1 00:00:02,560 --> 00:00:07,080 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:11,440 --> 00:00:13,840 Speaker 2: All Right, so we've taken this show many places, but 3 00:00:13,880 --> 00:00:16,720 Speaker 2: this is our first time in Dallas at the Star. 4 00:00:17,200 --> 00:00:19,840 Speaker 2: This is the brainchild of the Jones family, and we're 5 00:00:19,880 --> 00:00:21,480 Speaker 2: talking to the man himself, Jerry Jones. 6 00:00:21,880 --> 00:00:24,120 Speaker 3: Jerry my North Star is an owner and what he's 7 00:00:24,120 --> 00:00:25,960 Speaker 3: done with this franchise, taking it where he bought it 8 00:00:26,000 --> 00:00:28,440 Speaker 3: from to where it is today, pretty incredible. 9 00:00:28,600 --> 00:00:30,920 Speaker 2: No one's done it better. Literally, no one has built 10 00:00:30,960 --> 00:00:34,560 Speaker 2: a more valuable sports franchise on the planet. Thirteen million 11 00:00:34,600 --> 00:00:37,880 Speaker 2: dollars is the estimated value of the Dallas Cowboys. Lots 12 00:00:37,920 --> 00:00:39,880 Speaker 2: of lessons that we're going to learn from Jerry Jones. 13 00:00:39,960 --> 00:00:40,560 Speaker 4: I can't wait. 14 00:00:40,640 --> 00:00:54,840 Speaker 2: Let's do it. Jerry Jones, thank you so much for 15 00:00:54,840 --> 00:00:56,240 Speaker 2: having us here in Texas. 16 00:00:56,360 --> 00:00:59,600 Speaker 4: Well. First of all, I'm proud you are here. We're 17 00:00:59,600 --> 00:01:03,080 Speaker 4: overlook in the field and I'm kind of proud of 18 00:01:03,080 --> 00:01:06,600 Speaker 4: what's around the field as well with our Star. So 19 00:01:07,800 --> 00:01:10,360 Speaker 4: thanks for coming to the Star. Great to be with 20 00:01:10,440 --> 00:01:13,600 Speaker 4: both of you. And Alex. I'm so proud to say 21 00:01:13,640 --> 00:01:15,840 Speaker 4: my neighbor black paring dollars. 22 00:01:15,920 --> 00:01:18,000 Speaker 2: Right, So Alex, I'm gonna let you kick it off. 23 00:01:18,240 --> 00:01:21,520 Speaker 3: Yeah, so you know Jace when I first decided that 24 00:01:21,560 --> 00:01:23,160 Speaker 3: I wanted to own a team. This is something I've 25 00:01:23,200 --> 00:01:26,160 Speaker 3: been dreaming about forever and ever since I was a teenager. 26 00:01:26,680 --> 00:01:28,600 Speaker 3: But of course I come for very humble beginnings. But 27 00:01:28,959 --> 00:01:31,759 Speaker 3: I said, there's one owner I must talk to, and 28 00:01:31,840 --> 00:01:35,280 Speaker 3: that's mister Jerry Jones. And I made a call to Charlotte. 29 00:01:35,440 --> 00:01:37,280 Speaker 3: There was around COVID time. We were taking a run 30 00:01:37,480 --> 00:01:40,360 Speaker 3: at the mest Jerry's daughter, Charlotte Jones. I said, boy, 31 00:01:40,440 --> 00:01:42,320 Speaker 3: but tell you maybe in a couple of weeks, she'll 32 00:01:42,400 --> 00:01:44,920 Speaker 3: get mister Jones on because he is very busy, and 33 00:01:45,040 --> 00:01:47,600 Speaker 3: Charlotte hits me up right back, he Jerry would love 34 00:01:47,640 --> 00:01:49,440 Speaker 3: to talk to you. How's Wednesday? At two o'clock, I 35 00:01:49,440 --> 00:01:51,760 Speaker 3: said done, And I thought it was going to be 36 00:01:51,760 --> 00:01:55,040 Speaker 3: fifteen minutes. And boy, I'll tell you what. Ninety minutes later, 37 00:01:55,640 --> 00:01:58,560 Speaker 3: I have like pages and pages of notes and he 38 00:01:58,600 --> 00:02:00,960 Speaker 3: gave me. You gave me the most credible advice that 39 00:02:01,040 --> 00:02:03,720 Speaker 3: I'll never forget, and for that I'm very grateful. So 40 00:02:04,400 --> 00:02:06,680 Speaker 3: that call really meant it out to me. And a 41 00:02:06,720 --> 00:02:08,679 Speaker 3: lot of what you told me, along with what I 42 00:02:08,760 --> 00:02:11,440 Speaker 3: learned from George Steinners and others that I respect and admire. 43 00:02:11,720 --> 00:02:13,440 Speaker 3: I think about that as an owner today of the 44 00:02:13,480 --> 00:02:16,280 Speaker 3: Minnesota timpwlls and the Minnesota Lynx. So thank you for that. 45 00:02:16,560 --> 00:02:22,480 Speaker 4: Well, congratulations and you know, the minute that you told 46 00:02:22,520 --> 00:02:25,600 Speaker 4: me you were going to get involved at the ownership level, 47 00:02:25,639 --> 00:02:28,760 Speaker 4: it just made all the sense in the world. The 48 00:02:28,800 --> 00:02:31,559 Speaker 4: fact that you had always wanted to be an ownership 49 00:02:31,800 --> 00:02:35,119 Speaker 4: says it all as well, because in my mind, there 50 00:02:35,400 --> 00:02:40,720 Speaker 4: is a connection. It's a passion. You can call it competitiveness, 51 00:02:41,800 --> 00:02:45,880 Speaker 4: but it's accomplishing things that are hard to do. But 52 00:02:45,960 --> 00:02:49,520 Speaker 4: you know a rod you mentioned, George Steinbruner and my 53 00:02:49,639 --> 00:02:52,880 Speaker 4: early days with the Cowboys, I'd get a nice note 54 00:02:53,120 --> 00:02:55,880 Speaker 4: and I always look forward to it and it would 55 00:02:55,880 --> 00:02:58,840 Speaker 4: be from him, and he would give me I call 56 00:02:58,919 --> 00:03:01,560 Speaker 4: him my sweet Nothing. I put him in a file 57 00:03:01,680 --> 00:03:04,600 Speaker 4: that I had that for. But it were daily encouragements 58 00:03:05,240 --> 00:03:08,760 Speaker 4: because there was a lot of criticism because of the 59 00:03:08,760 --> 00:03:12,240 Speaker 4: way that we bought the Cowboys, changed the coaches out, 60 00:03:12,760 --> 00:03:16,000 Speaker 4: and frankly did a lot of changes. Well of all 61 00:03:16,040 --> 00:03:18,720 Speaker 4: the people in the world. To be getting those nice 62 00:03:18,919 --> 00:03:23,760 Speaker 4: encouraging notes that boys stick in there of keep it going, 63 00:03:24,120 --> 00:03:28,280 Speaker 4: I've got a legacy there and we George Steinbrunner, the 64 00:03:28,360 --> 00:03:32,359 Speaker 4: family and my family set up a company called Legends, 65 00:03:33,320 --> 00:03:36,320 Speaker 4: and that was, of course many years later, and I 66 00:03:36,400 --> 00:03:39,280 Speaker 4: got to meet with him several times as we were 67 00:03:39,320 --> 00:03:44,800 Speaker 4: talking about Legends, and Legends serves many many sports, and 68 00:03:44,880 --> 00:03:49,800 Speaker 4: it serves facilities in the process of really fan engagement. 69 00:03:50,160 --> 00:03:53,880 Speaker 4: I'll never forget though. George Steinbrunner told the group when 70 00:03:53,880 --> 00:03:56,960 Speaker 4: we met. He said, I don't need anything written down. 71 00:03:57,800 --> 00:04:00,360 Speaker 4: You don't spend any money or time on gone tracked 72 00:04:00,400 --> 00:04:02,880 Speaker 4: over there, he and I'll shake hands and we'll have 73 00:04:02,960 --> 00:04:05,200 Speaker 4: all we need to make this business work. 74 00:04:05,760 --> 00:04:09,640 Speaker 2: So, Jerry, you know you mentioned you getting into ownership, 75 00:04:09,720 --> 00:04:12,600 Speaker 2: and a lot that led to that. You know, when 76 00:04:12,640 --> 00:04:16,280 Speaker 2: Alex calls you and says he's gonna, you know, buy 77 00:04:16,279 --> 00:04:19,000 Speaker 2: into the NBA, the WNBA, no one would doubt that 78 00:04:19,160 --> 00:04:21,839 Speaker 2: was a good deal. When you bought the Dallas Cowboys, 79 00:04:22,040 --> 00:04:24,960 Speaker 2: people thought you were insane. The people thought it was 80 00:04:25,400 --> 00:04:28,919 Speaker 2: a bad business and that you were overpaying. What gave 81 00:04:29,000 --> 00:04:31,279 Speaker 2: you the certitude that this was a good. 82 00:04:31,160 --> 00:04:38,960 Speaker 4: Deal, Well, it truly was passion, And just as passion 83 00:04:39,720 --> 00:04:43,760 Speaker 4: can help you in many aspects of life. I really 84 00:04:43,760 --> 00:04:48,120 Speaker 4: didn't see those obvious obstacles. I just didn't see them. 85 00:04:48,160 --> 00:04:51,640 Speaker 4: Now you say, well, can't you see losing a million 86 00:04:51,760 --> 00:04:56,440 Speaker 4: dollars a month? Or you're blind? How much were you 87 00:04:56,520 --> 00:04:59,680 Speaker 4: drinking when you bought them? When you bought the Cowboys? Well, 88 00:05:00,000 --> 00:05:03,080 Speaker 4: one is I looked for ways, and this is common. 89 00:05:04,000 --> 00:05:07,800 Speaker 4: I looked for ways that were maybe a little ambitious, 90 00:05:07,800 --> 00:05:10,200 Speaker 4: but I look for ways to solve every one of 91 00:05:10,240 --> 00:05:14,360 Speaker 4: those problems. And while there may have been long odds, 92 00:05:15,120 --> 00:05:18,039 Speaker 4: there may have been a little imagination in those ways. 93 00:05:18,760 --> 00:05:22,760 Speaker 4: I took those problems and I thought I had a 94 00:05:22,880 --> 00:05:26,640 Speaker 4: solution as to how to address them. That's what you 95 00:05:26,720 --> 00:05:28,880 Speaker 4: will do when you want to do it real bad. 96 00:05:29,400 --> 00:05:32,359 Speaker 4: And yes, the Cowboys it was daunting. But the point 97 00:05:32,520 --> 00:05:37,120 Speaker 4: is that it was always there, the interest in becoming 98 00:05:37,200 --> 00:05:41,599 Speaker 4: involved and becoming involved in a way that, let's say, 99 00:05:41,680 --> 00:05:45,239 Speaker 4: unlike a rod becoming in a way that didn't swing 100 00:05:45,360 --> 00:05:49,039 Speaker 4: the bat or didn't make the block, which I certainly 101 00:05:49,360 --> 00:05:53,560 Speaker 4: appreciated as a great fan, but becoming involved in a 102 00:05:53,640 --> 00:05:58,159 Speaker 4: way that would make it better. I found no sports 103 00:05:58,200 --> 00:06:02,080 Speaker 4: franchise anywhere in the world that was making any money. 