1 00:00:00,280 --> 00:00:03,400 Speaker 1: This is the business of sports. Let's talk Super Bowl 2 00:00:03,520 --> 00:00:06,600 Speaker 1: and Fox Sports, every single thing that occurs. I want 3 00:00:06,600 --> 00:00:08,880 Speaker 1: people to remember, this is a business. Guaranteed money isn't 4 00:00:08,920 --> 00:00:13,040 Speaker 1: necessarily guaranteed. Michael Ball, how high can these valuations go? 5 00:00:13,240 --> 00:00:17,239 Speaker 1: Scott Sank everybody loves rooting against him, right, Evan Noy 6 00:00:17,280 --> 00:00:19,560 Speaker 1: Williams off the field, the NBA has never been buzzier. 7 00:00:19,640 --> 00:00:22,320 Speaker 1: And the leaders in the sports industry Major League Baseball 8 00:00:22,360 --> 00:00:25,920 Speaker 1: Commissioner Rob Manfredin, CEO of Oracle, Mark Bert here A Smith, 9 00:00:25,960 --> 00:00:29,200 Speaker 1: President of Ticketmasters, Maybe race car driver alel Castro, and 10 00:00:29,200 --> 00:00:33,080 Speaker 1: Evis Bloomberg. Business of Sports from Bloomberg Radio. Hello, I'm 11 00:00:33,080 --> 00:00:35,879 Speaker 1: Scott Sah and I'm Evan Novie Williams. Every week at 12 00:00:35,920 --> 00:00:38,960 Speaker 1: this time plus Mondays and Wednesdays, we explore the big 13 00:00:38,960 --> 00:00:41,680 Speaker 1: money issues in the world of sports. Michael Barr will 14 00:00:41,680 --> 00:00:43,760 Speaker 1: be joining us later in the show, and that's when 15 00:00:43,760 --> 00:00:45,960 Speaker 1: we speak with Mark patrick Off. He's the founder of 16 00:00:46,000 --> 00:00:48,080 Speaker 1: patrick Off Co. Which worked with a select group of 17 00:00:48,120 --> 00:00:51,600 Speaker 1: athletes and sports professionals backed by JP Morgan private equity group. 18 00:00:51,680 --> 00:00:53,400 Speaker 1: But before we bring in Michael and Mark, let's look 19 00:00:53,400 --> 00:00:55,600 Speaker 1: at some of our top stories of the week. Beginning 20 00:00:55,600 --> 00:00:59,040 Speaker 1: Scott with a helmet maker that's running out of money. Yeah, 21 00:00:59,040 --> 00:01:00,520 Speaker 1: I mean I wouldn't be s ze Em And if 22 00:01:00,520 --> 00:01:03,240 Speaker 1: people have heard of vices like they've gotten a lot 23 00:01:03,280 --> 00:01:06,800 Speaker 1: of pr to Seattle startup, mostly because they've won some 24 00:01:06,920 --> 00:01:10,919 Speaker 1: NFL competitions, have some backup, uh financial backing from the NFL, 25 00:01:10,959 --> 00:01:14,400 Speaker 1: A lot of big name backers, Russell Wilson, Aaron Rodgers, 26 00:01:14,560 --> 00:01:17,000 Speaker 1: Jerry Rice, Roger star back. It was sort of like 27 00:01:17,000 --> 00:01:20,160 Speaker 1: the Yeah, the safest helmet in the NFL. It always 28 00:01:20,160 --> 00:01:22,759 Speaker 1: had the highest ratings. There's only one problem though, Evan 29 00:01:22,840 --> 00:01:25,959 Speaker 1: with this product. It doesn't seem to make any money. 30 00:01:26,120 --> 00:01:29,160 Speaker 1: The company is literally running out of money. It's it's 31 00:01:29,200 --> 00:01:33,240 Speaker 1: my takeaway here. They're selling helmets for fifteen d. Every 32 00:01:33,280 --> 00:01:35,679 Speaker 1: science seems just to point to this being the safest 33 00:01:35,680 --> 00:01:38,080 Speaker 1: helmet out there. Right. As we've talked about before, how 34 00:01:38,120 --> 00:01:40,280 Speaker 1: metch don't prevent concussions. They really help you from getting 35 00:01:40,280 --> 00:01:43,120 Speaker 1: your skull fractured um. But you know, it's not a 36 00:01:43,200 --> 00:01:45,680 Speaker 1: huge market. The market out there for a fifteen hundred 37 00:01:45,720 --> 00:01:48,000 Speaker 1: dollar helmet that is safer than the other one is 38 00:01:48,040 --> 00:01:50,160 Speaker 1: not a huge market. And we've seen the point is 39 00:01:50,160 --> 00:01:52,440 Speaker 1: no high school no high school out there is gonna 40 00:01:52,520 --> 00:01:55,600 Speaker 1: order exist helmets. I mean, that's the market you need 41 00:01:55,600 --> 00:01:58,520 Speaker 1: to capture, the youth football, the high schools. I mean, 42 00:01:58,520 --> 00:02:00,160 Speaker 1: it's nice to be the guys in the NFL L 43 00:02:00,440 --> 00:02:03,040 Speaker 1: but unless that translates into sales, what good is it? 44 00:02:03,120 --> 00:02:06,720 Speaker 1: And participation youth football wise across the country is going down, 45 00:02:06,760 --> 00:02:10,000 Speaker 1: which obviously is not helping this um. But yes, struggles 46 00:02:10,040 --> 00:02:12,040 Speaker 1: for vices right now, which as of a year ago 47 00:02:12,120 --> 00:02:14,560 Speaker 1: was it was a high riser in this world, and 48 00:02:14,600 --> 00:02:16,640 Speaker 1: the numbers like at the high levels, like a hundred 49 00:02:16,680 --> 00:02:19,440 Speaker 1: eighty college programs are using vices. That's up from a 50 00:02:19,680 --> 00:02:22,919 Speaker 1: D twenty five. They previously they've raised more than eighty 51 00:02:22,919 --> 00:02:26,680 Speaker 1: five million dollars. However, now they're trying to raise more money. 52 00:02:26,760 --> 00:02:29,600 Speaker 1: But the valuation of the company is five million dollars. 53 00:02:29,800 --> 00:02:33,919 Speaker 1: Previously they were raising money at a ninety million dollar 54 00:02:34,320 --> 00:02:39,760 Speaker 1: that's a lower number five less than nine. So what 55 00:02:39,880 --> 00:02:41,880 Speaker 1: you really wonder does it survive. We'll see if the 56 00:02:41,919 --> 00:02:43,960 Speaker 1: demand for that picks up. But speaking of something that 57 00:02:44,040 --> 00:02:46,200 Speaker 1: is in high demand, let's go out to the Olympics 58 00:02:46,760 --> 00:02:50,360 Speaker 1: Olympics in Tokyo next year, uh and the ticket demand 59 00:02:50,400 --> 00:02:54,560 Speaker 1: that they're seeing over there is pretty staggering. I gotta 60 00:02:54,600 --> 00:02:59,080 Speaker 1: say I've been that was some exemplary segue. But thank you, 61 00:02:59,120 --> 00:03:01,960 Speaker 1: thank you. Normally I try and play the role of Segway, 62 00:03:01,960 --> 00:03:03,840 Speaker 1: but you did a very good job there. Yeah. I mean, 63 00:03:03,840 --> 00:03:06,520 Speaker 1: think about some of the numbers here. So they're selling 64 00:03:06,520 --> 00:03:09,200 Speaker 1: these in like different times, so you get a chance 65 00:03:09,240 --> 00:03:12,560 Speaker 1: at some tickets. Four. Yeah, there are lotteries as you 66 00:03:12,560 --> 00:03:16,040 Speaker 1: go forward. So they made one million tickets available in 67 00:03:16,080 --> 00:03:18,840 Speaker 1: the latest lottery. You know how many people requested tickets. 68 00:03:18,960 --> 00:03:21,360 Speaker 1: I mean to guess more than a million. Oh yeah, 69 00:03:21,400 --> 00:03:23,919 Speaker 1: twenty three millions. So just like you said before, twenty 70 00:03:23,960 --> 00:03:28,840 Speaker 1: three million, more than one million. And you got to 71 00:03:28,880 --> 00:03:32,160 Speaker 1: really understand some of the anger from the local residents 72 00:03:32,200 --> 00:03:35,560 Speaker 1: because billions of dollars of taxpayer money in Japan went 73 00:03:35,640 --> 00:03:37,880 Speaker 1: to these Olympics, and now a lot of folks are 74 00:03:37,880 --> 00:03:40,600 Speaker 1: being are being told that they can't have access to tickets. 75 00:03:40,640 --> 00:03:42,520 Speaker 1: That does not see it's kind of a perfect storm 76 00:03:42,560 --> 00:03:44,880 Speaker 1: here for Tokyo. You know, the last four Olympics, like 77 00:03:45,480 --> 00:03:48,720 Speaker 1: so you know, had all these development and also geo 78 00:03:48,720 --> 00:03:52,480 Speaker 1: political problems. Rio in sixteen there was zekea concerns people 79 00:03:52,520 --> 00:03:55,000 Speaker 1: didn't want to go two years ago Peng Channg the 80 00:03:55,000 --> 00:03:58,000 Speaker 1: winner Olympics. Obviously some geopolitical concerns there too. You know, 81 00:03:58,040 --> 00:04:00,040 Speaker 1: it's been a number of Olympics before. I think a 82 00:04:00,120 --> 00:04:02,839 Speaker 1: lot of big fans were willing to go. And now 83 00:04:02,920 --> 00:04:06,000 Speaker 1: you have the summer Games in a very populous city, 84 00:04:06,200 --> 00:04:07,920 Speaker 1: you know, and a lot of these sports are have 85 00:04:08,040 --> 00:04:11,080 Speaker 1: like big cult cultural touchstones in Japan. Um and I 86 00:04:11,160 --> 00:04:14,240 Speaker 1: think it's all coming together to make this crazy increased 87 00:04:14,240 --> 00:04:16,440 Speaker 1: of it. Don't forget you know, the last two Olympics, 88 00:04:16,440 --> 00:04:18,119 Speaker 1: the one in Rio and the one in South Korea, 89 00:04:18,160 --> 00:04:22,440 Speaker 1: they were giving out tickets for free volunteers. Was always like, oh, 90 00:04:22,600 --> 00:04:25,720 Speaker 1: nobody wants there's no demand exactly exactly, So it'll be 91 00:04:25,760 --> 00:04:28,799 Speaker 1: a little different next summer as people are sweating in 92 00:04:28,800 --> 00:04:31,799 Speaker 1: in Tokyo. Let's move on Scott topic you guys discussed 93 00:04:32,000 --> 00:04:36,000 Speaker 1: earlier this week. Tom Coughlin was fired from the front 94 00:04:36,040 --> 00:04:38,600 Speaker 1: office of Jacksonville. Uh. This comes kind of right on 95 00:04:38,640 --> 00:04:41,280 Speaker 1: the heels of the nfl p A, essentially reprimanding him 96 00:04:41,320 --> 00:04:44,040 Speaker 1: and the entire organization, uh, for the way they were 97 00:04:44,040 --> 00:04:46,840 Speaker 1: treating their players. Hey, you're the Jaguars fan. You tell 98 00:04:46,880 --> 00:04:49,200 Speaker 1: me about you know what, what do Jaguars fans think 99 00:04:49,200 --> 00:04:51,159 Speaker 1: about this. I mean, it seems I would think that 100 00:04:51,240 --> 00:04:55,000 Speaker 1: any time the NFL p A is openly telling players, uh, 101 00:04:55,120 --> 00:04:57,359 Speaker 1: you should consider all of this before you were to 102 00:04:57,400 --> 00:05:00,000 Speaker 1: sign in Jacksonville, UM, I would think that's a that's 103 00:05:00,000 --> 00:05:02,120 Speaker 1: a red flag for any owner. And it seems like 104 00:05:02,120 --> 00:05:04,800 Speaker 1: Shad Con had been thinking about moving on from Tom 105 00:05:04,839 --> 00:05:08,520 Speaker 1: for a while and decided that this was the final straw. 