Sports Illustrated’s future hangs on standoff between billionaires: sources

Sports Illustrated’s future comes down to a high-stakes game of chicken between the iconic magazine’s billionaire overlords, The Post has learned.

In one corner stands Manoj Bhargava, the founder of 5-Hour Energy and top shareholder of SI publisher The Arena Group, who made a risky bet to withhold paying the licensing fee in a bid to renegotiate terms on a contract that runs through 2029.

In the other is Jamie Salter, a Canadian licensing magnate whose Authentic Brands owns the storied title and called Bhargava’s bluff — fearing the tactic could embolden other Authentic licensees, a source close to the situation told The Post.

Stuck between the battling barons — with net worths of roughly $1.5 billion and $1.1 billion, respectively — are the roughly 100 Arena workers, most of them in the SI union, who may be cast aside in the next two months if the two can’t work out a deal.

“Manoj wanted to negotiate a new licensing agreement and Jamie said no,” a source close to the situation told The Post.

“Manoj was surprised for sure,” a second source added. “It was a gambit that didn’t pay off.”