104 00:06:02,240 --> 00:06:07,560 Speaker 4: You see, sports had been a great, great portrayer of 105 00:06:07,560 --> 00:06:12,600 Speaker 4: what sports is about. It's called publicity. Well, the difference 106 00:06:12,680 --> 00:06:16,839 Speaker 4: in publicity, in my point of view, than marketing is 107 00:06:16,880 --> 00:06:21,800 Speaker 4: that publicity has great audiences. It has great if you 108 00:06:21,880 --> 00:06:26,440 Speaker 4: will interest and can create interest. Marketing is when you 109 00:06:26,560 --> 00:06:31,040 Speaker 4: take that publicity and you bring it home and set 110 00:06:31,120 --> 00:06:35,160 Speaker 4: up a plan to monetize some of it and go 111 00:06:35,200 --> 00:06:38,160 Speaker 4: out and get that and have enough coming back in 112 00:06:38,320 --> 00:06:42,680 Speaker 4: to go again. That's called a business model. Well, sports 113 00:06:42,800 --> 00:06:47,480 Speaker 4: had not only the great passion and the natural instincts 114 00:06:47,520 --> 00:06:51,159 Speaker 4: of competing in everybody and the appreciation of people that do, 115 00:06:51,839 --> 00:06:58,760 Speaker 4: but sports had this massive, massive publicity and massive of understanding. 116 00:07:00,240 --> 00:07:04,400 Speaker 4: It had no business model to make it called marketing 117 00:07:04,480 --> 00:07:07,080 Speaker 4: where you could bring back a little and go again. 118 00:07:07,839 --> 00:07:11,880 Speaker 4: That was totally necessary for me because I couldn't go again. Now, 119 00:07:11,920 --> 00:07:15,560 Speaker 4: what happened with me was candidly is that the amount 120 00:07:15,560 --> 00:07:19,679 Speaker 4: of money I had wasn't what was needed. But because 121 00:07:19,720 --> 00:07:25,040 Speaker 4: the NFL and the Cowboys were really slow, we were 122 00:07:25,040 --> 00:07:28,920 Speaker 4: really down and out financially. Frankly, because of that, in 123 00:07:29,040 --> 00:07:32,520 Speaker 4: the NFL knew they had a problem. The bankers didn't 124 00:07:32,520 --> 00:07:35,920 Speaker 4: worry about me because they didn't loan anything on the Cowboys. 125 00:07:36,360 --> 00:07:39,560 Speaker 4: The bankers loaned it on a receivable that I had, 126 00:07:40,400 --> 00:07:43,760 Speaker 4: and so the approval of me getting through the door 127 00:07:44,360 --> 00:07:47,240 Speaker 4: and still not having any money left to go buy 128 00:07:47,280 --> 00:07:50,120 Speaker 4: the General Partners that I had agreed under contract to 129 00:07:50,160 --> 00:07:52,080 Speaker 4: go buy out, but I didn't have the money to 130 00:07:52,120 --> 00:07:52,600 Speaker 4: go do that. 131 00:07:53,320 --> 00:07:56,400 Speaker 3: Along those lines, So go back to nineteen eighty nine, 132 00:07:56,680 --> 00:07:59,720 Speaker 3: you losing a million dollars per month. Now I heard 133 00:07:59,720 --> 00:08:01,760 Speaker 3: you say that you may have wanted to buy a 134 00:08:01,760 --> 00:08:04,880 Speaker 3: business that was cash flowin to offset some of those losses. 135 00:08:05,320 --> 00:08:08,000 Speaker 3: As you think about filling those holes? Was that stressful 136 00:08:08,120 --> 00:08:09,960 Speaker 3: and what was your strategy walk us through that? 137 00:08:10,160 --> 00:08:14,000 Speaker 4: On a personal basis, I had such pride and such 138 00:08:14,000 --> 00:08:17,880 Speaker 4: an experience in sport when I was in college and 139 00:08:18,000 --> 00:08:21,880 Speaker 4: my senior year at Arkansas we won the national championship. Well, 140 00:08:21,920 --> 00:08:26,280 Speaker 4: I had been schooled in selling insurance. I couldn aw 141 00:08:26,320 --> 00:08:29,440 Speaker 4: that leg off the chair selling. But what I hadn't 142 00:08:29,480 --> 00:08:33,960 Speaker 4: done was been really schooled and financial. And so I thought, 143 00:08:34,080 --> 00:08:37,440 Speaker 4: because I could tell a good story and could borrow 144 00:08:37,520 --> 00:08:39,839 Speaker 4: all that money, that that was the way to go. 145 00:08:40,640 --> 00:08:43,160 Speaker 4: And so my first year or two out of college 146 00:08:43,240 --> 00:08:47,160 Speaker 4: I borrowed more money than you could even count. And 147 00:08:47,280 --> 00:08:50,479 Speaker 4: my first year out of school, I think my commissions 148 00:08:50,520 --> 00:08:53,880 Speaker 4: were thirty thousand dollars. My interest was one hundred and 149 00:08:53,880 --> 00:08:56,720 Speaker 4: fifty thousand. To give you an idea how over my 150 00:08:56,920 --> 00:09:01,160 Speaker 4: skis I had gotten. It took me years. It took 151 00:09:01,240 --> 00:09:04,960 Speaker 4: my Jeane, my wife, getting her purse taken out of 152 00:09:05,000 --> 00:09:09,480 Speaker 4: her hands, and cards credit cards cut into. It took 153 00:09:09,520 --> 00:09:14,120 Speaker 4: the bill players coming. So I had really gotten a 154 00:09:14,240 --> 00:09:17,000 Speaker 4: lesson in how not to do it. As far as 155 00:09:17,080 --> 00:09:20,679 Speaker 4: buying something, well, I managed to come through that and 156 00:09:20,720 --> 00:09:24,040 Speaker 4: it was the greatest education that I'd ever had. Well 157 00:09:24,160 --> 00:09:28,520 Speaker 4: then I was very fortunate and got some real finances 158 00:09:29,040 --> 00:09:32,360 Speaker 4: with the oil and gas business, after all that butt 159 00:09:32,440 --> 00:09:35,079 Speaker 4: kicking that I got for getting out over my skis, 160 00:09:35,840 --> 00:09:39,480 Speaker 4: After all of that, To show you how passionate or 161 00:09:39,520 --> 00:09:44,040 Speaker 4: crazy I was. After going through that of thinking that 162 00:09:44,559 --> 00:09:48,520 Speaker 4: the old financial death had been at ray, I turned 163 00:09:48,559 --> 00:09:51,120 Speaker 4: around and bought the Dallas Cowboys. That shows you how 164 00:09:51,200 --> 00:09:55,160 Speaker 4: much passion was involved. But I remember when we talked Alex, 165 00:09:55,240 --> 00:09:59,640 Speaker 4: I said, listen, I said, nothing, Nothing can stand in 166 00:09:59,679 --> 00:10:01,480 Speaker 4: the way of passion. 167 00:10:02,200 --> 00:10:05,400 Speaker 2: So I think Alex would probably validate this that when 168 00:10:05,400 --> 00:10:08,000 Speaker 2: he goes to buy a team, part of the advice 169 00:10:08,040 --> 00:10:11,960 Speaker 2: that he gets is sit, don't make any big moves, 170 00:10:12,200 --> 00:10:14,880 Speaker 2: no sudden moves, don't get rid of a bunch of 171 00:10:14,880 --> 00:10:18,720 Speaker 2: people right away. You didn't follow that advice that basically 172 00:10:18,800 --> 00:10:20,880 Speaker 2: the minute you come in you get rid of this 173 00:10:20,960 --> 00:10:24,760 Speaker 2: legendary coach. You fired everybody from the guy in the 174 00:10:25,000 --> 00:10:29,520 Speaker 2: announcing the public announcements to the head of publicity and 175 00:10:29,640 --> 00:10:33,080 Speaker 2: the general manager. Why what did you see that was 176 00:10:33,120 --> 00:10:35,720 Speaker 2: so wrong with them that you felt like you immediately 177 00:10:35,720 --> 00:10:36,240 Speaker 2: had to act. 178 00:10:36,559 --> 00:10:42,760 Speaker 4: You have to assume when you buy something that who 179 00:10:43,040 --> 00:10:46,720 Speaker 4: you buy it from knows what it's worth, like it is, 180 00:10:47,720 --> 00:10:51,920 Speaker 4: give them credit or certainly their creditors might know. They 181 00:10:52,120 --> 00:10:56,120 Speaker 4: know what the business is. So a big mistake is 182 00:10:56,200 --> 00:11:00,240 Speaker 4: not to automatically build in know that you if you've 183 00:11:00,240 --> 00:11:03,160 Speaker 4: got to change the scenery, if you pay what you're 184 00:11:03,200 --> 00:11:07,200 Speaker 4: going to pay, assume they're getting top dollar and have 185 00:11:07,360 --> 00:11:10,040 Speaker 4: taken it when they got your money. So you have 186 00:11:10,200 --> 00:11:14,520 Speaker 4: to really go in thinking change. When it was as 187 00:11:14,600 --> 00:11:18,480 Speaker 4: dramatically out of culture as the cowboys were, I had 188 00:11:18,520 --> 00:11:21,199 Speaker 4: to have radical change, and I had to do it yesterday. 189 00:11:21,360 --> 00:11:24,680 Speaker 4: So there was an urgency. You didn't have time to 190 00:11:24,800 --> 00:11:28,360 Speaker 4: have a good time, so to speak. That plus again 191 00:11:28,559 --> 00:11:33,000 Speaker 4: the fact that I can't emphasize enough. I felt like 192 00:11:33,080 --> 00:11:37,439 Speaker 4: herschel Walker running through the line it was just bouncing 193 00:11:37,480 --> 00:11:40,520 Speaker 4: off of me. There were all kinds of hurdles that 194 00:11:40,600 --> 00:11:44,880 Speaker 4: were popping and of course where was the bad day. Well, 195 00:11:44,920 --> 00:11:47,320 Speaker 4: I couldn't have a bad day because I was getting 196 00:11:47,320 --> 00:11:49,680 Speaker 4: to do something that I'd wanted to do all my life, 197 00:11:50,280 --> 00:11:51,959 Speaker 4: and that ruled the day. 198 00:11:52,120 --> 00:11:55,280 Speaker 2: So one of the other most seminal deals that you 199 00:11:55,400 --> 00:11:59,440 Speaker 2: make is you mentioned herschel Walker got rid of them, 200 00:11:59,480 --> 00:12:04,079 Speaker 2: you traded it. It turns out to be arguably one 201 00:12:04,080 --> 00:12:07,760 Speaker 2: of the most brilliant trades in the history of football. 202 00:12:08,520 --> 00:12:11,600 Speaker 2: Did not seem that way at the time talk us 203 00:12:11,600 --> 00:12:12,400 Speaker 2: through that decision. 