106 00:05:08,640 --> 00:05:11,440 Speaker 1: I do wonder how different this would be if the page, 107 00:05:11,520 --> 00:05:17,280 Speaker 1: if the Jaguars were twelve and two or whatever. Here's 108 00:05:17,279 --> 00:05:19,560 Speaker 1: my question to you, Evan, And this is the kind 109 00:05:19,560 --> 00:05:21,480 Speaker 1: of thing that popped up when he was with the Giants. 110 00:05:21,720 --> 00:05:23,960 Speaker 1: Remember remember the thing with Coughlin, where like if you're 111 00:05:23,960 --> 00:05:26,520 Speaker 1: five minutes earlier, you're still late for the meeting. Like, 112 00:05:26,800 --> 00:05:29,480 Speaker 1: I just don't know if that plays with pro athletes 113 00:05:29,520 --> 00:05:32,080 Speaker 1: these days. That that's sort of me treating them like children. 114 00:05:32,320 --> 00:05:34,719 Speaker 1: If you have a noon meeting and I show up 115 00:05:34,760 --> 00:05:37,960 Speaker 1: at eleven fifty nine, I'm on time. Only in Tom 116 00:05:38,000 --> 00:05:42,160 Speaker 1: coughlin land, I'm late. And that's the kind of It's 117 00:05:42,160 --> 00:05:43,640 Speaker 1: like the kind of thing my father used to try, 118 00:05:43,680 --> 00:05:45,840 Speaker 1: you know, my father, who was in the army, set 119 00:05:46,000 --> 00:05:48,200 Speaker 1: set the watch ten minutes early, so you're never late. 120 00:05:48,240 --> 00:05:52,160 Speaker 1: But like these are professional men making millions of dollars, 121 00:05:52,320 --> 00:05:55,280 Speaker 1: it just seems they're being treated like amateurs. I would 122 00:05:55,320 --> 00:05:57,400 Speaker 1: imagine this is the end of of Tom Coughlin in 123 00:05:57,400 --> 00:05:59,560 Speaker 1: the NFL. You know, a guy who won Super Bowls 124 00:05:59,600 --> 00:06:01,240 Speaker 1: with the Giant. Anson was also the first coach in 125 00:06:01,279 --> 00:06:04,240 Speaker 1: Jaguar's history. Um, but yes, I agree with you for sure. 126 00:06:04,880 --> 00:06:06,920 Speaker 1: I don't have to say. The enduring image I would 127 00:06:06,920 --> 00:06:09,719 Speaker 1: say is probably his chapped vessel and filled face in 128 00:06:09,760 --> 00:06:12,520 Speaker 1: Green Bay. Now let's get to this Guias interview with 129 00:06:12,600 --> 00:06:15,120 Speaker 1: Mark patrick Off, founder of Patrick kof Co, which works 130 00:06:15,120 --> 00:06:17,760 Speaker 1: with a select group of athletes and sports professionals backed 131 00:06:17,760 --> 00:06:20,440 Speaker 1: by JP Morgan private equity group. Mark, thank you very 132 00:06:20,480 --> 00:06:23,520 Speaker 1: much for joining us, Thanks for having me. And you 133 00:06:23,560 --> 00:06:28,680 Speaker 1: know what this is like because you too have a podcast. 134 00:06:29,839 --> 00:06:31,600 Speaker 1: How hard is it to be the host of one 135 00:06:31,600 --> 00:06:34,320 Speaker 1: of these things? You tell the listeners from our perspective, 136 00:06:34,320 --> 00:06:36,400 Speaker 1: how hard it is to do hard hard enough. I'd 137 00:06:36,400 --> 00:06:38,480 Speaker 1: prefer to be on this side of the conversation then 138 00:06:38,520 --> 00:06:40,520 Speaker 1: on my own, And it depends, I guess on how 139 00:06:40,600 --> 00:06:43,040 Speaker 1: much prep you do. So I have tried as best 140 00:06:43,080 --> 00:06:46,120 Speaker 1: I can to have good questions written out before I 141 00:06:46,160 --> 00:06:48,600 Speaker 1: interview somebody. But as for us, it's really just come 142 00:06:48,640 --> 00:06:50,760 Speaker 1: afore wall thing for our clients. So I don't have 143 00:06:50,760 --> 00:06:53,520 Speaker 1: the pressure that you have of sharing with many thousands 144 00:06:53,560 --> 00:06:56,280 Speaker 1: of people. Now you're the founder of patrickof Co also 145 00:06:56,360 --> 00:07:00,440 Speaker 1: known as PCO. Uh, what exactly do you do and 146 00:07:00,480 --> 00:07:03,200 Speaker 1: who are you doing it with? Thanks? Well, I appreciate 147 00:07:03,200 --> 00:07:05,320 Speaker 1: the chance to tee up and explain it. It doesn't 148 00:07:05,320 --> 00:07:07,240 Speaker 1: exist elsewhere as far as I know. But if you 149 00:07:07,440 --> 00:07:11,000 Speaker 1: think about the world of representation of professional athletes and 150 00:07:11,040 --> 00:07:14,240 Speaker 1: what agents do and how you perceive their role, marketing 151 00:07:14,240 --> 00:07:16,600 Speaker 1: people and wealth advisors, we fill a lane that's in 152 00:07:16,640 --> 00:07:19,520 Speaker 1: between those. So for professional athlete who has a net 153 00:07:19,520 --> 00:07:23,520 Speaker 1: worth of substance substance some substantial amount, they are not 154 00:07:23,560 --> 00:07:26,800 Speaker 1: getting advice typically on their private deals, their alternatives, their 155 00:07:26,840 --> 00:07:29,600 Speaker 1: agents advising them on their contract, their marketing agents advising 156 00:07:29,640 --> 00:07:32,080 Speaker 1: them on their marketing deals, and their wealth advisors typically 157 00:07:32,440 --> 00:07:35,800 Speaker 1: mining the cash carefully, hopefully watching it and putting it 158 00:07:35,800 --> 00:07:40,280 Speaker 1: into liquid things. We focus on the alternatives, real estate 159 00:07:40,400 --> 00:07:43,400 Speaker 1: and most importantly for US, private equity, growth equity places 160 00:07:43,400 --> 00:07:45,280 Speaker 1: where these athletes can put their money to work in 161 00:07:45,320 --> 00:07:47,840 Speaker 1: a smart way. And see a good return, recycle their 162 00:07:47,840 --> 00:07:50,760 Speaker 1: cash and continue to grow their net worth. Now, the stereotype, 163 00:07:50,800 --> 00:07:53,440 Speaker 1: as you know, is that these athletes go broke and 164 00:07:53,480 --> 00:07:56,000 Speaker 1: thirty for thirty did one of those. I think the 165 00:07:56,120 --> 00:07:59,320 Speaker 1: numbers that were in that Sports Illustrated article are total bunk. 166 00:07:59,520 --> 00:08:02,880 Speaker 1: They were bay completely nothing, and I tried to tell 167 00:08:02,920 --> 00:08:05,120 Speaker 1: them that's about five bad stories. You know. It's great 168 00:08:05,120 --> 00:08:07,000 Speaker 1: when Clinton Porters gets ripped off and pulls out a 169 00:08:07,000 --> 00:08:09,880 Speaker 1: gun and go chases down his FA. But the reality is, 170 00:08:09,920 --> 00:08:12,040 Speaker 1: there are a lot of smart athletes, and by the way, 171 00:08:12,240 --> 00:08:13,760 Speaker 1: there are a lot of smart investment banker. Is a 172 00:08:13,800 --> 00:08:16,360 Speaker 1: lot of less smart investment bankers. Same thing with athletes. 173 00:08:16,400 --> 00:08:18,840 Speaker 1: I've had such a great time meeting with athlete after 174 00:08:18,960 --> 00:08:22,200 Speaker 1: athlete who has got a thoughtful approach and understand that 175 00:08:22,240 --> 00:08:25,440 Speaker 1: their capital probably has some more leverage and others, you know, 176 00:08:25,480 --> 00:08:28,080 Speaker 1: and therefore they should be strategic about what they do 177 00:08:28,120 --> 00:08:30,560 Speaker 1: and not reactive. And for us, it's all about finding 178 00:08:30,600 --> 00:08:33,560 Speaker 1: the clients that want to be proactive versus reactive. And 179 00:08:33,559 --> 00:08:36,200 Speaker 1: we spent a lot of time working with our athletes 180 00:08:36,320 --> 00:08:39,120 Speaker 1: teaching them how valuable they are in their local markets 181 00:08:39,160 --> 00:08:40,640 Speaker 1: and how they should get to know their owners and 182 00:08:40,640 --> 00:08:42,880 Speaker 1: their season ticket holders, and what industries are unique to 183 00:08:42,880 --> 00:08:44,840 Speaker 1: wherever they're playing or where they went to college, and 184 00:08:45,040 --> 00:08:48,040 Speaker 1: try to have a strategy around how to deploy their capital. Meanwhile, 185 00:08:48,440 --> 00:08:51,000 Speaker 1: any person within meaningful network should be putting ten to 186 00:08:51,800 --> 00:08:55,520 Speaker 1: that capital into alternatives. But just do it wisely. And 187 00:08:55,559 --> 00:08:57,560 Speaker 1: in the media business, we say, and you know plenty 188 00:08:57,600 --> 00:09:00,880 Speaker 1: about the media business, we say, we don't stories about 189 00:09:00,880 --> 00:09:04,199 Speaker 1: the planes that land safely. It's remarkable, but we don't 190 00:09:04,240 --> 00:09:06,760 Speaker 1: write those stories. We do hear about the crashes. That's 191 00:09:06,800 --> 00:09:09,080 Speaker 1: what we hear about athletes as well. Yeah, it's a shame. 