Business

Caitlin Clark has joined an ownership group looking to create a National Women’s Soccer League team in Cincinnati, Ohio.
NWSL Commissioner Jessica Berman announced on Friday that Cincinnati is one of three remaining cities in the running to become the 16th NWSL franchise, up against Cleveland and Denver.
The league currently has 14 teams, with Boston-based BOS Nation Football Club set to join for the 2026 season.

Caitlin Clark, #22 of the Indiana Fever, brings the ball up the court against the Dallas Wings at Gainbridge Fieldhouse in Indianapolis, Indiana, on Sept. 15, 2024.
Justin Casterline | Getty Images

Caitlin Clark has joined an ownership group looking to create a National Women’s Soccer League team in Cincinnati, Ohio.
NWSL Commissioner Jessica Berman announced on Friday that Cincinnati is one of three remaining cities in the running to become the 16th NWSL franchise, up against Cleveland and Denver.

“The NWSL Cincinnati bid team is thrilled that Caitlin Clark has joined our ownership group in pursuit of bringing a women’s professional soccer team to our city,” the NWSL Cincinnati bid team wrote in a statement.
“Her passion for the sport, commitment to elevating women’s sports in and around the Greater Cincinnati region, and influence as an athlete and role model for women and girls around the world, make her a vital part of our compelling bid to become the 16th team in the NWSL,” the statement continued.
The league currently has 14 teams, with Boston-based BOS Nation Football Club set to join for the 2026 season.
Bay FC, which played its first season this year, spent $53 million to cover the NWSL expansion fee. The club’s majority owner, investment firm Sixth Street, agreed to invest $125 million into the team all together.
Cleveland is likely Cincinnati’s biggest competition for the 16th spot in the league, as the Cleveland Soccer Group has reportedly purchased 13.6 acres of state land in downtown Cleveland to build a 12,500-seat stadium that is estimated to cost around $150 million.

A breakout star at the University of Iowa, Clark has continued her ascent in the Women’s National Basketball Association, contributing to the league’s most-viewed season on TV in history. Clark took home the 2024 WNBA Rookie of the Year award after the Indiana Fever guard closed out a monstrous year, setting numerous WNBA records including most assists in a season, with 337, and most three pointers made by a rookie, with 122.
The NWSL earlier Friday declined to comment on Clark’s involvement with Cincinnati’s ownership group.
— CNBC’s Jessica Golden contributed to this report.

Don’t miss these insights from CNBC PRO More

Thirteen percent of billionaires are women, according to the Altrata Billionaire Census.
Women are more likely to emphasize a philanthropic focus on nonprofit and social organizations.

Alice Walton speaks onstage during the Getty Medal Dinner 2022 at Getty Center on October 03, 2022 in Los Angeles, California.
Stefanie Keenan | Getty Images Entertainment | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
As women grow their share of global wealth, they’re also becoming a larger share of the billionaire class, with a new set of goals and philanthropy, according to a new report.

Of the 3,323 billionaires in the world, 13% (or 431) of them are women, according to the Altrata Billionaire Census. While that may seem small, their numbers and share have been growing gradually over the past 10 years.
According to the report, “growth in female entrepreneurship, slowly changing cultural attitudes, and the rising frequency of substantial inter-generational wealth transfers” will continue add to the feminization of the three-comma club.
Inheritances have been the most powerful driver. Of the 431 female billionaires today, three-quarters inherited a portion of their wealth, according to the report. Fully 38% inherited all their wealth, including the three of the richest women in the world, Alice Walton ($104 billion), Julia Flesher Koch and family ($76 billion) and Françoise Bettencourt Meyers ($73 billion), Altrata said. By contrast, only 5% of male billionaires inherited their fortunes.
A quarter of women billionaires are self-made, compared to 66% for men. Those inheritances may become even more common. According to a report from Cerulli Associates, women are expected to inherit up to $30 trillion in the coming decade as part of the Great Wealth Transfer.

Get Inside Wealth directly to your inbox

Male and female billionaires also give and spend differently. Women, for instance, put a greater focus on nonprofit and social organizations, according to the report.