204 00:12:12,720 --> 00:12:19,800 Speaker 4: If you look at making change, and certainly herschel Walker 205 00:12:19,920 --> 00:12:22,280 Speaker 4: was a change, the best player that we had, and 206 00:12:22,320 --> 00:12:26,440 Speaker 4: it was well known. In this particular case, you were 207 00:12:26,480 --> 00:12:29,880 Speaker 4: kind of new on the block, so you automatically didn't 208 00:12:29,880 --> 00:12:35,600 Speaker 4: know what you were doing. Always, when it's an accomplished name, 209 00:12:36,920 --> 00:12:41,360 Speaker 4: whether it's sport or otherwise, Always when you get a divorce, 210 00:12:41,440 --> 00:12:44,440 Speaker 4: there it's going to look bad for the one that 211 00:12:44,600 --> 00:12:48,400 Speaker 4: made the decision. Always, there's no question. If you can't 212 00:12:48,400 --> 00:12:50,839 Speaker 4: handle that, then don't make the tray, or if you 213 00:12:50,880 --> 00:12:55,719 Speaker 4: can't anticipate that, don't make the tray that's alive. And well, 214 00:12:55,800 --> 00:12:58,960 Speaker 4: but what it caused you to do is not just 215 00:12:59,160 --> 00:13:03,920 Speaker 4: the tangible bull consideration you got, which at that time 216 00:13:04,000 --> 00:13:08,559 Speaker 4: were draft picks. You didn't have a cap at that time, 217 00:13:09,080 --> 00:13:12,000 Speaker 4: but you had those draft picks, and that was the tangible. 218 00:13:12,240 --> 00:13:16,000 Speaker 4: What those trades did, what those picks did was allow 219 00:13:16,200 --> 00:13:19,040 Speaker 4: us to use them not only for using them in 220 00:13:19,080 --> 00:13:22,760 Speaker 4: the draft, but we used them to trade trade. And 221 00:13:22,800 --> 00:13:25,880 Speaker 4: we did it with I'm not going to say randomness, 222 00:13:26,480 --> 00:13:29,600 Speaker 4: but we did it with reckless abandon if you want to. 223 00:13:29,920 --> 00:13:33,800 Speaker 4: It caused you to be more of a player because 224 00:13:33,840 --> 00:13:36,000 Speaker 4: it was like going to Las Vegas with money in 225 00:13:36,040 --> 00:13:38,760 Speaker 4: your pocket. And I don't think there's any question that 226 00:13:38,840 --> 00:13:42,280 Speaker 4: are willing to take risk in those early days after 227 00:13:42,320 --> 00:13:46,680 Speaker 4: having acquired the Cowboys, that we built players built our roster. 228 00:13:47,160 --> 00:13:50,640 Speaker 4: I think the ability to cut and shoot was a 229 00:13:50,640 --> 00:13:51,160 Speaker 4: big deal. 230 00:13:51,440 --> 00:13:54,280 Speaker 3: I've heard you talk about ambiguity. I think about it 231 00:13:54,480 --> 00:13:57,360 Speaker 3: from the lend of sports, Jerry. There's some guys that 232 00:13:57,400 --> 00:14:00,439 Speaker 3: I've played with that are free agents and they don't 233 00:14:00,480 --> 00:14:03,000 Speaker 3: know when the next check's coming from or where's coming from. 234 00:14:03,400 --> 00:14:05,800 Speaker 3: And you create a three hundred hitter becomes a two 235 00:14:05,760 --> 00:14:08,200 Speaker 3: to fifteen hitter. A guy that hits thirty home runs 236 00:14:08,600 --> 00:14:11,160 Speaker 3: hits eighteen home runs because of the nerves. The same 237 00:14:11,240 --> 00:14:15,920 Speaker 3: is true in business, but you have this ability to 238 00:14:16,480 --> 00:14:18,760 Speaker 3: not knowing what's going to happen next to perform at 239 00:14:18,800 --> 00:14:21,200 Speaker 3: a high level. Do you believe that's true and where 240 00:14:21,200 --> 00:14:22,560 Speaker 3: does that come from if it's true? 241 00:14:22,600 --> 00:14:26,840 Speaker 4: Well, I know it's true in my situation, but I 242 00:14:26,880 --> 00:14:30,840 Speaker 4: think it's very true. And some of the greatest people 243 00:14:30,920 --> 00:14:34,200 Speaker 4: that have ever been involved in the professions or business, 244 00:14:35,080 --> 00:14:38,440 Speaker 4: they don't function as well if they don't know what's 245 00:14:38,480 --> 00:14:41,400 Speaker 4: going to happen at the end of the week, especially financially. 246 00:14:42,120 --> 00:14:44,600 Speaker 4: They need to know that so that they can get 247 00:14:44,640 --> 00:14:48,480 Speaker 4: on with their business of being as excellent as they are. 248 00:14:48,640 --> 00:14:52,840 Speaker 4: On the other hand, there are some people that the 249 00:14:53,000 --> 00:14:57,040 Speaker 4: ambiguity that's out there of not knowing what your check is, 250 00:14:57,640 --> 00:15:00,560 Speaker 4: they're better than if they knew what they check what's 251 00:15:00,600 --> 00:15:04,440 Speaker 4: gonna be. They're more clever, they're more cunning, they're more 252 00:15:04,840 --> 00:15:09,240 Speaker 4: They've just got more skill and are willing to exert it. 253 00:15:09,400 --> 00:15:15,160 Speaker 4: I call that tolerance for ambiguity. Tolerance for ambiguity. And 254 00:15:15,280 --> 00:15:20,240 Speaker 4: the classic, at least known story was the famous river 255 00:15:20,320 --> 00:15:26,120 Speaker 4: boat gambler Charming Mushtache sitting there. The next card up 256 00:15:26,960 --> 00:15:29,200 Speaker 4: is going to get him thrown off the boat or 257 00:15:29,240 --> 00:15:32,440 Speaker 4: he's gonna own the boat. Now, that's when he's the 258 00:15:32,480 --> 00:15:34,520 Speaker 4: best that he is in his life. And of course 259 00:15:34,560 --> 00:15:37,520 Speaker 4: he's gotten thrown off that boat before, and he's won 260 00:15:37,560 --> 00:15:41,720 Speaker 4: the boat a few times. The difference is, though, I'll 261 00:15:41,760 --> 00:15:44,640 Speaker 4: bet you not a one of those charming son of 262 00:15:44,640 --> 00:15:48,880 Speaker 4: the guns didn't know how to swim. Now you can 263 00:15:48,960 --> 00:15:51,440 Speaker 4: play that hand, but you better know how to swim 264 00:15:51,480 --> 00:15:53,520 Speaker 4: because you're gonna get thrown off the boat a little bit. 265 00:15:54,200 --> 00:15:57,560 Speaker 2: You've gotten thrown off the boat a little bit. I 266 00:15:59,360 --> 00:16:02,000 Speaker 2: was gonna say, you guys have been thrown off the 267 00:16:02,000 --> 00:16:18,040 Speaker 2: belts together. So I do want to, you know, move 268 00:16:18,080 --> 00:16:22,080 Speaker 2: ahead a little bit chronologically, because one of the ways 269 00:16:22,160 --> 00:16:25,520 Speaker 2: that you step out is with your deal making. You know, 270 00:16:25,560 --> 00:16:27,720 Speaker 2: you you come in, you're part of this club, a 271 00:16:27,720 --> 00:16:29,520 Speaker 2: club that a lot of people, especially now want to 272 00:16:29,560 --> 00:16:32,480 Speaker 2: be a part of, and NFL has its way of 273 00:16:32,520 --> 00:16:36,920 Speaker 2: doing business, and you at some point decide that you 274 00:16:37,000 --> 00:16:38,520 Speaker 2: might be able to do this a little bit better. 275 00:16:38,520 --> 00:16:42,320 Speaker 2: And I'm thinking specifically the Nike deal. You know, this 276 00:16:42,400 --> 00:16:45,560 Speaker 2: is a Nike athlete right here. Everybody remembers you and 277 00:16:45,600 --> 00:16:47,760 Speaker 2: Phil Knight walking out on that field. How does that 278 00:16:47,800 --> 00:16:50,040 Speaker 2: deal come about? How do you decide to do that? 279 00:16:50,760 --> 00:16:56,200 Speaker 2: Knowing that the NFL they've got Rebok, they're good, you 280 00:16:56,280 --> 00:16:57,440 Speaker 2: decide you can do something better. 281 00:16:57,640 --> 00:17:01,240 Speaker 4: I had known a great coach named Made Sudden, and 282 00:17:01,280 --> 00:17:04,000 Speaker 4: he had told me about Phil Knight as a young 283 00:17:04,080 --> 00:17:07,840 Speaker 4: man bringing his things to where he was coaching in 284 00:17:07,880 --> 00:17:11,359 Speaker 4: college and selling it out of the trunk that Phil 285 00:17:11,440 --> 00:17:14,360 Speaker 4: Knight had had that path to where he was. But 286 00:17:14,400 --> 00:17:18,520 Speaker 4: the thing that was obvious to me was that he 287 00:17:18,640 --> 00:17:26,000 Speaker 4: took a shoe, or he took performance or perspective performance 288 00:17:26,040 --> 00:17:28,880 Speaker 4: mentally in a shoe, and he did such a good 289 00:17:29,000 --> 00:17:31,560 Speaker 4: job of telling the story with it that he made 290 00:17:31,640 --> 00:17:33,600 Speaker 4: me think if I could put the shoe on, I 291 00:17:33,640 --> 00:17:38,280 Speaker 4: could run fast. And that so hit home with me 292 00:17:38,840 --> 00:17:43,919 Speaker 4: relative to what sports is about, but really can be accentuated. 293 00:17:45,000 --> 00:17:50,840 Speaker 4: It truly is the story. When you see a rare player, 294 00:17:50,920 --> 00:17:57,320 Speaker 4: a rare athlete, there's so much more that's going on 295 00:17:57,440 --> 00:18:01,560 Speaker 4: there with that rare athlete and just the story of 296 00:18:01,600 --> 00:18:05,600 Speaker 4: what's making him where comparing him to the other players 297 00:18:05,680 --> 00:18:09,320 Speaker 4: or other competition. I call it one in one is three, 298 00:18:10,400 --> 00:18:13,800 Speaker 4: and I apply that to everything, whether it's a business decision. 