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How the WNBA went from an ‘existential’ moment to record success

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How the WNBA went from an ‘existential’ moment to record success

In spring 2020, as the COVID-19 pandemic upended the country, WNBA commissioner Cathy Engelbert was locked down in her New Jersey home. The league was facing a season on the brink right as its stakeholders felt it had begun to gather momentum.

In conversations with league owners and players, Engelbert sensed in those early weeks of the pandemic the tension over what was at stake. Without a season, the league faced what she later called an “existential” moment about the prospect of going dark for 20 months.

“I don’t know if we would have made it, but I do know we wouldn’t be where we are today without having had that highly competitive 22-game season in the bubble,” Engelbert said.

Four years after the “Wubble,” the league is celebrating the WNBA Finals between the New York Liberty and Minnesota Lynx as a capstone to its most successful year. The WNBA has never been in a better place. Television ratings are up. So is attendance. The league is riding a boom in interest and talent, driven by the steady excellence of longtime stars like A’ja Wilson and Breanna Stewart, and the arrival of Caitlin Clark. Three expansion teams have already been named and another is expected. A lucrative new media deal is set to start in 2026.

 

The progress has not been without its growing pains. For years, WNBA players pushed for private charter flights for teams traveling between games — a common practice for their peers in the NBA and most other major professional sports leagues — before the league granted them this season. Occasional high-profile games have been moved because of scheduling conflicts, and fans have voiced frustration about merchandise and broadcast accessibility. Engelbert received criticism from players, including an admonishment from the players’ union, last month for what they said was an inadequate public response to the online harassment and abuse many said they’ve received this season. The union has also routinely called for more transparency from the league on its finances and operations.

But the league remains on the ascent, and the choice to play in 2020 has been hailed by team owners as an important springboard. “I think it was one of the best decisions made in the history of this league,” Seattle Storm co-owner Lisa Brummel said.

That decision kept the WNBA in the consciousness of fans and created a strengthened player body. As important, it continued to generate revenue via media rights and corporate partnerships.

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A few months after the conclusion of the 2020 season, the WNBA made another choice that significantly affected its trajectory. It began a capital raise that has helped supercharge its reach and popularity. It didn’t have to come in from the shadows to do so. If not for that window of time, stakeholders say, the WNBA might not be where it is now.


Before Engelbert took over as the WNBA’s first official commissioner in 2019 — the league was previously run by presidents — she had to interview with the league’s team owners. As she went around the country, visiting all 12 markets, she heard a similar refrain. After nearly three decades of trying to find its footing, the WNBA’s power brokers had decided it was time to grow. The plan, Engelbert said, was based on a simple idea: “Go big or go home.” The league, they told her, needed more capital.

There was no consensus on how much. Just that it needed more to grow. Engelbert sought perspectives from influential people around her. When she met Kobe Bryant late that year, she said he asked what the WNBA needed. Engelbert passed along the desire for more capital and floated $50 million as a target. That number turned out to be a fraction of what it later received from investors.

In early 2021, the WNBA put out a pitch deck to investors. The process was driven, in part, by the Liberty’s ownership group, which also owns the Brooklyn Nets and Blue Pool Capital, a private equity firm. “At the time, we really needed that infusion of capital,” Liberty co-owner Clara Wu Tsai said.

It was a new approach by the WNBA. The NBA had helped stand up the league over its first two-plus decades in existence, but now it sought money from other sources. The WNBA was short on resources and manpower. It needed investments to put into marketing and brand building, digital innovation and to drive more revenue.

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A year later, it closed a $75 million capital raise that came with a $475 million post-money valuation for the WNBA. Michael Dell and Nike were the largest investors, according to one source with knowledge of the raise who was not authorized to speak publicly about the agreement. Nike invested $25 million, according to multiple league and industry sources. Nike declined to comment. Engelbert did not dispute that number when asked but said the sneaker company was a natural partner.

“Nike called and wanted to make a substantial investment because part of their strategy was to double down on women’s sports,” she said.

Investors in the capital raise took a roughly 16 percent stake in the league, with WNBA owners and NBA owners each splitting the rest in half, and took preferred equity. That gives them a priority return on their investment with a 5 percent dividend, said one person with knowledge of the capital raise who was granted anonymity because the person did not have the authority to speak publicly about the league’s financial structure. Though they have non-voting shares in the league, they also have two observers on the Board of Governors.

“I was just intrigued that there was this league where the quality of the players is so great,” Karen Finerman, Metropolitan Capital CEO and a WNBA investor, said. “And yet the league was struggling.”

The WNBA’s financial situation has improved since then, and high-ranking executives and owners point to the raise as a reason. It helped supercharge the league’s growth and put the WNBA in a place where it could take advantage of the surge in popularity since 2020.

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Increased globalization was announced as one of the uses of the money. After playing multiple exhibition games in Canada, a Toronto expansion team will begin play in 2026. Engelbert said the league would like to play games on various continents. Last week, she singled out Mexico City for its interest in hosting competition. The WNBA has also undergone a digital transformation after the raise, revamping its app and website. That change also helped with its marketing efforts, as did increases in promotional and paid media campaigns.

Human capital was another area where the money was allocated. When Engelbert took over as commissioner, the WNBA had roughly 12 employees, she said. It still works out of the NBA’s midtown Manhattan offices, but now it has more than 60. It has gone from what Engelbert said was a one-person marketing department to around two dozen employees there. The league hired its first chief marketing officer in December 2020.

