1 00:00:00,800 --> 00:00:02,880 Speaker 1: This is the Business of Sports. 2 00:00:02,920 --> 00:00:06,359 Speaker 2: Sports are the greatest unscripted show owner. 3 00:00:06,240 --> 00:00:08,400 Speaker 3: The next generation of players who really grew up with 4 00:00:08,480 --> 00:00:09,799 Speaker 3: tech and believe in tech. 5 00:00:09,880 --> 00:00:12,200 Speaker 4: Your face is your ticket, your face is your wallet, 6 00:00:12,280 --> 00:00:14,040 Speaker 4: your face is your access to a club. 7 00:00:14,160 --> 00:00:18,759 Speaker 2: These are such iconic and important buildings for businesses. For fans, 8 00:00:18,880 --> 00:00:21,200 Speaker 2: COVID was one of the best things that ever happened 9 00:00:21,200 --> 00:00:21,400 Speaker 2: to go. 10 00:00:21,680 --> 00:00:23,759 Speaker 5: The NFL is a bulletproof business. 11 00:00:23,880 --> 00:00:26,520 Speaker 6: Raising is unique because there is absolutely no reason why 12 00:00:26,560 --> 00:00:27,560 Speaker 6: we can't compete with the guys. 13 00:00:27,560 --> 00:00:28,600 Speaker 5: I'm well, it's pro pickable. 14 00:00:28,680 --> 00:00:31,000 Speaker 4: Real are people really going to tune into this? If 15 00:00:31,040 --> 00:00:33,760 Speaker 4: you're playing moneyball with a huge bag of money, you're 16 00:00:33,840 --> 00:00:35,000 Speaker 4: going to be really, really good. 17 00:00:35,080 --> 00:00:38,240 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio. 18 00:00:38,960 --> 00:00:42,120 Speaker 5: This is the Bloomberg Business of Sports, where we explore 19 00:00:42,159 --> 00:00:44,360 Speaker 5: the big money issues in the world of sports. I'm 20 00:00:44,400 --> 00:00:48,599 Speaker 5: Michael Barr, along with my colleagues Damien Sassauer and Vanessa Perdomo. 21 00:00:49,080 --> 00:00:52,560 Speaker 5: Coming up, we'll talk about the recent turmoil gripping the 22 00:00:52,680 --> 00:00:58,360 Speaker 5: NFL Players Association and it led to NFLPA executive director 23 00:00:58,480 --> 00:01:01,920 Speaker 5: Lloyd Howell's resignation. We'll talk with a friend of the show, 24 00:01:02,120 --> 00:01:04,840 Speaker 5: Marty Eedle, of Gulston and Stores. 25 00:01:05,160 --> 00:01:08,360 Speaker 2: The executive director was found to have a conflict of interest. 26 00:01:09,080 --> 00:01:12,680 Speaker 2: He was working for the Carlisle Group, a private equity group, 27 00:01:12,840 --> 00:01:16,240 Speaker 2: while he was the executive director of the NFLPA. 28 00:01:16,560 --> 00:01:20,399 Speaker 5: We'll also talk sailing with Red Bull Italy team CEO 29 00:01:20,640 --> 00:01:23,880 Speaker 5: Jimmy Spithill. All that is on the way on the 30 00:01:23,880 --> 00:01:27,560 Speaker 5: Bloomberg Business of Sports. But first, with the FIFA Club 31 00:01:27,640 --> 00:01:32,000 Speaker 5: World Cup and Conker Caff Gold Cup behind us, we 32 00:01:32,040 --> 00:01:35,200 Speaker 5: are now full steam ahead to the FIFA World Cup 33 00:01:35,280 --> 00:01:38,800 Speaker 5: hitting the States next year, and right now, officials in 34 00:01:38,840 --> 00:01:42,959 Speaker 5: New York and New Jersey are anticipating an economic boost 35 00:01:43,240 --> 00:01:46,959 Speaker 5: of over three billion dollars from it. Joining us to 36 00:01:47,000 --> 00:01:49,960 Speaker 5: talk about how big of an economic win hosting the 37 00:01:49,960 --> 00:01:54,200 Speaker 5: World Cup could be is Bloomberg News sports reporter Sree 38 00:01:54,520 --> 00:01:58,080 Speaker 5: Taylor three. Welcome to the Bloomberg Business of Sports. He 39 00:01:58,160 --> 00:02:01,880 Speaker 5: wrote a great article New York and New Jersey and 40 00:02:01,960 --> 00:02:06,480 Speaker 5: they expect a boodle coming from the World Cup that 41 00:02:07,240 --> 00:02:09,760 Speaker 5: the FIFA World Cup next year. Tell us about it 42 00:02:09,760 --> 00:02:10,080 Speaker 5: if you can. 43 00:02:10,400 --> 00:02:13,640 Speaker 6: Yes, So, New York and New Jersey are jointly hosting 44 00:02:13,919 --> 00:02:17,040 Speaker 6: the final match and they're projecting a three point three 45 00:02:17,080 --> 00:02:20,360 Speaker 6: billion economic boost to the entire region. So that's the 46 00:02:20,480 --> 00:02:23,400 Speaker 6: entire state of New York and New Jersey from hosting 47 00:02:23,720 --> 00:02:27,320 Speaker 6: the FIFA World Cup. And that is a little under 48 00:02:27,360 --> 00:02:30,000 Speaker 6: a year from now when the final match will kick off. 49 00:02:30,520 --> 00:02:33,960 Speaker 4: So let's just clarify, that's eight matches. That is, like 50 00:02:34,160 --> 00:02:35,959 Speaker 4: it is the three point three billion dollar economic but 51 00:02:36,000 --> 00:02:38,080 Speaker 4: it's got to be from all eight matches, right, including 52 00:02:38,120 --> 00:02:38,519 Speaker 4: the final. 53 00:02:38,639 --> 00:02:41,760 Speaker 6: Yeah, all eight matches at MetLife Stadium in East Rutherford, 54 00:02:41,800 --> 00:02:44,480 Speaker 6: New Jersey, including the final on the nineteenth of July. 55 00:02:45,000 --> 00:02:49,400 Speaker 7: I'm glad we mentioned that MetLife is in New Jersey 56 00:02:49,560 --> 00:02:52,520 Speaker 7: because that's my point here as a Jersey your own 57 00:02:52,600 --> 00:02:56,040 Speaker 7: very defensive about this. I'm very defensive about MetLife is 58 00:02:56,200 --> 00:02:59,440 Speaker 7: in New Jersey, and people need to know this and 59 00:02:59,480 --> 00:03:01,320 Speaker 7: they need to remember this. And it's always, you know, 60 00:03:02,200 --> 00:03:05,240 Speaker 7: we're always saying it's New York, it's New York. Whatever. 61 00:03:05,320 --> 00:03:07,560 Speaker 7: So what I'd like to know is there any indication 62 00:03:07,720 --> 00:03:11,239 Speaker 7: between the is there a split difference between the two areas. 63 00:03:11,360 --> 00:03:13,480 Speaker 7: Are they expecting people to stay in Jersey at all? 64 00:03:13,800 --> 00:03:16,720 Speaker 7: Or is the NJ transit really gonna get be the 65 00:03:16,720 --> 00:03:20,000 Speaker 7: biggest winner in the New Jersey economy from people coming 66 00:03:20,200 --> 00:03:21,440 Speaker 7: from the city right. 67 00:03:21,520 --> 00:03:24,359 Speaker 6: So I'm a Jersey girl too, and I do hate 68 00:03:24,360 --> 00:03:26,919 Speaker 6: to say it, but it is a little trickier to 69 00:03:27,000 --> 00:03:31,399 Speaker 6: stay in a hotel around MetLife Stadium. So that's why 70 00:03:31,440 --> 00:03:33,440 Speaker 6: I think the states are kind of making this a 71 00:03:33,520 --> 00:03:35,640 Speaker 6: joint effort because a lot of people are likely going 72 00:03:35,680 --> 00:03:37,680 Speaker 6: to be staying in New York. You know, if their 73 00:03:37,680 --> 00:03:39,560 Speaker 6: hotels are going to be there, they're probably going to 74 00:03:39,640 --> 00:03:44,080 Speaker 6: fly into either LaGuardia or JFK and then they are 75 00:03:44,120 --> 00:03:47,440 Speaker 6: going to hop on New Jersey Transit from Penn Station 76 00:03:47,800 --> 00:03:50,080 Speaker 6: and then New Jersey Transit will take it from there 77 00:03:50,120 --> 00:03:52,760 Speaker 6: and then shuttle people to the stadium. 78 00:03:52,880 --> 00:03:56,320 Speaker 1: So you know, we might see a little bit of 79 00:03:56,400 --> 00:03:58,440 Speaker 1: activity in New Jersey too, you. 80 00:03:58,400 --> 00:04:01,840 Speaker 6: Know, just people kind of going to met Laight Stadium 81 00:04:02,080 --> 00:04:05,280 Speaker 6: and you know, buying food, buying drinks, and you know, 82 00:04:05,880 --> 00:04:09,160 Speaker 6: we'll get some people staying locally, but I can predict 83 00:04:09,160 --> 00:04:11,480 Speaker 6: there will probably be more people in New York. I 84 00:04:11,520 --> 00:04:13,000 Speaker 6: think it might just be a little easier. 85 00:04:14,040 --> 00:04:19,320 Speaker 5: You're expecting about one point two million fans and tourists. 86 00:04:19,760 --> 00:04:22,880 Speaker 5: You try to put an extra one point two million 87 00:04:22,920 --> 00:04:26,280 Speaker 5: people in this area, Where where are they going to go? 88 00:04:26,680 --> 00:04:27,480 Speaker 8: The room. 89 00:04:29,400 --> 00:04:30,400 Speaker 1: We do have the room We. 90 00:04:30,360 --> 00:04:33,120 Speaker 5: Do definitely now that hotel prices. 