Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: All Right, we're here in Miami for a massive episode.
Speaker 3: Of The Deal. Josh Harris.
Speaker 4: I mean, when you think about team owners, he is
Speaker 4: the guy. He has a playbook for having multiple teams
Speaker 4: in multiple cities. Think about the Commanders, the Sixers. I'm
Speaker 4: going to be taking a.
Speaker 2: Lot of notes. What a time to be talking to him.
Speaker 2: He is just passed announcing a huge deal for a
Speaker 2: new stadium in Washington, d C.
Speaker 4: Three point eight billion dollars. I cannot wait to get
Speaker 4: into the details.
Speaker 2: Tons to talk about. Let's get after it. This is
Speaker 2: an interview we have had circled for a long time.
Speaker 2: Josh Harris. I could spend the entirety of the episode
Speaker 2: talking about all the different things that you do. Welcome
Speaker 2: to the deal.
Speaker 3: Great to be here, Thank you for having me.
Speaker 2: All Right, so sometimes it's better to be lucky than smart.
Speaker 2: We're talking to you days removed from really one of
Speaker 2: the biggest deals that's happened in sports in a long time,
Speaker 2: the announcement of a new stadium in Washington, d C.
Speaker 2: We've got a lot to talk about, but let's start there.
Speaker 2: What do you make of it? Like, how substantial. How
Speaker 2: seismic is this in your sports life?
Speaker 1: Well, it's seismic, I think for the city, for the DMV,
Speaker 1: for DC. DC's obviously incredibly important city and you know,
Speaker 1: I grew up there.
Speaker 3: I grew up in Chevy Chase, Maryland.
Speaker 1: And to be able to bring football back to RFK Stadium,
Speaker 1: the spiritual home of Washington football, of the Commanders, and
Speaker 1: you know, build a next generation, world class venue, and
Speaker 1: obviously venues are advancing, the technology is advancing, the fan
Speaker 1: experience is advancing, and then you know, it's not just
Speaker 1: a football venue. We're gonna put a dome on it.
Speaker 1: We're gonna make it about football, but we still put
Speaker 1: a dome on. It's very important the city that they
Speaker 1: be able to host massive events like the Super Bowl.
Speaker 1: Maybe we're now we gonna push Roger on that, but
Speaker 1: you know, you know whatever, Beyonce, you know, pick an
Speaker 1: event and d C obviously is a gateway city for
Speaker 1: the United States.
Speaker 3: So it'll make d C great and proud.
Speaker 1: And then not only that, it's two point ten billion
Speaker 1: doire stadium, but it's a three point eight billion dollar
Speaker 1: including all the stuff that's gonna happen with the infrastructure
Speaker 1: and everything. And then there's the stadium itself is about
Speaker 1: fifteen percent of the overall ground.
Speaker 3: You're I don't know if you ever been down there, but.
Speaker 1: You got the capital and the monument you can see it.
Speaker 1: You got the Anocostia River, and then it's a fifteen
Speaker 1: minute bike ride to National's Park the Navy Yard. So
Speaker 1: you're gonna redevelop a lot of neighborhoods with d C
Speaker 1: affordable housing, you have a whole bunch of part and
Speaker 1: then you know, retail mixed use, uh and so you're
Speaker 1: going to really change those areas in a really positive way.
Speaker 1: And DC's had an amazing they've done this in the past.
Speaker 3: So yeah, you know.
Speaker 1: It's incredible actually and really exciting to be able to
Speaker 1: engage with a city and help a city.
Speaker 2: It is a massive deal. It's on a scale that
Speaker 2: you know, we we haven't seen in a long time.
Speaker 2: I mean, take us inside if you can, and sort
Speaker 2: of getting it done, Like what were the what were
Speaker 2: the key issues that you had to overcome? I mean
Speaker 2: you were looking at multiple sites. DC emerges, you know,
Speaker 2: as the as the winner. Ultimately there's a lot going on,
Speaker 2: as you said in Washington, what was the key decision
Speaker 2: point for you and really getting this done.
Speaker 3: Okay, So we play in Maryland today.
Speaker 1: The team has played in Maryland since the nineties, like
Speaker 1: the late nineties. And you know, obviously the DMV is
Speaker 1: is DC Maryland Virginia. D c's in the middle, right,
Speaker 1: so rfk's in the middle, so Maryland right for Virginia
Speaker 1: fans a further.
Speaker 3: But we play in Maryland.
Speaker 1: And so the first thing we had to do is
Speaker 1: sure all through the process Governor Moore, who really cares
Speaker 1: about landover the government of Maryland, you know, he wanted
Speaker 1: to make sure that you know, we said to him, look,
Speaker 1: we have to consider d C because it's the spiritual
Speaker 1: home of the commanders. And he said, look, I'm willing
Speaker 1: to let you consider that and be generous about how
Speaker 1: you allow you to have some options, but you need
Speaker 1: to convince me that you're gonna, you know, build something
Speaker 1: in Maryland if you decide to leave. And so we
Speaker 1: concluded a deal with the governor and that allowed for
Speaker 1: the project to be the land to be transferred to
Speaker 1: d C. So I don't know if you remember, but
Speaker 1: as the last Congress, with sunsetting, we got one hundred
Speaker 1: zero vote.
Speaker 3: In the Senate.
Speaker 1: Yes, the land was under federal control until the land
Speaker 1: was under DC control, and then it wasn't possible to
Speaker 1: build a stadium from there. We had negotiations going with
Speaker 1: a lot of different parties, and you know, we'll blessed
Speaker 1: that everyone wants the commanders and ultimately concluded to deal
Speaker 1: with the mayor that would be highly beneficial for d C.
Speaker 1: And at two point seven billion, which is what we're
Speaker 1: putting up, it's the largest investment in DC ever.
Speaker 3: So it's the largest investment in DC's history.
Speaker 1: And so once the mayor decided that it was okay,
Speaker 1: we signed a term sheet with the mayor and now
Speaker 1: we're working.
Speaker 3: With the DC City Council.
Speaker 1: Who I mean, the project has incredible ROI for DC.
Speaker 1: Literally billions of tax revenues, thousands of homes, and thousands
Speaker 1: of jobs, right and so.
Speaker 3: In affordable homes. And of that thirty.
Speaker 1: Percent are by agreement, going to be at least that
Speaker 1: will be affordable homes. And so it's going to raise
Speaker 1: the standard. And then you get an amazing entertainment district.
Speaker 1: And I mean, who's not going to play in a
Speaker 1: new stadium with the backdrop being literally the capital and
Speaker 1: then you get the redevelopment on the Anacostia River.