“If we weren’t already making incremental progress in our business, then the moment that we’re experiencing right now would not be as big as it is,” Dallas Wings CEO and president Greg Bibb said.


WNBA commissioner Cathy Engelbert took a “go big or go home” approach to running the league. (David L. Nemec / NBAE via Getty Images)

Engelbert believed the capital raise also showed the WNBA could be a growth property. That wasn’t always the case for teams around the league.

When Wu Tsai and her husband, Joe Tsai, bought the Liberty in January 2019, they purchased an organization she said was a distressed asset. James Dolan, the franchise’s first and then-only owner, put the Liberty for sale in November 2017, and moved it out of Madison Square Garden a season later and into Westchester County Center, where they played for two seasons.

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“Nobody wanted to touch it,” Wu Tsai said.

Nevertheless, the Tsais found the franchise attractive. They recognized the power of New York as a media market and knew how much the city loved basketball. They believed there was a fan base just waiting to be reinvigorated.

Entering the finals, New York has been re-energized and is viewed around the league as one of the franchises responsible for raising the bar. (Before the WNBA implemented full charter travel this season, the Liberty were fined a league-record $500,000 for chartering their players during the second half of 2021.)

They reshaped the roster and the business, too. In New York’s opener against the Indiana Fever, it recorded $175,000 in merchandise sales, a single-game record for the Liberty and the Nets. Attendance is up to an average of nearly 13,000 fans per Liberty home game, up 64 percent from last year. They have 53 sponsors, up nearly 61 percent year over year, with revenue generated from such partnerships up 68 percent. Wu Tsai said the franchise is heading in the direction of profitability.

“I couldn’t be happier about the demand for tickets for our games, the interest from sponsors and the viewership,” Wu Tsai said.

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They aren’t alone, of course. Clark has served as an accelerant in a record-setting year for the Fever (and league more broadly). The Wings rebudgeted their ticket revenue three times this season as a reflection of exploding interest, with signs pointing to another record year next season, Bibb said. They set merchandise records and added more partners, ones who aren’t just local but also national and international brands. They sold two half-percent ownership stakes this summer at a record $208 million valuation.

Transformations in the business also are part of what set the Wings up for a forthcoming move from Arlington to downtown Dallas. They are targeting to begin working in a new practice facility by the start of the 2026 season. The Dallas Memorial Auditorium is undergoing a renovation and will serve as their home arena. “It just changes the game for us,” Bibb said.

The Chicago Sky, led by rookie Angel Reese, have experienced a similar upswing.

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“We now have breathing room. Revenue is good. Growing the top line is good. People coming to games and selling out arenas, that’s fantastic,” co-owner and operating chairperson Nadia Rawlinson said. “What has happened over the last 18 months has been nothing short of extraordinary.”

A franchise-specific 40,000-square-foot practice facility is on the way in Chicago. The Sky broke ground on their new facility Oct. 9 with plans to open before the 2026 season. They join Phoenix, Seattle and Las Vegas as franchises that have all recently unveiled new facilities.

“Practice facilities are going to just quickly become table stakes,” Rawlinson said. “I think it will be something most franchises, if not all, will have over the next five years.”

She’s not alone in that belief. Storm co-owner Ginny Gilder said she believes that in five years every franchise will have its own practice facility. If that comes to fruition, it will be one more example of how far the league has come.

“This was a leap (from) many years where people thought, is this going to be sustainable?” said Joe Soper, the governor for the Connecticut Sun. “Are there going to be teams choosing to fold or sell or relocate and just trying to get out because they don’t know if financially it’s going to have the support, even though the talent is there on the court. Now you’re getting this visibility, and everybody gets to see the talent and the growth.”

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The WNBA has seen franchise valuations jump, and Engelbert said she thinks they will continue to rise “considerably.” It is a stark difference from a half-decade ago when franchises were sold at values in the single-digit millions. Mark Davis, The Athletic reported in 2022, bought the Las Vegas Aces for a little more than $2 million.

This year, the league drew an all-in fee of $125 million for the expansion franchise in Portland, more than doubling not only what the league sought in expansion fees when it started but also what it cost the Golden State Warriors ownership group to buy in with the Valkyries.

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This past season, WNBA games averaged a record 1.19 million viewers on ESPN platforms compared with an average of 1.56 million viewers tuning in to watch NBA regular-season games across ABC, ESPN and TNT. And heading into the finals, the playoffs had been the most viewed in 25 years. The league’s new media deal — worth $2.2 billion over 11 years, and potentially more if it lands additional media partners, as it expects — could help lift valuations even higher. There has been so much positive momentum, Engelbert said, that the league decided to pause the search for its 16th team to reassess where it stands and hire an investment banker to run it. She said 10 to 12 cities are viable options.

It is one of several ways the WNBA has had to reorient itself on the fly.

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“It’s interesting to talk today about where we are, but I think it’s changing so rapidly, and everything’s changing in the W,” Engelbert said. “I tell my team, everything’s changed, so don’t base this on last year because everything changed this year and how we should be thinking about what’s next for us.”

The next few years will continue to mold the league. The WNBPA is widely expected to opt out of the current collective bargaining agreement, and there could be a new one in place in 2026, the same year the new media deals kick in. The new CBA will determine what proportion of revenue players and teams get.