91 00:04:32,800 --> 00:04:34,559 Speaker 1: Are going to be going up, oh for sure. 92 00:04:34,760 --> 00:04:37,559 Speaker 6: But I mean, you know, it's it's it's gonna only 93 00:04:37,560 --> 00:04:40,560 Speaker 6: do great things for the area, I think, And you know, 94 00:04:40,720 --> 00:04:43,000 Speaker 6: I think Atlanta and the other host cities, like I 95 00:04:43,040 --> 00:04:45,719 Speaker 6: think Atlanta is also expecting a one billion dollar boost. 96 00:04:45,839 --> 00:04:49,320 Speaker 6: So the cities are ready, they know what's coming, and 97 00:04:49,520 --> 00:04:52,719 Speaker 6: they're going to try to, you know, only reap the 98 00:04:52,760 --> 00:04:54,919 Speaker 6: benefits of the chaos. 99 00:04:55,040 --> 00:04:56,800 Speaker 4: We have a sophisticated audience, so we need to do 100 00:04:56,839 --> 00:04:58,760 Speaker 4: a little history lesson here. You know, I'm just looking 101 00:04:58,800 --> 00:05:01,520 Speaker 4: at this economic pack summary that's released, but it was 102 00:05:01,560 --> 00:05:04,040 Speaker 4: released on Monday by the New York New Jersey Host Committee. Right, 103 00:05:04,040 --> 00:05:06,280 Speaker 4: so obviously they're incentivized to fluff these numbers a bit. 104 00:05:06,320 --> 00:05:09,440 Speaker 4: But that's three point three billion they're projecting. There's what, 105 00:05:09,680 --> 00:05:12,040 Speaker 4: I don't know, one hundred and four matches across eleven 106 00:05:12,040 --> 00:05:14,520 Speaker 4: host cities. Right, let's just I mean, I'm just going 107 00:05:14,560 --> 00:05:16,680 Speaker 4: to the back of the NAP and say fifteen billion 108 00:05:16,760 --> 00:05:17,960 Speaker 4: is what they expect to generate. 109 00:05:18,080 --> 00:05:18,640 Speaker 2: You know, in. 110 00:05:18,680 --> 00:05:20,960 Speaker 5: Total across the whole fief for World Cup. 111 00:05:20,960 --> 00:05:23,760 Speaker 4: Cutter generated seven point five billion in twenty twenty two. 112 00:05:23,800 --> 00:05:26,599 Speaker 4: For those who remember it cost Cutter two hundred and 113 00:05:26,720 --> 00:05:28,040 Speaker 4: twenty billion. 114 00:05:27,839 --> 00:05:29,479 Speaker 5: Dollars to put it on. 115 00:05:29,640 --> 00:05:32,200 Speaker 4: I mean a massive dislocation. And by the way, if 116 00:05:32,240 --> 00:05:34,080 Speaker 4: you look back at Brazil in twenty fourteen or even 117 00:05:34,160 --> 00:05:38,159 Speaker 4: Russian eighteen, I mean again, there's this sort of you know, 118 00:05:38,279 --> 00:05:41,800 Speaker 4: black hole of spending and they you know, the economic impact. 119 00:05:41,839 --> 00:05:45,039 Speaker 4: I guess the argument as it goes, doesn't really offset 120 00:05:45,080 --> 00:05:47,839 Speaker 4: the amount of money that spends. What makes this time 121 00:05:47,920 --> 00:05:51,640 Speaker 4: different because obviously they're only projecting one point seven billion 122 00:05:51,680 --> 00:05:53,720 Speaker 4: and spend across New York and New Jersey to generate 123 00:05:53,720 --> 00:05:56,320 Speaker 4: this three point three billion. Sounds like a good investment 124 00:05:56,360 --> 00:05:58,000 Speaker 4: to me. But is it accurate? 125 00:05:58,760 --> 00:05:59,800 Speaker 1: Ah, I would say it's acurered. 126 00:06:00,240 --> 00:06:04,120 Speaker 6: I think that you know, across the country, the World 127 00:06:04,160 --> 00:06:07,760 Speaker 6: Cup or FIFA is expecting six point five million people 128 00:06:07,920 --> 00:06:12,280 Speaker 6: to attend the tournament, which is just the highest attended 129 00:06:12,720 --> 00:06:14,919 Speaker 6: I think sporting event ever. 130 00:06:15,160 --> 00:06:16,240 Speaker 1: Maybe you guys. 131 00:06:16,000 --> 00:06:18,400 Speaker 6: Probably know that better than me, but that's that's the 132 00:06:19,120 --> 00:06:22,200 Speaker 6: phrase that I'm seeing thrown around by them. And you know, 133 00:06:22,200 --> 00:06:24,560 Speaker 6: they're also expecting the tournament to drive up up to 134 00:06:25,240 --> 00:06:30,800 Speaker 6: forty point billion point nine billion USD and Christami stick product. 135 00:06:30,520 --> 00:06:33,200 Speaker 1: Forty billion is that the number really forty point nine billion? 136 00:06:33,400 --> 00:06:36,680 Speaker 4: Wow, and that in US GDP. That is just for 137 00:06:36,720 --> 00:06:39,400 Speaker 4: anybody can do the math six times what the World 138 00:06:39,480 --> 00:06:42,080 Speaker 4: Cup generated in twenty twenty two and cutter. If that holds, 139 00:06:42,120 --> 00:06:44,600 Speaker 4: that's an incredible The thing we have. 140 00:06:44,560 --> 00:06:47,440 Speaker 7: To remember there, Damien is one. This is an expanded tournament, 141 00:06:47,480 --> 00:06:49,720 Speaker 7: so they're playing more games, they have more teams than 142 00:06:49,760 --> 00:06:54,160 Speaker 7: ever before. And in those other regions one Qatar, they just. 143 00:06:54,200 --> 00:06:55,919 Speaker 5: It was a full build out. I agree, it was 144 00:06:55,920 --> 00:06:56,800 Speaker 5: a full buildout. 145 00:06:56,800 --> 00:06:57,600 Speaker 4: You're absolutely right. 146 00:06:58,440 --> 00:06:59,400 Speaker 1: They built everything out. 147 00:06:59,480 --> 00:07:02,080 Speaker 7: We don't have to build anything, so there's all of 148 00:07:02,120 --> 00:07:04,480 Speaker 7: those things that go into that. And even in Brazil, 149 00:07:04,839 --> 00:07:07,719 Speaker 7: in Russia they also had these structures that they built 150 00:07:07,760 --> 00:07:09,960 Speaker 7: that they stop using and things like that. That's the 151 00:07:10,000 --> 00:07:13,160 Speaker 7: biggest part of this. I do think those numbers are inflated. 152 00:07:13,160 --> 00:07:15,000 Speaker 7: And one of the things sure that I'd like to, 153 00:07:15,120 --> 00:07:19,119 Speaker 7: you know, to talk about that they're not seemingly paying 154 00:07:19,120 --> 00:07:22,800 Speaker 7: attention to or really noting in this is the problem 155 00:07:22,840 --> 00:07:26,080 Speaker 7: that people are going to have with visas and people 156 00:07:26,160 --> 00:07:29,400 Speaker 7: are not risking you know, coming to the US. What 157 00:07:29,440 --> 00:07:30,600 Speaker 7: do you have to think about that? 158 00:07:30,960 --> 00:07:33,120 Speaker 1: I mean, it's it's kind of at the forefront of 159 00:07:33,280 --> 00:07:33,800 Speaker 1: my mind. 160 00:07:33,840 --> 00:07:37,320 Speaker 6: I don't know if I don't know if the administration 161 00:07:37,440 --> 00:07:40,120 Speaker 6: is thinking about it as strongly. I mean, President Donald Trump, 162 00:07:40,360 --> 00:07:44,440 Speaker 6: who you know, refers to the FIFA president Gianni Infantino 163 00:07:44,840 --> 00:07:46,120 Speaker 6: as a good friend of his. 164 00:07:46,640 --> 00:07:47,520 Speaker 1: They're very chummy. 165 00:07:47,960 --> 00:07:51,120 Speaker 6: He has, you know, super high expectations for next year's turnout, 166 00:07:51,520 --> 00:07:54,520 Speaker 6: and you know, when asked about well, you know how 167 00:07:55,000 --> 00:07:56,840 Speaker 6: you know, a lot of the success of the Games 168 00:07:56,840 --> 00:08:00,520 Speaker 6: are riding on how the US will you know, managed 169 00:08:00,520 --> 00:08:03,960 Speaker 6: to ease the international tensions brought up by Trump's trade war. 170 00:08:04,080 --> 00:08:06,560 Speaker 1: You know, his mass deportation mandates. 171 00:08:06,680 --> 00:08:08,880 Speaker 4: Sydney say it'll make it more exciting. He says, tarffs 172 00:08:08,880 --> 00:08:10,920 Speaker 4: will make the for World Cup more exciting because there'll 173 00:08:10,920 --> 00:08:13,520 Speaker 4: be more tension between nations. That is an unbelievable statement. 174 00:08:13,560 --> 00:08:15,920 Speaker 4: And I guess, you know, the fact of the matter is, 175 00:08:15,920 --> 00:08:18,560 Speaker 4: do you think there'll be any sort of negative backlash 176 00:08:18,600 --> 00:08:22,080 Speaker 4: toward the United States because of this, because of these tarffs. 177 00:08:22,120 --> 00:08:24,320 Speaker 4: Is it possible that people just boycott the games entirely? 