299 00:18:14,280 --> 00:18:18,520 Speaker 4: One in one is three in sports, not two, but three, 300 00:18:19,160 --> 00:18:23,520 Speaker 4: And it's because that three is imagination. That three is 301 00:18:24,160 --> 00:18:28,560 Speaker 4: putting yourself in a way, having yourself hit the home run, 302 00:18:28,680 --> 00:18:32,280 Speaker 4: or having yourself there when you are watching or thinking 303 00:18:32,320 --> 00:18:37,800 Speaker 4: about it. That area right there isn't intangible because it 304 00:18:37,880 --> 00:18:41,000 Speaker 4: isn't intangible. That's where the biggest margins are in business, 305 00:18:41,960 --> 00:18:45,159 Speaker 4: not down here where everybody's doing it and the engineers 306 00:18:45,200 --> 00:18:47,080 Speaker 4: are working on it. They've got it whittled down to 307 00:18:47,080 --> 00:18:51,000 Speaker 4: the right there, This area right here, that imagineering, that 308 00:18:51,119 --> 00:18:55,760 Speaker 4: imagination part that makes one in one three is where 309 00:18:55,760 --> 00:18:58,479 Speaker 4: the margins are, and frankly, where the glory is. 310 00:18:58,840 --> 00:19:02,080 Speaker 3: I spend my twenty five of your career with Nike, 311 00:19:02,600 --> 00:19:05,520 Speaker 3: and Phil Knight was just the most amazing partner and 312 00:19:05,960 --> 00:19:09,040 Speaker 3: delighted me when you made that move. But my question 313 00:19:09,160 --> 00:19:11,960 Speaker 3: is when you come up with that idea at home, 314 00:19:12,040 --> 00:19:14,560 Speaker 3: you're thinking in the couch or wherever from the time 315 00:19:14,560 --> 00:19:16,960 Speaker 3: you call Phil Night, how long did it take and 316 00:19:17,040 --> 00:19:19,919 Speaker 3: how do those conversations go? Are you pitching your idea 317 00:19:20,000 --> 00:19:22,080 Speaker 3: of why there's a great marriage? How does that go? 318 00:19:22,119 --> 00:19:23,520 Speaker 3: If you can give us a little color. 319 00:19:23,440 --> 00:19:28,240 Speaker 4: I visited with him my wife Jane and son Jerry 320 00:19:29,040 --> 00:19:32,720 Speaker 4: went to their headquarters. I will never forget us visiting 321 00:19:32,720 --> 00:19:35,720 Speaker 4: with a couple of his folks about what this might 322 00:19:35,840 --> 00:19:39,960 Speaker 4: look like. And he came in and we had gotten 323 00:19:40,000 --> 00:19:43,040 Speaker 4: pretty far along and he looked over at me. I'll 324 00:19:43,040 --> 00:19:46,119 Speaker 4: never forget it, and he said, I have never paid 325 00:19:46,240 --> 00:19:51,880 Speaker 4: so much for nothing in my life. But he said, 326 00:19:52,160 --> 00:19:54,919 Speaker 4: he said, this thing is something about it. I like. 327 00:19:55,359 --> 00:19:58,560 Speaker 4: When we initially made our deal, he couldn't use Cowboys 328 00:19:58,640 --> 00:20:01,960 Speaker 4: or he couldn't use the Star. We just did the 329 00:20:02,040 --> 00:20:07,800 Speaker 4: deal with the stadium. Now, as Charlotte said, she niked 330 00:20:07,880 --> 00:20:10,320 Speaker 4: at the stadium, we made that stadium look like it 331 00:20:10,359 --> 00:20:13,480 Speaker 4: was nikeputers out there. But we didn't do it with 332 00:20:13,600 --> 00:20:17,480 Speaker 4: the team. We basically brought the team out in no 333 00:20:17,680 --> 00:20:22,800 Speaker 4: colors and no sponsor at all. But when we got 334 00:20:22,800 --> 00:20:25,160 Speaker 4: to New York, we were playing the Giants, and that's 335 00:20:25,200 --> 00:20:29,440 Speaker 4: when we made this announcement. And at that time, when 336 00:20:29,480 --> 00:20:31,960 Speaker 4: we walked out on the field, I had a suit on, 337 00:20:32,080 --> 00:20:35,520 Speaker 4: but I had the Nike tennis shoes on. And Phil 338 00:20:35,760 --> 00:20:38,639 Speaker 4: walked out with me and I had the Nike hat on. 339 00:20:39,400 --> 00:20:43,639 Speaker 4: And we had met earlier with our Michaels, and we 340 00:20:43,680 --> 00:20:46,040 Speaker 4: had met with Dan Deardorf, and we'd met in the 341 00:20:46,119 --> 00:20:49,919 Speaker 4: dressing room and I explained to them what this was about, 342 00:20:50,160 --> 00:20:53,639 Speaker 4: where the edge was regarding the NFL and where it 343 00:20:53,800 --> 00:20:58,119 Speaker 4: was regarding Nike and the Cowboys. That made it a 344 00:20:58,280 --> 00:21:02,159 Speaker 4: contentious thing. I'll never forget how Michael said, now we 345 00:21:02,240 --> 00:21:05,600 Speaker 4: may if we have a close game here, we might 346 00:21:05,680 --> 00:21:08,880 Speaker 4: not get much to this in the second half. Well, 347 00:21:08,880 --> 00:21:13,000 Speaker 4: we had quite a lead the Cowboys did going into halftime. 348 00:21:13,520 --> 00:21:18,440 Speaker 4: So they spent that entire half talking about this relationship 349 00:21:18,520 --> 00:21:22,800 Speaker 4: in the NFL and what might might occur. That next morning, 350 00:21:22,840 --> 00:21:26,200 Speaker 4: Phil called me and he said I have never had 351 00:21:26,440 --> 00:21:29,640 Speaker 4: such a bang for my buck and the light when 352 00:21:29,680 --> 00:21:32,040 Speaker 4: he called. And I'll tell you from that time on, 353 00:21:32,840 --> 00:21:35,480 Speaker 4: I could walk down the streets in New York, I 354 00:21:35,520 --> 00:21:39,720 Speaker 4: could be in Chicago and you'd have drivers and cars 355 00:21:39,760 --> 00:21:42,320 Speaker 4: and what av you just point to Niken say go 356 00:21:42,359 --> 00:21:47,080 Speaker 4: get them. So the controversy, the controversy, if you will, 357 00:21:48,640 --> 00:21:55,960 Speaker 4: the controversy created also a huge interest when otherwise it 358 00:21:56,080 --> 00:22:00,680 Speaker 4: might just been some commercial issue, but created a huge interest, 359 00:22:00,760 --> 00:22:07,240 Speaker 4: and of course the potential result relative to my relationship 360 00:22:07,320 --> 00:22:10,639 Speaker 4: with the NFL and that type thing that got a 361 00:22:10,680 --> 00:22:14,320 Speaker 4: little touchy there for a little while, But in general, 362 00:22:14,560 --> 00:22:20,320 Speaker 4: I can't say enough about Phil and his buying into 363 00:22:20,600 --> 00:22:26,000 Speaker 4: the idea of taking a team. Now. He obviously to 364 00:22:26,080 --> 00:22:29,480 Speaker 4: this day wants to be a part of Nike in 365 00:22:29,560 --> 00:22:32,680 Speaker 4: the NFL, and it's as it should be. But when 366 00:22:32,720 --> 00:22:37,639 Speaker 4: it's the thing to do, you can do both team league. 367 00:22:38,320 --> 00:22:41,760 Speaker 2: Take everything you say, and I believe it. And yet 368 00:22:43,080 --> 00:22:45,360 Speaker 2: Paul Tagliabu, the commissioner at the time, was like, what's 369 00:22:45,440 --> 00:22:48,200 Speaker 2: Jones doing down there? We've got this deal? What makes 370 00:22:48,240 --> 00:22:50,320 Speaker 2: him think that he can he can go and do this? 371 00:22:50,359 --> 00:22:51,680 Speaker 2: Did you have that in your mind? 372 00:22:51,800 --> 00:22:54,720 Speaker 4: Well? I had, and have all the respect in the 373 00:22:54,760 --> 00:22:58,800 Speaker 4: world for Paul Taglaboo, but I was operating on different gasoline. 374 00:22:58,960 --> 00:23:01,639 Speaker 4: I had the ultimately they had to come through me. 375 00:23:01,840 --> 00:23:04,240 Speaker 4: It was my fanny that was going to get put 376 00:23:04,240 --> 00:23:09,240 Speaker 4: out on the street if the Cowboys didn't make more 377 00:23:09,400 --> 00:23:13,840 Speaker 4: sense financially, and if something happened to the Cowboys, frankly, 378 00:23:15,040 --> 00:23:18,000 Speaker 4: it had a good chance of happening to others in 379 00:23:18,040 --> 00:23:21,439 Speaker 4: the NFL, other teams in the NFL, And so I 380 00:23:21,480 --> 00:23:26,119 Speaker 4: didn't see a solution to get in line, get in sync, 381 00:23:26,920 --> 00:23:29,960 Speaker 4: get right in with the other. At that time, twenty 382 00:23:30,200 --> 00:23:34,080 Speaker 4: nine teams thirty teams. I didn't see that answer either, 383 00:23:34,119 --> 00:23:37,200 Speaker 4: because I hadn't found that answer to do that, and 384 00:23:37,240 --> 00:23:40,440 Speaker 4: so candidly, it wasn't comfortable. I'm not going to say 385 00:23:40,440 --> 00:23:44,800 Speaker 4: it's comfortable, but it was inspirational to think that I 386 00:23:44,880 --> 00:23:48,719 Speaker 4: was doing something about the problem, and the way that 387 00:23:48,840 --> 00:23:53,280 Speaker 4: I was doing something about it, maybe for everybody, maybe not. 388 00:23:53,880 --> 00:23:56,639 Speaker 4: First I was interested in what it did for the Cowboys, 389 00:23:56,800 --> 00:23:58,760 Speaker 4: and I knew good and well some of the things 390 00:23:58,800 --> 00:24:02,440 Speaker 4: I was suggesting that I was getting criticized for. We're 391 00:24:02,440 --> 00:24:04,720 Speaker 4: in the best interest of the Cowboys, and I really 392 00:24:04,720 --> 00:24:07,040 Speaker 4: thought they were in the best interest of the NFL. 393 00:24:07,400 --> 00:24:10,160 Speaker 4: I think the clubs and the great markets they're in 394 00:24:10,240 --> 00:24:13,760 Speaker 4: around this country, they have all of the ability in 395 00:24:13,800 --> 00:24:17,240 Speaker 4: the world to promote their brands and to be imaginative 396 00:24:17,320 --> 00:24:22,199 Speaker 4: in terms of involving fans and products or services, and 397 00:24:22,240 --> 00:24:25,160 Speaker 4: I think they have the ability to get involved more 398 00:24:25,640 --> 00:24:28,399 Speaker 4: than you do at one central place. But on the 399 00:24:28,440 --> 00:24:31,560 Speaker 4: other hand, I thought the NFL as a whole had 400 00:24:31,640 --> 00:24:37,520 Speaker 4: a fabulous inventory of things to engage companies and services, 401 00:24:37,520 --> 00:24:40,400 Speaker 4: and they do very much. It's called Super Bowl, it's 402 00:24:40,400 --> 00:24:43,800 Speaker 4: called the game itself, and so Pitcher, if you will, 403 00:24:44,240 --> 00:24:47,800 Speaker 4: a circle that's got all of the clubs in it, 404 00:24:48,200 --> 00:24:50,720 Speaker 4: and then you have the NFL. Well, I could see 405 00:24:50,760 --> 00:24:54,840 Speaker 4: each club in their areas of marketing and making their 406 00:24:54,880 --> 00:24:57,720 Speaker 4: deal with Nike, and then I could see the NFL 407 00:24:57,840 --> 00:25:01,600 Speaker 4: having a deal if Nike, yes, but maybe with a competing, 408 00:25:02,280 --> 00:25:05,800 Speaker 4: competing entity. That fundamentally was what it was all about. 