Players have pushed for higher salaries at a time when the WNBA has had to deal with criticism that they aren’t being paid enough. Teams, after decades of losing money, are hoping to soon crawl into the black. Valkyries president Jess Smith didn’t dismiss profitability in the franchise’s first season.

Though the WNBA’s new media deal is relatively flush, it won’t all trickle down to the teams in the same way it would in the NBA or NFL, which don’t have outside investors. The income the league distributes will hit teams through a waterfall process, though team owners will get the largest share.

But there is a belief across the league that the WNBA is entering a different stage. Its recent prosperity, its stakeholders say, should become normal.

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“This is the new baseline,” Rawlinson said.

(Illustration: Dan Goldfarb / The Athletic; photo: Bruce Bennett/ Getty Images)

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Culture

‘A long road. A big mountain to climb’: Inside Matt Murray’s emotional journey back to the NHL

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‘A long road. A big mountain to climb’: Inside Matt Murray’s emotional journey back to the NHL

BUFFALO, N.Y. — Matt Murray looked up to the scoreboard above him, counted down the seconds as they disappeared and finally pumped his fist.

It had been 638 days since Murray last felt the feeling washing over him.

Bilateral hip surgery forced the Toronto Maple Leafs goalie out of the entire 2023-24 season, the final of a four-year contract. There was no guarantee the oft-injured Murray would play in the NHL again. A one-year contract offered him a lifeline to continue grinding far out of the spotlight in the AHL, with only one goal.

And over a year and a half later, Murray was back to where he had fought to be: in the NHL win column after stopping 24 shots in a 6-3 win over the Buffalo Sabres.

“A long road. A big mountain to climb. But I kept this moment in the front of my mind on the days it felt tough,” Murray said.

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The 30-year-old’s eyes grew more red with every word he spoke after the game. His voice quivered.

“A big release,” he said, struggling to find the words to put nearly two years away from the NHL into perspective. “A rush of emotions.”

The typical goalie hugs with teammates after the win were tighter, longer. In a physical game where a player’s career can turn on a dime, Murray’s return resonated far more heavily than the 2 points the Leafs also added on the day.

“It’s good to see (Murray) smiling,” Steven Lorentz said, “because you know he’s back doing what he loves.”

In the dressing room, Max Domi immediately handed Murray the team’s WWE-style wrestling belt as player of the game. Murray’s up-and-down performance was secondary.

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“He was getting that thing, 100 percent, he deserved it,” Domi said. “The ability to stick with it mentally, out of all those days that I’m sure he had a lot of doubt, it’s a long road to recovery. We’re all super proud of him.”

It’s easy to quantify just how long Murray’s road back to the NHL was in days: 628 of them between his last two appearances.

It’s far more difficult to accurately describe just how arduous that road is.

Injuries have dogged Murray throughout his career after winning back-to-back Stanley Cup titles in his first two seasons in the NHL with the Pittsburgh Penguins. His games played tapered off every season from 2018 to 2022. After he was traded to the Leafs in summer 2022, he struggled through his first season. It was fair to wonder whether hip surgery would be the final dagger in his NHL career.

But Murray would still hang around teammates at the Leafs’ practice facility during his rehabilitation last season, feeling so close but so far away from the league he once conquered.

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“The fact that he’s just on his way back here says a lot about his character, his dedication to the game,” Lorentz said.

Murray kept a stall full of his gear at that facility that was never used. An important and humane gesture from the Leafs organization, but still a reminder that Murray was not playing NHL games.

Even after re-signing with the Leafs on a one-year, $875,000 deal, he felt like the organization’s No. 4 goalie. When the Leafs needed a netminder to replace the injured Anthony Stolarz, they called up Dennis Hildeby. The lanky Hildeby is seven years’ Murray’s junior.

How could Murray not wonder whether his NHL return would ever come?

“There were definitely times when it felt really difficult,” Murray said. “But whenever I felt like that, I had a great group of people around me. That’s the only reason why I’m here.”

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All Murray could do was work his tail off, far away from public sight, quietly hoping for the return that finally came Friday night.

“The emotions were high today,” Murray said.

Those emotions perhaps ran highest before the game. The typically stoic Murray allowed himself to stop and appreciate how far he’s come.

“I was able to take a moment in warmups and during the anthem and look around and appreciate the long journey that it’s been and think of all the people who helped me get here,” Murray said.

It was the kind of game that reminded onlookers of the fragility of an NHL career. Just a few short years separated Murray from being a Stanley Cup winner to being largely written off from the NHL, all essentially before the age of 30.

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“You feel for a guy like that because he works so hard and he wants it so bad,” Lorentz said. “We’re all rooting for him.”


Matt Murray saved 24 shots in a 6-3 win over the Sabres, earning his first NHL win in 638 days. (Timothy T. Ludwig / Imagn Images)

Murray moved well enough in his return. He swallowed most of the 27 shots the Sabres threw at him, looking every bit the veteran he is. Murray had two goals against called back upon video review. His sprawling save on Sabres forward Alex Tuch was a reminder of the athleticism he can provide now that he’s fully healthy, too.

They’re all qualities Leafs fans might have forgotten. But they’re qualities that are still front of mind for Murray’s Leafs teammates.

“It hasn’t been forgotten in my mind what he’s accomplished in this league in his career,” Leafs forward Max Pacioretty said, himself no stranger to debilitating injuries that threaten a career. “It’s hard to almost remember what you’ve done, what you’ve accomplished because it seems like all the noise is always in the moment, whether it’s the injury or what has happened lately.”

