1 00:00:00,440 --> 00:00:03,320 Speaker 1: Hi, I'm Scott so, I'm Evan Novi Williams, and I'm 2 00:00:03,320 --> 00:00:05,920 Speaker 1: Michael var And this is the Bloomberg's Business of Sports 3 00:00:05,960 --> 00:00:08,639 Speaker 1: podcast where we explore the big money issues in the 4 00:00:08,640 --> 00:00:12,920 Speaker 1: world of sports today. We begin with baseball and the weather. 5 00:00:13,200 --> 00:00:16,040 Speaker 1: And I know we go through this every year, but 6 00:00:16,200 --> 00:00:19,680 Speaker 1: yesterday six games were wiped out because of the weather. 7 00:00:19,760 --> 00:00:22,919 Speaker 1: I'm not talking about just rain. I'm talking snow, talking bays. 8 00:00:24,040 --> 00:00:26,599 Speaker 1: I just wanted to get the little thing doing it earlier. 9 00:00:31,040 --> 00:00:34,000 Speaker 1: I find it interesting. One we liked with Chicago, where 10 00:00:34,240 --> 00:00:37,080 Speaker 1: I mean, the weather isn't that different north side south side. 11 00:00:37,200 --> 00:00:40,360 Speaker 1: But the Cubs chose to cancel the game. The White 12 00:00:40,360 --> 00:00:43,880 Speaker 1: Sox chose to play the game, and they had nine 13 00:00:43,920 --> 00:00:50,280 Speaker 1: hundred folks show up, and our number of the week, 14 00:00:51,760 --> 00:00:54,680 Speaker 1: that is not a lot of people. And you wonder, 15 00:00:55,560 --> 00:00:58,480 Speaker 1: from a concession standpoint, from an everything standpoint, the revenue 16 00:00:58,520 --> 00:01:00,880 Speaker 1: that goes along with this, do you give any sort 17 00:01:00,920 --> 00:01:03,320 Speaker 1: of reward to the nine seventy four that showed up, 18 00:01:03,400 --> 00:01:05,920 Speaker 1: Like normally a team will say, let's reward them for 19 00:01:05,959 --> 00:01:09,200 Speaker 1: the for the loyalty, for the perseverance for showing up 20 00:01:09,240 --> 00:01:11,199 Speaker 1: and that kind of weather, And you say, pick another game, 21 00:01:11,240 --> 00:01:15,840 Speaker 1: you know, probably dare I say Tampa Tampa on a 22 00:01:15,880 --> 00:01:20,119 Speaker 1: Tuesday and help your your bottom line that way? But yeah, 23 00:01:20,200 --> 00:01:23,040 Speaker 1: I mean it's an issue when there's this many games 24 00:01:23,920 --> 00:01:25,920 Speaker 1: and you have to figure out a time later on 25 00:01:26,040 --> 00:01:29,960 Speaker 1: in the season when teams really don't want to not 26 00:01:30,080 --> 00:01:32,759 Speaker 1: have days off, so it becomes an issue. Michael. Did 27 00:01:32,760 --> 00:01:34,479 Speaker 1: you see what the Indians put on the jumbo tron 28 00:01:34,560 --> 00:01:40,640 Speaker 1: during their rain out this weekend? Fortnite? They started broadcasting 29 00:01:40,720 --> 00:01:46,000 Speaker 1: video games from the jumbo Tron, probably another big arrival 30 00:01:46,080 --> 00:01:48,880 Speaker 1: for e sports. Right in the middle of a baseball 31 00:01:49,000 --> 00:01:52,080 Speaker 1: rain out, the Indians chose to entertain their fans by 32 00:01:52,160 --> 00:01:55,200 Speaker 1: by by broadcasting video games, which is stunning to me, 33 00:01:55,280 --> 00:01:57,480 Speaker 1: but but awesome. How many times can you show Major 34 00:01:57,560 --> 00:02:01,920 Speaker 1: League's love corbon pipers in the third base, But how 35 00:02:01,920 --> 00:02:08,200 Speaker 1: many times can you play major I've been cut already. Now, okay, first, 36 00:02:08,200 --> 00:02:10,760 Speaker 1: so let me throw this out there. Should Major League 37 00:02:10,800 --> 00:02:15,800 Speaker 1: Baseball shorten up the season? There's the should? Should? I 38 00:02:15,840 --> 00:02:18,960 Speaker 1: know we all start laughing on that. Well, yeah, exactly, 39 00:02:18,960 --> 00:02:20,600 Speaker 1: this is just a form. How many games do we 40 00:02:20,639 --> 00:02:23,160 Speaker 1: need to make as much money as we are used 41 00:02:23,160 --> 00:02:26,680 Speaker 1: to if the players are willing to take less money. 