1 00:00:02,480 --> 00:00:13,520 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Welcome back to the Deal. 2 00:00:13,560 --> 00:00:16,520 Speaker 2: I'm your host, Jason Kelly, longside my partner Alex Rodriguez. 3 00:00:16,920 --> 00:00:19,320 Speaker 2: It's a by coastal edition. I'm in New York. You 4 00:00:19,360 --> 00:00:24,840 Speaker 2: are in Los Angeles. On business, the business of the playoffs. 5 00:00:24,880 --> 00:00:27,520 Speaker 2: All right, take me courtside, bro, Like, what is it 6 00:00:27,720 --> 00:00:32,000 Speaker 2: like the Tea Wolves playing the mighty Los Angeles Lakers. 7 00:00:32,440 --> 00:00:35,520 Speaker 2: We're talking on Tuesday afternoon, hours away from Game two. 8 00:00:36,040 --> 00:00:38,960 Speaker 2: You took Game one in spectacular fashion. I'm dying to 9 00:00:39,000 --> 00:00:39,559 Speaker 2: know what it's like. 10 00:00:39,720 --> 00:00:43,120 Speaker 3: First of all, Crypto was lit for Game one. I 11 00:00:43,159 --> 00:00:46,680 Speaker 3: mean everyone and their mother was there, everybody, and it 12 00:00:46,800 --> 00:00:49,120 Speaker 3: was so much fun. But when you play the Lakers, 13 00:00:49,159 --> 00:00:51,680 Speaker 3: like everything has to go through lay. Look, they've earned 14 00:00:52,200 --> 00:00:56,160 Speaker 3: this place in Mount Rushmore. They have eighteen world titles. 15 00:00:56,480 --> 00:00:59,800 Speaker 3: You think about the history of magic, Johnson, Kareem Abdujabbar, 16 00:01:00,120 --> 00:01:03,200 Speaker 3: Doctor Boss Now, Genie Buss. I mean, they're as good 17 00:01:03,240 --> 00:01:06,280 Speaker 3: as it gets. So it was fun to be there. 18 00:01:06,680 --> 00:01:09,080 Speaker 3: It sets up a great Game two for us. But 19 00:01:09,200 --> 00:01:12,280 Speaker 3: I can't say enough about what an electric atmosphere it 20 00:01:12,400 --> 00:01:13,080 Speaker 3: was for Game one. 21 00:01:13,600 --> 00:01:17,160 Speaker 2: I mean, is it fair to say that playing a 22 00:01:17,160 --> 00:01:21,320 Speaker 2: playoff NBA game is similar to say, playing a playoff 23 00:01:21,319 --> 00:01:22,920 Speaker 2: baseball game in Yankee Stadium. 24 00:01:23,080 --> 00:01:25,759 Speaker 3: Yeah, I mean that's actually a great comp I would 25 00:01:25,760 --> 00:01:28,959 Speaker 3: say Old Yankee Stadium even more, Yeah, because it was 26 00:01:29,000 --> 00:01:32,280 Speaker 3: such a crazy atmosphere. But the difference is, Jason, on 27 00:01:32,319 --> 00:01:34,440 Speaker 3: that side, I'm used to wearing pinstripes, so it was 28 00:01:34,560 --> 00:01:39,440 Speaker 3: very comforting. This said as an opponent is much different. 29 00:01:39,560 --> 00:01:42,240 Speaker 3: But the fans are awesome. I mean, they really are 30 00:01:42,360 --> 00:01:45,399 Speaker 3: smart basketball fans. And look, they have an edge, right, 31 00:01:45,440 --> 00:01:47,600 Speaker 3: and they've earned that edge, and in order to beat them, 32 00:01:47,640 --> 00:01:49,600 Speaker 3: you have to really beat them, all right. 33 00:01:49,640 --> 00:01:51,240 Speaker 2: So I do have one more question sort of on 34 00:01:51,280 --> 00:01:53,000 Speaker 2: that point for you, And I'd like to ask this 35 00:01:53,120 --> 00:01:56,560 Speaker 2: question to lots of different owners, especially owners who have 36 00:01:56,600 --> 00:01:59,840 Speaker 2: been successful in business or like you have in athletics. 37 00:02:00,200 --> 00:02:03,680 Speaker 2: What's it like going and sitting on the sideline instead 38 00:02:03,720 --> 00:02:05,640 Speaker 2: of being on the court or on the field, Like, 39 00:02:05,840 --> 00:02:08,600 Speaker 2: it's got to be even more heightened now because you 40 00:02:08,680 --> 00:02:09,960 Speaker 2: must be jumping out of your skin. 41 00:02:10,760 --> 00:02:13,680 Speaker 3: Definitely, it's definitely more heightened now. I would say this 42 00:02:13,880 --> 00:02:16,920 Speaker 3: two things, Jason. I think I don't think people the 43 00:02:17,000 --> 00:02:24,359 Speaker 3: generic fan or non fan realize how incredibly big athletic talented. 44 00:02:25,040 --> 00:02:27,000 Speaker 1: These guys are supreme. 45 00:02:27,120 --> 00:02:29,400 Speaker 3: And it doesn't matter who the ten players are on 46 00:02:29,400 --> 00:02:31,639 Speaker 3: the court at any given time, they're all phenomenal. 47 00:02:31,960 --> 00:02:36,160 Speaker 1: So that's one thought as a fan. It's helpless. 48 00:02:36,240 --> 00:02:39,440 Speaker 3: I mean, it's like watching, you know, five of my 49 00:02:39,520 --> 00:02:40,920 Speaker 3: kids out there, and you just want them to do 50 00:02:41,000 --> 00:02:41,880 Speaker 3: so well because. 51 00:02:41,680 --> 00:02:43,040 Speaker 1: I love love our players. 52 00:02:43,320 --> 00:02:45,480 Speaker 3: And look, I will say this, I've been a player 53 00:02:45,520 --> 00:02:47,840 Speaker 3: for two and a half decades and I'm always going 54 00:02:47,919 --> 00:02:52,160 Speaker 3: to think player first versus governor. And it's really neat 55 00:02:52,200 --> 00:02:56,200 Speaker 3: to see players play in this type of stage and 56 00:02:56,240 --> 00:02:58,120 Speaker 3: there's so much at risk, but it really puts their 57 00:02:58,160 --> 00:03:00,480 Speaker 3: talents on the biggest stage, which is awesome. 58 00:03:00,960 --> 00:03:03,079 Speaker 2: I will say this as an NBA fan. The thing 59 00:03:03,120 --> 00:03:05,840 Speaker 2: that I love about the playoffs is it's all on 60 00:03:05,880 --> 00:03:09,280 Speaker 2: the line, and also to your point, like the intimacy 61 00:03:09,520 --> 00:03:11,800 Speaker 2: of an NBA game, especially when it's all on the 62 00:03:11,840 --> 00:03:14,440 Speaker 2: line like that. I mean, it's just like you literally 63 00:03:14,520 --> 00:03:17,600 Speaker 2: see the sweat. I mean, it's just it's just phenomenal. 64 00:03:17,600 --> 00:03:17,919 Speaker 1: All right. 65 00:03:17,960 --> 00:03:20,400 Speaker 2: So I'm doing some exciting stuff back here in New York. 66 00:03:20,400 --> 00:03:22,639 Speaker 2: I'm headed down to see some of our old friends. 67 00:03:22,639 --> 00:03:25,720 Speaker 2: In fact, some champions. Sue Bird among them at the 68 00:03:25,760 --> 00:03:28,080 Speaker 2: Business of Women's Sports Conference. This is something put on 69 00:03:28,120 --> 00:03:31,919 Speaker 2: by Deep Blue Sports and Entertainment. This is an annual event. 70 00:03:32,280 --> 00:03:35,480 Speaker 2: I'm doing a panel all about the return on investment 71 00:03:35,560 --> 00:03:38,760 Speaker 2: in women's sports. So I'm excited excited to do that. 72 00:03:39,240 --> 00:03:42,560 Speaker 2: You know, Sue and Meghan Rapino are going to do 73 00:03:42,640 --> 00:03:45,360 Speaker 2: a live taping of their podcast A Touch More with 74 00:03:45,440 --> 00:03:48,800 Speaker 2: Chelsea Clinton. So looking forward to to hearing that Azy Fudd, 75 00:03:48,800 --> 00:03:53,080 Speaker 2: who is the most outstanding player in the NCAA Women's Tournament. 76 00:03:53,440 --> 00:03:55,880 Speaker 2: I was on stage earlier, so excited to catch up 77 00:03:55,920 --> 00:03:59,200 Speaker 2: with all those folks. The other big thing on the 78 00:03:59,240 --> 00:04:02,160 Speaker 2: sports agenda this week is the NFL Draft. I know 79 00:04:02,160 --> 00:04:06,160 Speaker 2: we're focused on the NBA playoffs, but what is happening 80 00:04:06,240 --> 00:04:11,680 Speaker 2: in football? This has become a massive, massive, annual event 81 00:04:11,840 --> 00:04:14,160 Speaker 2: and it's inescapable, right. 82 00:04:14,480 --> 00:04:17,839 Speaker 3: I hear people at Crypto talking about the draft and 83 00:04:18,000 --> 00:04:19,640 Speaker 3: who are the Rams going to draft? And you know, 84 00:04:19,680 --> 00:04:22,640 Speaker 3: who are the Raiders going to draft, and it's pretty phenomenal. 