Perhaps the Leafs win could have been predicted ahead of time. Sure, they were playing a reeling Sabres team that has now sputtered through 12 losses in a row. And they were buoyed by an upstart, white-hot line of Max Domi, Bobby McMann and Nick Robertson. They’re the third line in name only: The trio combined for three goals and 6 points against the Sabres.

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But the opponent shouldn’t denigrate what was front of mind not just for Murray but also for the Leafs in Buffalo. They wanted to do right by a player who has done everything in his power to return to the NHL. You didn’t have to squint to see a defenceman like Jake McCabe throwing Sabres out of Murray’s crease with a little extra gusto.

“It gives you some incentive to go the extra mile because you know (Murray) has gone that extra mile just to get back to this position to where he’s at right,” Lorentz said. “It’s not like he half-assed it to get back to this point and he expected to be here. Surgeries and injuries like that, that he went through, that can stunt your career for a long time. You might never be able to recover to your old form.”

But Murray is working on getting back to the Matt Murray of old. And the Leafs’ need for Murray won’t end when they head north on the QEW back to Toronto.

The earliest Stolarz will likely return from a knee injury will be mid-to-late January. Hildeby doesn’t exactly have the full confidence of the Leafs organization right now after allowing a few soft goals during a recent call-up against the Sabres at home, combined with a less-than-stellar AHL season so far. He’s likely going to be an NHL player down the road, but there’s room for him to grow and develop more confidence in his game.

But Murray has what no other goalie in the Leafs organization has: experience. And that matters to Brad Treliving and Craig Berube: Both value games played and would rather lean on veterans whenever possible.

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They’ll lean on Murray because of everything he’s done, and gone through, in his career.

After Friday night, that career looks drastically different.

“In reality, you’ve got to take each day as it comes and you never know when it’s going to be all over,” Pacioretty said. “So you don’t want to take days for granted.”

After Murray had dried his eyes and slowly taken off the pounds of goalie gear heavy with sweat, he sat on his own in the dressing room. The Leafs equipment staff all stopped unloading bags from the dressing room to give him a quiet pat on the back.

Murray looked up to see a note written on a whiteboard in the dressing room. The Leafs bus would be leaving in 20 minutes. There was another NHL game on the horizon.

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He could smile once again knowing it certainly won’t be 628 days between being able to do what he loved.

(Top photo: Timothy T. Ludwig / Imagn Images)

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How Merseyside became America’s 51st state

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How Merseyside became America’s 51st state

Beyond the dust of Liverpool’s dock road and the huge lorries rolling in and out of the city’s port, the glass panels of Everton’s new home at the Bramley-Moore Dock sparkle impressively, radiating ambition.

The site, expected to open next year, is a feat of engineering considering the narrow dimensions of the fresh land below it, where old waters have been drained to create a 52,888-capacity arena that has been earmarked to host matches at the 2028 European Championship.

The Everton Stadium, as it is currently known, has been nearly 30 years in the making and nothing about its construction has been straightforward. There were three other proposed sites — including one outside Liverpool’s city boundaries, in Kirkby — which never materialised; a sponsorship deal collapsing due to Russia’s invasion of Ukraine; three owners, Peter Johnson, Bill Kenwright and Farhad Moshiri, departing; and several flirtations with relegation. 

Ultimately, Dan Friedkin, a Texan-based billionaire, will have the honour of being in post when it is inaugurated after his group’s long-awaited takeover was completed on Thursday.


Everton’s new waterfront home (Paul Ellis/AFP via Getty Images)

It has been a momentous week for Everton, and for the region as a whole. The Friedkin Group’s takeover means both of Merseyside’s Premier League clubs are now controlled by Americans. Meanwhile, a third, League Two side Tranmere Rovers, could join them if the English Football League (EFL) ratifies a takeover by a consortium led by Donald Trump’s former lawyer Joe Tacopina.

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In football terms, Liverpool is on the verge of becoming the USA’s 51st state — the name of the 2001 movie starring Samuel L Jackson and Robert Carlyle, which was filmed in the city and used Anfield, the home of Liverpool FC, as a backdrop.

It is a huge cultural shift from the days — back when that film was released — when Liverpool and Everton had local owners and an American takeover of the city’s most celebrated sporting organisations seemed unthinkable. 

And for all the excitement that Everton and Tranmere’s takeovers have generated, there remains an underlying caution — born of years of fear and frustration over the direction their clubs have taken — over what U.S. ownership will mean.

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Everton is a club of contrasts. 

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Much of their mainly local support comes from some of the United Kingdom’s most economically challenged districts in the north end of Liverpool, near Walton where Goodison Park is located, and the ‘People’s Club’ — as former manager David Moyes christened them — has long taken pride in not being connected to big business, particularly in comparison to their near-neighbours Liverpool.

“One Evertonian is worth twenty Liverpudlians,” said former local captain Brian Labone, who led the team he supported as a boy in the 1960s.

Yet it hasn’t always been this way. At that time, it was Everton — not Liverpool — who were the city’s big spenders under their chairman John Moores, the founder of Littlewoods Pools. Then, their nickname was the ‘Mersey Millionaires’ and the club’s modus operandi was unapologetically ruthless: one manager, Johnny Carey, was sacked in the back of a taxi.