192 00:09:09,120 --> 00:09:12,800 Speaker 1: I think ESPN Sports Illustrated all those publications and media 193 00:09:12,840 --> 00:09:15,400 Speaker 1: outlets that sort of dumped on athletes for not being smart, 194 00:09:15,440 --> 00:09:18,120 Speaker 1: really did them a disservice. Mark, Can you can you 195 00:09:18,200 --> 00:09:19,920 Speaker 1: name any of your clients? Is that? Is that something 196 00:09:19,960 --> 00:09:21,920 Speaker 1: you can do? Sure? I mean, you know, we we 197 00:09:22,000 --> 00:09:24,400 Speaker 1: actually of course don't send out lists around, but if 198 00:09:24,440 --> 00:09:28,280 Speaker 1: you think about for us, we I will answer the question. 199 00:09:28,320 --> 00:09:30,680 Speaker 1: But more importantly, we've been very selectives. We have fifty 200 00:09:30,720 --> 00:09:33,760 Speaker 1: five athletes now sort of on our deal sharing platform 201 00:09:33,840 --> 00:09:36,240 Speaker 1: as a functioning as clients, and we do a whole 202 00:09:36,280 --> 00:09:38,480 Speaker 1: series of things for them. We do board placement, we 203 00:09:38,520 --> 00:09:40,960 Speaker 1: do advise you work for their inbound deals. We do 204 00:09:41,080 --> 00:09:43,720 Speaker 1: a lot of as I said, podcasts around helping them 205 00:09:43,800 --> 00:09:46,160 Speaker 1: understand different ways to take advantage who they are. But 206 00:09:46,240 --> 00:09:48,720 Speaker 1: the focus for us that are athletes with great character 207 00:09:49,760 --> 00:09:52,880 Speaker 1: have made a meaningful amount of money relevant to consumer 208 00:09:52,920 --> 00:09:55,760 Speaker 1: brands because primarily, you know, we focus on late stage 209 00:09:55,760 --> 00:09:58,720 Speaker 1: growth equity privately deals. So our athletes range from Venus 210 00:09:58,760 --> 00:10:02,559 Speaker 1: Williams to J. J. Watt, Dwyane Wade to Todd Gurley, C. C. Sabathia, 211 00:10:02,920 --> 00:10:06,040 Speaker 1: Hendrick Lunquist, etcetera. Um, And that's that's a good smattering 212 00:10:06,040 --> 00:10:08,760 Speaker 1: of names. It goes very deep. Obviously for us, it's 213 00:10:08,800 --> 00:10:10,640 Speaker 1: not just about the biggest names. It's also about the 214 00:10:10,679 --> 00:10:13,160 Speaker 1: really thoughtful people who want to be great investors. Mean 215 00:10:13,200 --> 00:10:15,640 Speaker 1: Brent Sellek who just retired from Eagles or Cliff Abrol 216 00:10:15,640 --> 00:10:18,240 Speaker 1: who just retired from the from the Hawks Seahawks. And 217 00:10:18,280 --> 00:10:20,360 Speaker 1: it's not always about for us who has the most money. 218 00:10:20,440 --> 00:10:23,120 Speaker 1: It's really who's going to make an impact with their money? 219 00:10:23,480 --> 00:10:26,040 Speaker 1: And uh, names matter, but that's not the only thing, 220 00:10:26,120 --> 00:10:27,959 Speaker 1: and the majority of our guys are not retired though. Yeah, 221 00:10:27,960 --> 00:10:31,360 Speaker 1: it's interesting, I find that you know, publicly, NBA players 222 00:10:31,440 --> 00:10:33,920 Speaker 1: seem to be the ones that get the most attention 223 00:10:34,040 --> 00:10:36,959 Speaker 1: for their interest in tech, etcetera. But it certainly sounds 224 00:10:37,000 --> 00:10:39,319 Speaker 1: like you're not heavily NBA, that you have kind of 225 00:10:39,360 --> 00:10:40,920 Speaker 1: a nice balance. I mean, look, we are, we are. 226 00:10:41,160 --> 00:10:44,040 Speaker 1: We are weighted more towards the NBA in the NFL. 227 00:10:44,120 --> 00:10:46,160 Speaker 1: Of fifty five athletes, I think I've had thirty come 228 00:10:46,200 --> 00:10:49,840 Speaker 1: from those two sports, but we've got baseball, hockey, tennis, soccer, 229 00:10:50,559 --> 00:10:53,480 Speaker 1: And for us, it's also really important to have a 230 00:10:53,520 --> 00:10:55,679 Speaker 1: good spread because we're looking at different types of companies 231 00:10:55,920 --> 00:10:59,160 Speaker 1: and while we're not guaranteeing these companies any relationship with 232 00:10:59,240 --> 00:11:02,640 Speaker 1: their investors, the whole thesis behind our business was you're 233 00:11:02,679 --> 00:11:04,719 Speaker 1: gonna lean much harder into a company in which you've 234 00:11:04,760 --> 00:11:07,839 Speaker 1: invested than a company that's maybe paid you for a 235 00:11:07,880 --> 00:11:12,000 Speaker 1: couple of appearances. There are many successful former athletes who 236 00:11:12,040 --> 00:11:15,280 Speaker 1: have gone on and invested properly, and then you find 237 00:11:15,360 --> 00:11:18,320 Speaker 1: the five stories whatever, and like you said, of Clinton, 238 00:11:18,400 --> 00:11:21,560 Speaker 1: borders and this and that whatever, and I'm speaking as 239 00:11:21,600 --> 00:11:25,240 Speaker 1: an African American, it kind of ticked me off because 240 00:11:25,760 --> 00:11:28,720 Speaker 1: there are a lot of athletes out there who are 241 00:11:28,800 --> 00:11:31,079 Speaker 1: doing it the right way, or at least trying to 242 00:11:31,200 --> 00:11:33,680 Speaker 1: set theirselves up for their future. And I'm so glad 243 00:11:33,720 --> 00:11:36,200 Speaker 1: you guys brought that up. I also think this notion 244 00:11:36,280 --> 00:11:39,480 Speaker 1: of bartering equity for services nonsense out there. If you 245 00:11:39,520 --> 00:11:40,760 Speaker 1: want to make money in life, you really have to 246 00:11:40,840 --> 00:11:43,080 Speaker 1: double down an investor money, and why not give these 247 00:11:43,080 --> 00:11:45,400 Speaker 1: athletes the same respect you would give to any other investor, 248 00:11:45,640 --> 00:11:48,599 Speaker 1: that their money has value and they are smart a 249 00:11:48,720 --> 00:11:50,880 Speaker 1: student investors and can learn how to put their mind work. 250 00:11:51,120 --> 00:11:53,280 Speaker 1: I got into this because I co hosted a television 251 00:11:53,280 --> 00:11:56,160 Speaker 1: show with Rob Gronkowski for two years on Verizon Go 252 00:11:56,320 --> 00:12:01,160 Speaker 1: ninety that nobody saw this. Sorry like sleep app it'll 253 00:12:01,200 --> 00:12:03,199 Speaker 1: be better, you know, better than ambient, But I did meet. 254 00:12:03,320 --> 00:12:05,600 Speaker 1: We had about four or five athletes on each episode, 255 00:12:05,760 --> 00:12:08,000 Speaker 1: and I would help them negotiate. We had everybody from 256 00:12:08,080 --> 00:12:11,319 Speaker 1: Kevin Durant to to Todd Gurley, to Marshall Fox to 257 00:12:11,800 --> 00:12:15,160 Speaker 1: Calais Campbell, j Anyway, longest of p K stand and 258 00:12:15,280 --> 00:12:17,280 Speaker 1: I realized Antonio Brown, by the way, who I thought 259 00:12:17,360 --> 00:12:19,920 Speaker 1: was actually quite bright. Um. I realized of the two 260 00:12:20,000 --> 00:12:22,199 Speaker 1: years that we shot this show that there are a 261 00:12:22,320 --> 00:12:24,199 Speaker 1: lot of really smart guys who just don't have the 262 00:12:24,280 --> 00:12:26,679 Speaker 1: right people around them giving them advice. It's not that 263 00:12:26,760 --> 00:12:28,720 Speaker 1: they're they're not trusting the right people, they just don't 264 00:12:28,880 --> 00:12:30,839 Speaker 1: have access to the right people. So that's why we 265 00:12:30,920 --> 00:12:34,160 Speaker 1: created the business sort of in this empty lane. Mark, 266 00:12:34,360 --> 00:12:36,840 Speaker 1: I'd love to get your thoughts on what Spencer Dinwood 267 00:12:36,840 --> 00:12:39,719 Speaker 1: he tried to do thought about doing this year. You know, 268 00:12:39,800 --> 00:12:42,000 Speaker 1: had a three year, thirty four million dollar contract with 269 00:12:42,040 --> 00:12:44,800 Speaker 1: the Brooklyn Nets, decided he wanted to securitize it and 270 00:12:44,880 --> 00:12:48,040 Speaker 1: try to essentially make money upfront by selling access to it, 271 00:12:48,200 --> 00:12:52,240 Speaker 1: essentially like bonds or stocks. Is that a good idea? 272 00:12:52,559 --> 00:12:54,880 Speaker 1: It seems like the NBA wasn't fully comfortable with it, 273 00:12:55,000 --> 00:12:57,760 Speaker 1: But is that a future possible model for athletes getting 274 00:12:57,800 --> 00:13:00,199 Speaker 1: capital up front? A couple of ways of man than that. 275 00:13:00,240 --> 00:13:01,880 Speaker 1: I mean, it's clever. I mean David Bowie did it 276 00:13:01,920 --> 00:13:04,079 Speaker 