42 00:02:26,720 --> 00:02:28,720 Speaker 1: I mean, it's a very simple way to do it. 43 00:02:29,120 --> 00:02:31,880 Speaker 1: If you're gonna cut games, you're gonna cut revenue. Are 44 00:02:31,919 --> 00:02:35,480 Speaker 1: the players willing to take less? If the answer is yes, 45 00:02:35,840 --> 00:02:38,200 Speaker 1: then you've got a shot at such a thing happening. 46 00:02:38,520 --> 00:02:41,080 Speaker 1: The bigger problem right now, there's so steeped in tradition. 47 00:02:41,200 --> 00:02:43,359 Speaker 1: You know, all the records are based on right, well, 48 00:02:43,360 --> 00:02:45,600 Speaker 1: not all, but the modern day, a hundred and sixty 49 00:02:45,600 --> 00:02:48,560 Speaker 1: two games and then who was better here? That's part 50 00:02:48,560 --> 00:02:51,359 Speaker 1: of baseball. I guess it'll fuel the argument even more so. 51 00:02:51,919 --> 00:02:54,040 Speaker 1: I don't think the owners are looking to maybe you 52 00:02:54,040 --> 00:02:57,880 Speaker 1: can just extend folks and warmer weather places a little 53 00:02:57,919 --> 00:02:59,480 Speaker 1: longer at the start of the year. I mean, they 54 00:02:59,520 --> 00:03:01,480 Speaker 1: won't be be having so many road games at the 55 00:03:01,560 --> 00:03:04,360 Speaker 1: end of the year or making it up. But clearly 56 00:03:04,400 --> 00:03:07,600 Speaker 1: that this many dates that get washed out, rained out, snow, 57 00:03:08,200 --> 00:03:10,600 Speaker 1: whatever is going on in and this weather system that's 58 00:03:10,639 --> 00:03:13,600 Speaker 1: coming through, you're not you're not playing. But at least 59 00:03:13,720 --> 00:03:16,359 Speaker 1: in Boston they can run a marathon. But they are 60 00:03:16,440 --> 00:03:19,600 Speaker 1: not playing the Red Sox game. Let's move on now 61 00:03:19,639 --> 00:03:24,280 Speaker 1: to the Carolina Panthers and the bidding war that continues 62 00:03:24,360 --> 00:03:27,880 Speaker 1: for this team. Yeah, I mean, we're at two point five, 63 00:03:28,520 --> 00:03:32,680 Speaker 1: the question is maybe two six for some You've got 64 00:03:32,680 --> 00:03:35,440 Speaker 1: Alan Keston, Bam and Ben Navarro seemed to be the 65 00:03:35,480 --> 00:03:39,680 Speaker 1: guys willing to go highest. The question is are they 66 00:03:39,800 --> 00:03:43,880 Speaker 1: the best owners from an NFL perspective. When you've got 67 00:03:43,960 --> 00:03:47,840 Speaker 1: David Tepper with a net worth of Obole Park ten 68 00:03:48,000 --> 00:03:52,720 Speaker 1: billion dollars minority owner of the Steelers, that would you 69 00:03:52,760 --> 00:03:57,840 Speaker 1: would think be a preferred owner from an NFL perspective, 70 00:03:58,240 --> 00:04:02,480 Speaker 1: But he seems unwilling to go to the number necessary 71 00:04:02,480 --> 00:04:05,120 Speaker 1: to make it happen, and that the number also got 72 00:04:05,160 --> 00:04:08,960 Speaker 1: too high for Michael Rubin, the Fanatics owner, UM, who 73 00:04:08,960 --> 00:04:12,920 Speaker 1: had a group assembled including Joe pi Uh. He was 74 00:04:12,960 --> 00:04:15,400 Speaker 1: not willing it sounds like, to get to get above 75 00:04:15,480 --> 00:04:18,560 Speaker 1: to five or maybe even close to that. Um. Yeah, 76 00:04:18,600 --> 00:04:21,240 Speaker 1: we ended up with a two horse race. Now, just 77 00:04:21,360 --> 00:04:23,839 Speaker 1: because you know, as we've talked about so many times, 78 00:04:24,200 --> 00:04:27,640 Speaker 1: