Axios

None of America's football or baseball teams is foreign-owned — but the English Premier League is dominated by foreign owners, especially American ones.

Between the lines: Chelsea Football Club and the Denver Broncos sold to American consortiums.

Professional sports team valuations are ruled by the law of scarcity, no matter the geography or game.

The big picture: This is a luxury toy collection at a level above yachts or private islands. Mega-billionaires — and, increasingly, institutions — are barreling into everything from the NFL to the NBA to European soccer.

The vast majority of the most-watched broadcasts on television are sports, and, in particular, NFL games.

Why it matters: Sports increasingly trounce news in their influence over the cable bundle.

Record-breaking team sales and player contracts get most of the headlines. Less discussed is all the money sloshing around the rest of the sports industry — from season ticket-holders to weekend golfers.

State of play: Sports fans and participants continue to spend big money to follow their favorite leagues, watch their favorite teams and enjoy their favorite pastimes.

Canada’s startup and venture scene undoubtedly continues to grow and mature, but it has to balance its historical strength as an exporter and international collaborator with its desire to bolster the industry at home.

Why it matters: A thriving tech sector is crucial for any country's economic growth, its ability to retain and attract skilled workers and its efforts to avoid overdependence on other nations.

The U.S. will see devastating economic consequences from the Supreme Court's decision to overturn Roe v. Wade, experts warned on Friday.

Why it matters: The landmark Turnaway Study found that women who have to carry an unwanted pregnancy were four times as likely to struggle with poverty years later. Raising a child costs over $230,000 on average, according to the Department of Agriculture.

The Supreme Court's official decision overturning Roe v. Wade has thrown businesses firmly into the spotlight.

The big picture: Since Texas enacted a law restricting abortions last September and the leaked court draft opinion early last month, companies have been forced to consider whether to speak out, bolster worker benefits or support organizations and politicians on either side of the issue.

Clothing company Patagonia said Friday it will pay bail for employees who peacefully protest for "reproductive justice."

Driving the news: The Supreme Court overturned Roe v. Wade earlier Friday, giving states the power to regulate and ban abortion. The decision prompted widespread protests outside the Supreme Court building, and more rallies are planned for across the U.S. this weekend.

National Republican campaign arms are looking to stay focused on inflation, crime and immigration after the Supreme Court overturned Roe v. Wade on Friday, while Democrats seized on the loss of federal abortion protections as a game-changer that could turn out their voters in November.

Why it matters: Friday's decision has the potential — but no guarantee — to upend some key midterm contests and give Democrats a shot in the arm ahead of elections otherwise poised to hand Republicans majorities in Congress.

Toshiba may receive takeover bids that value the Japanese conglomerate at around $22 billion, or a 26% premium to Wednesday's closing value and slightly higher than last year's failed approach from CVC Capital Partners, according to Reuters.

Why it matters: This reflects renewed private equity interest in Japan, after a period of retreat, and also Japan's newfound embrace of private equity after decades of hostility.

Buyout firms Hellman & Friedman and Permira this morning announced a $10.2 billion deal to buy Zendesk, a San Francisco-based customer engagement software provider that's been under pressure from activist investor Jana Partners.

The big picture: Silicon Valley is full of stories about companies that boldly reject takeover offers, only to see their values subsequently skyrocket. This isn't one of them.

Meme stock traders have a new favorite stock: Zombie cosmetics company Revlon, which filed for bankruptcy protection last week.

Driving the news: Its shares — which face the very real prospect of being wiped out in bankruptcy proceedings — have caught fire. They're up 615% since their low point last week.

Several Republicans who've bashed President Biden's calls for a three-month federal gas tax suspension have previously supported a state or federal gas tax holiday.

Why it matters: It suggests that historically, support for suspending or reducing the gas tax as a means of providing relief for American consumers has not fallen neatly along partisan lines.

If you're flying somewhere this summer (and who isn't?), expect the worst: crowded airports, flight changes, delays and cancellations — in a word, misery.

• But you're not entirely at the mercy of tapped-out airlines. If you're proactive, you can minimize your chances of getting stuck — or at least try to get reimbursed for your troubles.

This appeared first in Axios Finish Line, as Axios CEO Jim VandeHei's weekly feature on hard-learned lessons for life and leadership.

Confession: Yes, that is a big chip on my shoulder.

• It was planted by the high school guidance counselor who told me I wasn’t smart enough for college. It was fertilized by my 1.491 GPA in Year 3 of college, validating her point.
• It sprouted fully the moment I landed in Washington, D.C., where most had fancy pedigrees and Ivy League degrees. This was intimidating as hell for a small-town Cheesehead with one Supper Club plaid sports coat and little hope of a job.