Nearly one in five female billionaires spend most of their professional time in nonprofits, compared with 5% of men. The report said the prevalence of inheritances among women is the main reason for the charitable focus, since they tend to have “fewer commercial commitments” and “there tends to be a strong link between inherited wealth and earlier engagement in philanthropy, welfare and social justice.”
Billionaire women also have slightly different financial portfolios. Since they often inherit private companies, they have more of their wealth in private holdings (35% versus 28% for men) and more liquid assets and cash (39% versus 30%). Billionaire men have far more stocks, with men having 40% of their wealth in stocks compared with 22% for women — due largely to the tech-focused billionaires who launched public companies, the report said.
Female billionaires are far more likely to own luxury real estate and art. They are 1.5 times more likely, for instance, to own real estate worth more than $10 million. Billionaire men, on the other hand, are more likely to enjoy their “toys,” such as private jets, yachts and pricey cars. Billionaire men are 3.8 times more likely that billionaire women to own a car worth more than $1 million. And they are more than twice as likely to own a yacht.
The gender divide over hobbies is even greater. For female billionaires, philanthropy was the most cited hobby, at 71%. For men, sports was the top hobby, at 71%. More women also cited art, education and travel as hobbies, while men were more interested in aviation, the outdoors and politics. More

At least 50 of the largest U.S. retailers boosted interest rates on their store credit cards in the months before the Federal Reserve began cutting rates, in moves that protected their profit margins.
Big Lots, Gap, Petco, Macy’s and Nordstrom are among those that increased the APRs on their store cards between September 2023 and September 2024.
“If you get offered one of these this holiday season, really take a breath. I would just say ‘no’ if you’re going to carry a balance,” said Bankrate analyst Ted Rossman.

Tommy | Digitalvision Vectors | Getty Images

Dozens of the largest U.S. retailers and their bank partners jacked up interest rates on their store-branded cards to record highs in the months before the Federal Reserve began cutting rates, as the companies looked to pad profits during a stretch of sluggish sales.
At least 50 companies — including Big Lots, Gap, Petco, Burlington, Macy’s and TJX Companies — increased the APRs on their credit cards between September 2023 and September 2024, according to a review of data gathered by Bankrate.com that examined the nation’s 100 largest retailers. 

Bankrupt home goods chain Big Lots raised its APR by 6 percentage points from 29.99% to 35.99% — the largest increase out of the retailers reviewed by Bankrate. Gap made the second largest increase, a 5 percentage point hike on its Banana Republic, Athleta, Old Navy and namesake cards. Petco came in third with a 4.5 percentage point increase. 

Big Lots, Academy Sports, Burlington, Michael’s and Petco are tied for having the highest APR among the companies Bankrate tracked, at a staggering 35.99% as of September. 
“Up until this rate hiking cycle that we saw from the Fed in 2022 and 2023, 30% was a threshold that few credit cards dared to cross,” Ted Rossman, Bankrate’s senior industry analyst, told CNBC. “But they’ve gone from high to higher these past few years because the Fed pushed rates higher by five and a quarter points and all of a sudden, 29.99% was not the high end anymore. Now we see it’s very common for these store cards to charge over 30%.”
However, it’s not just monetary policy pushing APRs higher. Just before the Fed began its rate-cutting cycle in September, many retailers and their bank partners raised interest rates on their store cards to protect their profits when the federal funds rate — which determines their own interest rates — came down.
Now, the average interest rate on a store card is at an all-time high just ahead of the holiday shopping season, which is when most consumers sign up for store cards. As credit card debt reaches new highs and delinquencies hit levels not seen since 2011, Rossman warned consumers to think twice before signing up.

