1 00:00:02,480 --> 00:00:08,280 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. 2 00:00:12,960 --> 00:00:14,840 Speaker 2: Welcome back to the Deal. I'm your host Jason Kelly 3 00:00:14,880 --> 00:00:18,319 Speaker 2: alongside my partner Alex Rodriguez. Alex, I'm here in New York. 4 00:00:18,520 --> 00:00:21,759 Speaker 2: You're down in Miami. There's a ton happening in the 5 00:00:21,800 --> 00:00:26,239 Speaker 2: sports world and one of my favorite things records being broken, 6 00:00:26,520 --> 00:00:29,640 Speaker 2: and a record in the National Hockey League that folks 7 00:00:29,720 --> 00:00:33,240 Speaker 2: thought was going to stand forever eight hundred and ninety 8 00:00:33,240 --> 00:00:36,240 Speaker 2: five goals for Alexander Ovechkin. He breaks the great one, 9 00:00:36,400 --> 00:00:40,920 Speaker 2: Wayne Gretzky's record. The highlights were inescapable. When you see 10 00:00:40,960 --> 00:00:43,400 Speaker 2: something like that, what does it make you think of? 11 00:00:43,880 --> 00:00:46,240 Speaker 2: How do you analyze that from a business perspective? 12 00:00:46,479 --> 00:00:48,959 Speaker 3: Well, I think, first of all, is wonderful for sports. 13 00:00:49,440 --> 00:00:52,800 Speaker 3: Is great for the sport of hockey. It's amazing for 14 00:00:52,800 --> 00:00:55,920 Speaker 3: a good friend Ted Leonsis. And look, as an athlete 15 00:00:55,960 --> 00:01:01,040 Speaker 3: who played for twenty three years, this is Alexis twenty year. Yeah, 16 00:01:01,080 --> 00:01:03,720 Speaker 3: he's won one title and he's only payed with one team. 17 00:01:04,080 --> 00:01:06,319 Speaker 3: And of course this reminds me of right down the 18 00:01:06,400 --> 00:01:10,240 Speaker 3: street where he plays, where my childhood hero Cal Ripken 19 00:01:10,360 --> 00:01:13,160 Speaker 3: broke the all time record for consecutive games when he 20 00:01:13,200 --> 00:01:16,560 Speaker 3: broke Luke Garrick's record, and that was like a national holiday. 21 00:01:16,959 --> 00:01:19,240 Speaker 4: But I loved last night. It wasn't at home. 22 00:01:19,280 --> 00:01:21,200 Speaker 3: He was playing the Islanders, you know, up in your 23 00:01:21,240 --> 00:01:23,320 Speaker 3: neck of the woods up there, and you had the commissioner, 24 00:01:23,400 --> 00:01:25,880 Speaker 3: you had Wayne Gretzky, you had Wayne's wife, Janet Jones. 25 00:01:26,240 --> 00:01:28,959 Speaker 3: And records are meant to be broken and good for 26 00:01:29,040 --> 00:01:30,080 Speaker 3: hockey and good for Alex. 27 00:01:30,440 --> 00:01:32,639 Speaker 2: Yeah. And I mean records are meant to be broken. 28 00:01:32,720 --> 00:01:35,679 Speaker 2: And the thing is people pay attention. It was inescapable 29 00:01:36,280 --> 00:01:39,840 Speaker 2: on YouTube, on social media, on ESPN. You know they 30 00:01:39,840 --> 00:01:42,000 Speaker 2: were tracking it. You know, you think about the business 31 00:01:42,040 --> 00:01:45,080 Speaker 2: of it all. There's merch associated with that. You know. 32 00:01:45,120 --> 00:01:47,240 Speaker 2: You made the point that they were playing the Islanders, 33 00:01:47,640 --> 00:01:50,600 Speaker 2: and I mean it certainly when he broke that record, 34 00:01:50,640 --> 00:01:53,960 Speaker 2: he slides across the ice, you know, head first, you 35 00:01:53,960 --> 00:01:57,040 Speaker 2: would have thought they were playing down in DC. I mean, 36 00:01:57,080 --> 00:02:00,840 Speaker 2: the crowd went bananas. And you know that Islanders people 37 00:02:01,240 --> 00:02:04,400 Speaker 2: for that moment, they were of Vegekin fans. You know, 38 00:02:04,480 --> 00:02:08,760 Speaker 2: more than anything. You're there for this unbelievable moment in 39 00:02:08,800 --> 00:02:11,200 Speaker 2: sports history. And you know, like you said, it's good 40 00:02:11,240 --> 00:02:14,560 Speaker 2: for business. We remember, I mean cal Ripken we both 41 00:02:14,600 --> 00:02:16,600 Speaker 2: love him. That was a long time ago, and yet 42 00:02:16,639 --> 00:02:19,760 Speaker 2: we still you know, remember him, you know, trotting bases 43 00:02:20,320 --> 00:02:24,280 Speaker 2: and then you know, running the whole the circumference of 44 00:02:24,680 --> 00:02:28,480 Speaker 2: Camden Yards and slapping hands and it's cool to witness 45 00:02:28,560 --> 00:02:31,760 Speaker 2: and as you said, great for ted Leonsis and the 46 00:02:31,840 --> 00:02:32,679 Speaker 2: Washington Capitals. 47 00:02:33,000 --> 00:02:35,320 Speaker 3: Is not only good for business, it's good for spirits, it's. 48 00:02:35,240 --> 00:02:36,160 Speaker 4: Good for vibes. 49 00:02:36,639 --> 00:02:41,120 Speaker 3: Here's Canada's you know, pastime hockey, which America loves hockey. 50 00:02:41,360 --> 00:02:43,720 Speaker 3: But here's a guy who came from Russia and it 51 00:02:43,760 --> 00:02:46,519 Speaker 3: came here in two thousand and five, has spent twenty 52 00:02:46,680 --> 00:02:47,960 Speaker 3: years with one franchise. 53 00:02:48,520 --> 00:02:49,600 Speaker 4: Again, he won a title. 54 00:02:49,680 --> 00:02:53,040 Speaker 3: But it also is a lesson on perseverance, on grit, 55 00:02:53,400 --> 00:02:57,200 Speaker 3: staying with it, on loyalty. It's what sports does in 56 00:02:57,240 --> 00:03:01,600 Speaker 3: a world of geopolitical craziness. Here's rushat Canada and US 57 00:03:01,600 --> 00:03:04,600 Speaker 3: and the rest of the world celebrating one man's accomplishment 58 00:03:04,760 --> 00:03:05,400 Speaker 3: is pretty cool. 59 00:03:05,880 --> 00:03:08,360 Speaker 2: It is the reason we love sports. Another reminder of 60 00:03:08,360 --> 00:03:11,639 Speaker 2: why we love sports and some of the shifting tides, 61 00:03:11,760 --> 00:03:13,840 Speaker 2: I think in a very positive way about what is 62 00:03:13,880 --> 00:03:17,519 Speaker 2: really capturing our attention. We are recording this on Monday afternoon. 63 00:03:17,639 --> 00:03:19,400 Speaker 2: So we don't know what's going to happen with the 64 00:03:19,480 --> 00:03:23,120 Speaker 2: men's championship. We do know that Duke University is not 65 00:03:23,120 --> 00:03:26,120 Speaker 2: going to be in it, which was upsetting for a 66 00:03:26,160 --> 00:03:29,880 Speaker 2: lot of people, especially in the brackets for a cause contest, 67 00:03:29,880 --> 00:03:32,320 Speaker 2: which you're a part of that Bloomberg does here. A 68 00:03:32,480 --> 00:03:34,440 Speaker 2: lot of Duke fans are a lot of people who 69 00:03:34,520 --> 00:03:37,480 Speaker 2: at least picked Duke. I mean, even our chairman Peter Grouer, 70 00:03:37,520 --> 00:03:39,560 Speaker 2: who went to the University of North Carolina. He had 71 00:03:39,600 --> 00:03:42,600 Speaker 2: picked Duke, and so he was both sad and happy. 72 00:03:42,640 --> 00:03:44,600 Speaker 2: I think he was sad for his bracket, but happy 73 00:03:44,680 --> 00:03:46,840 Speaker 2: as a tar heel to see Duke lose. That was 74 00:03:46,840 --> 00:03:50,360 Speaker 2: a huge upset. So tonight University of Houston and University 75 00:03:50,360 --> 00:03:53,320 Speaker 2: of Florida will play. By the time people are listening 76 00:03:53,360 --> 00:03:55,320 Speaker 2: to this, they'll know who the champion is. But we 77 00:03:55,360 --> 00:03:57,320 Speaker 2: do know who the champion is. On the women's side, 78 00:03:57,560 --> 00:04:04,960 Speaker 2: Yukon absolutely dominant, a reminder of that amazing history of 79 00:04:05,000 --> 00:04:09,680 Speaker 2: that franchise. Gino Orieama delivers the twelfth national championship, a 80 00:04:09,760 --> 00:04:12,440 Speaker 2: record there, a record for him. He is the winningest 81 00:04:12,480 --> 00:04:16,479 Speaker 2: college coach in terms of championships ever in basketball It's 82 00:04:16,680 --> 00:04:20,080 Speaker 2: just an amazing accompliment. Sue Byrd another callback to one 83 00:04:20,120 --> 00:04:22,920 Speaker 2: of our previous guests on the deal she played there, 84 00:04:23,360 --> 00:04:27,040 Speaker 2: Azy Fudd was the most outstanding player and fun fact, 85 00:04:27,320 --> 00:04:30,160 Speaker 2: asy Fudd was featured in the series Athlete Empire here 86 00:04:30,200 --> 00:04:34,360 Speaker 2: at Bloomberg Originals, the pilot episode of which was young 87 00:04:34,400 --> 00:04:38,360 Speaker 2: Man from Miami Alex Rodriguez and all of his business activities. 88 00:04:38,400 --> 00:04:40,680 Speaker 2: That's how you and I met, that's, you know, where 89 00:04:40,720 --> 00:04:42,840 Speaker 2: all this great stuff started. So I don't know how 90 00:04:42,920 --> 00:04:45,680 Speaker 2: much you dug into basketball over the weekend, but it 91 00:04:45,760 --> 00:04:46,440 Speaker 2: was fun to watch. 