1 00:00:00,640 --> 00:00:03,040 Speaker 1: This is the Bloomberg Business of Sports show, but we 2 00:00:03,080 --> 00:00:05,160 Speaker 1: explore the big money issues in the world of sports. 3 00:00:05,400 --> 00:00:08,360 Speaker 1: Michael Lauren, I'm Scarlett Phil coming up today. I look 4 00:00:08,440 --> 00:00:12,800 Speaker 1: at the man building a soccer empire. He's gone from 5 00:00:12,920 --> 00:00:16,480 Speaker 1: football fan or football fan wherever you want to go, 6 00:00:16,600 --> 00:00:20,560 Speaker 1: to one of the sports biggest investors in just one year, 7 00:00:20,600 --> 00:00:23,560 Speaker 1: and now he's looking to change the entire landscape of 8 00:00:23,640 --> 00:00:26,160 Speaker 1: the sport. You know, I do think football is sort 9 00:00:26,160 --> 00:00:29,680 Speaker 1: of broken by money. I don't say that in like 10 00:00:29,760 --> 00:00:33,200 Speaker 1: a political way, it's just the reality. You've got leagues 11 00:00:33,240 --> 00:00:36,479 Speaker 1: in different parts of the world where there's three strong teams, 12 00:00:36,520 --> 00:00:40,040 Speaker 1: two strong teams, and there's everybody else. You've got long 13 00:00:40,120 --> 00:00:43,800 Speaker 1: seasons where the result is known far in advance, which 14 00:00:43,840 --> 00:00:45,960 Speaker 1: of the top three teams is going to win this year? 15 00:00:46,760 --> 00:00:49,480 Speaker 1: You know what fun is that? That is the voice 16 00:00:49,479 --> 00:00:52,080 Speaker 1: of John Texter. Just a year ago he was a 17 00:00:52,120 --> 00:00:55,680 Speaker 1: mirror fan of soccer or football. Now he owns clubs 18 00:00:55,680 --> 00:00:58,880 Speaker 1: from London to Rio and he's looking for more Bloombergs. 19 00:00:58,920 --> 00:01:02,040 Speaker 1: David Hellier recently spoke to John Texta about his plans 20 00:01:02,160 --> 00:01:05,240 Speaker 1: and he joins us now for some insight on that conversation. 21 00:01:05,600 --> 00:01:09,639 Speaker 1: And we're exactly this soccer empire maybe headed David. Welcome 22 00:01:09,640 --> 00:01:11,760 Speaker 1: to the Bloomberg Business of Sports show. Tell us a 23 00:01:11,840 --> 00:01:14,920 Speaker 1: little bit about what his portfolio looks like. How many 24 00:01:14,959 --> 00:01:18,240 Speaker 1: soccer clubs does he own? Um, well, John Texa, he's 25 00:01:18,280 --> 00:01:22,480 Speaker 1: got four interests for football teams that he's involved in. 26 00:01:23,040 --> 00:01:26,679 Speaker 1: He started off with with an interesting team in South London, 27 00:01:27,000 --> 00:01:30,560 Speaker 1: Crystal Palace. They've never won any major trophies, but they've 28 00:01:30,600 --> 00:01:36,000 Speaker 1: got a kind of hipster image Premier League, so they're 29 00:01:36,000 --> 00:01:39,680 Speaker 1: in the big league. And a year ago he bought 30 00:01:39,680 --> 00:01:43,120 Speaker 1: a stake in Crystal Palace for around a hundred million dollars. 31 00:01:43,720 --> 00:01:48,040 Speaker 1: He then followed that up by buying a team in Belgium, 32 00:01:48,160 --> 00:01:50,840 Speaker 1: our WT Molun Beak, which was a lot. It was 33 00:01:50,880 --> 00:01:54,200 Speaker 1: a small investment in terms of money, but probably quite 34 00:01:54,200 --> 00:01:57,520 Speaker 1: a bit in terms of time because every team does 35 00:01:57,760 --> 00:02:01,440 Speaker 1: take up and owner's time. And then he went further 36 00:02:01,960 --> 00:02:05,480 Speaker 1: a failed to Brazil, which is a great place for players, 37 00:02:05,880 --> 00:02:08,160 Speaker 1: but it's a bit of a mess financially, and he 38 00:02:08,200 --> 00:02:10,600 Speaker 1: bought one of the historical clubs they bought a Fogo 39 00:02:10,800 --> 00:02:14,080 Speaker 1: and that was a huge commitment because including debts which 40 00:02:14,120 --> 00:02:17,239 Speaker 1: he takes on to pay back it's around three million. 