178 00:08:24,760 --> 00:08:26,840 Speaker 6: I think the Games are gonna happen regardless, But I 179 00:08:26,840 --> 00:08:29,920 Speaker 6: think what we've seen with some you know, other large 180 00:08:29,920 --> 00:08:32,079 Speaker 6: sporting events that have kind of kicked off since Trump 181 00:08:32,120 --> 00:08:35,920 Speaker 6: took office. For example, the you know Boston Marathon earlier 182 00:08:35,960 --> 00:08:38,880 Speaker 6: this year. I was talking with the head of a 183 00:08:38,920 --> 00:08:42,640 Speaker 6: tourism agency meet Boston, and she said that, you know, 184 00:08:42,720 --> 00:08:45,160 Speaker 6: we do have a lot of concerns about Canada because 185 00:08:45,200 --> 00:08:47,320 Speaker 6: this was, you know, around the time Trump was coming 186 00:08:47,360 --> 00:08:51,120 Speaker 6: in really hard on Canadians, you know, and he was 187 00:08:51,160 --> 00:08:55,840 Speaker 6: threatened tariffs, and I think that a lot of Canadians were, 188 00:08:56,080 --> 00:08:58,560 Speaker 6: you know, not feeling it. They were like, well, you know, 189 00:08:58,679 --> 00:09:01,640 Speaker 6: I don't think I'm going to go as a spectator. 190 00:09:02,160 --> 00:09:03,760 Speaker 1: I don't think I'm going to go as a runner. 191 00:09:03,840 --> 00:09:05,240 Speaker 1: And that was a really. 192 00:09:06,360 --> 00:09:10,719 Speaker 6: Major tension point when the marathon was leading up. So 193 00:09:11,080 --> 00:09:14,080 Speaker 6: this will probably be that but tenfold. 194 00:09:15,040 --> 00:09:17,480 Speaker 5: Trying to put this in a delicate way. With the 195 00:09:17,480 --> 00:09:23,040 Speaker 5: Trump administration's policies, tourism has gone down in the United States. 196 00:09:23,679 --> 00:09:29,760 Speaker 5: Is the FIFA World Cup the difference, the one off 197 00:09:29,800 --> 00:09:34,840 Speaker 5: that's like, look, this is the product to bring tourists in. 198 00:09:35,040 --> 00:09:39,559 Speaker 5: Will that be the case for for the US? And 199 00:09:39,559 --> 00:09:43,040 Speaker 5: and will Canada say Okay, I'm gonna come and see this. 200 00:09:44,080 --> 00:09:44,320 Speaker 8: Yeah. 201 00:09:44,360 --> 00:09:46,320 Speaker 6: I mean I think I think it's it's not even 202 00:09:46,400 --> 00:09:47,640 Speaker 6: just Canada, it's Mexico. 203 00:09:47,760 --> 00:09:49,960 Speaker 1: It's it's it's you know, you know, people around the world. 204 00:09:50,040 --> 00:09:52,920 Speaker 6: I was going through the list, the very long list 205 00:09:53,000 --> 00:09:57,160 Speaker 6: of who Trump has either posed harrison or or or 206 00:09:57,440 --> 00:09:59,720 Speaker 6: threatened to and that's you know, some of the bigger teams, 207 00:09:59,720 --> 00:10:04,680 Speaker 6: so that Mexico, Brazil, Canada, Japan, the UK, South Korea, 208 00:10:05,240 --> 00:10:07,280 Speaker 6: so you know, and these are a lot of fans 209 00:10:07,320 --> 00:10:09,800 Speaker 6: that are you know, hoping to come here and stay 210 00:10:09,840 --> 00:10:12,080 Speaker 6: here for a long time, and you know, go to 211 00:10:12,120 --> 00:10:15,200 Speaker 6: cities that they probably never otherwise would like Kansas City 212 00:10:15,520 --> 00:10:19,720 Speaker 6: or you know, Atlanta or Miami or you know, a 213 00:10:19,720 --> 00:10:23,240 Speaker 6: bunch of these. This the World Cup should be a 214 00:10:23,440 --> 00:10:27,640 Speaker 6: very rare, large opportunity for the US to kind of 215 00:10:28,440 --> 00:10:31,320 Speaker 6: regain its good standing with the rest of the world. 216 00:10:31,559 --> 00:10:35,480 Speaker 6: And I do think that, you know, depending on how 217 00:10:35,480 --> 00:10:40,240 Speaker 6: it goes, depending on how Trump kind of positioned himself 218 00:10:41,080 --> 00:10:44,040 Speaker 6: leading up to the Games in this last year, you know, 219 00:10:44,040 --> 00:10:47,439 Speaker 6: it could either make or break the Games. 220 00:10:47,520 --> 00:10:51,679 Speaker 5: About twenty six thousand jobs are going to be created 221 00:10:51,720 --> 00:10:57,920 Speaker 5: by this. And yes, we all know restaurants and yeah, yeah, yeah, yeah, 222 00:10:58,160 --> 00:11:01,400 Speaker 5: but I'm talking about the guy who owns the food truck. 223 00:11:02,200 --> 00:11:05,440 Speaker 5: He's like, hey, let me back this thing up. In 224 00:11:05,559 --> 00:11:08,160 Speaker 5: here so I can get part of this money that's 225 00:11:08,200 --> 00:11:12,640 Speaker 5: coming in. And it's it's the people like that are 226 00:11:12,800 --> 00:11:14,040 Speaker 5: really going to benefit from this. 227 00:11:14,400 --> 00:11:14,640 Speaker 1: Yeah. 228 00:11:14,640 --> 00:11:18,640 Speaker 6: Absolutely, And you know, this is a great opportunity for 229 00:11:18,760 --> 00:11:20,959 Speaker 6: a lot of those folks who kind of rely on 230 00:11:21,120 --> 00:11:27,160 Speaker 6: that mini ecosystem around these stadiums when they're huge, you know, 231 00:11:27,880 --> 00:11:31,160 Speaker 6: game events, and you know football and the Super Bowl 232 00:11:31,440 --> 00:11:34,120 Speaker 6: and and you know obviously the smaller soccer tournaments like 233 00:11:34,120 --> 00:11:38,520 Speaker 6: the World Cup club and and you know basketball games 234 00:11:38,600 --> 00:11:40,160 Speaker 6: and stuff like that. So a lot of these like 235 00:11:40,240 --> 00:11:45,079 Speaker 6: smaller vendors will you know, reap a lot of benefits 236 00:11:45,080 --> 00:11:47,480 Speaker 6: from this. But I guess my concern when I was 237 00:11:47,480 --> 00:11:50,240 Speaker 6: talking to some analysts that are looking closely at this, 238 00:11:50,320 --> 00:11:52,320 Speaker 6: they were like, well, a lot of this will be 239 00:11:52,520 --> 00:11:55,760 Speaker 6: one time jobs and then they will lose them and 240 00:11:55,800 --> 00:11:57,360 Speaker 6: their contractors and then so. 241 00:11:57,480 --> 00:11:59,880 Speaker 1: You know, these jobs will be generated. 242 00:12:00,000 --> 00:12:03,120 Speaker 6: It's a lot of jobs twenty six thousand, but you 243 00:12:03,160 --> 00:12:05,760 Speaker 6: know they're temp they're temporary, a lot of them are. 244 00:12:05,960 --> 00:12:09,080 Speaker 1: So we will see. It's definitely good for the time being, 245 00:12:09,200 --> 00:12:12,240 Speaker 1: but not to be a not to be a necnive. 246 00:12:12,320 --> 00:12:15,080 Speaker 4: Dancy Vanessa, you get your tickets. 247 00:12:14,840 --> 00:12:18,200 Speaker 7: Yet, Listen, I'm going for work okay, and. 248 00:12:18,400 --> 00:12:22,480 Speaker 2: That's well struck. 249 00:12:22,679 --> 00:12:25,720 Speaker 4: Vanessa Perdow, I'm going to the World Cup for work. 250 00:12:26,440 --> 00:12:29,160 Speaker 5: I've heard it all our thanks to Bloomberg News reporters 251 00:12:29,160 --> 00:12:31,880 Speaker 5: Reet Taylor for joining us. Coming up next week, turn 252 00:12:32,000 --> 00:12:35,160 Speaker 5: to the world of sailing with the CEO and co 253 00:12:35,240 --> 00:12:38,960 Speaker 5: owner of Red Bull Italy, Jimmy Spithill. For my colleagues 254 00:12:39,000 --> 00:12:42,240 Speaker 5: Damien Sassawur and Vanessa Perdomo. I'm Michael Barr. You are 255 00:12:42,440 --> 00:12:45,960 Speaker 5: listening to the Bloomberg Business of Sports from Bloomberger Radio 256 00:12:46,040 --> 00:12:47,000 Speaker 5: around the world. 257 00:12:49,400 --> 00:12:53,400 Speaker 2: This is Bloomberg Business of Sports from Bloomberg Radio. 258 00:12:54,480 --> 00:12:57,080 Speaker 5: This is the Bloomberg Business of Sports where we explored 259 00:12:57,120 --> 00:12:59,920 Speaker 5: the big money issues in the world of sports. Michael 260 00:13:00,080 --> 00:13:04,160 Speaker 5: are along with Damian Zassauer and Vanessa Berdomo. Our next 261 00:13:04,280 --> 00:13:08,400 Speaker 5: guest is one of the greatest athletes in the history 262 00:13:08,720 --> 00:13:12,280 Speaker 5: of competitive sailing and is the subject of a new 263 00:13:12,440 --> 00:13:18,400 Speaker 5: docu series called Unchartered Saale GP. We're talking about Jimmy Spithill. 264 00:13:18,520 --> 00:13:22,280 Speaker 5: He is the youngest skipper ever to win the America's 265 00:13:22,320 --> 00:13:26,240 Speaker 5: Cup and is now team CEO of Red Bull Italy. 