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June 16, 2023

Department of Justice Reviewing PGA Tour and LIV Deal

The U.S. Open teed off on Thursday in Los Angeles, marking the first major event in the new era of joint involvement between LIV Golf and the PGA Tour — one that will undoubtedly spark some tension on the links. However, in the nation’s capital, the Department of Justice submitted the merger to review, according to a report from the Wall Street Journal. Specifically, the DOJ is investigating antitrust concerns affiliated with the deal. Insiders believe that under the best case scenario, the deal will not be finalized for at least a year due to the investigation and mounting concerns about the demands of the Saudi Public Investment Fund.


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Big Boi Brings RVs to the Next Level with New Hulu Show

In the early 2000s, Xzibit brought cars to the next level with the hit MTV show Pimp My Ride. Inspired by the tried-and-true concept, Big Boi will tackle RVs in his new show on Hulu. Big RV Remix will premiere on July 21 on the streaming service, Deadline exclusively reported. Big Boi is no stranger to RVs. He is the co-owner of Celebrity Trailers, an Atlanta-based company that is “committed to fulfilling the production needs for the film, entertainment, and sport industries — nationwide.” He will co-host the show with his business partner, Janice Faison.

NFL Borrows $78 Million from Minority-owned Banks

The NFL’s commitment to investing in minority-owned institutions got a boost on Thursday. The league announced that it will borrow $78 million from 16 Minority Depository Institutions (MDI), Community Development Financial Institutions (CDFI), and minority- and women-focused banks. “The NFL is thoroughly committed to improving diversity across all aspects of the league, and that includes doing business with diverse suppliers and partners,” said Joe Siclaire, the NFL’s executive vice president of finance and league policy. “We are excited that this program will help enhance the reach of these institutions while investing in the local communities that they serve.”

Boardroom’s Shlomo Sprung has all the details on the historic investment. 

Arctos Sports Partners Seeks to Expand Portfolio with Tampa Bay Lightning Investment

Private equity is coming for the NHL. Arctos Sports Partners, a private equity firm, is in the final stages of negotiations for a minority stake in the Tampa Bay Lightning, according to Sportico. If successful, the NHL team will join Arctos’ robust portfolio, which includes the Golden State Warriors, Sacramento Kings, Boston Red Sox, PSG, and many more teams around the sporting world.

Busta Rhymes Honored with Icon Award from Culture Creators

In the run-up to the 50th anniversary of hip-hop, the greatest legends are getting their flowers. Culture Creators announced that Busta Rhymes will receive this year’s Icon Award. The organization will honor the legendary rapper at the 7th Annual Innovators and Leaders Awards Brunch on June 24 in Beverly Hills. This year’s event will also honor Flau’jae Johnson, Chloe and Halle Bailey, and many more for their contributions to Black culture and hip-hop.

Former New York Met Matt Harvey Launches Real Estate Career

Matt Harvey recently hung up his cleats, marking the end of his 10-year MLB career. Now, the former Mets ace is signing up for a new challenge. He joined the team at top NYC commercial real estate firm Newmark. In an interview with the New York Post, Harvey said, “I’ve always been interested in the many different aspects of real estate. By joining an incredibly successful firm such as Newmark, I will be able to learn and grow from some of the best in the industry.” To kick off his new gig, Harvey brought some of his new colleagues to this week’s Subway Series between his old team and the Yankees.

LVMH Nearing Sponsorship Deal for 2024 Paris Olympics

The 2024 Summer Olympic Games in Paris are a little over a year away. To prepare, one of the biggest brands in France is closing in on a massive deal to sponsor the competition. LVMH is working on an agreement with the Olympics worth in the ballpark of $161.31 million, according to Reuters. LVMH previously supported Paris’s bid to host the games by contributing $2.3 million to the city’s campaign. Antoine Arnault, son of LVMH CEO Bernard Arnault, is spearheading the deal ahead of the 2024 games.

Boardroom’s Vinciane Ngomsi can catch you up on where the deal stands.