85 00:04:22,680 --> 00:04:24,120 Speaker 3: I mean, I remember back in the day it was 86 00:04:24,160 --> 00:04:27,520 Speaker 3: just almost a non event. But again give credit to 87 00:04:27,600 --> 00:04:30,560 Speaker 3: Roger Goodell and his executive team. The way they think 88 00:04:30,560 --> 00:04:35,000 Speaker 3: about entertainment. It is clear that for the NFL, football 89 00:04:35,080 --> 00:04:38,640 Speaker 3: is just the mote. There are an entertainment business just 90 00:04:38,720 --> 00:04:44,159 Speaker 3: like UFC, just like WWE and everything in between. Entertainment first, 91 00:04:44,480 --> 00:04:48,400 Speaker 3: football second, and no one does it better than the NFL. 92 00:04:48,640 --> 00:04:50,440 Speaker 2: Yeah, and we're going to dig into that in a 93 00:04:50,440 --> 00:04:52,120 Speaker 2: big way coming up in just a few minutes with 94 00:04:52,200 --> 00:04:55,039 Speaker 2: Christine Dorflir, the CFO of the NFL. You know, the 95 00:04:55,080 --> 00:04:57,480 Speaker 2: one thing that I would, you know, sort of offer 96 00:04:57,600 --> 00:05:02,120 Speaker 2: to you is while they're excited in LA about the 97 00:05:02,160 --> 00:05:05,560 Speaker 2: draft and across the country, they're especially excited back home 98 00:05:05,600 --> 00:05:08,400 Speaker 2: for you in Miami because cam Ward, the quarterback for 99 00:05:08,400 --> 00:05:12,039 Speaker 2: the University of Miami, is, at least as we sit 100 00:05:12,120 --> 00:05:15,880 Speaker 2: here now, the likely number one pick according to a 101 00:05:15,920 --> 00:05:19,320 Speaker 2: lot of the draftologists, including at the Athletics. So kim 102 00:05:19,360 --> 00:05:21,839 Speaker 2: Ward could go number one to the Tennessee Titans. A 103 00:05:21,880 --> 00:05:24,880 Speaker 2: great story University of Miami. I know obviously that school 104 00:05:24,920 --> 00:05:26,800 Speaker 2: is very close to your heart. So it'd be interesting 105 00:05:26,839 --> 00:05:29,680 Speaker 2: to see sort of what the atmospherics are around kim 106 00:05:29,680 --> 00:05:30,960 Speaker 2: Ward potentially going number one. 107 00:05:31,200 --> 00:05:32,960 Speaker 1: A very exciting quarterback, very much so. 108 00:05:33,040 --> 00:05:35,840 Speaker 3: You know, when he came to Miami, some of the 109 00:05:37,160 --> 00:05:41,400 Speaker 3: chatter with the Hurricane fan base was is Cam too small? 110 00:05:41,800 --> 00:05:42,640 Speaker 1: Is he too short? 111 00:05:43,080 --> 00:05:46,640 Speaker 3: And he quickly proved three four weeks in that he wasn't. 112 00:05:46,640 --> 00:05:48,279 Speaker 3: I mean, I think he's going to be a phenomenal 113 00:05:48,360 --> 00:05:50,800 Speaker 3: NFL quarterback from the little I saw with him as 114 00:05:50,839 --> 00:05:51,600 Speaker 3: a Hurricane fan. 115 00:05:52,040 --> 00:05:52,640 Speaker 1: It's exciting. 116 00:05:52,640 --> 00:05:55,040 Speaker 3: And if he goes number one, he's definitely someone. 117 00:05:54,880 --> 00:05:57,600 Speaker 2: To watch, Yeah, for sure, And so he would potentially 118 00:05:57,600 --> 00:06:01,719 Speaker 2: go to the Tennessee Titans have a quarterback issue that 119 00:06:01,720 --> 00:06:03,640 Speaker 2: they need to work out if they do have him 120 00:06:03,760 --> 00:06:05,960 Speaker 2: come on board. I mean probably the other two players 121 00:06:06,040 --> 00:06:09,520 Speaker 2: that will be most broadly watched, especially from a business 122 00:06:09,520 --> 00:06:13,080 Speaker 2: of sports perspective, or Travis Hunter and Shador Sanders teammates 123 00:06:13,080 --> 00:06:16,040 Speaker 2: obviously at University of Colorado. Shador of course the son 124 00:06:16,480 --> 00:06:21,599 Speaker 2: of coach Prime Travis Hunter, a generational talent, Heisman winner. 125 00:06:22,080 --> 00:06:25,479 Speaker 2: Wherever he ends up, he's going to do a lot 126 00:06:25,480 --> 00:06:27,920 Speaker 2: of business for that team. You know, I was reading 127 00:06:27,960 --> 00:06:31,479 Speaker 2: something earlier today which you'll appreciate, you know, having been 128 00:06:31,640 --> 00:06:34,760 Speaker 2: a number one draft pick yourself, but you know, rated 129 00:06:34,839 --> 00:06:37,719 Speaker 2: number one as a wide receiver and rated number one 130 00:06:37,839 --> 00:06:40,200 Speaker 2: as a cornerback. Travis Hunter, I mean, he is an 131 00:06:40,320 --> 00:06:43,720 Speaker 2: unbelievable athlete. So I can't wait to watch him play 132 00:06:43,760 --> 00:06:44,920 Speaker 2: wherever he ends up playing. 133 00:06:44,920 --> 00:06:46,720 Speaker 1: But it's going to be a fun draft to watch. 134 00:06:46,720 --> 00:06:48,839 Speaker 2: And the last thing that I would say about the draft, 135 00:06:48,839 --> 00:06:51,599 Speaker 2: and we get into this with Christine Dorfler in the 136 00:06:51,640 --> 00:06:55,480 Speaker 2: conversation upcoming, is the whole notion of it's in green Bay. 137 00:06:55,760 --> 00:06:57,159 Speaker 1: What a great NFL city. 138 00:06:57,320 --> 00:06:59,240 Speaker 2: I mean, one cool thing about the Green Bay Packers 139 00:06:59,320 --> 00:07:02,760 Speaker 2: is you well know, Alex, is that they're actually publicly owned. 140 00:07:02,800 --> 00:07:04,560 Speaker 2: Now you can't go and buy the stock on the 141 00:07:04,600 --> 00:07:09,320 Speaker 2: open market, but members of the public, they're fans, and 142 00:07:09,360 --> 00:07:13,920 Speaker 2: there are thousands of them actually hold certificates of ownership 143 00:07:14,360 --> 00:07:18,960 Speaker 2: in this team. It's a nonprofit, but they're actually owned 144 00:07:19,080 --> 00:07:22,000 Speaker 2: not by a handful of individuals, but by their fans. 145 00:07:22,120 --> 00:07:22,680 Speaker 1: I love that. 146 00:07:23,000 --> 00:07:26,000 Speaker 3: And that's just a formality, Jason, Let's be real. I mean, 147 00:07:26,520 --> 00:07:28,320 Speaker 3: if you like the Braves growing up because you grew 148 00:07:28,400 --> 00:07:32,160 Speaker 3: up in Atlanta, you basically owned that team. And when 149 00:07:32,560 --> 00:07:35,840 Speaker 3: you know Meta does well in their earnings or Google, 150 00:07:35,880 --> 00:07:36,360 Speaker 3: you don't go. 151 00:07:36,320 --> 00:07:38,000 Speaker 1: Around saying we did great. 152 00:07:38,520 --> 00:07:41,280 Speaker 3: But when the Braves won a title, you say we 153 00:07:42,040 --> 00:07:45,040 Speaker 3: won a title. So I love that. And Green Bay 154 00:07:45,520 --> 00:07:50,160 Speaker 3: is one of the real iconic sports franchises, not only domestically, 155 00:07:50,280 --> 00:07:52,360 Speaker 3: but I believe around the world totally. 156 00:07:52,640 --> 00:07:55,040 Speaker 2: And now coming up on the deal. Christine Dorfler, the 157 00:07:55,120 --> 00:08:09,800 Speaker 2: CFO of the NFL. Welcome back to the Deal. I'm 158 00:08:09,800 --> 00:08:13,160 Speaker 2: your host, Jason Kelly, alongside my partner Alex Rodriguez. So 159 00:08:13,320 --> 00:08:17,000 Speaker 2: excited to have Christine Dorfler. She is the CFO and 160 00:08:17,040 --> 00:08:20,120 Speaker 2: executive vice president of the National Football League. 161 00:08:20,240 --> 00:08:21,480 Speaker 1: Christine, Welcome to the show. 162 00:08:22,080 --> 00:08:24,920 Speaker 4: Oh, thank you for having me. I am such a fan, 163 00:08:25,320 --> 00:08:26,520 Speaker 4: so excited to be here. 164 00:08:26,840 --> 00:08:28,800 Speaker 2: I think the place we want to start is basically 165 00:08:28,840 --> 00:08:32,200 Speaker 2: with our obsession. I don't think there is an episode 166 00:08:32,200 --> 00:08:34,439 Speaker 2: that goes by that we don't talk about the NFL 167 00:08:34,520 --> 00:08:37,120 Speaker 2: in some form or fashion, because it looms so large 168 00:08:37,120 --> 00:08:39,360 Speaker 2: in the business of sports, in this intersection of business, 169 00:08:39,360 --> 00:08:41,679 Speaker 2: sports and culture that we talk about all the time. Christine, 170 00:08:42,240 --> 00:08:47,240 Speaker 2: so take us inside the business. You know you've been 171 00:08:48,000 --> 00:08:50,840 Speaker 2: in this seat for a couple of years now, how 172 00:08:50,840 --> 00:08:53,079 Speaker 2: do you describe the business of the NFL. 173 00:08:53,559 --> 00:08:56,240 Speaker 4: It's so fascinating. I've been here for two years. I'm 174 00:08:56,280 --> 00:08:58,320 Speaker 4: just coming up on my two