1: with Bowie bonds. You know, I when I was doing 277 00:13:04,120 --> 00:13:07,199 Speaker 1: my investment banking work, I did royalty securizations all the 278 00:13:07,280 --> 00:13:10,400 Speaker 1: time for Garth Brooks and Corney Love etcetera. Eminem You know, 279 00:13:10,640 --> 00:13:13,480 Speaker 1: I guess the question is why I've never really understood, 280 00:13:13,559 --> 00:13:16,160 Speaker 1: for the most part, why these kids and their kids 281 00:13:16,200 --> 00:13:19,000 Speaker 1: in many cases Spencers under thirty why they need that 282 00:13:19,120 --> 00:13:22,599 Speaker 1: money up front? And if you if the concern is 283 00:13:22,679 --> 00:13:25,319 Speaker 1: that they're not going to have, you know, longevity in 284 00:13:25,400 --> 00:13:27,800 Speaker 1: terms of their earning. I think the spreading out of payments, 285 00:13:27,840 --> 00:13:30,520 Speaker 1: especially when there's guaranteed contracts, to me as much much 286 00:13:30,559 --> 00:13:33,000 Speaker 1: more logical. I've probably met with five companies at least 287 00:13:33,360 --> 00:13:36,000 Speaker 1: that are doing this right now. I'm sure. I'm sure 288 00:13:36,040 --> 00:13:38,360 Speaker 1: there's a reason for somebody, but even the houses these 289 00:13:38,400 --> 00:13:40,000 Speaker 1: guys are buying because the interest rates are well, I mean, 290 00:13:40,000 --> 00:13:42,120 Speaker 1: you know, if you look at it, I just don't 291 00:13:42,160 --> 00:13:45,880 Speaker 1: know that there's an argument to front load your income 292 00:13:46,280 --> 00:13:48,400 Speaker 1: when you are earning only for about ten years in 293 00:13:48,440 --> 00:13:52,800 Speaker 1: your life. Uh. It strikes me as an alarming strategic 294 00:13:52,880 --> 00:13:54,520 Speaker 1: decision unless there's a good reason behind it that I 295 00:13:54,559 --> 00:13:56,439 Speaker 1: don't know, and I Spencer wanted to do. His argument 296 00:13:56,520 --> 00:13:58,520 Speaker 1: was that if he had access to that money right now, 297 00:13:58,600 --> 00:14:01,200 Speaker 1: he could start investing it two or three years before 298 00:14:01,360 --> 00:14:02,920 Speaker 1: he would have if he had played out the rest 299 00:14:02,960 --> 00:14:05,160 Speaker 1: of his deal and therefore turned that thirty four million 300 00:14:05,760 --> 00:14:08,200 Speaker 1: ideally into something more. And theory, if he can do that, great, 301 00:14:08,240 --> 00:14:10,199 Speaker 1: I mean it's like I say, some people, but you 302 00:14:10,320 --> 00:14:11,840 Speaker 1: better off renting a house sometimes of buying, because if 303 00:14:11,840 --> 00:14:13,120 Speaker 1: you can do more with your money than you know, 304 00:14:13,520 --> 00:14:15,120 Speaker 1: than tying you up in a in a purchase of 305 00:14:15,120 --> 00:14:17,439 Speaker 1: a home, than you should not you should rent. But 306 00:14:18,240 --> 00:14:20,680 Speaker 1: everybody's different. Uh So I don't have a great answer 307 00:14:20,720 --> 00:14:22,480 Speaker 1: for you because I don't don't know. I actually don't know, Spencer. 308 00:14:23,720 --> 00:14:26,520 Speaker 1: But it's not something I think is necessarily what I 309 00:14:26,760 --> 00:14:30,680 Speaker 1: advising people to do. Mark. Let's take, for instance, the 310 00:14:30,960 --> 00:14:34,520 Speaker 1: three of us here, Scott myself, I don't think I 311 00:14:34,600 --> 00:14:38,520 Speaker 1: don't think we meet his minimum. Let's let's pretend we're 312 00:14:38,560 --> 00:14:41,440 Speaker 1: on the curling team. We're the best successful curling team, 313 00:14:41,840 --> 00:14:45,400 Speaker 1: and I'm talking ice not we're there that that is 314 00:14:45,440 --> 00:14:47,840 Speaker 1: out there, and uh, we want to come to you 315 00:14:48,200 --> 00:14:51,320 Speaker 1: and we want to get your advice. What is the 316 00:14:51,440 --> 00:14:54,240 Speaker 1: first thing you would tell us? Well, for me, it's 317 00:14:54,280 --> 00:14:57,920 Speaker 1: really about allocation. So the first thing always is a 318 00:14:58,000 --> 00:15:03,040 Speaker 1: combination of Number One, liquidit we have a opportunity to 319 00:15:03,120 --> 00:15:05,160 Speaker 1: take on We had an opportunity take on one of 320 00:15:05,200 --> 00:15:07,480 Speaker 1: the top five wide receivers in the NFL. He's made 321 00:15:07,480 --> 00:15:09,840 Speaker 1: a ton of money. He has no liquidity, he has 322 00:15:09,960 --> 00:15:11,600 Speaker 1: he has put his money in all the wrong places. 323 00:15:11,720 --> 00:15:14,720 Speaker 1: He's spent too much money just for four mistakes. What's 324 00:15:14,720 --> 00:15:16,520 Speaker 1: he tied up? He sends cash, he just always just 325 00:15:16,680 --> 00:15:19,400 Speaker 1: running the wrong way. So so first of all, do 326 00:15:19,520 --> 00:15:23,120 Speaker 1: you have enough money liquid to make a rational decision 327 00:15:23,320 --> 00:15:26,160 Speaker 1: around how to deploy your capital or you already underwater? 328 00:15:26,520 --> 00:15:29,840 Speaker 1: Assuming the Assuming the former, you have enough money. It's 329 00:15:29,880 --> 00:15:33,280 Speaker 1: all about allocations. So we look at as I said earlier, um, 330 00:15:33,880 --> 00:15:35,560 Speaker 1: whether it's you or mean, when you've got a million 331 00:15:35,600 --> 00:15:37,720 Speaker 1: dollars or a hundred million dollars, you should be putting 332 00:15:37,760 --> 00:15:40,680 Speaker 1: ten of your net worth into alternatives because otherwise it's 333 00:15:40,720 --> 00:15:43,880 Speaker 1: very hard to immediately grow your net worth. So that's 334 00:15:43,920 --> 00:15:45,280 Speaker 1: the first thing we do is you take a pie 335 00:15:45,360 --> 00:15:47,360 Speaker 1: chart the same way you would if you're a financial advisor, 336 00:15:47,400 --> 00:15:49,440 Speaker 1: and you look at you know, the balance between socks 337 00:15:49,480 --> 00:15:51,720 Speaker 1: and bonds and cash and so forth. We do the 338 00:15:51,800 --> 00:15:54,600 Speaker 1: same thing in alternatives, where should money go into real estate? 339 00:15:55,040 --> 00:15:58,400 Speaker 1: Some VC? For us, we really focus on ping growth equity. 340 00:15:58,400 --> 00:16:00,160 Speaker 1: We won't we won't look at VC. We'll bye will 341 00:16:00,160 --> 00:16:02,560 Speaker 1: advise the players on their venture capital come inbound deals, 342 00:16:02,680 --> 00:16:04,960 Speaker 1: but we don't source them. We're just sourcing leader stage 343 00:16:05,000 --> 00:16:08,120 Speaker 1: deals where we think you're going to simply and predictably 344 00:16:08,640 --> 00:16:11,080 Speaker 1: see a two to four x return on each investment 345 00:16:11,240 --> 00:16:13,280 Speaker 1: and then as you grow your net worth. So really 346 00:16:13,360 --> 00:16:15,960 Speaker 1: it's more of a sustainable long term strategy for us. 347 00:16:15,960 --> 00:16:17,400 Speaker 1: It's really important. Other thing I say to you is, 348 00:16:17,600 --> 00:16:19,200 Speaker 1: I said, lunch with the former New York Giant who 349 00:16:19,240 --> 00:16:21,440 Speaker 1: now works at Goldman Sex, and we're talking about the 350 00:16:21,480 --> 00:16:24,600 Speaker 1: notion of post playing career, and I could ask him 351 00:16:24,680 --> 00:16:26,160 Speaker 1: trying we finally got to sort of a better place 352 00:16:26,200 --> 00:16:28,440 Speaker 1: in the conversation, but why aren't more players looking for 353 00:16:28,560 --> 00:16:30,720 Speaker 1: jobs after they play? I mean, it's a second career. 354 00:16:30,760 --> 00:16:33,080 Speaker 1: We've all had multiple career at least many people have. 355 00:16:34,040 --> 00:16:36,880 Speaker 1: I think it's really a missing component to the earning 356 00:16:36,960 --> 00:16:38,880 Speaker 1: strategy for these athletes. So we asked them a lot 357 00:16:38,960 --> 00:16:41,320 Speaker 1: about what their longer term interests are. And if you 358 00:16:41,400 --> 00:16:44,680 Speaker 1: hear real estate, are you here, you know, broadcasting, and 359 00:16:44,800 --> 00:16:47,200 Speaker 1: you kind of know their their mind might not be 360 00:16:47,320 --> 00:16:53,000 Speaker 1: as focused on a long term build around wealth creation. Yeah, 361 00:16:53,120 --> 00:16:56,680 Speaker 1: keep in mind, when these were athletes men and women, retire, 362 00:16:57,120 --> 00:17:00,840 Speaker 1: they're still relatively young compared to the rest of the world. 363 00:17:05,640 --> 00:17:07,639 Speaker 1: Who's the who's the model? And I will say some 364 00:17:07,720 --> 00:17:09,560 Speaker 1: of the things you said, By the way, I always 365 00:17:09,600 --> 00:17:12,080 Speaker 1: go back to Grant Hill for me. Grant told me 366 00:17:12,240 --> 00:17:13,920 Speaker 1: years ago when he used to go on the road, 367 00:17:14,720 --> 00:17:18,280 Speaker 1: rather than just sleep in the hotel or whatever it is, 368 00:17:18,720 --> 00:17:21,080 Speaker 1: he would take the time to meet with the opposing 369 00:17:21,160 --> 00:17:25,240 Speaker 1: team's owner, figuring that might I mean, while he was 370 00:17:25,320 --> 00:17:28,159 Speaker 1: in the NBA, he had that platform, he had that notoriety. 