Speaker 3: So this is going to change DC.
Speaker 1: And so I'm hopeful that the Council is doing its work.
Speaker 1: A number of the of ours are already supporting that,
Speaker 1: but we have some work to do. So now the
Speaker 1: next step for us is to obviously get the council's vote.
Speaker 1: You've got to tell the citizens and the politicians, you know,
Speaker 1: why this is good for the city, why they should
Speaker 1: invest their money in this. And the reality is DC
Speaker 1: is going through a harder time right now, and we
Speaker 1: were very sensitive that and made sure that this deal
Speaker 1: was very good for DC.
Speaker 3: But I'm also.
Speaker 1: Focused on making it a place where our opponents fear
Speaker 1: to come, which is how this I grew up, and
Speaker 1: where our fans love to come. And you know, our
Speaker 1: RFK right was you know, it was incredible. I mean
Speaker 1: the stands would shake, and it was a smaller arena,
Speaker 1: but it was loud and you know, people showed up.
Speaker 2: Yeah, I want to talk even more broadly about you've
Speaker 2: got multiple arena projects going on literally around the world.
Speaker 2: But before we get there, how do you balance the
Speaker 2: sort of private and public funds of it all. I mean,
Speaker 2: this has been like one of the substantial questions around
Speaker 2: developing stadiums. How did you come to sort of the
Speaker 2: calculus there?
Speaker 1: Yeah, so if you look at the calculus, we had
Speaker 1: to make sure that it was very favorable to DC.
Speaker 1: And so because that's definitely something that people consider. They
Speaker 1: sometimes there's the ROI of a stadium, but they also
Speaker 1: want to know, Okay, how much is the city contributing?
Speaker 1: And the RFK site has been sitting there since they
Speaker 1: closed RMK and it's like crumbling concrete. I mean, it's
Speaker 1: it's it's not great, right, there's nothing there, nothing's been
Speaker 1: done with it, you know, and generating zero for zerojenning
Speaker 1: zero and actually costing money to make sure it's safe
Speaker 1: because it's just an open air thing and you know
Speaker 1: there are you know, pasts and everything else. So whatever
Speaker 1: they do, whatever DC decides that they're gonna have to
Speaker 1: put a bunch of money into that site, just you know,
Speaker 1: creating sewage and infrastructure and other things. And then we
Speaker 1: paid for everything else. And when you and when you
Speaker 1: benchmarkt you know there's actually articles that say, wow, did
Speaker 1: the commanders get a good enough deal? And you know,
Speaker 1: we're getting criticized, which I guess if that's the criticism
Speaker 1: people are leveling at me.
Speaker 2: The criticism is that you didn't get into.
Speaker 3: The criticism in certain NFL sports. I've heard that. I've
Speaker 3: heard that.
Speaker 1: Yeah, So like I'll take that criticism because on the
Speaker 1: other side of that, we have to convince d C
Speaker 1: and the public that it's fair, and we have to
Speaker 1: convince the council that it's fair and that and the
Speaker 1: mayor has to sell it, and the public is overwhelmingly supportive,
Speaker 1: which I think should help us. I mean, I think
Speaker 1: that usually these things are more controversial, but everyone who
Speaker 1: grew up in d C or in the DMV knows
Speaker 1: that they remember what a great place are was and
Speaker 1: how unifying it was, and what it was like when
Speaker 1: Washington football was dominant in the NFL.
Speaker 3: And I think we can bring it there again.
Speaker 2: So you've been a dealmaker for a long time. A
Speaker 2: lot of the deals you seem to be doing right
Speaker 2: now are for stadiums and arenas. You have a deal
Speaker 2: that we'd love to talk about to build a new
Speaker 2: arena in South Philly. Then you've got a big project
Speaker 2: in South London with Crystal Palace, the football club that
Speaker 2: you're an owner of as well, what's the common thread there?
Speaker 1: Well, so the common thread is building amazing fan experience,
Speaker 1: player experience, and something that helps the cities. Right, So
Speaker 1: you're ultimately in finance, you're a steward of people's capital.
Speaker 1: In sports, you're steward of people's memories and how they feel,
Speaker 1: how the commanders do, how the teams play, makes the
Speaker 1: city happy or the area happy, and then you have
Speaker 1: to treat everyone incredibly well. And so if you start
Speaker 1: with that as a premise and you say I'm going
Speaker 1: to be guided, my north start is going to be
Speaker 1: how do we create amazing memories? I had amazing memories
Speaker 1: at RFK. I remember some of my earliest memories. I
Speaker 1: remember being four years old, I mean literally four years
Speaker 1: old and walking in there with my dad and you know,
Speaker 1: just hearing it all, and I don't.
Speaker 3: Remember a lot about it.
Speaker 1: But then I remember being eight and Washington football losing
Speaker 1: to the Dolphins fourteen to seven in the Super Bowl
Speaker 1: and garyl you Premian black kick was the one touchdown.
Speaker 1: We Washington ran all the way back and we lost
Speaker 1: fourteen seven. Dolphins were seventeen.
Speaker 3: Oh don Joy and Greasy.
Speaker 1: On Sundays, DC would shut down and DC's obviously, if
Speaker 1: not the most important amongst the most important cities in
Speaker 1: the world, and everyone would be.
Speaker 3: Glued to their TVs or at the stadium.
Speaker 1: I remember riding my bike to the story Ones and
Speaker 1: no one's out, They're all watching football.
Speaker 3: So I think that I.
Speaker 1: Want to bring those days back and I want to
Speaker 1: make a DC prout And it's the same would go
Speaker 1: for Philly in London. Whatever you do, it has to
Speaker 1: be about the fans and about the experience, and about
Speaker 1: the players and enhancing their experience and.
Speaker 3: Their ability to win, because winning really matters.
Speaker 2: Yeah, let's talk about Philly for a second, because that
Speaker 2: arena is a really interesting case study. Some twist and
Speaker 2: turns there, twist and turns to say the least looked
Speaker 2: for a while like you were going to go into
Speaker 2: into a different site. You ultimately come together with an
Speaker 2: announcement with your friends at Comcast to you know, redevelop
Speaker 2: you know, very close to where you currently play there
Speaker 2: in South Philly. What were the key moments there at
Speaker 2: the end that got you to where you needed to be.
Speaker 1: So the key moments were that, you know, we wanted
Speaker 1: to build a City arena. Comcasts wanted to build an
Speaker 1: arena out by them and do it.
Speaker 3: A little bit later than we did. And what we when.
