1 00:00:02,560 --> 00:00:09,880 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. This is the Business 2 00:00:09,920 --> 00:00:10,680 Speaker 1: of Sports. 3 00:00:10,720 --> 00:00:14,160 Speaker 2: Sports are the greatest unscripted show owner. 4 00:00:14,040 --> 00:00:16,200 Speaker 3: The next generation of players who really grew up with 5 00:00:16,280 --> 00:00:16,840 Speaker 3: tech and. 6 00:00:16,880 --> 00:00:17,600 Speaker 4: Believe in tech. 7 00:00:17,680 --> 00:00:20,000 Speaker 2: Your face is your ticket, your face is your wallet, 8 00:00:20,079 --> 00:00:21,840 Speaker 2: your face is your access to a club. 9 00:00:21,960 --> 00:00:26,560 Speaker 5: These are such iconic and important buildings for businesses. For fans, 10 00:00:26,680 --> 00:00:29,000 Speaker 5: COVID was one of the best things that ever happened 11 00:00:29,000 --> 00:00:29,200 Speaker 5: to go. 12 00:00:29,480 --> 00:00:31,560 Speaker 6: The NFL is a bulletproof business. 13 00:00:31,680 --> 00:00:34,320 Speaker 4: Raising is unique because there is absolutely no reason why 14 00:00:34,360 --> 00:00:36,440 Speaker 4: we can't compete with the guys wall It's pro pickleball? 15 00:00:36,479 --> 00:00:38,479 Speaker 1: Real Are people really going to tune into this? 16 00:00:38,680 --> 00:00:41,200 Speaker 3: If you're playing moneyball with a huge bag of money, 17 00:00:41,400 --> 00:00:42,800 Speaker 3: you're going to be really, really good. 18 00:00:42,880 --> 00:00:46,400 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio. 19 00:00:47,320 --> 00:00:50,199 Speaker 4: This is the Bloomberg Business of Sports, where we explore 20 00:00:50,280 --> 00:00:52,120 Speaker 4: the big money issues in the world sports. 21 00:00:52,159 --> 00:00:53,840 Speaker 1: I'm Michael Laher and I'm Vanessa Primo. 22 00:00:53,960 --> 00:00:56,120 Speaker 4: Coming up today, we are going to take a look 23 00:00:56,160 --> 00:00:59,960 Speaker 4: ahead at what the impact of having the FIFA World 24 00:01:00,040 --> 00:01:03,240 Speaker 4: Old Cup in the US is going to do for 25 00:01:03,320 --> 00:01:07,479 Speaker 4: the popularity of soccer state side. We'll also break down 26 00:01:07,520 --> 00:01:11,840 Speaker 4: the business of mixed use districts around sporting venues. But 27 00:01:11,920 --> 00:01:15,679 Speaker 4: first we will speak with Bloomberg's owned Elizabeth Remberg. 28 00:01:16,040 --> 00:01:19,120 Speaker 7: Elizabeth is a municipal finance and higher education reporter for 29 00:01:19,160 --> 00:01:22,160 Speaker 7: Bloomberg News. She recently wrote a story about how Yukon 30 00:01:22,240 --> 00:01:25,000 Speaker 7: women's basketball team is generating big bucks for the school. 31 00:01:25,080 --> 00:01:29,000 Speaker 4: Elizabeth joins us in studio. Now, welcome to the Bloomberg 32 00:01:29,080 --> 00:01:32,960 Speaker 4: Business of Sports, and you are ten thousand percent right 33 00:01:33,520 --> 00:01:37,720 Speaker 4: Yukon's women's basketball. That is a lot of coin for 34 00:01:37,800 --> 00:01:38,280 Speaker 4: the school. 35 00:01:38,440 --> 00:01:41,600 Speaker 8: Absolutely, they're a powerhouse on the court, and then in 36 00:01:41,640 --> 00:01:44,400 Speaker 8: these bond documents they're bringing in money, so of financial 37 00:01:44,400 --> 00:01:45,760 Speaker 8: powerhouse as well for the school. 38 00:01:46,160 --> 00:01:49,680 Speaker 7: Tell us more about you know why now, why does 39 00:01:49,720 --> 00:01:52,120 Speaker 7: it show now that they're making a lot more money 40 00:01:52,160 --> 00:01:52,640 Speaker 7: for the schools? 41 00:01:52,640 --> 00:01:54,960 Speaker 9: Has always been? Or what was it about last year? 42 00:01:55,360 --> 00:01:58,680 Speaker 8: Yeah, so I think everyone knows that Yukon has such 43 00:01:58,760 --> 00:02:03,520 Speaker 8: a dominant women's basketball program, but it seems like, you know, 44 00:02:03,600 --> 00:02:05,920 Speaker 8: I noticed this they were selling bonds and I just 45 00:02:06,480 --> 00:02:09,560 Speaker 8: picked out this interesting little tidbit and then looked into 46 00:02:09,560 --> 00:02:12,880 Speaker 8: the numbers, and it seems like for the twenty twenty 47 00:02:12,880 --> 00:02:15,440 Speaker 8: five year it tipped up a little bit from the 48 00:02:15,440 --> 00:02:19,040 Speaker 8: twenty twenty four levels, but it nearly the revenue that 49 00:02:19,080 --> 00:02:22,040 Speaker 8: the women's program brought in nearly doubled from the twenty 50 00:02:22,080 --> 00:02:24,600 Speaker 8: twenty three levels, and so I think we all know 51 00:02:24,680 --> 00:02:28,040 Speaker 8: that women's basketball has really been exploding in popularity. They 52 00:02:28,040 --> 00:02:30,760 Speaker 8: also had Page Beckers who was such a superstar on 53 00:02:30,800 --> 00:02:33,959 Speaker 8: the court and then also a superstar in partnerships, high 54 00:02:33,960 --> 00:02:37,680 Speaker 8: profile partnerships, and just really showed her talents on TV. 55 00:02:37,840 --> 00:02:40,200 Speaker 8: So that's what the experts, I say, maybe made that 56 00:02:40,240 --> 00:02:43,800 Speaker 8: difference of bringing in viewership and then of course them 57 00:02:43,960 --> 00:02:46,040 Speaker 8: winning the twenty twenty five title, and don't. 58 00:02:45,919 --> 00:02:49,040 Speaker 4: Forget now this season they went thirty one and oh, 59 00:02:49,240 --> 00:02:51,920 Speaker 4: I'm gonna say it again, so in case you missed it, 60 00:02:52,320 --> 00:02:56,080 Speaker 4: they went thirty one and oh they went undefeated and 61 00:02:56,280 --> 00:02:59,600 Speaker 4: every ticket was pretty much sold out for every game. 62 00:03:00,480 --> 00:03:03,919 Speaker 8: Yes, yes, absolutely great, great attendance. I think that they 63 00:03:03,960 --> 00:03:07,680 Speaker 8: still have some stars with Is Fudd and Sarah Strong 64 00:03:07,720 --> 00:03:09,840 Speaker 8: on the team, everyone really wanting to see them play. 65 00:03:09,880 --> 00:03:12,600 Speaker 8: And then I think their coach has said it too, 66 00:03:12,919 --> 00:03:16,120 Speaker 8: seeing can they do it without Page? So the audiences 67 00:03:16,120 --> 00:03:18,119 Speaker 8: are there for that as well. 68 00:03:18,320 --> 00:03:19,480 Speaker 9: What is it about? 69 00:03:19,560 --> 00:03:21,720 Speaker 7: You know, when you were looking into the numbers, I'm 70 00:03:21,760 --> 00:03:25,040 Speaker 7: curious when you were seeing it, was it parallel to 71 00:03:25,120 --> 00:03:27,200 Speaker 7: the men parallel to the football team, because I think 72 00:03:27,200 --> 00:03:29,440 Speaker 7: that's where everyone thinks that the money actually comes from, 73 00:03:29,720 --> 00:03:30,960 Speaker 7: is men's basketball and football. 74 00:03:31,120 --> 00:03:35,080 Speaker 8: Yeah, so it is trailing the men's basketball program. But 75 00:03:35,320 --> 00:03:38,800 Speaker 8: I did notice that in twenty twenty three, the total 76 00:03:38,800 --> 00:03:41,320 Speaker 8: revenue that the women's program was bringing in was under 77 00:03:41,360 --> 00:03:43,440 Speaker 8: the football but then in twenty twenty four and twenty 78 00:03:43,480 --> 00:03:46,119 Speaker 8: twenty five it did edge out football. And I think 79 00:03:46,120 --> 00:03:49,720 Speaker 8: that we can see just the pace that the money 80 00:03:49,760 --> 00:03:52,640 Speaker 8: is accelerating, how much more this program is bringing in 81 00:03:52,680 --> 00:03:54,240 Speaker 8: for the school's athletic department. 82 00:03:54,720 --> 00:03:58,760 Speaker 4: And when we looked at the chart, the men's football 83 00:03:58,800 --> 00:04:04,080 Speaker 4: program is making less than the women's basketball team in 84 00:04:04,160 --> 00:04:05,119 Speaker 4: twenty twenty. 85 00:04:04,840 --> 00:04:07,080 Speaker 6: Five exactly exactly, yep. 86 00:04:07,640 --> 00:04:10,520 Speaker 7: And what is the biggest driver of revenue for the 87 00:04:10,560 --> 00:04:11,720 Speaker 7: women's basketball program? 88 00:04:11,760 --> 00:04:15,520 Speaker 8: From what you saw, I noticed that the postseason revenue 89 00:04:15,600 --> 00:04:16,440 Speaker 8: is really bringing in. 90 00:04:16,360 --> 00:04:17,760 Speaker 6: A lot of dollars, which makes sense. 91 00:04:17,839 --> 00:04:19,760 Speaker 8: They won the title last year, so they're going to 92 00:04:19,760 --> 00:04:22,520 Speaker 8: be getting more of that TV distribution income. But the 93 00:04:22,520 --> 00:04:25,480 Speaker 8: school also told me that the women's program brings in 94 00:04:25,640 --> 00:04:28,680 Speaker 8: more than thirty percent of their corporate sponsorship revenue. So 95 00:04:28,720 --> 00:04:33,600 Speaker 8: that's another substantial income provider for the athletic department, and 96 00:04:33,640 --> 00:04:36,599 Speaker 8: that the school said only is trailed by the men's 97 00:04:36,640 --> 00:04:40,240 Speaker 8: basketball program, which is bringing in corporate sponsorship revenue as well. 98 00:04:40,279 --> 00:04:43,599 Speaker 4: We're speaking with Bloomberg's own Elizabeth Rembert. I want to 99 00:04:43,640 --> 00:04:47,520 Speaker 4: go more into the viewership part because that means sponsorships, 100 00:04:47,560 --> 00:04:48,719 Speaker 4: and that means. 