371 00:17:28,640 --> 00:17:31,560 Speaker 1: Maybe that's somebody I could do business within the future. Well, 372 00:17:31,560 --> 00:17:33,800 Speaker 1: I'm gonna give you two examples, all back into the answer. 373 00:17:33,920 --> 00:17:35,520 Speaker 1: So we do a couple of things for We do 374 00:17:35,600 --> 00:17:37,600 Speaker 1: a bunch of things for our clients. One of which 375 00:17:37,680 --> 00:17:40,320 Speaker 1: is we have a road trip guide. So for every 376 00:17:40,359 --> 00:17:43,480 Speaker 1: one of our right now in season NHL and NBA 377 00:17:43,640 --> 00:17:48,000 Speaker 1: players clients, we have a customized book of every road 378 00:17:48,040 --> 00:17:51,280 Speaker 1: trip they take and a recommendation of who to meet 379 00:17:51,320 --> 00:17:55,119 Speaker 1: in those cities, ranging from funds to local companies, to 380 00:17:55,359 --> 00:17:59,919 Speaker 1: industry leaders to potentially politicians, team owners, and we had 381 00:18:00,000 --> 00:18:01,520 Speaker 1: the date listed when they're gonna be in that city, 382 00:18:01,520 --> 00:18:03,600 Speaker 1: and we'd setup those meetings in advance. And that's gone really, 383 00:18:03,680 --> 00:18:05,479 Speaker 1: really well, and I can tell which of the players 384 00:18:05,680 --> 00:18:08,200 Speaker 1: take advantage of that. The other thing we do is 385 00:18:08,280 --> 00:18:11,000 Speaker 1: on a monthly basis, we host one of our clients 386 00:18:11,640 --> 00:18:14,639 Speaker 1: for a private networking events. Always done it. Shunley on 387 00:18:15,440 --> 00:18:17,760 Speaker 1: Plug the Chiese Restaurant one of my favorites and uh, 388 00:18:17,880 --> 00:18:20,119 Speaker 1: and it's done from twelve two. We keep it very 389 00:18:20,160 --> 00:18:22,280 Speaker 1: tight and we have partners showing up from Silver Lake 390 00:18:22,320 --> 00:18:25,879 Speaker 1: and KKR and TPG and Carlisle and Crestview. I mean, 391 00:18:25,920 --> 00:18:27,840 Speaker 1: it's unbelievable to turn out we get we've done. We've 392 00:18:27,880 --> 00:18:30,640 Speaker 1: done them for Todd Gurley and Victor Oladipo, and we're 393 00:18:30,680 --> 00:18:32,960 Speaker 1: doing Henrik Lunquist next month. How many of those folks 394 00:18:33,000 --> 00:18:34,520 Speaker 1: are just fanboys and want to picture in an audit, 395 00:18:34,600 --> 00:18:37,040 Speaker 1: It doesn't matter because the reality is these are really smart, 396 00:18:37,040 --> 00:18:40,280 Speaker 1: successful people, and we choose the right people to come 397 00:18:40,480 --> 00:18:43,200 Speaker 1: and have those lunches. And believe you might tell you 398 00:18:43,600 --> 00:18:47,080 Speaker 1: Victor Oladipo, who's a kid from Indiana, is actually uh 399 00:18:47,720 --> 00:18:50,240 Speaker 1: from Washington. Anyway, you won't tell you. And he plays 400 00:18:50,240 --> 00:18:52,680 Speaker 1: for the Pacers. He is so smart and so thoughtful. 401 00:18:52,760 --> 00:18:54,840 Speaker 1: He sat there, he asked every single one of those 402 00:18:55,080 --> 00:18:57,760 Speaker 1: people the right question. At the end of the lunch, 403 00:18:57,960 --> 00:19:00,600 Speaker 1: they give them his business, they exchange business cards, We 404 00:19:00,720 --> 00:19:03,440 Speaker 1: connect them and now Victor has fifteen relationships in the 405 00:19:03,480 --> 00:19:06,240 Speaker 1: private equity world that very few other players have made 406 00:19:06,280 --> 00:19:08,600 Speaker 1: the effort to go out and get for him or herself, 407 00:19:08,640 --> 00:19:10,080 Speaker 1: and he's done a great job. And following up with 408 00:19:10,160 --> 00:19:12,800 Speaker 1: those another situation was, you know, Venus Williams and I 409 00:19:12,800 --> 00:19:14,680 Speaker 1: were talking about, you know, how to further her career 410 00:19:14,720 --> 00:19:16,680 Speaker 1: and her sister's kind of going down the venture capital route. 411 00:19:16,880 --> 00:19:19,040 Speaker 1: I was start of discussing and kind of advising her 412 00:19:19,040 --> 00:19:21,200 Speaker 1: around private equity, end up getting her on the board 413 00:19:21,200 --> 00:19:23,480 Speaker 1: of a Carlisle company. Now she says, on a board 414 00:19:23,520 --> 00:19:25,880 Speaker 1: of one of Carlyle's top portfolio company. She's getting paid 415 00:19:25,920 --> 00:19:27,200 Speaker 1: a lot of money to do it, She's learning a 416 00:19:27,280 --> 00:19:29,600 Speaker 1: ton and adding a lot of value. So so there 417 00:19:29,640 --> 00:19:32,800 Speaker 1: are all kinds of examples of athletes who are smart 418 00:19:32,880 --> 00:19:34,240 Speaker 1: and doing it the right way. Grant Hill may have 419 00:19:34,280 --> 00:19:35,800 Speaker 1: been one of the early ones, but there are many nows. 420 00:19:36,200 --> 00:19:38,560 Speaker 1: By the way. Grant's mother at the time Janitor, and 421 00:19:38,600 --> 00:19:39,879 Speaker 1: I'm not sure if she still is, but she was 422 00:19:39,920 --> 00:19:41,440 Speaker 1: on the board at Carlyle as well, so it took 423 00:19:41,480 --> 00:19:44,480 Speaker 1: time to really get those relationships. That's Venus on the 424 00:19:44,480 --> 00:19:47,560 Speaker 1: bard of Carlisle portfolio right right now? Do you do 425 00:19:47,920 --> 00:19:49,639 Speaker 1: we did that place? Do you did the homework? For them. 426 00:19:49,680 --> 00:19:51,400 Speaker 1: But I don't know if these athletes have that much 427 00:19:51,560 --> 00:19:53,919 Speaker 1: time to like, is this where I should be? How 428 00:19:54,000 --> 00:19:55,760 Speaker 1: much do they rely on you to say this is 429 00:19:55,800 --> 00:19:57,560 Speaker 1: a good place for you? And here's why, Well, the 430 00:19:57,640 --> 00:19:59,719 Speaker 1: goal is to be their first phone call every day 431 00:19:59,760 --> 00:20:01,760 Speaker 1: and the only advisor in their lives who they're not 432 00:20:02,200 --> 00:20:04,320 Speaker 1: paying upfront, so we only get paid on the back end, 433 00:20:04,359 --> 00:20:05,440 Speaker 1: so we get paid with them. So we have a 434 00:20:05,480 --> 00:20:08,560 Speaker 1: funding how do you get right? So we raised a 435 00:20:08,960 --> 00:20:12,280 Speaker 1: significant growth equity fund from JP Morgan's private equity group, 436 00:20:12,400 --> 00:20:14,399 Speaker 1: so we co invest with them, as do I personally, 437 00:20:14,480 --> 00:20:16,960 Speaker 1: so we're never recommending a deal to our clients. You're 438 00:20:17,240 --> 00:20:18,720 Speaker 1: the one that I'm not coming in personally our funds 439 00:20:18,720 --> 00:20:21,000 Speaker 1: and going in. We've made five investments. We invest in Cholula, 440 00:20:21,040 --> 00:20:23,600 Speaker 1: Hot Sauce, Top Golf, The Real Real, which one public 441 00:20:23,640 --> 00:20:26,240 Speaker 1: about three months after we invested UM, a company called 442 00:20:26,240 --> 00:20:28,480 Speaker 1: Acuity I Wear, and then we just recently invest in 443 00:20:28,520 --> 00:20:30,600 Speaker 1: a company called organ which is a protein powder company. 444 00:20:30,680 --> 00:20:34,800 Speaker 1: And each of those investments UM we advise our clients 445 00:20:35,520 --> 00:20:37,719 Speaker 1: on the on the on the opportunity, they make their 446 00:20:37,720 --> 00:20:40,320 Speaker 1: own decision, so we're really empowering them to make their 447 00:20:40,359 --> 00:20:42,600 Speaker 1: own decision. We're not investing their capital for them, they're 448 00:20:42,600 --> 00:20:45,760 Speaker 1: investing their own cap. What are their expectations? Athletes are 449 00:20:45,800 --> 00:20:48,520 Speaker 1: aggressive by nature. I think most many of them, or 450 00:20:48,600 --> 00:20:50,920 Speaker 1: I would say more than a majority of them. Um 451 00:20:51,240 --> 00:20:54,119 Speaker 1: do they Are they satisfied with six eight percent? Or 452 00:20:54,320 --> 00:20:55,679 Speaker 1: are they looking at like the good old days? Now? 453 00:20:55,720 --> 00:20:59,080 Speaker 1: I want on my return? I think the reality it's 454 00:20:59,080 --> 00:21:01,639 Speaker 1: a great question. I think we have to do. Uh, 455 00:21:02,040 --> 00:21:03,480 Speaker 1: we do a lot of work and making sure they 456 00:21:03,600 --> 00:21:07,080 Speaker 1: understand that these are not, you know, twenty X opportunities, 457 00:21:07,119 --> 00:21:08,600 Speaker 1: but they're also not going to zero out. So the 458 00:21:09,000 --> 00:21:11,119 Speaker 1: downside here is a one X. That's kinda how we 459 00:21:11,160 --> 00:21:14,000 Speaker 1: position it. So for the athlete who looks at some 460 00:21:14,160 --> 00:21:16,240 Speaker 1: of those stories and I'm not this is not about 461 00:21:16,480 --> 00:21:18,920 Speaker 1: slamming anybody else, but there are plenty of examples of 462 00:21:19,080 --> 00:21:21,080 Speaker 1: of these plush the NBA guys whoink they're gonna be 463 00:21:21,080 --> 00:21:22,960 Speaker 1: a big tech investors and they put a lot of 464 00:21:23,000 --> 00:21:24,600 Speaker 1: money into a lot of early stage deals and they 465 00:21:24,640 --> 00:21:26,040 Speaker 1: don't realize that you're not gonna go for ten years. 