409 00:25:05,760 --> 00:25:08,280 Speaker 2: Right, because I mean essentially what happens, you know, for 410 00:25:08,280 --> 00:25:10,879 Speaker 2: those who aren't as familiar with it, is they sue you, 411 00:25:10,880 --> 00:25:15,320 Speaker 2: you counters. I mean contentious, it goes, it gets real contentious, 412 00:25:15,320 --> 00:25:19,160 Speaker 2: it gets litigious. Did you know that that was how 413 00:25:19,200 --> 00:25:21,480 Speaker 2: this was ultimately going to get settled? You knew there 414 00:25:21,520 --> 00:25:22,400 Speaker 2: would be a fight. 415 00:25:22,440 --> 00:25:28,000 Speaker 4: Well, first of all, frankly, and I had no other 416 00:25:28,080 --> 00:25:31,639 Speaker 4: way to think about it. The amount the league sued 417 00:25:31,680 --> 00:25:37,440 Speaker 4: me for immediately they owned the Cowboys and three hundred 418 00:25:37,520 --> 00:25:40,359 Speaker 4: million dollars at the time, and I told you that 419 00:25:40,440 --> 00:25:43,040 Speaker 4: I'd spend it all and didn't have the ultimate figure 420 00:25:43,240 --> 00:25:46,080 Speaker 4: was to buy the Cowboys. And so it was dramatic 421 00:25:46,240 --> 00:25:51,159 Speaker 4: for me and traumatic for me, but caused me to 422 00:25:52,840 --> 00:26:01,399 Speaker 4: certainly grow, if you will, buck up of sleep, but 423 00:26:01,520 --> 00:26:05,680 Speaker 4: sharpen up. And it was an experience that I think 424 00:26:06,680 --> 00:26:12,000 Speaker 4: we used as a platform again in years as years 425 00:26:12,000 --> 00:26:15,400 Speaker 4: have gone by, and really have benefited from that more 426 00:26:15,480 --> 00:26:21,960 Speaker 4: ways than just a shot of juice for the sponsorship area. 427 00:26:22,119 --> 00:26:24,440 Speaker 4: I didn't know that. Buying the Cowboys, by the way, 428 00:26:24,680 --> 00:26:29,240 Speaker 4: I didn't see that at all. I did see and say, look, 429 00:26:29,280 --> 00:26:31,359 Speaker 4: I'm going to have to find something or I'm going 430 00:26:31,400 --> 00:26:34,359 Speaker 4: to have a lost leader of millions of dollars for 431 00:26:34,400 --> 00:26:36,440 Speaker 4: the rest of my life. So I'm going to need 432 00:26:36,480 --> 00:26:40,520 Speaker 4: to go get something to associate the Cowboys with that 433 00:26:40,600 --> 00:26:43,560 Speaker 4: can help me tow the bill told the freight for 434 00:26:43,680 --> 00:26:44,800 Speaker 4: owning the Cowboys. 435 00:26:45,000 --> 00:26:47,000 Speaker 3: Jerry, we were sitting at a game, at a Cowboy 436 00:26:47,080 --> 00:26:50,560 Speaker 3: game maybe three four years ago, and you said to me, Alex, 437 00:26:50,920 --> 00:26:54,680 Speaker 3: I'm around seventy nine, maybe eighty, and I work harder 438 00:26:54,720 --> 00:26:57,040 Speaker 3: today than when I was thirty nine or forty nine. 439 00:26:57,280 --> 00:26:59,000 Speaker 3: Where do you get that work ethic from, because it's 440 00:26:59,000 --> 00:27:01,000 Speaker 3: remarkable going down one bed. 441 00:27:01,160 --> 00:27:04,640 Speaker 4: Well, first of all, we were talking earlier, and when 442 00:27:04,680 --> 00:27:07,439 Speaker 4: you bought the team, you were fifty. If you could 443 00:27:07,640 --> 00:27:12,920 Speaker 4: possibly from fifty to my age today, if you could 444 00:27:13,000 --> 00:27:16,000 Speaker 4: have ten percent of the fun that I've had over 445 00:27:16,040 --> 00:27:19,320 Speaker 4: the last thirty years, I think five ten, take five 446 00:27:19,359 --> 00:27:22,360 Speaker 4: of it. I promise you there's no way to measure 447 00:27:23,080 --> 00:27:27,359 Speaker 4: what life has been since touching Sport and touching the 448 00:27:27,440 --> 00:27:31,879 Speaker 4: Dallas Cowboys. But it's given me such an inspirational base 449 00:27:32,760 --> 00:27:36,240 Speaker 4: that has caused me to do things, and really things 450 00:27:36,280 --> 00:27:40,320 Speaker 4: that aren't necessarily directly associated at all with the Cowboys 451 00:27:40,840 --> 00:27:43,040 Speaker 4: and the moral of the story. The lesson is, if 452 00:27:43,080 --> 00:27:45,000 Speaker 4: you got a dream, or if you've got something that 453 00:27:45,040 --> 00:27:49,800 Speaker 4: you're passionate about, boy, give your passion a whole lot 454 00:27:50,000 --> 00:27:53,720 Speaker 4: of value in terms of putting your assets together to 455 00:27:53,760 --> 00:27:54,199 Speaker 4: go do it. 456 00:27:54,800 --> 00:27:57,080 Speaker 2: And so Jerry to that point. You know, for those 457 00:27:57,080 --> 00:27:59,520 Speaker 2: of us who've watched you more closely over the past 458 00:27:59,640 --> 00:28:02,359 Speaker 2: call it ten, fifteen, twenty years, certainly the last five 459 00:28:02,480 --> 00:28:06,160 Speaker 2: or ten, we see someone who is very comfortable with risk, 460 00:28:06,920 --> 00:28:10,560 Speaker 2: very comfortable with controversy. What becomes clear in watching your 461 00:28:10,560 --> 00:28:13,159 Speaker 2: whole history is this is a feature, not a bug. 462 00:28:13,760 --> 00:28:19,080 Speaker 2: This is who you are. What gives you such comfort 463 00:28:19,160 --> 00:28:23,240 Speaker 2: with risk because you seek it out, you run toward it. 464 00:28:23,240 --> 00:28:28,760 Speaker 4: It feels like, well, I think that the experience if 465 00:28:28,800 --> 00:28:32,439 Speaker 4: you've taken risk, then certainly you have failed. I think, 466 00:28:32,480 --> 00:28:35,560 Speaker 4: as much as anything, it's the ability to deal with 467 00:28:35,600 --> 00:28:39,959 Speaker 4: the failure. And I ask the question, okay, when you 468 00:28:40,000 --> 00:28:43,720 Speaker 4: get up a month from now and it's gone totally 469 00:28:43,760 --> 00:28:47,800 Speaker 4: the other way for you, look around at your relationships, 470 00:28:47,880 --> 00:28:51,320 Speaker 4: look around at what you're about in life. Now, can 471 00:28:51,400 --> 00:28:54,320 Speaker 4: you live with how that's going to feel? When it 472 00:28:54,360 --> 00:28:58,360 Speaker 4: didn't work, It's that test, It's that next day test, 473 00:28:58,440 --> 00:29:01,240 Speaker 4: that next week test. Can you go? If you can 474 00:29:01,320 --> 00:29:05,080 Speaker 4: do that? Then you go back over there and say, okay, 475 00:29:05,200 --> 00:29:08,560 Speaker 4: now what do I have to do and financially what 476 00:29:08,760 --> 00:29:11,880 Speaker 4: the work you have to do to put it together. 477 00:29:12,120 --> 00:29:14,200 Speaker 4: The one thing I've always been able to do is 478 00:29:14,280 --> 00:29:18,040 Speaker 4: bor more money than I should have, and I'm real 479 00:29:18,120 --> 00:29:22,120 Speaker 4: good at it, and it crippled me when I was 480 00:29:22,480 --> 00:29:27,000 Speaker 4: much younger, just getting out of college. So I've really 481 00:29:27,160 --> 00:29:31,120 Speaker 4: never seen something that I didn't think that I could 482 00:29:31,120 --> 00:29:36,320 Speaker 4: figure out a way to financially make it happen. Ever, 483 00:29:37,320 --> 00:29:41,560 Speaker 4: now what I also though, having these cobwebs back there, 484 00:29:42,200 --> 00:29:44,240 Speaker 4: and if you ever cut me open, that's what you've 485 00:29:44,240 --> 00:29:46,920 Speaker 4: got in there is all of those times when I 486 00:29:46,920 --> 00:29:50,440 Speaker 4: couldn't pay. When I first got involved with the Cowboys, 487 00:29:50,560 --> 00:29:54,160 Speaker 4: it was pretty and frankly very negative in this area, 488 00:29:54,800 --> 00:29:58,000 Speaker 4: and I had a reporter come up and we won 489 00:29:58,120 --> 00:30:02,280 Speaker 4: one football game first year, and the reporter asked me, said, 490 00:30:02,320 --> 00:30:04,800 Speaker 4: these have got to be the lowest days of your life. 491 00:30:05,280 --> 00:30:08,000 Speaker 4: I said, about fifteen years before I bought the Cowboys. 492 00:30:08,040 --> 00:30:12,000 Speaker 4: I came in love Field at that time, the airport 493 00:30:12,080 --> 00:30:14,480 Speaker 4: here in Dallas, and I went up to a little 494 00:30:14,520 --> 00:30:17,320 Speaker 4: stand that was a rental car stand, small by the 495 00:30:17,400 --> 00:30:20,959 Speaker 4: day standards, put my card out there and said, I 496 00:30:21,000 --> 00:30:23,160 Speaker 4: need to rent a car for my work down here. 497 00:30:23,760 --> 00:30:26,760 Speaker 4: They looked down a list, took my card right in 498 00:30:26,760 --> 00:30:28,920 Speaker 4: front of me and just cut it into They said, 499 00:30:28,960 --> 00:30:30,880 Speaker 4: young man, you need to know how to learn how 500 00:30:30,880 --> 00:30:34,120 Speaker 4: to pay your bills. You don't have any credit. That's 501 00:30:34,160 --> 00:30:36,920 Speaker 4: a hard day in Dallas, Texas. Not just winning one 502 00:30:36,960 --> 00:30:40,520 Speaker 4: football game all year low. Those are the hard days 503 00:30:40,600 --> 00:30:45,120 Speaker 4: right there. And so again not to overemphasize the point. 