Speaker 1: We came together that we said, again with the North
Speaker 1: Star being what's great for Philly, what's the right thing
Speaker 1: for Philly, we decided that we would build sooner, so
Speaker 1: give the fan, create the fan experience sooner, and do
Speaker 1: it in their site and do it together and then
Speaker 1: but also redevelop the site that we had created in
Speaker 1: in the Fashion Mall district right downtown and do something
Speaker 1: great there as well. And so the city would get
Speaker 1: you know, two for the price of one, and that
Speaker 1: allowed for the deal to move forward, and you know,
Speaker 1: us doing it together with basketball and hockey in the
Speaker 1: same arena and the combined you know kind of comcasts
Speaker 1: and HBOC that all allows us to build a better
Speaker 1: arena that makes that's even greater a city, but also
Speaker 1: develop you know, downtown and help that area as well.
Speaker 3: You know.
Speaker 1: One of the awkward things was, you know, we had
Speaker 1: we had had different perspectives and it had caused you
Speaker 1: know a lot of i'd say debate in Philly on
Speaker 1: both sides. And at the end, you know, Brian and
Speaker 1: I just came together and said, look, let's just put
Speaker 1: this behind us and and create a win win and
Speaker 1: Roberts yes, and and that you know that, like like
Speaker 1: Philly had. That took a little adjusting for the city,
Speaker 1: but at the end of the day, the strength of
Speaker 1: the project garnered the support of the mayor and uh
Speaker 1: support of the city, and so we're moving forward really
Speaker 1: quickly in a positive way.
Speaker 4: So, going back to your kind of Harvard business school days,
Speaker 4: then you found an Apollo with two other partners, and
Speaker 4: then on eleven you get into the world of sports
Speaker 4: once you go public and Apollo you took one of
Speaker 4: your old play from your old playbooks, Corporate Carbon from Comcast, right,
Speaker 4: you're talking about Brian Roberts, and s Nier was probably
Speaker 4: involved somewhere in the world there. You bought that team
Speaker 4: for two hundred and eighty million dollars or so, Yes,
Speaker 4: what was your vision? You've always had a tendency to
Speaker 4: look around corners. Did you ever dream that the world
Speaker 4: of sports would balloon to where it is today? And
Speaker 4: how what has that experience kind of shaped now? The
Speaker 4: Commander's Devil's at three twenty. How do you go from
Speaker 4: those numbers to six and justify it.
Speaker 1: Yeah, So I would say that it would be hard
Speaker 1: for anyone to say that they dreamed that the valuations
Speaker 1: in sports would be where they are today. But I
Speaker 1: felt that, you know, when we looked at the Sixers,
Speaker 1: it started off as an emotional thing. I Apollo had
Speaker 1: gone public. I found myself, you know, financially successful, more
Speaker 1: than I had ever dreamed. And I had gone to Pen.
Speaker 1: My dad had gone to Pen. I knew a fellow,
Speaker 1: David Blitzer from Penn, and the Sixers were part of
Speaker 1: a big entity that had the Flyers and the Arena
Speaker 1: and a series of other and EDG. Schneider was managing it,
Speaker 1: and his passion was the Flyers. He had started the Flyers,
Speaker 1: and the Flyers were doing great and the Sixers were
Speaker 1: not doing as well for many many years, and I
Speaker 1: had been I lived through this thing, and it must
Speaker 1: have been indeubibly in my memory. In nineteen eighty two,
Speaker 1: the Washington football won the Super Bowl. Washington was very
Speaker 1: divided city, both racially and as socioeconomically. Everyone came out
Speaker 1: in the streets one ticket tape rate at senior in
Speaker 1: high school, go up to Penn as a freshman I'm seventeen.
Speaker 1: I see doctor J Moses Melamori's cheeks Andrew Tony win
Speaker 1: the NBA title and they dominate the playoffs. And then Philly,
Speaker 1: which was also a very challenged city. You know, tough
Speaker 1: economics comes out in the streets, and for a moment
Speaker 1: in time, sports brought everyone together. And I noted that
Speaker 1: I never thought in my wild streams I'd be an
Speaker 1: owner of both these teams. So I to have the
Speaker 1: opportunity to own both these teams, it's an amazing thing.
Speaker 1: But coming back to your question, when we bought the Sixers,
Speaker 1: they had they had less connection with the city, and
Speaker 1: that in teams, if you're connected with the city, if
Speaker 1: they think you're trying to win, if you think if
Speaker 1: they think you're on their side, if you're.
Speaker 3: Doing things for the right reasons.
Speaker 1: Generally the revenues follow, right. So at this point, the
Speaker 1: revenues were lagging. They were near the bottom in revenues.
Speaker 1: They were losing fifty million a year, and the NBA
Speaker 1: was in a lockout and so they weren't even playing.
Speaker 1: And so we put together a group and I and
Speaker 1: we sort of decided to zig when others were zagging.
Speaker 1: You know, it was a little contrarian, and we said, look,
Speaker 1: we think that this team really matters.
Speaker 3: It's got a storied history.
Speaker 1: We think we can reconnect with Philly if we do
Speaker 1: the right things.
Speaker 3: And we you know, brought in a whole need.
Speaker 1: We bought it at two hundred and eighty million to
Speaker 1: eighteen months, a lot of negotiations with camp guests who
Speaker 1: were very good at their job, and took eighteen months.
Speaker 1: And I remember the Comcast team saying, well, we're going
Speaker 1: to schedule the arena. We do that and you'll just
Speaker 1: get whatever. And we're like, why don't we have input
Speaker 1: into that. So there's a million issues like that, just
Speaker 1: like little nuanced issues that really matter, because the days
Speaker 1: you get really matter.
Speaker 3: And then we reconnected with the city.
Speaker 1: You know, we started to win basketball games, We started
Speaker 1: to improve the fan experience, the food, the driveway to
Speaker 1: driveway experience. And then now you fast forward today we're
Speaker 1: top quartile, top five and every major revenue category and
Speaker 1: teams profitable. And then along the way, as are more
Speaker 1: importantly global. The evolution of sports, right, we used to
Speaker 1: be that you watch sports on cable, with cable become extreaming.
Speaker 3: People can watch sports all over the world.
Speaker 1: More people watch the Sixers in many cases in China
Speaker 1: or overseas and watch them in Philly. And so the
Speaker 1: value creation that's occurring at these leagues is obviously massive
Speaker 1: uplift and revenue, and that's creating of growth in revenue,
Speaker 1: which is creating some profitability. I mean, each league is different,
Speaker 1: and obviously certain leagues are more profitable than others. But
Speaker 1: over time it's allowing for the teams to invest and
Speaker 1: enhance their experiences. And what's happening in sports is garnering
Speaker 1: more and more attention and more and more consumer focused,
Speaker 1: like every live events. And so the big five sports
Speaker 1: are now global media businesses. So that all that stuff
Speaker 1: has contributed. And we could talk a lot about valuation
Speaker 1: if you want.