466 00:21:26,080 --> 00:21:27,880 Speaker 1: How those deals are going to turn out. We're looking 467 00:21:27,960 --> 00:21:30,600 Speaker 1: for kind of three to five year exits, double triple 468 00:21:30,640 --> 00:21:33,040 Speaker 1: your money recycle your capital, grow your NEBT worth. So 469 00:21:33,200 --> 00:21:35,879 Speaker 1: for us, the people that have been attracted to our 470 00:21:35,920 --> 00:21:39,959 Speaker 1: platform understand that the ones who don't may not naturally 471 00:21:40,040 --> 00:21:42,360 Speaker 1: default to what we're doing. We will at some point 472 00:21:42,400 --> 00:21:44,560 Speaker 1: have to have some kind of solution for adventure capital 473 00:21:44,640 --> 00:21:46,280 Speaker 1: just because they like it and they should be in it. 474 00:21:46,359 --> 00:21:48,680 Speaker 1: If you have that pie chart again, if you know 475 00:21:49,400 --> 00:21:52,600 Speaker 1: is going to grow that quicker growth equity and real 476 00:21:52,640 --> 00:21:54,240 Speaker 1: estate and ten percent to venture we want to be 477 00:21:54,280 --> 00:21:55,879 Speaker 1: able to check all all the boxes. So we can 478 00:21:55,920 --> 00:21:58,480 Speaker 1: do that now. From an advisory standpoint, we evaluate every 479 00:21:58,480 --> 00:22:01,200 Speaker 1: single inbound deal our clients get, but we won't source 480 00:22:01,320 --> 00:22:04,119 Speaker 1: VC deals for them. Now, if that sounds familiar for 481 00:22:04,240 --> 00:22:06,439 Speaker 1: your father? Is Alan patrick Off considered, you know, one 482 00:22:06,480 --> 00:22:08,399 Speaker 1: of the godfathers of venture capital, but you're going more 483 00:22:08,440 --> 00:22:12,200 Speaker 1: the private X. Yeah, just just just because, so tell me, 484 00:22:12,320 --> 00:22:14,600 Speaker 1: what was the conversation like at the dinner table at 485 00:22:14,600 --> 00:22:16,479 Speaker 1: the patrick Off family when you're growing up. We've got 486 00:22:16,520 --> 00:22:18,840 Speaker 1: a really good relationship because we don't talk about business. 487 00:22:18,880 --> 00:22:21,560 Speaker 1: We've come. It's just been it's it's been on our way. 488 00:22:21,680 --> 00:22:24,560 Speaker 1: A sports fan, no, not at all. I think the 489 00:22:24,560 --> 00:22:26,000 Speaker 1: only time he ever went to a game together he 490 00:22:26,040 --> 00:22:30,679 Speaker 1: read the newspaper ding. But look, I was the Yankee. 491 00:22:30,800 --> 00:22:33,440 Speaker 1: But but you know, venture capital obviously has done well 492 00:22:33,520 --> 00:22:35,560 Speaker 1: for him and many other people. But it's it's a 493 00:22:35,760 --> 00:22:39,240 Speaker 1: very specific. It's a science in some respects, but it's 494 00:22:39,240 --> 00:22:42,440 Speaker 1: really an art. Private actuays is still an art, but 495 00:22:42,480 --> 00:22:44,359 Speaker 1: it's more of a science. And I'm more of a 496 00:22:44,440 --> 00:22:46,359 Speaker 1: science person than an art person in that regard. I 497 00:22:46,640 --> 00:22:47,959 Speaker 1: sort of like to know what I'm when I'm when 498 00:22:47,960 --> 00:22:49,720 Speaker 1: you know when I'm getting into it. The instinct piece, 499 00:22:49,800 --> 00:22:52,560 Speaker 1: that's great. But we have sort of fifteen twenty private 500 00:22:52,560 --> 00:22:55,040 Speaker 1: actualy funds that I advised many times when I was 501 00:22:55,119 --> 00:22:57,680 Speaker 1: investment banking in that life and doing by side work 502 00:22:57,720 --> 00:22:59,399 Speaker 1: which I was willing to do a lot of bankers didn't. 503 00:22:59,760 --> 00:23:02,720 Speaker 1: And I built that relationship up very carefully with those funds, 504 00:23:02,760 --> 00:23:05,240 Speaker 1: and those are the ones were following and indexing for 505 00:23:05,320 --> 00:23:08,440 Speaker 1: our clients. It's a different strategy. People forget that the 506 00:23:08,720 --> 00:23:12,840 Speaker 1: athlete that you see on TV is totally different than 507 00:23:12,920 --> 00:23:17,840 Speaker 1: the athlete that is really real life investing. And I 508 00:23:17,960 --> 00:23:20,480 Speaker 1: think of in Domakan Sue when he was playing for 509 00:23:20,560 --> 00:23:23,399 Speaker 1: the Lions and I'm looking at the Thanksgiving game and 510 00:23:23,480 --> 00:23:25,399 Speaker 1: he's stomping on a Green Bay packer and it's like 511 00:23:25,440 --> 00:23:28,680 Speaker 1: inam we're on national TV. Then we had a chance 512 00:23:28,760 --> 00:23:31,800 Speaker 1: to talk with him and click. I mean it blew 513 00:23:31,840 --> 00:23:37,440 Speaker 1: me away. How he had the mind for investing, how 514 00:23:37,720 --> 00:23:40,399 Speaker 1: he knew where to put his money. Uh, and I 515 00:23:40,560 --> 00:23:43,560 Speaker 1: learned a lot. And I know he's a good friend 516 00:23:43,560 --> 00:23:46,359 Speaker 1: of mine. He's you know, but but to his credit, 517 00:23:46,600 --> 00:23:52,639 Speaker 1: he went to Nebraska and he found a mentor and 518 00:23:52,800 --> 00:23:55,119 Speaker 1: he and unlike a lot of athletes, he actually listens 519 00:23:55,160 --> 00:23:58,760 Speaker 1: really well. He told us the story of his freshman year. 520 00:23:58,760 --> 00:24:01,200 Speaker 1: I think when Warren Buffett was doing the ceremonial coin 521 00:24:01,280 --> 00:24:03,880 Speaker 1: toss and he was the only one that here's my opportunity. 522 00:24:03,960 --> 00:24:06,320 Speaker 1: Only one of his teammates who like actually stayed around 523 00:24:06,480 --> 00:24:08,879 Speaker 1: and chatted with Warren, and I believe that was the 524 00:24:09,359 --> 00:24:12,159 Speaker 1: birth of their friendship. He's had great business advice. He 525 00:24:12,200 --> 00:24:15,000 Speaker 1: should have better, you know, pr advice. He's a really 526 00:24:15,040 --> 00:24:17,480 Speaker 1: good guy. He's incredibly smart and thoughtful and just a 527 00:24:17,560 --> 00:24:20,200 Speaker 1: nice person. And uh, you know, he has this effect 528 00:24:20,280 --> 00:24:22,720 Speaker 1: that that that came apart from Thanksgiving. But you know, 529 00:24:22,840 --> 00:24:25,639 Speaker 1: it was a great television commercial with Sue and uh 530 00:24:25,800 --> 00:24:28,040 Speaker 1: and Marcus Cousins when they're sort of stepping on somebody 531 00:24:28,040 --> 00:24:31,040 Speaker 1: in the locker room. It's a great commercial. I call him, 532 00:24:31,040 --> 00:24:32,399 Speaker 1: I said, I think that's a good thing for you. 533 00:24:32,520 --> 00:24:34,360 Speaker 1: But it but because you're laughing yourself, which is nice. 534 00:24:34,440 --> 00:24:37,000 Speaker 1: But he's a terrific guy. Mark. You've done a number 535 00:24:37,040 --> 00:24:39,000 Speaker 1: of advice on a number of media deals as well, 536 00:24:39,160 --> 00:24:43,200 Speaker 1: one of which the five million dollar deal when Univision 537 00:24:43,240 --> 00:24:45,800 Speaker 1: bought Gawker Media. We've talked a lot in the past 538 00:24:46,359 --> 00:24:48,440 Speaker 1: a couple of months about what happened to dead Spin, 539 00:24:48,800 --> 00:24:52,120 Speaker 1: a former Gawker Media product. I'm curious to hear your 540 00:24:52,160 --> 00:24:55,119 Speaker 1: thoughts were about what what happened there and what that 541 00:24:55,200 --> 00:24:57,960 Speaker 1: might say about kind of sports media at large. It's 542 00:24:58,000 --> 00:24:59,440 Speaker 1: kind of like kicking a corpse. So I mean the 543 00:24:59,520 --> 00:25:02,040 Speaker 1: reality as it probably it was. It was, you know, 544 00:25:02,160 --> 00:25:04,080 Speaker 1: as an investment banker. I'm going to get the answer. 545 00:25:04,119 --> 00:25:06,080 Speaker 1: But I did a lot of really hard work and 546 00:25:06,119 --> 00:25:07,920 Speaker 1: good work on deals that didn't end well, and I 547 00:25:08,000 --> 00:25:10,680 Speaker 1: didn't you know, it did find work on deals that 548 00:25:10,880 --> 00:25:12,159 Speaker 1: hit out of the park. And sometimes you do a 549 00:25:12,200 --> 00:25:13,520 Speaker 1: great deal, you know, a great job and get a 550 00:25:13,560 --> 00:25:16,560 Speaker 1: great outcome that that that asset was such a mess 551 00:25:17,200 --> 00:25:20,200 Speaker 1: that what was paid you know what InnoVision paid for 552 00:25:20,240 --> 00:25:22,639 Speaker 1: it didn't really reflect the actual value of the asset. 