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Are we reaching peak F1?
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It’s draft day, which is a time of reliable razzmatazz for NFL fans, or an event verging on the occult for everyone else. We chatted to main character Shedeur Sanders, a name at the center of the draft’s hype vortex, about how he’s been prepping for the big day. Alex Rodriguez and Jason Kelly also muse about the draft in the latest episode of The Deal.

We also look at the growing problem for F1 rights and whether we’ve reached peak very-fast-car, and we once again look at how one multi-club outfit is edging towards an IPO. 

As always, send us any feedback, tips or ideas here. If you aren’t yet signed up to receive this newsletter, you can do so here.

Shedeur Is Sure

What's up folks? It's Randall, and I’m back with an update on the NFL.

It's been a relatively quiet offseason, even on the business side. But there will be fireworks on Thursday night with the NFL Draft kicking off in Green Bay, Wisconsin.

According to numerous reports, scouts around the league are unimpressed with this year's draft class. And the most polarizing prospect is quarterback Shedeur Sanders. He’s the son of NFL Hall of Fame defensive back Deion Sanders, who was his head coach in college, including the past two seasons at the University of Colorado.

Former Colorado Buffaloes quarterback Shedeur Sanders during a ceremony to retire his college jersey on April 19, 2025. Photographer: Dustin Bradford/Getty Images

On the field, scouts question Shedeur’s size and arm strength. Off the field, there are doubts about his attitude.

I've talked to Shedeur a bunch over the years, dating back to when he was playing at Jackson State University, where he spent his first two seasons. He's his father's son, and what I mean by that he has his dad's work ethic, swagger and confidence.

In the locker rooms at Jackson State and Colorado, he held teammates to a high standard, but I never got the sense he alienated them. All of the teammates I've spoken to respected his game before his name. He'll have to earn that same respect at the pro level, and he knows that. We caught up during the offseason as he prepared for the NFL Draft. 

What's this offseason been like? 

It's been consistent, fun, isolated. I've been training just getting my mind and body right.

What’s training for the NFL Draft been like? (Current projections have him going as high as the third overall pick to the New York Giants. Others see him being selected later in the first round, or in the second.)

This is the first time I've been fully healthy for a long time, so that's what I'm indulging in. Eating more. Getting bigger and stronger and throwing the ball.

You have a signature shoe with Nike, making you one of the few football players to have such a deal. Do you see more of your peers going that route?

Not everybody can do it. You have to have real influence and be a household name. It takes a lot to get to that place, and I'm thankful for my dad who put us in a situation where we could carry on the legacy.

When you're thinking about the draft, do the potential branding and business opportunities in that team’s city come into the process

Overall, I'm thinking on the game. I'm going to make it happen in whatever city. We've been in chill cities like Jackson, Mississippi, and Boulder, Colorado, so I know what I'm able to do in any market and any city.

What's a team getting out of Shedeur Sanders when you're selected?

They're getting a winner. They're getting a leader. And they're getting someone that's able to change another program or franchise. I did it once. I did it twice. It's time to do it for the third time.

(Editor’s note: This interview has been edited for clarity.)

The Deal: Christine Dorfler

In the latest episode of The Deal, Alex Rodriguez and Jason Kelly talk about the potential #1 pick in the NFL draft and Alex’s report from sitting court-side in LA at a star-studded Timberwolves/Lakers Game 1 of the NBA playoffs. Then, they speak with Christine Dorfler about how she’s rising to the economy’s challenges as the NFL’s chief financial officer. Dorfler tells the hosts how a recession could affect the NFL’s media deal, why she sees so much potential in introducing private equity into team investments, and what she learned about resilience from being a military intelligence officer in the Army.

ICYMI

  • Nike is partnering with world-record runner Faith Kipyegon to help her become the first woman to run a mile in under four minutes, part of the company’s attempt to regain an edge in the running sector.

  • As more women lift weights, gyms might never be the same. Crunch, Planet Fitness and other chains are bulking up on strength training equipment to satisfy a new cohort of patrons.

  • Americans won the first two Indy 500s in US-made cars. Then, in 1913, French driver Jules Goux took first in a Peugeot. As if to hammer home the European victory, during the hot race conditions he used champagne to rinse out his mouth. Can a European team do it again?