41 00:02:17,800 --> 00:02:22,040 Speaker 1: And then he surprised everybody but particularly the French media, 42 00:02:22,120 --> 00:02:27,320 Speaker 1: by taking over Olympique leon A when everyone assumed it 43 00:02:27,360 --> 00:02:30,640 Speaker 1: was going to be another buyer was in the front 44 00:02:30,680 --> 00:02:33,280 Speaker 1: running but texted one one the auction in the end. 45 00:02:33,600 --> 00:02:36,520 Speaker 1: So he's got four I mean really really, you know, 46 00:02:36,720 --> 00:02:42,000 Speaker 1: fast paced acquisitions. What amazes me. This isn't like, Okay, 47 00:02:42,040 --> 00:02:45,400 Speaker 1: I got a lifelong plan. He just started this twelve 48 00:02:45,440 --> 00:02:49,280 Speaker 1: months ago and he went from football fan to now 49 00:02:49,600 --> 00:02:53,480 Speaker 1: being one of the sports biggest investors. That little time 50 00:02:53,480 --> 00:02:59,120 Speaker 1: frame amazes me. Yeah, it's both amazing and potentially concerning 51 00:02:59,600 --> 00:03:03,120 Speaker 1: because he doesn't appear to have anybody you know, in 52 00:03:03,480 --> 00:03:07,000 Speaker 1: his locker room that can head the had the function 53 00:03:07,080 --> 00:03:10,160 Speaker 1: of putting those teams together, so he's doing a lot 54 00:03:10,200 --> 00:03:14,160 Speaker 1: of this himself. He did have an executive who was 55 00:03:14,200 --> 00:03:17,239 Speaker 1: heading up the Olympic li on a deal, Tom Glick, 56 00:03:17,320 --> 00:03:20,320 Speaker 1: but he's now gone to Chelsea Football Club, so he 57 00:03:20,400 --> 00:03:23,560 Speaker 1: lost him. Sometimes I'm thinking to myself, you know, how's 58 00:03:23,560 --> 00:03:25,920 Speaker 1: he got the time? Still? This is it's incredible, but 59 00:03:26,480 --> 00:03:28,519 Speaker 1: so it's very quick. But on the other hand, I 60 00:03:28,560 --> 00:03:32,560 Speaker 1: think his interest in football has been uh several years 61 00:03:32,560 --> 00:03:36,880 Speaker 1: old now, he Before this, he he ran a big 62 00:03:36,920 --> 00:03:40,520 Speaker 1: academy in Florida, which is a different scale. But he's 63 00:03:40,520 --> 00:03:43,880 Speaker 1: always been very interested, not always, but philosophew years, he's 64 00:03:43,880 --> 00:03:47,440 Speaker 1: been very interested in football and the development of players. Yeah, 65 00:03:47,440 --> 00:03:52,000 Speaker 1: but American soccer and global football are two totally different things. 66 00:03:52,680 --> 00:03:56,480 Speaker 1: What is the logic behind him amassing all these stakes 67 00:03:56,480 --> 00:03:58,680 Speaker 1: in these different football clubs? I mean, what kind of 68 00:03:58,680 --> 00:04:02,280 Speaker 1: synergies does he in vision owning these different football clubs 69 00:04:02,520 --> 00:04:05,720 Speaker 1: would create. Um, he's he's kind of in doing this. 70 00:04:05,800 --> 00:04:09,520 Speaker 1: He's he's following a bit of a trend that there's 71 00:04:09,520 --> 00:04:12,920 Speaker 1: a number of Florida based financiers that I've written about 72 00:04:13,440 --> 00:04:16,160 Speaker 1: for Bloomberg have been doing the same. And what what 73 00:04:16,240 --> 00:04:19,000 Speaker 1: they What they sort of argue is that if you 74 00:04:19,040 --> 00:04:23,839 Speaker 1: buy one football club in Europe, you are hostage to fortune. 