Moores would detail several innovations that would grow the sport, making it more attractive to business. They included the creation of a European Super League (sound familiar?), the rise of television, as well as the removal of the maximum wage, leaving a free market in which the best players would go to the richest clubs.

When Liverpool started to dominate English football and Goodison Park experienced a dip in gates, Moores tried to raise more cash. One of his solutions was to bring corporate hospitality to Goodison, as well as more advertising boards around the pitch but the move experienced pushback.

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“Fans didn’t like it,” says Gavin Buckland, who recently published a book entitled The End, which looks at some of the longer-term causes of Everton’s struggles. “They felt the boards intruded on their match day routine — an in-your-face commercialism.”

Attitudes haven’t changed much since, in part because successive Everton owners haven’t been able to expand Goodison which is hemmed into Walton’s warren of terraced streets. Under Kenwright, Everton played on that reputation of the plucky underdog punching above its weight; it was only when Moshiri, a Monaco-based British-Iranian steel magnate, arrived as co-owner in 2016 that the waters were muddied. 


Goodison Park – with Anfield visible at the top of the picture – is sandwiched into terraced streets (Michael Regan/Getty Images)

Under Moshiri, Everton became two clubs in one. Like Kenwright, Moshiri operated from London but unlike the theatre impresario, he had no natural connection with Merseyside. While Moshiri aimed for the stars, spending big on players and managers, Kenwright — who remained chairman and still had influence until his death last year — had a more corner-shop mentality. There was a lack of clarity over decision-making.

Enter Friedkin. Perversely, Everton’s fallen state is a major reason they represent such an attractive proposition to the San Diego-born businessman, who identified them as one of, if not the last, purchasable English football club where there is room for significant growth.

On Merseyside, there is some concern about what this might mean: Americans have tended to develop dubious reputations as owners of English football clubs due to their appetite for driving non-football revenues and seeing their investments as content providers. 

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Will the new stadium, for example, become a shopping mall experience, complete with hiked-up ticket prices? Buckland speaks of a “cliff edge”, where Everton are moving into a new home, necessitating new routines for matchgoing fans, while a new foreign owner with a reputation for keeping his distance gets his feet under the table. For some, all of this at once might be too much.

Given that Friedkin cannot claim to have played a leading role in the stadium move, he is likely to be judged quickly on the team that he delivers. Any new revenue-driving schemes will only float if fortunes improve on the pitch, otherwise his priorities will be questioned.

For proof, simply look across Stanley Park. In 2016, thousands of Liverpool fans walked out of Anfield in the 77th minute of a Premier League game against Sunderland after FSG announced that some ticket prices in the stadium’s new Main Stand would be priced at £77. 

Liverpool had won just one trophy in six years of FSG ownership at that point and local fans, especially, felt like their loyalty was being exploited, given the organisation’s policy of investing its own money in infrastructure but not the team. The protest led to an embarrassing climbdown.

Liverpool was once described by the Guardian newspaper as the “Bermuda Triangle of capitalism”. It has since been framed absolutely as a left-wing city even though voting patterns suggest it should be described as a dissenting one. Its football supporters, whether blue or red, tend to confront perceived injustices, especially if it involves outsiders making money at the expense of locals, and even more so if they are not delivering on the pitch.

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Liverpool have retained their working-class feel (Simon Hughes/The Athletic)

FSG were only able to buy Liverpool at a knockdown price, which its former American owner Tom Hicks described as an “epic swindle”, due to the response of the supporters who unionised themselves in an attempt to drive both Hicks and his partner George Gillett out following a series of broken promises, as the club veered dangerously towards deep financial problems from 2008.

“The missteps of Hicks and Gillett put power in the hands of the fans,” reminds Gareth Roberts from Spirit of Shankly, the fans group which is still active 16 years after its formation and which now has members on the club’s official supporters board. The latter became enshrined in Liverpool’s articles of association after FSG apologised for its leading role in the attempt to create a European Super League in 2021. 

This came after several other high-profile PR blunders that eroded trust. It remains to be seen whether figures like John W. Henry, FSG and Liverpool’s principle owner, will listen to the board rather than pay lip service and carry on regardless with his own plans. Roberts says the ongoing challenge is “getting them to understand the culture”, and it does not help the relationship when Henry’s business partner, Tom Werner (Liverpool’s chairman), speaks so enthusiastically about taking Premier League fixtures away from Anfield and potentially hosting them in other parts of the world.

There was a time when either Everton or Liverpool’s local owner not showing at a match would dominate conversations in pubs and get reported in the local paper. Now, that only happens if they actually turn up.

Leading FSG figures usually fly in from Boston, Massachusetts, attending a couple of games a season — Werner was at Liverpool’s recent game against Real Madrid, while Henry was in the stands for the first home game of the season against Brentford. They appoint executives and dispatch them to Merseyside, or London, where the club has long had an office, to run the business on their behalf. Such individuals are under pressure to drive revenues as far as they can, in theory improving the economic possibilities of the team.

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John W. Henry visits Anfield for the Brentford game in August (Michael Regan/Getty Images)

Roberts says ticketing is an especially thorny issue at Liverpool due to the popularity of the club. It feels like locals are under attack: that there is a race to get the richest person’s bum onto a seat.

As far as Roberts is concerned, a club that markets its image from the energy that Anfield occasionally creates is treading on dangerous ground. “The Kop still has power,” he insists. “But if you squeeze the fans and they drop off, there is a risk that the place gets filled with spectators rather than supporters and with that, you kill the golden goose.”