valuations for sports teams are soaring right now. Yeah, and 79 00:04:27,680 --> 00:04:32,279 Speaker 1: we have, like Navarro's main business is distressed debt. You'll 80 00:04:32,320 --> 00:04:35,760 Speaker 1: wonder is there something they're do Owners look favorably upon 81 00:04:35,800 --> 00:04:38,919 Speaker 1: the source of the income, because once you have a 82 00:04:39,040 --> 00:04:42,760 Speaker 1: signed contract to buy the team, that is when the 83 00:04:42,839 --> 00:04:47,080 Speaker 1: inspection really happens. This is when they dig into the 84 00:04:47,120 --> 00:04:51,440 Speaker 1: finances and the background and they want to know everything. 85 00:04:51,480 --> 00:04:55,960 Speaker 1: The NFL, among the four major US sports leagues, their 86 00:04:56,040 --> 00:05:01,240 Speaker 1: due diligence on prospective owners is more ardent than any 87 00:05:01,279 --> 00:05:03,880 Speaker 1: of the other leagues. They want to make sure they 88 00:05:03,960 --> 00:05:10,160 Speaker 1: uncover everything. So it's it's a process. It's an interesting process. 89 00:05:10,680 --> 00:05:13,560 Speaker 1: You just wonder for an NFL team to have two 90 00:05:13,600 --> 00:05:17,440 Speaker 1: and a half three bidders, you know, would have thought 91 00:05:17,520 --> 00:05:20,520 Speaker 1: perhaps some more with this team coming on the market, 92 00:05:20,560 --> 00:05:22,920 Speaker 1: But that's where we are these days, when when the 93 00:05:23,400 --> 00:05:26,360 Speaker 1: price Frenchy is so high. Now there is a rule 94 00:05:26,440 --> 00:05:29,640 Speaker 1: that you have to remember in the NFL in order 95 00:05:29,920 --> 00:05:33,680 Speaker 1: for an owner to be a controlling owner, they have 96 00:05:33,720 --> 00:05:36,640 Speaker 1: to put up at least thirty percent of the money 97 00:05:36,880 --> 00:05:40,680 Speaker 1: for the team. How many million dollars sitting around where 98 00:05:40,680 --> 00:05:44,320 Speaker 1: they can cut the check and then fund more, right, Yeah, 99 00:05:44,360 --> 00:05:47,920 Speaker 1: you are looking at a time now when it's solely 100 00:05:48,480 --> 00:05:53,320 Speaker 1: multi billionaires who can do this and then perhaps they'll 101 00:05:53,360 --> 00:05:56,600 Speaker 1: syndicate to some of the existing owners or or go 102 00:05:56,680 --> 00:06:00,320 Speaker 1: get some partners. But it's it's a hard to do. 103 00:06:00,360 --> 00:06:02,479 Speaker 1: You got to find these guys, and that's one of 104 00:06:02,480 --> 00:06:04,960 Speaker 1: the interesting things that we've talked about around these halls 105 00:06:05,440 --> 00:06:08,280 Speaker 1: is that it's unearthing billionaires. These are guys who have 106 00:06:08,320 --> 00:06:12,839 Speaker 1: not historically sought the spotlight. But if you're Alan Customom 107 00:06:12,839 --> 00:06:15,039 Speaker 1: and Ben Navarre, one way to find the spotlight or 108 00:06:15,080 --> 00:06:17,479 Speaker 1: have it find you is to be associated with the 109 00:06:17,480 --> 00:06:19,880 Speaker 1: purchase of a pro sports team in the NFL, in particular, 110 00:06:20,520 --> 00:06:25,039 Speaker 1: onto another topic, guess what has launched EESPN plus? So 111 00:06:25,160 --> 00:06:27,840 Speaker 1: we were talking SpaceX early here, Like I was like, 112 00:06:27,880 --> 00:06:30,200 Speaker 1: he wasn't there for that conversation. How does he know 113 00:06:31,400 --> 00:06:36,839 Speaker 1: I have ears everywhere? Yeah? Did you subscribe Evan not? Yeah, 114 00:06:36,839 --> 00:06:38,440 Speaker 1: but I plan to. What do you want to I 115 00:06:38,440 --> 00:06:40,680 Speaker 1: do you like the niche stuff? What do you want 116 00:06:40,680 --> 00:06:43,640 Speaker 1: to watch? Yeah? I