“If you get offered one of these this holiday season, really take a breath. I would just say no if you’re going to carry a balance,” said Rossman. “If you pay it off right away and you get the rewards, well, then, that works for you. But we hear many times people sign up for these cards and they don’t even realize what they’re getting into.” 
That’s what happened to Jasmine Matheney, a 35-year-old small business owner in Michigan, when she signed up for her first retail credit card at Nordstrom just before Christmas when she was 18. She was given a $5,000 limit and soon maxed it out, splurging on flashy gifts for her loved ones and new clothes for herself. 
“I went crazy. I bought everything. I had no idea, like, oh, you got to pay this back, honey, and it’s gonna charge you some fees. So ultimately, I end up defaulting on that account,” Matheney recalled in an interview. “It caused me a whirlwind of problems.” 
Matheney’s debt at Nordstrom ended up going into collections, and it took her years to rebuild her credit as a result. 
“It goes to show you know how their greed is affecting them,” Matheney said of the record high rates. “They reel you in, and they say you can save 40% off by getting this card, and then what happens when you do end up carrying a balance? Well, you’ve just paid that 40% back and then some.” 

Profit padding and hedged bets

Most credit cards are indexed to the prime rate, which shifts based on the Federal Reserve’s rate. Generally, if the central bank’s federal funds rate decreases, so does the amount of interest a retailer’s bank partner can charge customers. Rather than see that profit fall after planned rate cuts from the Federal Reserve, many card issuers preemptively raised their rates instead. 
Typically, the retailers and their banking partners share the revenue when a shopper pays interest or a late fee on a branded card.
All of the retailers reviewed by CNBC increased their rates before the Federal Reserve enacted its first interest rate cut in four years on Sept. 18. The companies hiked rates at a time when the prime rate didn’t change and the market was increasingly certain that the Fed would begin easing monetary policy at its September meeting. 
On average, the APRs on retail credit cards rose by 1.52 percentage points between September 2023 and September 2024, while the average traditional credit card rate increased by 0.08 percentage points — indicating the rapid increase in rates is unique to store cards, Bankrate data show.
Further, the average APR on a store card grew by 2.21 percentage points between Nov. 4, 2022, and September 2023. When the Fed’s 1.5-point increase implemented during that time is subtracted, retailers raised rates by an additional 0.71 points. That was less than half of the interest rate increase for store cards seen from September 2023 to September 2024, when the federal funds rate didn’t budge. 
When asked why they increased the APR on their store cards, the companies that returned CNBC’s request for comment pointed vaguely to industry standards and the current economic environment. 
“We work closely with our banking partner, Comenity Bank, to ensure APR adjustments are made responsibly and in line with overall industry standards. Our goal remains to empower our customers to purchase what they need and pay over time, ensuring they have access to essential items without financial strain,” a spokesperson for Big Lots told CNBC.
The representative referred CNBC to Comenity for further comment. The bank said, “Interest rate increases going into effect previously this year across the financial services industry are due to several factors including historical federal rate increases, rising credit losses and regulatory pressures.”

A spokeswoman for Nordstrom pointed to the benefits that come with its credit card program and said “we continually strive to simplify our credit card pricing structure.” 
“Our pricing structure follows a variable rate model indexed to the prime rate,” the spokeswoman said. “This adjustment ensures that we remain aligned with the current economic environment and continue to offer competitive rates compared to other retail card programs. Despite the increase, our rates remain aligned to similarly situated co-brand cards.”
However, the timing and scope of the interest rate increases on store cards indicates a clearer reason for the changes: profits. 
“Store cards are big business,” said Bankrate’s Rossman. “They can also be profit centers.”
He pointed to a 2023 report by Citi analyst Paul Lejuez, who found 49% of Macy’s operating profits in 2022 came from its credit card program.
Higher interest rates appear to have boosted Macy’s financial performance this year, as well.
In May, the company raised its full-year outlook for credit card revenues “due to better-than-expected profit share resulting from higher balances within the portfolio,” finance chief Adrian Mitchell said on a call with analysts. In August, Mitchell said that consumers were keeping credit card balances for longer, which boosted revenue “a little bit better than our expectations.” 
Some retailers, such as Macy’s, Nordstrom and TJX, have since passed on the 0.5 percentage point cut that the Federal Reserve implemented in September to cardholders. Still, their APRs are at record highs, sitting between 2 and 2.25 percentage points higher than they were a year ago. 
While that may be bad for consumers, it’s welcome news on Wall Street. Store cards just aren’t as popular as they once were, which means retailers need to make more off the customers they still have.
New account openings for private label cards have fallen in seven of the past eight years, according to Equifax. Many shoppers, especially those who are younger, are opting for services such as buy now, pay later instead. 
Considering that credit card delinquencies are at their highest levels since 2011, it makes sense that interest rates are increasing on cards that are typically pretty easy to get. But as of the end of July, only 14% of private label cards were issued to consumers with subprime credit. Further, more than half of new accounts belonged to people with credit scores over 700, according to an October Equifax report. 
Plus, retailers didn’t selectively raise interest rates on customers with bad credit. Even those with strong credit scores, such as Macy’s customer Brian Robin, were saddled with higher rates. 
“Considering that I’ve never missed a payment on their card, and I always pay more than the minimum on it, this just absolutely came out of left field, and it was completely unwarranted,” Robin, a 59-year-old public relations professional in Southern California, said of Macy’s decision to increase its APR.
“My credit score is 744, so it’s not like I’m a default risk or anything … It makes me less interested in shopping at Macy’s. I mean, think about it for a second. Why would you want to shop at a place that’s charging you loan shark rates?”
— Additional reporting by CNBC’s Stephanie Landsman. More