This, he adds, should act as a warning to Evertonians as they embark on their own American adventure. 

Like Roberts, Liverpool metro mayor Steve Rotheram is a season ticket holder at Anfield and he understands such anxieties. In October, he spent a fortnight in North America exploring trade opportunities and the experience made him realise how powerful a brand Liverpool has abroad due to its connections with football and music, as well as its central role as a port in the movement of the Irish diaspora that spread across the Atlantic in the 19th century.

He says such history helps start conversations with American businesses from sectors like bioscience and digital innovation, which are now interested in investing in Merseyside due to the availability of land near the waterfront on both sides of the Mersey river, a hangover from the harsh economic measures of the 1980s and the decline that followed. 

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Rotheram says football, especially, plays a significant role in the visitor economy to the region, which in 2018 was worth £6.2billion. A thriving Everton playing at a stadium that does a lot more than host football matches every fortnight has the potential to add to that pot. The site at Bramley-Moore promises to regenerate the area around it and, currently, there are small signs of that change. Now Everton’s immediate financial concerns have gone away, perhaps businesses hoping to move in can proceed with more confidence.

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To reach the third professional football club on Merseyside attracting American investment, you have to cross the river.

If Rotheram gets his way, a walkable bridge will connect Liverpool to Wirral, the home of Tranmere Rovers, and potentially boost the peninsula’s economy. But for the time being, there are just two transport options: a tunnel under the Mersey or, more pleasurably, a ferry which takes less than seven minutes to sail from the Pier Head, beneath the famous Liver Buildings, to Seacombe.

In the middle of this journey, as the ferry juts north, there is a different view of Everton’s new stadium, positioned between a scrapyard and a wind farm, both of which are in the shadow of a brooding tobacco warehouse that is the biggest brick building in the world. Everton’s new home is much closer to the city and might seem enormous from the land, glistening from whichever angle you look at it, but it does not dominate the skyline from the brown, scudding channels of the Mersey.

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Everton’s new stadium, as viewed from Birkenhead across the Mersey (Christopher Furlong/Getty Images)

When the novelist Nathaniel Hawthorne sailed across the same stretch of water in 1854, he recalled a scene that he thought neatly captured the personality of the Liverpudlians he’d encountered over the previous six months, having been sent to the city as American consul.

There, on the ferry, was a labourer eating oysters using a jack knife taken from his pocket, tossing shell after shell overboard. Once satisfied, the labourer pulled out a clay pipe and started puffing away contentedly. 

According to Hawthorne, the labourer’s “perfect coolness and independence” was mirrored by some of the other passengers. “Here,” Hawthorne wrote, “a man does not seem to consider what other people will think of his conduct but whether it suits his convenience to do so.”

Hawthorne did not specify whether the labourer was from Liverpool or the piece of land to the west now known as Wirral. To any outsider, the places and their residents tend to be viewed as one of the same.

On Merseyside, however, distinctions are made: Liverpudlians tend to identify themselves as tougher and sharper, while those from “over the water”, tend to have softer accents and are once removed from the struggles of the city.

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In truth, both areas suffered in the late 1970s and 80s when unemployment ripped through its docks and shipyards. Whereas Liverpool’s city centre has been transformed in the decades since, the Wirral’s waterfront feels less promising. Whereas Liverpool has the Albert Dock, museums and a business district punctuated by glassy high rises, Wirral has very few distinguishable features from the river beyond its scaly, grey sea wall.

Three miles or so from the terminal in Seacombe lies Prenton, the home of Tranmere, a football club that returned to the Football League in 2018, having fallen on hard times since the early 1990s when it threatened to reach the Premier League.


Tranmere’s homely but ageing Prenton Park ground (Simon Hughes/The Athletic)

That history is one of the reasons why an American consortium led by Tacopina has an application with the EFL to try and buy the club from former player, Mark Palios, who later acted as the chief executive of the English Football Association.

The Athletic reported in September that Tacopina was attempting to “harness the power of his celebrity contacts” to try to propel Tranmere up the divisions from League Two. In a report the following month, it was revealed on these pages that rapper A$AP Rocky and Las Vegas Raiders defensive end Maxx Crosby were two of the investors.

According to a source involved in the deal, who would like to remain anonymous to protect working relationships, there is a belief the takeover will be completed in early 2025. While the source suggests it has taken longer than expected to reach this point after an unnamed investor dropped out, The Athletic has been told separately that an unnamed investor’s application was rejected by the EFL. This led to the buying group trying to source a replacement. The EFL declined to comment.

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Tacopina has been involved in Italian football for a decade, with mixed success. He knows Tranmere is not a sexy name but neither was Wrexham before they were taken over by the Hollywood actors Ryan Reynolds and Rob McElhenney in 2021. While Tranmere has a fight this season to retain its Football League status, Tacopina would be taking on a club that more or less breaks even. 

Palios is naturally cautious. For years, he’s wanted to find a minority partner but interested parties have tended to find there isn’t much up-side for such investment. Palios has since been able to convince Tacopina that Tranmere has significant potential with a full takeover, that the club has geography on its side and could become the region’s third wheel.


