1 00:00:01,960 --> 00:00:04,520 Speaker 1: Hello, I'm Michael barn and I'm Scott Sashnik. On this 2 00:00:04,519 --> 00:00:06,920 Speaker 1: weekly podcast, we explore the big money issues in the 3 00:00:06,920 --> 00:00:08,639 Speaker 1: world of sports and talk to some of the biggest 4 00:00:08,640 --> 00:00:11,240 Speaker 1: players in the industry. On this week's show, we are 5 00:00:11,280 --> 00:00:14,280 Speaker 1: talking with the executive director of the National Football League 6 00:00:14,280 --> 00:00:18,120 Speaker 1: Players Association, to Morris Smith. But first let's look at 7 00:00:18,120 --> 00:00:21,360 Speaker 1: the top stories of the week. Joining us is Bloomberg 8 00:00:21,360 --> 00:00:25,480 Speaker 1: Business of Sports reporter Evan Nobi Williams, and let's start 9 00:00:25,640 --> 00:00:30,560 Speaker 1: with the Houston Rockets. Houston restaurant and casino entrepreneur Tilliman 10 00:00:30,680 --> 00:00:34,159 Speaker 1: for Tita is buying the National Basketball Association's Houston Rockets 11 00:00:34,159 --> 00:00:38,560 Speaker 1: for reported two point two billion dollars. Oh my, that 12 00:00:38,680 --> 00:00:40,960 Speaker 1: price tick. Can we pat ourselves on the back van 13 00:00:41,159 --> 00:00:43,560 Speaker 1: When they said they were going on the market, boom, 14 00:00:43,680 --> 00:00:47,559 Speaker 1: we looked at each other. We said, asia, top market, 15 00:00:48,159 --> 00:00:50,440 Speaker 1: all the things that are going on in the NBA, boom, 16 00:00:50,479 --> 00:00:52,080 Speaker 1: this thing is going to go for more than two billion. 17 00:00:52,159 --> 00:00:55,080 Speaker 1: A lot of bankers were saying, under we took the over. 18 00:00:55,520 --> 00:00:57,160 Speaker 1: We got it right this time, and it's great for 19 00:00:57,200 --> 00:00:59,760 Speaker 1: all the other NBA owners out there. We saw MSG 20 00:01:00,080 --> 00:01:03,640 Speaker 1: shares jump right after the news was announced, not a coincidence. 21 00:01:03,680 --> 00:01:07,280 Speaker 1: This is something that makes every other NBA team more valuable, 22 00:01:07,360 --> 00:01:09,840 Speaker 1: just like that two billion dollar sale of Bomber bind 23 00:01:09,840 --> 00:01:11,319 Speaker 1: the Clippers did a couple of years ago. This is 24 00:01:11,360 --> 00:01:14,480 Speaker 1: so weird to me, though, that people would see the 25 00:01:14,640 --> 00:01:16,880 Speaker 1: Rockets selling for two point two billions say, oh, well, 26 00:01:17,160 --> 00:01:20,039 Speaker 1: this is good for MSG and let's bounce the stock 27 00:01:20,160 --> 00:01:23,520 Speaker 1: because the Knicks are worth more. Something's worth with somebody's 28 00:01:23,560 --> 00:01:26,520 Speaker 1: willing to pay in an open auction. Is it a 29 00:01:26,560 --> 00:01:30,440 Speaker 1: surprise to anybody that the Knicks would go for some 30 00:01:30,600 --> 00:01:33,679 Speaker 1: monster number. I mean, everything's baked in already. We know 31 00:01:33,720 --> 00:01:36,000 Speaker 1: what the Knicks are gonna be worth a lot of money. 32 00:01:36,200 --> 00:01:38,760 Speaker 1: They would set a three plus billion if they were 33 00:01:38,760 --> 00:01:41,280 Speaker 1: on the market. But there's a problem here because the 34 00:01:41,319 --> 00:01:45,440 Speaker 1: Clippers they lost money in the season, as you mentioned 35 00:01:45,480 --> 00:01:48,480 Speaker 1: about the Clippers sales, So what what happens here? Do 36 00:01:48,560 --> 00:01:50,880 Speaker 1: you think this team will lose money? This team, the 37 00:01:50,920 --> 00:01:55,600 Speaker 1: bankers tell me, kicks off about fifty million dollars a 38 00:01:55,640 --> 00:01:59,280 Speaker 1: year in profit. They have a ready made machine, they 39 00:01:59,320 --> 00:02:01,600 Speaker 1: have a great bill thing, they've got a nice roster. 40 00:02:02,040 --> 00:02:04,680 Speaker 1: They've got a good basketball executive in there already in 41 00:02:04,800 --> 00:02:07,440 Speaker 1: Darryl Moray. Those are the things you need. And the 42 00:02:07,560 --> 00:02:09,639 Speaker 1: national numbers the ones you don't have to really do 43 00:02:09,720 --> 00:02:13,840 Speaker 1: anything because they come from a league negotiated. ESPN is 44 00:02:13,840 --> 00:02:17,400 Speaker 1: paying monster numbers for the NBA. You've got sports betting 45 00:02:17,440 --> 00:02:21,040 Speaker 1: on the horizon, which will kick even more money into 46 00:02:21,080 --> 00:02:24,880 Speaker 1: these franchises. Doesn't look as if the Rockets will have 47 00:02:24,919 --> 00:02:27,720 Speaker 1: any problem being in the black anytime soon. One other 48 00:02:27,800 --> 00:02:30,240 Speaker 1: funny takeaway about this How different was this sale process 49 00:02:30,280 --> 00:02:32,600 Speaker 1: then what we saw with the Marlins earlier this year, 50 00:02:32,639 --> 00:02:34,960 Speaker 1: is that is that finally done? I mean, it's amazing. 51 00:02:35,200 --> 00:02:38,280 Speaker 1: Less Alexander in July says this team is for sale. 52 00:02:38,560 --> 00:02:42,000 Speaker 1: Six weeks later announces that the team is sold, has 53 00:02:42,040 --> 00:02:46,160 Speaker 1: a local buyer, a billionaire with no partners, no concern 54 00:02:46,240 --> 00:02:48,360 Speaker 1: about where else is he getting the money. There was 55 00:02:48,400 --> 00:02:51,520 Speaker 1: one auction. It happened pretty quickly. It was easy. The 56 00:02:51,560 --> 00:02:53,400 Speaker 1: difference between this and what happened with the Marlins is 57 00:02:53,480 --> 00:02:55,079 Speaker 1: night and day to man. Yeah, when Less said I'm 58 00:02:55,080 --> 00:02:56,679 Speaker 1: not using a banker on that first day, you and 59 00:02:56,760 --> 00:03:00,280 Speaker 1: I rolled her eyes. Oh no, not what The TITA 60 00:03:00,360 --> 00:03:02,400 Speaker 1: had tried to buy the franchise at the same time, 61 00:03:02,440 --> 00:03:04,880 Speaker 1: and Less Alexander lost out by by four million. Dollars. 