Patrick Mahomes Signs 6 Texas Tech Students to New NIL Cohort
Just weeks after Texas Tech announced a 10-year partnership that made Adidas the official footwear, uniform, apparel, and accessory partner of the Red Raiders, the school’s most famous alum is back on campus to share more news. Three-time Super Bowl champion Patrick Mahomes is signing six student-athletes to NIL deals, making them the inaugural cohort of Team Mahomes, the Chiefs QB’s new NIL initiative with Three Stripes. The players are Micah Hudson (football), NiJaree Canady (softball), Jasmine Shavers (basketball), Matthew Comegys (golf), Sam Courtwright (soccer), and TJ Pompey (baseball). On top of appearing on-campus to surprise the student-athletes, Mahomes and his wife Brittany also donated $5 million to Texas Tech Athletics, helping the program complete its largest facility investment in university history with the $240 million south end zone and Dustin R. Womble Football Center project set to open this season.
Stay locked in to Boardroom for more from my trip to Lubbock, Texas, for the innovative launch.
Federal Reserve Chair Says ‘Time Has Come’ to Cut Interest Rates
Speaking at the Federal Reserve annual retreat in Jackson Hole, Chair Jerome Powell hinted at interest rate cuts coming in the near future. “The time has come for policy to adjust,” he said. This development comes after the Fed aggressively hiked interest rates in 2022 and 2023, since holding at 5.3 percent — the highest in two decades — for more than a year. “We will do everything we can to support a strong labor market as we make further progress toward price stability,” Powell added. Officials are set to meet on Sept. 17-18. The stock market rose during trading on Friday in response to the news.
Noah Lyles, Gabby Thomas to be Featured in Netflix’s SPRINT
The Olympics may be over, but Netflix is making sure you can relive some of the biggest moments on the track from this summer’s games in Paris. After a successful first season that saw it highlight athletes throughout the 2023 World Championships, Netflix has set Nov. 13 as the premiere date for Season 2 of SPRINT, in which gold-medal winning sprinters Noah Lyles and Gabby Thomas, among others, will be featured. For Season 2, the streaming giant followed elite track & field athletes from the Olympic Trials all the way to Paris. The show is produced in a fashion similar to the popular Drive to Survive and Full Swing series.
Legends Pays Fine, Officially Acquires ASM Global for $2.3B
Hospitality group Legends has officially acquired ASM Global, one of the world’s largest venue management companies, and while Legends didn’t disclose the price point in its press release, a court filing earlier this month revealed the final price tag on the deal to be $2.325 billion. Legends initially announced the acquisition in November 2023, but it was frozen by the Department of Justice for anti-competitive review. The company paid a $3.5 million fine for “violating antitrust regulations,” allowing the sale to go through. ASM Global is the owner of over 300 venues worldwide, including NRG Stadium, Ovo Arena Wembley, and Avicii Arena, while Legends has worked with the likes of Real Madrid, SoFi Stadium, Dallas Cowboys, FC Barcelona, New York Yankees, and more.
Meta is Abandoning Premium Headset Product
Earlier this year, Apple made waves when it dropped its much-anticipated Vision Pro headset at the lofty starting price of $3,499. Since its announcement, the premium product has captured the attention of the tech industry, spurring a number of competitor brands to pursue the development of similar items. Meta was positioned among those, and news soon emerged that it would develop a high-end version of its Meta Quest headset to compete. The product was scheduled to hit the market in 2027, but The Information reports that Meta has canceled its development. The two inside sources revealed that the company sought to keep the price tag of the mixed reality device below $1,000, which proved to be impossible due to the materials needed for its construction. The report also suggests that the move is part of Meta’s broader strategy to ditch the production of hardware and concentrate its efforts on selling its XR software to other brands.
Chanel Purchases 25% Stake in Watchmaker MB&F
Bespoke, high-end watches are a timeless must-have accessory. Looking to expand its place in the market, Chanel announced that it has purchased a 25% stake in Swiss luxury watchmaker MB&F. The investment is the most recent in the watch space for the French couture company, which also previously purchased stakes in Romain Gauthier and F.P. Journe. MB&F’s founder, Maximilian Büsser, will still claim a 60% stake in his company and notes that the deal enables the watchmaker to access Chanel’s extended network of suppliers.
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