mean for readers out there who 117 00:06:43,680 --> 00:06:46,200 Speaker 1: don't know ESPN plus four ninety nine a month. It 118 00:06:46,240 --> 00:06:49,720 Speaker 1: does not replace your linear ESPN channels. You know, the 119 00:06:49,720 --> 00:06:52,400 Speaker 1: stuff that's going to be on ESPN normally on cable, 120 00:06:52,560 --> 00:06:56,479 Speaker 1: ESPN two, ESPN News you that stuff is not included. Um, 121 00:06:56,520 --> 00:06:59,240 Speaker 1: but this does include a lot more baseball. There's some 122 00:06:59,279 --> 00:07:02,440 Speaker 1: hockey in there. There is more obscure college stuff, which 123 00:07:02,520 --> 00:07:06,320 Speaker 1: you know, I love. You know, a good football game 124 00:07:06,360 --> 00:07:09,760 Speaker 1: on a Wednesday Night sure also that Yeah, I mean again, 125 00:07:10,240 --> 00:07:12,400 Speaker 1: I think the price is smart. You know, four ninety 126 00:07:12,480 --> 00:07:15,160 Speaker 1: nine a month is not a huge cost. It is 127 00:07:15,160 --> 00:07:17,640 Speaker 1: small enough that I can essentially pay it and not 128 00:07:17,720 --> 00:07:19,560 Speaker 1: think that much about it. If you had to make 129 00:07:19,560 --> 00:07:23,040 Speaker 1: a choice Netflix ESPN plus, you're taking Netflix, right, yeah, 130 00:07:23,080 --> 00:07:25,920 Speaker 1: without question. Okay. Is it just because of the content? Yeah, 131 00:07:25,960 --> 00:07:28,120 Speaker 1: because of the content. But also, I mean, I am 132 00:07:28,160 --> 00:07:30,600 Speaker 1: an ESPN subscriber anyway, so I'm getting a lot of 133 00:07:30,800 --> 00:07:33,800 Speaker 1: ESPN content through you know the fact that I already 134 00:07:33,800 --> 00:07:35,440 Speaker 1: pay for a lot of this stuff. I'm also getting 135 00:07:35,480 --> 00:07:37,680 Speaker 1: just because I pay for ESPN as a whole. I 136 00:07:37,760 --> 00:07:40,720 Speaker 1: will not ask Mr Novie Williams. I will stress, I 137 00:07:40,760 --> 00:07:44,160 Speaker 1: will not ask Mr Novie Williams if he's always using 138 00:07:44,160 --> 00:07:46,880 Speaker 1: his own lucket, I will not. I might have a 139 00:07:46,880 --> 00:07:48,640 Speaker 1: clue as to the answer to that question, which is 140 00:07:48,680 --> 00:07:51,880 Speaker 1: why I will not ask. You guys, I gotta run room. 141 00:07:53,880 --> 00:07:56,680 Speaker 1: But let's but let's talk about why they're doing. Yes, 142 00:07:57,360 --> 00:08:00,360 Speaker 1: a subscriber are the important the number of subscribers? Of course, 143 00:08:00,400 --> 00:08:02,080 Speaker 1: they want a lot of people to sign up. But 144 00:08:02,200 --> 00:08:06,800 Speaker 1: this is ESPN and Disney being in the game now 145 00:08:07,160 --> 00:08:12,040 Speaker 1: they have a bona fide streaming service. So when the 146 00:08:12,120 --> 00:08:14,800 Speaker 1: next round of bidding on all these things come up, 147 00:08:14,840 --> 00:08:18,480 Speaker 1: all the major sports, the digital component is going to 148 00:08:18,640 --> 00:08:22,240 Speaker 1: be do I say, as important, evan almost as important, 149 00:08:22,840 --> 00:08:25,800 Speaker 1: as important, as important as the linear these This is 150 00:08:25,840 --> 00:08:31,160 Speaker 1: when Amazon, we think, Google, Twitter, Facebook, We've been through 151 00:08:31,200 --> 00:08:36,319 Speaker 1: the list. This is when these companies will become major 152 00:08:36,520 --> 00:08:40,679 Speaker 1: bidders with big dollars allocated to having and here's the 153 00:08:40,720 --> 00:08:46,160 Speaker 1: big word, exclusive content sports on their platforms. I should 154 00:08:46,160 --> 00:08:49,840 Speaker 1: add I'm not part of paying for that five dollars 155 00:08:49,960 --> 00:08:52,480 Speaker 1: for the app, not because I don't think it's a 156 00:08:52,480 --> 00:08:58,719 Speaker 1: bad idea, because exactly, and again I'm from the older demographic. 