62 00:03:04,919 --> 00:03:06,960 Speaker 1: How still imagine now if you could go back like 63 00:03:07,040 --> 00:03:10,160 Speaker 1: I lost out all those years ago by four million, 64 00:03:10,560 --> 00:03:12,560 Speaker 1: and now I have to pay two point to billion. 65 00:03:12,880 --> 00:03:16,280 Speaker 1: But they know each other for Tita sits at games. Uh. 66 00:03:16,440 --> 00:03:18,600 Speaker 1: Something tells me that there's been some whispering in the 67 00:03:18,600 --> 00:03:21,480 Speaker 1: ear for a while now that I want this franchise 68 00:03:21,720 --> 00:03:24,760 Speaker 1: and let's make it happen. No wonder why that everybody 69 00:03:24,880 --> 00:03:27,280 Speaker 1: loves for Tita because like you said, now he's paying 70 00:03:27,280 --> 00:03:30,720 Speaker 1: two point to billion dollars. That's it's a good number 71 00:03:30,720 --> 00:03:35,520 Speaker 1: for the NBA. Curious to see now where this all 72 00:03:35,640 --> 00:03:39,320 Speaker 1: goes with all that, all the shared money. What's next? 73 00:03:39,320 --> 00:03:41,960 Speaker 1: What's the next big revenus? Strym, it's not Jersey patches. 74 00:03:42,240 --> 00:03:43,960 Speaker 1: What's the next big revenue? And if I'm an NBA 75 00:03:44,000 --> 00:03:47,320 Speaker 1: owner right now, I'm selling as well. Let's also talk 76 00:03:47,360 --> 00:03:50,280 Speaker 1: about the l A Clippers and they're adding the star 77 00:03:50,480 --> 00:03:54,520 Speaker 1: court side seating next to the benches and it's not cheap, guys, 78 00:03:54,600 --> 00:03:56,880 Speaker 1: I'm not going to see you there, am I like 79 00:03:57,280 --> 00:04:00,600 Speaker 1: Madison Square Garden has this, The Lakers have the This 80 00:04:00,720 --> 00:04:04,480 Speaker 1: is l a baby, this is sizzle, this is Hollywood. 81 00:04:04,880 --> 00:04:07,480 Speaker 1: What's a hundred and seventy five thousand dollars to be 82 00:04:07,520 --> 00:04:11,400 Speaker 1: sitting on the floor. Come on, this is l a 83 00:04:11,800 --> 00:04:13,760 Speaker 1: you almost have to do it. Yeah, the Clippers are 84 00:04:13,760 --> 00:04:17,680 Speaker 1: tapping into what they know their starstruck city does. It's vanity. 85 00:04:17,839 --> 00:04:19,640 Speaker 1: You know, if you can get a seat on the court, 86 00:04:19,920 --> 00:04:22,839 Speaker 1: that's going to be on TV the entire game because 87 00:04:22,880 --> 00:04:25,320 Speaker 1: that's across the across the court from where the TVs are. 88 00:04:25,640 --> 00:04:27,840 Speaker 1: Who cares how much it costs. People will will pay 89 00:04:27,880 --> 00:04:29,800 Speaker 1: to sit there, and that's great for the Clippers. Worth noting, 90 00:04:29,839 --> 00:04:32,440 Speaker 1: by the way, four thousand a game less than MSG, 91 00:04:33,360 --> 00:04:35,479 Speaker 1: less than the Golden State Warriors. And look what's happened 92 00:04:35,480 --> 00:04:37,839 Speaker 1: out there. By the way, all the Silicon Valley executives 93 00:04:38,040 --> 00:04:41,159 Speaker 1: sit courtside now they're doing business with the players. So 94 00:04:41,240 --> 00:04:44,360 Speaker 1: this is this could be a business investment, not just 95 00:04:44,480 --> 00:04:47,880 Speaker 1: a vanity play. As young Mr Novie Williams says. Let's 96 00:04:47,920 --> 00:04:50,560 Speaker 1: move on to the next topic. Now, Listen, we have 97 00:04:50,800 --> 00:04:55,760 Speaker 1: had people stealing signals from baseball teams for many years, 98 00:04:55,880 --> 00:05:00,000 Speaker 1: but this is a new one. The Boston Rats side 99 00:05:00,000 --> 00:05:05,880 Speaker 1: box reportedly stole the signals from the Yankees using an 100 00:05:05,920 --> 00:05:10,920 Speaker 1: Apple I watch. It's okay, I think in baseball to 101 00:05:11,760 --> 00:05:14,279 Speaker 1: steal signs and the old way, you know you got 102 00:05:14,400 --> 00:05:18,240 Speaker 1: you gotta find a way to figure it out. The objection, 103 00:05:18,279 --> 00:05:20,720 Speaker 1: it seems to me around baseball, having heard this for 104 00:05:20,760 --> 00:05:22,839 Speaker 1: a couple of days now, is that they're bringing the 105 00:05:22,880 --> 00:05:25,440 Speaker 1: technology into the dugout. That was the big no no. 106 00:05:25,560 --> 00:05:29,800 Speaker 1: Everybody seemed to say stealing signs, even Dave Dombrowski. Somehow 107 00:05:29,800 --> 00:05:32,600 Speaker 1: we get back to Detroit, right, even Dave Dombrowski the 108 00:05:32,640 --> 00:05:35,320 Speaker 1: Red Sox, and this is no big deal. People steal signs, 109 00:05:35,360 --> 00:05:38,840 Speaker 1: but the technology and the dugout, the utilization of the 110 00:05:38,839 --> 00:05:41,839 Speaker 1: watch seemed to be the problem. And taking a step back, 111 00:05:41,880 --> 00:05:44,000 Speaker 1: I think this is great for baseball and this is 112 00:05:44,040 --> 00:05:46,640 Speaker 1: a sport that sometimes this struggles to stay relevant. In 113 00:05:46,680 --> 00:05:49,239 Speaker 1: September when NFL comes back and we start talking about 114 00:05:49,400 --> 00:05:52,720 Speaker 1: basketball again. This is their best rivalry. They're both gonna 115 00:05:52,760 --> 00:05:54,800 Speaker 1: make the playoffs. They haven't met in the playoffs since 116 00:05:55,040 --> 00:05:57,520 Speaker 1: the Red Sox came back from three oh down almost 117 00:05:57,520 --> 00:06:00,279 Speaker 1: a decade ago. All of this gets people talking about 118 00:06:00,279 --> 00:06:03,120 Speaker 1: the rivalry, about the sport, and that's great for baseball. 