266 00:13:26,600 --> 00:13:29,880 Speaker 5: Jimmy is here to talk with us about the team, 267 00:13:30,320 --> 00:13:35,000 Speaker 5: the Roleleck sale GP Championship and the State of Sailing. Jimmy, 268 00:13:35,160 --> 00:13:37,200 Speaker 5: Welcome to the Bloomberg Business of Sports. 269 00:13:37,440 --> 00:13:39,160 Speaker 8: Oh hi, guys, thanks for much for having me. 270 00:13:39,480 --> 00:13:42,400 Speaker 5: People keep calling it a niche sport. I'm not so 271 00:13:42,520 --> 00:13:46,440 Speaker 5: sure anymore because people are starting to get to know 272 00:13:46,559 --> 00:13:49,480 Speaker 5: this sport. And one thing that has helped is that 273 00:13:49,960 --> 00:13:53,400 Speaker 5: you have been the subject of a documentary that is 274 00:13:53,440 --> 00:13:54,200 Speaker 5: out right now. 275 00:13:54,880 --> 00:13:55,120 Speaker 8: Yeah. 276 00:13:55,400 --> 00:13:58,280 Speaker 3: Look, I think sailing was a nice sport, you know, 277 00:13:58,360 --> 00:14:01,000 Speaker 3: and it was definitely viewed as something probably. 278 00:14:00,559 --> 00:14:01,320 Speaker 8: For the elite. 279 00:14:02,320 --> 00:14:05,160 Speaker 3: You know, you needed quite a lot of equipment, and 280 00:14:05,240 --> 00:14:09,040 Speaker 3: so let's say the barrier to entry was generally not 281 00:14:09,480 --> 00:14:14,160 Speaker 3: open for everyone. I think as technology has gone along, 282 00:14:14,240 --> 00:14:17,600 Speaker 3: and I think just as the sport's evolved, that's you know, 283 00:14:17,679 --> 00:14:20,680 Speaker 3: that narrative is well and truly out the window. And 284 00:14:21,080 --> 00:14:23,560 Speaker 3: certainly now if you look at where SLGP is or 285 00:14:23,600 --> 00:14:26,160 Speaker 3: the top end of the sport, it's you know, bo 286 00:14:26,200 --> 00:14:28,840 Speaker 3: it's doing over one hundred kilometers an hour. They're powered 287 00:14:28,880 --> 00:14:31,680 Speaker 3: by nature. There's real risks, so it's a lot more 288 00:14:31,800 --> 00:14:35,240 Speaker 3: like I guess auto racing. Yet the team functions like 289 00:14:35,280 --> 00:14:37,640 Speaker 3: any other high level sporting team, you know, like a 290 00:14:37,640 --> 00:14:40,520 Speaker 3: football or a rugby team. You know, they've got certain playbooks, 291 00:14:40,520 --> 00:14:42,520 Speaker 3: they've got to work together, and so. 292 00:14:42,560 --> 00:14:46,160 Speaker 8: Yeah, it's it's fascinating to see it. And i'd even say. 293 00:14:46,040 --> 00:14:49,520 Speaker 3: On to to get into the sport now at a 294 00:14:49,560 --> 00:14:53,240 Speaker 3: lower level, the barrier is even lower because of technology 295 00:14:53,280 --> 00:14:55,600 Speaker 3: and foiling. You can now go and get a foiling 296 00:14:55,680 --> 00:15:00,280 Speaker 3: surfboard and essentially an inflatable bat wing and when you're 297 00:15:00,320 --> 00:15:02,920 Speaker 3: out there, so gone to the days of having to 298 00:15:02,960 --> 00:15:05,280 Speaker 3: have a trailer and boats and all this sort of gear. 299 00:15:05,360 --> 00:15:06,680 Speaker 8: It's this sort of. 300 00:15:06,680 --> 00:15:10,920 Speaker 3: Whole you know, advancement and quantum leap in technology and 301 00:15:10,960 --> 00:15:13,840 Speaker 3: construction and carp and fiber, et cetera has really changed 302 00:15:13,880 --> 00:15:15,880 Speaker 3: the game, I think, from the very bottom to the 303 00:15:15,960 --> 00:15:16,680 Speaker 3: very top to. 304 00:15:16,680 --> 00:15:19,800 Speaker 7: Have this sort of team based thing that a lot 305 00:15:19,840 --> 00:15:23,320 Speaker 7: of people understand how that works. Do you think that's 306 00:15:23,360 --> 00:15:26,280 Speaker 7: what changed the game kind of for sailing, is this 307 00:15:26,400 --> 00:15:29,720 Speaker 7: team format that everyone kind of understands and can follow 308 00:15:29,760 --> 00:15:30,200 Speaker 7: along with. 309 00:15:30,440 --> 00:15:33,560 Speaker 3: Yeah, I think you're right, because it is from the outside, 310 00:15:33,560 --> 00:15:36,960 Speaker 3: it's a very let's a confusing sport to understand, you know, 311 00:15:37,040 --> 00:15:38,200 Speaker 3: like where are the boats going? 312 00:15:38,280 --> 00:15:42,280 Speaker 8: What is the course? There was a whole lot of rules. 313 00:15:41,960 --> 00:15:44,200 Speaker 3: And then even the sort of technical jargon I mean, 314 00:15:44,280 --> 00:15:46,880 Speaker 3: I just to confuse myself, and I'm a professional sailor, 315 00:15:46,960 --> 00:15:49,280 Speaker 3: so I think a big part of it was really 316 00:15:49,280 --> 00:15:52,000 Speaker 3: trying to simplify it. The other thing, I think that 317 00:15:52,240 --> 00:15:54,320 Speaker 3: the top of let's say, the top end of the 318 00:15:54,360 --> 00:15:57,760 Speaker 3: sport before Sales GP was probably the America's Cup, and 319 00:15:57,800 --> 00:16:00,920 Speaker 3: that was something that was really every four years the 320 00:16:01,040 --> 00:16:05,000 Speaker 3: rules would constantly change they still do, and you didn't 321 00:16:05,040 --> 00:16:08,080 Speaker 3: have that regular season. The other thing was that the 322 00:16:08,080 --> 00:16:10,800 Speaker 3: boats for a big part of the America's Cup were, Man, 323 00:16:10,840 --> 00:16:12,000 Speaker 3: I can tell you it was a little bit like 324 00:16:12,040 --> 00:16:14,720 Speaker 3: watching paint, right. I mean, while it was okay to 325 00:16:14,800 --> 00:16:16,880 Speaker 3: sail them, but to watch them, it was just it 326 00:16:16,920 --> 00:16:18,640 Speaker 3: wasn't like there was you could look away and have 327 00:16:18,680 --> 00:16:20,640 Speaker 3: a conversation and look back and it didn't look like 328 00:16:20,640 --> 00:16:23,640 Speaker 3: a whole it had changed. The third thing is probably 329 00:16:23,920 --> 00:16:27,160 Speaker 3: let's say stadium, you know, having a stadium and fans 330 00:16:27,200 --> 00:16:30,320 Speaker 3: there in the bleachers and watching and being able to 331 00:16:30,360 --> 00:16:33,880 Speaker 3: hear that crowd, and that's you know, notoriously in Sale 332 00:16:34,040 --> 00:16:36,120 Speaker 3: we're racing, it's been oh, let's take the course as 333 00:16:36,160 --> 00:16:39,000 Speaker 3: far away from land as we can, let's get it perfect, 334 00:16:39,040 --> 00:16:41,760 Speaker 3: and let's not let anyone get too close. Well, sojpas 335 00:16:41,760 --> 00:16:45,080 Speaker 3: the opposite, very tight racetracks. When we just recently raced 336 00:16:45,120 --> 00:16:48,280 Speaker 3: in the Hudson in Manhattan. There the races are twelve 337 00:16:48,320 --> 00:16:51,600 Speaker 3: to thirty minutes long, twelve boats, very tight racetrack with 338 00:16:51,720 --> 00:16:56,760 Speaker 3: sideline boundaries. One sideline is literally the spectator stands and 339 00:16:56,920 --> 00:16:59,360 Speaker 3: they can almost reach out and high five the athletes. 340 00:16:59,760 --> 00:17:00,680 Speaker 8: I think. You know. 341 00:17:00,920 --> 00:17:03,360 Speaker 3: The other thing is having a very very tight and 342 00:17:03,720 --> 00:17:07,240 Speaker 3: squared away broadcast. You know where fans when they turn 343 00:17:07,280 --> 00:17:10,720 Speaker 3: it on, they can't get an understanding. They get educated, 344 00:17:11,280 --> 00:17:14,960 Speaker 3: and all the athletes a Mike Live. It's one of 345 00:17:15,000 --> 00:17:17,679 Speaker 3: the very few sports where men and women compete together 346 00:17:17,760 --> 00:17:21,680 Speaker 3: in the teams. And so yeah, we're starting to, let's say, 347 00:17:22,200 --> 00:17:26,400 Speaker 3: have the right ingredients to produce something that I believe, well, 348 00:17:26,520 --> 00:17:29,119 Speaker 3: we're already seeing it in terms of our TV and 349 00:17:29,200 --> 00:17:32,080 Speaker 3: media numbers, but starting to get out of let's say, 350 00:17:32,080 --> 00:17:35,399 Speaker 3: what was thought a niche sport and for people that 351 00:17:35,440 --> 00:17:38,400 Speaker 3: are just interested in sailing to more mainstream. And when 352 00:17:38,440 --> 00:17:40,280 Speaker 3: you look at the audience, I think it's about twenty 353 00:17:40,320 --> 00:17:42,480 Speaker 3: or thirty percent are actually just sailing audience. The rest 354 00:17:42,480 --> 00:17:45,400 Speaker 3: are non sailors and a lot of racing fans Actually. 