Speaker 4: It's so intriguing, Like you talked about this evolution of
Speaker 4: growth in sports mostly driven by media and other things
Speaker 4: gaming and real estate and holding companies and all that.
Speaker 4: How does private equity play in this situation? Obviously, anytime
Speaker 4: you have institution of money coming into a space, usually
Speaker 4: their you know, evaluations rise. What's your thought on that?
Speaker 4: And if you're on the private equity side, would you
Speaker 4: get into sports?
Speaker 3: Yeah?
Speaker 1: So what's happened is sports values have rocketed up pretty
Speaker 1: much for the big sports, and it's all different, but
Speaker 1: certainly the NFL and the NBA leading the way, but
Speaker 1: also the NHL and you know, certainly global soccer.
Speaker 3: Right.
Speaker 1: So I think that what's happening is that the companies
Speaker 1: the teams are getting so big that the amount of
Speaker 1: equity and you know, the amount of leverage that the
Speaker 1: leaves leagues allow is limited. And so for example, when
Speaker 1: we I'll use the Commanders example, I'll give you round numbers,
Speaker 1: and we paid obviously six billion for the Commanders, which
Speaker 1: at the time everyone said was the highest price of
Speaker 1: my I would say my credentials as a value investor
Speaker 1: were shattered because I paid the highest price in sports.
Speaker 3: Right, and now that price looks pretty good.
Speaker 1: But I think that we put up five billion of
Speaker 1: equity right now, and I was not allowed to talk
Speaker 1: to private equity. I had to go raise three billion
Speaker 1: dollars and one family at a time. So I think
Speaker 1: what the NFL would other sports, certainly the NBA and
Speaker 1: the NHL leading the way, have done is say, okay,
Speaker 1: in some form, we're gonna allow us to do show
Speaker 1: capital in here, because if we don't, the evaluations are
Speaker 1: going to be constrained. And we want people to still
Speaker 1: be able to build stadiums, to enhance fan experience, to
Speaker 1: enhance streaming, and so allowing capital in for these now
Speaker 1: much bigger media companies to continue to improve and innovate
Speaker 1: is very important. And so that's why private equity is
Speaker 1: coming in. And obviously private equity coming in is creating
Speaker 1: demand for investment.
Speaker 3: So that's lifting the sports team values well.
Speaker 2: And to that point, I mean that we can talk
Speaker 2: real numbers here. You know, you buy it for six
Speaker 2: billion in change, and you know within a year or so,
Speaker 2: year two, you've got NFL teams Dolphins and Eagles selling
Speaker 2: stakes valuing them upwards of eight billion dollars. So where
Speaker 2: does that go? I mean, so you know, put on
Speaker 2: your you know, your Apollo trained hat, your Drexel trained hat,
Speaker 2: your hbs like six North, twenty six north, all of
Speaker 2: the things that you do. What does it do to
Speaker 2: valuations going forward? Like look around the corner, As Alex said,
Speaker 2: you're very good at looking around the corner. Look around
Speaker 2: the corner in evaluations for us.
Speaker 1: So I think the way I think about is this,
Speaker 1: there's a scarcity value that is associated with these teams. Right,
Speaker 1: So you know, there's a small number of people in
Speaker 1: the world that can lead these deals, and there's only
Speaker 1: you know, thirty there's only thirty two.
Speaker 3: It depends on the league.
Speaker 1: And so one of the things that's happening is that
Speaker 1: people want to own the teams.
Speaker 3: They want to be involved in it.
Speaker 1: They want to be part of building, creating memories for
Speaker 1: cities and winning and competing. And so I thought when
Speaker 1: I bought the Commanders that I was going to be
Speaker 1: outbid by Jeff Bezos. Just to be very direct about it,
Speaker 1: it was rumored that he was interested, and obviously he doesn't.
Speaker 1: You know, for me to put together a five million
Speaker 1: dire equity count is much harder than for someone of
Speaker 1: his wealth to put together. He can just stroke a
Speaker 1: check and do it. Right, So I thought I would lose,
Speaker 1: but it was a labor of love. I really felt
Speaker 1: it needed to happen, and you know, God smiled, I
Speaker 1: guess on me.
Speaker 3: But my point being that that part of the valuation
Speaker 3: uplift is just the scarcy value.
Speaker 1: But I would say the second thing is that as
Speaker 1: revenues grow, cashital will grow, right, So I think a
Speaker 1: good analogy is, you know, beach front real estate, where
Speaker 1: if teams are losing money, it'll limit the number of
Speaker 1: people that are willing to lose money consistently. If teams
Speaker 1: start to make money or make increasing amounts of money, then.
Speaker 3: It draws in people.
Speaker 1: And you know, I look at it as in the
Speaker 1: case of the NFL, which is the most profitable league
Speaker 1: right now, we think that you know, we're buying at
Speaker 1: a real cap rate of three to four going to
Speaker 1: five to six. So even though that sounds like a
Speaker 1: very high ebit domultiple, I look at it as like
Speaker 1: cash flow yield, and the NFL and the NBA and
Speaker 1: the NHL and all these leagues are incredible businesses. They're dominant,
Speaker 1: and in our culture it's live entertainment. They're growing, there's
Speaker 1: lots of innovation. So I look at as growth equity,
Speaker 1: and then most of the cash flow is guaranteed by
Speaker 1: massive media and technology companies, so that you know, it's
Speaker 1: almost like you get this yield and then you participate
Speaker 1: in the growth and the scarcity value of evaluation. So
Speaker 1: and if you look at it, the only thing that's
Speaker 1: done better than private equity.
Speaker 3: Honestly, if you go back is sports valuation.
Speaker 1: So I'll just throw out the NFL numbers, the bills,
Speaker 1: you know, a billion, three, a billion four, the Panthers
Speaker 1: two two two three, Broncos in twenty twenty two four
Speaker 1: to six US at six and now, so that's four
Speaker 1: x and ten years. And now you start to hear
Speaker 1: about some of the things, and I think they'll be
Speaker 1: trades even higher than what you're saying.
Speaker 3: Those are coming at.
Speaker 2: Ten billion, you think, you know, I don't know.