119 00:06:03,160 --> 00:06:04,880 Speaker 1: The last stand of old technology is going to be 120 00:06:04,880 --> 00:06:07,400 Speaker 1: the landline in the baseball dug out the Call to 121 00:06:07,440 --> 00:06:12,480 Speaker 1: the Bull sponsored exactly our thanks to Bloomberg Business of 122 00:06:12,520 --> 00:06:15,640 Speaker 1: Sports reporter Evan Nobody Williams Scott. It is the start 123 00:06:15,640 --> 00:06:18,680 Speaker 1: of the NFL season, and it's another year when it 124 00:06:18,760 --> 00:06:21,760 Speaker 1: seems like off the field issues are grabbing the headlines 125 00:06:22,080 --> 00:06:24,680 Speaker 1: from an on the field action. You got that right. 126 00:06:24,800 --> 00:06:27,760 Speaker 1: Last year big topic was Patriots quarterback Tom Brady serving 127 00:06:27,760 --> 00:06:30,440 Speaker 1: a suspension for the flate gate. This year it's the 128 00:06:30,440 --> 00:06:33,279 Speaker 1: discipline the NFL handed out to Dallas running back Ezekiel 129 00:06:33,279 --> 00:06:36,040 Speaker 1: Elliott in the domestic violence case. To discuss it all, 130 00:06:36,080 --> 00:06:38,279 Speaker 1: where pleased to welcome the head of the NFL Players Union, 131 00:06:38,320 --> 00:06:41,800 Speaker 1: De Morris Smith. De Morris. What is the significance to 132 00:06:42,000 --> 00:06:46,080 Speaker 1: the business of NFL players with what's going on with 133 00:06:46,080 --> 00:06:49,000 Speaker 1: the Zekiel Ezekiel and the commissioner? What is the impact? 134 00:06:49,120 --> 00:06:51,880 Speaker 1: What is the meaning to the business of football. I 135 00:06:51,920 --> 00:06:55,440 Speaker 1: think that's something we've tried to stress this entire time. UH, 136 00:06:55,520 --> 00:06:58,839 Speaker 1: consistent with the rights of the players, it's not good 137 00:06:58,880 --> 00:07:02,359 Speaker 1: for business. I mean, this is probably the at the 138 00:07:02,480 --> 00:07:05,680 Speaker 1: very least the fourth or fifth year in a row 139 00:07:06,640 --> 00:07:11,480 Speaker 1: that we've started the NFL season really not talking about football, 140 00:07:11,560 --> 00:07:16,920 Speaker 1: but talking about the deficiencies in the commissioner discipline process, 141 00:07:17,000 --> 00:07:19,960 Speaker 1: and the way we look at it is the way 142 00:07:20,000 --> 00:07:23,040 Speaker 1: that we have looked at it since two thousand uh 143 00:07:23,160 --> 00:07:29,640 Speaker 1: and eleven, and the commissioner discipline process has been a 144 00:07:29,720 --> 00:07:34,880 Speaker 1: mess at worse, a distraction at best, and it will 145 00:07:34,920 --> 00:07:38,920 Speaker 1: continue to be so until the owners decide to collectively 146 00:07:38,960 --> 00:07:43,040 Speaker 1: bargain it. And until they decide to collectively bargain it, 147 00:07:43,160 --> 00:07:46,520 Speaker 1: you're going to have a system that's not transparent, one 148 00:07:46,720 --> 00:07:52,480 Speaker 1: that really at times looks almost like a joke, and 149 00:07:53,120 --> 00:07:57,280 Speaker 1: one that will necessarily result in a union that's going 150 00:07:57,360 --> 00:08:01,480 Speaker 1: to take every step, every day, every hour to protect 151 00:08:01,520 --> 00:08:05,560 Speaker 1: the interest of its players. Historically, in labor talks, the 152 00:08:05,640 --> 00:08:08,920 Speaker 1: blood issue on the union side has been financial matters. 153 00:08:08,920 --> 00:08:11,920 Speaker 1: It's always about the commas in the decimal points. Usually 154 00:08:11,960 --> 00:08:14,640 Speaker 1: the same for the owners. It's all about money. Is 155 00:08:14,680 --> 00:08:17,560 Speaker 1: this a blood issue now for players or has it 156 00:08:17,600 --> 00:08:19,360 Speaker 1: been for owners as well? But where does it stand 157 00:08:19,360 --> 00:08:24,160 Speaker 1: now in importance and issues with players that commission or discipline. Yeah, 158 00:08:24,360 --> 00:08:26,880 Speaker 1: And I look at it this way. I mean, there 159 00:08:27,040 --> 00:08:30,640 Speaker 1: is no one blood issue. Um you know, for years, 160 00:08:31,040 --> 00:08:33,240 Speaker 1: Um you know, I agree that you look at the 161 00:08:33,320 --> 00:08:37,520 Speaker 1: history of UH labor negotiations in sports, you know, even 162 00:08:37,600 --> 00:08:41,680 Speaker 1: dating back to Marvin miller Day's UM, I would say 163 00:08:41,720 --> 00:08:45,800 Speaker 1: that the core issues have always been UM you know, 164 00:08:45,840 --> 00:08:48,960 Speaker 1: as Ed Garvey would say, freedom issues and control issues. 165 00:08:49,080 --> 00:08:53,160 Speaker 1: Those have a way of turning into financial issues because 166 00:08:53,280 --> 00:08:56,560 Speaker 1: on one side of the table, a freedom issue is 167 00:08:56,720 --> 00:08:59,880 Speaker 1: free agency. On the on the owner's side of the table, 168 00:09:00,080 --> 00:09:06,120 Speaker 1: it's an issue of franchise tags. Right, So there has 169 00:09:06,160 --> 00:09:10,040 Speaker 1: never been to me, one single money issue or non 170 00:09:10,160 --> 00:09:14,360 Speaker 1: money issue. We we went very hard on the issue 171 00:09:14,360 --> 00:09:18,600 Speaker 1: of health and safety in the last collective bargaining agreement. 172 00:09:19,120 --> 00:09:24,200 Speaker 1: So to me, the issues are all issues on the table. 