157 00:08:58,800 --> 00:09:06,480 Speaker 1: I like your from the oldest where's my bob Cuzy? 158 00:09:06,520 --> 00:09:09,400 Speaker 1: I mean, I'm used to seeing everything you know that 159 00:09:09,800 --> 00:09:13,040 Speaker 1: on TV. Turn it on. There it is. And I'm 160 00:09:13,080 --> 00:09:15,640 Speaker 1: not saying it's This is not a bad idea, But 161 00:09:15,800 --> 00:09:18,600 Speaker 1: at some point, if this does take off, ESPN is 162 00:09:18,600 --> 00:09:20,320 Speaker 1: gonna have to go all in on another thing. This 163 00:09:20,400 --> 00:09:23,319 Speaker 1: does it, let's ESPN flex It's muscle a little bit. 164 00:09:23,360 --> 00:09:26,880 Speaker 1: I mean, we've seen so many of these companies, Turner, NBC, CBS, 165 00:09:27,200 --> 00:09:29,680 Speaker 1: everyone is launching their sports ott in the past couple 166 00:09:29,679 --> 00:09:32,960 Speaker 1: of months, ESPNS is by far the biggest from a 167 00:09:33,040 --> 00:09:36,160 Speaker 1: content platform. They are at least showing and showing a 168 00:09:36,200 --> 00:09:39,400 Speaker 1: younger demographic that they are, at least for now, even 169 00:09:39,480 --> 00:09:42,000 Speaker 1: the king of digital sports at this point. There's a 170 00:09:42,040 --> 00:09:45,280 Speaker 1: reason they spent almost three billion dollars on BAMTech. You know, 171 00:09:45,320 --> 00:09:47,680 Speaker 1: the technologies they had the leader. Bam Tech was pretty 172 00:09:47,720 --> 00:09:50,520 Speaker 1: much the leading streamer for for HBO, for w w E. 173 00:09:50,920 --> 00:09:53,920 Speaker 1: Now you've got sort of i MG Endeavor took over 174 00:09:54,080 --> 00:09:57,280 Speaker 1: New Lion. So this may be a technology arms race 175 00:09:57,320 --> 00:10:00,880 Speaker 1: as to which service works best at what the differences? Dude? 176 00:10:00,920 --> 00:10:04,360 Speaker 1: Can I can I see things without glitch, without hesitation, 177 00:10:04,440 --> 00:10:06,680 Speaker 1: with without lagging behind. I mean, you had that problem 178 00:10:06,720 --> 00:10:08,960 Speaker 1: where you couldn't even watch because your phone was blowing 179 00:10:09,000 --> 00:10:10,960 Speaker 1: up as something had happened in a game, but you 180 00:10:10,960 --> 00:10:12,840 Speaker 1: hadn't seen it last night. It is a perfect example. 181 00:10:13,040 --> 00:10:15,920 Speaker 1: When Bartolo Cologne had that perfect game in the eighth inning. 182 00:10:16,000 --> 00:10:17,959 Speaker 1: You know, I texted some friends, people turned it on 183 00:10:18,120 --> 00:10:21,280 Speaker 1: and over and I learned that it had ended in 184 00:10:21,320 --> 00:10:23,760 Speaker 1: a walk when the count was to one right, you know, 185 00:10:23,800 --> 00:10:27,200 Speaker 1: I was two pitches behind. By the way, I should 186 00:10:27,240 --> 00:10:29,160 Speaker 1: I should wish I would have brought this up earlier. 187 00:10:29,559 --> 00:10:35,440 Speaker 1: The NBA is just kicking behind. Their valuations are already 188 00:10:35,480 --> 00:10:38,000 Speaker 1: at an all time high. According to Forbes, the average 189 00:10:38,040 --> 00:10:42,200 Speaker 1: team is worth one point sixty billion dollars and the 190 00:10:42,320 --> 00:10:47,600 Speaker 1: NBA store dot com so sales increase this season across 191 00:10:47,720 --> 00:10:51,880 Speaker 1: all teams. How many Jonas anto the Compo shirts? I 192 00:10:52,000 --> 00:10:54,840 Speaker 1: just like to say it, so I do. But listen, 193 00:10:55,640 --> 00:10:57,439 Speaker 1: we talked about the NBA. Well, I just like to 194 00:10:57,520 --> 00:11:00,839 Speaker 1: keep perspective though, Well, you know, I love Adam, I 195 00:11:00,960 --> 00:11:04,319 Speaker 1: love the NBA. Great product, that's great. Numbers up up, up, 196 00:11:04,760 --> 00:11:07,680 Speaker 1: still pales in comparison to the audiences drained by the NFL, 197 00:11:08,160 --> 00:11:12,079 Speaker 1: where sort of the narrative around football is bad, bad bad. 198 00:11:12,800 --> 00:11:16,280 Speaker 1: They still have far bigger audiences, they make more money. 