year mark at the NFL. 175 00:08:58,360 --> 00:09:01,960 Speaker 4: But before that, I spent almost twenty years at NBC, 176 00:09:02,040 --> 00:09:05,040 Speaker 4: so I was in the media and entertainment space. And 177 00:09:05,120 --> 00:09:08,120 Speaker 4: as you think about the NFL and just the impact 178 00:09:08,440 --> 00:09:12,880 Speaker 4: it has on fans, on people, on local markets, and 179 00:09:13,000 --> 00:09:15,840 Speaker 4: on media and entertainment companies. I mean, this is a 180 00:09:15,920 --> 00:09:20,360 Speaker 4: media and entertainment property, the world's largest arguably, and just 181 00:09:20,600 --> 00:09:24,079 Speaker 4: the impact that that has our media partners, the way 182 00:09:24,160 --> 00:09:27,000 Speaker 4: the content just resonates with fans, the way that fans 183 00:09:27,040 --> 00:09:30,080 Speaker 4: are so incredibly passionate about it. I mean, that is 184 00:09:30,320 --> 00:09:32,120 Speaker 4: the business. And it's an honor for me to be 185 00:09:32,920 --> 00:09:35,280 Speaker 4: in this chair and just to be part of this 186 00:09:35,440 --> 00:09:40,319 Speaker 4: fantastic league and this fantastic you know, delivery of content 187 00:09:40,400 --> 00:09:44,880 Speaker 4: that excites and unites people across the country and hopefully 188 00:09:44,920 --> 00:09:46,280 Speaker 4: at some point across the globe. 189 00:09:46,440 --> 00:09:48,200 Speaker 2: So is it fair to say that because of your 190 00:09:48,200 --> 00:09:50,040 Speaker 2: work at NBC, like you sort of knew what you 191 00:09:50,040 --> 00:09:51,600 Speaker 2: were in for, but like, what was the thing that 192 00:09:51,679 --> 00:09:54,800 Speaker 2: surprised you when you actually you know, when Roger you know, 193 00:09:54,840 --> 00:09:57,920 Speaker 2: taps you for this job, Roger Goodell, the commissioner, you know, 194 00:09:58,280 --> 00:10:02,160 Speaker 2: what's the thing that strikes you most when you. 195 00:10:01,920 --> 00:10:05,240 Speaker 1: Sort of first get there, like the first few days, Well, it's. 196 00:10:05,120 --> 00:10:07,400 Speaker 4: You know, it's so fascinating because I was on the 197 00:10:07,480 --> 00:10:10,560 Speaker 4: other side my last job at NBC was the CFO 198 00:10:10,600 --> 00:10:13,160 Speaker 4: of NBC Sports, So I was on the other side 199 00:10:13,160 --> 00:10:17,280 Speaker 4: of those negotiation for media rights with our various partners, 200 00:10:17,320 --> 00:10:21,360 Speaker 4: certainly the NFL being the biggest of that. But when 201 00:10:21,400 --> 00:10:23,800 Speaker 4: I got to the NFL, I mean, I think the 202 00:10:23,840 --> 00:10:26,920 Speaker 4: thing that surprised me is just, you know, just how 203 00:10:26,960 --> 00:10:29,560 Speaker 4: incredibly you know, you know, the NFL is on the 204 00:10:29,600 --> 00:10:31,520 Speaker 4: top of its game, but when you look at the 205 00:10:31,559 --> 00:10:34,600 Speaker 4: work that is happening in the thirty two local clubs 206 00:10:35,120 --> 00:10:37,920 Speaker 4: and everything they're doing day in and day out, as 207 00:10:37,960 --> 00:10:41,160 Speaker 4: well as at the league office to grow, to innovate, 208 00:10:41,240 --> 00:10:43,520 Speaker 4: to think about the future. You know, from the outside 209 00:10:43,600 --> 00:10:45,559 Speaker 4: looking in, you could say, well, you know, jeez, the 210 00:10:45,640 --> 00:10:47,120 Speaker 4: NFL is on the top of the game. You look 211 00:10:47,160 --> 00:10:50,360 Speaker 4: at the revenue relative to any other sports league and 212 00:10:50,400 --> 00:10:53,440 Speaker 4: it's certainly superior. You look at the viewership relative to 213 00:10:53,440 --> 00:10:55,440 Speaker 4: other sports leagues, and you could say, geez, it would 214 00:10:55,480 --> 00:10:58,160 Speaker 4: be so easy to sort of grow complacent and to 215 00:10:58,800 --> 00:11:00,680 Speaker 4: sort of say, hey, we have great business model. We 216 00:11:00,679 --> 00:11:02,800 Speaker 4: have a lot of stability with our media rights locked 217 00:11:02,840 --> 00:11:05,240 Speaker 4: up for a little while, with the collective bargaining agreement 218 00:11:05,280 --> 00:11:07,720 Speaker 4: locked up for a little while. But it couldn't be 219 00:11:07,800 --> 00:11:11,880 Speaker 4: further from what's happening. You know, people here are constantly 220 00:11:11,920 --> 00:11:16,000 Speaker 4: thinking about what's next and how do we continue to grow, 221 00:11:16,160 --> 00:11:19,480 Speaker 4: how do we continue to innovate, whether that's with flag football, 222 00:11:19,559 --> 00:11:23,240 Speaker 4: whether that's with becoming a global sport property, all of 223 00:11:23,280 --> 00:11:26,000 Speaker 4: the things I love that I love adrenaline, sort of 224 00:11:26,800 --> 00:11:30,640 Speaker 4: base places and businesses. That was surprising, but not surprising, 225 00:11:30,800 --> 00:11:31,080 Speaker 4: I guess. 226 00:11:31,120 --> 00:11:33,439 Speaker 3: I would say one of the things that's been surprising 227 00:11:33,440 --> 00:11:35,679 Speaker 3: for me, Christine is like, you are the biggest and 228 00:11:35,720 --> 00:11:37,320 Speaker 3: the best known around the world. 229 00:11:37,520 --> 00:11:39,240 Speaker 1: The shield is very, very powerful. 230 00:11:39,640 --> 00:11:43,160 Speaker 3: But I'm wondering, First of all, I'm fascinated with your background, 231 00:11:43,160 --> 00:11:44,640 Speaker 3: which we'll get going to get into going back to 232 00:11:44,720 --> 00:11:47,319 Speaker 3: Villanova and the army and all of that. But twenty 233 00:11:47,400 --> 00:11:50,400 Speaker 3: years at NBC Sports as CFO, how did that help 234 00:11:50,480 --> 00:11:53,520 Speaker 3: you shape and position you for this job that you 235 00:11:53,600 --> 00:11:54,199 Speaker 3: have currently. 236 00:11:54,760 --> 00:11:58,400 Speaker 4: You know, Alex, I started at NBC, I was a manager. 237 00:11:58,400 --> 00:12:01,320 Speaker 4: I was a pretty junior level finance person coming out 238 00:12:01,320 --> 00:12:03,840 Speaker 4: of the military, and I made my way through all 239 00:12:03,880 --> 00:12:06,800 Speaker 4: sorts of different jobs. I think the one propelled me 240 00:12:06,880 --> 00:12:08,679 Speaker 4: to the next propelled me to the next, and it 241 00:12:08,720 --> 00:12:10,960 Speaker 4: was all the sort of twists and turns and the 242 00:12:11,000 --> 00:12:15,000 Speaker 4: different experiences I had that then landed me at NBC Sports, 243 00:12:15,040 --> 00:12:18,280 Speaker 4: which you know, growing up I was love sports. I 244 00:12:18,320 --> 00:12:20,600 Speaker 4: played a bunch of sports. I ended up playing lacrosse 245 00:12:20,640 --> 00:12:22,640 Speaker 4: in college, and so to be in that chair and 246 00:12:22,679 --> 00:12:25,720 Speaker 4: to be in the sports media business was so exciting 247 00:12:25,800 --> 00:12:27,440 Speaker 4: for me. But I feel like it was all the 248 00:12:27,480 --> 00:12:30,120 Speaker 4: different steps along the way and the twists and turns 249 00:12:30,160 --> 00:12:33,079 Speaker 4: and the jobs that were great and candidly some jobs 250 00:12:33,080 --> 00:12:35,400 Speaker 4: that were not so great that helped to get me 251 00:12:35,600 --> 00:12:38,720 Speaker 4: to NBC Sports. And then obviously that was a big 252 00:12:38,760 --> 00:12:41,440 Speaker 4: part of why I think I'm here. I mean, the 253 00:12:41,480 --> 00:12:45,120 Speaker 4: media partners are such a substantial part of our revenue. 