173 00:09:24,440 --> 00:09:30,680 Speaker 1: The issue UM gets joined when one side says no, 174 00:09:31,480 --> 00:09:35,120 Speaker 1: and then you either reach a compromise or you don't. 175 00:09:36,040 --> 00:09:40,120 Speaker 1: And it was that way over eighteen games in two 176 00:09:40,160 --> 00:09:43,720 Speaker 1: thousand and eleven. It was a blood issue. Was whether 177 00:09:43,760 --> 00:09:46,120 Speaker 1: they were going to take back our pensions. That was 178 00:09:46,160 --> 00:09:49,720 Speaker 1: a blood issue, UM. And so those things were things 179 00:09:49,720 --> 00:09:52,080 Speaker 1: that were fought to the death. The reality is we 180 00:09:52,679 --> 00:09:58,840 Speaker 1: fought heavily over the issue of neutral arbitration and commissioner discipline, 181 00:09:59,559 --> 00:10:04,160 Speaker 1: and the owners refused to budge on neutral arbitration. Part 182 00:10:04,160 --> 00:10:07,040 Speaker 1: of part of the irony, of course, is Some of 183 00:10:07,040 --> 00:10:10,480 Speaker 1: the owners that were against neutral arbitration are owners who 184 00:10:10,559 --> 00:10:14,120 Speaker 1: had to deal with the unfairness of commissioner discipline. So 185 00:10:14,400 --> 00:10:19,840 Speaker 1: this rest squarely um and almost entirely with John Mara. 186 00:10:20,600 --> 00:10:24,960 Speaker 1: John is the head of the NFL's Board of Directors 187 00:10:25,000 --> 00:10:28,400 Speaker 1: for lack of a better word, they call it the CEC, 188 00:10:28,640 --> 00:10:31,600 Speaker 1: but it acts like a board of directors. Um. This 189 00:10:31,679 --> 00:10:35,320 Speaker 1: is not even a Roger Goodell issue. Um. Roger is 190 00:10:35,320 --> 00:10:39,280 Speaker 1: almost irrelevant when it comes to the macro issue of 191 00:10:39,360 --> 00:10:43,920 Speaker 1: neutral arbitration as it relates to collective bargaining. This falls 192 00:10:43,960 --> 00:10:48,400 Speaker 1: squarely on John Mara, and he apparently is fine with 193 00:10:48,480 --> 00:10:53,560 Speaker 1: the decision of owners not collectively bargaining over the issue 194 00:10:53,600 --> 00:10:57,480 Speaker 1: of commissioner discipline. And so that leaves us in a 195 00:10:58,000 --> 00:11:05,240 Speaker 1: broken um. Let's let the ends justify the means system. 196 00:11:05,280 --> 00:11:09,040 Speaker 1: But it then uh puts us in a situation where 197 00:11:09,080 --> 00:11:10,839 Speaker 1: this union is always going to fight for the rights 198 00:11:10,840 --> 00:11:14,120 Speaker 1: of its players. That was a bit you talked about 199 00:11:14,120 --> 00:11:17,840 Speaker 1: that too. That was a big thing about the last negotiations, 200 00:11:18,040 --> 00:11:22,480 Speaker 1: but it ended up with Roger Goodell being the lone voice, 201 00:11:22,559 --> 00:11:25,880 Speaker 1: and that has been a big criticism from the union 202 00:11:26,120 --> 00:11:30,439 Speaker 1: and from players that there is no negotiation about discipline. 203 00:11:30,720 --> 00:11:34,640 Speaker 1: What lessons now have you learned from the previous negotiation 204 00:11:34,960 --> 00:11:38,400 Speaker 1: to go into the next negotiations. So from the players point, 205 00:11:38,559 --> 00:11:40,679 Speaker 1: this won't happen again. Yeah, I guess that's the only 206 00:11:40,679 --> 00:11:43,080 Speaker 1: thing I would correct you on is the two thousand 207 00:11:43,080 --> 00:11:46,200 Speaker 1: and eleven cb A didn't end up with commissioner discipline 208 00:11:46,240 --> 00:11:50,400 Speaker 1: being that way. Um. Commissioner discipline clause has been in 209 00:11:50,440 --> 00:11:55,440 Speaker 1: the collective bargaining agreement since. So what lessons do you draw? 210 00:11:55,640 --> 00:11:58,720 Speaker 1: The only lesson you draw is if one side doesn't 211 00:11:58,760 --> 00:12:04,640 Speaker 1: want to bargain over an issue, UM, there is an impasse. 212 00:12:05,520 --> 00:12:10,480 Speaker 1: So if the owners didn't budge on eighteen games, we 213 00:12:10,520 --> 00:12:15,760 Speaker 1: would still be locked out. If the players didn't want 214 00:12:15,800 --> 00:12:20,960 Speaker 1: to come back to play over um uh, over the 215 00:12:21,000 --> 00:12:24,560 Speaker 1: issue of commissioner discipline, and you reach an impasse, then 216 00:12:24,559 --> 00:12:26,719 Speaker 1: the players have to decide whether or not they want 217 00:12:26,720 --> 00:12:30,600 Speaker 1: to go on strike UM or whether they want to 218 00:12:30,640 --> 00:12:34,360 Speaker 1: move on to other issues that are important to them 219 00:12:34,360 --> 00:12:42,520 Speaker 1: as well. So this isn't a paradigm where someone dropped 220 00:12:42,559 --> 00:12:45,640 Speaker 1: the ball, as you know, on on the issue of 221 00:12:45,640 --> 00:12:49,360 Speaker 1: commissioner discipline. One side did not want to bargain over 222 00:12:49,559 --> 00:12:53,920 Speaker 1: commissioner discipline and now we are stuck with the owner's 223 00:12:54,000 --> 00:12:57,240 Speaker 1: decision to not bargain over it. To Morris, you and 224 00:12:57,280 --> 00:12:58,960 Speaker 1: I have known each other a long time and we've 225 00:12:58,960 --> 00:13:01,200 Speaker 1: had lots of discussion. I know there are some things 226 00:13:01,240 --> 00:13:04,520 Speaker 1: that irkue. How would you describe the way the NFL 227 00:13:04,520 --> 00:13:07,640 Speaker 1: conducts its business. I've been in this job for a 228 00:13:07,679 --> 00:13:12,400 Speaker 1: long time now, and there's certain myths about the league 229 00:13:12,480 --> 00:13:18,079 Speaker 1: that I think uh folks who spend time covering or 230 00:13:18,120 --> 00:13:21,240 Speaker 1: in the business world just have to get get to 231 00:13:21,280 --> 00:13:25,080 Speaker 1: give my two Well, Miss, one is that the