101 00:04:48,440 --> 00:04:50,200 Speaker 6: Money, exactly, exactly. 102 00:04:50,279 --> 00:04:53,400 Speaker 8: Yeah, if the corporate partners know that the eyeballs are 103 00:04:53,440 --> 00:04:55,960 Speaker 8: going to be on those games, if the butts are 104 00:04:56,000 --> 00:04:57,800 Speaker 8: going to be in the seat of the audience, of course, 105 00:04:57,880 --> 00:05:01,360 Speaker 8: that's a powerful opportunity to get their marketing and their 106 00:05:01,400 --> 00:05:04,080 Speaker 8: brand out there for everyone everyone to see and to 107 00:05:04,080 --> 00:05:06,480 Speaker 8: partner with such a dominant program. I was driving through 108 00:05:06,480 --> 00:05:09,680 Speaker 8: Connecticut a couple weekends ago, coming back from a ski 109 00:05:09,720 --> 00:05:12,440 Speaker 8: trip in Vermont, and I saw so many billboards along 110 00:05:12,440 --> 00:05:16,520 Speaker 8: the highway with the women's basketball program up with a 111 00:05:16,520 --> 00:05:18,680 Speaker 8: brand saying, you know, we're strong on the court, We're 112 00:05:18,720 --> 00:05:21,880 Speaker 8: strong in the banking partnership or something like that. So 113 00:05:22,040 --> 00:05:25,520 Speaker 8: really seeing those like highly visible partnerships with the with 114 00:05:25,600 --> 00:05:27,080 Speaker 8: the women's basketball team. 115 00:05:27,080 --> 00:05:29,520 Speaker 7: I think the interesting thing with the Yukon women's basketball 116 00:05:29,520 --> 00:05:31,800 Speaker 7: team is obviously pages a big star for them, but 117 00:05:32,600 --> 00:05:35,159 Speaker 7: the team is really a brand in itself. It's almost 118 00:05:35,200 --> 00:05:37,760 Speaker 7: essentially as big of a brand, or bigger in some 119 00:05:37,800 --> 00:05:39,720 Speaker 7: cases than a lot of WNBA teams and a lot 120 00:05:39,720 --> 00:05:40,239 Speaker 7: of other. 121 00:05:40,080 --> 00:05:41,880 Speaker 9: Professional sports teams. 122 00:05:42,120 --> 00:05:44,280 Speaker 7: From what you know, from what you've seen around other 123 00:05:44,600 --> 00:05:47,920 Speaker 7: college programs, how do they stack up in that sense? 124 00:05:48,160 --> 00:05:48,520 Speaker 3: Do you know? 125 00:05:48,880 --> 00:05:52,800 Speaker 8: Yeah, they have built their championship brand for years. I 126 00:05:52,839 --> 00:05:56,599 Speaker 8: mean they are vying in this tournament for their thirteenth 127 00:05:56,720 --> 00:06:00,799 Speaker 8: national championship, which is a record across. 128 00:06:00,640 --> 00:06:01,600 Speaker 6: All of the schools. 129 00:06:02,080 --> 00:06:04,719 Speaker 8: And I think that then there were the years when 130 00:06:04,760 --> 00:06:07,640 Speaker 8: Breonna Stewart was there and just going back to back 131 00:06:07,680 --> 00:06:11,720 Speaker 8: to back to back, where just really solidifying that dominance. 132 00:06:12,279 --> 00:06:15,599 Speaker 8: I think that their competitors as far as just brand, 133 00:06:15,720 --> 00:06:18,680 Speaker 8: of course South Carolina Don Staley has really built that 134 00:06:18,760 --> 00:06:23,440 Speaker 8: program and has just built that from scratch and made 135 00:06:23,480 --> 00:06:27,760 Speaker 8: them known as a women's basketball destination. LSU UCLA is 136 00:06:27,760 --> 00:06:30,760 Speaker 8: obviously very prominent, but I think that Yukon is undisputed. 137 00:06:30,920 --> 00:06:35,200 Speaker 8: Just the numbers of twelve titles. You can't deny that 138 00:06:35,279 --> 00:06:36,760 Speaker 8: type of championship brand. 139 00:06:37,440 --> 00:06:41,760 Speaker 4: Now they make millions is an understatement, but it's not 140 00:06:42,000 --> 00:06:44,440 Speaker 4: only great for the school, but It's great for the 141 00:06:44,480 --> 00:06:47,200 Speaker 4: businesses around the arena because if you were playing in 142 00:06:47,240 --> 00:06:50,040 Speaker 4: front of a sold out crowd each game, that means 143 00:06:50,040 --> 00:06:52,880 Speaker 4: the restaurants and bars are going to be packed as well. 144 00:06:53,400 --> 00:06:57,120 Speaker 8: M Yeah, the local economic impact is also big, and 145 00:06:57,160 --> 00:06:59,000 Speaker 8: that's something that I've seen when I was researching this 146 00:06:59,120 --> 00:07:04,000 Speaker 8: story other Connecticut businesses, like you said, around the stadium, 147 00:07:04,040 --> 00:07:07,440 Speaker 8: just saying the economic impact that these teams bring into 148 00:07:07,600 --> 00:07:09,280 Speaker 8: the state and the area. 149 00:07:09,080 --> 00:07:10,240 Speaker 6: Cannot be understated. 150 00:07:10,280 --> 00:07:13,360 Speaker 8: As well with with fans wanting to pregame or maybe 151 00:07:13,480 --> 00:07:16,120 Speaker 8: celebrate a win after the game. 152 00:07:16,240 --> 00:07:18,960 Speaker 7: Particularly because there's nothing else to do in stores Connecticut. 153 00:07:19,000 --> 00:07:24,080 Speaker 7: I think, Michael, what do you think you think they're 154 00:07:24,080 --> 00:07:25,800 Speaker 7: going to go back to back? You think they can 155 00:07:25,840 --> 00:07:26,360 Speaker 7: do it this year? 156 00:07:26,400 --> 00:07:30,680 Speaker 4: I don't see anybody beating Yukon. I mean, yes, I 157 00:07:30,720 --> 00:07:35,120 Speaker 4: know the top seeds. You got Yukon, U Co, La, Texas, 158 00:07:35,360 --> 00:07:41,040 Speaker 4: and South Carolina. Nobody's let me, let me don't. I'm 159 00:07:41,040 --> 00:07:44,120 Speaker 4: gonna give it the kiss of death. Nobody's gonna beat Yukon. 160 00:07:44,480 --> 00:07:47,720 Speaker 9: Whoa completely perfect undefeated season. 161 00:07:47,560 --> 00:07:50,280 Speaker 4: And I think you're going to see an undefeated like 162 00:07:50,320 --> 00:07:56,920 Speaker 4: a Miami Dolphin style undefeated season. I know, I put 163 00:07:56,960 --> 00:08:00,480 Speaker 4: it out there and Elizabeth is like, are you crazy? 164 00:08:00,520 --> 00:08:01,240 Speaker 3: What is going on? 165 00:08:02,000 --> 00:08:04,880 Speaker 8: I mean their defense like they do not They make 166 00:08:04,920 --> 00:08:08,520 Speaker 8: all the teams fight for every single point and then 167 00:08:08,720 --> 00:08:09,320 Speaker 8: their offense. 168 00:08:09,360 --> 00:08:10,280 Speaker 6: It's on both ends. 169 00:08:10,400 --> 00:08:13,720 Speaker 4: And by the way, it brings me to NIL. If 170 00:08:13,760 --> 00:08:17,320 Speaker 4: you're talking an elite team like the Huskies, there's going 171 00:08:17,400 --> 00:08:19,560 Speaker 4: to be a lot of money and name, image and 172 00:08:19,640 --> 00:08:20,840 Speaker 4: likeness for these athletes. 173 00:08:21,240 --> 00:08:21,480 Speaker 3: Yeah. 174 00:08:21,520 --> 00:08:24,560 Speaker 8: I think that Pagebeckers was like, is one of you 175 00:08:24,600 --> 00:08:26,920 Speaker 8: know at the top. Obviously she's graduated and she's in 176 00:08:26,960 --> 00:08:31,840 Speaker 8: the W now, but the deals that she inked with Gatorade, Bose. 177 00:08:31,880 --> 00:08:34,160 Speaker 8: She was the first college athlete to have a Nike 178 00:08:34,240 --> 00:08:38,160 Speaker 8: Addition player shoe. So just that platform as well, especially 179 00:08:38,200 --> 00:08:43,160 Speaker 8: as college sports increasingly becomes with these big NIL paydays, 180 00:08:43,440 --> 00:08:45,800 Speaker 8: as schools can pay their athletes, I think that that's 181 00:08:45,880 --> 00:08:49,600 Speaker 8: just another advantage as well as that championship brand. Yukon 182 00:08:49,640 --> 00:08:51,959 Speaker 8: has also shown we can set you up for these 183 00:08:52,000 --> 00:08:55,679 Speaker 8: types of partnerships economically for these players as well, which. 184 00:08:55,480 --> 00:08:56,200 Speaker 9: Is an interesting thing. 