Joe Tacopina, sat next to former U.S. President Donald Trump, wants to buy Tranmere (Andrew Kelly-Pool/Getty Images)

More than 500,000 people live on the Wirral but the majority cannot get tickets for Liverpool or Everton. There is an interest in Tranmere but many Wirral residents are only would-be fans. That would surely change with an upwardly mobile team, as Tranmere were in the 1990s when it tried to reach the top flight and a packed Prenton Park witnessed a series of exciting cup runs.

Tranmere is worth around £20million in assets. Even if the club reached the Championship, the gateway to the Premier League, the value would increase significantly, potentially leaving Tacopina with a profit if he decided to sell. Importantly, the stadium is owned by the club and Tacopina would be inheriting that. Tacopina takes confidence from the stories of clubs like Bournemouth and Brentford, who are now established in the Premier League despite playing in similar-sized stadiums to Prenton Park (Bournemouth’s is actually considerably smaller) and with little history of success at the top level. 

Prenton Park, however, does not have the facilities to generate much revenue outside of matchdays. In the boom of the early 90s, the venue was rebuilt on three sides but that did not include the main stand, which remains a relic of corrugated iron and brick. Lorraine Rogers, the chairperson before Palios, suggested the stand was costing Tranmere £500,000 a year to maintain. In 2021, a League Two game with Stevenage was postponed after a part of the roof flew off during a storm.

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Palios has explored other stadium options. From the Mersey, the West float slipway leads to Bidston, where a site has been discussed but diehard fans are not enthusiastic about a move three miles away which would take the club away from its roots and potentially position it next to a waste plant, and where there are few pubs and transport links are limited.

Last summer, Palios suggested the zone was ripe for redevelopment in an interview with Liverpool Business News. “I advise my children, if ever they invest in property, invest in the south bank of the river,” he said. “As sure as apples fall from trees, this place is going to get developed.”

Any relocation, however, would need assistance from Wirral Waters as well as a council that for a decade has carefully been trying to manage its budgets due to cuts from central government. At the start of December, the Liverpool Echo reported that the council will be asking the government for a £20million bailout to prevent it from having to declare bankruptcy. 


Tranmere’s ground rises out of the streets in Birkenhead (Lewis Storey/Getty Images)

While it is generally accepted the Palios era is near an end and Tranmere needs to find a way to move forward, there is a wariness and some Tranmere supporters are questioning whether they want someone who has represented Trump in a rape trial running their club. 

Matt Jones, the presenter of the Trip to the Moon podcast, speaks of “excitement, curiosity and fear”. Two years ago, he tracked down Bruce Osterman, Tranmere’s previous American owner (and the first in English football), to San Francisco.

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Osterman told Jones that in 1984, he was able to complete a takeover because Tranmere were “days away from shutting its doors”. Yet Osterman was humble enough to admit that he was ill-prepared for the challenges that followed, despite investing £500,000 in cash. “I didn’t know what the hell I was doing,” he admitted. “I had no experience in this area. I was a trial lawyer… I had no understanding of the history, or where we were going.”

Osterman says that if he had his time again, he “would probably have paid more attention to the team’s relationship with the community”. Over the next three and a half years, Tranmere’s financial position became bleaker and he ended up selling the club at a loss to Palios’ predecessor Peter Johnson, the son of a butcher who became a millionaire businessman in the food industry.

Johnson ended up buying Everton where he was much less popular. His story is a reminder that it is not just American owners who move around clubs, as Friedkin has. Johnson grew up a Liverpool fan, an inconvenient factoid which put him on the back foot at Goodison, where he encountered suspicious minds and hardened attitudes.


Cynicism is deeply embedded among Everton fans, who might wonder how long it will take for their club to see the benefits of being at a new stadium and under new ownership.

Yet Friedkin’s arrival potentially draws a line under much of the uncertainty. Simon Hart, a journalist and author who has written extensively about the club, speaks about the last few years being battered by “existential concerns relating to the club’s future to the extent you are largely numb, hoping just to survive. The impression that Friedkin seems reasonably sensible and hasn’t destroyed Roma is something to grasp and be grateful for.

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“At the moment, the thing that needs answering is whether Everton can go into the new stadium as a Premier League club that is secure. There is a sense that anything that keeps the club alive is acceptable.”

Excitement is not the right word but relief might be. Hart thinks Goodison is irreplaceable, a venue where the terraces hang over the pitch and some of the timberwork dates back to the Victorian era. It is as much a part of the club’s identity as the Liver Buildings are to Liverpool. A departure inspires mixed emotions that swirl around the freezing reality that Everton has not won a trophy of any kind since 1995. 

As the years pass and the record extends, it becomes harder to escape. Hart describes Goodison as his “special place”, but it feels like “disappointment is soaked into every brick now”. He attended the 0-0 draw with Brentford in November when the visiting team were down to 10 men and it felt as though Goodison was weighed down by negative emotion.

Perhaps their new home allows the club to embrace a fresh start and, as he puts it, “allow Evertonians to look forward rather than back.”

(Top image: Getty Images/Design: Eamonn Dalton)

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Notre Dame rolls past Indiana in College Football Playoff opening game: What’s next?

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Notre Dame rolls past Indiana in College Football Playoff opening game: What’s next?

By Pete Sampson, Joe Rexrode and Seth Emerson

SOUTH BEND, Ind. — No. 7 Notre Dame cruised past No. 10 Indiana 27-17 in the first game of the 12-team College Football Playoff on Friday night. The Fighting Irish advance to play No. 2 Georgia in the Sugar Bowl on Jan. 1.