league 232 00:13:25,160 --> 00:13:28,600 Speaker 1: operates like a business or operates like a corporation. That's 233 00:13:28,600 --> 00:13:32,800 Speaker 1: a myth. UM. The second myth is that the league 234 00:13:32,880 --> 00:13:37,320 Speaker 1: is governed uh like major corporations are governed by a 235 00:13:37,360 --> 00:13:42,240 Speaker 1: board of directors. It's not so. Um And the reason 236 00:13:42,280 --> 00:13:45,240 Speaker 1: why I would throw those things out to people like you, 237 00:13:45,720 --> 00:13:53,560 Speaker 1: UH too, is what corporation in America would allow um 238 00:13:53,720 --> 00:14:01,000 Speaker 1: it's business model to be dictated by a on economic 239 00:14:01,160 --> 00:14:05,640 Speaker 1: issue like this, year after year after year at the 240 00:14:05,679 --> 00:14:09,480 Speaker 1: beginning of the season. They wouldn't. You would make a 241 00:14:09,520 --> 00:14:13,920 Speaker 1: decision about what's in the best global interest of the business, 242 00:14:14,800 --> 00:14:19,040 Speaker 1: and you would reach a conclusion and in the issue 243 00:14:19,080 --> 00:14:22,440 Speaker 1: of commissioner discipline. And I've said this time and time 244 00:14:22,480 --> 00:14:27,240 Speaker 1: again to the owners, uh and to Roger. Wouldn't we 245 00:14:27,440 --> 00:14:31,280 Speaker 1: be better off in a system with a neutral arbitrator 246 00:14:31,840 --> 00:14:36,920 Speaker 1: where the commissioner can impose discipline and the whole issue 247 00:14:36,960 --> 00:14:40,800 Speaker 1: goes to a neutral arbitrator and and she rules either 248 00:14:40,960 --> 00:14:44,200 Speaker 1: one way or the other. But what you have is 249 00:14:44,280 --> 00:14:48,440 Speaker 1: transparency and finality, and then you move on to your 250 00:14:48,480 --> 00:14:54,720 Speaker 1: core business. What business in America wouldn't do that? Um? 251 00:14:54,840 --> 00:14:59,640 Speaker 1: And that's because those two myths are indeed myths. And 252 00:15:00,000 --> 00:15:03,280 Speaker 1: there are some people in the National Football League, particularly 253 00:15:03,400 --> 00:15:08,120 Speaker 1: on the owner's side, who will always choose um, the 254 00:15:08,200 --> 00:15:14,200 Speaker 1: ability to have control UM overcommon sense. Could it not 255 00:15:14,600 --> 00:15:17,800 Speaker 1: fester into a business issue if one, as we saw 256 00:15:17,840 --> 00:15:20,320 Speaker 1: some of the protests with Ray, if one wanted to 257 00:15:20,360 --> 00:15:24,640 Speaker 1: attack league sponsors, league television networks, it certainly could become 258 00:15:24,680 --> 00:15:28,840 Speaker 1: a business issue. But what part of commissioner discipline has 259 00:15:28,920 --> 00:15:34,600 Speaker 1: anything to do with the protest? Nothing? Nothing? I mean, 260 00:15:34,640 --> 00:15:38,200 Speaker 1: we aren't talking about when we're talking about commissioner discipline, 261 00:15:38,200 --> 00:15:42,000 Speaker 1: we're not talking about issues of free speech. Um. We 262 00:15:42,080 --> 00:15:47,800 Speaker 1: aren't even talking about issues where any player, on any day, 263 00:15:47,920 --> 00:15:55,840 Speaker 1: on any game has done anything to um interfere with 264 00:15:56,160 --> 00:15:59,120 Speaker 1: the sixty minutes of football that's being played on the field. 265 00:16:00,480 --> 00:16:03,920 Speaker 1: No player has walked off the field during the game. 266 00:16:04,000 --> 00:16:08,360 Speaker 1: No player has stopped a game. When you think about 267 00:16:08,360 --> 00:16:13,280 Speaker 1: the issue of commissioner discipline or fines um, we are 268 00:16:13,360 --> 00:16:17,680 Speaker 1: talking about primarily all field issues. And then the other 269 00:16:17,760 --> 00:16:20,920 Speaker 1: issues that that went on that seemed to dominate the 270 00:16:21,000 --> 00:16:24,320 Speaker 1: day were the extent to which the league was going 271 00:16:24,360 --> 00:16:30,560 Speaker 1: to punish players for post touchdown celebrations. Well, we've been 272 00:16:30,600 --> 00:16:33,880 Speaker 1: in that post touchdown celebration model for how long now 273 00:16:34,760 --> 00:16:37,640 Speaker 1: this is the first year that they relaxed the rules 274 00:16:37,720 --> 00:16:42,720 Speaker 1: on on on post touchdown celebrations and reaction to millennials 275 00:16:42,760 --> 00:16:46,560 Speaker 1: not watching or watching less football. I have no idea 276 00:16:46,720 --> 00:16:50,120 Speaker 1: because I don't have the time nor the will to 277 00:16:50,200 --> 00:16:53,920 Speaker 1: crawl into the brain of owners and try to come 278 00:16:54,000 --> 00:16:59,480 Speaker 1: up with logical explanations for illogical behavior. You mentioned about 279 00:16:59,560 --> 00:17:02,920 Speaker 1: freeze Beach, and this brings me to Colin Kaepernick, because 280 00:17:03,360 --> 00:17:07,240 Speaker 1: whether people agree or disagree with him kneeling during the 281 00:17:07,320 --> 00:17:15,119 Speaker 1: national anthem, it is not illegal. It is expression of 282 00:17:15,200 --> 00:17:18,800 Speaker 1: free speech. And now he is not employed with any 283 00:17:18,840 --> 00:17:21,840 Speaker 1: of the thirty two teams. Can you comment on that 284 00:17:22,000 --> 00:17:24,880 Speaker 1: and has the union tried to help him. Sure, yeah, 285 00:17:24,960 --> 00:17:30,000 Speaker 1: we've I commented on on Collin's UH protests the day 286 00:17:30,040 --> 00:17:33,360 Speaker 1: after he did it, UM, more than a year ago. UM. 287 00:17:33,400 --> 00:17:37,160 Speaker 1: We believe in our players rights to free speech. We've 288 00:17:37,640 --> 00:17:41,879 Speaker 1: stayed in touch with with Collins representatives. We've um for 289 00:17:42,000 --> 00:17:48,440 Speaker 1: the entire offseason, have respected UM their wishes about how 290 00:17:48,560 --> 00:17:54,080 Speaker 1: the union was going to engage or not engage the 291 00:17:54,200 --> 00:17:57,720 Speaker 1: league directly on the issue, and we made a decision 292 00:17:57,720 --> 00:18:00,399 Speaker 1: that that was in the best interest UH of the 293 00:18:00,440 --> 00:18:04,639 Speaker 1: player to follow the lead UM of his representatives. And 294 00:18:04,680 --> 00:18:07,840 Speaker 1: we continue to do so. UM. If there comes a 295 00:18:07,920 --> 00:18:12,240 Speaker 1: time when when we make a decision that the union 296 00:18:12,320 --> 00:18:18,080 Speaker 1: is going to do something UM, regardless of of the 297 00:18:18,160 --> 00:18:22,240 Speaker 1: position of his representatives, you two will be the first 298 00:18:22,280 --> 00:18:27,040 Speaker 1: to know. Okay, you won't, but I'm sure I'll let 299 00:18:27,040 --> 00:18:29,320 Speaker 1: you guys know what what we'll do. The more is 300 00:18:29,359 --> 00:18:31,960 Speaker 1: a few years ago, the NFL and the players Union 301 00:18:32,000 --> 00:18:35,960 Speaker 1: agreed to change the salary structure of incoming draft choices, 302 00:18:36,320 --> 00:18:40,040 Speaker 1: which basically took away the enormous contracts of high first 303 00:18:40,160 --> 00:18:43,840 Speaker 1: round draft choices. Why let's understand, let's just dive in 304 00:18:43,960 --> 00:18:48,000 Speaker 1: thirty seconds of of rookie economics, there is a rookie 305 00:18:48,080 --> 00:18:51,919 Speaker 1: pool of money. There is no cap. There never has 306 00:18:52,000 --> 00:18:54,720 Speaker 1: been a cap, so there has always been a rookie 307 00:18:54,800 --> 00:18:58,359 Speaker 1: pool of money. The change that we made in two 308 00:18:58,359 --> 00:19:04,159 Speaker 1: thousand eleven was to take um percentages of the money 309 00:19:04,200 --> 00:19:09,000 Speaker 1: that primarily went to the top fift eighteen players and 310 00:19:09,320 --> 00:19:13,720 Speaker 1: pushed that money down to the other two hundred players 311 00:19:13,840 --> 00:19:18,080 Speaker 1: who are in the draft. The top fifteen, top twenty 312 00:19:18,080 --> 00:19:23,399 Speaker 1: eight players UM I would argue, are still making serious coin. 313 00:19:23,800 --> 00:19:28,880 Speaker 1: The two major changes that we made were to make 314 00:19:28,920 --> 00:19:33,720 Speaker 1: sure that we pushed money down UH further into the 315 00:19:33,800 --> 00:19:39,040 Speaker 1: draft where players the where the primary or the predominant 316 00:19:39,080 --> 00:19:42,680 Speaker 1: amount of players who are being drafted in rounds three 317 00:19:43,160 --> 00:19:47,479 Speaker 1: UH to the end of the round were primarily making 318 00:19:47,640 --> 00:19:50,760 Speaker 1: league minimum. So what we decided to do was to 319 00:19:50,840 --> 00:19:55,400 Speaker 1: push more money into the hands of players who are 320 00:19:55,600 --> 00:20:03,359 Speaker 1: confined in a free market where they are directed to 321 00:20:03,560 --> 00:20:07,840 Speaker 1: a team and have a limited ability because of the 322 00:20:07,920 --> 00:20:12,480 Speaker 1: draft to negotiate UM where they are going to work. 323 00:20:12,800 --> 00:20:16,200 Speaker 1: Do you see last year's TV ratings step in the 324 00:20:16,280 --> 00:20:18,720 Speaker 1: less time people are watching as an anomaly. Do you 325 00:20:18,720 --> 00:20:20,280 Speaker 1: think there'll be a bounce back this year with no 326 00:20:20,359 --> 00:20:22,400 Speaker 1: election going on, or will there be still some Trump 327 00:20:22,480 --> 00:20:25,679 Speaker 1: hangover or whatever the reasons might have been, right, I 328 00:20:25,760 --> 00:20:29,800 Speaker 1: don't really see it as an anomaly. UM. I don't know, 329 00:20:30,520 --> 00:20:36,280 Speaker 1: um if it's going to be the same rate of 330 00:20:36,480 --> 00:20:41,000 Speaker 1: a decline. But the reality is, UM, there is a 331 00:20:41,080 --> 00:20:48,320 Speaker 1: greater amount of competition uh for the attention of our viewers, 332 00:20:48,560 --> 00:20:52,680 Speaker 1: and that UH, that is not going to change. And 333 00:20:52,680 --> 00:20:57,080 Speaker 1: and so my feeling about the ratings is, you know, 334 00:20:57,119 --> 00:21:00,880 Speaker 1: obviously we spend a lot of time looking at trends 335 00:21:00,960 --> 00:21:06,240 Speaker 1: and and and and taking stock of of regression analysis 336 00:21:06,240 --> 00:21:09,280 Speaker 1: and other forecast about, um, what's going to happen in 337 00:21:09,320 --> 00:21:12,440 Speaker 1: the way in which our game is being um um 338 00:21:12,680 --> 00:21:18,800 Speaker 1: seen or digested. But the reality is, the viewing patterns 339 00:21:19,320 --> 00:21:22,119 Speaker 1: of viewers in the in the future are going to change, 340 00:21:22,359 --> 00:21:26,199 Speaker 1: and the models or modes in which they digest the 341 00:21:26,280 --> 00:21:30,359 Speaker 1: game are going to change. UM. You know, when you 342 00:21:30,400 --> 00:21:35,040 Speaker 1: go back to issues like commission or discipline, UM, you know, 343 00:21:35,119 --> 00:21:41,359 Speaker 1: the real problem with the league's failure and the c 344 00:21:41,560 --> 00:21:46,440 Speaker 1: ecs failure to deal with that issue is that it 345 00:21:46,520 --> 00:21:53,520 Speaker 1: prevents us from UM engaging in larger macro economic issues 346 00:21:54,359 --> 00:21:58,040 Speaker 1: of how do we approach this issue of the changing 347 00:21:58,080 --> 00:22:00,760 Speaker 1: modes and models in which our game is being viewed 348 00:22:01,480 --> 00:22:05,680 Speaker 1: and the potential long term impacts on the generation of revenue. 