199 00:11:16,960 --> 00:11:20,120 Speaker 1: The question, moving forward in a digital flat world where 200 00:11:20,120 --> 00:11:23,960 Speaker 1: Adam Silver is experimenting with selling maybe the final five 201 00:11:24,000 --> 00:11:28,400 Speaker 1: minutes of games or single games on the global scale 202 00:11:29,280 --> 00:11:33,600 Speaker 1: with NFL players versus NBA players, has Instagram stars and 203 00:11:33,679 --> 00:11:38,760 Speaker 1: social media mavens and social awareness, is that the better play? 204 00:11:38,800 --> 00:11:42,240 Speaker 1: That's the long term question that I would love to 205 00:11:42,280 --> 00:11:45,959 Speaker 1: have the sports bankers and the economists answer all things, 206 00:11:46,040 --> 00:11:49,480 Speaker 1: even are you buying NBA or are you're buying NFL. 207 00:11:49,880 --> 00:11:53,320 Speaker 1: Where do you see years from now? Where do you 208 00:11:53,400 --> 00:11:55,920 Speaker 1: see the revenue coming from? It? Certainly seems as though 209 00:11:55,960 --> 00:11:59,120 Speaker 1: team valuations are the area in which the gap is 210 00:11:59,200 --> 00:12:01,240 Speaker 1: the narrative called close, and you can think of that 211 00:12:01,320 --> 00:12:04,559 Speaker 1: as the best, even the best indicator of long term, 212 00:12:04,720 --> 00:12:08,320 Speaker 1: long term play with exactly. Yeah, that's two point three 213 00:12:08,320 --> 00:12:10,800 Speaker 1: billion dollars New York for Carolina. I get it, sure, 214 00:12:10,840 --> 00:12:14,040 Speaker 1: But but the Nets it didn't include the stadium at all, 215 00:12:14,360 --> 00:12:18,200 Speaker 1: you know, and it was a minority stake all that. Um. Yeah. Certainly, 216 00:12:18,200 --> 00:12:20,480 Speaker 1: the fact that the Panthers are likely to sell pretty 217 00:12:20,559 --> 00:12:23,840 Speaker 1: much right around what the Nets without an arena sold for, 218 00:12:24,080 --> 00:12:26,760 Speaker 1: I think is a great indication of kind of where 219 00:12:26,840 --> 00:12:29,600 Speaker 1: as you settle where a lot of these economists, these billionaires, 220 00:12:29,600 --> 00:12:32,680 Speaker 1: these bankers kind of see the two leagues moving forward. 221 00:12:32,920 --> 00:12:35,280 Speaker 1: On Matt slam dunk. See what I did there? I did. 222 00:12:35,880 --> 00:12:40,160 Speaker 1: Unfortunately I haven't expressed it with an This is the 223 00:12:40,160 --> 00:12:43,400 Speaker 1: Bloomberg Business of Sports podcast. I'm Michael Barr, along with 224 00:12:43,400 --> 00:12:46,000 Speaker 1: Scott Snick and Evan nob Williams. We are here each 225 00:12:46,000 --> 00:12:48,200 Speaker 1: and every Monday and Friday exploring the world of money 226 00:12:48,200 --> 00:12:49,880 Speaker 1: in sports. Join us again at the end of the 227 00:12:49,880 --> 00:12:51,840 Speaker 1: week when we speak with the biggest and brightest in 228 00:12:51,880 --> 00:12:54,800 Speaker 1: sports business. You're listening to Bloomberg Business of Sports from 229 00:12:54,800 --> 00:12:58,000 Speaker 1: Bloomberg Radio around the world and online as an Apple 230 00:12:58,040 --> 00:13:01,600 Speaker 1: podcast on next four