185 00:08:56,240 --> 00:08:57,959 Speaker 7: When we look at your store and we're looking at oh, 186 00:08:57,960 --> 00:09:00,280 Speaker 7: they bring it eight million dollars of revenue. It has 187 00:09:00,320 --> 00:09:02,559 Speaker 7: nothing to do with the NIL deals that these players 188 00:09:02,600 --> 00:09:05,080 Speaker 7: are bringing in on their own, which I know. 189 00:09:05,160 --> 00:09:06,839 Speaker 9: Asy Fudd is also one of. 190 00:09:06,800 --> 00:09:10,240 Speaker 7: The top most fouled players. She has She's had deals 191 00:09:10,240 --> 00:09:13,240 Speaker 7: since the start of NIL. We did an entire profile 192 00:09:13,240 --> 00:09:15,280 Speaker 7: on her back in twenty twenty one. She has been 193 00:09:15,280 --> 00:09:17,960 Speaker 7: in this game for a long time. So when she 194 00:09:18,120 --> 00:09:20,400 Speaker 7: does go eventually to the w just at the end 195 00:09:20,440 --> 00:09:22,679 Speaker 7: of this year's I think she's gonna try and right 196 00:09:23,000 --> 00:09:24,720 Speaker 7: it out on the high note. She's she's also just 197 00:09:24,720 --> 00:09:25,720 Speaker 7: this Incredibles page. 198 00:09:26,280 --> 00:09:28,680 Speaker 4: I love seeing the graphic. Also, by the way, you 199 00:09:28,760 --> 00:09:33,520 Speaker 4: have men's basketball for Yukon, then you have women's basketball, 200 00:09:33,720 --> 00:09:38,760 Speaker 4: then you have football, and then you have other sports. 201 00:09:39,400 --> 00:09:41,400 Speaker 4: Is that like swimming or something like that? 202 00:09:41,559 --> 00:09:45,600 Speaker 8: Yeah, I think swimming, you know, all the Olympic sports. 203 00:09:45,640 --> 00:09:48,600 Speaker 6: Soccer just yeah, all all lumped in there. 204 00:09:49,000 --> 00:09:53,160 Speaker 4: Yeah, you know, rawn charts and you know whatever. 205 00:09:53,480 --> 00:09:54,959 Speaker 9: Well, you know, it's every other sport. 206 00:09:55,040 --> 00:09:55,320 Speaker 3: My goal. 207 00:09:55,600 --> 00:10:01,680 Speaker 4: I'm sorry, I'm sorry. Soccer is good. Soccers, It's great. Okay, 208 00:10:01,840 --> 00:10:02,640 Speaker 4: I'm kissing up. 209 00:10:02,720 --> 00:10:06,800 Speaker 7: Thank you yea, even though we yeah, zero money for 210 00:10:06,920 --> 00:10:10,240 Speaker 7: revenue for the school, but you know, go watch it anyway. 211 00:10:11,720 --> 00:10:14,680 Speaker 4: Well, Elizabeth, where do you see it going years down 212 00:10:14,760 --> 00:10:17,600 Speaker 4: the road In terms of building revenue not just for Yukon, 213 00:10:18,160 --> 00:10:22,360 Speaker 4: but they're leading the way for other big schools as well, 214 00:10:22,520 --> 00:10:25,560 Speaker 4: like Carolina or UCLA. Where do you see the future 215 00:10:25,679 --> 00:10:27,240 Speaker 4: revenue building for other schools? 216 00:10:27,559 --> 00:10:27,760 Speaker 2: Yeah. 217 00:10:27,760 --> 00:10:29,640 Speaker 8: When I talk to experts about this and kind of 218 00:10:29,679 --> 00:10:32,120 Speaker 8: have like a broader conversation, like you said, stepping back 219 00:10:32,120 --> 00:10:36,480 Speaker 8: from Yukon, they say that it can really only go up, 220 00:10:36,559 --> 00:10:38,840 Speaker 8: you know, Like I said, like women's basketball is exploding 221 00:10:38,880 --> 00:10:43,679 Speaker 8: in popularity that's bleeding into college basketball as well, and 222 00:10:43,840 --> 00:10:46,560 Speaker 8: the experts that I talk to say that now is 223 00:10:46,600 --> 00:10:50,520 Speaker 8: the time where schools can really be investing in women's 224 00:10:50,559 --> 00:10:53,040 Speaker 8: basketball because it's not such a crowded space. Like they 225 00:10:53,040 --> 00:10:56,560 Speaker 8: say that football and men's basketball is an arms race. 226 00:10:56,679 --> 00:10:58,960 Speaker 8: It has been an arms race, but maybe there's a 227 00:10:59,000 --> 00:11:01,280 Speaker 8: little bit more room if you put your dollars to 228 00:11:01,400 --> 00:11:05,800 Speaker 8: work in your women's basketball program. There's huge upside there, 229 00:11:05,840 --> 00:11:08,640 Speaker 8: and so I think it's just going to keep growing, 230 00:11:08,760 --> 00:11:13,360 Speaker 8: especially with these superstars like Asy Fud, like Sarah Strong, 231 00:11:13,520 --> 00:11:17,720 Speaker 8: like Audie Crooks, Audie Hooks, Audie Crooks, Audi Crooks at 232 00:11:17,760 --> 00:11:21,680 Speaker 8: Iowa State. Just these like really talented players that are 233 00:11:21,720 --> 00:11:24,760 Speaker 8: making people see the types of game that can be 234 00:11:24,800 --> 00:11:26,400 Speaker 8: played on the women's basketball court. 235 00:11:27,000 --> 00:11:29,839 Speaker 1: That was Elizabeth Rembert. She is a municipal finance reporter 236 00:11:29,880 --> 00:11:30,680 Speaker 1: for Bloomberg News. 237 00:11:30,760 --> 00:11:36,840 Speaker 4: Up next, we're talking infrastructure woo, but really building stadiums 238 00:11:36,880 --> 00:11:40,480 Speaker 4: and mixed use districts are big business, so we will 239 00:11:40,520 --> 00:11:43,920 Speaker 4: take a look at what's driving big investment from them. 240 00:11:44,200 --> 00:11:47,040 Speaker 4: That's straight ahead on the Bloomberg Business of Sports for 241 00:11:47,280 --> 00:11:50,800 Speaker 4: Vanessa Perdomo. I'm Michael Barr. You are listening to Bloomberg 242 00:11:50,840 --> 00:11:53,960 Speaker 4: Business of Sports from Bloomberg Radio around the world. 243 00:11:58,320 --> 00:12:02,320 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 244 00:12:03,800 --> 00:12:06,560 Speaker 4: This is the Bloomberg Business of Sports where we explore 245 00:12:06,600 --> 00:12:08,559 Speaker 4: the big money issues in the world of sports. 246 00:12:08,640 --> 00:12:10,480 Speaker 1: I'm Michael Barn and I'm an Essa Prodemo. 247 00:12:11,040 --> 00:12:15,000 Speaker 4: As team valuations continue to rise, we know that one 248 00:12:15,040 --> 00:12:18,840 Speaker 4: big cause of that is the huge stacks of money 249 00:12:19,240 --> 00:12:22,960 Speaker 4: going into stadium development. So we're bringing in an expert 250 00:12:23,000 --> 00:12:25,839 Speaker 4: to give us the lowdown on why owners are willing 251 00:12:25,840 --> 00:12:28,960 Speaker 4: to spend so much money on these projects and how 252 00:12:29,280 --> 00:12:30,920 Speaker 4: they are going to get their money back. 253 00:12:31,280 --> 00:12:33,600 Speaker 7: We're speaking with David Carlock. He is the founder and 254 00:12:33,679 --> 00:12:36,640 Speaker 7: managing partner of Machete Group, who have advised clients on 255 00:12:36,679 --> 00:12:39,480 Speaker 7: projects such as the Barclay Center, the Chase Center, and more. 256 00:12:39,840 --> 00:12:43,240 Speaker 4: David, Welcome to the Bloomberg Business of sports. I want 257 00:12:43,240 --> 00:12:47,560 Speaker 4: to start. You're the founder and managing partner of Machete Group. 258 00:12:47,600 --> 00:12:48,439 Speaker 4: Tell us about that. 259 00:12:48,920 --> 00:12:53,520 Speaker 5: Well, we're a Houston based real estate development platform that 260 00:12:53,600 --> 00:12:57,320 Speaker 5: sits at the intersection of sports, entertainment and real estate. 261 00:12:57,320 --> 00:12:59,079 Speaker 3: We've been around for about eighteen years. 262 00:12:59,120 --> 00:13:04,800 Speaker 5: We spend half our time developing public assembly venues, arenas, stadiums, ballparks, 263 00:13:04,800 --> 00:13:08,439 Speaker 5: and about half our time working on mixed use districts, 264 00:13:08,520 --> 00:13:12,800 Speaker 5: typically in partnership with a team and located adjacent to 265 00:13:13,000 --> 00:13:15,000 Speaker 5: an arena, stadium, or a ballpark. 266 00:13:15,679 --> 00:13:17,679 Speaker 7: David, I'm glad you brought that up, like the mixed 267 00:13:17,760 --> 00:13:21,880 Speaker 7: use part, because it seems like every single stadium or venue, 268 00:13:22,040 --> 00:13:25,320 Speaker 7: anything going up right now almost has to have a 269 00:13:25,720 --> 00:13:29,400 Speaker 7: mixed use development project. Why has that become the norm 270 00:13:29,440 --> 00:13:31,440 Speaker 7: and do you think it is something that really every 271 00:13:31,520 --> 00:13:32,200 Speaker 7: venue should have. 272 00:13:32,600 --> 00:13:35,320 Speaker 5: I think the answer is that it ideally, I think 273 00:13:35,640 --> 00:13:38,200 Speaker 5: every team would benefit from something like it. 274 00:13:38,280 --> 00:13:40,000 Speaker 3: I think the reality is that. 275 00:13:40,200 --> 00:13:44,120 Speaker 5: The number of locations where it makes sense commercially, it 276 00:13:44,200 --> 00:13:49,160 Speaker 5: underwrites regardless of what kind of metrics you're applying is 277 00:13:49,160 --> 00:13:52,120 Speaker 5: obviously more limited, particularly in the current environment where construction 278 00:13:52,240 --> 00:13:53,160 Speaker 5: costs are way up. 279 00:13:54,280 --> 00:13:57,120 Speaker 3: Money is a lot more expensive, it's a lot more challenging. 280 00:13:57,160 --> 00:14:01,360 Speaker 5: But I think what sports team owners have figured out, 281 00:14:01,440 --> 00:14:05,960 Speaker 5: particularly the really smart ones, is that the business that 282 00:14:06,000 --> 00:14:08,160 Speaker 5: they're in, and this is similar to what I learned 283 00:14:08,200 --> 00:14:11,280 Speaker 5: at Disney twenty five years ago, back when I was 284 00:14:11,400 --> 00:14:14,240 Speaker 5: involved in the resource and Interactions group, there is that 285 00:14:14,320 --> 00:14:17,160 Speaker 5: Disney is really in the link of stay business that 286 00:14:17,320 --> 00:14:19,400 Speaker 5: they aren't in the theme park business, aren't hotel business. 