349 00:22:06,480 --> 00:22:10,879 Speaker 1: And we're not having those conversations now because our players 350 00:22:10,880 --> 00:22:15,719 Speaker 1: aren't interested in having those conversations now, because you have 351 00:22:16,359 --> 00:22:20,800 Speaker 1: UM a group of league owners who are unwilling to 352 00:22:21,640 --> 00:22:27,200 Speaker 1: constructively engage in a non economic issue. It's amazing today 353 00:22:27,240 --> 00:22:30,119 Speaker 1: that the issue of concussions has finally come to the 354 00:22:30,160 --> 00:22:33,720 Speaker 1: forefront in a game that has been around for many, 355 00:22:33,880 --> 00:22:36,719 Speaker 1: many years. And why in the world has it taken 356 00:22:36,840 --> 00:22:41,440 Speaker 1: so long for the league to realize CTE and obviously 357 00:22:41,600 --> 00:22:43,840 Speaker 1: is a very dangerous thing for the players out there 358 00:22:43,840 --> 00:22:47,959 Speaker 1: on the field. Well I mean, um, I mean, without 359 00:22:48,000 --> 00:22:53,480 Speaker 1: going too hard, when are issues like freedom and safety 360 00:22:54,280 --> 00:23:00,600 Speaker 1: UM ever bestowed on anyone. They're not. They're fought for UM. 361 00:23:00,760 --> 00:23:04,199 Speaker 1: And you know, within two months of being elected in 362 00:23:04,280 --> 00:23:07,240 Speaker 1: two thousand and nine, I was testifying on Capitol Hill 363 00:23:08,080 --> 00:23:11,439 Speaker 1: about the problems in the National Football League in the 364 00:23:11,480 --> 00:23:15,919 Speaker 1: way in which, uh, they not only treated concussions, but 365 00:23:16,040 --> 00:23:20,240 Speaker 1: the way in which they viewed them. And my testimony 366 00:23:20,320 --> 00:23:23,800 Speaker 1: kicked off with everything you need to know is that 367 00:23:24,400 --> 00:23:28,200 Speaker 1: back then the current head of the league's concussion committee 368 00:23:28,280 --> 00:23:33,520 Speaker 1: was a rheumatologist, so these issues have only been brought, 369 00:23:34,080 --> 00:23:40,040 Speaker 1: uh UM to a place where we have actionable change 370 00:23:40,720 --> 00:23:43,680 Speaker 1: because there is a union that took the view that 371 00:23:43,720 --> 00:23:45,760 Speaker 1: we were going to take a zero sum approach to 372 00:23:45,960 --> 00:23:49,480 Speaker 1: health and safety. Every year we get the conversation, especially 373 00:23:49,920 --> 00:23:52,960 Speaker 1: during the negotiations, and you mentioned it earlier about let's 374 00:23:53,000 --> 00:23:56,879 Speaker 1: extend the regular season to eighteen games or make it 375 00:23:56,920 --> 00:23:59,639 Speaker 1: even longer. And I try not to throw in a 376 00:23:59,720 --> 00:24:04,280 Speaker 1: piece in when when I when we talk about these interviews. 377 00:24:04,320 --> 00:24:09,639 Speaker 1: But folks, to NFL fans, nobody's gonna be left if 378 00:24:09,680 --> 00:24:12,919 Speaker 1: you go to eighteen games for a regular season even longer, 379 00:24:13,040 --> 00:24:17,080 Speaker 1: there's gonna be nobody left on the field. So can 380 00:24:17,119 --> 00:24:19,960 Speaker 1: you expand more on that? Or am I off base? 381 00:24:20,680 --> 00:24:23,520 Speaker 1: Um on the issue of of adding regular season games. 382 00:24:24,080 --> 00:24:29,400 Speaker 1: Answer is simple, Yeah, I don't get a I don't 383 00:24:29,440 --> 00:24:34,200 Speaker 1: get a vote. I don't get a vote. But um, 384 00:24:34,680 --> 00:24:38,399 Speaker 1: I don't believe that eighteen games uh is in the 385 00:24:38,480 --> 00:24:42,080 Speaker 1: best health, safety, and overall economic interest of the players. 386 00:24:42,240 --> 00:24:44,399 Speaker 1: All right, that's Demorris Smith, the executive director of the 387 00:24:44,520 --> 00:24:46,480 Speaker 1: NFL p A D. Thanks so much for taking tide. 388 00:24:46,480 --> 00:24:49,080 Speaker 1: Thank you awesome guys, great to chat with you. Takeaways 389 00:24:49,080 --> 00:24:52,679 Speaker 1: from the Demorris Smith interview. The biggest thing that I 390 00:24:52,880 --> 00:24:56,280 Speaker 1: noticed was, and I'm glad that he sent me straight 391 00:24:56,320 --> 00:25:01,119 Speaker 1: about how the rookie structure payment is set up. Because 392 00:25:01,160 --> 00:25:03,639 Speaker 1: a lot of people think that it was just a cap. 393 00:25:03,760 --> 00:25:06,479 Speaker 1: It's way more than that, because the money is filtered 394 00:25:06,520 --> 00:25:10,320 Speaker 1: down to all of the new draft players and because 395 00:25:10,520 --> 00:25:14,199 Speaker 1: the average life of an NFL player is short, at 396 00:25:14,280 --> 00:25:16,119 Speaker 1: least they're going to get paid when they're in the league. 397 00:25:16,160 --> 00:25:20,480 Speaker 1: And my takeaway is there has been zero, nada, none, 398 00:25:20,880 --> 00:25:24,040 Speaker 1: no improvement in the relationship between the union and the 399 00:25:24,119 --> 00:25:27,280 Speaker 1: NFL the owners. According to the players and the way 400 00:25:27,320 --> 00:25:29,960 Speaker 1: they view things, it's all about control. They want to 401 00:25:30,000 --> 00:25:33,280 Speaker 1: control everything, even if, Asda Morris said, it's to the 402 00:25:33,359 --> 00:25:36,240 Speaker 1: detriment of the business of the product. You have to 403 00:25:36,480 --> 00:25:39,800 Speaker 1: wonder if they'll ever find a way to bridge this relationship, 404 00:25:39,880 --> 00:25:42,439 Speaker 1: bridge this gap and be able to work together. And 405 00:25:42,480 --> 00:25:46,280 Speaker 1: then there's the problem also, and many people have criticized 406 00:25:46,520 --> 00:25:51,159 Speaker 1: this latest agreement because Roger Goodell, according to many people, 407 00:25:51,800 --> 00:25:56,560 Speaker 1: has this almighty power and so far as an arbitrator. 