75 00:04:23,880 --> 00:04:26,840 Speaker 1: They could be relegated. Um they could, you know, all 76 00:04:26,880 --> 00:04:30,560 Speaker 1: their players might leave. It's a very volatile situation. So 77 00:04:30,720 --> 00:04:33,719 Speaker 1: if you buy three or four football clubs, is what 78 00:04:33,760 --> 00:04:36,960 Speaker 1: they argue. Number One, you don't have so much volatility 79 00:04:37,040 --> 00:04:39,560 Speaker 1: because if one is doing badly, another one might be 80 00:04:39,560 --> 00:04:44,240 Speaker 1: doing well. The second thing is that you can trade 81 00:04:44,279 --> 00:04:47,720 Speaker 1: players through through the group, So you might have an 82 00:04:48,240 --> 00:04:51,919 Speaker 1: inexperienced player that can play for one team in the 83 00:04:51,920 --> 00:04:54,560 Speaker 1: group or for their reserve team, or you might have 84 00:04:54,600 --> 00:04:56,880 Speaker 1: a very experienced player that you need another part of 85 00:04:56,880 --> 00:05:01,120 Speaker 1: the group. And UM text you know, thinks this is 86 00:05:01,160 --> 00:05:05,279 Speaker 1: a very efficient way of developing players. And so do 87 00:05:05,360 --> 00:05:09,920 Speaker 1: the other groups that do this. UM divertification and asset 88 00:05:09,960 --> 00:05:14,880 Speaker 1: swaps yep, yep, um. And I mean there are a 89 00:05:14,920 --> 00:05:19,799 Speaker 1: couple of other ways in which this model could be efficient. 90 00:05:19,920 --> 00:05:24,520 Speaker 1: And a lot of the owners they talk about the 91 00:05:24,120 --> 00:05:28,479 Speaker 1: UH their their use of data analytics to do all 92 00:05:28,560 --> 00:05:34,200 Speaker 1: things from identified players to help with injuries or to 93 00:05:34,240 --> 00:05:37,000 Speaker 1: decide whether players are too injury prone to take on. 94 00:05:37,480 --> 00:05:39,760 Speaker 1: They use a lot of data. It's a very you know, 95 00:05:39,880 --> 00:05:44,800 Speaker 1: more sophisticated way of analyzing football teams, which obviously Billy 96 00:05:44,880 --> 00:05:48,000 Speaker 1: Bean and in America you know, was the it was 97 00:05:48,040 --> 00:05:51,160 Speaker 1: probably the originator of this theory. UM. So that there 98 00:05:51,400 --> 00:05:55,000 Speaker 1: and if you're using data for the whole group, UM, 99 00:05:55,040 --> 00:05:57,400 Speaker 1: I guess that could be more efficient. It's an economy 100 00:05:57,400 --> 00:06:00,359 Speaker 1: of scale. You maybe have all your data people in 101 00:06:00,440 --> 00:06:05,800 Speaker 1: one location swapping information and and that kind of thing. 102 00:06:05,960 --> 00:06:08,960 Speaker 1: And the other the the other arm of this group 103 00:06:09,160 --> 00:06:13,159 Speaker 1: operation is is sponsorship. So you know, you might get 104 00:06:13,160 --> 00:06:17,039 Speaker 1: a sponsor that that goes across or four teams rather 105 00:06:17,080 --> 00:06:19,840 Speaker 1: than just one team. You might even be able to 106 00:06:19,839 --> 00:06:23,640 Speaker 1: deal with with you know, broadcast rights, kit suppliers, you know, 107 00:06:23,680 --> 00:06:26,760 Speaker 1: all that kind of thing. Speaking of broadcast rights, he 108 00:06:26,839 --> 00:06:31,359 Speaker 1: gets it because he was once the executive chairman of 109 00:06:31,440 --> 00:06:34,520 Speaker 1: Football TV and he helped put together one of the 110 00:06:34,960 --> 00:06:40,839 Speaker 1: high profile deals merger of the streaming platform. He gets it. 111 00:06:41,160 --> 00:06:43,960 Speaker 1: This is going to be the future. If we're going 112 00:06:44,000 --> 00:06:48,039 Speaker 1: to watch anything now on so called TV, it's not 113 00:06:48,080 --> 00:06:51,480 Speaker 1: gonna be cabled necessarily anymore. It's going to be streaming. Yeah, 114 00:06:51,600 --> 00:06:55,400 Speaker 1: he's very knowledgeable in in broadcast. The only thing I 115 00:06:55,480 --> 00:06:57,760 Speaker 1: had cautioned against here is that if you take his 116 00:06:57,839 --> 00:07:02,160 Speaker 1: position that Leon Leon a he's one of twenty owners. 