287 00:14:19,400 --> 00:14:21,440 Speaker 5: They just want you to stay one more day because 288 00:14:21,480 --> 00:14:25,640 Speaker 5: the marginal contribution on that revenue is really really significant. 289 00:14:25,760 --> 00:14:28,560 Speaker 5: It's the economics are much more attractive than getting someone 290 00:14:28,600 --> 00:14:31,400 Speaker 5: new to come for one day. And in a sports business, 291 00:14:31,680 --> 00:14:34,520 Speaker 5: if you can extend the link of stay that your 292 00:14:34,640 --> 00:14:41,120 Speaker 5: fan is engaging in when it's connected with your brand, right, 293 00:14:41,200 --> 00:14:44,520 Speaker 5: so extending that game day experience. They show up a 294 00:14:44,560 --> 00:14:46,880 Speaker 5: few hours early, they stay an hour late. They start 295 00:14:46,880 --> 00:14:50,560 Speaker 5: coming on off days to have the kinds of experiences 296 00:14:50,560 --> 00:14:52,560 Speaker 5: that nursed in having, whether that's going to a restaurant 297 00:14:52,640 --> 00:14:55,000 Speaker 5: or maybe they're signing a lease at the apartment building 298 00:14:55,040 --> 00:14:56,240 Speaker 5: or making a night out of it and staying at 299 00:14:56,240 --> 00:15:00,360 Speaker 5: the hotel that has really significant benefits to the team, 300 00:15:00,480 --> 00:15:03,720 Speaker 5: and I think that's what these kinds of districts offer. 301 00:15:04,400 --> 00:15:07,600 Speaker 4: We're talking with David Carlaki. He's the founder and managing 302 00:15:07,640 --> 00:15:09,920 Speaker 4: partner of Macheti Group, and I want to go more 303 00:15:09,960 --> 00:15:13,920 Speaker 4: into that about the bars and restaurants either on a 304 00:15:13,960 --> 00:15:18,760 Speaker 4: game day or a concert day. That is critical for 305 00:15:18,960 --> 00:15:24,040 Speaker 4: those businesses that are around wherever the stadium is. Tell 306 00:15:24,120 --> 00:15:24,880 Speaker 4: us more about that. 307 00:15:25,480 --> 00:15:26,360 Speaker 3: It is critical. 308 00:15:26,480 --> 00:15:31,440 Speaker 5: I think that the key question or challenge, or perhaps opportunity, 309 00:15:31,440 --> 00:15:33,200 Speaker 5: depending on how you want to think about it, is 310 00:15:33,920 --> 00:15:38,800 Speaker 5: developing a project that is a logical place to go 311 00:15:38,920 --> 00:15:42,840 Speaker 5: when there isn't something happening at the arena or stadium. 312 00:15:42,960 --> 00:15:47,640 Speaker 5: So fans are good at figuring out that when there's 313 00:15:47,720 --> 00:15:50,200 Speaker 5: a Rockets game, it makes sense for me to go 314 00:15:50,280 --> 00:15:52,440 Speaker 5: visit the bar or the restaurant or whatever it may 315 00:15:52,480 --> 00:15:56,160 Speaker 5: be that's right next to the arena. That's not enough 316 00:15:56,360 --> 00:15:59,640 Speaker 5: for a successful real estate development. You also need that 317 00:15:59,680 --> 00:16:02,800 Speaker 5: fan to think to himself or herself, this should be 318 00:16:02,800 --> 00:16:04,880 Speaker 5: a great place for me to hang out Tuesday after 319 00:16:04,880 --> 00:16:07,280 Speaker 5: your new at two o'clock when there's nothing happening at 320 00:16:07,320 --> 00:16:09,600 Speaker 5: the arena or Sunday for dinner or whatever it may be. 321 00:16:09,960 --> 00:16:13,040 Speaker 5: So that I think is at the core of really 322 00:16:13,080 --> 00:16:14,560 Speaker 5: getting these kinds of projects right. 323 00:16:14,800 --> 00:16:17,440 Speaker 7: Do you think that some markets have you know, an 324 00:16:17,520 --> 00:16:20,200 Speaker 7: advantage there than others? You know, the experience with the 325 00:16:20,200 --> 00:16:22,680 Speaker 7: Machete group really runs the game at across It seems 326 00:16:22,760 --> 00:16:27,280 Speaker 7: very global in Brooklyn, London, Paris, but other smaller cities 327 00:16:27,320 --> 00:16:32,240 Speaker 7: like Richmond and Louisville. Is it easier for those places 328 00:16:32,280 --> 00:16:35,680 Speaker 7: to have, you know, a bigger spread and have people 329 00:16:35,680 --> 00:16:38,600 Speaker 7: come there more often? Or can you give a little 330 00:16:38,600 --> 00:16:42,280 Speaker 7: bit of the disadvantages advantages to bigger versus smaller markets. 331 00:16:42,800 --> 00:16:43,120 Speaker 4: Sure? 332 00:16:43,240 --> 00:16:44,760 Speaker 3: Yeah, that's a really good question. 333 00:16:44,960 --> 00:16:47,720 Speaker 5: In larger markets, you have all the benefits you would 334 00:16:47,760 --> 00:16:50,240 Speaker 5: expect to come along with larger markets. You have more people, 335 00:16:50,680 --> 00:16:54,160 Speaker 5: you have more typically more income it's available, You have 336 00:16:54,240 --> 00:16:56,880 Speaker 5: more not just local people, but you might have more tourism. 337 00:16:56,960 --> 00:17:01,280 Speaker 3: All those things can be helpful. And also, frankly, you know, 338 00:17:01,320 --> 00:17:01,600 Speaker 3: you have. 339 00:17:02,440 --> 00:17:06,560 Speaker 5: Higher rents, spends, whatever sort of comes along with the 340 00:17:06,600 --> 00:17:10,840 Speaker 5: revenue side of the equation relative to mid sized markets 341 00:17:10,920 --> 00:17:15,040 Speaker 5: or smaller markets. The benefit of smaller markets is that, frankly, 342 00:17:15,119 --> 00:17:20,280 Speaker 5: there's typically less competition and if you're creating a twenty 343 00:17:20,320 --> 00:17:23,520 Speaker 5: first century urban place. And I want to emphasize that 344 00:17:23,560 --> 00:17:27,280 Speaker 5: what constitutes urban different markets is on a sliding scale. Right, 345 00:17:27,400 --> 00:17:31,240 Speaker 5: Urban in Manhattan means something different than urban in Richmond, Virginia. 346 00:17:31,320 --> 00:17:34,840 Speaker 5: But we think that the market, regardless of where, whether 347 00:17:34,840 --> 00:17:37,480 Speaker 5: you live in Richmond or Manhattan, wants really great urban 348 00:17:37,480 --> 00:17:40,879 Speaker 5: places and the opportunity to develop those kinds of projects 349 00:17:41,119 --> 00:17:43,399 Speaker 5: in partnership with the team and adjacent to an arena 350 00:17:43,440 --> 00:17:45,680 Speaker 5: or stadium. There are a lot of what we would 351 00:17:45,720 --> 00:17:47,879 Speaker 5: think of as unfair advantages that come along with that. 352 00:17:48,200 --> 00:17:49,280 Speaker 3: And when you're doing that in. 353 00:17:49,240 --> 00:17:53,040 Speaker 5: A smaller market, oftentimes you're the only game in town, 354 00:17:53,200 --> 00:17:54,840 Speaker 5: or you have the opportunity to be the only game 355 00:17:54,880 --> 00:17:59,080 Speaker 5: in town, and that can often offset or largely offset 356 00:17:59,400 --> 00:18:02,800 Speaker 5: some of the disadvantages you might face by being in 357 00:18:02,880 --> 00:18:04,679 Speaker 5: a relatively smaller market. 358 00:18:05,119 --> 00:18:09,119 Speaker 4: The new fancy stadiums everybody. They want to have a 359 00:18:09,160 --> 00:18:13,320 Speaker 4: new place to play, but unfortunately it drives up the 360 00:18:13,359 --> 00:18:16,600 Speaker 4: ticket prices. Are fans willing to pay more if the 361 00:18:16,680 --> 00:18:21,000 Speaker 4: facility is banking, brand new, complete with Wi Fi and 362 00:18:21,040 --> 00:18:22,680 Speaker 4: all the other I. 363 00:18:22,640 --> 00:18:27,000 Speaker 5: Think the data suggests generally, yes, that fans are willing 364 00:18:27,080 --> 00:18:29,760 Speaker 5: to pay more, Although what I will say, and I 365 00:18:29,880 --> 00:18:33,280 Speaker 5: want to emphasize I don't have sort of detailed data 366 00:18:33,320 --> 00:18:37,840 Speaker 5: on this, but my sense is fans aren't necessarily paying 367 00:18:37,880 --> 00:18:41,040 Speaker 5: a lot more for the same thing, if that makes sense. 368 00:18:41,359 --> 00:18:41,560 Speaker 3: Right. 