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Todays guest columnist is Jeff Moorad, principal of MSP Sports Capital, chairman of the Morgan Lewis Sports Industry team and adjunct professor at UCLA Anderson School of Management.

When Jerry Jones bought the Cowboys for $140 million in February 1989, the deal included Brightlink, an early two-way video communications company founded by the selling owner, H.R. Bum Bright. Two months after the team was sold, as we completed negotiations on a record-breaking rookie contract for Jerrys first-ever draft pick, UCLA QB Troy Aikman, Jerry insisted that the deal be formally agreed to via Brightlinks video-conference technology.

So Troy, Leigh Steinberg and I drove to a telecommunications facility in the San Fernando Valley (a far cry from todays all-too-familiar Zoom or Webex invite) to seal the deal in a video meeting. We left the facility, drove straight to Van Nuys Airport, hopped on Cowboy One and flew to Dallas for the press conference. The video meeting step could have easily been skippedbut Ill forever remember Jerrys insistence as a foreshadowing of what was to come. Indeed, Jerry, in his Hall of Fame ownership career, along with other pioneers including Robert Kraft, Pat Bowlen, Arthur Blank, Paul Tagliabue and Roger Goodell, would spend the next 30 years guiding the NFL to the forefront of telecommunications and the entertainment business generally. Jerrys $140 million investment was most recentlyvaluedat nearly $7 billion.

What Jerry and his counterparts in other leagues began was a whole new era of sports franchise ownership, where teams (and leagues) would be run as disciplined entrepreneurial businesses. The industry has become increasingly professionalized, and business and investment are directed according to accepted metrics rather than ego- or fan-driven agendas. As these priorities manifest in sophisticated professional management, its no wonder the investment community is rapidly catching up to the opportunities in sports.

A series of ownership rule changes has also opened up increased opportunity for investment in sports organizations, and entrepreneurial fund managers have followed the opportunity. Firms like Ares, Dyal, Arctos, RedBird, Silver Lake and MSP Sports Capital are now focused on the sports industry, each targeting a unique set of opportunities and different deal structures with varying positions in the capital stack. The liquidity from these fundsas well as other private debt and equity sources, venture capital, SPACs, IPOs and institutional financingmakes me confident the explosion in sports investing will continue to grow.

Fundamentally, investors are attracted to the disproportionate annualized returns available in sports, with limited relative downside risk. The indexed valuation performance of sports franchises and clubs has far outpaced the S&P 500 over the last decade, and in some leagues, such as the NBA and MLB, has done so dramatically. Rising valuations have shown to be uncorrelated to on-field performance or to the broader market cycles. For a disciplined institutional investor, sports represent a significant uncorrelated diversification opportunity for a portfolio. At MSP Sports Capital, the sports investment fund I founded with Suns vice chairman and NBA Board of Governors member Jahm Najafi and Sportradars North American CEO Arne Rees, we believe that the combination of competitive dynamics, cultural significance and increasing management sophistication positions teams, leagues and sports-related businesses for continued growth of revenues, incomes and valuations.

In order to achieve favorable risk-adjusted returns, investing discipline remains critical in an industry where emotion can easily take hold of the uninitiated. We believe its critical to evaluate both macro dynamics (trajectory of the sport, league management, league competition, regulatory environment) and micro dynamics specific to the asset (management team, brand power and digital presence, fan/sponsor loyalty, local market dynamics and real estate opportunities).

Through our investment in Formula Ones McLaren Racing in 2020, we found a near-perfect combination. On the macro side, we confronted a global sport with deep history poised for expansion in the U.S. and elsewhere (similar to what global soccer experienced over the last decade) through the media-focused leadership of Liberty Media and CEO Greg Maffei. Theyve focused on cultivating global brands and superstars through digital media prowess and the world-acclaimed Drive to Survive Netflix series. The sport has also implemented a cost cap to enable financial sustainability and fair competition. On the micro side, theres McLaren, one of the two most historic teams in F1 (along with Ferrari), with a rabid global fanbase and a world-class management team headed up by CEO Zak Brown.

At MSP Sports Capital, we only pursue investments with operational control or significant influence. In addition to the operating experience of our partners, our McLaren investment has benefited from the financial and business expertise of our investment partners, Ares Capital and UBS OConnor. Furthermore, were thrilled to be building a global soccer platform with partners David Blitzer and Bolt Football Holdings. Were also fortunate to have a law firm like Morgan Lewis on retainerthere is a premium on having the right professionals in place to be able to strike when a deal is hot. When MSP invested in McLaren, we had only 24 hours to present an investment structure for a 210 million investment, and the deal would not have happened without the ability to turn on a dime.