504 00:30:45,320 --> 00:30:50,600 Speaker 4: The thing we're talking about, the interest in extending the 505 00:30:50,720 --> 00:30:55,120 Speaker 4: interest in sport, and certainly the years I've been involved 506 00:30:55,160 --> 00:30:59,640 Speaker 4: when it didn't quite work financially. Now we're doing some 507 00:30:59,760 --> 00:31:03,880 Speaker 4: good lately about how to make it work financially, and 508 00:31:04,000 --> 00:31:06,560 Speaker 4: that we're seeing that is more there than we might 509 00:31:06,640 --> 00:31:09,400 Speaker 4: have thought were there. I didn't necessarily see that. I 510 00:31:09,440 --> 00:31:12,760 Speaker 4: really didn't. I found it out pretty quick that it 511 00:31:12,960 --> 00:31:18,520 Speaker 4: was there. So looking back seems like, well, you know, 512 00:31:18,680 --> 00:31:21,800 Speaker 4: that ought to have worked. That should have if you're 513 00:31:21,840 --> 00:31:24,600 Speaker 4: sitting out here and now social media and all of 514 00:31:24,640 --> 00:31:26,960 Speaker 4: the eyeballs there, you ought to be able to figure 515 00:31:26,960 --> 00:31:30,479 Speaker 4: out a way to attach that affinity to a product 516 00:31:30,600 --> 00:31:33,280 Speaker 4: or our service. You should be able to do that. Well, 517 00:31:33,400 --> 00:31:37,600 Speaker 4: we hadn't done that, And to me, that's there today, 518 00:31:37,720 --> 00:31:39,960 Speaker 4: and it's there more so than it's ever been. Well. 519 00:31:40,000 --> 00:31:43,200 Speaker 2: And one of the things that to your exact point, Jerry, 520 00:31:43,280 --> 00:31:46,719 Speaker 2: around the value of sports and the value of teams, 521 00:31:46,760 --> 00:31:50,520 Speaker 2: that has become very apparent. Private equity coming into sports 522 00:31:50,600 --> 00:31:53,680 Speaker 2: and specifically the National Football League has been a seminal 523 00:31:53,720 --> 00:31:57,040 Speaker 2: moment for the league. What do you make of private 524 00:31:57,040 --> 00:31:59,080 Speaker 2: equity so far in the league. 525 00:31:59,160 --> 00:32:04,280 Speaker 4: I think that first of all, let me clear this up. 526 00:32:04,320 --> 00:32:06,760 Speaker 4: I'm a main street guy, not a Wall Street guy. 527 00:32:07,040 --> 00:32:11,880 Speaker 4: I was raised with a family that was the heart 528 00:32:11,920 --> 00:32:16,600 Speaker 4: of the customer. The customer is right that approach to things. 529 00:32:16,760 --> 00:32:22,120 Speaker 4: The thing that is so important is to take your 530 00:32:22,240 --> 00:32:30,480 Speaker 4: critical associations, and that can be products, service companies, It 531 00:32:30,520 --> 00:32:35,480 Speaker 4: can possibly be those very investors. I'm going to call 532 00:32:35,520 --> 00:32:41,440 Speaker 4: them minority investors, although I don't accept a minority investor 533 00:32:42,320 --> 00:32:45,960 Speaker 4: I don't want to say that about an investor, anybody 534 00:32:46,000 --> 00:32:49,080 Speaker 4: that wants to put hundreds of thousands or a million 535 00:32:49,160 --> 00:32:52,280 Speaker 4: dollars in the team. Boy, I want them to be 536 00:32:52,640 --> 00:32:56,680 Speaker 4: just as entitled, frankly as I feel about it to 537 00:32:56,720 --> 00:32:59,480 Speaker 4: get that done. And I want to treat them that way. 538 00:33:00,560 --> 00:33:02,520 Speaker 4: And I want them to think that when they walk 539 00:33:02,560 --> 00:33:04,760 Speaker 4: out here, if they come out here, I want them 540 00:33:04,760 --> 00:33:06,880 Speaker 4: to think they're a part of this team, because they are. 541 00:33:07,480 --> 00:33:12,600 Speaker 4: They're critical. Name me, any business that when they have 542 00:33:12,880 --> 00:33:19,640 Speaker 4: great capital sources don't really have a lot of energy 543 00:33:19,680 --> 00:33:24,000 Speaker 4: and a lot of success. And so sports today is 544 00:33:24,160 --> 00:33:31,440 Speaker 4: getting real capital sources as other investments would and that 545 00:33:31,560 --> 00:33:36,280 Speaker 4: capital resources. A part of that is not some dividend 546 00:33:36,360 --> 00:33:40,800 Speaker 4: check are not some plaque on the wall. A part 547 00:33:40,840 --> 00:33:43,560 Speaker 4: of that is being involved in getting to be a 548 00:33:43,600 --> 00:33:47,520 Speaker 4: part of the team. I think that's critical. I've had 549 00:33:47,520 --> 00:33:51,960 Speaker 4: people involved in our team, the Cowboys, not a direct ownership, 550 00:33:52,200 --> 00:33:58,240 Speaker 4: but as a valued sponsor. And let's say a beer sponsor. Well, 551 00:33:58,240 --> 00:34:03,000 Speaker 4: that's Jerry Jones out at the floor of that warehouse 552 00:34:03,320 --> 00:34:06,080 Speaker 4: at six in the morning, and you'd think I was 553 00:34:06,120 --> 00:34:11,240 Speaker 4: talking to the football team at halftime. Instead, I'm talking 554 00:34:11,239 --> 00:34:14,880 Speaker 4: to the drivers and I'm talking to the drivers about 555 00:34:14,880 --> 00:34:17,480 Speaker 4: how when they go in at seven eleven, talk to 556 00:34:17,520 --> 00:34:20,200 Speaker 4: the manager about product placement and putting it to where 557 00:34:20,239 --> 00:34:23,720 Speaker 4: more people are buy the beer. I'm explaining that to them. 558 00:34:24,120 --> 00:34:29,160 Speaker 4: So consequently, I'm as interested in the Cowboys helping them 559 00:34:29,400 --> 00:34:33,040 Speaker 4: be what they want to be, as they are in 560 00:34:33,239 --> 00:34:37,480 Speaker 4: being interested in the Cowboys. So that's not exactly the 561 00:34:37,520 --> 00:34:41,040 Speaker 4: relationship that somebody might think if they were sitting there 562 00:34:41,080 --> 00:34:43,960 Speaker 4: as an investment in a fund or something like that. 563 00:34:44,440 --> 00:34:49,200 Speaker 4: There's more too being an owner in sports, and it 564 00:34:49,280 --> 00:34:51,960 Speaker 4: can be and it can be very rewarding. 565 00:34:52,080 --> 00:34:54,520 Speaker 3: You told me that in that phone call, and you said, Alex, 566 00:34:54,560 --> 00:34:55,680 Speaker 3: it has to be you. You got to be the 567 00:34:55,719 --> 00:34:58,440 Speaker 3: chief marketing officer, the chief revenue officer has got to 568 00:34:58,440 --> 00:35:01,640 Speaker 3: be you, not anyone you higher. They want to see you, 569 00:35:02,040 --> 00:35:04,319 Speaker 3: and you're going to open doors for that team, and 570 00:35:04,360 --> 00:35:05,880 Speaker 3: he's going to be you. And you said it like 571 00:35:05,920 --> 00:35:07,319 Speaker 3: three times, you said, don't forget that. 572 00:35:07,480 --> 00:35:10,719 Speaker 2: So Jerry, would you you know you have held under 573 00:35:10,760 --> 00:35:13,160 Speaker 2: this as your family business for all I have to 574 00:35:13,160 --> 00:35:15,680 Speaker 2: think you've got people knocking on your door, especially with 575 00:35:15,760 --> 00:35:18,160 Speaker 2: these newly approved private equity firms, they'd love to buy 576 00:35:18,160 --> 00:35:20,080 Speaker 2: a stake in the Cowboys. Would you consider that? 577 00:35:20,680 --> 00:35:24,640 Speaker 4: Well, I know that. I asked one person. His name 578 00:35:24,719 --> 00:35:29,040 Speaker 4: was Don Tyson of Tyson's Chicken. He's a great friend 579 00:35:29,040 --> 00:35:32,320 Speaker 4: of mine. He sat with me at two Super Bowls. 580 00:35:32,520 --> 00:35:35,360 Speaker 4: But when I bought the Cowboys and I lived in Arkansas, 581 00:35:35,400 --> 00:35:37,680 Speaker 4: I asked Don if he'd like to join me in 582 00:35:37,760 --> 00:35:41,319 Speaker 4: buying the Cowboys. And Don said, I'm going to buy 583 00:35:41,360 --> 00:35:44,200 Speaker 4: Holly Farms here in a few months and so, and 584 00:35:44,320 --> 00:35:47,440 Speaker 4: I'm not quite into the sport thing like you are. 585 00:35:48,200 --> 00:35:49,920 Speaker 4: So he said, I'm not going to do it. But 586 00:35:49,960 --> 00:35:53,319 Speaker 4: he said, Jerry, is it possible for you to do 587 00:35:53,360 --> 00:35:57,600 Speaker 4: it by yourself? And I said, well, yeah, but I'm 588 00:35:57,640 --> 00:36:00,239 Speaker 4: talking to you because it'd be a lot more I'm 589 00:36:00,320 --> 00:36:02,720 Speaker 4: a lot easier to have with you as a partner. 590 00:36:02,719 --> 00:36:06,880 Speaker 4: He said, if you can do this without a partner, okay, 591 00:36:07,200 --> 00:36:11,879 Speaker 4: you should do it. Because partners are expensive. That would 592 00:36:11,920 --> 00:36:16,919 Speaker 4: be from the eyes of let's say the majority owner. Well, 593 00:36:16,960 --> 00:36:21,200 Speaker 4: of course they're expensive. They're your partners. They own the 594 00:36:21,320 --> 00:36:24,759 Speaker 4: team like you own it, and they should be involved 595 00:36:24,800 --> 00:36:29,160 Speaker 4: and be included and be made to not some kind 596 00:36:29,160 --> 00:36:33,759 Speaker 4: of fictitious thing, but be made to be involved and 597 00:36:34,160 --> 00:36:38,400 Speaker 4: candidly I feel that way about our key sponsors as well. 598 00:36:38,880 --> 00:36:41,600 Speaker 4: To me, that's wearing it now. You and I both 599 00:36:41,680 --> 00:36:45,840 Speaker 4: know all owners don't get involved like George side Runter didn't. 600 00:36:46,600 --> 00:36:48,960 Speaker 4: All of them don't get involved like I get involved. 601 00:36:49,440 --> 00:36:54,279 Speaker 4: But candidly, if you want this thing to be what 602 00:36:54,440 --> 00:36:57,319 Speaker 4: it can be for you a rod, that is the 603 00:36:57,360 --> 00:37:00,799 Speaker 4: way to engage. And what you've ended up with is 604 00:37:01,280 --> 00:37:06,120 Speaker 4: almost a family of your own involved with the Cowboys. 