Speaker 1: I think there could be stuff in the nine to
Speaker 1: ten range. I mean, it's all coming together, I think
Speaker 1: eventually for sure. And so I think that, but I'm
Speaker 1: saying near term literally, and that's only been I mean
Speaker 1: we bought the club coming up on two years ago, right,
Speaker 1: So I think that.
Speaker 2: So maybe you are a value investor here.
Speaker 1: I'm a value investor in the in terms of the
Speaker 1: growth equity R yeah, and so I think there's.
Speaker 3: A growth equity.
Speaker 1: I think it's also unique and it's backstop by media
Speaker 1: and as long as you think people are gonna want
Speaker 1: the content and we have long term media deals. And
Speaker 1: also it's very resilient economically, right, So certainly if there's
Speaker 1: harder times not as many people will come to the
Speaker 1: games or whatever, but the media payments are locked in.
Speaker 3: That's you know, the majority of the revenue.
Speaker 1: And even in harder times, people want something to celebrate.
Speaker 1: So I think these are fundamentally great businesses. They're also
Speaker 1: inflation resistant, right, like if inflation goes up, So when
Speaker 1: you talk about cap rate, it's a you know, three
Speaker 1: to six real cap rate, that's a reasonable that'll be
Speaker 1: go up and down and be inflation resistant. So I
Speaker 1: think they are really good businesses, and I think they
Speaker 1: are actually interesting investments, and I think it will keep
Speaker 1: going on.
Speaker 4: Should June, we can arguably say nobody reads a piano
Speaker 4: better than you. You're a piano savant. My question is
Speaker 4: very specific, do you value more ebadah or free cash flow?
Speaker 3: And why it's all free cash flow? I mean ebadah.
Speaker 1: Even in private equity, everyone talks about ibada. Generally they're
Speaker 1: looking at free cash flow. It's just a proxy for
Speaker 1: free cash flow. And since many businesses have different capitals spending,
Speaker 1: you know, ebada is just a way to say, hey,
Speaker 1: six times eba da. But ultimately everyone who I guess,
Speaker 1: who knows what they're doing, is looking at free cash flow.
Speaker 3: In terms of the Commanders.
Speaker 1: Yeah, we we felt that the Commanders used to be
Speaker 1: the number one franchise in the NFL for many many years.
Speaker 1: So everyone says, Dallas is that I'm franchise number one
Speaker 1: in terms of revenue?
Speaker 3: Revenue? Is that right?
Speaker 1: While yeah, and for many years and then you know,
Speaker 1: obviously they didn't do as well. So when you looked
Speaker 1: at we when we bought the Commanders, they were in
Speaker 1: the twenties out of thirty two. And so if we
Speaker 1: get them to league average, we'll double the EBA dah
Speaker 1: and you're not comment on your numbers. And then if
Speaker 1: we with the new media deal will triple it. And
Speaker 1: if we build a new stadium, we'll cut you know,
Speaker 1: it'll we have to invest, but we'll get some push
Speaker 1: off and excute and execute.
Speaker 3: So I think that, you know, we think we are.
Speaker 1: In the process of enhancing the Commanders. But again it's
Speaker 1: all about doing it for the city and not worrying
Speaker 1: about it. But when you do that, and a lot
Speaker 1: of it is just driven by the media uplift, right,
Speaker 1: that just.
Speaker 3: Comes from the upward trend in media.
Speaker 1: Certainly the NBA deal which was two point seven x
Speaker 1: over eleven years. It makes it look like NFL content
Speaker 1: is severely undervalue and there's uplift there, right, So you
Speaker 1: can now without even factoring that in, we feel like
Speaker 1: we're going to get increased cash.
Speaker 3: So many Molti and you guys have an out that
Speaker 3: which is going to be good time.
Speaker 1: Yeah, I'll leave that one to the league, but yeah, no,
Speaker 1: and then you have to make your case like you're
Speaker 1: making your case. If you think about the Commander's ownership
Speaker 1: group Mittrails, who build arguably one of the best companies
Speaker 1: in America, Donner you know, obviously Magic Johnson, and then
Speaker 1: a whole bunch of other people that are very shrewd investors,
Speaker 1: including some people on Wall Street. They want to be
Speaker 1: part of it, right, but at the same time they
Speaker 1: want to understand, Okay, what's the return here, Why should
Speaker 1: I you know, write a check? And again the you know,
Speaker 1: obviously it's being part of an NFL franchise, there's a
Speaker 1: limit to how many people you can accept, and so
Speaker 1: we had to ask people for really significant investments. So
Speaker 1: they certainly wanted to know how it was going to work, right,
Speaker 1: and we were able to say we're going to win
Speaker 1: for the city we're going to spend, We're going to invest.
Speaker 1: But here's why we think that the value of the
Speaker 1: equity will go up.
Speaker 3: And a lot of it has to do.
Speaker 1: With all the things we've talked about here, the upward
Speaker 1: trend in sports values, the scarcy value, but also our
Speaker 1: ability to move the Commanders back to being relevant for
Speaker 1: the DMV again and therefore fill up the stadium which
Speaker 1: was empty, get sponsors back, and make feel great about
Speaker 1: being part of the Commanders again.
Speaker 2: Yeah. So I'm glad you went there because I wanted
Speaker 2: to talk about some of the some of the ways
Speaker 2: you've changed running the actual business. So this report card,
Speaker 2: everybody looks at the report card now from the NFL
Speaker 2: Players Association and you know that all too well, this
Speaker 2: franchise was dead last Wow, now moved up to eleventh.
Speaker 2: That's a huge, huge move, and that you know, just
Speaker 2: for people out there, this is you know, based on
Speaker 2: player feedback. You know, this is what the players say
Speaker 2: about about their team. Were there one or two things
Speaker 2: that you set out to do or that you, looking back,
Speaker 2: did that made that number jump and that rank jump
Speaker 2: as much as it did.
Speaker 1: So, first of all, when you run a sports team
Speaker 1: and you're an owner. Your three most important jobs hiring
Speaker 1: a GM, hiring a coach, hiring a president to run
Speaker 1: the business operations, and making them incredibly talented and like
Speaker 1: mind in terms of values.
Speaker 2: By the way, this owner is nodding, right, let's taking
Speaker 2: note exactly.
Speaker 1: Yeah, you don't want to be I mean, ultimately right,
Speaker 1: there's just a thousand things that decisions that are made,
Speaker 1: and you should not want I do not have the inclination.
Speaker 1: I don't want to be involved in all thousand. I
Speaker 1: want to be involved in the most important decisions. And
Speaker 1: then I want people who have the same vision that
Speaker 1: I do, which is too it's really a servant leader mindset,
Speaker 1: like do this on behalf of the city or on
Speaker 1: behalf of the players. So, Peter as dan Quinn, you know,
Speaker 1: obviously Mark Claus from Campos is an amazing gut for us.