Gap raised its guidance ahead of the holiday shopping season as it touted a “strong start” to the all-important fourth quarter.
The apparel giant behind Old Navy, Banana Republic, Athleta and its eponymous banner blew past Wall Street’s earnings estimates despite a tough quarter affected by unseasonably warm weather and hurricanes.
Gap is in the midst of a turnaround under CEO Richard Dickson and is leaning into better marketing to drive cultural relevance.

People walk past an Old Navy store on Fulton Street on April 11, 2024 in Downtown Brooklyn in New York City.
Michael M. Santiago | Getty Images

Hurricanes and unseasonably warm weather hit sales at Gap during its fiscal third quarter, but the apparel company still posted better-than-expected results, leading it to raise its annual guidance for a third time this year. 
Gap, which runs Old Navy, Banana Republic, Athleta and its namesake banner, is now expecting fiscal 2024 sales to be up between 1.5% and 2%, compared with previous guidance of “up slightly.” That’s ahead of the 0.4% growth that LSEG analysts had expected, and bodes well for the all-important holiday shopping season, which is now underway. 

The company is also anticipating gross margins and operating income will grow more than it previously expected.
Shares surged about 13% in extended trading.
Here’s how the nation’s largest specialty apparel retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: 72 cents vs. 58 cents expected
Revenue: $3.83 billion vs. $3.81 billion expected

Gap’s reported net income for the three-month period that ended Nov. 2 was $274 million, or 72 cents per share, compared with $218 million, or 58 cents per share, a year earlier. 
Sales rose to $3.83 billion, up about 2% from $3.78 billion a year earlier.

Across Gap’s business, unseasonably warm weather affected sales by about 1 percentage point during the quarter, while storms and hurricanes led overall store sales to fall by 2%, CEO Richard Dickson told CNBC in an interview. 
“We had unusual circumstances, hurricanes, storms that led to almost 180 closures at the peak of the impact,” said Dickson, adding the storms affected Old Navy, Gap’s largest brand by revenue, the most. 
As soon as the weather turned around, sales “rebounded” and the holiday shopping season is off to a “strong start” so far, said Dickson. 
“We are energized about the holiday. Our teams are really focused on executing our plans. If we compare ourselves to where we were last year, our brands are in a much more pronounced place than they were last year,” he said. “We’ve got stronger brand identities and we’re more practiced in our playbook that we talk a lot about, driving better product, better pricing, more relevance, better consumer experience and excellence in execution.” 
Since Dickson took the helm of Gap a little over a year ago, he’s worked to turn around the business after years of declines. Under his direction, the company has leaned into nostalgic marketing and celebrity partnerships to reclaim cultural relevance. Sales have grown for the last four quarters in a row, but the company is still smaller than it once was, and critics say it needs to do more to fix its product assortment and drive full-price selling.
Here’s a closer look at each brand’s performance: 
Old Navy: Gap said sales at its largest brand grew 1% to $2.2 billion, while comparable sales were flat, shy of the 0.9% growth that analysts had expected, according to StreetAccount. Old Navy’s kids category was particularly affected by the warmer weather, said Dickson. 
Gap: Gap’s eponymous banner grew 1% to $899 million during the quarter, while comparable sales were up 3% — better than the 2.3% growth Wall Street expected, according to StreetAccount. The brand has seen four straight quarters of positive comparable sales and is benefiting from better marketing and product, the company said. 
Banana Republic: The trendy workwear line grew sales 2% to $469 million while comparable sales fell 1%, a bit worse than the 0.8% drop that StreetAccount had expected. The brand has worked to turn around its men’s business, which drove results during the quarter. Overall, it is still focused “on fixing the fundamentals,” the company said. 
Athleta: The athleisure arm of Gap’s empire grew sales by 4% to $290 million while comparable sales were up 5%. The results weren’t comparable to estimates. In the year-ago period, comparable sales were down 19% at Athleta. Under its new CEO, former Alo Yoga boss Chris Blakeslee, the brand has managed to turn things around. More