408 00:25:56,640 --> 00:25:59,639 Speaker 1: There really is a problem with that, according to the critics, 409 00:25:59,640 --> 00:26:03,360 Speaker 1: because is whatever Goodell says, that's it. Well, collectively bargained. 410 00:26:03,440 --> 00:26:06,800 Speaker 1: So the next time around, you wonder if the players 411 00:26:07,400 --> 00:26:10,439 Speaker 1: want their freedom from Roger and if Roger and the 412 00:26:10,480 --> 00:26:13,840 Speaker 1: owners are determined to hold onto that power, especially over discipline. 413 00:26:14,200 --> 00:26:17,400 Speaker 1: Are we looking at here we go again another lockout? 414 00:26:17,760 --> 00:26:23,239 Speaker 1: That's the big question. Feels better to be number one 415 00:26:23,280 --> 00:26:25,159 Speaker 1: than number five. I'll wear a number because of Mike. 416 00:26:25,280 --> 00:26:26,800 Speaker 1: We have a chance to go for three in a row. 417 00:26:26,880 --> 00:26:28,800 Speaker 1: Good numbers at a good time. When I first started 418 00:26:28,800 --> 00:26:31,560 Speaker 1: wearing the number, I would just have the in Bloomberg 419 00:26:31,760 --> 00:26:36,720 Speaker 1: Business of Sports, the number of the week and the 420 00:26:36,800 --> 00:26:39,800 Speaker 1: number of the week eleven. That is the number involved 421 00:26:39,840 --> 00:26:43,159 Speaker 1: Week eleven, when the Tampa Bay Buccaneers and the Miami 422 00:26:43,200 --> 00:26:47,160 Speaker 1: Dolphins will play that was originally there by week because 423 00:26:47,480 --> 00:26:50,840 Speaker 1: of Hurricane Irma, they were supposed to play Week one 424 00:26:51,440 --> 00:26:54,919 Speaker 1: that has been canceled. That brings up the problem because 425 00:26:55,000 --> 00:26:58,280 Speaker 1: now those two teams are going sixteen weeks straight and 426 00:26:58,320 --> 00:27:00,560 Speaker 1: now the team likes it. Yeah, well, of course you 427 00:27:00,600 --> 00:27:03,840 Speaker 1: have to look at the broader world outside of football. 428 00:27:04,000 --> 00:27:07,080 Speaker 1: You know, that is a first world problem so to speak, 429 00:27:07,119 --> 00:27:09,680 Speaker 1: that you have to play later on. But in an 430 00:27:09,720 --> 00:27:12,880 Speaker 1: era when de Morris and the players are so focused 431 00:27:12,920 --> 00:27:16,800 Speaker 1: on players safety that rest and recuperation week is a 432 00:27:16,800 --> 00:27:19,560 Speaker 1: big one. Players can get healthy, and now they don't 433 00:27:19,560 --> 00:27:21,640 Speaker 1: have it. You wonder towards the end of the year, 434 00:27:21,760 --> 00:27:24,560 Speaker 1: should any of these clubs be playoff bound. How much 435 00:27:24,600 --> 00:27:26,720 Speaker 1: of a toll that will take. Well, I know the 436 00:27:26,760 --> 00:27:28,960 Speaker 1: old schoolers are gonna say, well, back cracket, they used 437 00:27:29,000 --> 00:27:31,639 Speaker 1: to play fourteen weeks straight. You didn't hear any of 438 00:27:31,640 --> 00:27:35,359 Speaker 1: this stuff. Well, that's true, but I'm sorry. The game 439 00:27:35,560 --> 00:27:39,560 Speaker 1: is much more physical, the game is much faster, and 440 00:27:39,960 --> 00:27:42,600 Speaker 1: people get hurt in this game. We have seen many 441 00:27:42,640 --> 00:27:46,840 Speaker 1: of those old timers lose their cognitive abilities. Perhaps it's 442 00:27:46,880 --> 00:27:49,840 Speaker 1: not the best take to say, well, the way we 443 00:27:49,960 --> 00:27:53,159 Speaker 1: used to do it. We have learned that even the 444 00:27:53,240 --> 00:27:58,480 Speaker 1: NFL admits there's a link between playing football head trauma CTE. 445 00:27:59,200 --> 00:28:01,760 Speaker 1: You've got to be able to protect the players or else. 446 00:28:02,160 --> 00:28:05,359 Speaker 1: Look big, big, big picture. The talent pool drives up. 447 00:28:05,359 --> 00:28:09,040 Speaker 1: I mean, we see people retiring early now six they 448 00:28:09,119 --> 00:28:11,919 Speaker 1: just don't want to risk it. That talent pool drives up. 449 00:28:11,960 --> 00:28:14,959 Speaker 1: Guess what, the whole game goes away. And let's explain 450 00:28:15,000 --> 00:28:18,640 Speaker 1: also why they are moving in to week eleven. Even 451 00:28:18,680 --> 00:28:21,960 Speaker 1: though neither team likes it. At least the Miami Dolphins. 452 00:28:22,240 --> 00:28:25,600 Speaker 1: They will still get their gate receipts when they come 453 00:28:25,640 --> 00:28:29,360 Speaker 1: to week eleven, so there is some bonus to that money, money, money. 454 00:28:29,600 --> 00:28:32,040 Speaker 1: You've been listening to Bloomberg Business of Sports. We are 455 00:28:32,080 --> 00:28:35,560 Speaker 1: here each and every week at the same time, exploring 456 00:28:35,600 --> 00:28:37,840 Speaker 1: the world of money in sports. Michael barn and I'm 457 00:28:37,880 --> 00:28:40,160 Speaker 1: Scott Sashnik. Thanks for joining us, and please tune in 458 00:28:40,200 --> 00:28:42,040 Speaker 1: next week when we speak with the biggest and best 459 00:28:42,080 --> 00:28:44,600 Speaker 1: in the world of sports. You're listening to Bloomberg Business 460 00:28:44,640 --> 00:28:48,520 Speaker 1: of Sports on Bloomberger Radio around the world and online 461 00:28:48,560 --> 00:28:50,840 Speaker 1: as an Apple podcast on iTunes.