355 00:17:45,920 --> 00:17:48,600 Speaker 5: I admire you so much and I want to bring 356 00:17:48,720 --> 00:17:51,880 Speaker 5: up an extreme positive, but I have to start out, 357 00:17:51,960 --> 00:17:55,679 Speaker 5: unfortunately with the negative that happened. You were ousted from 358 00:17:56,040 --> 00:18:00,320 Speaker 5: the Oracle Team USA when new ownership came in, and 359 00:18:00,359 --> 00:18:05,480 Speaker 5: then you established Red Bull Italy and you're just kicking 360 00:18:05,560 --> 00:18:10,160 Speaker 5: butt and I admire you for establishing the team. Can 361 00:18:10,200 --> 00:18:11,639 Speaker 5: you take us through that process? 362 00:18:12,080 --> 00:18:12,280 Speaker 8: Yeah? 363 00:18:12,320 --> 00:18:14,359 Speaker 3: Well sure, I mean, look, I got involved with solgeot 364 00:18:14,400 --> 00:18:17,240 Speaker 3: Penn season two. During season one, I was involved in 365 00:18:17,640 --> 00:18:20,240 Speaker 3: the America's Cup campaign and sort of finishing that off, 366 00:18:20,680 --> 00:18:23,840 Speaker 3: and Larry Ellison approached me and Russell cous to come 367 00:18:23,880 --> 00:18:26,359 Speaker 3: and lead the American team. At that stage, they just 368 00:18:26,359 --> 00:18:29,719 Speaker 3: finished last in season one, had no sponsors, and so 369 00:18:29,760 --> 00:18:32,320 Speaker 3: we immediately took the team to the final. We had 370 00:18:32,320 --> 00:18:35,520 Speaker 3: a bunch of fantastic commercial partners. But anyway, I was 371 00:18:35,560 --> 00:18:37,879 Speaker 3: thinking at that point, look, I'll probably this is my 372 00:18:37,960 --> 00:18:39,840 Speaker 3: long term plan here with the team, and I had 373 00:18:39,920 --> 00:18:43,800 Speaker 3: an ownership option on the team. Now we while looking 374 00:18:43,800 --> 00:18:46,440 Speaker 3: for partners, were received what was then a record offer 375 00:18:46,600 --> 00:18:49,320 Speaker 3: for the team to be purchased by a guy named 376 00:18:49,400 --> 00:18:52,879 Speaker 3: Ray McKillen was one of the early Uber guys and 377 00:18:53,000 --> 00:18:54,639 Speaker 3: a consortium he'd put together. 378 00:18:55,160 --> 00:18:57,119 Speaker 8: Now at that point, I had an option. There was 379 00:18:57,160 --> 00:18:58,440 Speaker 8: one catch in that. 380 00:19:00,040 --> 00:19:03,440 Speaker 3: One catching that that oper and that was that, well, 381 00:19:03,920 --> 00:19:06,600 Speaker 3: they wanted to field their own team so really start again, 382 00:19:06,680 --> 00:19:10,680 Speaker 3: and they wanted a full American team. I was born 383 00:19:10,720 --> 00:19:13,040 Speaker 3: in Australia, I'm a wife and kids are American, but 384 00:19:13,720 --> 00:19:15,720 Speaker 3: so they wanted to go all American and run it 385 00:19:15,720 --> 00:19:18,400 Speaker 3: their own way. So yeah, it was an interesting process 386 00:19:18,440 --> 00:19:21,080 Speaker 3: because it was either well, do you know, how do 387 00:19:21,119 --> 00:19:24,240 Speaker 3: I treat this? You know, I could stock and block 388 00:19:24,280 --> 00:19:26,639 Speaker 3: the deal and just stay here and keep looking to 389 00:19:26,880 --> 00:19:28,880 Speaker 3: build it up. But at the same time, I'd been 390 00:19:28,880 --> 00:19:31,879 Speaker 3: competing with an Italian team in the America's Cup, and 391 00:19:31,920 --> 00:19:34,480 Speaker 3: I thought, oh, what an incredible opportunity to now one 392 00:19:34,600 --> 00:19:36,960 Speaker 3: go through the process of a sale of a team, 393 00:19:37,960 --> 00:19:41,560 Speaker 3: but essentially start again and start from scratch, as opposed 394 00:19:41,560 --> 00:19:43,639 Speaker 3: to taking over an existing team like I did with 395 00:19:43,640 --> 00:19:47,880 Speaker 3: the American team. And that's really what led to Repulsugupeaterly 396 00:19:48,040 --> 00:19:52,720 Speaker 3: And it's just been such an amazing ride to get here. 397 00:19:52,760 --> 00:19:55,000 Speaker 3: We're the newest team, We've got the least amount of hours, 398 00:19:55,000 --> 00:19:57,919 Speaker 3: but we've just got a fantastic lineup of guys and 399 00:19:57,960 --> 00:20:00,840 Speaker 3: girls in our roster, huge fan base. I mean, if 400 00:20:00,880 --> 00:20:03,080 Speaker 3: you've ever watched you know Italian fans, there's some of 401 00:20:03,119 --> 00:20:06,520 Speaker 3: the most passionate out there and also a very let's 402 00:20:06,520 --> 00:20:11,280 Speaker 3: say educated marketplace as well in terms of commercially and audience. 403 00:20:11,320 --> 00:20:13,320 Speaker 3: So yeah, it was just a great opportunity. It was 404 00:20:13,320 --> 00:20:15,720 Speaker 3: a win win. It was a win facality to bring 405 00:20:15,760 --> 00:20:18,320 Speaker 3: someone like Ryan and the group you brought in to 406 00:20:18,359 --> 00:20:21,359 Speaker 3: take over the American team, and the same time for 407 00:20:21,440 --> 00:20:23,120 Speaker 3: me it was it was just I mean, how many 408 00:20:23,200 --> 00:20:26,480 Speaker 3: athletes get the opportunity to one even get involved in 409 00:20:26,480 --> 00:20:28,080 Speaker 3: the ownership of the team, but to be able to 410 00:20:28,160 --> 00:20:31,920 Speaker 3: do it twice and with a completely new group, different culture, etc. 411 00:20:32,800 --> 00:20:35,040 Speaker 3: I just thought, Wow, what an opportunity. 412 00:20:35,880 --> 00:20:39,800 Speaker 7: The whole idea of an athlete, you know who's done 413 00:20:39,840 --> 00:20:42,000 Speaker 7: the whole sport, done it from the top to bottom, 414 00:20:42,119 --> 00:20:45,680 Speaker 7: and then going into a CEO role, but also still competing. 415 00:20:45,800 --> 00:20:48,119 Speaker 7: You know, you're still skipper and things like that, and 416 00:20:48,160 --> 00:20:52,520 Speaker 7: then you co owner CEO. How you wear all those 417 00:20:52,600 --> 00:20:56,199 Speaker 7: hats tell us about how that informs you in a 418 00:20:56,280 --> 00:20:57,840 Speaker 7: unique way in running the team. 419 00:20:58,400 --> 00:21:00,480 Speaker 3: I think it's like a lot of businesses, and even 420 00:21:00,520 --> 00:21:05,240 Speaker 3: when you look around at other successful sporting franchises. I 421 00:21:05,359 --> 00:21:09,840 Speaker 3: believe that some of the most successful and valuable are 422 00:21:09,880 --> 00:21:14,480 Speaker 3: the ones that are ultimately influenced or run by ex athletes, 423 00:21:14,680 --> 00:21:18,720 Speaker 3: because it's a little bit like armies or generals. Generals 424 00:21:18,720 --> 00:21:21,480 Speaker 3: in the army or admiralson in a navy. The guys 425 00:21:21,560 --> 00:21:24,040 Speaker 3: that have been in the trenches, have been out in 426 00:21:24,040 --> 00:21:26,480 Speaker 3: the water, been there on the ground, and then work 427 00:21:26,560 --> 00:21:29,800 Speaker 3: that way up. They really know what has been going 428 00:21:29,800 --> 00:21:31,600 Speaker 3: on in the whole process. Now I'm not saying that's 429 00:21:31,600 --> 00:21:35,320 Speaker 3: the only way, because clearly there's examples of well admirals 430 00:21:35,359 --> 00:21:38,840 Speaker 3: and generals that haven't gone that way, and in people 431 00:21:38,840 --> 00:21:42,360 Speaker 3: that run these teams, all sorts of sporting teams and franchises. 432 00:21:42,920 --> 00:21:45,200 Speaker 8: But I believe if you really. 