92 00:04:46,600 --> 00:04:47,560 Speaker 4: Well, I got to tell you. 93 00:04:47,640 --> 00:04:49,599 Speaker 3: I mean you talked about the coach Gino, I mean 94 00:04:49,680 --> 00:04:52,520 Speaker 3: his twelfth title. I mean he's become the modern day 95 00:04:52,600 --> 00:04:57,120 Speaker 3: John Wooden. They have now officially become the territory of 96 00:04:57,320 --> 00:05:01,240 Speaker 3: the Lakers, the Cowboys, the Yankees, the best of the best. 97 00:05:01,360 --> 00:05:03,919 Speaker 3: And it's great for sports and the domination and what 98 00:05:04,000 --> 00:05:06,680 Speaker 3: he's done for so many years. There's so many lessons, 99 00:05:06,680 --> 00:05:09,919 Speaker 3: whether it's business or sports or just humanity of how 100 00:05:09,960 --> 00:05:13,239 Speaker 3: difficult it is to be consistent and great for that long. 101 00:05:13,960 --> 00:05:16,080 Speaker 4: Hats off and they deserve a lot of flowers. 102 00:05:16,400 --> 00:05:19,520 Speaker 2: Yeah, and it's interesting to think about Gino's tenure there 103 00:05:19,560 --> 00:05:23,880 Speaker 2: because it was probably surprising for people to be reminded 104 00:05:24,200 --> 00:05:26,600 Speaker 2: they had not won a title since twenty sixteen, so 105 00:05:26,680 --> 00:05:28,719 Speaker 2: it had been a bit of a drought for Yukon. 106 00:05:28,920 --> 00:05:32,480 Speaker 2: You know, Pagebeckers had made it to four final fours 107 00:05:32,560 --> 00:05:35,560 Speaker 2: during her tenure. She of course, is the presumptive number 108 00:05:35,600 --> 00:05:39,279 Speaker 2: one pick in the WNBA draft coming up later this month, 109 00:05:39,839 --> 00:05:43,000 Speaker 2: so they obviously were on the cusp of doing it again, 110 00:05:43,080 --> 00:05:45,720 Speaker 2: but they had not won it all. They faced off 111 00:05:45,760 --> 00:05:48,640 Speaker 2: against Don Staley's University of South Carolina. They were looking 112 00:05:48,680 --> 00:05:52,919 Speaker 2: to repeat, and really the storyline was, really, you know, 113 00:05:53,040 --> 00:05:56,520 Speaker 2: could Don Staley establish a full on dynasty at University 114 00:05:56,560 --> 00:05:59,120 Speaker 2: of South Carolina? May have to wait a little bit longer. 115 00:05:59,279 --> 00:06:03,960 Speaker 2: So the women's game, there's so much enthusiasm around it. 116 00:06:04,080 --> 00:06:06,760 Speaker 2: You saw the crowds there in Tampa through the whole 117 00:06:06,760 --> 00:06:10,359 Speaker 2: weekend for the Final four. A really a big reminder 118 00:06:10,640 --> 00:06:15,160 Speaker 2: of how big that game has become. Especially in March Madness. 119 00:06:15,440 --> 00:06:18,479 Speaker 2: There is something very close to parody when it comes 120 00:06:18,600 --> 00:06:21,440 Speaker 2: to who's watching, how many people are tuning in. We'll 121 00:06:21,440 --> 00:06:23,640 Speaker 2: see what the final numbers are. But that was the 122 00:06:23,680 --> 00:06:26,920 Speaker 2: matchup that everybody wanted, was Yukon South Carolina. 123 00:06:27,120 --> 00:06:29,120 Speaker 3: Yeah, I think you're one hundred percent right, Jason. You 124 00:06:29,160 --> 00:06:32,720 Speaker 3: know Yukon said to South Carolina as far as the 125 00:06:32,800 --> 00:06:36,479 Speaker 3: dynasty goes, not so fast, right, We're back on top 126 00:06:36,480 --> 00:06:36,920 Speaker 3: of the hill. 127 00:06:37,000 --> 00:06:37,440 Speaker 2: That's right. 128 00:06:37,480 --> 00:06:40,080 Speaker 3: And if you're Yukon and you're part of that ecosystem, 129 00:06:40,160 --> 00:06:42,600 Speaker 3: I mean not bad. Three titles in three years, two 130 00:06:42,640 --> 00:06:46,320 Speaker 3: from the men's one from the women's basketball, complete domination 131 00:06:46,360 --> 00:06:49,279 Speaker 3: when it comes to hoops, and then from the business lesson. 132 00:06:49,320 --> 00:06:52,520 Speaker 3: Here is if anyone thought, you know, there's allway skeptics 133 00:06:52,520 --> 00:06:54,479 Speaker 3: out there there say, oh, women's sports, I'm not sure 134 00:06:54,480 --> 00:06:57,200 Speaker 3: it's not going to happen again. Not so fast. We're 135 00:06:57,240 --> 00:06:58,880 Speaker 3: here and we're here to stay, and we're only going 136 00:06:58,960 --> 00:07:00,960 Speaker 3: to get bigger and better. And by the way, they 137 00:07:01,000 --> 00:07:04,080 Speaker 3: also say, the product's always been good in women's sports. 138 00:07:04,400 --> 00:07:07,159 Speaker 3: Now we have the attention, we're putting marketing dollars behind them, 139 00:07:07,600 --> 00:07:11,160 Speaker 3: and we have the right partners involved. So Women's Sports 140 00:07:11,680 --> 00:07:13,760 Speaker 3: Newsflash is here to stay well. 141 00:07:13,760 --> 00:07:17,240 Speaker 2: And that is a great transition to our guests coming up, 142 00:07:17,480 --> 00:07:20,480 Speaker 2: Jessica Berman. She is the commissioner of the National Women's 143 00:07:20,480 --> 00:07:22,400 Speaker 2: Soccer League. We're going to talk to her about everything 144 00:07:22,440 --> 00:07:25,880 Speaker 2: that's happened. The valuations have gone bananas, I think is 145 00:07:25,920 --> 00:07:28,680 Speaker 2: the technical term during her tenure. Over the last few years, 146 00:07:28,920 --> 00:07:32,320 Speaker 2: we've talked to several owners of teams here on this program. 147 00:07:32,400 --> 00:07:35,760 Speaker 2: So all right, Coming up Jessica Berman. She is the 148 00:07:36,280 --> 00:07:50,880 Speaker 2: commissioner of the National Women's Soccer League. Hi, everyone, welcome 149 00:07:50,880 --> 00:07:53,559 Speaker 2: back to The Deal. I'm Jason Kelly alongside my partner 150 00:07:53,600 --> 00:07:57,240 Speaker 2: Alex Rodriguez. We are so excited to have a good 151 00:07:57,240 --> 00:08:01,160 Speaker 2: pal of mine join the podcast. Joined the Deal. It's 152 00:08:01,240 --> 00:08:04,000 Speaker 2: Jessica Berman. She is the commissioner of the National Women's 153 00:08:04,000 --> 00:08:04,640 Speaker 2: Soccer League. 154 00:08:04,640 --> 00:08:06,920 Speaker 1: Hey, Hi, so fun to be with you. 155 00:08:07,480 --> 00:08:09,920 Speaker 2: Well, I'm very excited for the two of you to 156 00:08:09,960 --> 00:08:13,160 Speaker 2: meet officially because I talk about you all the time. 157 00:08:13,360 --> 00:08:17,800 Speaker 2: We've talked a lot about women's soccer on this show. 158 00:08:17,920 --> 00:08:21,920 Speaker 2: It's having an incredible more than a moment right now. 159 00:08:22,240 --> 00:08:26,320 Speaker 2: But as we get underway of your season here, what's 160 00:08:26,360 --> 00:08:28,120 Speaker 2: the vibe, what are you learning? What's sort of the 161 00:08:28,200 --> 00:08:29,760 Speaker 2: underlying business feel like to you? 162 00:08:29,880 --> 00:08:31,760 Speaker 5: Well, first of all, it's fun to be with you, 163 00:08:31,960 --> 00:08:34,520 Speaker 5: and I know that you're our number one fan. 164 00:08:34,640 --> 00:08:37,559 Speaker 1: Jason, so excited to bring Alex along. 165 00:08:38,080 --> 00:08:40,920 Speaker 5: I love that you use the word vibe in your question, 166 00:08:41,120 --> 00:08:45,400 Speaker 5: because we actually just concluded market research with our fans 167 00:08:45,600 --> 00:08:49,520 Speaker 5: and the number one word used to describe the nwsl 168 00:08:49,640 --> 00:08:53,480 Speaker 5: unprompted across our data set was vibes. 169 00:08:54,000 --> 00:08:57,200 Speaker 1: That was a nut word. Yes, yes, but the vibes 170 00:08:57,240 --> 00:08:57,679 Speaker 1: are good. 171 00:08:58,200 --> 00:09:02,680 Speaker 5: We had three weeks of our season already in twenty 172 00:09:02,760 --> 00:09:07,040 Speaker 5: twenty five, and everything has been incredible. We launched our 173 00:09:07,040 --> 00:09:10,760 Speaker 5: first ever original content docu series, called for the Win, 174 00:09:11,320 --> 00:09:15,719 Speaker 5: on Amazon Prime, which really helped with our priority the 175 00:09:15,760 --> 00:09:19,800 Speaker 5: season of storytelling. We did a full takeover of Times 176 00:09:19,840 --> 00:09:24,400 Speaker 5: Square where we had our players' full body images projected 177 00:09:24,559 --> 00:09:27,199 Speaker 5: in the center of Time Square for the full four 178 00:09:27,240 --> 00:09:30,440 Speaker 5: weeks of the start of our season. We opened with 179 00:09:30,480 --> 00:09:34,360 Speaker 5: the Challenge Cup with basically a rematch of the championship 180 00:09:34,400 --> 00:09:38,680 Speaker 5: between the Orlando Pride and the Washington Spirit, and just 181 00:09:38,720 --> 00:09:40,840 Speaker 5: been an incredible start to the season. 182 00:09:41,240 --> 00:09:41,880 Speaker 1: Of course, there's. 183 00:09:41,760 --> 00:09:43,439 Speaker 5: Stuff on the business side too, but I know that's 184 00:09:43,440 --> 00:09:44,880 Speaker 5: the stuff you're going to ask me about. 