254 00:12:45,120 --> 00:12:48,160 Speaker 4: They're such a substantial part of our business. And focusing 255 00:12:48,200 --> 00:12:51,319 Speaker 4: on strengthening all of our media partners and bringing new 256 00:12:51,320 --> 00:12:53,959 Speaker 4: ones in like Netflix this year with the Christmas Day 257 00:12:54,000 --> 00:12:56,080 Speaker 4: Games was you know, it's part of what we think 258 00:12:56,120 --> 00:12:58,280 Speaker 4: about all the time. And so I would say it 259 00:12:58,360 --> 00:13:00,200 Speaker 4: was all those kind of building blocks along the way 260 00:13:00,200 --> 00:13:02,400 Speaker 4: that got me ready for that role and ultimately led 261 00:13:02,440 --> 00:13:02,760 Speaker 4: me here. 262 00:13:03,760 --> 00:13:05,880 Speaker 2: It's interesting, Christine, when you think about sort of the 263 00:13:05,880 --> 00:13:08,080 Speaker 2: portfolio of things that you have in front of you 264 00:13:08,160 --> 00:13:10,880 Speaker 2: across the business of the NFL. You know, media is 265 00:13:10,880 --> 00:13:13,000 Speaker 2: one thing we've talked a bit about that I can 266 00:13:13,040 --> 00:13:15,240 Speaker 2: tell you we could do it an entire episode just 267 00:13:15,280 --> 00:13:17,400 Speaker 2: on private equity in the NFL. I know that that's 268 00:13:17,440 --> 00:13:20,040 Speaker 2: something you were intimately involved in, and just to be 269 00:13:20,080 --> 00:13:23,800 Speaker 2: clear to refresh the audience, this is the ability for 270 00:13:23,880 --> 00:13:26,600 Speaker 2: a select group of private equity firms to own up 271 00:13:26,640 --> 00:13:30,560 Speaker 2: to ten percent of individual NFL franchises. Tell us about 272 00:13:30,600 --> 00:13:33,240 Speaker 2: that from the league's perspective, because I have to say 273 00:13:33,440 --> 00:13:35,800 Speaker 2: I've never really had that conversation with you or with 274 00:13:35,880 --> 00:13:38,800 Speaker 2: Roger Goodell. I'm interested to see how you think it's 275 00:13:38,880 --> 00:13:41,880 Speaker 2: working and sort of what the intention was and sort 276 00:13:41,920 --> 00:13:43,080 Speaker 2: of what you're taking away from. 277 00:13:43,000 --> 00:13:43,480 Speaker 1: It so far. 278 00:13:43,720 --> 00:13:46,480 Speaker 4: Yeah, I mean, it was one of the first things 279 00:13:46,760 --> 00:13:49,480 Speaker 4: I was a part of working on which was incredibly 280 00:13:49,559 --> 00:13:52,200 Speaker 4: exciting and interesting and just sort of fascinating to see 281 00:13:52,240 --> 00:13:55,240 Speaker 4: how the league and the owners thought about it. I mean, 282 00:13:55,320 --> 00:13:59,000 Speaker 4: I would say the league was very thoughtful and intentional 283 00:13:59,040 --> 00:14:01,240 Speaker 4: in coming up with the instruct and a construct that 284 00:14:01,280 --> 00:14:03,880 Speaker 4: works for the NFL. It's not the same construct as 285 00:14:03,920 --> 00:14:06,840 Speaker 4: you know that other sports leagues have adopted and had 286 00:14:06,880 --> 00:14:10,680 Speaker 4: adopted and implemented prior to the NFL. You know, we 287 00:14:10,880 --> 00:14:14,920 Speaker 4: put together a committee of five owners and the owners 288 00:14:14,920 --> 00:14:17,920 Speaker 4: worked a long time with staff from the league office 289 00:14:17,920 --> 00:14:20,320 Speaker 4: to try to figure out what is the right construct, 290 00:14:20,360 --> 00:14:23,160 Speaker 4: who are the right partners, how many partners should we have? 291 00:14:23,800 --> 00:14:25,280 Speaker 4: And I think it was really you know, the ten 292 00:14:25,320 --> 00:14:28,280 Speaker 4: percent works for the NFL. I think there's an element 293 00:14:28,320 --> 00:14:30,960 Speaker 4: of this that is, you know, crawl, walk, run, and 294 00:14:31,000 --> 00:14:32,600 Speaker 4: we're in the crawl stage and we're going to see 295 00:14:32,600 --> 00:14:36,520 Speaker 4: how it goes. These are passive limited partner investments. You're 296 00:14:36,520 --> 00:14:39,120 Speaker 4: not going to see any you know, fund managers making 297 00:14:39,120 --> 00:14:41,920 Speaker 4: coaching decisions right. Sure they would love to, but that's 298 00:14:41,920 --> 00:14:44,480 Speaker 4: not going to happen. I mean, it sort of maintains 299 00:14:45,360 --> 00:14:48,880 Speaker 4: the foundation of the ownership construct where the controlling owner 300 00:14:48,880 --> 00:14:52,480 Speaker 4: has to own thirty percent, but also offers owners of 301 00:14:52,560 --> 00:14:56,800 Speaker 4: liquidity opportunity so that they can reinvest, reinvest in their businesses, 302 00:14:56,840 --> 00:15:00,560 Speaker 4: reinvest in stadiums, reinvest in their club and their fan 303 00:15:00,640 --> 00:15:01,920 Speaker 4: experiences and everything. 304 00:15:01,640 --> 00:15:02,120 Speaker 1: Else like that. 305 00:15:02,280 --> 00:15:04,800 Speaker 4: So it was important to get it right, I think, 306 00:15:04,920 --> 00:15:07,680 Speaker 4: and I think there'll be you know, points in time 307 00:15:07,720 --> 00:15:09,480 Speaker 4: we had to As you know, we had two fun 308 00:15:09,520 --> 00:15:11,920 Speaker 4: transactions at the end of the calendar year last year 309 00:15:11,960 --> 00:15:14,880 Speaker 4: with Miami and with Buffalo, with two of our fun 310 00:15:14,960 --> 00:15:18,320 Speaker 4: partners with arctosin Ais and you know, we'll see what 311 00:15:18,440 --> 00:15:21,360 Speaker 4: happens next. I think it'll continue to evolve, But out 312 00:15:21,360 --> 00:15:23,080 Speaker 4: of the gate, I think it was a really thoughtful, 313 00:15:23,200 --> 00:15:26,480 Speaker 4: intentional construct that works for the NFL and then protects 314 00:15:26,480 --> 00:15:30,320 Speaker 4: all the foundational parts of our policy that have made 315 00:15:30,360 --> 00:15:30,920 Speaker 4: the lead great. 316 00:15:31,600 --> 00:15:34,960 Speaker 3: What makes it such a good business for private equity 317 00:15:35,280 --> 00:15:36,840 Speaker 3: to come into space right now? 318 00:15:37,920 --> 00:15:40,360 Speaker 4: Yeah, I mean, look, first of all, I think number one, 319 00:15:40,400 --> 00:15:43,680 Speaker 4: it's finding the right partners. I think a lot of 320 00:15:43,720 --> 00:15:46,320 Speaker 4: the time that the committee that we put together with 321 00:15:46,320 --> 00:15:48,400 Speaker 4: the five owners spent a lot of time thinking about 322 00:15:48,440 --> 00:15:52,200 Speaker 4: who are the right partners because this isn't something you know, 323 00:15:52,240 --> 00:15:54,080 Speaker 4: we have a six year old period that's part of 324 00:15:54,120 --> 00:15:57,240 Speaker 4: the policy, as you know, but this isn't something that 325 00:15:57,280 --> 00:15:59,480 Speaker 4: I think we're going to see a lot of exit, 326 00:15:59,680 --> 00:16:02,840 Speaker 4: right I think what we will see is, you know, 327 00:16:02,880 --> 00:16:05,320 Speaker 4: you look at and not just the NFL, but you 328 00:16:05,360 --> 00:16:09,160 Speaker 4: look at the growth of franchise values. I mean, we 329 00:16:09,200 --> 00:16:11,960 Speaker 4: saw it with the Bust and Celtic sale candidly, we 330 00:16:12,000 --> 00:16:15,359 Speaker 4: see it with our limited partner valuations like the Philadelphia 331 00:16:15,360 --> 00:16:18,120 Speaker 4: Eagles at the end of last year as well. This 332 00:16:18,200 --> 00:16:21,040 Speaker 4: is something where I think Aiy's scarcity, right, there are 333 00:16:21,040 --> 00:16:23,960 Speaker 4: only so many sports franchises. There are only thirty two 334 00:16:24,520 --> 00:16:27,160 Speaker 4: NFL teams, and people want to be the owners of 335 00:16:27,200 --> 00:16:30,240 Speaker 4: those teams. So the scarcity values certainly helps. And then 336 00:16:30,280 --> 00:16:33,160 Speaker 4: I think you look at the long term growth and 337 00:16:33,200 --> 00:16:38,400 Speaker 4: the impact that we have on society, on fandom, on engagement. 338 00:16:38,480 --> 00:16:41,080 Speaker 4: I mean, there really is nothing like the NFL that 339 00:16:41,280 --> 00:16:43,160 Speaker 4: unifies people in that way and people want to be 340 00:16:43,200 --> 00:16:45,640 Speaker 4: a part of it. And so I think that as 341 00:16:45,680 --> 00:16:48,080 Speaker 4: you think about funds who are investing, I think they 342 00:16:48,160 --> 00:16:51,320 Speaker 4: see that growth. You know, certainly we spend a lot 343 00:16:51,360 --> 00:16:54,280 Speaker 4: of time thinking about the media landscape and the disruption 344 00:16:54,480 --> 00:16:55,840 Speaker 4: and what are the things we need to do to 345 00:16:55,840 --> 00:16:58,560 Speaker 4: continue to innovate and how is that going to affect 346 00:16:58,600 --> 00:17:01,760 Speaker 4: our top line When you think about scarcity and you 347 00:17:01,840 --> 00:17:04,639 Speaker 4: think about the impact, you know, just sort of the 348 00:17:04,680 --> 00:17:08,439 Speaker 4: power of the content in reaching so many people across 349 00:17:08,440 --> 00:17:10,800 Speaker 4: the country and again hopefully across the globe. At some point, 350 00:17:10,920 --> 00:17:13,200 Speaker 4: I think that these funds come in and they see 351 00:17:13,200 --> 00:17:14,520 Speaker 4: that long term growth potential. 