605 00:37:06,280 --> 00:37:09,760 Speaker 4: In my particular case, I've gotten to spend this journey 606 00:37:09,920 --> 00:37:13,839 Speaker 4: directly with my family, and as it's turned out, they 607 00:37:13,920 --> 00:37:17,799 Speaker 4: have become not the ones we started the journey with, 608 00:37:18,520 --> 00:37:22,560 Speaker 4: and we have evolved. We've all evolved together. And I 609 00:37:22,640 --> 00:37:24,880 Speaker 4: get credit for most of the credit I get or 610 00:37:24,920 --> 00:37:28,440 Speaker 4: their ideas and their execution. But my whole point is 611 00:37:28,920 --> 00:37:32,360 Speaker 4: it is the journey, and it is the being involved. 612 00:37:32,400 --> 00:37:35,760 Speaker 4: And the good news is is that we can step 613 00:37:35,840 --> 00:37:39,319 Speaker 4: up there and win a championship. Have all of this, 614 00:37:39,920 --> 00:37:42,319 Speaker 4: all of this reminds me of the Godfather. Now I'm 615 00:37:42,320 --> 00:37:46,959 Speaker 4: going to provide the protection, the money and everything else. 616 00:37:47,040 --> 00:37:48,920 Speaker 4: Tell me why I deserve this good deed. 617 00:37:50,200 --> 00:37:52,080 Speaker 2: And so when you talk about your family, Jerry, what 618 00:37:52,160 --> 00:37:53,640 Speaker 2: I hear you saying and I want you to keep 619 00:37:53,719 --> 00:37:56,560 Speaker 2: us honest here is that this will be the family business. 620 00:37:56,640 --> 00:37:58,600 Speaker 2: You're not looking for partners at this point. Is that 621 00:37:58,640 --> 00:37:59,320 Speaker 2: a fair statement? 622 00:37:59,560 --> 00:38:02,000 Speaker 4: And I think the best way to make my point 623 00:38:02,920 --> 00:38:06,359 Speaker 4: is that I alluded to it earlier. I didn't make 624 00:38:06,400 --> 00:38:10,640 Speaker 4: an investment. I did not make an investment. I invested 625 00:38:10,680 --> 00:38:13,759 Speaker 4: in a job. And that's why from the very good 626 00:38:13,800 --> 00:38:15,520 Speaker 4: go I said I was going to be involved in 627 00:38:15,600 --> 00:38:20,680 Speaker 4: every way. My children buying through me back in those 628 00:38:20,760 --> 00:38:24,800 Speaker 4: years were not a part of an investment. We bought 629 00:38:24,840 --> 00:38:28,200 Speaker 4: the team, but what we got were jobs, and we 630 00:38:28,320 --> 00:38:30,600 Speaker 4: got a career and guess what we got a life. 631 00:38:31,640 --> 00:38:35,959 Speaker 4: And I can't tell you what the most rewarding thing, 632 00:38:36,040 --> 00:38:39,880 Speaker 4: of course, has been really working with them and having 633 00:38:39,960 --> 00:38:44,799 Speaker 4: them involved as well. So under those circumstances, because they've 634 00:38:44,840 --> 00:38:48,319 Speaker 4: spent a lifetime working with the Cowboys, I don't see 635 00:38:48,360 --> 00:38:53,000 Speaker 4: that changing. And of course there's no succession playing here 636 00:38:53,080 --> 00:38:55,360 Speaker 4: because they've been doing it anyway. 637 00:38:56,200 --> 00:38:58,919 Speaker 2: And so I would imagine, just to put a fine 638 00:38:58,920 --> 00:39:01,279 Speaker 2: point on it, well must knock on your door wanting 639 00:39:01,320 --> 00:39:03,360 Speaker 2: to invest in the Cowboys and you just say no, 640 00:39:03,480 --> 00:39:03,880 Speaker 2: thank you. 641 00:39:04,120 --> 00:39:09,080 Speaker 4: Well, I've had wonderful opportunities, frankly, yes to have partners 642 00:39:09,960 --> 00:39:14,560 Speaker 4: almost almost from the time I bought the club. As 643 00:39:14,640 --> 00:39:17,359 Speaker 4: a matter of fact, the next morning I got up, 644 00:39:17,480 --> 00:39:20,879 Speaker 4: after we had had our announcement that we were going 645 00:39:20,920 --> 00:39:24,600 Speaker 4: to buy the team and make the changes, I get 646 00:39:24,640 --> 00:39:27,759 Speaker 4: a call from BM Bright, who had sold me the tea, 647 00:39:28,600 --> 00:39:31,080 Speaker 4: and he said, I just got a call from probably 648 00:39:31,080 --> 00:39:35,800 Speaker 4: the most qualified people you could ever imagine, and said 649 00:39:36,520 --> 00:39:40,000 Speaker 4: they were there, They've seen where I was, had a 650 00:39:40,040 --> 00:39:43,879 Speaker 4: handshake or whatever we've got, and they said to tell 651 00:39:43,920 --> 00:39:47,400 Speaker 4: you that you can whatever's on the piece of paper 652 00:39:47,440 --> 00:39:50,520 Speaker 4: we signed, which wasn't much, they'll take it. Give you 653 00:39:50,600 --> 00:39:54,840 Speaker 4: ten million to go home to Arkansas. That morning, I said, 654 00:39:54,880 --> 00:39:59,720 Speaker 4: mister Bright, I said, tell them that's thanks for their offer. 655 00:39:59,800 --> 00:40:03,239 Speaker 4: But to know, I'm on this thing now and we're 656 00:40:03,280 --> 00:40:06,040 Speaker 4: going with it. But the bottom line is that the 657 00:40:06,200 --> 00:40:12,120 Speaker 4: time spent, the commitment, the being in Bob, it really 658 00:40:12,120 --> 00:40:16,200 Speaker 4: hadn't been work. I've been some worry now, been some 659 00:40:16,280 --> 00:40:24,360 Speaker 4: serious serious what else, principally early financial, very early financial. 660 00:40:24,560 --> 00:40:30,960 Speaker 4: I could really have envisioned a disaster, and frankly I 661 00:40:31,000 --> 00:40:33,600 Speaker 4: had gotten to a point to where I shouldn't have 662 00:40:33,760 --> 00:40:37,799 Speaker 4: risked that regarding my family, especially after what I'd been 663 00:40:37,840 --> 00:40:41,560 Speaker 4: through and knew better. But I did it because I 664 00:40:41,600 --> 00:40:44,320 Speaker 4: wanted to be in Bob. But I was very aware 665 00:40:44,840 --> 00:40:47,240 Speaker 4: it's like being operated on a little bit while you're 666 00:40:47,280 --> 00:40:50,520 Speaker 4: still awake. I was very aware of the whole time 667 00:40:50,640 --> 00:40:54,399 Speaker 4: of how an embarrassing thing it would be to have 668 00:40:54,440 --> 00:40:59,560 Speaker 4: to leave Dallas and leave the Cowboys here whatever's left 669 00:40:59,600 --> 00:41:00,279 Speaker 4: of right. 670 00:41:00,840 --> 00:41:03,399 Speaker 2: And so your succession plan is essentially you said there's 671 00:41:03,400 --> 00:41:05,760 Speaker 2: no succession plan, But the succession plan is your kids. 672 00:41:05,840 --> 00:41:09,160 Speaker 4: Yes, and it's in place. And the truth is they 673 00:41:09,239 --> 00:41:13,600 Speaker 4: could operate today if we decided we want to go someplace. 674 00:41:13,880 --> 00:41:17,919 Speaker 3: So, Jerry, I have two daughters and their north star 675 00:41:18,040 --> 00:41:23,120 Speaker 3: is Genie Buss, the Great Doctor Bus's daughter, and Charlotte, 676 00:41:23,400 --> 00:41:25,520 Speaker 3: and you know they want to be involved with sports 677 00:41:25,520 --> 00:41:29,560 Speaker 3: one day. So they watched they admire, just like I 678 00:41:29,600 --> 00:41:32,239 Speaker 3: have studied you over the years. They're studying Charlotte and 679 00:41:32,280 --> 00:41:35,000 Speaker 3: Jennie Buss. So I hope to have that one day. 680 00:41:35,280 --> 00:41:38,560 Speaker 4: I can't tell you how much I think that women 681 00:41:39,120 --> 00:41:45,239 Speaker 4: are such a part of the future of sport. We 682 00:41:45,320 --> 00:41:47,920 Speaker 4: know it in the NFL. We're so proud of our 683 00:41:48,000 --> 00:41:51,280 Speaker 4: percentage of women that are involved in sport. 684 00:41:51,840 --> 00:41:53,920 Speaker 2: We're going to get to our lightning round in a second. 685 00:41:53,960 --> 00:41:55,920 Speaker 2: But there's one thing that just sort of strikes me, 686 00:41:56,040 --> 00:41:58,200 Speaker 2: you know, sitting here with both of you, who are 687 00:41:58,920 --> 00:42:01,560 Speaker 2: larger than life character if I can say this about 688 00:42:01,560 --> 00:42:05,920 Speaker 2: my partner and characters who have had to deal with 689 00:42:05,960 --> 00:42:09,160 Speaker 2: a lot of stuff coming at you over the course 690 00:42:09,200 --> 00:42:11,320 Speaker 2: of your career, is from when you were a player 691 00:42:11,760 --> 00:42:15,240 Speaker 2: to now, from all through your ownership. What's your advice 692 00:42:15,440 --> 00:42:18,320 Speaker 2: for blocking out the noise? You get a lot of 693 00:42:18,360 --> 00:42:20,920 Speaker 2: criticism every day in the paper, every day on social media, 694 00:42:20,960 --> 00:42:24,560 Speaker 2: Stephen A. Smith, whoever it is, fussing at you or 695 00:42:24,600 --> 00:42:26,760 Speaker 2: fussing about you, what's your secret? 696 00:42:26,960 --> 00:42:33,240 Speaker 4: Well, first of all, sports gives you such a space 697 00:42:34,000 --> 00:42:36,879 Speaker 4: entering it. You know that you're going to have criticism. 698 00:42:37,320 --> 00:42:41,400 Speaker 4: You strike out, and you strike out at critical times sometimes. 699 00:42:42,280 --> 00:42:48,000 Speaker 4: And the very thing that we encourage is fans' interest 700 00:42:48,160 --> 00:42:51,759 Speaker 4: in that, and fans sitting there with opinions and their 701 00:42:51,800 --> 00:42:54,879 Speaker 4: opinions about whether or not we did it the way 702 00:42:54,920 --> 00:42:57,720 Speaker 4: they would have done it or what their expectation. That's 703 00:42:57,840 --> 00:43:00,960 Speaker 4: what it's based on, and it's so authentic and so 704 00:43:01,120 --> 00:43:06,200 Speaker 4: you live in that and certainly I don't guess I 705 00:43:06,280 --> 00:43:09,239 Speaker 4: should be proud of it, but I don't know of 706 00:43:09,320 --> 00:43:11,799 Speaker 4: many that have had more criticism than I've had over 707 00:43:11,800 --> 00:43:16,279 Speaker 4: the last thirty five forty years to be involved. But 708 00:43:16,840 --> 00:43:21,759 Speaker 4: I've never ever resented that in any way. As a 709 00:43:21,840 --> 00:43:26,759 Speaker 4: matter of fact, I want to address it and want 710 00:43:26,760 --> 00:43:28,879 Speaker 4: to be a part of it. Sometimes I think that 711 00:43:29,440 --> 00:43:31,879 Speaker 4: there may be something wrong here. I seem to do 712 00:43:31,960 --> 00:43:35,960 Speaker 4: better when they're criticizing me than when i'm not. But 713 00:43:36,040 --> 00:43:38,560 Speaker 4: sports allows you to do that, and it really does 714 00:43:38,680 --> 00:43:42,480 Speaker 4: allow you to show them, and it allows you to 715 00:43:42,880 --> 00:43:46,000 Speaker 4: have a certain place within yourself. You're part of a 716 00:43:46,080 --> 00:43:53,120 Speaker 4: team always, but within yourself it allows you to imagine 717 00:43:53,920 --> 00:43:56,400 Speaker 4: coming back and showing them we just made a trade 718 00:43:56,400 --> 00:43:57,440 Speaker 4: on Michael Parsons. 