Two interceptions in the first three drives and a 98-yard touchdown run by Notre Dame running back Jeremiyah Love got the first on-campus Playoff game off to a dramatic start. But the fireworks fizzled from there, particularly for the Hoosiers, until they finally reached the end zone twice in the final two minutes to shrink the margin of defeat. Still, Indiana was held to its second-lowest scoring output of the season and was held to 278 yards of offense to Notre Dame’s 394. Indiana gained just 63 yards rushing to Notre Dame’s 193.

Fighting Irish quarterback Riley Leonard went 22-for-32 with 201 yards and one touchdown with another 30 yards and a score on the ground. But it was the effort of Notre Dame’s defense to stop Indiana’s usually high-powered offense that set this one apart.

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There aren’t a lot of firsts at Notre Dame. This was one of them

The Athletic’s analysis:

Notre Dame’s defense dominates

Notre Dame opened the season asking its defense to carry it, which it did just about every week through Thanksgiving. The Irish asked their defense to do the same to open the postseason. Again, it answered the bell, holding Indiana to 17 points as the Hoosiers barely threatened the goal line short of a first-quarter drive that ended with a Xavier Watts interception.

It was a near-perfect game plan from defensive coordinator Al Golden, who turned up the pressure on Kurtis Rourke early and never let the Indiana quarterback get comfortable. Notre Dame’s defensive line had a lot to do with that, as the return of Howard Cross from an ankle sprain overwhelmed Indiana’s offensive line. Even though the Irish lost defensive tackle Rylie Mills and defensive end Bryce Young during the game due to injury, it didn’t matter much.

Indiana, the nation’s No. 2 scoring offense during the regular season at 43.3 points per game, had no chance.

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The performance put to bed Notre Dame’s struggles at USC three weeks ago when the Irish were picked apart through the air until ending the game with back-to-back pick sixes. The performance was enough to wonder if Notre Dame had finally been stretched too thin, relying on underclassmen in the secondary with a pass rush losing steam.

Not exactly.

Indiana barely took shots against Notre Dame.

The Irish will be tested at a new level against Georgia in the Sugar Bowl and the growing injury list will be a concern. But in the final home game of the season, Notre Dame put another performance on tape to suggest it has a national championship-level defense. — Sampson

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Sampson: Notre Dame knows who it is. It can change how others see it against Georgia

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Indiana had an incredible season, but Ohio State and Notre Dame pulled off the mask

Curt Cignetti’s Hoosiers don’t need to apologize for making the College Football Playoff with an 11-1 record. The CFP committee doesn’t have to apologize, either. Indiana played dominant football for most of the season, against a schedule that looked much more difficult than it ended up being. But Notre Dame’s romp in tandem with the Hoosiers’ 38-15 loss at Ohio State combine to tell the story of a team that couldn’t hang up front against supremely talented defenses. Michigan exposed that offensive line a bit in its loss at Indiana as well. Kurtis Rourke had little time to throw and missed some he needed to make on the rare occasions he was able to scan the field.

It was a historic, spectacular debut season for Cignetti. It ended with a reminder that a program with this history producing a true national title contender in one year simply isn’t realistic. — Rexrode

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Rexrode: Indiana deserved its Playoff bid even if its schedule helped it get there

What’s next? Georgia in the Sugar Bowl

Kirby Smart noticed what Notre Dame fans were yelling while the Georgia coach appeared on ESPN’s “College GameDay” on Friday afternoon: “We want Georgia! We want Georgia!”

“They gotta win this one first,” Smart replied, smiling, amid the booing.

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Notre Dame won, setting up a marquee matchup that harkens to Georgia history, and Smart’s tenure.

It’s a redux of the 1981 Sugar Bowl, when Georgia won its second-ever national title. Then in 2017, it was at Notre Dame where Smart launched his program with a one-point win, on its way to an unexpected run to the national championship game. Georgia won the rematch in Athens two years later, though it was also close.

That was when Brian Kelly was the coach. Georgia is still essentially the same talent-laden, physical SEC program, just with a more modern passing offense. The question is how far Marcus Freeman has taken a Notre Dame program that has wilted in the postseason before.

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Who does Georgia want to play: Notre Dame or Indiana?

The Fighting Irish are a physical team. The Bulldogs haven’t had their usual dominance in the trenches but much of that was because of injuries, and now they’re as healthy as they’ve been all year.

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Georgia’s defense is predicated on stopping the run and taking its chances against the pass. But it’s been susceptible to edge runs this year, so one has to imagine the cringe Smart felt watching Love go 98 yards down the left sideline. Love probably won’t outrun Georgia’s defensive backs like that, but he could get a lot of chunk plays on the outside. Georgia has also been susceptible to dual-threat quarterbacks, so Leonard’s feet could be a headache.

Then again, so could new Georgia quarterback Gunner Stockton in his first college start. Stockton vs. Notre Dame’s solid secondary will also be interesting. Georgia does figure to have much better skill position players than Indiana, especially with tailbacks Trevor Etienne and Nate Frazier.

All in all, it’s a hard game to predict. During Smart’s appearance, ESPN’s Rece Davis pointed out that Notre Dame has never beaten Georgia. That’s true, but all three games have been decided by one possession. No one should be surprised if the fourth matchup is just as close. — Emerson

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College Football Playoff 2024 projections: Odds to advance for every team in the bracket

(Photo: Michael Reaves / Getty Images)

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