Speaker 1: But then as starts specifically answering your question, you know
Speaker 1: the facilities that the players were showering and playing in
Speaker 1: weight training in when we showed up, there wasn't even
Speaker 1: a game clock. Our bubble was deflating, and so we
Speaker 1: just literally said that you know, what you want to
Speaker 1: do is become a destination for players. Look, there's a
Speaker 1: relatively small amount of people who can play, or coach
Speaker 1: or be in the front office of major sports, and
Speaker 1: so your job is to become a destination where they
Speaker 1: feel like they matter, you care about them. And the
Speaker 1: way that you articulate that is to create amazing facilities
Speaker 1: to make their lives easier. And so we've rebuilt everything
Speaker 1: from showers to locker rooms, to weight facilities to food,
Speaker 1: and we really showed them that we cared about them.
Speaker 1: To how they travel. I mean, think about it. If
Speaker 1: you have to travel all over the place and you're
Speaker 1: not being staying in a nice hotel or you're not
Speaker 1: traveling on a great plan, that's gonna make a huge
Speaker 1: difference in your life.
Speaker 3: And so people think that the players, I mean ou
Speaker 3: because you were a player.
Speaker 4: Everything you're saying is spot on it. Yeah, these are
Speaker 4: the things I'm really mad to us right.
Speaker 3: Think about it.
Speaker 1: There were probably some owners where you know, you felt like, came,
Speaker 1: my life is harder, and some owners where you felt like, Hey,
Speaker 1: this guy really.
Speaker 3: Or this person really cares about me.
Speaker 1: In addition to I mean, obviously, you know, each player
Speaker 1: wants to get compensated fairly and that's all part of it.
Speaker 1: But a lot of great players, I mean great players
Speaker 1: taken play wherever they want, right, So your job is
Speaker 1: to attract them and make them feel welcome. And that
Speaker 1: starts with the front office and the coaches, but it
Speaker 1: also goes to their facilities. And so what we've spent
Speaker 1: one hundred and twenty five million dollars across the stadium
Speaker 1: and the player of facilities. And again, I think that
Speaker 1: you win in sports by I don't think this is
Speaker 1: like it's a growth as I said, I analogize it
Speaker 1: to growth equity, cutting back stuff, skimping. I don't think
Speaker 1: that's right. In sports, you're entertaining and you're attracting talent,
Speaker 1: so you've got to be like first classed every step
Speaker 1: of the way. And that's why it improved.
Speaker 3: I think that the players.
Speaker 1: I engage enough with the players and the coaches that
Speaker 1: they know that I'm there for them. And when they notice, hey,
Speaker 1: you know, the food's not great or something else. If
Speaker 1: you saw, like, for example, there's only like one cold plunge, right,
Speaker 1: so it's a are you kidding me?
Speaker 3: Right?
Speaker 1: It turns out, by the way that you know a
Speaker 1: cause that cold plunge the normal cold plunge costs about
Speaker 1: six thousand hours.
Speaker 3: You have to get a special.
Speaker 1: Coal punch and then one's a big yeah. Yeah, so
Speaker 1: it's a it's more excelessive. But I said, go get it, get.
Speaker 3: It, like, are you kidding me? I love the cold bunch.
Speaker 3: I did it every day, I do it. But I
Speaker 3: did it before.
Speaker 5: You're okay, So, Josh, you said you don't want to
Speaker 5: make a minute decision.
Speaker 4: That obviously makes all the sense in the world. You're
Speaker 4: hiring the best people, you're paying them, well, they're aligned
Speaker 4: with your vision. How often do you kind of sit
Speaker 4: down on a zoom? Is it once a week, twice
Speaker 4: a week to get a report on what's going on
Speaker 4: with the numbers X Y Z.
Speaker 3: Yeah, so it's it's as needed.
Speaker 1: And then you know the great thing about sports is
Speaker 1: that you do a lot of games.
Speaker 3: So you got a lot of games, so we're I'm.
Speaker 1: There a lot and you know, obviously when you're building
Speaker 1: a stadium, when you're around the draft, when you're a
Speaker 1: free agency, when there's things going on, you're there a
Speaker 1: lot more. And what we do is we have a
Speaker 1: standing call and stuff happens right like there can be
Speaker 1: stuff that happens your arena that requires immediate attention.
Speaker 3: You can't ignore. And you know, stuff happens in.
Speaker 1: The world, right, George Floyd, like we you know, immediately
Speaker 1: we're on the phone, like we need to put out
Speaker 1: a statement.
Speaker 3: This is wrong.
Speaker 1: But that requires you as an owner, right, that's the
Speaker 1: values of the org and you have to like see
Speaker 1: what I mean. I went on YouTube right and said, okay,
Speaker 1: let me what really happened here? Right, if I'm going
Speaker 1: to stand or you know, when October seventh happened, you
Speaker 1: know kind of you know, getting the leagues and the
Speaker 1: teams to support, you know, and empathize with the people.
Speaker 3: That were killed.
Speaker 1: So I think that all these things happen, and you
Speaker 1: just have to be on call twenty four to seven
Speaker 1: and be, you know, in essence on call for the
Speaker 1: public and do your job. And you know it's as
Speaker 1: needed and so it you know, in the off season
Speaker 1: when nothing's going on, it is once a week, but
Speaker 1: then it's a lot more than that.
Speaker 2: And so that talk about that public facing piece, because
Speaker 2: you know, you're sitting across from a guy who was
Speaker 2: like you know, on the cover of magazines. He was
Speaker 2: he was he was in the public right public, sometimes
Speaker 2: for better, sometimes for worse. Since the age of you know, fifteen, sixteen,
Speaker 2: seventeen years old, you were able to go through much.
Speaker 3: Of your career.
Speaker 2: I know who you were, but it was my job.
Speaker 2: You know, I was at Bloomberg, so you were a
Speaker 2: star athlete and in my mind and in that regard,
Speaker 2: but owning a team where everybody knows your name, where
Speaker 2: you're sitting courtside or you're sitting in the box, what
Speaker 2: is that transition? Like? How do you cope with that?
Speaker 2: Especially I'll say it out loud. Owning a football team
Speaker 2: in Washington and a basketball team in Philadelphia. These are
Speaker 2: not cities that love each other.