352 00:17:14,880 --> 00:17:17,040 Speaker 3: Correct me if I'm wrong, or maybe you can't correct 353 00:17:17,040 --> 00:17:19,399 Speaker 3: me if I am wrong, But NFL one of the 354 00:17:19,440 --> 00:17:21,360 Speaker 3: reasons they're the envy of sports. 355 00:17:21,040 --> 00:17:21,639 Speaker 1: Around the world. 356 00:17:21,720 --> 00:17:25,719 Speaker 3: Is probably the only league at this scale that is 357 00:17:25,720 --> 00:17:29,480 Speaker 3: not only growing top line revenue but also net earnings. 358 00:17:29,960 --> 00:17:32,120 Speaker 3: And to be thirty two for thirty two or even 359 00:17:32,200 --> 00:17:34,920 Speaker 3: close to that is it is such an anomaly because 360 00:17:34,960 --> 00:17:37,159 Speaker 3: teams usually break even, they lose a little money, they 361 00:17:37,240 --> 00:17:39,160 Speaker 3: make a little money, and they're fine and they're ready 362 00:17:39,200 --> 00:17:41,359 Speaker 3: to go to the next hole. NFL is truly the 363 00:17:41,400 --> 00:17:45,200 Speaker 3: anomaly that grows both sides top end net earnings. 364 00:17:45,440 --> 00:17:48,879 Speaker 4: Yeah, no, absolutely last year alsoty two of our clubs 365 00:17:48,880 --> 00:17:51,239 Speaker 4: are profitable. And I don't think other sports leagues can 366 00:17:51,280 --> 00:17:52,920 Speaker 4: say that. But you know, as you think about top 367 00:17:52,960 --> 00:17:55,080 Speaker 4: line growth, and certainly you can make an argument that 368 00:17:55,760 --> 00:17:58,639 Speaker 4: you know, franchise valuations are based on that top line growth, 369 00:17:59,000 --> 00:18:01,960 Speaker 4: but there's profit growth as well. And we look at clubs, 370 00:18:02,000 --> 00:18:04,520 Speaker 4: financials and sort of core tiles, you know, the four 371 00:18:04,560 --> 00:18:07,879 Speaker 4: core tiles split into eight clubs each, and you know, 372 00:18:07,960 --> 00:18:10,399 Speaker 4: you see the gap between the top eight clubs and 373 00:18:10,600 --> 00:18:13,440 Speaker 4: you know the bottom eight clubs from a financial perspective closing. 374 00:18:13,960 --> 00:18:15,800 Speaker 4: And that's what you want to see. You want to 375 00:18:15,840 --> 00:18:18,960 Speaker 4: see sort of the tide lifting all boats, and that 376 00:18:19,160 --> 00:18:21,719 Speaker 4: is what we've seen and that's a really really strong, 377 00:18:22,200 --> 00:18:23,320 Speaker 4: you know, financial metric. 378 00:18:24,040 --> 00:18:26,840 Speaker 2: Well, that's it's a really interesting point too. And Alex, 379 00:18:26,880 --> 00:18:28,840 Speaker 2: I know something you and I have talked about on 380 00:18:28,880 --> 00:18:31,800 Speaker 2: this show is how that is certainly not the case 381 00:18:31,800 --> 00:18:34,240 Speaker 2: in all the leagues. And I'm thinking specifically at baseball, 382 00:18:34,280 --> 00:18:36,199 Speaker 2: which is something that you've talked a lot about in 383 00:18:36,320 --> 00:18:38,280 Speaker 2: terms of that that haves and the have not. The 384 00:18:38,320 --> 00:18:42,400 Speaker 2: gap is widening, not drinking, and that's a real issue 385 00:18:42,400 --> 00:18:43,680 Speaker 2: for the growth of a league. 386 00:18:44,119 --> 00:18:47,240 Speaker 1: So when you think about those growth. 387 00:18:46,880 --> 00:18:52,160 Speaker 2: Attributes, Christine International, you mentioned this in passing, but let's 388 00:18:52,200 --> 00:18:54,199 Speaker 2: dig in on it a little bit. Is clearly an 389 00:18:54,240 --> 00:18:58,720 Speaker 2: area where the NFL is keenly interested in individual franchise 390 00:18:58,720 --> 00:19:01,320 Speaker 2: owners and club owners are very interested in that as well. 391 00:19:01,600 --> 00:19:03,200 Speaker 1: It's a pretty complicated. 392 00:19:02,680 --> 00:19:05,080 Speaker 2: System of you know, who has rights where and who's 393 00:19:05,080 --> 00:19:07,960 Speaker 2: playing where, and I think people pay a lot of 394 00:19:08,000 --> 00:19:11,479 Speaker 2: attention to who's doing what in which markets help us 395 00:19:11,520 --> 00:19:14,480 Speaker 2: understand the strategy there, Like, how do you think about 396 00:19:15,119 --> 00:19:17,520 Speaker 2: creating a system? Because we know that the NFL has 397 00:19:17,560 --> 00:19:22,040 Speaker 2: been successful by being methodical, it does feel like you've 398 00:19:22,040 --> 00:19:25,520 Speaker 2: been pretty aggressive internationally, is that fair? Like, how would 399 00:19:25,520 --> 00:19:27,720 Speaker 2: you characterize the international expansion? 400 00:19:28,080 --> 00:19:32,360 Speaker 4: Yeah, I will say there's an enormous strategic focus on it. 401 00:19:32,440 --> 00:19:33,960 Speaker 4: What do we need to be doing, how do we 402 00:19:34,000 --> 00:19:37,399 Speaker 4: need to be thinking about growing fandom globally, what are 403 00:19:37,400 --> 00:19:40,600 Speaker 4: the key priority markets and really identifying where and how 404 00:19:40,640 --> 00:19:43,159 Speaker 4: and how much money it's going to take to invest 405 00:19:43,200 --> 00:19:45,879 Speaker 4: to grow that fandom. I mean, this coming season, we're 406 00:19:45,880 --> 00:19:48,600 Speaker 4: going to play seven international games. We'll play three in London. 407 00:19:48,600 --> 00:19:51,840 Speaker 4: We're entering three new markets right We'll be in Dublin 408 00:19:51,920 --> 00:19:53,879 Speaker 4: for the first time, we'll be in Madrid for the 409 00:19:53,880 --> 00:19:56,160 Speaker 4: first time, and we'll be in Berlin for the first time, 410 00:19:56,160 --> 00:19:59,160 Speaker 4: and then we'll return to Brazil we played last year 411 00:19:59,200 --> 00:20:02,080 Speaker 4: Eagles Packers kick off weekend in Brazil and South Paalo 412 00:20:02,119 --> 00:20:03,720 Speaker 4: and we'll return to South Paalo and then we have 413 00:20:03,720 --> 00:20:07,520 Speaker 4: our sites set on expansion beyond that. So we announced 414 00:20:07,560 --> 00:20:10,240 Speaker 4: a multi year deal to play in Australia starting in 415 00:20:10,240 --> 00:20:13,520 Speaker 4: the twenty twenty sixth season in Melbourne. So it is 416 00:20:13,640 --> 00:20:17,680 Speaker 4: something we spend a ton of time thinking about how 417 00:20:17,680 --> 00:20:20,400 Speaker 4: to get it right, how to be a global sports property, 418 00:20:20,440 --> 00:20:23,920 Speaker 4: whether that's player academies and player development, whether that's a 419 00:20:23,960 --> 00:20:26,680 Speaker 4: global markets program. In twenty nine of our thirty two 420 00:20:26,720 --> 00:20:29,800 Speaker 4: clubs participate in our Global markets program, all of the 421 00:20:29,840 --> 00:20:32,880 Speaker 4: things that you need to do to build that fantom, 422 00:20:33,000 --> 00:20:34,879 Speaker 4: to get the rest of the world to know and 423 00:20:34,920 --> 00:20:36,560 Speaker 4: to learn and to love the game as much as 424 00:20:36,560 --> 00:20:37,080 Speaker 4: we do here. 425 00:20:37,920 --> 00:20:40,000 Speaker 2: And so Christy, you know, one of the things, you know, 426 00:20:40,040 --> 00:20:43,199 Speaker 2: when we talk about the globe, we can't help but 427 00:20:43,200 --> 00:20:45,960 Speaker 2: think about the global economy and it is really something 428 00:20:46,040 --> 00:20:48,399 Speaker 2: right now, to say the least. And one of the 429 00:20:48,400 --> 00:20:52,600 Speaker 2: things that has always been attractive about sports franchise for 430 00:20:52,680 --> 00:20:56,000 Speaker 2: people is the sort of uncorrelated nature to get very 431 00:20:56,040 --> 00:20:59,880 Speaker 2: bloombergiy about it of these assets over time, and yet 432 00:21:00,119 --> 00:21:03,719 Speaker 2: you know, you're still talking about not just people tuning in, 433 00:21:03,800 --> 00:21:07,240 Speaker 2: but people showing up, people buying merchandise. How much as 434 00:21:07,280 --> 00:21:09,280 Speaker 2: the CFO do you have to keep an eye on 435 00:21:09,359 --> 00:21:14,840 Speaker 2: sort of what's happening forget geopolitically, but really just geoeconomically 436 00:21:15,680 --> 00:21:17,320 Speaker 2: as it relates to your business. 