369 00:18:41,600 --> 00:18:44,320 Speaker 5: So, if I'm sitting in an upper deck seat in 370 00:18:44,359 --> 00:18:46,080 Speaker 5: a building that's been around for twenty years, and the 371 00:18:46,080 --> 00:18:47,720 Speaker 5: team comes along and develops a new one, and I'm 372 00:18:47,720 --> 00:18:49,919 Speaker 5: still sitting in that same basic seat, I mean I 373 00:18:50,040 --> 00:18:53,840 Speaker 5: might pay a modest increase for that same experience, but 374 00:18:54,080 --> 00:18:58,959 Speaker 5: not a dramatically more expensive price for that experience. However, 375 00:18:59,520 --> 00:19:03,080 Speaker 5: if the new building offers an upgraded product that is 376 00:19:03,080 --> 00:19:05,800 Speaker 5: of interest to me that didn't exist in the old building, 377 00:19:06,080 --> 00:19:09,280 Speaker 5: then I probably am paying as significantly greater amount, and 378 00:19:09,320 --> 00:19:12,560 Speaker 5: I think a lot of owners have gotten smart about that. 379 00:19:12,600 --> 00:19:16,080 Speaker 5: When I developed Tota Center twenty five years ago, you know, 380 00:19:16,160 --> 00:19:18,920 Speaker 5: premium products and by that I mean an offering other 381 00:19:19,000 --> 00:19:23,719 Speaker 5: than a basic GA or general admission ticket was fairly limited. 382 00:19:23,720 --> 00:19:24,960 Speaker 3: You had traditional suites. 383 00:19:25,240 --> 00:19:26,800 Speaker 5: You know, we were one of the first arenas to 384 00:19:26,840 --> 00:19:28,600 Speaker 5: do what's called a sort of a bunker suite or 385 00:19:28,600 --> 00:19:29,920 Speaker 5: an event level suite product. 386 00:19:30,240 --> 00:19:31,280 Speaker 3: There are club seats. 387 00:19:31,800 --> 00:19:34,720 Speaker 5: That was about it, you know, now you have you know, 388 00:19:34,760 --> 00:19:38,040 Speaker 5: there are loose boxes. There are you know, there are 389 00:19:38,040 --> 00:19:41,320 Speaker 5: skydeck suites, there are party decks, there are, you know, 390 00:19:41,359 --> 00:19:45,879 Speaker 5: a wide variety of premium products based on the market 391 00:19:45,960 --> 00:19:50,600 Speaker 5: figuring out that the premium buyer is less monolithic than 392 00:19:50,720 --> 00:19:53,000 Speaker 5: was believed you know, a couple of decades ago, and 393 00:19:53,000 --> 00:19:57,119 Speaker 5: you've seen a pretty significant progression towards offering a greater 394 00:19:57,240 --> 00:20:01,520 Speaker 5: variety of experiences. And that's and a really effective way 395 00:20:01,560 --> 00:20:05,720 Speaker 5: to monetize the game day experience more efficiently. 396 00:20:06,280 --> 00:20:07,920 Speaker 7: David, I mean you brought up a good point there. 397 00:20:07,920 --> 00:20:09,920 Speaker 7: That's definitely something that we were seeing a lot in 398 00:20:10,000 --> 00:20:13,560 Speaker 7: these these new arenas, is the focus on the premium seating. 399 00:20:13,840 --> 00:20:16,000 Speaker 7: I'm curious from what you've seen over the last you know, 400 00:20:16,000 --> 00:20:18,720 Speaker 7: thirty years that you've been in this business, is what 401 00:20:18,920 --> 00:20:22,360 Speaker 7: is the biggest part of innovation that you've seen in 402 00:20:22,920 --> 00:20:26,119 Speaker 7: you know, venues in stadiums that you think has changed 403 00:20:26,440 --> 00:20:29,760 Speaker 7: really the game for everything that maybe every single owner, 404 00:20:29,800 --> 00:20:32,080 Speaker 7: no matter what venue it is, they want that to 405 00:20:32,080 --> 00:20:33,280 Speaker 7: be a part of their venue. 406 00:20:33,600 --> 00:20:35,040 Speaker 3: That's a good one, I think. 407 00:20:35,160 --> 00:20:37,560 Speaker 5: I think the way I would broadly frame that is 408 00:20:37,600 --> 00:20:40,000 Speaker 5: that to go back to when I worked on Soja 409 00:20:40,080 --> 00:20:43,400 Speaker 5: Center at that time, the arguments that you had as 410 00:20:43,440 --> 00:20:46,960 Speaker 5: a team owner to persuade Michael and Vanessa to get 411 00:20:47,000 --> 00:20:49,080 Speaker 5: off the couch and come down and watch the game. 412 00:20:49,480 --> 00:20:50,800 Speaker 3: It was much higher resolution. 413 00:20:51,240 --> 00:20:53,600 Speaker 5: Right, this is back when people still had CRTs, and 414 00:20:54,080 --> 00:20:55,760 Speaker 5: you know, it was hard to make out sometimes what 415 00:20:55,800 --> 00:20:58,919 Speaker 5: was happening because no one had high death television. You 416 00:20:58,960 --> 00:21:01,679 Speaker 5: had better statistics, meaning you had the stat boards and 417 00:21:01,680 --> 00:21:04,440 Speaker 5: you could see how many points Kevin Durand or Yaominga, 418 00:21:04,440 --> 00:21:06,560 Speaker 5: whoever it was, had that night. And then of course 419 00:21:06,600 --> 00:21:09,440 Speaker 5: you had the tribal nature of the live experience. And 420 00:21:09,960 --> 00:21:12,280 Speaker 5: it's now, you know, twenty twenty six and we're down 421 00:21:12,320 --> 00:21:13,120 Speaker 5: to just the last one. 422 00:21:13,400 --> 00:21:13,560 Speaker 4: Right. 423 00:21:13,840 --> 00:21:15,480 Speaker 5: I can get every statistic in the history of the MBA, 424 00:21:15,560 --> 00:21:18,320 Speaker 5: including whatever's happening in real time my smartphone. I can 425 00:21:18,359 --> 00:21:20,760 Speaker 5: pick my own camera angle or put on my headset 426 00:21:20,840 --> 00:21:23,320 Speaker 5: and pretend I'm sitting courtside from the comfort of my 427 00:21:23,359 --> 00:21:23,800 Speaker 5: own couch. 428 00:21:24,240 --> 00:21:26,000 Speaker 3: And so it's really about the live experience. 429 00:21:26,040 --> 00:21:31,000 Speaker 5: And so my sense is that the innovations that have occurred, 430 00:21:31,280 --> 00:21:34,560 Speaker 5: setting aside the monetization strategies that we touched on just 431 00:21:34,600 --> 00:21:36,960 Speaker 5: a minute ago, that I think have the most significant 432 00:21:36,960 --> 00:21:39,679 Speaker 5: and I think that every owner is looking for is 433 00:21:39,720 --> 00:21:43,440 Speaker 5: how to increase the energy and the excitement of being 434 00:21:43,480 --> 00:21:46,200 Speaker 5: their lives and we saw Steve Balmer do a lot 435 00:21:46,240 --> 00:21:50,359 Speaker 5: of that into it in LA. In every project we 436 00:21:50,400 --> 00:21:52,919 Speaker 5: work on, that's an important consideration. I mean, you know, 437 00:21:53,280 --> 00:21:56,160 Speaker 5: Joe and Peter on the Warriors thought a lot about 438 00:21:56,280 --> 00:21:58,680 Speaker 5: how do we get fans out of their suites, out 439 00:21:58,720 --> 00:22:02,520 Speaker 5: of the premier areas, premiers back into the bowl following halftime, 440 00:22:02,920 --> 00:22:06,360 Speaker 5: which is a challenge in a lot of NBA arenas, 441 00:22:06,359 --> 00:22:08,800 Speaker 5: for example, you want people in the seats because when 442 00:22:08,800 --> 00:22:11,880 Speaker 5: the bowl is twenty percent empty, that's not as energetic 443 00:22:12,160 --> 00:22:14,160 Speaker 5: and as exciting as it is when the bowl is full. 444 00:22:14,560 --> 00:22:18,359 Speaker 4: Every owner is thinking the same thing when you are 445 00:22:18,720 --> 00:22:21,760 Speaker 4: at a venue, how do I get the most return 446 00:22:21,960 --> 00:22:26,800 Speaker 4: on investment? And that is a major issue. What are 447 00:22:26,920 --> 00:22:30,600 Speaker 4: some of the things where they can improve their ROI. 448 00:22:31,240 --> 00:22:33,000 Speaker 5: There's a long list, and I think going back to 449 00:22:33,119 --> 00:22:37,359 Speaker 5: where we started, what's interesting about the interest in adjacent 450 00:22:38,000 --> 00:22:40,159 Speaker 5: real estate, and I think part of what's driven that 451 00:22:40,280 --> 00:22:44,199 Speaker 5: over the past several years is that that is something 452 00:22:44,280 --> 00:22:47,639 Speaker 5: that is it represents a new and it's not just 453 00:22:47,720 --> 00:22:51,080 Speaker 5: one revenue stream, but sort of multiple new revenue streams 454 00:22:51,119 --> 00:22:54,840 Speaker 5: that the team and the owner is in a unique 455 00:22:54,840 --> 00:22:58,000 Speaker 5: position to take advantage of. And really there's sort of 456 00:22:58,000 --> 00:23:01,280 Speaker 5: three significant benefits there that can allreach returns. The first 457 00:23:01,359 --> 00:23:04,560 Speaker 5: is that there are the direct economics on the real 458 00:23:04,640 --> 00:23:07,719 Speaker 5: estate development itself. And you know, look any further than 459 00:23:07,760 --> 00:23:11,160 Speaker 5: the battery in Atlanta, that the that the Braves did, 460 00:23:11,160 --> 00:23:14,719 Speaker 5: which is an incredibly successful project, and those guys did 461 00:23:14,720 --> 00:23:17,879 Speaker 5: a terrific job on it, and you know they're publicly traded, 462 00:23:17,920 --> 00:23:20,280 Speaker 5: right you can read the report and see how they 463 00:23:20,280 --> 00:23:22,160 Speaker 5: did and see the kind of economic impact that's having 464 00:23:22,160 --> 00:23:24,760 Speaker 5: on the business. That's number one. Number two is that 465 00:23:24,880 --> 00:23:28,960 Speaker 5: the mixed use represents an opportunity to extend the partnership 466 00:23:29,040 --> 00:23:31,440 Speaker 5: or the sponsorship business to. 467 00:23:31,240 --> 00:23:33,399 Speaker 3: Activate, create and activate new assets. 