Speaker 1: I think that you have to embrace if you want
Speaker 1: to do this as a managing owner, as the control owner,
Speaker 1: you need to embrace the fact that you're now a
Speaker 1: public figure, and that comes with all of the issues
Speaker 1: that you might think that Alex has lived with. But
Speaker 1: people come up to you, people interrupt you and want
Speaker 1: to talk about the team, good and bad. Obviously pretty
Speaker 1: happy people in Washington and you know we you know,
Speaker 1: less happy in other locations this particular year, and you
Speaker 1: have to be you know, even signing autographs, and then
Speaker 1: you know there's you know, you all of a sudden,
Speaker 1: you know, you in some cases need security when you
Speaker 1: go into enemy territory maybe.
Speaker 5: Uh.
Speaker 1: And and then you know, everything you do plays out
Speaker 1: on the front page, you know, in the paper, right,
Speaker 1: So you have to be righteous in your behavior. So
Speaker 1: if you're not prepared to be righteous in your behavior
Speaker 1: and do things that the people can relate to on
Speaker 1: the front page of the paper, then you probably shouldn't
Speaker 1: do it. And there's no way around it. And I
Speaker 1: didn't really realize what I was signing up for, Honestly,
Speaker 1: I had never been through it like Alex and you know, certainly,
Speaker 1: you know, could probably write three books on the subject.
Speaker 3: Unfortunately.
Speaker 1: Yeah, and then it starts to you know, your family
Speaker 1: starts to get known. I mean, all that stuff. But
Speaker 1: I'd say that that just comes with it, and for
Speaker 1: good it for bad. And we own clubs, own teams
Speaker 1: in really tough cities like Philly. Fans are amazing, they care,
Speaker 1: but they're you know, they they take no prisoners, right,
Speaker 1: and they hold up accountable.
Speaker 3: Yeah.
Speaker 5: Uh.
Speaker 1: And certainly when the Commanders played the Eagles in the
Speaker 1: NFC Championship, I tried to explain to everyone that if
Speaker 1: you just grew up in South Philly, I understand why
Speaker 1: you're all about Philly sports.
Speaker 3: But I grew up in Washington and Philly.
Speaker 1: My mom was from Philly, my grandmother's from Philly, but
Speaker 1: I grew up in Washington. Then I went to pen
Speaker 1: when I was seventeen, and I saw these two teams,
Speaker 1: and I love these two teams, and so I tried
Speaker 1: to explain myself, and I'd.
Speaker 3: Say ninety seven percent of the fans got up.
Speaker 1: But there's there's gonna be some fans that are just
Speaker 1: because of that, you know, And I understand that, right,
Speaker 1: and that's just something that I have to live with.
Speaker 3: But today, like there are a lot.
Speaker 1: Of people increasingly these are big businesses, and more and
Speaker 1: more you're gonna see people owning whether it's the cron
Speaker 1: Keys or Fenway Sports or you know, you're gonna see
Speaker 1: people owning teams in different cities, certainly the Glazers. So
Speaker 1: this is isn't a unique thing, but certainly in a
Speaker 1: city like phil which really cares about sports and I respect,
Speaker 1: it definitely is something you have to manage.
Speaker 2: You weren't surprised at the vitriol.
Speaker 3: I mean, honestly, I don't believe there was that much.
Speaker 1: I think there are any situation the loud there'll be
Speaker 1: a few loud voices and then buy and large. Like
Speaker 1: I think that we have invested in the sixers we had.
Speaker 3: The sixers have won.
Speaker 1: They have not won the NBA Championship, which we needed
Speaker 1: to liver for the city. We're, you know, trying to
Speaker 1: do the right things by the city. And you know,
Speaker 1: if the loud voice is on Twitter, you just can't.
Speaker 3: You can't, you can't get try injuries.
Speaker 4: You won't say it. I'll say it because I'm your
Speaker 4: partner in the NBA. I think you've done an extraordinary
Speaker 4: job with the NBA. But Josh, I want to kind
Speaker 4: of rewind a little bit back to you know, I
Speaker 4: don't know you much like Jason knows you on the
Speaker 4: private equity world. I know you most friendly what you
Speaker 4: do with philanthropy as much as anybody. I'm always fascinated
Speaker 4: with how you balance your schedule because I know what
Speaker 4: you're doing the world of business. But disclaimer, are kids
Speaker 4: go to school together, and Peters and Ella are very
Speaker 4: good friends, and they're both juniors in high school. And
Speaker 4: I see how committed you are to your family. You
Speaker 4: have five kids, how do you balance everything? And how
Speaker 4: important is your family to what you're doing the business world?
Speaker 3: So my found is incredibly important to me.
Speaker 1: So I have five priorities and I try to cut
Speaker 1: everything else out. And so first of all, your health.
Speaker 1: So we talked about cold plunging. If you're not getting
Speaker 1: if you're not getting enough sleep, if you're not eating well,
Speaker 1: you're not going to be good. We all uys have
Speaker 1: to be on so much and so you need to
Speaker 1: bring it every day, and so making sure that you're
Speaker 1: well and taking care of yourself spiritually and physically is good.
Speaker 1: Then for me, it's my family, and I try to
Speaker 1: spend as much time with my family as they'll spend
Speaker 1: with me, which.
Speaker 3: Is sometimes the kids like that.
Speaker 2: Where thanks though.
Speaker 1: And then it's business right, and business for me is
Speaker 1: I look at business as how do you impact the
Speaker 1: world in a positive way. I think that business is
Speaker 1: a is a real force for good. I think that
Speaker 1: in twenty six North we own a lot of companies
Speaker 1: and finance a lot of companies, and we manage money
Speaker 1: for retirees and pensioners right, and so our job is
Speaker 1: to bring it and win and create returns for millions
Speaker 1: of beneficiaries by creating alpha. Right, That's how I look
Speaker 1: at it, and I sell it to our team as
Speaker 1: bigger than ourselves.
Speaker 3: But then also sports, and in.
Speaker 1: Sports, look I own sports teams, I managed twenty six North.
Speaker 3: I grew up in the finance business.
Speaker 1: Just because you're good at private equity, and I think
Speaker 1: some people get confused, doesn't mean you should be picking
Speaker 1: the line up the starting lineup for the Washington Commanders
Speaker 1: or the Philadelphia seventy six ers. But so I spend
Speaker 1: you know, more of my time where I'm the CEO
Speaker 1: of twenty six North, but I spent a lot of
Speaker 1: time on sports to spend and I work all the time,
Speaker 1: so I'm probably you know, twenty hours on sports sixty
Speaker 1: hours on business right now.
Speaker 3: I need to get that down.