553 00:25:22,720 --> 00:25:25,840 Speaker 1: It was more the demand that the market had had 554 00:25:26,000 --> 00:25:29,240 Speaker 1: had for the deal and the option process. I think 555 00:25:29,280 --> 00:25:32,240 Speaker 1: there's plenty of opportunity for interesting media properties to succeed 556 00:25:32,280 --> 00:25:34,040 Speaker 1: if they're good. I mean, look look at look what 557 00:25:34,160 --> 00:25:36,280 Speaker 1: Barstools doing now. I mean, I think that's a great 558 00:25:36,359 --> 00:25:37,880 Speaker 1: you know, it's a great story. I mean, pure Turton 559 00:25:37,960 --> 00:25:40,480 Speaker 1: is going to do incredibly well with that. Um could 560 00:25:40,560 --> 00:25:42,680 Speaker 1: that have been dead spend? Sure? I mean, is you 561 00:25:42,720 --> 00:25:45,159 Speaker 1: know Bleacher Report? I don't. I don't. I don't know 562 00:25:46,119 --> 00:25:48,440 Speaker 1: whether there will ever be a way of Really it 563 00:25:48,480 --> 00:25:50,200 Speaker 1: goes back to the art force of science, a way 564 00:25:50,240 --> 00:25:52,280 Speaker 1: of clearly defining what's going to work or what's not 565 00:25:52,400 --> 00:25:54,760 Speaker 1: going to work. It's what the public likes, and if 566 00:25:54,760 --> 00:25:57,520 Speaker 1: they gravitate towards it and they, you know, leverage technology properly, 567 00:25:57,560 --> 00:25:59,560 Speaker 1: then there's real value. Deser just didn't do that. It 568 00:25:59,640 --> 00:26:02,240 Speaker 1: was early. Yeah, people have different definitions of what's working 569 00:26:02,280 --> 00:26:04,000 Speaker 1: in what is it absolutely is a company that is 570 00:26:04,040 --> 00:26:06,960 Speaker 1: profitable but not really turning off all that money? Is 571 00:26:07,000 --> 00:26:09,320 Speaker 1: that working or you know, is it doesn't don't have 572 00:26:09,359 --> 00:26:11,200 Speaker 1: to Everything doesn't have to sell. You know, that's the 573 00:26:11,400 --> 00:26:13,080 Speaker 1: mistake in the last twenty years in the in the 574 00:26:13,520 --> 00:26:16,440 Speaker 1: media industry is that the sole definition of success is 575 00:26:16,440 --> 00:26:18,359 Speaker 1: whether or not something has an out and exit or 576 00:26:18,359 --> 00:26:21,639 Speaker 1: an outcome. How many family owned media companies were there 577 00:26:21,680 --> 00:26:23,920 Speaker 1: for the last hundred years. It never in a million years, 578 00:26:23,960 --> 00:26:25,360 Speaker 1: but have thought of selling? I don't, you know, look 579 00:26:25,359 --> 00:26:28,160 Speaker 1: at this company. I don't think Mike selling this company anytime. 580 00:26:28,280 --> 00:26:37,399 Speaker 1: So is content that is content still king? Sure? I 581 00:26:37,480 --> 00:26:39,200 Speaker 1: mean I don't, I don't. I mean, we wouldn't be 582 00:26:39,200 --> 00:26:42,439 Speaker 1: sitting here if we weren't making making content. We're discussing content. 583 00:26:42,640 --> 00:26:46,480 Speaker 1: Sports is content. I mean, it's it's got more mindshare 584 00:26:46,520 --> 00:26:48,920 Speaker 1: than ever I think. You know what I think the 585 00:26:49,000 --> 00:26:51,360 Speaker 1: customer or the consumer has to start to figure out 586 00:26:51,480 --> 00:26:53,359 Speaker 1: is what they should be paying for and what should 587 00:26:53,359 --> 00:26:55,600 Speaker 1: be free. I mean, someone's going to catch on. I 588 00:26:55,720 --> 00:26:59,399 Speaker 1: was on me. I'm sorry to cut you off. Do 589 00:26:59,440 --> 00:27:01,560 Speaker 1: the kids or than Evan? And yet that that they 590 00:27:01,600 --> 00:27:03,240 Speaker 1: do exist, there are some of them out there. I 591 00:27:03,280 --> 00:27:05,520 Speaker 1: don't think they want to pay for anything, I mean, 592 00:27:05,600 --> 00:27:08,320 Speaker 1: other than the next subscriptions. I agree, But what's interesting 593 00:27:08,440 --> 00:27:11,359 Speaker 1: is right now they're paying for Netflix and Hulu and 594 00:27:11,480 --> 00:27:15,119 Speaker 1: there you know, they're paying for cable television, and they 595 00:27:15,160 --> 00:27:18,479 Speaker 1: have other Spotify and you know, and so forth, someone's 596 00:27:18,480 --> 00:27:20,480 Speaker 1: going to catch on. I was on Bloomberg Television maybe 597 00:27:20,480 --> 00:27:22,719 Speaker 1: a year ago, and I said, you know, Netflix worries 598 00:27:22,760 --> 00:27:26,320 Speaker 1: me as a stock, just because if Amazon really wants 599 00:27:26,359 --> 00:27:29,200 Speaker 1: to win in streaming, they will. You. You just don't. 600 00:27:29,240 --> 00:27:30,439 Speaker 1: I don't know why you would ever want to fight 601 00:27:30,480 --> 00:27:33,520 Speaker 1: with Amazon. And the global story is nice, but the 602 00:27:33,600 --> 00:27:35,280 Speaker 1: fact is, if you add up all amount of money 603 00:27:35,320 --> 00:27:37,480 Speaker 1: you're spending on a monthly basis, most of us would 604 00:27:37,480 --> 00:27:40,080 Speaker 1: be pretty surprised and upset to see how many different 605 00:27:40,080 --> 00:27:43,160 Speaker 1: subscriptions were paying for So at some point this notion 606 00:27:43,240 --> 00:27:45,399 Speaker 1: of pull versus push will all be pulled? Was that 607 00:27:45,480 --> 00:27:47,520 Speaker 1: smart to just stick with the cable bundle? Is that still? 608 00:27:47,720 --> 00:27:49,800 Speaker 1: Is that a good value? You know? It depends. It 609 00:27:49,880 --> 00:27:52,000 Speaker 1: depends how much you like watching Orange and New Black 610 00:27:52,160 --> 00:27:54,480 Speaker 1: or The Crown. I guess now you're bringing my wife 611 00:27:54,520 --> 00:27:57,280 Speaker 1: into it because of every financial equation. If you're gonna 612 00:27:57,280 --> 00:27:59,640 Speaker 1: pay a hundred fifty dollars, you know, to watch The Crown, 613 00:27:59,760 --> 00:28:02,600 Speaker 1: then go go at it. But but you know, but 614 00:28:02,840 --> 00:28:05,480 Speaker 1: you know, I think HBO. Actually we were joking before 615 00:28:05,480 --> 00:28:08,439 Speaker 1: about succession. I think HBO may still have it right, 616 00:28:08,560 --> 00:28:12,600 Speaker 1: which is more money spent on fewer things and making 617 00:28:12,680 --> 00:28:17,480 Speaker 1: them better. The glut of mediocre content, I think it's 618 00:28:17,480 --> 00:28:20,120 Speaker 1: going to backfire. I mean, the cream rises. It always has. 619 00:28:21,119 --> 00:28:24,560 Speaker 1: And my guess is now with Netflix spending whatever billion 620 00:28:24,800 --> 00:28:27,399 Speaker 1: dollars billions of dollars every year and Hulu doing this 621 00:28:27,560 --> 00:28:30,560 Speaker 1: and Amazon doing that, there's just so much fighting for 622 00:28:30,680 --> 00:28:33,560 Speaker 1: friends there can't maintain the qualities. So now so the 623 00:28:33,640 --> 00:28:35,760 Speaker 1: HBO says, look, we're gonna do five shows a year, 624 00:28:36,080 --> 00:28:38,080 Speaker 1: but it's gonna be succession and watch Van and Curb 625 00:28:38,160 --> 00:28:39,600 Speaker 1: whatever it is, and they're going to be really good, 626 00:28:39,720 --> 00:28:42,160 Speaker 1: and we're gonna spend money on them and make sure 627 00:28:42,240 --> 00:28:45,080 Speaker 1: they know they generate, you know, they find the right audience, 628 00:28:45,120 --> 00:28:46,760 Speaker 1: and they're going to be successes for a long period 629 00:28:46,760 --> 00:28:48,600 Speaker 1: of time. And so you talked about sports content and 630 00:28:48,640 --> 00:28:52,600 Speaker 1: now you're talking you mentioned Amazon, uh NFL is still 631 00:28:52,640 --> 00:28:54,800 Speaker 1: the behemoth. The fang is going to jump in in 632 00:28:54,880 --> 00:28:58,320 Speaker 1: any real way and be serious bidders against the established 633 00:28:58,360 --> 00:29:02,480 Speaker 1: networks for sports properties. Well, am I going to see 634 00:29:02,520 --> 00:29:05,440 Speaker 1: Amazon with a real football property or I guess so 635 00:29:05,640 --> 00:29:07,280 Speaker 1: it seems that way. I mean, if you know, I 636 00:29:07,360 --> 00:29:09,200 Speaker 1: read the same things you do, and my my guess 637 00:29:09,280 --> 00:29:11,600 Speaker 1: is you will. I mean, it's it's it's more more 638 00:29:11,640 --> 00:29:13,360 Speaker 1: of a distraction to mean anything else. Like at the 639 00:29:13,400 --> 00:29:15,760 Speaker 1: end of the day, the consumer doesn't care what they're wanting, 640 00:29:15,840 --> 00:29:17,880 Speaker 1: where they're watching anything. They're gonna watch the NFL is on. 641 00:29:17,960 --> 00:29:21,840 Speaker 1: The NFL's compelling, So you know, I guess they think that. 642 00:29:22,160 --> 00:29:24,720 Speaker 1: First of all, these companies have too much cash. I mean, 643 00:29:24,760 --> 00:29:27,560 Speaker 1: if you think about how much cash Amazon has just 644 00:29:27,640 --> 00:29:30,200 Speaker 1: sitting there or something, right, Yeah, they get it's something 645 00:29:30,240 --> 00:29:31,840 Speaker 1: to do there are isn't that much you can buy 646 00:29:32,400 --> 00:29:34,320 Speaker 1: that costs that much. It's like, why do people buy 647 00:29:34,640 --> 00:29:37,000 Speaker 1: ridiculously expensive watches. Well they're so wealthy there, you know 648 00:29:37,040 --> 00:29:38,720 Speaker 1: what they're gonna do. They're gonna buy a five thousand 649 00:29:38,720 --> 00:29:40,560 Speaker 1: and I watch a three. It makes no difference to them. 650 00:29:40,840 --> 00:29:42,800 Speaker 1: So for Amazon, the end of the day, if that, 