468 00:23:33,720 --> 00:23:37,320 Speaker 5: Right, so, you know your auto partner wants to display 469 00:23:37,400 --> 00:23:39,879 Speaker 5: vehicles in the arena or in the ballparker in the stadium. 470 00:23:39,920 --> 00:23:41,600 Speaker 3: If you give them opportunity to do that in the 471 00:23:41,640 --> 00:23:42,720 Speaker 3: mixed use development in a. 472 00:23:42,720 --> 00:23:46,640 Speaker 5: Way that's properly integrated and create three sixty five activation 473 00:23:46,720 --> 00:23:50,080 Speaker 5: and benefit for them, there's meaningful value there for that 474 00:23:50,160 --> 00:23:52,720 Speaker 5: partner that as an owner you can monetize. And the 475 00:23:52,760 --> 00:23:56,040 Speaker 5: third way that it drives enhance returns is that going 476 00:23:56,160 --> 00:23:59,359 Speaker 5: back to write described earlier about extending the link of stay. 477 00:24:00,200 --> 00:24:02,720 Speaker 5: Part of the way I make that game day experience 478 00:24:03,040 --> 00:24:07,480 Speaker 5: more exciting and more attractive is I create a longer 479 00:24:07,960 --> 00:24:11,560 Speaker 5: and more dynamic experience in the form of pregame, game 480 00:24:11,640 --> 00:24:14,679 Speaker 5: and then postgame. Then that's the kind of thing that 481 00:24:14,720 --> 00:24:17,960 Speaker 5: can increase I mean, the lifeblood for any sports franchise, 482 00:24:18,000 --> 00:24:20,280 Speaker 5: as I'm sure the two of you know, is renewal rate. 483 00:24:20,520 --> 00:24:22,159 Speaker 5: So every year, when I go back out for my 484 00:24:23,119 --> 00:24:25,920 Speaker 5: season tickets, what percentage of my fans are renewing, And 485 00:24:26,119 --> 00:24:29,119 Speaker 5: if I'm able to deliver a superior or a significantly 486 00:24:29,160 --> 00:24:33,360 Speaker 5: improved experience around that game time or event time, then 487 00:24:33,760 --> 00:24:35,640 Speaker 5: that's likely to drive up renewal rate. 488 00:24:36,119 --> 00:24:39,600 Speaker 7: That was David Carlock, founder and managing partner of Machete Group. 489 00:24:39,800 --> 00:24:42,080 Speaker 4: Up next, we take a listen in on an interview 490 00:24:42,119 --> 00:24:46,520 Speaker 4: Vanessa did at south By Southwest with City Football Group 491 00:24:46,680 --> 00:24:50,439 Speaker 4: CMO Nirier Terray. That's straight ahead on the Bloomberg Business 492 00:24:50,440 --> 00:24:53,720 Speaker 4: of Sports for Vanessa Berdomo. I'm Michael Barr. You are 493 00:24:53,800 --> 00:24:57,359 Speaker 4: listening to the Bloomberg Business of Sports Bloomberg Radio around 494 00:24:57,400 --> 00:24:57,840 Speaker 4: the world. 495 00:25:01,840 --> 00:25:05,840 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 496 00:25:07,320 --> 00:25:09,720 Speaker 4: Thanks for joining us on the Bloomberg Business of Sports, 497 00:25:09,720 --> 00:25:12,919 Speaker 4: where we explore the big money issues in the world 498 00:25:12,960 --> 00:25:13,399 Speaker 4: of sports. 499 00:25:13,480 --> 00:25:15,280 Speaker 1: I'm Michael Barr and I'm Vanessa Perdemo. 500 00:25:15,600 --> 00:25:19,720 Speaker 4: Vanessa, you just got back from south By Southwest in Austin, 501 00:25:19,880 --> 00:25:22,960 Speaker 4: where you spoke on a panel about unlocking the potential 502 00:25:23,040 --> 00:25:25,719 Speaker 4: of soccer in the US with the hype of the 503 00:25:25,760 --> 00:25:26,440 Speaker 4: World Cup. 504 00:25:26,760 --> 00:25:29,359 Speaker 7: That's right, Michael, I moderated a discussion that was really 505 00:25:29,400 --> 00:25:32,480 Speaker 7: interesting that everyone in the business of soccer is trying 506 00:25:32,480 --> 00:25:35,199 Speaker 7: to figure out right now, how do you capitalize on 507 00:25:35,240 --> 00:25:37,639 Speaker 7: the attention and new fans that the World Cup is 508 00:25:37,680 --> 00:25:41,240 Speaker 7: going to bring, particularly to the US market. So after 509 00:25:41,240 --> 00:25:43,359 Speaker 7: the panel, I had a one on one conversation with 510 00:25:43,400 --> 00:25:47,880 Speaker 7: City Football Group CMO Nuriaterre. City obviously owns, for those 511 00:25:47,880 --> 00:25:50,560 Speaker 7: who don't know, Manchester City and New York City FC, 512 00:25:50,880 --> 00:25:53,080 Speaker 7: so they have a double interest in trying to gain 513 00:25:53,160 --> 00:25:56,000 Speaker 7: more fans in the US on the MLS and Premier 514 00:25:56,119 --> 00:25:56,760 Speaker 7: League side. 515 00:25:56,840 --> 00:25:59,359 Speaker 4: This sounds good. Let's listen in to a bit of 516 00:25:59,359 --> 00:26:02,960 Speaker 4: that conversation with Niya Tay, the chief marketing officer at 517 00:26:03,000 --> 00:26:04,119 Speaker 4: City Football Group. 518 00:26:04,600 --> 00:26:06,000 Speaker 9: You're just as sapas O West. 519 00:26:06,160 --> 00:26:08,040 Speaker 7: We were counting down the days to the World Cup 520 00:26:08,080 --> 00:26:10,399 Speaker 7: and we're talking about all these things that City Football 521 00:26:10,400 --> 00:26:13,600 Speaker 7: Group can do. First of all, tell me how excited 522 00:26:13,640 --> 00:26:15,760 Speaker 7: you are, tell me how impowerful this is going to 523 00:26:15,760 --> 00:26:17,800 Speaker 7: be for you guys at City. 524 00:26:17,920 --> 00:26:20,680 Speaker 10: So first of all, thank you for hosting me here. 525 00:26:21,040 --> 00:26:24,840 Speaker 10: And of course we look at the World Cup in 526 00:26:24,920 --> 00:26:28,280 Speaker 10: the US as a big opportunity to accelerate what we 527 00:26:28,320 --> 00:26:31,600 Speaker 10: already see is a big opportunity in soccer in this 528 00:26:31,760 --> 00:26:34,720 Speaker 10: country right as you know, from a City Football Group perspective, 529 00:26:34,720 --> 00:26:36,680 Speaker 10: we've been investing in this market for a long time, 530 00:26:36,800 --> 00:26:38,320 Speaker 10: even before we knew it was going to be this 531 00:26:38,359 --> 00:26:43,280 Speaker 10: World club. So on one side, because this market is 532 00:26:43,280 --> 00:26:46,359 Speaker 10: at our number one international market from a Manchester City perspective, 533 00:26:46,440 --> 00:26:49,000 Speaker 10: but also because as you know, we have a huge 534 00:26:49,000 --> 00:26:51,920 Speaker 10: commitment with New York City Football Club in New York, 535 00:26:52,840 --> 00:26:55,320 Speaker 10: we've invested into a new stadium which is going to 536 00:26:55,320 --> 00:26:58,399 Speaker 10: open in twenty twenty seven. So for us, this is 537 00:26:58,400 --> 00:27:02,119 Speaker 10: an opportunity to act celerate the growth and the believe 538 00:27:02,600 --> 00:27:04,840 Speaker 10: in this business that we had for a long time. 539 00:27:05,560 --> 00:27:10,200 Speaker 7: How much of Cities businesses is really the US market? 540 00:27:10,280 --> 00:27:12,720 Speaker 7: I mean, obviously you'd said it's the biggest international market, 541 00:27:12,760 --> 00:27:15,240 Speaker 7: for how much of it overall is that for you guys, 542 00:27:15,280 --> 00:27:16,159 Speaker 7: would you say. 543 00:27:16,359 --> 00:27:19,119 Speaker 10: Well, it's hard to say it just in a given number. 544 00:27:19,320 --> 00:27:21,600 Speaker 10: I mean from a Manchester City point of view. If 545 00:27:21,640 --> 00:27:25,720 Speaker 10: you look at the revenues that come from a B 546 00:27:25,880 --> 00:27:28,760 Speaker 10: two C point of view, so whether it's ticketing retail, 547 00:27:29,640 --> 00:27:32,159 Speaker 10: it can be I mean retailing particular, it can be 548 00:27:32,320 --> 00:27:35,439 Speaker 10: thirty percent of our revenues coming from the market, so 549 00:27:35,440 --> 00:27:38,440 Speaker 10: it's quite significant. Again, it's hard to put just a 550 00:27:38,520 --> 00:27:41,520 Speaker 10: number because, as you know, in a big football club 551 00:27:41,640 --> 00:27:45,120 Speaker 10: like Manchester City, there's a significant part of the revenues 552 00:27:45,160 --> 00:27:48,119 Speaker 10: that come from media rights which are managed by the 553 00:27:48,160 --> 00:27:51,560 Speaker 10: Premier League, and another big part that comes from sponsors, 554 00:27:51,560 --> 00:27:54,199 Speaker 10: and a lot of the sponsors called global companies. Some 555 00:27:54,280 --> 00:27:57,280 Speaker 10: of them of course are US based, but they bonner 556 00:27:57,359 --> 00:28:00,080 Speaker 10: with us to grow their business globally, not only in 557 00:28:00,080 --> 00:28:02,600 Speaker 10: the US right, So it's hard to pinpoint an exact number. 