Speaker 4: And people don't understand how difficult and grueling businesses. Even
Speaker 4: through my twenty five year career, sometimes it's more exhausting
Speaker 4: to do the business and to travel and to like
Speaker 4: keep up with hundreds of people that work for you.
Speaker 3: It's just a lot. It's a lot.
Speaker 1: And at this point I want people on my teams
Speaker 1: that are aligned with me culturally where they want to
Speaker 1: bring it right, Like, so I don't. In everything that
Speaker 1: I do, it's about creating this culture of like we're
Speaker 1: in this to win for the city, the pensioners, and
Speaker 1: we're up against in the case of alternatives, it could
Speaker 1: be you know, any any of the big firms, and
Speaker 1: or in the case of sports, it could be the
Speaker 1: Celtics or the Eagles or whoever it is. And so like,
Speaker 1: you got to bring it. You got to take care
Speaker 1: of yourself. But if you need to be on that
Speaker 1: ten o'clock p reference call, unless you want to do that,
Speaker 1: like you're probably not.
Speaker 3: We're probably not going to be. And then you have
Speaker 3: to be really good at your job. And so these
Speaker 3: cultures actually can be quite similar.
Speaker 1: And then our last thing is for all these I
Speaker 1: find now later in life that people that are nice,
Speaker 1: like you know, we have codes of conduct and morality
Speaker 1: and on that, but people that are genuinely good, people
Speaker 1: that care about other people are much better to have
Speaker 1: around the ecosystem. So you can be really good at
Speaker 1: your job, but you may not be the nicest person, right,
Speaker 1: So as much as you can getting people that are
Speaker 1: about other people, that's a big part of it. As well,
Speaker 1: and so more of my time on twenty six North,
Speaker 1: but as needed on sports, and I'll be there when
Speaker 1: I'm needed.
Speaker 2: But you know, one of the interesting things is, as
Speaker 2: you think about this expanding sports portfolio that sort of
Speaker 2: come to the four in Philly specifically, is an area
Speaker 2: that you haven't been in it as much and I
Speaker 2: think you want to be in, which is women's sports.
Speaker 2: A WNBA expansion team, I believe is sort of part
Speaker 2: of the business case for the new arena. Talk to about,
Speaker 2: you know, as a growth investor, you know what's the
Speaker 2: case there.
Speaker 1: So I think we're in an as extential moment in
Speaker 1: women's sports. I think that women are half the people
Speaker 1: on the planet and sports was really important to me personally,
Speaker 1: and there's no reason why women shouldn't be doing that
Speaker 1: as much as men. And now you've seen a breakout
Speaker 1: in the NWSL, You've seen a breakout in global soccer.
Speaker 1: You know Palace, we have a Palace women's team at
Speaker 1: the highest level, and you know, obviously the NBA, the
Speaker 1: WNBA is breaking out and I don't believe it's just
Speaker 1: I mean, the NBA broke out obviously around you know,
Speaker 1: Will Chimbin or Michael Jordan. But it was just it
Speaker 1: was a tailwind, right. It wasn't just that it just
Speaker 1: stair stepped it. And I think that's where we are
Speaker 1: in women's sports. And I think if you're going to
Speaker 1: be in a major sport that really matters to a city,
Speaker 1: you should have an adjunct women's team in some of
Speaker 1: these sports.
Speaker 3: And so we're engaged with the NBA.
Speaker 1: We hope that they will allow Philly to be, you know,
Speaker 1: in the w NBA and having very productive dialogues. And
Speaker 1: I think that we also are seeing it. We have
Speaker 1: a platform called Unrivaled, which is something I started with
Speaker 1: David Blitzer that Andy Campion now runs, and Unrivaled as
Speaker 1: a U sports we run camps and leagues and clinics,
Speaker 1: and we're seeing a lot across baseball, football, action sports,
Speaker 1: and we're seeing a lot of girls wanting to play
Speaker 1: flag football. And so I see that as another big
Speaker 1: lift in on sports. And I think this is this
Speaker 1: is going to be around for a long time.
Speaker 3: And more and more it's going to grow.
Speaker 2: All Right, now it's time for rapid fire. We're doing
Speaker 2: ten questions are a tough question to playful, all right,
Speaker 2: what's one word to describe your deal making style flexible?
Speaker 4: What's more important to you in a deal your gut
Speaker 4: or data?
Speaker 3: Data?
Speaker 2: Who's your dream deal making partner?
Speaker 3: David Blitzer?
Speaker 4: What's the best piece of advice you've received on deal
Speaker 4: making or business?
Speaker 3: You know you can't do a good deal with a
Speaker 3: bad person.
Speaker 2: What's the worst advice you've been given?
Speaker 3: If you pay a low enough price, you can make
Speaker 3: it work.
Speaker 4: What's Josh Harris's hype song before you go into a
Speaker 4: big meeting or negotiation?
Speaker 3: Oh? Coldplay? Oh? I like that good.
Speaker 2: What's one word to describe this past season for the
Speaker 2: Commanders joyous?
Speaker 4: There's a tough one, Josh. If you're going to be
Speaker 4: watched one sport for the rest of your life, which
Speaker 4: one is it?
Speaker 3: I can't pick one, kid, I can't pick one sport.
Speaker 2: All right, We'll give you a pass on that one
Speaker 2: because you're involved in way too many, too many kids.
Speaker 2: This one, this one is going to be similarly tough.
Speaker 2: I feel another paths coming on. What team do you
Speaker 2: want to see win a championship more than any.
Speaker 3: I like all of our teams to win championships.
Speaker 1: I mean, honestly, that's what we're supposed to be doing
Speaker 1: all of them.
Speaker 4: And last question, if someone wanted to have a career
Speaker 4: like Josh Harris, what advice would you give them?
Speaker 1: Just you know, bring it, Do something that you love
Speaker 1: and you know it's not a straight line.
Speaker 3: Keep going.
Speaker 1: Life's gonna serve a lot of curve balls. You may
Speaker 1: miss a few, but you know, have a vision in
Speaker 1: your mind. Shoot high and if you miss a little bit,
Speaker 1: you're still gonna be way better off than you were before.
Speaker 2: All Right, this was really fun. Thank you for spending
Speaker 2: this great with us, great fun.
Speaker 4: Thanks.
Speaker 6: The Deal is a production from Bloomberg Podcasts and Bloomberg Originals.
Speaker 6: The Deal is hosted by Alex Rodriguez and Jason Kelly.
Speaker 6: This show was produced by Anamazarakus Phillip and Stacy Wong.
Speaker 6: Original music and engineering by Blake Maples. David E. Ravella
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