437 00:21:17,760 --> 00:21:20,760 Speaker 4: Yeah, it's interesting because that question has come up a 438 00:21:20,800 --> 00:21:23,520 Speaker 4: lot over the past couple of days, just as things evolve, 439 00:21:23,600 --> 00:21:26,879 Speaker 4: and obviously read the headlines and from our employees even 440 00:21:27,080 --> 00:21:29,560 Speaker 4: and we certainly have to keep an eye on it. 441 00:21:29,600 --> 00:21:32,520 Speaker 4: I mean, there are aspects, certainly of our business model 442 00:21:32,840 --> 00:21:35,680 Speaker 4: that are contracted and that's great, but we also want 443 00:21:35,720 --> 00:21:38,160 Speaker 4: to recognize that most of our you know, about half 444 00:21:38,480 --> 00:21:42,840 Speaker 4: of total league wide revenue comes from our media deals, right, 445 00:21:42,920 --> 00:21:46,560 Speaker 4: And we want our media partners feel the impact of 446 00:21:46,600 --> 00:21:49,040 Speaker 4: a recession if there were to be a recession, right, 447 00:21:49,119 --> 00:21:52,760 Speaker 4: because they're you know, advertising based. In some cases, during 448 00:21:52,760 --> 00:21:54,879 Speaker 4: a recession, those are the first budgets to get cut. 449 00:21:55,520 --> 00:21:58,320 Speaker 4: And so if our media partners feel it, we feel it. 450 00:21:58,359 --> 00:22:00,359 Speaker 4: We want them to be successful, we want them to 451 00:22:00,359 --> 00:22:02,879 Speaker 4: grow revenue, and so we think about it from a 452 00:22:02,920 --> 00:22:05,480 Speaker 4: media partner aspect, and we also think about it through 453 00:22:06,080 --> 00:22:10,320 Speaker 4: discretionary spend. Right, Fans going to games, that's a discretionary spend, 454 00:22:10,560 --> 00:22:14,040 Speaker 4: and in a world where an economy is challenged or 455 00:22:14,040 --> 00:22:17,040 Speaker 4: where there is a recession, that discretionary spend could could 456 00:22:17,080 --> 00:22:19,320 Speaker 4: be affected. And then I think, finally we just think 457 00:22:19,359 --> 00:22:22,640 Speaker 4: about it as it relates to the tariffs and what 458 00:22:22,800 --> 00:22:26,320 Speaker 4: impact that could have. As we think about international expansion 459 00:22:26,359 --> 00:22:29,960 Speaker 4: and what we're doing internationally, and also stadium built stadium 460 00:22:29,960 --> 00:22:32,280 Speaker 4: renovation and development in the stadium builds and how that 461 00:22:32,320 --> 00:22:36,000 Speaker 4: impacts the clubs who are spending money investing in their stadiums, 462 00:22:36,040 --> 00:22:37,880 Speaker 4: whether it's a renovation or a new build as well, 463 00:22:37,960 --> 00:22:40,440 Speaker 4: so we keep a very close eye on it and 464 00:22:40,600 --> 00:22:44,400 Speaker 4: try to account for different scenarios in the financial planning 465 00:22:44,440 --> 00:22:45,200 Speaker 4: we're doing as well. 466 00:22:45,560 --> 00:22:47,000 Speaker 2: All Right, So now we're going to play a fun 467 00:22:47,040 --> 00:22:50,040 Speaker 2: little game, which is let's talk about the draft from 468 00:22:50,040 --> 00:22:54,560 Speaker 2: three different perspectives. First, my perspective, which is the least interesting, 469 00:22:54,680 --> 00:22:58,200 Speaker 2: which is a fan of football. I root for the 470 00:22:58,240 --> 00:23:01,280 Speaker 2: Atlanta Falcons. That's my hometown. So it's always interesting to 471 00:23:01,280 --> 00:23:02,960 Speaker 2: see who they're going to draft, to say the least. 472 00:23:03,000 --> 00:23:05,320 Speaker 1: You know, Arthur Blank were with you, like, do it right, 473 00:23:06,000 --> 00:23:06,440 Speaker 1: let's go. 474 00:23:06,680 --> 00:23:11,240 Speaker 2: There's one person on this call right now who was drafted, 475 00:23:11,320 --> 00:23:13,199 Speaker 2: and we're going to ask him about that perspective. And 476 00:23:13,200 --> 00:23:15,960 Speaker 2: then Christine, I want to ask you about the business 477 00:23:15,960 --> 00:23:18,320 Speaker 2: of the draft. But you know, Alex Partner, come on 478 00:23:18,400 --> 00:23:20,400 Speaker 2: in here. We are literally, you know. 479 00:23:20,400 --> 00:23:22,240 Speaker 1: Amid the NFL draft. 480 00:23:22,359 --> 00:23:24,520 Speaker 2: You weren't drafted to play football, though you know, I 481 00:23:24,560 --> 00:23:26,560 Speaker 2: don't know, maybe you could have been. You were drafted 482 00:23:26,560 --> 00:23:28,359 Speaker 2: to play baseball. What's it like to be drafted? 483 00:23:28,680 --> 00:23:31,719 Speaker 3: Well, the NFL did have an impact because Dan Marino 484 00:23:31,800 --> 00:23:33,520 Speaker 3: was my favorite football player of course growing up here 485 00:23:33,520 --> 00:23:36,520 Speaker 3: in Miami, and he was like the greatest, coolest thing 486 00:23:36,520 --> 00:23:38,240 Speaker 3: in the world. As a matter of fact, I met 487 00:23:38,280 --> 00:23:40,360 Speaker 3: Dan as a fifteen year old. He's put his arm 488 00:23:40,359 --> 00:23:42,639 Speaker 3: around me and he said, you know you're gonna make 489 00:23:42,680 --> 00:23:45,280 Speaker 3: it big one day. And now we're great friends. And 490 00:23:46,119 --> 00:23:47,800 Speaker 3: it was just a really nice story that makes me 491 00:23:47,800 --> 00:23:50,920 Speaker 3: feel good. And we bonded over thirteen. But as far 492 00:23:50,920 --> 00:23:52,920 Speaker 3: as the draft, I'll never forget. It was June of 493 00:23:53,000 --> 00:23:55,679 Speaker 3: nineteen ninety three. My mom comes from very, you know, 494 00:23:55,760 --> 00:23:58,600 Speaker 3: humble background, so I had an opportunity to have my 495 00:23:58,720 --> 00:23:59,440 Speaker 3: dream come true. 496 00:23:59,520 --> 00:24:00,760 Speaker 1: I was drafted by the Mariners. 497 00:24:00,800 --> 00:24:03,320 Speaker 3: I was going to play with the Michael Jordan of baseball, 498 00:24:03,320 --> 00:24:05,960 Speaker 3: which was Ken Griffy Junior And it was a life 499 00:24:06,040 --> 00:24:08,840 Speaker 3: change and experience and it was when my journey began. 500 00:24:09,560 --> 00:24:11,440 Speaker 3: And as a day I'll never forget. 501 00:24:11,760 --> 00:24:16,000 Speaker 2: And so, Christine, you were a fantastic lacrosse player at Villanova, 502 00:24:16,119 --> 00:24:19,400 Speaker 2: but there was no professional lacrosse league at that point. 