Sports investment is not just limited to teams and leagues; opportunities exist across the ecosystem. Whether its streaming video, wearables, AR, VR, crypto and web3, collectibles, gaming, or the rise of sports betting, sports will continue to drive new technologies and present opportunities for investors.

While the opportunities are numerous, we believe it is ultimately the IP of teams and leagues, or at least companies with a sustainable link to that IP, that will offer the best risk-adjusted returns over the long term. Regardless of the changes in technology, the IP will continue to grow in value. The value of content rights has risen with the shifts from broadcast to cable to streaming to the introduction of web3. IP owners have also been able to directly capture significant value from new technologies, such as MLB with BAMTech, the NBA with Sportradar, and the NFL with Genius Sports. If investors hang around the IP hoop, theyll find the basket.

Prior to his current positions, Moorad was a principal in the sports representation firm Steinberg & Moorad; a general partner and the CEO of the Arizona Diamondbacks; and vice chairman and CEO of the San Diego Padres.

Read more:
No Longer a Rookie: The Evolution of Sports as an Asset Class - Sportico

The Canada Border Services Agency (CBSA), Southern Ontario Region, in partnership with the Royal Canadian Mounted Police (RCMP) is committed to keeping illegal goods from entering our neighborhoods. The dedication of officers from these forces kept approximately265kilograms of illegal suspected narcotics from reaching our communities, weakening the grip of organized crime.

On January13,2022, a commercial transport truck driver arrived at the primary inspection booth at the Blue Water Bridge in Point Edward, Ontario. The vehicle was subject to a secondary examination. During examination of the vehicle, border services officers noted large garbage bags and spare tires. Further inspection of the items led to the discovery of substances believed to be illegal suspected narcotics. In total, approximately265kilograms of suspected heroin, suspected2c-b (commonly referred to as pink cocaine) and suspected methamphetamines were seized.

The RCMP took custody of the suspected narcotics and charged23-year-old Arshdeep Singh of Quebec City, Quebec with:

The matter is currently before the Ontario Court of Justice, in Sarnia, Ontario.

Quotes

"We are prioritizing the safety of Canadians by supporting the important work of law enforcement, in this case to combat the trafficking illicit drugs. This significant enforcement action exemplifies the crucial role these enforcement agencies play in ensuring public safety. Outstanding work by all involved."

- The Honourable Marco E. L. Mendicino, Minister of Public Safety

"The CBSA is proud of this significant seizure. The tireless efforts of our officers have kept this immense load of narcotics out of Canadian communities. With public safety at the forefront, the CBSA teamed up with the RCMP to jointly take control of this illegal activity. It's a great example of joint forces working collaboratively to serve the public."

- An Nguyen, District Director, St. Clair District Operations, Canada Border Services Agency

"This investigation is another great example of the RCMP and the CBSA working together to keep our communities safe. I commend the CBSA and our RCMP officers who once again, through a joint effort, demonstrated continued commitment in working together to effectively disrupt the drug trade."

- Superintendent Shawn Boudreau, Officer in Charge, RCMP Border Integrity Program, O Division

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CBSA and RCMP unravel alleged narcotics smuggling attempt and seize over 265 kilograms of suspected narcotics - Royal Canadian Mounted Police

Church bells ring across Europe for peace in UkrainePeople gathered to listen to Notre Dame's bell ring to call for peace in Ukraine. (Reuters: Johanna Geron)

The bells of major churches across Europe, including in Paris, Rome and Cologne, have chimed in unison to express solidarity with the people of Ukraine, mourn those killed since Russia invaded a week ago and pray for peace.

The European Association of Cathedral Master Builders said churches "from Norway to Malta and from Spain to Ukraine" did not want to remain silent about the war.

"Europe is burning we want to let the bells of our churches ring for seven minutes on Thursday, March 3rd, 2022 at 12 noon, one minute for each day of this senseless war," the association said in a statement.

"With the ringing, we pray for all who are affected by this war. With the ringing, we pray for peace."

Reuters

Link:
Russia-Ukraine war live updates: International Criminal Court to open investigation into possible warcrimes committed in invasion, United Nations...

There was a time when Paige Spiranac took everything said to her on social media very personally. Every hate-filled comment, every off-color joke about her physical appearance, every jab at her golfing ability during her playing days stung a little harder than the last.