SailGP has signed Rolex as the first title partner of its elite sailboat racing competition.
SailGP’s global championship features a dozen national teams from the U.S., Italy, Germany and others battling in identical high-tech, high-speed 50-foot foiling catamarans.
Many of the teams have attracted major sponsors, too, including brands such as Red Bull, Emirates, Mubadala, Rockwool and Deutsche Bank.

SailGP has signed Rolex as the first title partner of its global sailing competition.
Courtesy: SailGP

The self-described Formula 1 of sailing has signed Rolex as the first title partner of its elite sailboat racing competition.
SailGP’s series of events, which kicks off its 2025 season in Dubai on Saturday, will now be known as the “Rolex SailGP Championship.”

“Leading into our fifth season, SailGP is celebrating a period of remarkable growth,” said league CEO Russell Coutts. “This will accelerate our next phase of growth and establish our position as the premier global championship in the sport of sailing.”
The Swiss luxury watchmaker first partnered with the sport during its inaugural championship in 2019. The title partnership will run for the next decade, through 2034. Rolex will also continue as the official timepiece of SailGP.
SailGP’s global championship features a dozen national teams from the U.S., Italy, Germany and others battling in identical high-tech, high-speed 50-foot foiling catamarans.
Boats race at speeds approaching 60 miles per hour and compete for a $7 million grand prize.

SailGP has signed Rolex as the first title partner of its global sailing competition.
Courtesy: SailGP

SailGP was established using a centrally owned business model with the goal of transitioning to a private ownership model within its first five years. In the upcoming season, 10 of 12 teams will be privately owned, and future teams will be independently owned and financed, the league told CNBC.

Some Wall Street titans have backed the sport in the last year, including league co-founder and Oracle Chairman Larry Ellison and Avenue Capital Group Chairman Marc Lasry.
In 2023, an investor group led by Lasry’s Avenue Sports Fund acquired the U.S. team for $35 million.
As interest has grown, many of the teams have attracted major sponsors, too, including brands such as Red Bull, Emirates, Mubadala, Rockwool and Deutsche Bank.
“What you’ve seen in the last three years is that sailing is dwarfing the other leagues,” Lasry told CNBC’s “Squawk Box” in May.
Last season SailGP drew its largest American TV audience during the Spain Sail Grand Prix, at 1.78 million viewers on CBS.
Broadcasts reach 212 territories worldwide, and viewership increased 48% year over year to roughly 200 million viewers on average during its fourth season’s 13 race events, the league reports.
SailGP in its fifth season will have new broadcast agreements in Germany, Italy, Brazil and Spain to grow its linear audience.
“As a heritage sport in many markets, sailing’s demographic historically has been affluent participants and spectators,” said Coutts. “We’re engaging a new generation of racing fans that has already been demonstrated by our digital content and social engagement figures, in addition to our fanbase in markets where we have new teams such as Italy and Brazil.”
Correction: This story has been updated to correctly reflect the SailGP championship’s new name. A previous version mischaracterized the change. More

Crypto investor Justin Sun paid $6.2 million for a banana duct-taped to a wall.
Sotheby’s auctioned off the infamous piece of work titled “Comedian,” created by Italian artist and cultural prankster Maurizio Cattelan.
Sun will get a roll of duct tape, instructions on how to “install” the banana and a certificate of authenticity guaranteeing it as an original work, but the banana is not included, since it will rot.