503 00:24:19,480 --> 00:24:21,040 Speaker 1: I'm sure you would have been you wouldn't made it. 504 00:24:21,040 --> 00:24:24,160 Speaker 2: Our friend Paul r who's been against on this program 505 00:24:24,359 --> 00:24:26,000 Speaker 2: you know now, is making that right. And there is 506 00:24:26,040 --> 00:24:28,320 Speaker 2: a women's professional league, but there wasn't at the time. 507 00:24:29,440 --> 00:24:32,359 Speaker 2: And yet now you oversee and help oversee with Roger 508 00:24:32,359 --> 00:24:36,880 Speaker 2: Goodell and others. You know, this unbelievable like is then, 509 00:24:37,040 --> 00:24:39,720 Speaker 2: I mean the ratings for which are through the roof. 510 00:24:39,840 --> 00:24:44,439 Speaker 2: It's this unbelievable sort of moment nowhere near the NFL 511 00:24:44,520 --> 00:24:47,240 Speaker 2: season where everybody's talked about the NFL. So what is 512 00:24:47,280 --> 00:24:49,320 Speaker 2: it like for the business of the NFL to have 513 00:24:49,440 --> 00:24:50,920 Speaker 2: the draft be this big of a deal. 514 00:24:51,359 --> 00:24:54,320 Speaker 4: Oh, it's huge, And you know it's interesting to me. 515 00:24:54,560 --> 00:24:56,879 Speaker 4: I had never been to an NFL draft before I 516 00:24:56,920 --> 00:24:59,240 Speaker 4: started in this role, and I went out to Detroit 517 00:25:00,040 --> 00:25:03,520 Speaker 4: last year. It was just absolutely blown away by the 518 00:25:04,080 --> 00:25:06,480 Speaker 4: you know, you think about the NFL being in the 519 00:25:06,560 --> 00:25:10,680 Speaker 4: off season, right the off season, and I mean hundreds 520 00:25:10,720 --> 00:25:15,520 Speaker 4: of thousands of fans hyped up, excited, wearing their jerseys, 521 00:25:15,600 --> 00:25:18,639 Speaker 4: just ready to go. There's no game, right and it 522 00:25:18,680 --> 00:25:21,520 Speaker 4: really does speak to long before my time at the NFL, 523 00:25:21,560 --> 00:25:24,480 Speaker 4: the NFL's ability to really event tiz event ties and 524 00:25:24,800 --> 00:25:29,840 Speaker 4: you know, really keep that engagement with fans throughout the 525 00:25:29,840 --> 00:25:32,760 Speaker 4: calendar year all twelve months, right, you think about the draft, 526 00:25:32,840 --> 00:25:36,879 Speaker 4: the combine, the schedule release in May, the start of 527 00:25:36,960 --> 00:25:40,080 Speaker 4: training camp. I mean, it's just year round, continuing to 528 00:25:40,119 --> 00:25:43,560 Speaker 4: grow and develop that excitement, and then from a business perspective, 529 00:25:43,720 --> 00:25:45,760 Speaker 4: you know, as I've looked back and sort of studied 530 00:25:45,760 --> 00:25:48,639 Speaker 4: the economics of it, the draft used to be up 531 00:25:48,720 --> 00:25:52,480 Speaker 4: until twenty fourteen. I believe it was a local event 532 00:25:52,720 --> 00:25:54,840 Speaker 4: done out of Radio City Music Hall, and now it 533 00:25:54,960 --> 00:25:58,320 Speaker 4: is a full city takeover with hundreds. I mean every 534 00:25:58,400 --> 00:26:02,280 Speaker 4: year it's breaking records in terms of attendance. You know, 535 00:26:02,280 --> 00:26:06,679 Speaker 4: I think Green Bay this year will be the ninth city, 536 00:26:06,920 --> 00:26:09,840 Speaker 4: ninth new market that the draft has gone into since 537 00:26:09,880 --> 00:26:14,440 Speaker 4: it left Radio City in twenty fifteen, which is pretty incredible. 538 00:26:14,480 --> 00:26:18,320 Speaker 4: And we have over half the teams have expressed interest 539 00:26:18,359 --> 00:26:22,240 Speaker 4: in hosting a draft. I mean, there's just tremendous interest, 540 00:26:22,520 --> 00:26:25,359 Speaker 4: you know, and there's all sorts of right correlations, I 541 00:26:25,400 --> 00:26:27,800 Speaker 4: think as you think about you know, I've I've heard 542 00:26:27,840 --> 00:26:30,040 Speaker 4: since I've started that the Draft in Nashville in twenty 543 00:26:30,160 --> 00:26:32,399 Speaker 4: nineteen was a real turning point. You saw, you know, 544 00:26:32,480 --> 00:26:36,000 Speaker 4: the all kinds of NFL fans up and down Broadway, 545 00:26:36,520 --> 00:26:39,199 Speaker 4: and that was something that helped lead to public funding 546 00:26:39,240 --> 00:26:42,240 Speaker 4: in the stadium development in Nashville. So there's all sorts 547 00:26:42,280 --> 00:26:46,520 Speaker 4: of correlations that are positive from a business perspective, and 548 00:26:46,680 --> 00:26:49,000 Speaker 4: you know, it's just you spoke about the ratings. I mean, 549 00:26:49,040 --> 00:26:51,960 Speaker 4: the viewership is off the charge. It beats the finals 550 00:26:52,000 --> 00:26:54,639 Speaker 4: of some other sports leagues. So it's it really is 551 00:26:54,680 --> 00:26:58,640 Speaker 4: incredible in terms of the power of engaging with an audience, 552 00:26:58,720 --> 00:27:01,600 Speaker 4: engaging with fans when you're not in season, and really 553 00:27:01,600 --> 00:27:04,359 Speaker 4: continuing that sort of thread throughout the off season. 554 00:27:04,680 --> 00:27:07,600 Speaker 2: By the way, the owner of an NBA and WNBA 555 00:27:07,720 --> 00:27:11,280 Speaker 2: team is shaking his head at that very statistic, Christine. 556 00:27:11,280 --> 00:27:13,720 Speaker 3: But go on, yeah, we all envy the NFL, that's 557 00:27:13,720 --> 00:27:28,840 Speaker 3: for sure, you know, Christine. All of the business metrics 558 00:27:28,840 --> 00:27:30,800 Speaker 3: we've been talking about over the last twenty or twenty 559 00:27:30,800 --> 00:27:34,639 Speaker 3: five minutes have been under the leadership of Commissioner Roger Goodell. 560 00:27:35,280 --> 00:27:38,520 Speaker 3: And he's been great with me personally. But I'm wondering, 561 00:27:38,560 --> 00:27:40,600 Speaker 3: from your point of view, you've been there about two years, 562 00:27:41,359 --> 00:27:44,639 Speaker 3: what do you see as his superpower and in such 563 00:27:44,640 --> 00:27:46,720 Speaker 3: a short time, what are some of the lessons you've 564 00:27:46,760 --> 00:27:49,280 Speaker 3: learned from him that make him tick Because the NFL 565 00:27:49,320 --> 00:27:51,520 Speaker 3: has been up into the right for a very long 566 00:27:51,560 --> 00:27:52,640 Speaker 3: time under his leadership. 567 00:27:53,240 --> 00:27:56,680 Speaker 4: Yeah, no, tremendous And look, I mean my understanding is 568 00:27:56,800 --> 00:27:59,800 Speaker 4: Roger started as an intern at the NFL, and so 569 00:28:00,080 --> 00:28:04,879 Speaker 4: he knows the place inside and out for sure. But 570 00:28:05,000 --> 00:28:08,680 Speaker 4: I think his superpower is he's restless, right, He never 571 00:28:08,760 --> 00:28:12,960 Speaker 4: grows complacent. It is always let's celebrate the wins, but 572 00:28:13,119 --> 00:28:15,199 Speaker 4: let's look at what's next, Let's look at how we 573 00:28:15,240 --> 00:28:17,440 Speaker 4: can do better, Let's look at how we can innovate. 574 00:28:17,600 --> 00:28:20,199 Speaker 4: Let's look at tremendous partners. I mean, one of the 575 00:28:20,240 --> 00:28:23,199 Speaker 4: things that was just so incredible to me when I 576 00:28:23,200 --> 00:28:25,840 Speaker 4: started as CFO was the companies that want to work 577 00:28:25,880 --> 00:28:29,199 Speaker 4: with the NFL, and it just is it's phenomenal, and 578 00:28:29,240 --> 00:28:33,600 Speaker 4: so what can we learn from them? He is always learning, thinking, 579 00:28:33,680 --> 00:28:36,200 Speaker 4: innovating and looking ahead to what's next. And you know, look, 580 00:28:36,240 --> 00:28:38,800 Speaker 4: if you're a fan, if you're a player, if you're 581 00:28:38,800 --> 00:28:41,200 Speaker 4: a coach, if you're a general manager, if you're an owner, 582 00:28:41,240 --> 00:28:43,080 Speaker 4: if you're a media partner, that's that's what. 583 00:28:43,000 --> 00:28:44,240 Speaker 1: You want, all right, Christine. 584 00:28:44,240 --> 00:28:46,320 Speaker 2: We're going to get to our rapid fire segment in 585 00:28:46,360 --> 00:28:48,200 Speaker 2: a second, but before we do that, you know, we've 586 00:28:48,280 --> 00:28:52,320 Speaker 2: sort of nodded to some of your background, and you know, 587 00:28:52,760 --> 00:28:55,320 Speaker 2: Villanova and you talked a lot about your experience at 588 00:28:55,400 --> 00:28:58,560 Speaker 2: NBC one. I think very notable thing is your time 589 00:28:58,840 --> 00:29:02,320 Speaker 2: you know, in the army, in army intelligence. How does 590 00:29:02,600 --> 00:29:06,520 Speaker 2: that sort of experience play into a job like that. Certainly, 591 00:29:06,600 --> 00:29:09,560 Speaker 2: I would imagine it gives you some perspective and gives 592 00:29:09,600 --> 00:29:13,480 Speaker 2: you a sense of like what ultimately is important in 593 00:29:13,520 --> 00:29:16,360 Speaker 2: defending our country, you know, versus a football game, which 594 00:29:16,360 --> 00:29:18,880 Speaker 2: we all love to watch. But what's the perspective you 595 00:29:18,880 --> 00:29:21,800 Speaker 2: bring or are there certain skills or attributes that you 596 00:29:21,920 --> 00:29:24,640 Speaker 2: find yourself sort of going back to from those early days. 597 00:29:24,920 --> 00:29:28,040 Speaker 4: Yeah, no question was. It was incredibly foundational for me. 598 00:29:28,520 --> 00:29:31,960 Speaker 4: I wouldn't trade my experience in the army for anything. 