This caused her to become a staunch advocate against cyberbullying, a worthy cause. Looking back, though, Spiranac believes she could have handled some of the more fair criticisms differently. Now she can be seen regularly jabbing fellow tour pros on Instagram and Twitter, where she's amassed a combined following of just over 3.7 million. A hypocritical heel turn? No, Spiranac explained as our guest on this week's episode of "Be Right." Just part of her social-media evolution.

"It was really hard, because when people would come at me, it was about my golf game," she said. "As we all know, your ego is so tied in to how you play, and publicly for people to be like 'You suck, you need to quit,' that was really hard for me and I took it very personally.

"My early interviews I talked a lot about cyberbullying, and I was kind of dealing with other things behind the scenes, so I was a big advocate for that. Things have progressed where I've stopped playing professionally and now social media has become my career. It was hard because now I want to have a 'hot take,' but sometimes it comes at the expense of someone else, and not in a way that's bullying. Now I'm tweeting stuff about players, and it's funny, but I would get so upset about that before [if it were me], but it's not really bullying. I was just soft. I was a huge baby. You do have to have a good sense of humor, you have to be able to laugh things off."

Spiranac has become much better at laughing things off, like when she sarcastically tweeted over the weekend "I can't believe [Harry] Higgs would oversexualize himself for attention," referring to Higgs pulling his shirt up over his eyes and revealing his dad bod on the 16th hole at TPC Scottsdale. "I would NEVER." More than a few folks who didn't get the joke instantly flooded her mentions with some variation of an "isn't that what you do?!?" response.

"Welcome to Twitter," Spiranac said.

In addition to being a social media influencer, Spiranac is now an ambassador for the PointsBet Sportsbook, which will debut a weekly free-to-play pick 'em contest in partnership with the PGA Tour for this week's Genesis Invitational. Spiranac gave us her picks for this week at Riviera, as did we, and we discussed much more, including all the chaos at the WMPO. Please, have a listen to the full episode below:

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Paige Spiranac on her social-media evolution, and why the Waste Management Phoenix Open is good for golf - GolfDigest.com

During the pandemic, emergency rooms across the country reported an increase in visits from teenage girls dealing with eating and other disorders, including anxiety, depression and stress, according to new data from the Centers for Disease Control and Prevention.

The report provides new detail about the kinds of mental health issues affecting a generation of adolescents.

Mental health experts hypothesize that the pandemic prompted some youth to feel isolated, lonely and out-of-control. Some coped by seeking to have control over their own behavior, said Emily Pluhar, a pediatric psychologist at Boston Childrens Hospital and instructor at Harvard Medical School.

You take a very vulnerable group and put on a global pandemic, she said. The eating disorders are out of control.

In the C.D.C. study, the agency said that the proportion of eating disorder visits doubled among teenage girls, set off by pandemic-related risk factors, like the lack of structure in daily routine, emotional distress and changes in food availability.

The agency said that the increase in tic disorders was atypical, as these disorders often present earlier, and are more common in boys. But the C.D.C., reinforcing speculation from other clinicians and researchers, said that some teenage girls may be developing tics after seeing the phenomenon spread widely on social media, notably on TikTok.

Stress of the pandemic or exposure to severe tics, highlighted on social media platforms, might be associated with increases in visits with tics and tic-like behavior among adolescent females, the C.D.C. wrote.

In a related report, the C.D.C. also said on Friday that the increase in visits for mental health issues occurred as emergency rooms reported sharp declines overall in visits during the pandemic. As compared with 2019, overall visits fell by 51 percent in 2020 and by 22 percent in 2021, declines that the agency attributed in part to families delaying care, and a drop in physical injuries from activities like swimming and running.

There was a decline in overall emergency room visits for mental health conditions among all youths, up to age 17. Increases occurred for particular maladies, and particularly among teenage girls.

More broadly, the surge in adolescent mental health distress appears to have intensified during the pandemic, but it began earlier. Emergency room visits among youths related to depression, anxiety and similar issues rose by 28 percent from 2007 to 2018, according to another report by the surgeon general.

In its report on Friday, the C.D.C. said that mental health-related emergency room visits for teenage boys fell in both 2020 and 2021 as compared with 2019. But the C.D.C. also reported that the data was nuanced and that the visitation patterns for boys, as well as girls, depended on specific mental health condition and time period.

These sex differences might represent differences in need, recognition and health care-seeking behavior, the C.D.C. wrote.

For teenage girls, weekly emergency room visits rose for eating and tic disorders during 2020; and for those conditions and obsessive compulsive disorders in 2021. During January of 2022, the C.D.C. said there also was an increase in anxiety, trauma and stress-related issues.

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More Teenage Girls With Eating Disorders Wound Up in the E.R. During the Pandemic - The New York Times