117 00:07:02,400 --> 00:07:04,800 Speaker 1: You know, he has a limited say, but but if 118 00:07:04,880 --> 00:07:07,960 Speaker 1: he can, if he can kind of influence other owners 119 00:07:08,680 --> 00:07:12,240 Speaker 1: to see his way of thinking to take them down 120 00:07:12,240 --> 00:07:16,960 Speaker 1: a particular road, he's obviously experienced in that field. So, David, 121 00:07:17,040 --> 00:07:21,000 Speaker 1: you mentioned how Texture is one of the Florida financiers 122 00:07:21,040 --> 00:07:23,440 Speaker 1: and how there's a group of them and their approach 123 00:07:23,520 --> 00:07:27,520 Speaker 1: to investing in football clubs is different than traditional owners. 124 00:07:27,640 --> 00:07:29,920 Speaker 1: Who are the traditional owners at this point? I mean, 125 00:07:30,000 --> 00:07:31,640 Speaker 1: we know that there are a bunch of teams that 126 00:07:31,640 --> 00:07:36,840 Speaker 1: are owned basically by UM Gulf States, and there's almost 127 00:07:36,880 --> 00:07:40,240 Speaker 1: like a limitless budget for them as a result. How 128 00:07:40,240 --> 00:07:44,440 Speaker 1: did they approach their investments in the teams? Yeah, I 129 00:07:44,440 --> 00:07:50,280 Speaker 1: mean so that the the Gulf States, the Roman Abramovitch, UM, 130 00:07:50,440 --> 00:07:55,720 Speaker 1: the Guitarist psg UM, they've so far had a different approach. 131 00:07:55,760 --> 00:08:01,040 Speaker 1: They've they've basically focused on one one team. UM. They've 132 00:08:01,080 --> 00:08:04,240 Speaker 1: bought the best players. They've gone as close as they 133 00:08:04,240 --> 00:08:09,960 Speaker 1: can to the regulatory limits in spending. IVE, they've spent 134 00:08:09,960 --> 00:08:13,720 Speaker 1: as much as they possibly can UM, and and they 135 00:08:13,760 --> 00:08:18,239 Speaker 1: have been very successful on the field, which is which 136 00:08:18,280 --> 00:08:23,240 Speaker 1: is because they've also um, most of them have bought 137 00:08:23,280 --> 00:08:26,000 Speaker 1: the best coaches as well. UM. I mean I think 138 00:08:26,040 --> 00:08:29,400 Speaker 1: money alone is not enough. UM. You know, the Man 139 00:08:29,440 --> 00:08:32,960 Speaker 1: City in the early days didn't didn't do so well. 140 00:08:33,320 --> 00:08:36,040 Speaker 1: It went through three or four different coaches, and then 141 00:08:36,040 --> 00:08:40,080 Speaker 1: it lighted upon Pep Guardiola. And you know, now they've 142 00:08:40,120 --> 00:08:42,920 Speaker 1: got both one of the best coaches and one of 143 00:08:42,920 --> 00:08:46,760 Speaker 1: the best teams, and they're they're almost unbeatable. But these 144 00:08:47,040 --> 00:08:50,320 Speaker 1: state backed teams, they really don't. I mean, they don't 145 00:08:50,360 --> 00:08:53,000 Speaker 1: see the need to have two or three four teams 146 00:08:53,080 --> 00:08:58,079 Speaker 1: and you know Satellite group. Although having said that, Manchester 147 00:08:58,200 --> 00:09:02,240 Speaker 1: City actually has ten teams, so they have chosen that 148 00:09:02,320 --> 00:09:04,839 Speaker 1: as a kind of way forward. But that is more 149 00:09:04,880 --> 00:09:07,640 Speaker 1: a sort of sponsorship model. There are players that go 150 00:09:07,720 --> 00:09:10,960 Speaker 1: from one team to the other, UM, but it's it's 151 00:09:11,000 --> 00:09:15,280 Speaker 1: more a sort of building up a brand across the globe. 