185 00:09:44,920 --> 00:09:48,200 Speaker 2: So what is the biggest business initiative for twenty five, Well. 186 00:09:48,080 --> 00:09:54,600 Speaker 5: We announced our Team sixteen expansion deal with Denver, and 187 00:09:55,080 --> 00:09:59,240 Speaker 5: that is the biggest investment ever made in the history 188 00:09:59,720 --> 00:10:04,520 Speaker 5: of women's sports at one time. In one transaction, several 189 00:10:04,640 --> 00:10:09,640 Speaker 5: hundred million dollars committed to be invested in Denver with 190 00:10:09,720 --> 00:10:14,760 Speaker 5: a purpose built facility both stadium and training facility. And 191 00:10:14,800 --> 00:10:16,880 Speaker 5: of course the expansion feeds a league of one hundred 192 00:10:16,920 --> 00:10:19,760 Speaker 5: and ten million dollars. And you know, because you've been 193 00:10:19,760 --> 00:10:24,360 Speaker 5: covering us since before I came in here, that valuations 194 00:10:24,400 --> 00:10:27,040 Speaker 5: before twenty twenty two were in. 195 00:10:26,920 --> 00:10:28,800 Speaker 1: The five million range. 196 00:10:28,920 --> 00:10:34,000 Speaker 5: So franchise valuations have grown exponentially, and our most recent 197 00:10:34,040 --> 00:10:37,640 Speaker 5: transaction is a testament to that, and spending a lot 198 00:10:37,679 --> 00:10:40,920 Speaker 5: of time with Boston and Denver making sure they're ready 199 00:10:40,960 --> 00:10:43,199 Speaker 5: to launch a year from now. 200 00:10:43,320 --> 00:10:46,280 Speaker 3: Basically, Jessica, I have a friend that is part of 201 00:10:46,280 --> 00:10:48,440 Speaker 3: the LP group of Denver, and I can tell you 202 00:10:48,520 --> 00:10:52,000 Speaker 3: that they're wildly excited about the opportunity, about the investment, 203 00:10:52,559 --> 00:10:55,720 Speaker 3: about the early feedback from season tickets, and all the 204 00:10:55,760 --> 00:10:57,000 Speaker 3: excitement they've piloted. 205 00:10:57,640 --> 00:10:59,040 Speaker 4: It's been really through the roof. 206 00:10:59,120 --> 00:11:01,760 Speaker 3: My question is you mentioned in twenty two sub five 207 00:11:01,840 --> 00:11:04,880 Speaker 3: million dollars and now you're talking about north of one hundred. 208 00:11:05,400 --> 00:11:07,560 Speaker 3: Is there any concern as a leader of the league 209 00:11:08,080 --> 00:11:12,000 Speaker 3: that values are rising too quickly and is that sustainable? 210 00:11:12,040 --> 00:11:12,959 Speaker 4: How do you feel about that. 211 00:11:13,080 --> 00:11:15,640 Speaker 5: It's definitely an appropriate question to ask. You know, we 212 00:11:15,679 --> 00:11:18,400 Speaker 5: look at it through the lens of really twofold number 213 00:11:18,400 --> 00:11:24,760 Speaker 5: one to ensure that demand significantly outpaces supply so that 214 00:11:24,920 --> 00:11:28,000 Speaker 5: we can see a path to the continued growth in 215 00:11:28,040 --> 00:11:30,800 Speaker 5: the future. And ultimately those are the underpinnings of the 216 00:11:30,840 --> 00:11:33,520 Speaker 5: economic analysis that will continue to drive value. But also 217 00:11:33,559 --> 00:11:36,760 Speaker 5: looking at the core tenants of our business, and a 218 00:11:36,760 --> 00:11:38,760 Speaker 5: lot of what we've worked on over my first three 219 00:11:38,840 --> 00:11:42,880 Speaker 5: years here is really building the operational rigor and professionalization 220 00:11:43,000 --> 00:11:46,480 Speaker 5: of the league office, and we've built out an entire 221 00:11:46,559 --> 00:11:49,760 Speaker 5: business operations team that's working hand in hand with our 222 00:11:49,800 --> 00:11:53,040 Speaker 5: clubs to help them to drive revenue. And so ultimately 223 00:11:53,040 --> 00:11:57,520 Speaker 5: the thing that drives valuations from a metrics perspective is 224 00:11:57,600 --> 00:12:00,480 Speaker 5: revenue multiples, and so we got to keep drive up 225 00:12:00,520 --> 00:12:05,560 Speaker 5: those repeatable revenue sources. Looking at sponsorship, ticketing, and media rights. 226 00:12:05,640 --> 00:12:08,520 Speaker 5: We're in the second year of a four year deal 227 00:12:09,120 --> 00:12:13,240 Speaker 5: in our current media rights cycle, and most recently we 228 00:12:13,320 --> 00:12:17,200 Speaker 5: had our most watched game ever on ESPN, which was 229 00:12:17,200 --> 00:12:20,280 Speaker 5: incredible to have and see, and to just continuing to 230 00:12:20,320 --> 00:12:24,360 Speaker 5: see the growth in each season with those big moments 231 00:12:24,640 --> 00:12:27,200 Speaker 5: that we're going to continue to drive towards throughout the 232 00:12:27,200 --> 00:12:28,160 Speaker 5: twenty twenty five season. 233 00:12:28,360 --> 00:12:29,000 Speaker 4: Yeah, Jessicau. 234 00:12:29,000 --> 00:12:31,600 Speaker 3: So one quick follow up on that, So, second year 235 00:12:31,640 --> 00:12:34,440 Speaker 3: of a four year deal, it's obvious the metrics suggest 236 00:12:34,480 --> 00:12:38,040 Speaker 3: that you've overperformed, right, which is always good. You know, 237 00:12:38,360 --> 00:12:40,320 Speaker 3: a guy like Roger Goodell with the NFL, he has 238 00:12:40,360 --> 00:12:42,440 Speaker 3: an opt out clause and he can take advantage of 239 00:12:42,520 --> 00:12:45,559 Speaker 3: the metrics that they're doing. Do you feel like, oh, 240 00:12:45,640 --> 00:12:47,360 Speaker 3: I left some on the table or do you just 241 00:12:47,440 --> 00:12:49,480 Speaker 3: kind of pack your lunch and get ready for the 242 00:12:49,520 --> 00:12:52,480 Speaker 3: next negotiation and say, bucket your seat built, we're coming 243 00:12:52,480 --> 00:12:53,480 Speaker 3: hard and we're coming strong. 244 00:12:53,880 --> 00:12:54,480 Speaker 1: Good question. 245 00:12:54,800 --> 00:12:58,400 Speaker 5: We went four years very intentionally, which was much shorter 246 00:12:58,480 --> 00:13:01,440 Speaker 5: than any of our new partner wanted us to go. 247 00:13:01,559 --> 00:13:03,520 Speaker 1: And we did that because we felt. 248 00:13:03,360 --> 00:13:07,320 Speaker 5: Like we needed enough consistency as an emerging challenger property 249 00:13:07,360 --> 00:13:10,720 Speaker 5: to establish the viewership numbers year over year and also 250 00:13:11,080 --> 00:13:14,680 Speaker 5: bring our sponsors to the table to support the investment 251 00:13:14,800 --> 00:13:18,840 Speaker 5: in advertising, so that our four partners hopefully want to 252 00:13:18,840 --> 00:13:21,600 Speaker 5: renew with us and want to have those discussions, and 253 00:13:22,000 --> 00:13:23,640 Speaker 5: of course they'll give us an opportunity to go to 254 00:13:23,679 --> 00:13:27,360 Speaker 5: the broader marketplace to make sure we're getting the all 255 00:13:27,600 --> 00:13:30,840 Speaker 5: evaluating all the options for the league, but we really 256 00:13:30,880 --> 00:13:34,559 Speaker 5: wanted to have our deal be long enough that each 257 00:13:34,600 --> 00:13:39,680 Speaker 5: of Amazon, ESPN, CBS and Script's Ion had skin in 258 00:13:39,679 --> 00:13:42,199 Speaker 5: the game to be able to invest in us, because 259 00:13:42,280 --> 00:13:45,720 Speaker 5: no matter how much we spend in marketing, we will 260 00:13:45,760 --> 00:13:49,440 Speaker 5: never be able to match what the value of an 261 00:13:49,440 --> 00:13:54,720 Speaker 5: investment is when, for example, in March Madness, when ESPN 262 00:13:55,160 --> 00:13:59,800 Speaker 5: and CBS were running lower thirds and ads for the NWSL, 263 00:14:00,080 --> 00:14:04,160 Speaker 5: they had ten to fifteen million people tuning in for 264 00:14:04,280 --> 00:14:05,920 Speaker 5: men's and women's March Madness. 265 00:14:06,440 --> 00:14:08,200 Speaker 1: That is so valuable to us. 266 00:14:08,280 --> 00:14:10,360 Speaker 5: And if we had an opt out, or if we 267 00:14:10,400 --> 00:14:12,920 Speaker 5: had a two year deal or even a three year deal, 268 00:14:13,200 --> 00:14:15,320 Speaker 5: I'm not sure it would make sense for them to 269 00:14:15,760 --> 00:14:18,440 Speaker 5: invest in us the way that we're seeing them invest 270 00:14:18,480 --> 00:14:18,800 Speaker 5: in us. 271 00:14:18,840 --> 00:14:20,120 Speaker 1: And we really want. 272 00:14:19,880 --> 00:14:22,480 Speaker 5: Them to view us as partners and we're growing this 273 00:14:22,520 --> 00:14:25,480 Speaker 5: business together. We want them to be winners in this 274 00:14:25,600 --> 00:14:27,920 Speaker 5: and we want to over deliver for them in every 275 00:14:27,920 --> 00:14:30,080 Speaker 5: single year of the deal so that they feel good 276 00:14:30,160 --> 00:14:31,080 Speaker 5: about their investment. 