433 00:21:44,960 --> 00:21:47,080 Speaker 3: Want to have a full understanding of what it's like, 434 00:21:47,160 --> 00:21:49,520 Speaker 3: and they really gain the respect of people on and 435 00:21:49,560 --> 00:21:52,280 Speaker 3: off the water. If you've got that sort of background 436 00:21:52,280 --> 00:21:55,320 Speaker 3: and knowledge, there's no shortcut to that. You don't just 437 00:21:55,440 --> 00:21:58,360 Speaker 3: get that by clicking your fingers and reading about it. 438 00:21:58,440 --> 00:22:00,680 Speaker 3: If you've lived and breathed that, you've made, had mistakes 439 00:22:00,720 --> 00:22:03,800 Speaker 3: and had the growth, that's that's that's a different level 440 00:22:03,800 --> 00:22:07,719 Speaker 3: of education. And I believe I've always been inspired by 441 00:22:07,760 --> 00:22:10,399 Speaker 3: athletes that have been successful on the field to play, 442 00:22:10,520 --> 00:22:13,800 Speaker 3: but then the ability to go out of their comfort zone, 443 00:22:13,960 --> 00:22:16,160 Speaker 3: you know, and be successful off the field to play 444 00:22:16,240 --> 00:22:19,760 Speaker 3: almost like a second career. And at the same time 445 00:22:20,480 --> 00:22:23,160 Speaker 3: benefit I'm also finding has been able to impact and 446 00:22:23,600 --> 00:22:26,600 Speaker 3: now help and provide something for the next generation. That's 447 00:22:26,760 --> 00:22:30,120 Speaker 3: in itself something really rewarding. But at the time when 448 00:22:30,119 --> 00:22:32,679 Speaker 3: I was competing, to be quite honestly, I never that 449 00:22:32,800 --> 00:22:34,680 Speaker 3: was never really something on the back of my mind 450 00:22:34,720 --> 00:22:36,920 Speaker 3: that you know, when you're competing, all you're thinking about 451 00:22:37,000 --> 00:22:40,280 Speaker 3: is the game and to win. But now when I 452 00:22:40,320 --> 00:22:43,760 Speaker 3: look at all of the ingredients, I yeah, it's been 453 00:22:43,840 --> 00:22:46,359 Speaker 3: it's been fascinating just to be able to play the 454 00:22:46,400 --> 00:22:49,160 Speaker 3: different roles and get a let's say, a full full 455 00:22:49,200 --> 00:22:49,919 Speaker 3: circle picture. 456 00:22:50,720 --> 00:22:56,040 Speaker 5: One of the investors in sale GP a very famous name, 457 00:22:56,359 --> 00:23:00,960 Speaker 5: and Hathaway tell us about that, because now you're attracting 458 00:23:01,080 --> 00:23:05,600 Speaker 5: some really big names involved in this that people instantly know. 459 00:23:06,440 --> 00:23:07,720 Speaker 8: Yeah, well, that's that's true. 460 00:23:07,760 --> 00:23:10,679 Speaker 3: I mean, and I think if you look at the 461 00:23:10,760 --> 00:23:14,800 Speaker 3: group that we've assembled in the team, it's just I mean, 462 00:23:16,160 --> 00:23:19,280 Speaker 3: as the founder of the team, if I could have 463 00:23:19,440 --> 00:23:22,960 Speaker 3: just drawn up a wish list, I'm not sure I 464 00:23:23,000 --> 00:23:25,680 Speaker 3: would have had the courage to say. The names we've 465 00:23:25,680 --> 00:23:29,399 Speaker 3: got it's unbelievable. I mean, we've got some incredible entrepreneurs, 466 00:23:29,440 --> 00:23:33,560 Speaker 3: businessmen and women. We've got some amazing from all walks 467 00:23:33,560 --> 00:23:38,000 Speaker 3: of you know, We've got amazing actresses, athletes, and ultimately 468 00:23:38,000 --> 00:23:41,200 Speaker 3: what that means is we just have such an awesome 469 00:23:41,320 --> 00:23:44,560 Speaker 3: group to go back and call on their own experiences 470 00:23:44,600 --> 00:23:49,400 Speaker 3: and their lessons learned to apply to our let's say, 471 00:23:49,440 --> 00:23:53,800 Speaker 3: sports and entertainment product that we're growing together. And so 472 00:23:54,119 --> 00:23:56,000 Speaker 3: and if you look at all the other teams, theres 473 00:23:56,200 --> 00:23:59,359 Speaker 3: some incredible names as well, like you know, some of 474 00:23:59,400 --> 00:24:01,800 Speaker 3: the business and some of the funds, some of the 475 00:24:01,960 --> 00:24:06,320 Speaker 3: Mark Lazarie's with the US team, athletes, kill Him Abati, 476 00:24:06,400 --> 00:24:11,640 Speaker 3: Sebastian Battle, you know, actors, Ryan Reynolds, Hugh Jackman. I mean, 477 00:24:11,720 --> 00:24:14,200 Speaker 3: the list just goes on and on, and so I 478 00:24:14,240 --> 00:24:18,040 Speaker 3: think when it's all good and well for me to 479 00:24:18,080 --> 00:24:20,399 Speaker 3: come and tell you how good sale GP is or 480 00:24:20,440 --> 00:24:22,560 Speaker 3: what I think the teams are worth. And it's a 481 00:24:22,600 --> 00:24:24,560 Speaker 3: little bit like selling your own house. You can think 482 00:24:24,560 --> 00:24:27,159 Speaker 3: it's worth a billion dollars, but at the end of 483 00:24:27,240 --> 00:24:30,000 Speaker 3: the day, the market will tell you what it's worth 484 00:24:30,400 --> 00:24:33,840 Speaker 3: and here we are again. You know, the market will 485 00:24:33,920 --> 00:24:36,760 Speaker 3: tell us from an investment point of view, well is 486 00:24:36,800 --> 00:24:39,919 Speaker 3: this investible and what's our market value? 487 00:24:40,160 --> 00:24:40,280 Speaker 8: Now? 488 00:24:40,320 --> 00:24:42,000 Speaker 3: If you look at the growth we've had in just 489 00:24:42,080 --> 00:24:45,440 Speaker 3: five seasons, especially starting out when when COVID and what 490 00:24:45,480 --> 00:24:48,080 Speaker 3: people thought was a NWE sport, well we've got a 491 00:24:48,080 --> 00:24:53,080 Speaker 3: pretty big range of sophisticated men and women investors. You 492 00:24:53,119 --> 00:24:55,160 Speaker 3: look at the valuations now, you look at the TV 493 00:24:55,359 --> 00:24:59,119 Speaker 3: numbers and even getting feedback from the hospitality and the 494 00:24:59,200 --> 00:25:00,000 Speaker 3: racing experience. 495 00:25:00,119 --> 00:25:03,760 Speaker 8: It's live again. You will think I'm boss. I am boss. 496 00:25:03,960 --> 00:25:06,080 Speaker 3: But you only have to now look at the diet 497 00:25:06,080 --> 00:25:08,199 Speaker 3: of the results and the people that are investing in 498 00:25:08,240 --> 00:25:10,880 Speaker 3: those teams. They're not the majority of them. Again, they're 499 00:25:10,920 --> 00:25:11,920 Speaker 3: not sounding fans. 500 00:25:12,440 --> 00:25:13,919 Speaker 8: They really say the value. 501 00:25:13,680 --> 00:25:17,400 Speaker 5: Here our thanks to Jimmy Spitthill, team CEO of Red 502 00:25:17,440 --> 00:25:20,439 Speaker 5: Bull Italy, for joining us up. Next, we turned to 503 00:25:20,520 --> 00:25:24,000 Speaker 5: the NFL and a controversy that has shaken up the 504 00:25:24,160 --> 00:25:28,479 Speaker 5: NFL Players Association. For Damien Sasawer and Vanessa Bernomo. I'm 505 00:25:28,480 --> 00:25:31,800 Speaker 5: Michael Barr. You are listening to the Bloomberg Business of 506 00:25:31,840 --> 00:25:34,080 Speaker 5: Sports Bloomberg Radio around the world. 507 00:25:36,520 --> 00:25:40,520 Speaker 2: This is Bloomberg Business of Sports from Bloomberg Radio. 508 00:25:41,400 --> 00:25:43,960 Speaker 5: Thanks for joining us on the Bloomberg Business of Sports. 509 00:25:43,960 --> 00:25:46,399 Speaker 5: We explore the big money issues in the world of 510 00:25:46,440 --> 00:25:50,640 Speaker 5: sports Michael Barr along with Damian Sasauer and Vanessa Bernomo. 511 00:25:51,200 --> 00:25:56,440 Speaker 5: The NFL's Players Association recently found itself embroiled in controversy 512 00:25:56,760 --> 00:26:01,320 Speaker 5: that led to NFLPA Executive Director of Lloyd Howell, as 513 00:26:01,359 --> 00:26:05,959 Speaker 5: well as at least one other executive being out of 514 00:26:06,119 --> 00:26:10,040 Speaker 5: the NFLPA. There are several key developments here and we 515 00:26:10,119 --> 00:26:12,400 Speaker 5: wanted to get to the bottom of it with an 516 00:26:12,400 --> 00:26:16,719 Speaker 5: old friend of the show. Joining us now is Marty Eedle. 517 00:26:16,880 --> 00:26:21,399 Speaker 5: He's Gulston and Stewart's Sports law practice co chair and 518 00:26:21,600 --> 00:26:26,080 Speaker 5: adjunct professor at Columbia University. Marty, welcome back to the 519 00:26:26,119 --> 00:26:27,520 Speaker 5: Bloomberg Business of Sports. 520 00:26:27,840 --> 00:26:28,840 Speaker 2: Thank you for having me. 521 00:26:29,560 --> 00:26:33,240 Speaker 5: Man. There is so much NFL news to talk about, 522 00:26:33,640 --> 00:26:36,640 Speaker 5: and I guess I want to start off with the NFLPA, 523 00:26:36,720 --> 00:26:39,920 Speaker 5: where it was kind of a meltdown. What has happened 524 00:26:39,960 --> 00:26:45,240 Speaker 5: The NFLPA Executive director Lloyd Howell and President JC Treader 525 00:26:45,359 --> 00:26:50,720 Speaker 5: resigned earlier this month. What in the world happened? Marty? 