The XFL suspended its operations and laid off almost all of its staff Friday with no plans to return in 2021 after its inaugural season was cut short by the coronavirus pandemic, ESPN reports.
Why it matters: The football upstart, which was the second attempt to upend the sport's market by WWE chairman and CEO Vince McMahon, would be the first major sports league to be felled by the coronavirus-driven economic shutdown, despite saying last month that it remained "committed to playing a full season in 2021 and future years."
MLB team valuations have risen yet again, capping a decade of growth during which the average team's value has increased four-fold, per Forbes.
Why it matters: With team profits also reaching record highs — an average of $50 million per team for a 25% increase YoY — the league is confident it will be able to weather whatever economic downturn a shortened season might cause.
Premier League players have launched an initiative called #PlayersTogether, which will funnel part of their salaries to the National Health Service to support the U.K.'s front-line workers during the coronavirus crisis.
Why it matters: This decision came at the conclusion of a protracted argument between players, clubs and even government officials over who should bear the brunt of lost revenue in the midst of the pandemic.
Teamworks, an athlete engagement platform that grew up in the college sports space and has since expanded to the professional ranks, announced yesterday that it has raised $25 million in Series C funding led by Delta-v Capital.
The big picture: The round also includes participation from new investors Afia Capital, a private investment platform backed by pro athletes, and Stadia Ventures, a global sports innovation hub.
The Tokyo Olympics postponement means that nearly $200 million in media rights fees, which the International Olympic Committee was set to distribute to the U.S. Olympic and Paralympic Committee, likely won't arrive until August 2021.
Why it matters: While this certainly puts a financial strain on the USOPC, it also illuminates the larger issue of how the committee distributes its funds, with athletes occupying the bottom of a trickle-down system that leaves many destitute even in the best of times.