277 00:14:31,400 --> 00:14:33,840 Speaker 2: And so as you look across those media partners, just 278 00:14:33,840 --> 00:14:36,480 Speaker 2: sticking with this, what have you learned about your viewer? 279 00:14:36,560 --> 00:14:38,960 Speaker 2: What have you learned about the product, when it comes 280 00:14:39,040 --> 00:14:43,360 Speaker 2: to the watchability of it. You know what different platforms 281 00:14:43,400 --> 00:14:46,000 Speaker 2: deliver in terms of demos, like, what are the key 282 00:14:46,080 --> 00:14:49,400 Speaker 2: learnings from media From the media side so far, Yeah. 283 00:14:49,040 --> 00:14:49,480 Speaker 1: So far. 284 00:14:49,880 --> 00:14:53,600 Speaker 5: Our average age is one of the lowest, if not 285 00:14:53,720 --> 00:14:57,880 Speaker 5: the lowest, across all live rights holders, which is consistent 286 00:14:57,920 --> 00:15:00,800 Speaker 5: with what we would have thought from to sales and 287 00:15:01,160 --> 00:15:05,000 Speaker 5: other research we've done. So that's good check. That's what 288 00:15:05,080 --> 00:15:09,480 Speaker 5: brands are looking for. Our audience is very multicultural. Our 289 00:15:09,520 --> 00:15:15,400 Speaker 5: audience skews heavily female, or more heavily female than other sports, 290 00:15:15,640 --> 00:15:18,640 Speaker 5: not exclusively. I believe we're around sixty to sixty five 291 00:15:18,680 --> 00:15:22,720 Speaker 5: percent female as of the latest data, and we know 292 00:15:22,800 --> 00:15:26,360 Speaker 5: that women control eighty percent of households spend, and so 293 00:15:27,480 --> 00:15:30,480 Speaker 5: really triangulating that from a business perspective. 294 00:15:30,040 --> 00:15:31,160 Speaker 1: Is super important. 295 00:15:31,560 --> 00:15:36,320 Speaker 5: We also know that the audience is very balanced, even 296 00:15:36,360 --> 00:15:39,200 Speaker 5: for us in terms of people watching on linear and 297 00:15:39,240 --> 00:15:41,800 Speaker 5: people watching on their devices or streaming. 298 00:15:42,480 --> 00:15:45,120 Speaker 1: The advent of fast channels and. 299 00:15:45,360 --> 00:15:48,280 Speaker 5: Being able to have our games in places and spaces 300 00:15:48,320 --> 00:15:52,160 Speaker 5: where people consume live content. It isn't just on streaming, 301 00:15:52,280 --> 00:15:55,600 Speaker 5: but it is an important vehicle for us to reach 302 00:15:55,680 --> 00:15:59,520 Speaker 5: particular fans who are not watching traditionally at least not 303 00:16:00,360 --> 00:16:03,160 Speaker 5: week over week for particular regular season games. 304 00:16:03,160 --> 00:16:04,840 Speaker 1: So we're learning a lot. 305 00:16:05,080 --> 00:16:10,520 Speaker 5: Having partners like Amazon are incredible for that. They really 306 00:16:10,600 --> 00:16:14,520 Speaker 5: know how to learn their customer and they're helping us 307 00:16:14,560 --> 00:16:18,640 Speaker 5: get smarter about how we serve our fans, and we're 308 00:16:18,720 --> 00:16:22,360 Speaker 5: leveraging all those insights across the full slate of our platforms. 309 00:16:22,840 --> 00:16:25,080 Speaker 2: So I want to go back to expansion for a 310 00:16:25,080 --> 00:16:28,560 Speaker 2: second if we can, because you've been pretty aggressive there. 311 00:16:28,680 --> 00:16:32,440 Speaker 2: You talked about Boston and Denver coming online next year. 312 00:16:33,000 --> 00:16:36,320 Speaker 2: You have made some comments recently about, you know, continuing 313 00:16:36,360 --> 00:16:38,640 Speaker 2: to expand. I think I saw something and keep me 314 00:16:38,680 --> 00:16:42,080 Speaker 2: honest here, that you think you could get to NFL sized, 315 00:16:42,160 --> 00:16:44,680 Speaker 2: you know, at a thirty ish type of number, which 316 00:16:44,720 --> 00:16:46,640 Speaker 2: would you know, I'm not that good at math, but 317 00:16:46,680 --> 00:16:49,600 Speaker 2: that's close to double what you are. Now, what's the 318 00:16:49,600 --> 00:16:52,760 Speaker 2: business case sort of city per city? What is the 319 00:16:52,880 --> 00:16:57,040 Speaker 2: process you go through to make those selections and also 320 00:16:57,320 --> 00:16:58,920 Speaker 2: to figure out what the right pace is. 321 00:16:59,560 --> 00:17:03,280 Speaker 5: Yeah, well, I think at every stage of growth and 322 00:17:03,360 --> 00:17:07,160 Speaker 5: at every decision point where we're thinking about our next 323 00:17:07,280 --> 00:17:10,200 Speaker 5: round of expansion, you have to look at the state 324 00:17:10,200 --> 00:17:13,280 Speaker 5: of the business in terms of the geographic footprint of 325 00:17:13,320 --> 00:17:17,000 Speaker 5: our country and where we believe there are markets that 326 00:17:17,119 --> 00:17:21,240 Speaker 5: the NWSL could be successful, which spoiler alert, there are 327 00:17:21,280 --> 00:17:24,560 Speaker 5: many markets where we are not currently operating that we 328 00:17:24,680 --> 00:17:27,440 Speaker 5: know we will be successful if we had a team. 329 00:17:27,480 --> 00:17:28,920 Speaker 1: There so no. 330 00:17:29,000 --> 00:17:33,200 Speaker 5: Question on the ability for the footprint to be sustainable 331 00:17:33,240 --> 00:17:35,879 Speaker 5: in terms of it continuing to scale and ultimately, yes, 332 00:17:36,080 --> 00:17:38,200 Speaker 5: getting up to thirty thirty two teams. 333 00:17:38,680 --> 00:17:40,560 Speaker 1: The way we'll make those decisions in. 334 00:17:40,480 --> 00:17:44,240 Speaker 5: Real time is I think mostly evaluated through the lens 335 00:17:44,359 --> 00:17:48,560 Speaker 5: of the talent pipeline for players and technical staff, because 336 00:17:48,640 --> 00:17:53,760 Speaker 5: ultimately the growth needs to really be rationalized through the 337 00:17:53,840 --> 00:17:57,280 Speaker 5: lens of whether the game itself, which is our product, 338 00:17:57,359 --> 00:17:58,719 Speaker 5: can support that growth. 339 00:17:58,760 --> 00:17:59,879 Speaker 1: And so we're sending a. 340 00:17:59,840 --> 00:18:03,920 Speaker 5: Lot of time thinking about how we develop the path 341 00:18:04,119 --> 00:18:08,080 Speaker 5: pro what are the investments we should be making, how 342 00:18:08,119 --> 00:18:12,440 Speaker 5: we should steer the ecosystem working with US Soccer, and 343 00:18:12,600 --> 00:18:14,840 Speaker 5: a lot of those conversations are very much underway and 344 00:18:14,840 --> 00:18:18,000 Speaker 5: are a specific strategic priority in twenty twenty five for 345 00:18:18,160 --> 00:18:21,560 Speaker 5: us to better understand and analyze and ultimately make a 346 00:18:21,600 --> 00:18:24,000 Speaker 5: recommendation to our board so that we could be in 347 00:18:24,000 --> 00:18:26,520 Speaker 5: a position of strength as we choose to expand in 348 00:18:26,560 --> 00:18:28,879 Speaker 5: the future. I will say, just going back to the 349 00:18:28,920 --> 00:18:34,320 Speaker 5: conversation around Denver, they announced this week that they have 350 00:18:34,480 --> 00:18:38,240 Speaker 5: sold over ten thousand season ticket deposits, and. 351 00:18:38,200 --> 00:18:39,760 Speaker 1: That's in under two months. 352 00:18:39,960 --> 00:18:44,400 Speaker 5: So we know the demand is there and the success 353 00:18:44,440 --> 00:18:48,200 Speaker 5: of our expansion teams will dictate and continue to build 354 00:18:48,240 --> 00:18:51,359 Speaker 5: the confidence that we need to see in order to 355 00:18:51,400 --> 00:18:52,280 Speaker 5: continue to expand. 356 00:18:52,560 --> 00:18:55,160 Speaker 3: Jessica, you have this exceptional background. You went to Michigan, 357 00:18:55,240 --> 00:18:56,920 Speaker 3: then you went You had a lot of grift ford them. 358 00:18:57,080 --> 00:19:00,520 Speaker 3: You worked thirteen years in the NHL. We also worked 359 00:19:00,560 --> 00:19:04,320 Speaker 3: for a smaller league in the NLL, which is lacrosse. 360 00:19:04,880 --> 00:19:07,320 Speaker 3: I guess from your landscape when you zoom out and 361 00:19:07,359 --> 00:19:09,440 Speaker 3: you look at some of the great things the big 362 00:19:09,480 --> 00:19:11,760 Speaker 3: three are doing in the leagues wise NFL and will 363 00:19:11,800 --> 00:19:14,280 Speaker 3: be an NBA, what are some of the things that 364 00:19:14,320 --> 00:19:16,400 Speaker 3: you can copy and paste from both the big Blue 365 00:19:16,440 --> 00:19:18,880 Speaker 3: Chippers and some of the younger leagues that you think 366 00:19:18,920 --> 00:19:20,359 Speaker 3: about applying to your league. 