599 00:29:32,120 --> 00:29:34,480 Speaker 4: I feel very fortunate to have served and to have 600 00:29:34,560 --> 00:29:39,120 Speaker 4: served alongside some really phenomenal human beings where services is 601 00:29:39,560 --> 00:29:41,800 Speaker 4: front and center for them, and I learned a ton 602 00:29:41,840 --> 00:29:43,720 Speaker 4: from them. I mean, the things I learned that were 603 00:29:43,720 --> 00:29:46,800 Speaker 4: foundational for me that I still apply at this day. 604 00:29:46,800 --> 00:29:49,000 Speaker 4: It's the grit and resilience. You can learn that from sports, 605 00:29:49,040 --> 00:29:50,880 Speaker 4: you can learn that from a lot of different places, 606 00:29:50,880 --> 00:29:55,200 Speaker 4: but when you see it in action, particularly when you're 607 00:29:55,240 --> 00:29:58,000 Speaker 4: overseas and you see people away from soldiers, away from 608 00:29:58,000 --> 00:30:01,200 Speaker 4: their families, and the way they dig deep and find 609 00:30:01,240 --> 00:30:04,280 Speaker 4: that grit and resilience within them, it was just phenomenal. 610 00:30:04,280 --> 00:30:07,280 Speaker 4: And I learned that. I learned it by watching people 611 00:30:07,320 --> 00:30:09,280 Speaker 4: I served with, and I learned it myself. And then 612 00:30:09,320 --> 00:30:13,160 Speaker 4: I think the ability to learn and adapt, to really listen. 613 00:30:13,600 --> 00:30:15,400 Speaker 4: You know, when I was I was a twenty two 614 00:30:15,480 --> 00:30:17,680 Speaker 4: year old platoon leader in charge of people who had 615 00:30:17,720 --> 00:30:19,920 Speaker 4: far more years of experience than I did. And you're 616 00:30:19,960 --> 00:30:24,680 Speaker 4: not successful unless you listen and you learn, and you're 617 00:30:24,720 --> 00:30:27,640 Speaker 4: patient and you're thoughtful, and you learn an appreciation for 618 00:30:27,720 --> 00:30:29,880 Speaker 4: what other people do and figure out how you can 619 00:30:29,920 --> 00:30:32,920 Speaker 4: help support them as a leader. So all of those skills. 620 00:30:32,960 --> 00:30:35,080 Speaker 4: I mean, it was a short you know, in the 621 00:30:35,080 --> 00:30:37,840 Speaker 4: scheme of a career, it was a very short time. 622 00:30:38,240 --> 00:30:40,480 Speaker 4: But at the same time, I draw on those lessons 623 00:30:40,560 --> 00:30:41,000 Speaker 4: every day. 624 00:30:52,120 --> 00:30:55,280 Speaker 2: All right, well, we're going to move to the rapid 625 00:30:55,280 --> 00:30:58,880 Speaker 2: fire portion of the conversation, the lightning round five questions, 626 00:30:59,400 --> 00:31:02,000 Speaker 2: Keep it tight. We're gonna bounce it back and forth 627 00:31:02,000 --> 00:31:04,240 Speaker 2: all starting then Alex, we'll pick up what's the best 628 00:31:04,280 --> 00:31:06,920 Speaker 2: piece of advice you've ever received on deal making or business? 629 00:31:08,160 --> 00:31:10,360 Speaker 4: I think, always do something you're a little not ready 630 00:31:10,400 --> 00:31:14,960 Speaker 4: to do, those nervous butterflies, and prepare but also be 631 00:31:15,000 --> 00:31:15,880 Speaker 4: willing to take a risk. 632 00:31:16,160 --> 00:31:18,600 Speaker 3: Who's your dream deal making partner? 633 00:31:19,480 --> 00:31:21,760 Speaker 4: You know what I got to say. My father, he's 634 00:31:21,800 --> 00:31:24,520 Speaker 4: retired now, spent a long career in finance, but has 635 00:31:24,560 --> 00:31:28,080 Speaker 4: now become a historian. He wrote a book on sort 636 00:31:28,080 --> 00:31:29,680 Speaker 4: of the lessons you can learn from history and how 637 00:31:29,680 --> 00:31:32,160 Speaker 4: to apply him to the business world. He's patient, he's thoughtful, 638 00:31:32,240 --> 00:31:35,480 Speaker 4: and he's just a super smart person, and he would 639 00:31:35,480 --> 00:31:37,440 Speaker 4: be my dream deal maker. What's the name of the book, 640 00:31:37,600 --> 00:31:42,120 Speaker 4: Battlefield Lessons to Business Bullets. It's a great, great book. 641 00:31:42,120 --> 00:31:44,160 Speaker 4: It's short, but a lot of application there. 642 00:31:44,800 --> 00:31:45,800 Speaker 1: And what's your dad's name. 643 00:31:46,640 --> 00:31:47,800 Speaker 4: His name's Jerry mcnaff. 644 00:31:48,560 --> 00:31:52,680 Speaker 2: Okay, all right on the reading list. Now, what's the 645 00:31:52,720 --> 00:31:54,040 Speaker 2: most nervous you've ever. 646 00:31:53,880 --> 00:31:55,800 Speaker 4: Been jumping out of an airplane? When I was in 647 00:31:55,840 --> 00:31:56,720 Speaker 4: the military, you. 648 00:31:56,680 --> 00:31:58,040 Speaker 1: Know that's number one for us. 649 00:31:58,640 --> 00:32:01,480 Speaker 4: Haven't been more nervous than that. Less even day one 650 00:32:01,600 --> 00:32:05,040 Speaker 4: working for Roger Goodell, I was still more nervous jumping 651 00:32:05,040 --> 00:32:05,880 Speaker 4: out of a plane. 652 00:32:06,200 --> 00:32:07,600 Speaker 3: I've never fail so un accomplished. 653 00:32:07,600 --> 00:32:08,160 Speaker 1: All right, here we go. 654 00:32:08,240 --> 00:32:10,280 Speaker 3: Number four. What's your hype song before you go into 655 00:32:10,320 --> 00:32:11,840 Speaker 3: a big meeting or negotiation. 656 00:32:12,240 --> 00:32:14,600 Speaker 4: Well, I'm a Philly girl, so it's got to be 657 00:32:14,680 --> 00:32:16,680 Speaker 4: going to fly now. The rocky song. 658 00:32:17,560 --> 00:32:19,920 Speaker 1: Ah yeah, love it, love it all right. 659 00:32:19,960 --> 00:32:22,200 Speaker 2: What's your advice for someone listening who wants a career 660 00:32:22,280 --> 00:32:23,200 Speaker 2: like yours? 661 00:32:23,640 --> 00:32:26,560 Speaker 4: I think, figure out a way to show that grid, 662 00:32:26,600 --> 00:32:29,400 Speaker 4: show that resilient, show that determination, and just figure out 663 00:32:29,400 --> 00:32:31,760 Speaker 4: a way to lose without being defeated. You're not going 664 00:32:31,840 --> 00:32:34,360 Speaker 4: to get your dream job day one. You're going to 665 00:32:34,400 --> 00:32:37,080 Speaker 4: take twists and turns, but figure out a way to 666 00:32:37,160 --> 00:32:39,640 Speaker 4: learn from the losses and not get defeated and keep 667 00:32:39,680 --> 00:32:40,280 Speaker 4: plugging away. 668 00:32:41,480 --> 00:32:43,320 Speaker 2: All right, Christine, It's been really fun to get to 669 00:32:43,320 --> 00:32:46,440 Speaker 2: know you off camera, and you know, on this show, 670 00:32:46,480 --> 00:32:48,640 Speaker 2: we really appreciate your time. We know it's a super 671 00:32:48,680 --> 00:32:51,840 Speaker 2: busy time of year because the NFL never sleeps. 672 00:32:51,920 --> 00:32:53,240 Speaker 1: Man, we know that Alex. 673 00:32:53,040 --> 00:32:53,800 Speaker 4: Will never sleep. 674 00:32:54,080 --> 00:32:56,560 Speaker 1: No, it's great. We really appreciate it. Thank you so much, now, 675 00:32:56,720 --> 00:32:57,560 Speaker 1: thank you so much. 676 00:32:57,560 --> 00:33:06,960 Speaker 2: Fun the Deal is hosted by Alex Rodriguez and me 677 00:33:07,080 --> 00:33:11,240 Speaker 2: Jason Kelly. This episode was made by Anamazarakus, Stacy Wong, 678 00:33:11,400 --> 00:33:14,840 Speaker 2: and Lizzie Phillip. Amy Keen is our editor and Will 679 00:33:14,920 --> 00:33:17,920 Speaker 2: Connelly is our video editor. Our theme music is made 680 00:33:17,920 --> 00:33:22,040 Speaker 2: by Blake Maples. Our executive producers are Kelly Leferrier, Ashley 681 00:33:22,040 --> 00:33:25,000 Speaker 2: Hoenig and Brendan neonham Sage Bauman is the head of 682 00:33:25,040 --> 00:33:30,080 Speaker 2: Bloomberg Podcast. Additional support from Rachel Carnivale and Elena Los Angeles. 683 00:33:30,400 --> 00:33:32,400 Speaker 2: Thanks so much for listening to the deal. If you 684 00:33:32,400 --> 00:33:35,000 Speaker 2: have a minute, subscribe, rate and review our show. It'll 685 00:33:35,040 --> 00:33:38,000 Speaker 2: help other listeners find us. I'm Jason Kelly. See you 686 00:33:38,000 --> 00:33:38,440 Speaker 2: next week.