  • Team valuations are pushing pro sports into the arms of private equity. The $6.1 billion Celtics deal is only the latest example. 

  • Starter, the retro athletic-wear label, is returning to the court by signing a deal with rapper Ice Cube’s Big3 basketball league.

F1 Downshifting?

Hi, it’s Hannah. With US media rights for Formula One expiring at the end of the 2025 season, broadcasters seem to be asking themselves the same question: Has interest in F1 peaked?

While viewership on ESPN has doubled since 2018 when the network first began airing races, it’s been relatively flat the past three years. ESPN walked away from its exclusive negotiation window last year and other networks are reportedly unenthused by a proposed rights package valued at $150 million to $180 million a year.

There are also questions around whether F1 owner Liberty Media has enough bandwidth to grow the sport’s fandom now that it also owns MotoGP, a motorcycle racing league gained last year through the company’s acquisition of Dorna Sports.

But that doesn’t mean all is lost. ESPN could agree to a smaller package with select races that could help pad out the network’s new streaming service, which is set to debut ahead of football season.

Are Formula One’s best days behind it? Photographer: Giuseppe Cacace/AFP

NBC Sports is also a potential contender. The network has a motorsports gap after IndyCar shifted over to Fox Sports following the 2024 season. NBC could also use F1 to further beef up sports offerings on its Peacock streaming platform.

Streamers may also step up to the plate.

Netflix already has a relationship with F1 through its Formula One: Drive to Survive series, which has aired since 2019 and follows F1 drivers, teams and owners as they compete. The streamer has also pushed further into live sporting events, finding ratings success with its Jake Paul-Mike Tyson boxing match last fall, despite many viewers experiencing connection problems and technical difficulties. But F1’s demanding week-in, week-out schedule, which includes 24 races across 21 countries, could prove too long and grueling for Netflix. It instead may prefer to scoop up one or two high-profile competitions, such as the Monaco Grand Prix.

With Amazon continuing to build out its sports portfolio on its Prime Video streaming service, F1 could be a welcome addition. The tech giant expanded further into local sports broadcasting, saw success with streaming Thursday Night Football and snagged some NBA games in the league’s blockbuster deal last summer. But even though Amazon has deep pockets, the company probably won’t want to pay a premium for F1 — the current range being shopped has reportedly risen to double what ESPN is being charged.

Whatever the outcome, any F1 deal that comes through will likely be a barometer for other broadcast agreements on the horizon, including those for UFC and MLB. With economic uncertainties like trade wars and political unrest weighing on the advertising and media industries, sports leagues may have to lower their expectations when it comes to their media rights.

Feathering the Nest

Crystal Palace's Senegalese midfielder Ismaila Sarr runs with the ball during the English Premier League football match between Crystal Palace and Brighton Photographer: ADRIAN DENNIS/AFP
Hi, it's David and Silas in London.
 
Eagle Football is working on additions to its board ahead of a planned, albeit slightly belated, IPO in New York, according to people familiar with the situation.
 
The entertainment group, which is how it wishes to be known, owns stakes in four football teams, including Olympique Lyonnais in France and Crystal Palace in England. In the run-up to the IPO, it has been on the lookout to recruit some additional board members. Ares, lender to Eagle Football, has also proposed a shortlist of candidates, which chairman John Textor will select from, for another boardroom seat.

Companies planning to IPO on the New York market are encouraged to have a group of independent non-executive directors.
 
New directors are set to include Frank Patterson, president and CEO of Trilith film studios in Georgia, which has hosted some of the Spider-Man and Avengers movies; and Sam Lynn, a former vice president at Goldman Sachs.
 
Bloomberg reported earlier this year that Eagle Football is working with UBS Group AG ahead of a planned IPO. William Burns, a San Francisco-based managing director who focuses on media deals at UBS, is leading the work. UBS declined to comment.
 
Potential investors will be getting a mixed bag. Lyon stands in sixth position in the French Ligue 1; Crystal Palace, in which Eagle has a 45% stake, is currently in 12th place in the Premier League; Eagle's Brazilian team Botafogo has made a slow start to a new season and is currently in 15th place and RWD Molenbeek is currently competing in the first division play-offs in Belgium. Last November, Olympique Lyonnais was handed a provisional relegation from Ligue 1 due to the level of its debts.
 
Still, at least it’ll be entertaining.

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