367 00:19:20,359 --> 00:19:23,520 Speaker 5: Now, that's exactly why I wanted to take this job, 368 00:19:23,560 --> 00:19:27,000 Speaker 5: because I feel like it is the cross section of 369 00:19:27,040 --> 00:19:33,120 Speaker 5: my two tranches of experience in having worked for yes, 370 00:19:33,400 --> 00:19:36,960 Speaker 5: the National Hockey League, but also I was outside council 371 00:19:37,119 --> 00:19:39,879 Speaker 5: for those other leagues as well, working closely with the 372 00:19:39,960 --> 00:19:43,040 Speaker 5: NFL and the NBA in Major League Baseball, and then 373 00:19:43,119 --> 00:19:45,440 Speaker 5: coming to what was really more of like an emerging 374 00:19:46,520 --> 00:19:50,280 Speaker 5: challenger league in the National Lacrosse League. This league is 375 00:19:50,359 --> 00:19:53,800 Speaker 5: sort of the intersection of those two worlds. So we've 376 00:19:53,800 --> 00:19:56,600 Speaker 5: been able to sort of take from the bigger leagues 377 00:19:56,640 --> 00:20:00,440 Speaker 5: the things that we think are replicable and make sense 378 00:20:00,480 --> 00:20:04,080 Speaker 5: for us, and leave behind the things that we don't 379 00:20:04,080 --> 00:20:07,800 Speaker 5: think makes sense for us. And it's been very liberating 380 00:20:08,080 --> 00:20:14,040 Speaker 5: actually to approach each decision through an innovative lens and 381 00:20:14,280 --> 00:20:17,600 Speaker 5: to make affirmative decisions about what we think makes the 382 00:20:17,600 --> 00:20:22,560 Speaker 5: most sense for us. One example that recently we decided 383 00:20:22,800 --> 00:20:27,840 Speaker 5: in our new collective bargaining agreement to eliminate the draft, 384 00:20:28,280 --> 00:20:31,359 Speaker 5: which is crazy to imagine if you come from. 385 00:20:31,240 --> 00:20:32,199 Speaker 1: Those big leagues. 386 00:20:32,560 --> 00:20:35,920 Speaker 5: I was actually the labor lawyer representing those leagues who 387 00:20:36,520 --> 00:20:41,600 Speaker 5: negotiated to protect and build the infrastructure to support things 388 00:20:41,760 --> 00:20:46,840 Speaker 5: like reserve systems, salary arbitration, and the draft, and so 389 00:20:47,160 --> 00:20:51,240 Speaker 5: I understand the value of those things, and when I 390 00:20:51,280 --> 00:20:54,159 Speaker 5: came to this league and really analyze it through the 391 00:20:54,240 --> 00:20:57,480 Speaker 5: lens of what makes sense for our business, it didn't 392 00:20:57,920 --> 00:21:02,760 Speaker 5: satisfy our analysis, and so we made the very audacious 393 00:21:02,760 --> 00:21:06,639 Speaker 5: and bold decision to actually negotiate with our player association 394 00:21:06,800 --> 00:21:09,359 Speaker 5: to get rid of it. So imagine a world alex 395 00:21:09,400 --> 00:21:12,320 Speaker 5: where every player is who's not under contract is a 396 00:21:12,359 --> 00:21:15,080 Speaker 5: full free agent from the day they come into the league. 397 00:21:15,640 --> 00:21:19,600 Speaker 5: And that's the situation in our league really built around 398 00:21:19,600 --> 00:21:25,199 Speaker 5: this idea that we're building a player first league where 399 00:21:25,640 --> 00:21:30,840 Speaker 5: players have the I call it lowercase a agency where 400 00:21:30,880 --> 00:21:34,080 Speaker 5: they want to play, and I think for women in particular, 401 00:21:34,480 --> 00:21:38,840 Speaker 5: that's important. But it's also just important given the global 402 00:21:39,400 --> 00:21:44,160 Speaker 5: competition we face for player talent, where in soccer outside 403 00:21:44,200 --> 00:21:46,600 Speaker 5: of the US, there is no such thing as a draft, 404 00:21:46,720 --> 00:21:49,520 Speaker 5: and there is no such thing as a reserve team, 405 00:21:49,880 --> 00:21:52,440 Speaker 5: and there definitely is no such thing as salary arbitration. 406 00:21:52,720 --> 00:21:54,879 Speaker 5: And so if we want to put ourselves in a 407 00:21:54,880 --> 00:21:57,119 Speaker 5: position to compete for the best players in the world, 408 00:21:57,200 --> 00:22:00,160 Speaker 5: and we believe we are the best league in the world, 409 00:22:00,160 --> 00:22:03,560 Speaker 5: to face some really important existential questions like that one. 410 00:22:03,840 --> 00:22:08,320 Speaker 2: And so just before we leave this draft, no draft conversation, 411 00:22:08,480 --> 00:22:11,560 Speaker 2: like what's the risk you had to analyze in making 412 00:22:11,560 --> 00:22:15,840 Speaker 2: that bold of a decision, Because I'm guessing that didn't 413 00:22:15,920 --> 00:22:18,159 Speaker 2: just like sail through the board. I'm guessing with some 414 00:22:18,200 --> 00:22:22,280 Speaker 2: pretty vibrant discussion, shall we say how did that go? 415 00:22:22,560 --> 00:22:23,359 Speaker 1: Yeah? 416 00:22:23,400 --> 00:22:26,000 Speaker 5: Absolutely, And I would say vibrant discussion not just with 417 00:22:26,040 --> 00:22:29,000 Speaker 5: the board but even internally at the league office to 418 00:22:29,200 --> 00:22:32,840 Speaker 5: really challenge ourselves to ask. 419 00:22:32,600 --> 00:22:35,200 Speaker 1: The question, is this the right decision? I'd say there's two. 420 00:22:35,640 --> 00:22:39,840 Speaker 5: There are two potential risk factors which we obviously got over, 421 00:22:40,240 --> 00:22:43,520 Speaker 5: but that we considered very heavily. The first is that 422 00:22:44,200 --> 00:22:47,240 Speaker 5: in a world where we're all looking for three hundred 423 00:22:47,240 --> 00:22:51,600 Speaker 5: and sixty five days a year, programming, the draft for 424 00:22:51,720 --> 00:22:54,600 Speaker 5: professional sports leagues is a really helpful touch point with 425 00:22:54,680 --> 00:22:59,560 Speaker 5: fans in the off season. So it creates stories, it 426 00:22:59,600 --> 00:23:03,199 Speaker 5: gives people are recent to pay attention, It shortens the 427 00:23:03,240 --> 00:23:06,800 Speaker 5: off season from a content and promotion perspective, and those 428 00:23:06,840 --> 00:23:10,720 Speaker 5: things actually matter. So you know, we are still thinking 429 00:23:10,760 --> 00:23:12,800 Speaker 5: about how we're going to fill that gap because we 430 00:23:12,840 --> 00:23:15,359 Speaker 5: did not fill that gap this past year, and we felt. 431 00:23:15,119 --> 00:23:16,480 Speaker 1: It in the off season candidly. 432 00:23:16,840 --> 00:23:19,480 Speaker 5: So you know, whether we do a combine or something 433 00:23:19,520 --> 00:23:23,120 Speaker 5: else that is a relevant touch point in the off 434 00:23:23,119 --> 00:23:27,640 Speaker 5: season that is a very useful output of the draft. 435 00:23:28,280 --> 00:23:31,359 Speaker 5: The second thing that would be a risk around it 436 00:23:31,400 --> 00:23:35,959 Speaker 5: that we considered is a world where we are not 437 00:23:36,040 --> 00:23:39,360 Speaker 5: in a position to preserve the competitive balance or parity 438 00:23:39,440 --> 00:23:42,040 Speaker 5: that we have in our league, and the draft is 439 00:23:42,080 --> 00:23:45,960 Speaker 5: a very useful mechanism for forcing the redistribution of talent. 440 00:23:46,680 --> 00:23:50,239 Speaker 5: That's one of the main purposes that it serves in 441 00:23:50,280 --> 00:23:54,000 Speaker 5: our league. Because we have a salary cap, and because 442 00:23:54,720 --> 00:23:58,240 Speaker 5: there are minimum spends, and because we are the best 443 00:23:58,320 --> 00:24:00,400 Speaker 5: league in the world in terms of visibility, in terms 444 00:24:00,400 --> 00:24:03,240 Speaker 5: of investment, in terms of infrastructure, we believe that there's 445 00:24:03,280 --> 00:24:08,440 Speaker 5: incentive alignment to create a forcing function because of the markets, 446 00:24:08,480 --> 00:24:11,000 Speaker 5: because of essentially the free markets for our owners to 447 00:24:11,040 --> 00:24:15,439 Speaker 5: continue to invest and lure players to their market with 448 00:24:15,680 --> 00:24:17,800 Speaker 5: all of the reasons why a player should choose to 449 00:24:17,920 --> 00:24:21,480 Speaker 5: come there, and if that's not happening, then the league 450 00:24:21,520 --> 00:24:24,800 Speaker 5: has to think about what other levers we can pull 451 00:24:25,080 --> 00:24:28,439 Speaker 5: to ensure that there's distribution of talent across the league, 452 00:24:28,480 --> 00:24:31,160 Speaker 5: which we will and are continuing to measure. But those 453 00:24:31,160 --> 00:24:33,359 Speaker 5: are really the two pieces of it, and we really 454 00:24:33,440 --> 00:24:37,600 Speaker 5: feel like ultimately this salary cap is the most important 455 00:24:37,640 --> 00:24:42,399 Speaker 5: safety net to avoiding a situation where there's haves and 456 00:24:42,480 --> 00:24:45,439 Speaker 5: have nots, and we don't have a compelling product on 457 00:24:45,480 --> 00:24:45,919 Speaker 5: the field. 