last week, the league named Cathy Engelbert, current CEO of Deloitte and the first woman ever to lead a Big Four professional services firm in the U.S., to the role with a start on July 17. Engelbert, who played college basketball at Lehigh, becomes the fifth top WNBA exec in the league’s history, following Val Ackerman, Donna Orender, Laurel Richie, and Lisa Borders. One thing Engelbert “will have to deal with relatively quickly,” according to SportsBusiness Journal, is the current CBA, which expired after this season. “Cathy is a world-class business leader with a deep connection to women’s basketball, which makes her the ideal person to lead the WNBA into its next phase of growth,” said NBA Commissioner Adam Silver. “The WNBA will benefit significantly from her more than 30 years of business and operational experience including revenue generation, sharp entrepreneurial instincts and proven management abilities.” The WNBA took seven months to name its new leader, but it was worth the wait.
- It’s graduation season, and we’d like to suggest a gift. Our Sport Business Handbook recognizes the last 50 years as the formative era of the modern sport business industry. As colleges and universities graduate their 2019 classes of aspiring career professionals, this is a rare opportunity to hear from some of the industry’s most influential players. Consider that according to Forbes and PriceWaterhouseCoopers, the U.S. Sports Industry will be an $80 billion annual category by 2022. Job growth across all sports-related industries is expanding at over 12 percent annually — more than double the national job market. In markets like Atlanta, Boston, Denver, Miami, Dallas, Jacksonville, Philadelphia, and Pittsburgh, sports-related job growth is increasing at or above 20% annually. The global sports industry is estimated to be a $1.3 trillion category. Sports media is the fastest-growing segment of the industry. As a subset of that, legalized sports gambling represents a multi-billion-dollar category poised to grow exponentially, as evidenced by casino and mobile sports betting legalized in Iowa last Monday. So if you have a child poised to join the workforce post college, they could do a lot worse than a career in sports.