526 00:26:51,440 --> 00:26:55,399 Speaker 2: Well, we have a confluence of two events that have 527 00:26:55,520 --> 00:26:58,680 Speaker 2: been disclosed. I can't tell you what else is behind 528 00:26:58,720 --> 00:27:01,560 Speaker 2: the scenes because I don't know. But the two big 529 00:27:01,600 --> 00:27:08,879 Speaker 2: events here are one that the NFL and NFLPA entered 530 00:27:08,920 --> 00:27:17,000 Speaker 2: into a confidentiality agreement to hold confidential the decision which 531 00:27:17,080 --> 00:27:22,000 Speaker 2: found that there was collusion by the NFL owners. Why 532 00:27:22,040 --> 00:27:25,800 Speaker 2: would anyone withhold that from their constituency, in this case 533 00:27:25,960 --> 00:27:30,679 Speaker 2: the players. The second issue, of course, was that the 534 00:27:30,800 --> 00:27:33,840 Speaker 2: executive director was found to have a conflict of interest. 535 00:27:34,520 --> 00:27:37,720 Speaker 2: He was working for the Carlisle Group of private equity 536 00:27:37,760 --> 00:27:41,679 Speaker 2: group while he was the executive director of the NFLPA. 537 00:27:42,400 --> 00:27:44,399 Speaker 4: Surprise in the mean of it, right, I mean the 538 00:27:44,440 --> 00:27:48,400 Speaker 4: grievance itself, as I understand it was accusations that team 539 00:27:48,440 --> 00:27:52,200 Speaker 4: owners were colluding to suppress the pay the guarantee pay 540 00:27:52,280 --> 00:27:56,440 Speaker 4: sorry for quarterbacks in the wake of the Cleveland Brown's 541 00:27:56,440 --> 00:27:59,000 Speaker 4: decision to sign to Sean Watson to someone godly two 542 00:27:59,040 --> 00:28:01,400 Speaker 4: hundred thirty million dollar. Some talk to us a little 543 00:28:01,440 --> 00:28:04,119 Speaker 4: bit about that. I mean, is there going to be 544 00:28:04,320 --> 00:28:07,280 Speaker 4: any sort of potential blowback, any damages to you know, 545 00:28:07,480 --> 00:28:10,360 Speaker 4: quarterbacks who you know, maybe weren't given a fair deal 546 00:28:10,400 --> 00:28:11,000 Speaker 4: because of this. 547 00:28:11,720 --> 00:28:14,320 Speaker 2: Yeah, so let's start off with that, but it's far 548 00:28:14,440 --> 00:28:20,640 Speaker 2: broader than the was it three quarterbacks Kyler, Murray, Lamar Jackson, 549 00:28:20,640 --> 00:28:25,840 Speaker 2: and Russell Wilson who claimed that they were deprived of 550 00:28:25,920 --> 00:28:33,440 Speaker 2: guaranteed dollars because the owners colluded after paying Deshaun Watson 551 00:28:33,880 --> 00:28:37,400 Speaker 2: this ungodly some damien that you pointed out two undred 552 00:28:37,400 --> 00:28:43,000 Speaker 2: thirty million in guaranteed compensation over five years, but it 553 00:28:43,080 --> 00:28:46,520 Speaker 2: affected a lot more. There were also five hundred and 554 00:28:46,600 --> 00:28:51,000 Speaker 2: ninety four veteran players who claimed that they were deprived 555 00:28:51,120 --> 00:28:58,000 Speaker 2: of some amounts of guaranteed compensation because of this owner's collusion. 556 00:28:58,080 --> 00:29:01,880 Speaker 2: And the concept of owner's collusion is that the owners 557 00:29:02,000 --> 00:29:08,040 Speaker 2: got together and somehow agreed to hold down guaranteed compensation. 558 00:29:08,760 --> 00:29:14,400 Speaker 2: There was an arbitration before a very respected arbitrator who 559 00:29:14,400 --> 00:29:19,200 Speaker 2: happens to be the NFL NFLPA Collective Bargaining System arbitrator, 560 00:29:20,360 --> 00:29:23,280 Speaker 2: and that was Chris Droni, who was a former judge 561 00:29:23,320 --> 00:29:26,720 Speaker 2: on the Second Circuit Court of Appeals. He rendered a 562 00:29:26,800 --> 00:29:32,920 Speaker 2: sixty one page decision which promptly was buried because of 563 00:29:32,960 --> 00:29:38,120 Speaker 2: a confidentiality agreement between the NFLPA and the NFL only 564 00:29:38,160 --> 00:29:41,840 Speaker 2: because of leaks through the media, and thank goodness, we 565 00:29:41,960 --> 00:29:45,920 Speaker 2: have a vigorous media to ferret out the truth. But 566 00:29:46,120 --> 00:29:48,520 Speaker 2: because of leaks in the media, it came out that 567 00:29:48,880 --> 00:29:53,120 Speaker 2: Droni found there was collusion among the owners. He didn't 568 00:29:53,160 --> 00:29:57,640 Speaker 2: find that the NFL had colluded in a way that 569 00:29:58,000 --> 00:30:00,760 Speaker 2: resulted in damages. I can get into that later if 570 00:30:00,760 --> 00:30:03,800 Speaker 2: you want, because he set forth three questions and answered 571 00:30:03,800 --> 00:30:06,160 Speaker 2: two of them in the negative. But he found clearly 572 00:30:06,200 --> 00:30:10,480 Speaker 2: there was collusion, and he based that on Commissioner Goodell 573 00:30:10,760 --> 00:30:16,520 Speaker 2: and Jeff Pass the General Council talking to the owners 574 00:30:17,160 --> 00:30:22,000 Speaker 2: and saying, you know, we have this problem. Our revenues 575 00:30:22,040 --> 00:30:26,120 Speaker 2: have declined since COVID, and you guys are still giving 576 00:30:26,120 --> 00:30:29,640 Speaker 2: out lots and lots of guaranteed dollars. That's obviously a paraphrase, 577 00:30:30,520 --> 00:30:35,640 Speaker 2: and exhorted them to be more careful about it. And 578 00:30:35,720 --> 00:30:39,000 Speaker 2: the arbitrator found that there was collusion, and then it 579 00:30:39,040 --> 00:30:39,600 Speaker 2: got buried. 580 00:30:40,240 --> 00:30:43,920 Speaker 4: Apparently. There were also a series of text messages between 581 00:30:44,240 --> 00:30:47,440 Speaker 4: the owner for the Arizona Cardinals and the chargers. I mean, 582 00:30:47,800 --> 00:30:49,560 Speaker 4: is that just the first I mean, how are they 583 00:30:49,600 --> 00:30:53,160 Speaker 4: getting access to text messages between owners? I mean, is 584 00:30:53,200 --> 00:30:55,960 Speaker 4: that part of disclosure? I just find that so fascinating. 585 00:30:56,000 --> 00:30:59,040 Speaker 4: I mean, is there are there text you know, chats 586 00:30:59,040 --> 00:31:01,880 Speaker 4: out there that might come to light in lieu of all. 587 00:31:01,800 --> 00:31:05,560 Speaker 2: This, So the answer should be a decided yes. 588 00:31:06,920 --> 00:31:07,360 Speaker 5: They would. 589 00:31:08,680 --> 00:31:13,800 Speaker 2: In terms of the arbitration itself, the NFLPA, which which 590 00:31:13,880 --> 00:31:16,960 Speaker 2: was prosecuting the claims on behalf of Kyler Murray Lamar 591 00:31:17,080 --> 00:31:20,280 Speaker 2: Jackson and Russell Wilson, would have had an opportunity to 592 00:31:20,320 --> 00:31:28,920 Speaker 2: get disclosure of texts, emails, documents which go to their 593 00:31:28,960 --> 00:31:33,000 Speaker 2: claim of unlawful collusion, and they would have gotten those emails, 594 00:31:33,320 --> 00:31:36,480 Speaker 2: those texts there should have. There may be others out there, 595 00:31:36,760 --> 00:31:40,640 Speaker 2: we simply don't know. They're all under confidentiality agreement. 596 00:31:41,440 --> 00:31:41,680 Speaker 5: Uh. 597 00:31:41,720 --> 00:31:44,240 Speaker 2: And no one has seen fit to disclose everything to 598 00:31:44,360 --> 00:31:48,320 Speaker 2: the public yet. Uh. You know, maybe Bloomberg Business on 599 00:31:48,400 --> 00:31:51,959 Speaker 2: Sports will issue a subpoena or freedom of the press 600 00:31:52,400 --> 00:31:55,240 Speaker 2: for your request to try to get that info. 601 00:31:56,160 --> 00:32:01,240 Speaker 5: Well, I'm sure former nfl PA executive director Demorris Smith 602 00:32:01,320 --> 00:32:06,000 Speaker 5: is saying, you miss me now, because there's more to 603 00:32:06,040 --> 00:32:12,800 Speaker 5: this with how it apparently he expends multiple strip club 604 00:32:12,840 --> 00:32:20,400 Speaker 5: trips on the nflpa's dime, and that also came out. 605 00:32:20,640 --> 00:32:24,760 Speaker 5: I didn't even hear about that part until much later, 606 00:32:24,920 --> 00:32:26,480 Speaker 5: So I don't know where to go with this. 607 00:32:26,600 --> 00:32:30,400 Speaker 2: Marty Well, I had not heard about that particular one. 608 00:32:30,440 --> 00:32:36,880 Speaker 2: But this is quite a tangled web, as you point out. 609 00:32:37,000 --> 00:32:43,000 Speaker 2: You know, we have the NFLPA technically losing the arbitration, 610 00:32:44,240 --> 00:32:48,960 Speaker 2: having the right to appeal, which according to its collective 611 00:32:49,000 --> 00:32:53,680 Speaker 2: bargaining Agreement, it has ten days to appeal. That appeal 612 00:32:53,840 --> 00:32:58,480 Speaker 2: time ran starting in late January of twenty twenty five 613 00:32:58,520 --> 00:33:05,240 Speaker 2: when Arbitrator Dronian to down his decision. The NFLPA did nothing. 