152 00:09:15,679 --> 00:09:20,040 Speaker 1: They don't have UM ten top teams. They have man 153 00:09:20,120 --> 00:09:22,920 Speaker 1: City and then they have in their different markets not 154 00:09:23,040 --> 00:09:27,760 Speaker 1: quite such you know, successful teams UM. And then you've 155 00:09:27,760 --> 00:09:30,200 Speaker 1: got kind of you've got you've got some traditional learners 156 00:09:30,280 --> 00:09:36,120 Speaker 1: left in football UM who basically you know, have owned 157 00:09:36,120 --> 00:09:39,079 Speaker 1: a club for ever and evan their local business people. 158 00:09:39,120 --> 00:09:41,760 Speaker 1: But most of those have now been brought out either 159 00:09:42,200 --> 00:09:46,320 Speaker 1: in the Premier League you have eight fully owned teams 160 00:09:46,320 --> 00:09:51,720 Speaker 1: by American ownership groups UM, three that have part ownership 161 00:09:52,200 --> 00:09:57,280 Speaker 1: from America. American groups bidding UM buying out Italian teams. 162 00:09:57,679 --> 00:10:01,600 Speaker 1: They're buying, they're buying French teams. UM. Not so much 163 00:10:01,640 --> 00:10:05,800 Speaker 1: in Spain, but UM, you know that that Spanish clubs 164 00:10:05,800 --> 00:10:11,200 Speaker 1: are now looking for equity. Americans are very interested. I 165 00:10:11,200 --> 00:10:13,160 Speaker 1: mean a few years ago it was Chinese groups, but 166 00:10:13,240 --> 00:10:17,920 Speaker 1: they've retreated. He said something very interesting and he has 167 00:10:17,960 --> 00:10:20,560 Speaker 1: a good point. He said football is in the dark 168 00:10:20,600 --> 00:10:24,000 Speaker 1: ages when it comes to fan engagement. The audience is 169 00:10:24,040 --> 00:10:28,679 Speaker 1: more valuable than the team. Can you expand more on that, 170 00:10:28,720 --> 00:10:31,360 Speaker 1: because he's got a very good point. Yeah. I mean 171 00:10:32,400 --> 00:10:35,600 Speaker 1: what text um fails here is that you know he's 172 00:10:35,600 --> 00:10:39,000 Speaker 1: got I mean butt a pogo. He's developing this UM 173 00:10:39,160 --> 00:10:43,360 Speaker 1: face recognition system which will enable fans to basically use 174 00:10:43,440 --> 00:10:47,040 Speaker 1: their faces to get into the ground and then buy 175 00:10:47,200 --> 00:10:51,040 Speaker 1: refreshments and kit and merchandise and all sorts of fell 176 00:10:51,040 --> 00:10:55,560 Speaker 1: of things. And UM, he sees you know, this fan 177 00:10:55,640 --> 00:10:59,400 Speaker 1: base as being very valuable in a sort of he 178 00:11:00,040 --> 00:11:02,880 Speaker 1: you know, as being one that he can sell other 179 00:11:02,960 --> 00:11:08,520 Speaker 1: goods to outside football. UM. And UM, you know he's 180 00:11:08,679 --> 00:11:12,640 Speaker 1: he's got them there, very loyal. They like buying things 181 00:11:12,679 --> 00:11:15,080 Speaker 1: from bods Photo because they think it might help the 182 00:11:15,080 --> 00:11:18,040 Speaker 1: team in some way. Um. That's what he's trying to 183 00:11:18,120 --> 00:11:23,000 Speaker 1: get them to buy into. UM. And I think he, 184 00:11:23,200 --> 00:11:27,960 Speaker 1: you know, he thinks that using the sort of new technology, UM, 185 00:11:28,000 --> 00:11:32,960 Speaker 1: he'll be able to do this quite successfully. Um. You know, 186 00:11:33,040 --> 00:11:35,440 Speaker 1: we we have to see, I mean, I must say 187 00:11:35,480 --> 00:11:38,800 Speaker 1: over um firsty or forty years. I've listened a lot 188 00:11:38,880 --> 00:11:43,960 Speaker 1: to various owners talking about, you know, how we'll kind 189 00:11:43,960 --> 00:11:47,480 Speaker 1: of make more from our audience, make more from our 190 00:11:47,480 --> 00:11:50,240 Speaker 1: fan base, and you know, and all that sort of thing. Um, 191 00:11:50,320 --> 00:11:52,400 Speaker 1: And in the end they make a little bit more, 192 00:11:52,480 --> 00:11:55,680 Speaker 1: but then the player wayes go up even higher. It's 193 00:11:55,679 --> 00:11:57,599 Speaker 1: still not you know, no one's come up with the 194 00:11:58,160 --> 00:12:05,199 Speaker 1: magic formula to make football profitable. Um. Football remains um, 195 00:12:05,240 --> 00:12:10,400 Speaker 1: you know, very volatile business because um, you know a 196 00:12:10,440 --> 00:12:15,400 Speaker 1: lot of the commercial fortune um varies on the successful 197 00:12:15,440 --> 00:12:17,920 Speaker 1: otherwise on the pitch. David, thank you so much for 198 00:12:18,000 --> 00:12:20,920 Speaker 1: joining us and sharing the insights from your conversation with 199 00:12:21,000 --> 00:12:24,240 Speaker 1: John Texter. Fascinating how quickly he's gone from just being 200 00:12:24,600 --> 00:12:27,480 Speaker 1: you know, a regular football fan soccer fan, to owning 201 00:12:27,920 --> 00:12:31,320 Speaker 1: several big, big clubs. David Hellier joining us with that 202 00:12:31,440 --> 00:12:34,760 Speaker 1: story and Michael Barr I think it's fascinating how once 203 00:12:34,800 --> 00:12:38,800 Speaker 1: he decided that this was his strategy, he went all out. Yeah, 204 00:12:38,960 --> 00:12:42,199 Speaker 1: I mean, he didn't stop. And it's it amazes me 205 00:12:42,240 --> 00:12:46,040 Speaker 1: and I we brought this up earlier twelve months. Twelve months, 206 00:12:46,120 --> 00:12:52,880 Speaker 1: you go from fan to owning multiple football clubs. That's 207 00:12:52,920 --> 00:12:56,400 Speaker 1: amazing to me. He also he also talked about, as 208 00:12:56,440 --> 00:12:59,920 Speaker 1: we were talking about about the face recognition, how literally, 209 00:13:00,840 --> 00:13:04,600 Speaker 1: with the Face Bank fan engagement system, you can join 210 00:13:05,120 --> 00:13:08,960 Speaker 1: with your face, pay for your hot dog with your face. 211 00:13:09,320 --> 00:13:11,960 Speaker 1: Now they use my face. We don't know what the 212 00:13:11,960 --> 00:13:16,080 Speaker 1: heck we're gonna get, but it really is amazing to me. 213 00:13:16,720 --> 00:13:20,400 Speaker 1: The vision that he has from football fan to today. Yeah, 214 00:13:20,640 --> 00:13:24,080 Speaker 1: the idea that there's going to be players that will 215 00:13:24,160 --> 00:13:28,920 Speaker 1: move from Molenbeek to Crystal Palace to Botafogo. I mean 216 00:13:29,200 --> 00:13:31,840 Speaker 1: they'll be developed throughout the years through the system and 217 00:13:31,920 --> 00:13:34,480 Speaker 1: kind of bouncing from team to team and moving to 218 00:13:34,559 --> 00:13:37,600 Speaker 1: the teams as you know, the young hot shot star 219 00:13:37,800 --> 00:13:42,040 Speaker 1: to the noted uh leader on the team to perhaps 220 00:13:42,120 --> 00:13:45,800 Speaker 1: the study presence um depending on where each team is 221 00:13:46,120 --> 00:13:48,280 Speaker 1: and what the payroll needs are for each team. It's 222 00:13:48,360 --> 00:13:50,840 Speaker 1: it's pretty incredible. It's a it's almost like a closed 223 00:13:50,840 --> 00:13:53,280 Speaker 1: system within the world of soccer, which is of course 224 00:13:53,360 --> 00:13:57,480 Speaker 1: very fragmented around the world. This is the Bloomberg Business 225 00:13:57,559 --> 00:14:00,640 Speaker 1: of Sports podcast on Michael Barr along with Scarlet Food, 226 00:14:00,640 --> 00:14:04,400 Speaker 1: catches here each and every Monday, Wednesday and Thursday, exploring 227 00:14:04,440 --> 00:14:06,920 Speaker 1: the world of money and sports and catch me on 228 00:14:06,960 --> 00:14:10,000 Speaker 1: Twitter at Big Bar Sports. I'm on Twitter at Scarlett Fool. 229 00:14:10,200 --> 00:14:13,280 Speaker 1: You're listening to Bloomberg Business of Sports from Bloomberg Radio 230 00:14:13,559 --> 00:14:15,199 Speaker 1: around the world.