New player with big names in sports investing; more high profile exposure for F1 and Oak View and others bet on Baltimore and renovated arena.
New player with big names in sports investing; more high profile exposure for F1 and Oak View and others bet on Baltimore and renovated arena.
It's early, but encouraging signs for the NBA on TNT. Our Austin Karp is reporting that TNT had its most viewed four game NBA opening weekend since 2018. And the early numbers are up 23% compared to last year. So it's early, but strong numbers so far for the NBA on TNT. And this is your morning buzz cast for Tuesday, October 25th. Good morning. I'm Abe Madkour. Thanks for listening to the buzz cast. Spread the word if you'd like the buzz cast and encourage others to listen. Let's get to today's news. Jim Nance has a plan and it includes stepping back from calling the NCAA men's basketball tournament. The New York Post was first to report on Monday night that Nance will stop calling the men's hoop tournament after next year and will be succeeded by Ian Eagle. Nance's been part of CBS's coverage of the tournament since 1986.
He was the studio host for five years before calling his first Final four in 1991. Certainly his voice is synonymous with the final four. Next year's Final four will take place in Houston where of course he has a connection. He attended the University of Houston and so this tournament will have special significance for him. Now the 63 year old Nance will hand it off to the 53 year old Eagle who has been a voice at the tournament. And Jim was CBS since 1998. He, of course, is part of CBS's number two NFL team. He also calls the NBA for Turner's coverage of that league. But Jim Na stepping back from CBS's coverage of the men's basketball tournament after next year. Let's move on. We talk a lot about private equity investing into sports and there's a new player in the private equity scene as brand Velocity Group is formally expanding into sports with a new vertical brand velocity group sports.
There are a couple names quite well known to the sports business. Who are the principles at Bvg Sports? First longtime sports executive, Drew Shyman and Steve Liebowitz are partners in brand velocity group sports. They are joined by Austin Ramos, a former All-American distance runner at UCLA and also joined by Eli Manning. So Eli Manning getting into the private equity scene, the new sports unit brand Velocity Group sports will pursue opportunities throughout the sports and entertainment landscape. It recently acquired a Youth Jersey manufacturer score sports. So it will be overseen by Longtime Sports Business Insider and former s BJ champion Joe Cohen. So Joe Cohen will oversee a group with a broad scope. They're looking at potential deals in areas like media, gaming, collectibles, apparel, uh, long term they may invest in sports facilities and sports, uh, and and real estate tied to sports. They could also look into team ownership and they have specifically mentioned interest in minor league baseball.
Currently brand velocity group sports are in the early talks on potential investments, though no deals are close right now in terms of investment strategy. Uh, brand velocity group wants to target companies with at least $10 million in EBITDA and wants to invest at least $40 million in any one deal. So we do have a new player in the private equity scene, brand velocity Group sports. Read more about this effort in Christmas cover story in this week's sports business journal. You know, we talked on Monday's buzz cast about the energy around Formula One and the energy at the Circuit of the Americas in Austin and there is more high profile exposure coming around this sport. Our Adam Stern was in Austin over the weekend and he said the talk around the track was about the forthcoming Formula One film that is starring Brad Pitt and features producer Jerry Bruckheimer.
On top of having meetings with team principals and drivers, Brad Pitt apparently really immersed himself to get a better understanding of the sport before filming starts. Later in 2023, he was spotted in the McLaren Garage. He was listing into Team Communications. He got a ride around the track with Ferrari driver Charles Le Clark and an F1 executive was seen taking or touring Brad Pitt around throughout the weekend. So details of the film are being closely guarded, but there will be filming at race weekends in the second half of 2023. There is no release date, but F1 does expect teams, cars and the actual sponsors to be involved in the project. And we know a film like this, a high profile film like this could only help exposure and interests around Formula One. Moving on, years ago when I worked for the Washington Bullets, they would hold a few home games every year at the Baltimore Arena, which was a dated facility then that was in the early nineties, but it was centrally located and downtown Baltimore, so it had a peel.
Well, Oakview group is renovating that arena and has high hopes for Baltimore as a sports and music destination To that point, Oakview Group has completed a naming rights deal with Cfg Bank, which signed a multi-year deal to put its name on the 60 year old Baltimore Arena that Oakview Group is renovating. They expect to open this new renovated facility in February of 2023. Now play flies. Premier partnerships advise cfg Bank on what was the bank's first sports sponsorship of any kind. So CFG Bank, a new player in the sports sponsorship space. Now, in terms of the Arena, Oakview Group is joined in the renovation by investors of the Baltimore Development Corp. Fundamental advisors, Kevin Duran's, 35 Ventures and musician, Pharrell Williams. So the partners will join together. They will fully fund the cost of the arena's total renovation, which is estimated to be around $200 million in total.
They will then lease the building for the next 30 years. Cfg Bank Arena, it will host roughly 120 events per year. When it reopens, it'll have a capacity of about 14,000. I know from talking to the principals, they are very bullish on this facility, which sits right in the heart of downtown Baltimore. They believe this arena and this renovated arena can be a key economic driver in that city. And finally this week in Sports Business Journal, I wrote about the Lei Wiki family through the lens of my recent interview with Tim and Todd Le Wiki at the World Congress of Sports. Many of you know Tim and Todd Le Wiki. They have been two of the most successful operators in sports for over 30 years. You know, I wrote that they've shaped careers, commerce and communities. They have influence and a broad following. And their joint appearance at the CAA World Congress of Sports was really a tour to force of insight, inspiration, and empathy.
You know, as I noted, the Lei Wikis had six children. There were four boys, Tracy, Terry, Tim and Todd, and two girls, Trish and Teresa. They had not just one, but two mothers die of cancer. And I wrote that before the Lei Wiki Brothers walked off the stage in New York, a painful reminder of their youth reappeared. As Todd Le Wiki put into perspective the challenges of life and noted that their oldest brother Tracy, was diagnosed earlier this month with terminal cancer. Both brothers became emotional when they talked as Tracy was the one who really got those two into sports and into the sports business. And Tracy was the source of great inspiration after they lost two mothers. Well, after I wrote that, it was sad to learn that Tracy Liwicki, who has influenced many sports executives in his career, died on October 20th. And everyone at S Spj extends our condolences to the Le Wiki family.
As Todd Le Wiki said on the stage in New York, it's his hope that the family can take inspiration from their brother's life and live a more inspired life and continue to make the most of every day. I certainly hope that is the case. So I do hope to see some of you at Game Changers tomorrow, on Wednesday in New York at MetLife Stadium. We have a fantastic lineup of speakers. We will celebrate our honorees. If you plan on going. Drop me a note if you're there, come say hi. I'd love to see you. And that is your morning Buzz cast for Tuesday, October 25th. I may Mad Core again, thank you for listening to the Buzz cast. David Albright will be bringing you the buzz cast over the next two days until I speak to you again. Stay healthy and be good to each other. I'll talk to you on Friday morning.