614 00:33:06,680 --> 00:33:13,240 Speaker 2: Only after Pablo Torres finds out podcasts was there pressure 615 00:33:13,240 --> 00:33:16,600 Speaker 2: put on the NFLPA to say, maybe you guys ought 616 00:33:16,640 --> 00:33:20,360 Speaker 2: to appeal the loss here, and they filed this appeal 617 00:33:20,680 --> 00:33:25,600 Speaker 2: in July. Well, that's more than ten days. There's a 618 00:33:25,640 --> 00:33:28,080 Speaker 2: good chance that they're barred from fun. You know, they'll 619 00:33:28,080 --> 00:33:30,680 Speaker 2: put in all sorts of special circumstances which I haven't 620 00:33:30,680 --> 00:33:34,760 Speaker 2: seen yet, but there's a good chance their appeal will 621 00:33:34,760 --> 00:33:39,240 Speaker 2: be barred because it was not timely. Then you have 622 00:33:40,160 --> 00:33:45,160 Speaker 2: the issues which are coming out now of the executive 623 00:33:45,200 --> 00:33:52,400 Speaker 2: director Lloyd Howell expensing chargers for which there's no reasonable 624 00:33:52,440 --> 00:33:56,920 Speaker 2: explanation having been given yet being paid by the Carlisle 625 00:33:57,000 --> 00:34:02,400 Speaker 2: Group to explore the investment of private equity in the NFL. 626 00:34:03,920 --> 00:34:06,680 Speaker 2: You know, you got to keep your nose clean. 627 00:34:07,600 --> 00:34:09,719 Speaker 4: I heard this is this is a New York Post. 628 00:34:09,760 --> 00:34:11,799 Speaker 4: To take it from, take it and stride here. But 629 00:34:11,920 --> 00:34:16,120 Speaker 4: apparently Lloyd Howell he ordered the facilities department in Washington, 630 00:34:16,320 --> 00:34:19,480 Speaker 4: DC headquarters to merge two spaces in the parking garage 631 00:34:19,760 --> 00:34:23,200 Speaker 4: into one over concern of potential door dings on his 632 00:34:23,280 --> 00:34:27,200 Speaker 4: poor Kayen Turbo. And he numbered the spot thirty two 633 00:34:27,280 --> 00:34:29,520 Speaker 4: in honor of OJ Simpson, just saying this is the 634 00:34:29,520 --> 00:34:32,360 Speaker 4: New York Post reporting. So it sounds like Lloyd Howell 635 00:34:32,440 --> 00:34:35,080 Speaker 4: has some explaining to do in the eyes of you know, 636 00:34:35,480 --> 00:34:39,040 Speaker 4: the media and more importantly, his constituents amongst the NFL, 637 00:34:39,080 --> 00:34:42,200 Speaker 4: I mean, the players themselves. This is just kind of outrageous. 638 00:34:42,280 --> 00:34:46,480 Speaker 2: No, yeah, And you know one of the great parts 639 00:34:46,520 --> 00:34:50,320 Speaker 2: of that outrage is they use number thirty two, which 640 00:34:50,560 --> 00:34:53,479 Speaker 2: not only refers to OJ Simpson, who has a less 641 00:34:53,520 --> 00:34:58,600 Speaker 2: than stellar reputation, but also all those great players who 642 00:34:58,680 --> 00:35:02,439 Speaker 2: use number thirty two. Jim Brown who was number thirty two, 643 00:35:03,160 --> 00:35:07,000 Speaker 2: Sandy Kofax in baseball, Elston Howard in baseball, all numbers 644 00:35:07,040 --> 00:35:09,880 Speaker 2: thirty two, and yet he's using it now. I'm just 645 00:35:10,080 --> 00:35:13,759 Speaker 2: making light of that way again. I mean, Michael, to 646 00:35:13,800 --> 00:35:15,680 Speaker 2: confirm what you said. Yes, in the same you know 647 00:35:15,760 --> 00:35:17,360 Speaker 2: kind of article they talk about. 648 00:35:17,080 --> 00:35:19,000 Speaker 4: You know, the strip clubs they talk about, you know 649 00:35:19,080 --> 00:35:22,120 Speaker 4: how previously been accused of sexual discrimination back in twenty 650 00:35:22,120 --> 00:35:24,640 Speaker 4: eleven while he was an employee at Booz Allen another 651 00:35:24,920 --> 00:35:27,719 Speaker 4: you know, management consulting firm of repute, you know. And 652 00:35:27,760 --> 00:35:31,320 Speaker 4: so it's just it's just amazing that the NFL even 653 00:35:31,520 --> 00:35:35,480 Speaker 4: had him representing their interests, and for this to happen 654 00:35:35,520 --> 00:35:38,680 Speaker 4: so quickly into his tenure, to your point, shows just 655 00:35:38,719 --> 00:35:40,440 Speaker 4: how challenging that position truly is. 656 00:35:41,320 --> 00:35:43,600 Speaker 2: Well, I think that's right. But you know, as we've 657 00:35:43,640 --> 00:35:49,440 Speaker 2: seen a whole bunch of executive directors of players associations 658 00:35:49,880 --> 00:35:55,200 Speaker 2: who have kept their noses clean, who have represented very 659 00:35:55,239 --> 00:35:59,279 Speaker 2: well the interests of the players, you know, to the 660 00:35:59,719 --> 00:36:03,000 Speaker 2: some owners may say they represent that the executive directors 661 00:36:03,480 --> 00:36:08,120 Speaker 2: represented the player's interest too zealously. This is just the opposite. 662 00:36:08,520 --> 00:36:11,879 Speaker 2: Did he represent the player's interests well enough? You're right, 663 00:36:11,920 --> 00:36:13,920 Speaker 2: he has a lot of explaining, but don't count on 664 00:36:14,000 --> 00:36:17,359 Speaker 2: that happening since he's no longer part of the NFLPA. 665 00:36:18,280 --> 00:36:22,560 Speaker 5: Can we talk about in a little more uplifting if 666 00:36:22,560 --> 00:36:25,520 Speaker 5: you want to call it that. CNBC we first reported this. 667 00:36:25,840 --> 00:36:28,960 Speaker 5: The NFL is in talks to buy a ten percent 668 00:36:29,080 --> 00:36:34,360 Speaker 5: stake in ESPN for some NFL media assets, and according 669 00:36:34,360 --> 00:36:38,400 Speaker 5: to CNBC, the stake size is still a moving target. 670 00:36:38,480 --> 00:36:41,799 Speaker 5: Now what does that mean for ESPN and what does 671 00:36:41,840 --> 00:36:42,880 Speaker 5: that mean for the NFL. 672 00:36:44,280 --> 00:36:50,080 Speaker 2: Well, legally at least and probably financially, it's a boondoggle 673 00:36:50,880 --> 00:36:54,239 Speaker 2: for the NFL. It gets to have an outlet for 674 00:36:54,280 --> 00:36:57,920 Speaker 2: more and more for increasing amounts of its content. It 675 00:36:57,960 --> 00:37:04,279 Speaker 2: will have a network which has a wide, wide audience 676 00:37:05,040 --> 00:37:10,120 Speaker 2: to watch whatever the NFL will come up with to 677 00:37:10,160 --> 00:37:14,279 Speaker 2: be appropriate. It may not only be NFL games, but 678 00:37:14,360 --> 00:37:19,879 Speaker 2: it may be documentaries, It may be interviews with experts 679 00:37:19,920 --> 00:37:24,000 Speaker 2: all Lah, Martini, Dell. You never could tell. But it 680 00:37:24,040 --> 00:37:29,280 Speaker 2: will have a It's a good vertical integration for the NFL. 681 00:37:29,400 --> 00:37:33,520 Speaker 2: For ESPN, it depends how much it's giving up other 682 00:37:33,640 --> 00:37:38,400 Speaker 2: than the equity part of it to acquire rights to 683 00:37:38,520 --> 00:37:42,759 Speaker 2: NFL licenses. I think it. 684 00:37:42,719 --> 00:37:45,359 Speaker 5: Could be a win win our thanks to Marty Edel 685 00:37:45,400 --> 00:37:49,000 Speaker 5: for joining us. He is adjunct professor at Columbia University 686 00:37:49,320 --> 00:37:52,560 Speaker 5: and co chair at Gulston and Stores Law Practice, and 687 00:37:52,719 --> 00:37:55,759 Speaker 5: thank you for joining us. Make sure to subscribe to 688 00:37:55,840 --> 00:37:59,960 Speaker 5: our podcast on your favorite podcast platform so you never 689 00:38:00,120 --> 00:38:04,120 Speaker 5: miss an episode from my colleagues Damien Sasaur and Vanessa Verdommo. 690 00:38:04,239 --> 00:38:06,480 Speaker 5: I'm Michael Barr. Tune in again next week for the 691 00:38:06,520 --> 00:38:09,080 Speaker 5: latest on the stories moving big money in the world 692 00:38:09,120 --> 00:38:12,440 Speaker 5: of sports. You are listening to The Bloomberg Business of 693 00:38:12,480 --> 00:38:16,480 Speaker 5: Sports Bloomberger Radio around the world. Stay with us. Today's 694 00:38:16,480 --> 00:38:19,600 Speaker 5: top stories and global business headlines are coming up right now.