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Crypto investor Justin Sun paid $6.2 million for a banana duct-taped to a wall, highlighting the soaring values of crypto and viral art.

Sotheby’s last night auctioned off the infamous banana, titled “Comedian,” created by Italian artist and cultural prankster Maurizio Cattelan. After a heated battle with six others, Sun emerged as the winner, bidding online and paying in crypto.

Italian visual artist Maurizio Cattelan’s duct-taped Banana entitled “Comedian,” is on display during a media preview at Sotheby’s in New York, on November 8, 2024. 
Kena Betancur | Afp | Getty Images

“This is not just an artwork,” Sun said in a statement. “It represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community. I believe this piece will inspire more thought and discussion in the future and will become a part of history. I am honored to be the proud owner of this iconic work and look forward to it sparking further inspiration and impact for art enthusiasts around the world.”
“Comedian” shot to fame at its debut at Art Basel Miami Beach in 2019, priced at $120,000. The image of a banana duct-taped to a wall, and and priced at six figures, went viral over social media and attracted such massive crowds that the work had to be removed. There were three editions of “Comedian” created and sold, with one going to the Guggenheim Collection thanks to an anonymous donor, and the other two purchased.

Get Inside Wealth directly to your inbox

The seller of the Sotheby’s banana had purchased it from one of the original buyers and was reselling it. For his $6 million, Sun will get a roll of duct tape, instructions on how to “install” the banana and (most importantly) a certificate of authenticity guaranteeing it as an original work of Cattelan’s. The banana is not included, since it will quickly rot and need to be constantly changed for display.
In his statement, Sun said he plans to eat the banana “as part of this unique artistic experience, honoring its place in both art history and popular culture.”

People look at Italian visual artist Maurizio Cattelan’s duct-taped Banana entitled “Comedian,” during a press preview at Sotheby’s in New York, on October 25, 2024. The viral artwork was unveiled in 2019, and one of the artwork’s three “editions” is going back on sale on November 20, 2024, and is estimated by Sotheby’s to sell for between $1m and $1.5m. 
Timothy A. Clary | Afp | Getty Images

Because the value of the banana is derived from the certificate, rather than the object itself, many in the crypto community likened it to an NFT. The seller, clearly understanding the appeal, accepted crypto as a form of payment.
The sale was part of a series of auctions in New York this week, featuring more than $1 billion worth of art for sale. After two years of declines, the sales suggest a rebound for the art market, driven by the recent stock market rally and increased postelection confidence by wealthy collectors.
Sotheby’s on Monday sold a Monet water lilies painting for $65.5 million, and Christie’s on Tuesday sold a painting by the Belgian surrealist Rene Magritte for $121 million.

Don’t miss these insights from CNBC PRO More

NHL legend Wayne Gretzky said Alex Ovechkin has been exceptional for the game of hockey.
The “Great One” said all records must come to an end, as the Capitals star approaches his all-time goals mark.
Gretzky said the NHL is in a great place and believes getting youth involved is key to the league’s growth.

As Washington Capitals star Alex Ovechkin closes in on Wayne Gretzky’s all-time goals record, the Great One told CNBC he has nothing but admiration for the player who could soon dethrone him.
“Alex has been exceptional for our game,” Gretzky said on CNBC’s “Squawk Box” on Thursday. “I hope I’m the first guy to shake his hand when he does break the record.”

Gretzky added that all records must come to an end.
“That’s progression in our sport,” he said.
Gretzky spoke to CNBC as the sport he played a pivotal role in building becomes an even bigger business. The average NHL team is now worth nearly $2 billion according to CNBC’s Official Valuations released on Wednesday.
“Our game is increasingly valuable,” NHL Commissioner Gary Bettman told “Squawk Box” on Wednesday.

Ovechkin, whose rivalry with fellow all-time great Sidney Crosby helped to fuel the sport’s growth in the 2010s, has created more intrigue this season with his pursuit of Gretzky’s record.