558 00:28:02,640 --> 00:28:06,159 Speaker 10: But as I said, when all in all together, especially 559 00:28:06,200 --> 00:28:09,120 Speaker 10: from a B two C point of view, it's our 560 00:28:09,160 --> 00:28:12,120 Speaker 10: biggest international market and it's one that we still see 561 00:28:12,320 --> 00:28:16,600 Speaker 10: growing very much. If you look at also the value 562 00:28:16,840 --> 00:28:19,520 Speaker 10: the market brings for us as a business. If you 563 00:28:19,560 --> 00:28:23,280 Speaker 10: look at the recent valuation that Portico has done, for instance, 564 00:28:23,800 --> 00:28:28,679 Speaker 10: of MLS franchises. I mean, just New York City Football 565 00:28:28,720 --> 00:28:32,840 Speaker 10: Club has invalued over one billion dollars and this is 566 00:28:32,840 --> 00:28:36,560 Speaker 10: before we haven't even opened the stadium. Right, these positions 567 00:28:36,680 --> 00:28:39,240 Speaker 10: New York City in the top five in the MLS 568 00:28:39,440 --> 00:28:43,680 Speaker 10: do twenty globally and Football Club, So again, going back 569 00:28:43,720 --> 00:28:46,560 Speaker 10: to the relative size or the importance of this market 570 00:28:46,600 --> 00:28:49,240 Speaker 10: is still huge for us from a group point of view. 571 00:28:49,280 --> 00:28:52,239 Speaker 7: Could you imagine that, because of the World Cup and 572 00:28:52,280 --> 00:28:54,280 Speaker 7: all the eyes that are going to be on soccer here, 573 00:28:54,520 --> 00:28:57,960 Speaker 7: that all MLS teams go over evaluation of one billion dollars? 574 00:28:58,000 --> 00:28:59,840 Speaker 9: Do you think that that's a possibility. 575 00:29:00,320 --> 00:29:02,920 Speaker 10: I can't tell, to be honest with you, and I 576 00:29:03,000 --> 00:29:06,040 Speaker 10: think we should be cautious as well in putting hopes 577 00:29:06,200 --> 00:29:10,800 Speaker 10: only on the World Cup. Again, I think from our 578 00:29:10,880 --> 00:29:13,840 Speaker 10: humble point of view, the World Cup will be an accelerator. 579 00:29:14,440 --> 00:29:16,160 Speaker 10: If you take a step back for a moment, A 580 00:29:16,200 --> 00:29:19,520 Speaker 10: lot of the growth in the game comes from younger fans. 581 00:29:20,040 --> 00:29:22,320 Speaker 10: I mean, this is the fastest growing team sport in 582 00:29:22,360 --> 00:29:26,600 Speaker 10: the US for sixteen to thirty four year olds. It's 583 00:29:26,600 --> 00:29:29,800 Speaker 10: already the number one within this trends of age for 584 00:29:29,920 --> 00:29:33,000 Speaker 10: Hispanics already, right, so it's growing really really fast and 585 00:29:33,120 --> 00:29:35,720 Speaker 10: for a lot of these new funds, if you want 586 00:29:35,720 --> 00:29:37,600 Speaker 10: to call it like this, this World Cup is going 587 00:29:37,640 --> 00:29:39,920 Speaker 10: to be the first one the experience in the market, right, 588 00:29:40,360 --> 00:29:43,960 Speaker 10: So for sure this is going to grow fandom attention 589 00:29:44,400 --> 00:29:48,080 Speaker 10: interesting to the game here, but we should we should 590 00:29:48,160 --> 00:29:50,520 Speaker 10: only restrict it to the World Cup effect. I think 591 00:29:50,600 --> 00:29:53,080 Speaker 10: the game's been growing for many years. There's been a 592 00:29:53,160 --> 00:29:56,440 Speaker 10: lot of investment from many teams, whether it's Ema Les, 593 00:29:56,480 --> 00:29:59,080 Speaker 10: whether it's the Premier League. This is also a big 594 00:29:59,120 --> 00:30:02,360 Speaker 10: market for the Premi Lege as a whole. So I'd say, 595 00:30:02,760 --> 00:30:05,280 Speaker 10: let's hope this is again a new a new lift 596 00:30:05,680 --> 00:30:08,440 Speaker 10: for this growth, but we should keep the eyes on 597 00:30:08,960 --> 00:30:11,560 Speaker 10: this is a relevant market. I want to say that 598 00:30:11,560 --> 00:30:15,520 Speaker 10: the soccer revolution is already here in the US, and 599 00:30:15,560 --> 00:30:17,479 Speaker 10: we just need to keep on investing in those in 600 00:30:17,520 --> 00:30:20,920 Speaker 10: those new funds and giving them the best experience we can. 601 00:30:21,120 --> 00:30:21,520 Speaker 3: Yeah. 602 00:30:21,640 --> 00:30:24,560 Speaker 9: Well, the Premierly is the most watched right in the US. 603 00:30:24,600 --> 00:30:27,120 Speaker 7: It's the most watched soccer league. What do you think 604 00:30:27,120 --> 00:30:29,680 Speaker 7: it is about the EVO that people, you know, they 605 00:30:29,760 --> 00:30:32,200 Speaker 7: love so much about it in this US market? And 606 00:30:32,240 --> 00:30:34,960 Speaker 7: really you said this you've been in this market for 607 00:30:35,000 --> 00:30:36,920 Speaker 7: a long time. You guys have been investing in the 608 00:30:37,000 --> 00:30:38,880 Speaker 7: US market for a long time. When did you guys 609 00:30:38,880 --> 00:30:41,600 Speaker 7: see that as an important thing to do. 610 00:30:42,760 --> 00:30:45,320 Speaker 10: Well, I'd say, just looking at the dates in our 611 00:30:45,400 --> 00:30:48,800 Speaker 10: point of case, I'd say, we really can pinpoint our 612 00:30:49,680 --> 00:30:54,120 Speaker 10: investment growth starting in twenty thirteen. So that's already many 613 00:30:54,160 --> 00:30:58,040 Speaker 10: many years ago. In two ways, right, this is when 614 00:30:58,560 --> 00:31:01,080 Speaker 10: when we actually this. Either we were going to get 615 00:31:01,440 --> 00:31:05,160 Speaker 10: the franchise for New York City Football Club and then 616 00:31:05,200 --> 00:31:08,280 Speaker 10: when we decided to start a team and in New York. 617 00:31:08,360 --> 00:31:10,000 Speaker 10: So that was a while ago. That was a big, 618 00:31:10,040 --> 00:31:12,800 Speaker 10: big bull move at the time, at say, because the 619 00:31:12,880 --> 00:31:16,520 Speaker 10: MLS was still relatively young. But of course New York 620 00:31:16,640 --> 00:31:19,280 Speaker 10: is such an incredible market. It is actually today the 621 00:31:19,320 --> 00:31:22,560 Speaker 10: biggest soccer market in the country right in numbers, in 622 00:31:22,600 --> 00:31:26,040 Speaker 10: absolute numbers. So we were actually wise at the time 623 00:31:26,160 --> 00:31:28,760 Speaker 10: thinking about New York as a market. And then from 624 00:31:28,760 --> 00:31:31,760 Speaker 10: a Manchester City point of view, we very early on 625 00:31:31,920 --> 00:31:34,600 Speaker 10: decided to have a dedicated team. At the time it 626 00:31:34,680 --> 00:31:37,560 Speaker 10: was smaller than it is today, but dedicated team thinking 627 00:31:37,600 --> 00:31:42,000 Speaker 10: about growing Manchester City globally, and we thought the US 628 00:31:42,080 --> 00:31:44,600 Speaker 10: was going to be the right market. So we made 629 00:31:44,600 --> 00:31:48,280 Speaker 10: that decision quite early on, just also looking at at 630 00:31:48,320 --> 00:31:50,680 Speaker 10: the starts right, looking at the growth of the game, 631 00:31:50,760 --> 00:31:53,920 Speaker 10: looking at the size of the market. It's a huge market. 632 00:31:55,040 --> 00:31:59,280 Speaker 10: We probably as everything we've we've made trial and error 633 00:31:59,360 --> 00:32:01,720 Speaker 10: in our right strategy. I think we now have the 634 00:32:01,800 --> 00:32:04,160 Speaker 10: right strategy. From a Manchester City point of view, I 635 00:32:04,160 --> 00:32:08,720 Speaker 10: think we've seen many other big football brands thinking the 636 00:32:08,760 --> 00:32:11,040 Speaker 10: same about the US market. That's why you've been seeing 637 00:32:11,080 --> 00:32:15,440 Speaker 10: so many European clubs coming on tour and playing friendlies 638 00:32:15,520 --> 00:32:18,840 Speaker 10: in market. I would like to think that our approach 639 00:32:18,880 --> 00:32:21,400 Speaker 10: is very different. We want to see ourselves not like 640 00:32:22,160 --> 00:32:24,760 Speaker 10: a tourist, but we want to act like locals, right, 641 00:32:24,840 --> 00:32:28,760 Speaker 10: So we really want to have permanent presence all your 642 00:32:28,840 --> 00:32:32,440 Speaker 10: round activities and activations. As I said, a team waking 643 00:32:32,480 --> 00:32:35,120 Speaker 10: up every morning thinking about how do we engage with 644 00:32:35,240 --> 00:32:39,160 Speaker 10: funds in the market in a meaningful way, telling those stories, 645 00:32:39,920 --> 00:32:42,560 Speaker 10: doing things all year round, whether it's crass, investing in 646 00:32:42,560 --> 00:32:46,680 Speaker 10: grassroots soccer. So not only coming once every two years, 647 00:32:46,680 --> 00:32:49,080 Speaker 10: which is really big commitment, right, but not only coming 648 00:32:49,080 --> 00:32:50,320 Speaker 10: once every two years in market? 649 00:32:50,920 --> 00:32:54,440 Speaker 7: How do you marry you know, Man's City fans in 650 00:32:54,480 --> 00:32:57,680 Speaker 7: the US and NYCC fans in the US. How do 651 00:32:57,760 --> 00:32:59,640 Speaker 7: you work with both of those, you know, trying to 652 00:33:00,120 --> 00:33:04,120 Speaker 7: of each other and just promoting both teams within the 653 00:33:04,160 --> 00:33:04,760 Speaker 7: same market. 