The football team will try to reverse the trend | Jax Daily Record | Jacksonville Daily Record

The United Football Association announced on August 30 that the unnamed Jacksonville franchise will join the Major League Soccer, another addition to a long list of teams in several sports that have sprung up in Northeast Florida in the past half century. .

But most of these teams have come and gone, finding it difficult to overcome the financial hurdles to successfully run a small league sports team.

Only one franchise has had sustained success: Jumbo Shrimp baseball and the former teams that have operated largely under the Suns name for the past 60 years.

That’s because Jumbo Shrimp have a massive advantage built into their business model that other Jacksonville University teams don’t have: affiliation with the major leagues in baseball.

Some USL teams had an association with Major League Soccer, but that ended this year when the league launched its own development league called MLS Next Pro.

The new United Soccer League franchise logo in Jacksonville.

Jumbo Shrimp belongs to the Major League Miami Marlins. Each major league team has player development contracts with several subsidiary subsidiaries that supply – and pay for – all players assigned to the minor league team.

Most of Jacksonville’s minor league teams in other sports had to find and pay players themselves.

Major League Baseball’s relationship with minor league teams has come under scrutiny this year due to players’ relatively low salaries.

This case has led many US senators to question why baseball continues with an antitrust exemption.

In response, MLB Commissioner Rob Manfred sent a letter to senators in July saying that minor league teams and their communities had benefited from the arrangement between the major and minor leagues.

“One of the fundamental differences between MLB’s sports leagues and other major sports leagues in the United States is MLB’s approach to player development,” Manfred said in the letter.

“MLB clubs support owners of affiliated Minor League clubs by providing them with players, allowing minor league clubs to continue to maintain low ticket prices and operate in certain areas that cannot economically support a professional baseball team,” he said.

“Without the (antitrust) exemption, there would be baseball in far fewer communities, and without the massive support of MLB, the cost of attending Minor League baseball would be much higher in many places.”

Jumbo prawns also benefit by having much more games than teams in other sports, providing more revenue opportunities.

The team plays in the International Triple-A, the highest level in the minor league, and the league has extended its season this year, awarding Jumbo Shrimp 75 home games. He had 72 home games in the year.

Entering his sixth season in the Premier League, Jacksonville Iceman is playing in 36 regular season games at home.

Icemen have an affiliation agreement with the NHL’s New York Rangers but the NHL teams don’t provide the same level of support for ECHL teams as affiliated minor league baseball does.

The Icemen are the successor to a long line of hockey teams that have come and gone, beginning with the Jacksonville Rockets in the 1960s.

Jacksonville has also fielded several basketball teams and still has a minor league franchise, the Jacksonville Giants, who play in the low-profile NBA.

Northeast Florida football history includes a major league team, the Jacksonville T-Mains, who played in the North American Football League from 1980 to 1982.

The team got its name from its Boston area origins as the New England Tea Men.

However, NASL disbanded the team after two seasons and the league disappeared after the 1984 season.

Most recently, Jacksonville Armada came in 2015 to join a minor soccer league named NASL, but that league ended its operations in 2017.

Armada continues to work with a team in the National Premier League semi-professional football. However, the team’s plans to build a 10,000-seat football stadium in Jacksonville’s East Side have not progressed since the city council approved a land option agreement for the project in January 2020.

The new USL franchise has announced its intention to build a 15,000-seat football stadium. An August 30 press release said details of the stadium and training facility “will be announced in the coming months.”

It appears that the team, which plans to start playing in 2025, will be on its own to find players after the Major League Soccer ended its relationship with the USL.

When the deal expired last year, a story on ESPN.com said the problem was that MLS wanted a minor league focused on player development but that USL teams were more interested in results on the pitch.

“I wouldn’t call it us versus USL,” MLS president Mark Abbott told ESPN.

“I expect USL, with whom we have a great relationship, to remain a really dynamic and dynamic league and continue to be very strong and do what it does,” he said.

The lead investor for the Jacksonville USL team is Ricky Caplin, CEO of HCI Group, a Jacksonville-based healthcare information technology company.

HCI’s parent company was acquired in 2017 by India-based Tech Mahindra Limited. That deal values ​​HCI, which was founded in 2009, at $110 million.

So Caplin has a proven track record of building a company. Now we’ll see if he can break history and build a successful minor league team in Jacksonville.

Bed Bath & Beyond closes stores

Bed Bath & Beyond Inc. said: On August 31, it had identified 150 stores it planned to close as part of a restructuring plan.

However, the struggling retailer said via email that it was not ready to announce the specific locations.

The New Jersey-based chain operates 769 stores nationwide, including five in the Jacksonville area, according to its website.

The company also has 135 Baby Buybuy stores and 51 health and beauty stores under the Harmon banner. All of these stores will remain open for the time being.

Bed Bath & Beyond has come under pressure from lower sales. After reporting an adjusted net loss of $225 million in the first quarter ending May 28, it said it would report that sales at stores open for more than a year fell about 26% in the second quarter ending August 27.

Several financial news reports stated that one of the main issues with Bed Bath & Beyond was a failed attempt to add more private labels.

In the press release announcing store closures and other changes, interim CEO Sue Goff said his new marketing strategy would be “focused on national brands.”

After the restructuring was announced, the company’s problems turned tragic when Chief Financial Officer Gustavo Arnal died on September 2 from a reported suicide.

Bed Bath & Beyond has been without a permanent CEO since Mark Triton resigned as the company reported a loss in the first quarter.

Goff, who is a member of the company’s board of directors, serves as CEO while the company searches for a permanent replacement.

Cadre Holdings starts rating at “buy”

Sheila Cahyaoglu, an analyst at Jefferies, started covering Cadre Holdings Inc. based in Jacksonville, with a “buy” rating on August 31, to continue to draw analysts’ positive outlook for the company’s safety and sustainability products.

“Cadr offers unique law enforcement exposure across the local portfolio, which has a stable base growing at around 3%, on average, with the opportunity to increase equity gains and pricing beyond physical inflation,” Kahyaoglu said in her research report.

“The growth opportunity comes from international equity gains, as Cadre competes with a number of competitors on a sub-scale,” she said.

Cadre has braved a weak stock market this year, trading at nearly double the $13 initial public offering price in November 2021.

Kahyaoglu has set a target price of $32 per share.

The IPO market is in a record dry state

Cadre was one of four Jacksonville companies to go public in 2021 in a very productive year for new shares, but the IPO market has been hit by a record drought this year, according to an August 30 report in the Wall Street Journal.

Using data from Dealogic analyzed by accounting firm PwC, the magazine said that 109 days have passed since the US company raised at least $25 million in an initial public offering.

This was the longest drought on record according to Dealogic data, dating back to 1995.

Along with cadre, Dream Finders Homes Inc. has completed. and Treace Medical Concepts Inc. IPOs in 2021.

Another Jacksonville-based company, Redwire Corp., went public through a merger with a special purpose acquisition company.

SG blocks meeting on Long Island

SG Blocks Inc. Its headquarters will move to Jacksonville this year but will hold its annual shareholder meeting near its former headquarters.

Prior to moving to Jacksonville, SG Blocks incorporated its headquarters in Brooklyn, New York.

The agency’s statement submitted to the company on September 2 said that this year’s annual meeting will take place on October 14 in Millville, a town on Long Island in New York.

The shareholders’ meeting was held at the same location last year.

SG Blocks is a modular construction company that transforms shipping containers for structures.