651 00:29:42,960 --> 00:29:45,640 Speaker 1: if that, if that's for them, I win. They'll pay 652 00:29:45,760 --> 00:29:50,440 Speaker 1: up and all the pain I'm grabbing bars risks. I 653 00:29:50,520 --> 00:29:55,080 Speaker 1: don't watch person. I well, you know what, I used 654 00:29:55,080 --> 00:29:57,760 Speaker 1: to be a watch person and then my phone have 655 00:29:58,000 --> 00:29:59,960 Speaker 1: the time just like well now I can bring the 656 00:30:00,080 --> 00:30:02,760 Speaker 1: time up watch watch isn't a time piece. It's a 657 00:30:02,800 --> 00:30:07,160 Speaker 1: fashion statement. But have you seen. Yes, that's why I 658 00:30:07,200 --> 00:30:08,960 Speaker 1: don't have an apple. I had my Apple watched like 659 00:30:09,040 --> 00:30:11,080 Speaker 1: a day and I thought, this is ridiculous. It's I 660 00:30:11,200 --> 00:30:12,760 Speaker 1: have my phone in my pocket, so why would you 661 00:30:12,760 --> 00:30:14,240 Speaker 1: need to watch? What are you sporting? What are sporting 662 00:30:14,280 --> 00:30:16,200 Speaker 1: work today? I've got all X but I usually were 663 00:30:16,240 --> 00:30:17,680 Speaker 1: my pen right, But I just sent it into get 664 00:30:17,680 --> 00:30:19,600 Speaker 1: repaired and it said it's me a thousand dollars repair, 665 00:30:19,680 --> 00:30:22,320 Speaker 1: and boy, I really annoyed me. So I had it 666 00:30:22,400 --> 00:30:24,960 Speaker 1: sent back and I'm gonna think about it. That's why. See, 667 00:30:25,120 --> 00:30:27,440 Speaker 1: that's why I own a time X. I don't wear 668 00:30:27,480 --> 00:30:31,080 Speaker 1: it takes the licking, baby, I'm saying. For Mark Patrickoff, 669 00:30:31,560 --> 00:30:34,320 Speaker 1: founder of patrickof Co. Thank you so much Mark for 670 00:30:34,400 --> 00:30:36,600 Speaker 1: coming in and talking with us. And I hope you 671 00:30:36,720 --> 00:30:39,320 Speaker 1: had a lot of fun with us with this gang 672 00:30:39,400 --> 00:30:41,440 Speaker 1: here I did. I'm glad to be here and I 673 00:30:41,520 --> 00:30:43,680 Speaker 1: hope I get to come back. All right, Evan, it's 674 00:30:43,760 --> 00:30:46,320 Speaker 1: just gonna be you and me for this part. Mr 675 00:30:46,480 --> 00:30:49,320 Speaker 1: Barr has taken ill, so the takeaways of this interview 676 00:30:49,920 --> 00:30:53,400 Speaker 1: fall to us. For me, I love the fact that 677 00:30:53,480 --> 00:30:58,520 Speaker 1: the stereotype of the broke athlete who invests in nothing 678 00:30:58,600 --> 00:31:01,920 Speaker 1: but silly things like restaurants that go bust and and 679 00:31:02,240 --> 00:31:05,480 Speaker 1: sports theme this and that. That is a that is 680 00:31:05,560 --> 00:31:10,240 Speaker 1: just a time of the past. Athletes today are quite sophisticated. 681 00:31:10,560 --> 00:31:14,280 Speaker 1: It'd be great if that whole stereotype of the dumb 682 00:31:14,760 --> 00:31:18,080 Speaker 1: moron just flush all the money away. Athlete goes away 683 00:31:18,560 --> 00:31:21,800 Speaker 1: and with more things like Mark patrick Off and some 684 00:31:21,880 --> 00:31:23,640 Speaker 1: of the other investors that were here, like you know, 685 00:31:23,800 --> 00:31:27,680 Speaker 1: Kevin Durant and Kobe Bryant earn so many things, perhaps 686 00:31:27,920 --> 00:31:30,880 Speaker 1: they'll get their due. Yeah, exactly, Marcus helping with that. 687 00:31:31,280 --> 00:31:34,360 Speaker 1: My takeaway, I love the idea of those binders that 688 00:31:34,440 --> 00:31:37,000 Speaker 1: he's creating for his clients right when when they go 689 00:31:37,120 --> 00:31:39,480 Speaker 1: on the road, if they're visiting a city, let's say 690 00:31:39,480 --> 00:31:41,560 Speaker 1: they're in Dallas. You know, it's a list of all 691 00:31:41,600 --> 00:31:44,800 Speaker 1: the big business contacts, maybe some companies in Dallas that 692 00:31:44,880 --> 00:31:47,120 Speaker 1: they can they can meet with when when they when 693 00:31:47,160 --> 00:31:49,680 Speaker 1: they're in town. Uh. And you mentioned that story about 694 00:31:49,720 --> 00:31:51,280 Speaker 1: Grant Hill, who was kind of doing this on his 695 00:31:51,360 --> 00:31:54,040 Speaker 1: own ahead of the curve um. But it's clear that 696 00:31:54,160 --> 00:31:56,680 Speaker 1: there are people out there helping athletes and athletes themselves 697 00:31:57,000 --> 00:31:59,440 Speaker 1: who are more motivated to do that, and I think 698 00:31:59,480 --> 00:32:01,640 Speaker 1: that's a very smart way of doing that. You know, 699 00:32:01,720 --> 00:32:05,320 Speaker 1: the athletes today, their their schedules are insane. It's not 700 00:32:05,440 --> 00:32:07,479 Speaker 1: easy to find time to meet with people, especially if 701 00:32:07,480 --> 00:32:10,280 Speaker 1: you're in a different city, doing it as you're traveling. 702 00:32:10,320 --> 00:32:11,760 Speaker 1: If you can squeeze that in, I think it's a 703 00:32:11,880 --> 00:32:15,280 Speaker 1: very smart way to do that. Because that's in German. 704 00:32:15,880 --> 00:32:17,760 Speaker 1: It feels better to be a number one than number five. 705 00:32:17,800 --> 00:32:19,400 Speaker 1: I'll wear a number because of Mike. We have a 706 00:32:19,520 --> 00:32:21,280 Speaker 1: chance to go for three in a row. Good numbers 707 00:32:21,320 --> 00:32:23,440 Speaker 1: are a good time. When I'd first started wearing the number, 708 00:32:23,560 --> 00:32:26,960 Speaker 1: how would just happy in Bloomberg Business of Sports the 709 00:32:27,200 --> 00:32:30,280 Speaker 1: number of the week and now Scott, let's squeeze in 710 00:32:30,280 --> 00:32:32,680 Speaker 1: the number of the week. Bars not here fell on 711 00:32:32,800 --> 00:32:35,040 Speaker 1: me today. Your number of the week is twenty one 712 00:32:35,160 --> 00:32:39,000 Speaker 1: point eight million. OHI gear for you and the points 713 00:32:39,080 --> 00:32:41,840 Speaker 1: the decimal points and sometimes Bar and I discussed this. 714 00:32:42,000 --> 00:32:46,400 Speaker 1: We have not discussed twenty one point eight million. We 715 00:32:46,480 --> 00:32:49,720 Speaker 1: had talked to Olympic tickets. I have no ideas. So 716 00:32:49,800 --> 00:32:53,520 Speaker 1: according to Riot Games, that is the average minute audiences 717 00:32:54,680 --> 00:32:58,800 Speaker 1: in the League of Legends World Championships from November, which 718 00:32:58,920 --> 00:33:01,440 Speaker 1: is that's kind of the loosest metric. E sports has 719 00:33:01,520 --> 00:33:05,040 Speaker 1: two traditional TV ratings, and and twenty one point eight 720 00:33:05,160 --> 00:33:09,520 Speaker 1: million as an average is a pretty darn good average. Yeah. 721 00:33:09,560 --> 00:33:11,640 Speaker 1: I mean, as we've talked about forever, just get me 722 00:33:11,720 --> 00:33:13,600 Speaker 1: the eyeballs and I'll figure out how to monetize it. 723 00:33:13,680 --> 00:33:16,080 Speaker 1: That the famous John Skipper quote. Those are some decent 724 00:33:16,120 --> 00:33:19,320 Speaker 1: eyeballs right there. Yeah. For reference, the NBA Finals this year. 725 00:33:19,480 --> 00:33:22,960 Speaker 1: You know, the Raptors their victory average twenty point five 726 00:33:23,040 --> 00:33:27,280 Speaker 1: million all those games. Fairness though Canada and Toronto would 727 00:33:27,320 --> 00:33:30,240 Speaker 1: not count the u R. Yeah, but that rating was 728 00:33:30,280 --> 00:33:33,520 Speaker 1: already up anyway. It's this League of Legends championship is 729 00:33:33,560 --> 00:33:36,640 Speaker 1: doing roughly what an NBA Finals game does. For folks 730 00:33:36,680 --> 00:33:39,640 Speaker 1: out there who are trying to contextualize the sports. That 731 00:33:39,680 --> 00:33:42,120 Speaker 1: would be me. Thank you. You have been listening to 732 00:33:42,160 --> 00:33:44,360 Speaker 1: the Bloomberg Business of sports. We're here each and every 733 00:33:44,400 --> 00:33:47,280 Speaker 1: week at the same time, plus online wherever you get 734 00:33:47,320 --> 00:33:50,440 Speaker 1: your podcasts. You can catch those Mondays, Wednesdays and Thursdays. 735 00:33:50,760 --> 00:33:54,120 Speaker 1: I never Nobe Williams on Twitter at no V underscore Williams. 736 00:33:54,840 --> 00:33:57,560 Speaker 1: Happy Birthday, Novie Williams thirty two. This week I am 737 00:33:57,600 --> 00:34:01,000 Speaker 1: Scott Stasnik, slightly larger and older than thirty two. You 738 00:34:01,080 --> 00:34:03,720 Speaker 1: can follow me at Sasnik and our co host Michael 739 00:34:03,760 --> 00:34:06,440 Speaker 1: Barre absent this week. You can find him on Twitter 740 00:34:06,560 --> 00:34:09,200 Speaker 1: at Big bar Sports. Thank you very much for joining us. 741 00:34:09,280 --> 00:34:11,520 Speaker 1: Please tune in next week when we once again speak 742 00:34:11,560 --> 00:34:13,920 Speaker 1: with the biggest and brightest in the sports business industry. 743 00:34:14,000 --> 00:34:17,200 Speaker 1: You're listening to Bloomberg Business of Sports from Bloomberg Radio 744 00:34:17,440 --> 00:34:18,240 Speaker 1: around the world.