458 00:24:58,320 --> 00:25:00,280 Speaker 3: So, Jessica, you sit there as the lead during the 459 00:25:00,320 --> 00:25:02,240 Speaker 3: commission of this league and we talked about all the 460 00:25:02,359 --> 00:25:06,360 Speaker 3: metrics so far on what's going up into the right 461 00:25:06,400 --> 00:25:09,360 Speaker 3: in your league. Maybe what are one or two things 462 00:25:09,760 --> 00:25:11,880 Speaker 3: that are challenges that keep you up at night. 463 00:25:12,240 --> 00:25:18,880 Speaker 5: One challenge is really just a virtue of the country 464 00:25:18,960 --> 00:25:24,480 Speaker 5: we live in, which is that there's just such competition 465 00:25:25,320 --> 00:25:29,919 Speaker 5: for people's attention and for people's disposable income. 466 00:25:30,560 --> 00:25:33,840 Speaker 1: That is across all entertainment and sports. 467 00:25:34,520 --> 00:25:38,040 Speaker 5: And I'll go like even closer to our world, I 468 00:25:38,080 --> 00:25:42,480 Speaker 5: would say soccer. Soccer in particular, it is both amazing 469 00:25:42,600 --> 00:25:46,639 Speaker 5: and a challenge that there's just about to be a 470 00:25:46,800 --> 00:25:50,280 Speaker 5: tidal wave of soccer coming in to our country. I 471 00:25:50,320 --> 00:25:53,600 Speaker 5: think the good will outweigh the challenges. But it is 472 00:25:53,640 --> 00:25:57,280 Speaker 5: something that we are watching because it used to be 473 00:25:57,440 --> 00:26:01,840 Speaker 5: that access to the best soccer in the world was 474 00:26:02,320 --> 00:26:05,040 Speaker 5: hard to find. And the men's World Cup is going 475 00:26:05,080 --> 00:26:08,280 Speaker 5: to be here next year. Now those are the men, 476 00:26:08,520 --> 00:26:12,159 Speaker 5: so I think distinguishable in that way. We are the 477 00:26:12,200 --> 00:26:14,840 Speaker 5: best women's league in the world. So if you want 478 00:26:14,880 --> 00:26:17,480 Speaker 5: to watch the best women's soccer in the world other 479 00:26:17,520 --> 00:26:20,560 Speaker 5: than at the World Cup, which happens once every four years. 480 00:26:20,800 --> 00:26:23,320 Speaker 5: You would look to the National Women's Soccer League and 481 00:26:23,359 --> 00:26:28,119 Speaker 5: we think because of that there is incredible tailwinds for 482 00:26:28,280 --> 00:26:33,440 Speaker 5: us in our future. And back to your question, the 483 00:26:33,560 --> 00:26:37,199 Speaker 5: challenges around all of the touch points that are going 484 00:26:37,240 --> 00:26:39,640 Speaker 5: to be flowing into the market over the next few years. 485 00:26:39,680 --> 00:26:42,800 Speaker 5: Around the sport of soccer and sports in general, there's 486 00:26:42,840 --> 00:26:45,159 Speaker 5: just a lot of clutter. Like the fall, you have 487 00:26:45,200 --> 00:26:48,080 Speaker 5: the NFL, you have college football. In the spring, you 488 00:26:48,160 --> 00:26:50,520 Speaker 5: have March Madness, and then you go into the early 489 00:26:50,560 --> 00:26:52,520 Speaker 5: part of the summer and you have NBA playoffs and 490 00:26:52,600 --> 00:26:56,119 Speaker 5: NHL playoffs like almost every single summer. In the middle 491 00:26:56,119 --> 00:26:59,360 Speaker 5: of the summer you have Olympics, you have the World. 492 00:26:59,160 --> 00:27:00,720 Speaker 4: Cup, and don't forget about baseball. 493 00:27:00,760 --> 00:27:07,000 Speaker 1: Don't forget about baseball. Don't forget about baseball. 494 00:27:07,080 --> 00:27:09,560 Speaker 5: You know, there's just a lot of competition, and so 495 00:27:10,480 --> 00:27:13,639 Speaker 5: that's sort of first piece of it, I think, just 496 00:27:13,680 --> 00:27:16,399 Speaker 5: like the second piece of it is just, you know, 497 00:27:16,840 --> 00:27:23,119 Speaker 5: I think a product of having achieved some really quick success, 498 00:27:23,160 --> 00:27:25,200 Speaker 5: like we really have transformed the business in such a 499 00:27:25,200 --> 00:27:28,359 Speaker 5: short period of time. And I think back to my 500 00:27:28,520 --> 00:27:33,600 Speaker 5: first few months in this job, where the expectations. 501 00:27:32,720 --> 00:27:37,320 Speaker 1: Were so low they were so low. 502 00:27:37,840 --> 00:27:40,239 Speaker 5: And in just three years, literally it's my three year 503 00:27:40,240 --> 00:27:44,520 Speaker 5: anniversary on this job next week. In just three years, 504 00:27:44,560 --> 00:27:50,480 Speaker 5: the expectations have gone from literally nonexistent to you should 505 00:27:50,480 --> 00:27:53,680 Speaker 5: be competing with the best properties in the world, and 506 00:27:54,400 --> 00:27:57,479 Speaker 5: when are we going to have, you know, multi billion 507 00:27:57,520 --> 00:28:02,400 Speaker 5: dollar media rights deal. The expectation are very high, and 508 00:28:02,680 --> 00:28:06,159 Speaker 5: I think that creates some challenges because in order to 509 00:28:06,160 --> 00:28:08,880 Speaker 5: have sustainable growth, it has to be measured, It has 510 00:28:08,920 --> 00:28:11,880 Speaker 5: to be consistent, it has to be strategic, it has 511 00:28:11,880 --> 00:28:12,720 Speaker 5: to be sustainable. 512 00:28:13,080 --> 00:28:15,439 Speaker 2: And Jess, not to add to your worry pile and 513 00:28:15,600 --> 00:28:17,919 Speaker 2: keeping up at night pile, but like this whole notion 514 00:28:18,000 --> 00:28:21,320 Speaker 2: of the world catching up and you see what's going 515 00:28:21,320 --> 00:28:25,439 Speaker 2: on with the WSL specifically in the United Kingdom, you 516 00:28:25,560 --> 00:28:29,880 Speaker 2: see other investments in Europe and South America and elsewhere. 517 00:28:30,760 --> 00:28:34,880 Speaker 2: What are the specific things you're doing to ensure that 518 00:28:35,280 --> 00:28:37,639 Speaker 2: the best players continue to play in your league. 519 00:28:37,840 --> 00:28:40,840 Speaker 1: Well, I think it's leaning into our strengths. 520 00:28:41,000 --> 00:28:46,040 Speaker 5: So number one, this is a country that is capitalistic 521 00:28:46,440 --> 00:28:50,760 Speaker 5: and brands like to spend money in advertising. And if 522 00:28:50,800 --> 00:28:53,000 Speaker 5: you play in this league, you will be a star. 523 00:28:53,440 --> 00:28:55,320 Speaker 5: You will be a star. If you are a top player, 524 00:28:55,400 --> 00:28:57,480 Speaker 5: you will be a star, and I don't think that's 525 00:28:57,480 --> 00:28:59,880 Speaker 5: true in most other countries in the world. 526 00:29:00,240 --> 00:29:02,360 Speaker 2: And by being a starry, you mean you'll get paid. 527 00:29:02,200 --> 00:29:05,400 Speaker 1: You'll get paid, You'll get paid. I mean again, we 528 00:29:05,480 --> 00:29:07,080 Speaker 1: have a salary cap in place. 529 00:29:06,760 --> 00:29:10,360 Speaker 5: And that's to ensure the long term sustainability of this league, 530 00:29:10,360 --> 00:29:14,320 Speaker 5: which I think is critically important, and our country should 531 00:29:14,400 --> 00:29:18,320 Speaker 5: be able to support making sure that as it does 532 00:29:18,360 --> 00:29:21,400 Speaker 5: with nil, as it does in so many other places. 533 00:29:21,440 --> 00:29:24,160 Speaker 5: Like if you are a star and you are top talent, 534 00:29:24,640 --> 00:29:26,960 Speaker 5: you will get paid. That's not a problem that keeps 535 00:29:26,960 --> 00:29:29,719 Speaker 5: me up at night. So that's point one. Point two 536 00:29:30,120 --> 00:29:33,840 Speaker 5: is I think our single most important superpower is that 537 00:29:33,880 --> 00:29:37,600 Speaker 5: we are an independent league. We are independent from the 538 00:29:37,640 --> 00:29:41,320 Speaker 5: men's league, and we are independent from the federation, and 539 00:29:41,400 --> 00:29:45,840 Speaker 5: there is no other professional women's soccer league, and candidly, 540 00:29:45,920 --> 00:29:50,360 Speaker 5: most women's leagues in general sit nestled within the men's 541 00:29:50,400 --> 00:29:54,440 Speaker 5: league or the national governing body. What that means is 542 00:29:54,480 --> 00:29:58,040 Speaker 5: that there are times when you can't make the decision 543 00:29:58,040 --> 00:30:01,120 Speaker 5: that it's in your own best interest only, and we 544 00:30:01,200 --> 00:30:03,360 Speaker 5: get to make decisions that are only in our own 545 00:30:03,400 --> 00:30:05,880 Speaker 5: best interests. When I go to my owner's meeting next week, 546 00:30:06,200 --> 00:30:07,760 Speaker 5: we are going to sit in a room and talk 547 00:30:07,800 --> 00:30:10,200 Speaker 5: about the things that we need to do to drive 548 00:30:10,240 --> 00:30:12,320 Speaker 5: the growth of the NWSL to be the best league 549 00:30:12,360 --> 00:30:14,760 Speaker 5: in the world from a player, from a fan, and 550 00:30:14,760 --> 00:30:18,440 Speaker 5: from an organizational perspective, and anything else outside of that 551 00:30:18,560 --> 00:30:22,040 Speaker 5: matters only to the extent it matters to us, and 552 00:30:22,160 --> 00:30:24,080 Speaker 5: that's not always the case in terms of how decisions 553 00:30:24,080 --> 00:30:27,000 Speaker 5: are made in other places. And if I'm a player, 554 00:30:27,320 --> 00:30:29,120 Speaker 5: I want to be in a place that's investing for 555 00:30:29,240 --> 00:30:31,880 Speaker 5: me and for the growth of me and my sport 556 00:30:31,960 --> 00:30:35,040 Speaker 5: and not calibrating it based on other factors. 