719 00:43:58,040 --> 00:44:00,720 Speaker 2: Really around here, Yes, we just made. 720 00:44:00,600 --> 00:44:04,800 Speaker 4: A trade with Michael Parsons. Well, of course I want 721 00:44:04,840 --> 00:44:08,960 Speaker 4: to show that we can be successful with the result 722 00:44:09,040 --> 00:44:12,239 Speaker 4: of what that brings to the dollars Cowboys. That's going 723 00:44:12,239 --> 00:44:17,239 Speaker 4: to bat. Can you imagine I'm still sitting here going 724 00:44:17,239 --> 00:44:21,640 Speaker 4: to bat. I remember last year after or we had 725 00:44:22,320 --> 00:44:26,640 Speaker 4: a loss that really had me down, and so I 726 00:44:26,760 --> 00:44:29,359 Speaker 4: know that you're supposed to make that list. It's ill 727 00:44:29,400 --> 00:44:32,800 Speaker 4: been Franklin list where on the left side you list 728 00:44:32,960 --> 00:44:35,640 Speaker 4: all of the things that you've got that are great, 729 00:44:36,440 --> 00:44:38,440 Speaker 4: and on the right side, you list all of the 730 00:44:38,440 --> 00:44:41,400 Speaker 4: negatives that are going on, which would certainly be the 731 00:44:41,520 --> 00:44:44,239 Speaker 4: order of the day in that circumstances. Well, I want 732 00:44:44,239 --> 00:44:46,440 Speaker 4: you to know that sometimes I have to list my 733 00:44:46,920 --> 00:44:48,759 Speaker 4: things that I do right, I have to list it 734 00:44:48,840 --> 00:44:51,680 Speaker 4: about five times in five different ways to make my 735 00:44:51,840 --> 00:44:54,520 Speaker 4: list longer, but always come out of there with a 736 00:44:54,560 --> 00:44:57,160 Speaker 4: positive list. Glad to be playing ball today. 737 00:44:57,280 --> 00:45:12,080 Speaker 2: That's right, all right, we're gonna do our rapid fire. 738 00:45:12,200 --> 00:45:14,640 Speaker 2: So it's ten questions. We'll bounce it back and forth. 739 00:45:14,960 --> 00:45:17,040 Speaker 2: The first thing that comes to your mind. What's one 740 00:45:17,120 --> 00:45:19,200 Speaker 2: word to describe your deal making style? 741 00:45:19,560 --> 00:45:20,239 Speaker 4: Optimistic? 742 00:45:20,960 --> 00:45:24,600 Speaker 3: What's more important to you? Your gut or data gut? 743 00:45:24,760 --> 00:45:26,520 Speaker 2: Who's your dream deal making partner? 744 00:45:26,960 --> 00:45:30,040 Speaker 4: Oh, I would put George Steinbrunner right there, not be 745 00:45:30,120 --> 00:45:31,080 Speaker 4: cause it's convenient. 746 00:45:31,320 --> 00:45:33,440 Speaker 3: What's your the best piece of advice you received on 747 00:45:33,520 --> 00:45:35,240 Speaker 3: deal making or running a business? 748 00:45:35,719 --> 00:45:43,040 Speaker 4: It's not right or wrong. It's handle and cut your 749 00:45:43,080 --> 00:45:46,439 Speaker 4: wrong short and let your rights run long. 750 00:45:47,360 --> 00:45:49,200 Speaker 2: What's the worst advice you've been given. 751 00:45:49,360 --> 00:45:54,200 Speaker 4: I'd say it's from bankers, either on one side anxious 752 00:45:54,239 --> 00:45:58,680 Speaker 4: to loan the money or on another side being a 753 00:45:58,719 --> 00:46:00,879 Speaker 4: little reluctant to buy in the My idea. 754 00:46:01,040 --> 00:46:02,920 Speaker 3: What's the deal you wish you had done? 755 00:46:03,160 --> 00:46:08,920 Speaker 4: You know, I thought the Minnesota Vikings when Red McCombs 756 00:46:08,960 --> 00:46:13,920 Speaker 4: bought them, I thought that was the equivalent of not 757 00:46:14,040 --> 00:46:18,080 Speaker 4: far back. But that was like buying a fifty thousand 758 00:46:18,080 --> 00:46:21,759 Speaker 4: dollars house on a five hundred thousand dollars block full 759 00:46:21,800 --> 00:46:24,840 Speaker 4: of houses. I thought, I is there any way to 760 00:46:25,120 --> 00:46:28,640 Speaker 4: involve that with a family or a friend. And of 761 00:46:28,640 --> 00:46:32,640 Speaker 4: course they've ended up with some great ownership, but that 762 00:46:32,840 --> 00:46:35,279 Speaker 4: was for me at that time, the best deal I'd 763 00:46:35,320 --> 00:46:37,080 Speaker 4: seen on the street, so to speak. 764 00:46:37,320 --> 00:46:40,480 Speaker 2: In sport, what's more stressful the fourth quarter of a 765 00:46:40,480 --> 00:46:42,880 Speaker 2: playoff game or the final round of a negotiation? 766 00:46:43,320 --> 00:46:46,320 Speaker 4: Oh? I think that playoff game is what it's all about. 767 00:46:46,360 --> 00:46:48,960 Speaker 4: I know a lot of people say Jerry's interested in 768 00:46:49,000 --> 00:46:53,440 Speaker 4: the interested in the values, and he's interested in the financial. 769 00:46:54,680 --> 00:46:58,000 Speaker 4: It was always about getting a chance to come in 770 00:46:58,040 --> 00:47:00,759 Speaker 4: here and do those things that let you get to 771 00:47:01,880 --> 00:47:07,040 Speaker 4: maybe have a chance for a world championship. And that's primary. 772 00:47:07,200 --> 00:47:09,480 Speaker 3: What's your hype song before you go into a big 773 00:47:09,520 --> 00:47:10,960 Speaker 3: meeting or a big negotiation. 774 00:47:15,160 --> 00:47:19,400 Speaker 4: I wanna be sweet here hard times? 775 00:47:20,000 --> 00:47:22,040 Speaker 2: There you go, there you go, you can only watch 776 00:47:22,080 --> 00:47:24,759 Speaker 2: one sport other than football for the rest of your life. 777 00:47:24,760 --> 00:47:25,239 Speaker 2: What is it? 778 00:47:25,520 --> 00:47:27,759 Speaker 4: Oh, baseball, it's my favorite. There you go. And that's 779 00:47:27,840 --> 00:47:31,880 Speaker 4: not because he's sitting it at all, all right. 780 00:47:31,920 --> 00:47:34,920 Speaker 3: So we usually ask what's one team you want to 781 00:47:34,960 --> 00:47:37,399 Speaker 3: win a Super Bowl championship? So I'm gonna avoid that. 782 00:47:37,960 --> 00:47:40,759 Speaker 3: My question is, what's the first thing you're gonna do 783 00:47:41,000 --> 00:47:43,160 Speaker 3: when you win your next championship? And I'm gonna add this, 784 00:47:43,280 --> 00:47:44,200 Speaker 3: and can I come along? 785 00:47:46,920 --> 00:47:52,760 Speaker 4: I'm gonna make a victory tour. And this day in time, 786 00:47:52,880 --> 00:47:56,520 Speaker 4: with social media and everything, it'll be quite a victory tour. 787 00:47:56,600 --> 00:47:58,640 Speaker 4: And let me say this, every time I make a 788 00:47:58,680 --> 00:48:03,480 Speaker 4: decision with the Cowboys, a little image pops up about 789 00:48:03,520 --> 00:48:05,480 Speaker 4: what you're going to do when you're holding the trophies 790 00:48:05,600 --> 00:48:07,080 Speaker 4: right there, and you will. 791 00:48:07,200 --> 00:48:09,719 Speaker 2: We look forward to seeing you holding that Sunday soon. 792 00:48:14,560 --> 00:48:18,719 Speaker 1: The Deal is a production from Bloomberg Podcasts and Bloomberg Originals. 793 00:48:19,320 --> 00:48:22,600 Speaker 1: The Deal is hosted by Alex Rodriguez and Jason Kelly. 794 00:48:23,120 --> 00:48:28,080 Speaker 1: This show was produced by Anamazarakis, Stacy Wong, Lizzie Phillip, 795 00:48:28,480 --> 00:48:32,719 Speaker 1: and Eden Martinez. Original music and engineering by Blake Maples 796 00:48:33,600 --> 00:48:37,560 Speaker 1: Manuel Lopez Kina was our sound operator. Our booker is 797 00:48:37,600 --> 00:48:42,440 Speaker 1: Paige Keffer. David E. Ravella is our managing editor. Our 798 00:48:42,440 --> 00:48:48,680 Speaker 1: executive producers are Jason Kelly, Amy Keen, Jordan Opplinger, Trey Shallowhorn, 799 00:48:49,160 --> 00:48:55,080 Speaker 1: Regina Delia, Kelly Laferrier, and Ashley Hoenig. Sage Bauman is 800 00:48:55,120 --> 00:48:59,720 Speaker 1: our head of podcasts special thanks to Rachel Carnivale, Elana 801 00:48:59,760 --> 00:49:03,759 Speaker 1: sas X Angels and Nick Silva. Joshua Devaux is our 802 00:49:03,760 --> 00:49:08,560 Speaker 1: director of photography. Rhubob Shakir is our creative director. Art 803 00:49:08,600 --> 00:49:13,319 Speaker 1: direction is from Jacqueline Kessler. Camera operation by Ryan Cavtero, 804 00:49:13,760 --> 00:49:18,280 Speaker 1: e j Enriquez and April Kirby. Our gaffer is Mike Spicer, 805 00:49:18,760 --> 00:49:22,719 Speaker 1: and our grip is Eric tresciak Tony Yay is our 806 00:49:22,760 --> 00:49:27,279 Speaker 1: production assistant. Alex Diacanis is our video editor, and Will 807 00:49:27,320 --> 00:49:30,719 Speaker 1: Connolly is our assistant editor. You can listen to the 808 00:49:30,760 --> 00:49:35,319 Speaker 1: Deal on Apple Podcasts, Spotify, or wherever you get your podcasts. 809 00:49:36,000 --> 00:49:38,520 Speaker 1: You can also tune into the video Companion on Bloomberg 810 00:49:38,560 --> 00:49:42,200 Speaker 1: Originals and on Bloomberg TV. Thanks for listening.