654 00:33:05,600 --> 00:33:08,800 Speaker 10: Yeah, I'd like to say that. You know, of course, 655 00:33:08,880 --> 00:33:11,600 Speaker 10: both teams belong to City Football Group, and as you know, 656 00:33:11,680 --> 00:33:16,440 Speaker 10: we have twelve soccer clubs around the world. However, City 657 00:33:16,440 --> 00:33:19,000 Speaker 10: Football Group is more of a B to B structure 658 00:33:19,120 --> 00:33:25,320 Speaker 10: if you want. That provides access to methodologies, access to talent, 659 00:33:25,480 --> 00:33:31,800 Speaker 10: especially from a soccer point of view, infrastructure investment, but 660 00:33:32,320 --> 00:33:34,240 Speaker 10: from a fun point of view, I think what is 661 00:33:34,320 --> 00:33:36,720 Speaker 10: really important is that we're not creating fans of City 662 00:33:36,720 --> 00:33:39,680 Speaker 10: Football Group, right. Fans are the fans of each of 663 00:33:39,720 --> 00:33:43,600 Speaker 10: the clubs. So even when we launched New York City 664 00:33:43,600 --> 00:33:46,480 Speaker 10: Football Club, we were very mindful of making sure that 665 00:33:46,520 --> 00:33:49,240 Speaker 10: this was not seen as a mini Manchester City. Right, 666 00:33:50,160 --> 00:33:52,760 Speaker 10: New York City Football Club in its own right has 667 00:33:52,800 --> 00:33:56,520 Speaker 10: the right to own the New York market. We're building 668 00:33:56,560 --> 00:33:59,880 Speaker 10: the first soccer specific stadium in New York. This is 669 00:33:59,880 --> 00:34:03,239 Speaker 10: a big ball move, a big investment for us, and 670 00:34:03,280 --> 00:34:06,920 Speaker 10: we're doing that to actually be the favorite soccer club 671 00:34:07,040 --> 00:34:09,719 Speaker 10: for New Yorkers, right and for everyone. And this is 672 00:34:09,760 --> 00:34:12,479 Speaker 10: such a diverse city and of course some of these 673 00:34:12,480 --> 00:34:16,719 Speaker 10: fans may follow other football clubs, some of them in 674 00:34:16,719 --> 00:34:19,399 Speaker 10: the Premier League, hopefully more and more. Some of them 675 00:34:19,440 --> 00:34:21,879 Speaker 10: are following also Manchester City, but this is not part 676 00:34:21,880 --> 00:34:23,960 Speaker 10: of the strategy. And of course we try to buy 677 00:34:24,280 --> 00:34:26,640 Speaker 10: to build some crossovers from a fan point of view, 678 00:34:26,760 --> 00:34:29,919 Speaker 10: but that's not the priority. In the back end though, 679 00:34:29,960 --> 00:34:32,360 Speaker 10: there are synergies. As I said, right, so when we 680 00:34:32,440 --> 00:34:36,560 Speaker 10: identify talent, we try to find the best team for 681 00:34:36,640 --> 00:34:40,160 Speaker 10: that talent. When it comes to identifying local US talent, 682 00:34:40,239 --> 00:34:43,080 Speaker 10: which as you know, we have our academy in New York, 683 00:34:44,040 --> 00:34:46,319 Speaker 10: we're very eager to develop more of these talents. Some 684 00:34:46,360 --> 00:34:49,319 Speaker 10: of it is playing actually in New York City, and 685 00:34:49,360 --> 00:34:51,080 Speaker 10: some of the talent that has played in New York 686 00:34:51,080 --> 00:34:55,160 Speaker 10: City may end up and move to other teams within 687 00:34:55,239 --> 00:34:58,239 Speaker 10: City Football Group. But I'd like to say those are 688 00:34:58,280 --> 00:35:02,879 Speaker 10: more growth platform start are less fun facing, but help 689 00:35:02,920 --> 00:35:05,640 Speaker 10: of course each of the clubs we invest in. 690 00:35:06,200 --> 00:35:08,800 Speaker 7: That was my conversation with Nuria Toay, the CMO of 691 00:35:08,840 --> 00:35:09,719 Speaker 7: City Football Group. 692 00:35:10,040 --> 00:35:14,120 Speaker 4: Now, before we wrap it up today, we have some 693 00:35:14,239 --> 00:35:19,399 Speaker 4: sad news. Our friend and your friend, Damien sas Hour 694 00:35:19,480 --> 00:35:22,919 Speaker 4: is saying farewell to the Business of Sports show after 695 00:35:23,120 --> 00:35:26,320 Speaker 4: years of entertaining us. However, don't be too sad. Damien 696 00:35:26,400 --> 00:35:29,640 Speaker 4: isn't leaving Bloomberg. Damien is here with us now to 697 00:35:29,719 --> 00:35:34,320 Speaker 4: tell us about his exciting new chapter. We Love You, Dad. 698 00:35:34,920 --> 00:35:39,680 Speaker 2: Come on now, look I am, I'm gone, but not forgotten. 699 00:35:39,880 --> 00:35:41,480 Speaker 2: I mean, come on, mister Barr, We've been doing this 700 00:35:41,520 --> 00:35:43,560 Speaker 2: now for what seven years? I mean, what started as 701 00:35:43,760 --> 00:35:45,160 Speaker 2: but I say, you were too young for this. But 702 00:35:45,200 --> 00:35:48,520 Speaker 2: what started as me and Michael Barr and Rich Truman 703 00:35:49,320 --> 00:35:52,319 Speaker 2: doing a once a week NFL fantasy football podcast during 704 00:35:52,320 --> 00:35:55,920 Speaker 2: the season has kind of become this beautiful you know, 705 00:35:56,440 --> 00:35:59,319 Speaker 2: Bloomberg Business of Sports. It's award winning footprints and you know, 706 00:35:59,360 --> 00:36:01,640 Speaker 2: you guys are gonna you guys are crushing it in Vanessa, 707 00:36:01,719 --> 00:36:03,880 Speaker 2: and you know, I've heard some whispers about who's going 708 00:36:03,960 --> 00:36:07,520 Speaker 2: to take the seat, which I'm really excited about. So 709 00:36:07,520 --> 00:36:09,319 Speaker 2: so yeah, guys, no, thank you for the ride. It's 710 00:36:09,320 --> 00:36:09,959 Speaker 2: been a fun ride. 711 00:36:10,080 --> 00:36:14,600 Speaker 4: Well, let me explain what's happening in case anybody missed it. 712 00:36:15,320 --> 00:36:19,960 Speaker 4: Damian sas hour is. He's not leaving Bloomberg, but he 713 00:36:20,000 --> 00:36:22,600 Speaker 4: will be leaving the show because he is going to 714 00:36:22,840 --> 00:36:28,919 Speaker 4: put his efforts into his day job, and we man, 715 00:36:28,960 --> 00:36:32,680 Speaker 4: we couldn't be more prouder of you, man, and we 716 00:36:32,680 --> 00:36:33,400 Speaker 4: were going to miss you. 717 00:36:33,719 --> 00:36:36,400 Speaker 2: I mean, you know again, you know, for those listeners 718 00:36:36,400 --> 00:36:38,400 Speaker 2: out there who aren't already aware, my day job is 719 00:36:38,480 --> 00:36:41,680 Speaker 2: running emerging market fixed income research for Bloomberg Intelligence. So 720 00:36:41,880 --> 00:36:44,879 Speaker 2: I highly encourage you to read all of your from 721 00:36:44,880 --> 00:36:46,800 Speaker 2: your all of you EAM enthusiasts. 722 00:36:47,960 --> 00:36:48,960 Speaker 4: To read my research there. 723 00:36:48,960 --> 00:36:50,880 Speaker 2: But no, it's a very exciting time, you know, obviously 724 00:36:50,880 --> 00:36:53,120 Speaker 2: in the markets. And you know, I've obviously they've been 725 00:36:53,600 --> 00:36:56,200 Speaker 2: trying to bring me back on a full time basis 726 00:36:56,200 --> 00:36:59,080 Speaker 2: for some time, and and so I'm excited to be back. 727 00:36:59,080 --> 00:37:01,399 Speaker 2: And you know, the reality is I couldn't be more 728 00:37:01,440 --> 00:37:04,840 Speaker 2: happy to leave business of sports in such capable hands. 729 00:37:04,840 --> 00:37:06,920 Speaker 2: I mean, you guys are the best. You guys are 730 00:37:06,960 --> 00:37:09,239 Speaker 2: crushing Let's continue to crush it. If you need me 731 00:37:09,320 --> 00:37:12,800 Speaker 2: for anything, you guys know where to find me. I'm upstairs. 732 00:37:12,840 --> 00:37:16,799 Speaker 4: I'm the ten floor, Damien SaaS salary, everybody, Thank you man, 733 00:37:16,960 --> 00:37:21,799 Speaker 4: Thank you. Well, that's it for today, Thanks for joining us. 734 00:37:21,880 --> 00:37:23,880 Speaker 4: Tune in again next week for the latest on the 735 00:37:23,880 --> 00:37:27,279 Speaker 4: stories moving big old money in the world of sports and. 736 00:37:27,280 --> 00:37:30,280 Speaker 7: Don't forget to catch our podcast on all your podcast platforms, 737 00:37:30,320 --> 00:37:32,360 Speaker 7: and go to Bloomberg dot com to subscribe to the 738 00:37:32,360 --> 00:37:35,439 Speaker 7: Bloomberg Business of Sports newsletter to stay up to date 739 00:37:35,480 --> 00:37:37,040 Speaker 7: on all our juicy insights. 740 00:37:37,239 --> 00:37:40,360 Speaker 4: Juicy Now you're listening to the Bloomberg Business of Sports 741 00:37:40,480 --> 00:37:41,920 Speaker 4: Bloomberg Radio. 742 00:37:41,560 --> 00:37:43,319 Speaker 1: Around the world, Stay with us. 743 00:37:43,360 --> 00:37:46,359 Speaker 7: Today's top stories and global business headlines are coming up 744 00:37:46,640 --> 00:37:48,280 Speaker 7: right now.