557 00:30:35,360 --> 00:30:38,520 Speaker 3: So, Jessica, so do you find it an asset or 558 00:30:38,560 --> 00:30:40,520 Speaker 3: a liability as some of your owners own, both the 559 00:30:40,560 --> 00:30:43,400 Speaker 3: male and the women sports and soccer. 560 00:30:43,640 --> 00:30:45,880 Speaker 5: Yeah, it's a great question, and I appreciate the question, 561 00:30:45,920 --> 00:30:48,840 Speaker 5: particularly in the context of my last answer, because what 562 00:30:48,920 --> 00:30:52,040 Speaker 5: I was talking about was from a league perspective, in 563 00:30:52,120 --> 00:30:55,320 Speaker 5: terms of our holistic enterprise level strategy. I think from 564 00:30:55,360 --> 00:30:59,200 Speaker 5: a team perspective, there's incredible economies of scale and efficiencies 565 00:30:59,240 --> 00:31:02,360 Speaker 5: that can be achieved with shared ownership structure. So long 566 00:31:02,400 --> 00:31:06,280 Speaker 5: as I'll say through the lens of let's say the 567 00:31:06,440 --> 00:31:09,960 Speaker 5: NWSL and NWSL teams, So long as the investment is 568 00:31:10,000 --> 00:31:13,520 Speaker 5: being made independently for the women's team. I think what 569 00:31:13,680 --> 00:31:18,160 Speaker 5: oftentimes happens with the property of the two that is 570 00:31:18,200 --> 00:31:21,720 Speaker 5: a challenger property or the one that is in high 571 00:31:21,800 --> 00:31:24,160 Speaker 5: growth but maybe not quite there yet in terms of 572 00:31:24,200 --> 00:31:27,200 Speaker 5: the number of zeros it's generating in revenue, is that 573 00:31:27,320 --> 00:31:31,240 Speaker 5: it's secondary or off the side of someone's desk, and 574 00:31:32,000 --> 00:31:35,600 Speaker 5: it actually should be the primary driver of investment for 575 00:31:35,680 --> 00:31:37,560 Speaker 5: growth because it is the thing that has the most 576 00:31:37,640 --> 00:31:41,360 Speaker 5: upside and unless there's somebody who's looking at it through 577 00:31:41,360 --> 00:31:44,320 Speaker 5: that strategic filter. In terms of okay, taking a step 578 00:31:44,360 --> 00:31:47,200 Speaker 5: back holistically across both of these properties, where are we 579 00:31:47,240 --> 00:31:49,520 Speaker 5: going to see growth in the next five years? It 580 00:31:49,600 --> 00:31:53,080 Speaker 5: really should be in a shared resources model from the 581 00:31:53,080 --> 00:31:56,520 Speaker 5: women's team, because there's so much opportunity that has not 582 00:31:56,560 --> 00:32:00,160 Speaker 5: been tapped into. And you know, it's not only through 583 00:32:00,160 --> 00:32:02,320 Speaker 5: the lens of a women's and a men's team. For 584 00:32:02,440 --> 00:32:07,840 Speaker 5: my NHL days, there were teams that were shared resources 585 00:32:07,840 --> 00:32:12,000 Speaker 5: with NBA NHL and similarly back in the day now 586 00:32:12,040 --> 00:32:14,600 Speaker 5: I'm taking you back like twenty years ago or more, 587 00:32:15,040 --> 00:32:18,440 Speaker 5: when the NHL was more of a niche property, we 588 00:32:18,560 --> 00:32:21,000 Speaker 5: used to say the same thing to our NBA owners, 589 00:32:21,040 --> 00:32:25,560 Speaker 5: which is like, we love that you're sharing resources and 590 00:32:25,600 --> 00:32:28,280 Speaker 5: you have economies of scale and efficiencies to be able 591 00:32:28,320 --> 00:32:34,600 Speaker 5: to pull different levers and achieve some savings and or 592 00:32:34,760 --> 00:32:40,400 Speaker 5: increased profitability. And if you don't separately resource the NHL 593 00:32:40,480 --> 00:32:43,000 Speaker 5: team in that context, you're not going to see it grow. 594 00:32:43,040 --> 00:32:44,600 Speaker 5: It's not going to reach its maximum potential. 595 00:32:44,600 --> 00:32:45,040 Speaker 1: And it's the. 596 00:32:45,040 --> 00:32:49,760 Speaker 5: Same thing here and so I definitely do not consider 597 00:32:49,800 --> 00:32:50,520 Speaker 5: it a liability. 598 00:32:50,600 --> 00:32:51,800 Speaker 1: I consider it a benefit. 599 00:32:51,960 --> 00:32:55,560 Speaker 5: And we want to always remind our owners who have 600 00:32:55,680 --> 00:33:01,560 Speaker 5: those shared resources to separately resource the NWSL team so 601 00:33:01,600 --> 00:33:04,640 Speaker 5: that it can maximize its upside. 602 00:33:04,840 --> 00:33:06,920 Speaker 2: All right, before we get to our lightning round, I 603 00:33:06,920 --> 00:33:09,600 Speaker 2: did have one one last question on the ownership side, 604 00:33:09,600 --> 00:33:11,520 Speaker 2: because we've had a number of owners on the show. 605 00:33:11,600 --> 00:33:15,479 Speaker 2: Carolyn Tish Blodgett obviously owner of Gotham and her family 606 00:33:15,520 --> 00:33:18,880 Speaker 2: deeply involved to say the least, they owned the New 607 00:33:18,960 --> 00:33:22,280 Speaker 2: York Football Giants. There has been and Jessica, you and 608 00:33:22,360 --> 00:33:24,280 Speaker 2: I have talked about this as well over the years. 609 00:33:24,320 --> 00:33:28,120 Speaker 2: You know there has been this. You don't have to 610 00:33:28,120 --> 00:33:29,880 Speaker 2: say it. I'll say a different caliber of owner that 611 00:33:29,920 --> 00:33:32,920 Speaker 2: has come into this league under your stewardship. I turned 612 00:33:32,960 --> 00:33:35,240 Speaker 2: on the TV a couple weekends ago, and like, there 613 00:33:35,280 --> 00:33:38,800 Speaker 2: you are at Bemo Stadium, you know, sitting with Willow 614 00:33:38,840 --> 00:33:42,320 Speaker 2: Bay and Bob Iger, and you know they are obviously new, 615 00:33:42,920 --> 00:33:47,480 Speaker 2: relatively new owners in the league. What do you say 616 00:33:47,520 --> 00:33:51,800 Speaker 2: to a new owner in terms of the expectation of commitment, 617 00:33:52,200 --> 00:33:55,920 Speaker 2: whether that is time, whether it's financial resource. Now that 618 00:33:56,120 --> 00:33:59,360 Speaker 2: might be different than what you said two or three 619 00:33:59,440 --> 00:33:59,920 Speaker 2: years ago. 620 00:34:00,440 --> 00:34:01,400 Speaker 1: Yeah, great question. 621 00:34:01,440 --> 00:34:03,960 Speaker 5: And I would also say different from what I used 622 00:34:03,960 --> 00:34:07,360 Speaker 5: to say at the NLL or even at the NHL. Well, 623 00:34:07,360 --> 00:34:10,840 Speaker 5: the things that are the same are that our expectations 624 00:34:10,920 --> 00:34:15,360 Speaker 5: or that you have a long range view on capital 625 00:34:15,440 --> 00:34:19,120 Speaker 5: and that you're here for the long haul. This is 626 00:34:19,160 --> 00:34:23,120 Speaker 5: not a place for investments where you're looking for a 627 00:34:23,200 --> 00:34:30,360 Speaker 5: quick turn or an immediate ROI. And we like owners 628 00:34:30,400 --> 00:34:34,480 Speaker 5: who think of this as an intergenerational asset that is 629 00:34:34,520 --> 00:34:36,799 Speaker 5: not that much different from other sports leagues. 630 00:34:36,840 --> 00:34:38,000 Speaker 1: So that's where we're similar. 631 00:34:38,480 --> 00:34:43,040 Speaker 5: The place where we're different, which candidly I love, particularly 632 00:34:43,040 --> 00:34:44,480 Speaker 5: through the lens of the kinds of people who are 633 00:34:44,480 --> 00:34:48,640 Speaker 5: sitting around my board table, is that the unique element 634 00:34:48,760 --> 00:34:52,000 Speaker 5: of our ownership group is that they many of them, 635 00:34:52,440 --> 00:34:55,120 Speaker 5: almost all of them at this point have the financial 636 00:34:55,120 --> 00:34:59,200 Speaker 5: wherewithal to really build a league and are excited to 637 00:34:59,280 --> 00:35:02,440 Speaker 5: roll up their se yes and really be part of 638 00:35:02,480 --> 00:35:05,160 Speaker 5: building something. Many of our owners have told me that 639 00:35:05,239 --> 00:35:09,799 Speaker 5: it feels almost like a startup where we're asking them 640 00:35:09,840 --> 00:35:13,000 Speaker 5: for a lot of time, We're asking them for their ideas. 