Gretzky made history as the NHL’s all-time leading goal scorer on Oct. 15, 1989, surpassing Gordie Howe’s record after scoring an overtime game-winner.
Thirty-five years later, Ovechkin is closing in on breaking Gretzky’s record of 894 goals, with 26 more to go. On Tuesday, the Capitals announced their captain will be out “week to week” after suffering a leg injury, but he is expected to return this season.
Gretzky told CNBC that at the time he broke Howe’s all-time scoring record, he felt embarrassed to end his idol’s milestone.
“Not only was he such a great player, he was such a gentleman,” Gretzky said.
Gretzky’s dad told him that someone will break his record one day.
“I looked at my dad and said, ‘Well can I enjoy this for just a couple days?'” Gretzky said.
Gretzky played 20 seasons in the National Hockey League for four different teams. By the time he retired, he amassed 61 NHL records, four Stanley Cups and 18 All-Star appearances. But the hockey great said he never cared about the records.
“I never played and thought about the records themselves. I was lucky enough to play on some great teams and in some great cities. I always tell people it was an honor and a privilege to play in the National Hockey League,” Gretzky said.
He said his competitive streak and wanting to be his best every night drove him.
“If I scored two goals that night, I wanted to get three,” he added.
As he watches Ovechkin close in on a record many thought could never fall, Gretzky commended Bettman, the team owners and players for making the game better.
“I think our game is stronger, bigger, and better today than it’s ever been,” he added.
Gretzky said the key to growing the game is through youth development. He has partnered with YardRink, a small company in Massachusetts, which allows families to build their own rinks in their backyard.
Gretzky said his own dad built him a backyard rink when he was young, which helped him get started in the sport.
“When we’re talking about expanding and growing our game, getting kids a chance to play is a big part of this,” he added. More

Sales of previously owned homes last month rose 3.4% from September to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors.
Sales were 2.9% higher than October of last year, marking the first annual increase in more than three years.
There were 1.37 million units for sale at the end of October, an increase of 19.1% from October 2023.

A home with a “Sold” sign from a real estate company in North Patchogue, New York.
Steve Pfost | Newsday | Getty Images

A sharp drop in mortgage rates brought homebuyers off the fence in October after a slow summer.
Sales of previously owned homes last month rose 3.4% from September to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors. Sales were 2.9% higher than October of last year, marking the first annual increase in more than three years.

This count is based on signed contracts, meaning most of the deals were made in August and September. During that time, the average rate on the popular 30-year fixed mortgage was falling. It started August around 6.6% and dropped to a low of 6.11% by mid-September, according to Mortgage News Daily.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said Lawrence Yun, NAR’s chief economist, in a release. “Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”
There were 1.37 million units for sale at the end of October, an increase of 19.1% from October 2023. That puts inventory at a 4.2-month supply at the current sales pace. It is still on the leaner side, as a six-month supply is considered balanced between buyer and seller.
Tight supply continues to put upward pressure on prices. The median price of an existing home sold in October was $407,200, an increase of 4% from the year before. By price category, the higher end of the market is seeing more activity than the lower end.
“We still need another 30% in inventory just to get us back to the pre-Covid conditions,” Yun said.

The share of all-cash buyers pulled back to 27%, down from 29% in October 2023. That is still high historically, but lower mortgage rates likely caused that share to drop.
First-time buyers made up 27% of sales, down from 28% the year before and still historically low. They usually make up 40% of sales.
Mortgage rates are much higher now, at 7.05% on the 30-year fixed. A new report from Redfin, however, showed a recent surge in the number of potential buyers contacting its agents, particularly after the election. Its so-called demand index rose 17% year over year during a one-week period in mid-November to the highest level since August 2023.
“The burst of buyers and sellers jumping into the market is the result of pent-up demand from people who were waiting for the election to pass, and for the Fed to cut interest rates a second time,” said Chen Zhao, Redfin’s economic research lead. “Now we’re keeping a close eye on whether this is a short post-election boom, or if it translates into a steady improvement in pending sales.”

Don’t miss these insights from CNBC PRO More