641 00:35:13,480 --> 00:35:16,800 Speaker 5: We're giving them an opportunity to debate and discuss different 642 00:35:16,840 --> 00:35:20,840 Speaker 5: strategies and tactics for growth. This isn't a league that 643 00:35:21,320 --> 00:35:26,000 Speaker 5: is at its one hundredth year birthday and you sort 644 00:35:26,040 --> 00:35:28,359 Speaker 5: of like have all the basic tenants built, and yes, 645 00:35:28,400 --> 00:35:30,840 Speaker 5: there are decisions you have to make along the way, 646 00:35:30,880 --> 00:35:34,480 Speaker 5: but the league is already sort of established and you're 647 00:35:34,640 --> 00:35:37,920 Speaker 5: you're sort of steering it through its different cycles of growth. 648 00:35:38,120 --> 00:35:42,040 Speaker 5: We just signed our first real media deal in twenty 649 00:35:42,080 --> 00:35:47,560 Speaker 5: twenty four, literally last year, and so the path as 650 00:35:47,600 --> 00:35:50,560 Speaker 5: we move forward has a lot of opportunity for input. 651 00:35:50,800 --> 00:35:54,399 Speaker 5: And what I tell new owners coming in is our 652 00:35:54,440 --> 00:35:58,480 Speaker 5: expectation is that you're going to serve on committees, You're 653 00:35:58,520 --> 00:36:02,840 Speaker 5: going to show up at board, You're going to spend 654 00:36:02,880 --> 00:36:05,879 Speaker 5: time talking to me and other executive leaders here who 655 00:36:06,440 --> 00:36:09,440 Speaker 5: need and want your input, and we're probably going to 656 00:36:09,480 --> 00:36:10,919 Speaker 5: ask you to pick up the phone and make phone 657 00:36:10,920 --> 00:36:13,920 Speaker 5: calls for us because we're trying to close sponsorship deals, 658 00:36:13,920 --> 00:36:18,080 Speaker 5: we're trying to bring on new partnerships, we're trying to 659 00:36:18,200 --> 00:36:22,640 Speaker 5: understand the broader ecosystem. And so that's not for everybody, 660 00:36:23,000 --> 00:36:27,120 Speaker 5: but for our ownership group, they've really enjoyed it, people 661 00:36:27,239 --> 00:36:31,120 Speaker 5: like Alan Waxman and Mark Wilf and Carolyn Tish. You know, 662 00:36:31,160 --> 00:36:34,200 Speaker 5: they might jokingly say, like, I spend more time on 663 00:36:34,239 --> 00:36:37,359 Speaker 5: that than I spend on some of my bigger properties, 664 00:36:37,440 --> 00:36:40,880 Speaker 5: but they also will tell you that they're enjoying it 665 00:36:40,920 --> 00:36:41,839 Speaker 5: and having a lot of fun. 666 00:36:42,320 --> 00:36:44,640 Speaker 2: They secretly love it, you know that that's. 667 00:36:44,400 --> 00:36:47,440 Speaker 1: I know they do. They do, and they like to 668 00:36:47,480 --> 00:36:49,360 Speaker 1: complain about it too, exactly. 669 00:36:49,480 --> 00:36:51,440 Speaker 2: Yeah, we all, we all, we all love to complain 670 00:36:51,440 --> 00:37:04,479 Speaker 2: about the things that we love. All right, So let's 671 00:37:04,520 --> 00:37:07,080 Speaker 2: do the lightning round. It's five questions. We're going to 672 00:37:07,080 --> 00:37:09,000 Speaker 2: bounce it back and forth. All we ask is you 673 00:37:09,080 --> 00:37:11,239 Speaker 2: keep it tight, all right. What's the best piece of 674 00:37:11,280 --> 00:37:13,960 Speaker 2: advice you've ever received on deal making or business? 675 00:37:15,840 --> 00:37:21,960 Speaker 5: Listen to what the other side actually needs to have 676 00:37:22,000 --> 00:37:22,239 Speaker 5: a win. 677 00:37:22,800 --> 00:37:25,240 Speaker 4: Who's your dream deal making partner? 678 00:37:27,080 --> 00:37:28,719 Speaker 5: I don't know if I have a person, but I 679 00:37:28,760 --> 00:37:34,640 Speaker 5: would say I'll describe them someone who is smart, prepared, 680 00:37:34,880 --> 00:37:38,000 Speaker 5: and both respected and respectful. 681 00:37:38,320 --> 00:37:39,960 Speaker 2: What's the most nervous you've ever been? 682 00:37:41,760 --> 00:37:45,040 Speaker 5: Oh, actually, most nervous I've ever been after I gave 683 00:37:45,080 --> 00:37:48,000 Speaker 5: birth to my first child and imagining how I was 684 00:37:48,040 --> 00:37:51,040 Speaker 5: going to parent this little blob that was crying and 685 00:37:51,080 --> 00:37:51,960 Speaker 5: I didn't know what to do. 686 00:37:53,000 --> 00:37:54,879 Speaker 1: It was a lot easier to run a sports league 687 00:37:54,880 --> 00:37:55,480 Speaker 1: than to do that. 688 00:37:56,200 --> 00:37:59,920 Speaker 3: Hey man, what's your hype song before big meeting or negotiation? 689 00:38:00,040 --> 00:38:02,319 Speaker 5: Ooh, the song that keeps coming to my mind is 690 00:38:02,360 --> 00:38:04,600 Speaker 5: going to make you laugh, But I'll just say it 691 00:38:04,640 --> 00:38:07,000 Speaker 5: because it just happens to be on my running mix. 692 00:38:07,280 --> 00:38:09,800 Speaker 1: It's bring them out nice. 693 00:38:10,120 --> 00:38:13,000 Speaker 2: There's a good one, all right. So you have had 694 00:38:13,480 --> 00:38:17,120 Speaker 2: an incredible career so far. I believe your son Noah 695 00:38:17,640 --> 00:38:20,000 Speaker 2: characterized you as a pioneer when you became the first 696 00:38:20,000 --> 00:38:25,080 Speaker 2: woman to be a deputy commissioner, when you've joined the NLL. 697 00:38:25,520 --> 00:38:28,280 Speaker 2: So what's your advice for someone listening who wants a career. 698 00:38:28,120 --> 00:38:30,560 Speaker 1: Like yours to focus on the actual work. 699 00:38:31,360 --> 00:38:33,760 Speaker 5: I think there's a lot of ways you can be 700 00:38:33,840 --> 00:38:38,040 Speaker 5: distracted by things that are out of your control or 701 00:38:38,080 --> 00:38:42,200 Speaker 5: how you feel like you might be treated. What opportunities 702 00:38:42,239 --> 00:38:46,640 Speaker 5: you're being given, how fair it is. All those things 703 00:38:46,680 --> 00:38:51,680 Speaker 5: I think are distraction. Ultimately my advice to people. I 704 00:38:51,760 --> 00:38:53,800 Speaker 5: have a lot of quotes in my house and around 705 00:38:53,840 --> 00:38:57,560 Speaker 5: my office. One of my many quotes is the Surroundery prayer, 706 00:38:57,600 --> 00:39:00,560 Speaker 5: which is essentially to focus on the things you can control. 707 00:39:01,200 --> 00:39:03,720 Speaker 5: That's what I've done for most of my career, and 708 00:39:03,800 --> 00:39:06,680 Speaker 5: I think people who do that save a lot of 709 00:39:06,840 --> 00:39:10,600 Speaker 5: energy and don't waste time with things that drain your 710 00:39:10,600 --> 00:39:14,200 Speaker 5: emotions and are counterproductive to getting to your goals. 711 00:39:15,560 --> 00:39:18,080 Speaker 2: All right, well, Jessica Berman, she is the commissioner of 712 00:39:18,120 --> 00:39:21,120 Speaker 2: the National Women's Soccer League. I'm very excited we made 713 00:39:21,120 --> 00:39:22,560 Speaker 2: this happen. You and I were texting a couple of 714 00:39:22,560 --> 00:39:24,359 Speaker 2: weeks ago. It's like we got to get together. I 715 00:39:24,440 --> 00:39:26,920 Speaker 2: didn't do that just to get you on the show, 716 00:39:27,000 --> 00:39:29,680 Speaker 2: but I'm glad we really made this happen. I'm excited 717 00:39:29,680 --> 00:39:31,239 Speaker 2: that you and Alex got to meet. Look forward to 718 00:39:31,320 --> 00:39:33,480 Speaker 2: you guys spending some time together as well. This has 719 00:39:33,520 --> 00:39:36,759 Speaker 2: been a really fun story to watch, and you know, 720 00:39:36,800 --> 00:39:40,399 Speaker 2: your career is a fascinating one to track, so I've 721 00:39:40,400 --> 00:39:42,680 Speaker 2: been very fortunate to be a witness to it and 722 00:39:42,880 --> 00:39:44,120 Speaker 2: glad that we could have you on the show. 723 00:39:44,560 --> 00:39:45,479 Speaker 1: Thank you so much. 724 00:39:45,800 --> 00:39:46,760 Speaker 4: Congrats on everything. 725 00:39:55,160 --> 00:39:57,880 Speaker 2: The Deal is hosted by Alex Rodriguez and me Jason Kelly. 726 00:39:58,360 --> 00:40:01,600 Speaker 2: This episode was made by animaz Racus, Stacey Wong and 727 00:40:01,719 --> 00:40:05,480 Speaker 2: Lizzie Phillip. Amy Keen is our editor and Will Connolly 728 00:40:05,560 --> 00:40:08,200 Speaker 2: is our video editor. Our theme music is made by 729 00:40:08,200 --> 00:40:12,560 Speaker 2: Blake Maples. Our executive producers are Kelly Leferrier, Ashley Hoenig, 730 00:40:12,640 --> 00:40:16,279 Speaker 2: and Brenda Newham. Sage Bauman is the head of Bloomberg Podcasts. 731 00:40:16,719 --> 00:40:20,759 Speaker 2: Additional support from Rachel Carnivale and Elena Los Angeles. Thanks 732 00:40:20,760 --> 00:40:22,640 Speaker 2: so much for listening to the Deal. If you have 733 00:40:22,680 --> 00:40:25,399 Speaker 2: a minute, subscribe, rate and review our show. It'll help 734 00:40:25,440 --> 00:40:28,720 Speaker 2: other listeners find us. I'm Jason Kelly. See you next week.