1 00:00:02,440 --> 00:00:06,760 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:07,720 --> 00:00:10,280 Speaker 2: This is Bloomberg Business of Sports. 3 00:00:10,440 --> 00:00:13,239 Speaker 3: Business of Sports can be intimidating for hard for a 4 00:00:13,280 --> 00:00:14,240 Speaker 3: start to break into. 5 00:00:14,360 --> 00:00:17,239 Speaker 4: We really appreciate what our owners are actually better, you 6 00:00:17,239 --> 00:00:18,440 Speaker 4: know with us through the journey. 7 00:00:18,520 --> 00:00:22,239 Speaker 5: Teams ours especially been very intentional to diversify at all 8 00:00:22,320 --> 00:00:23,040 Speaker 5: levels of the company. 9 00:00:23,160 --> 00:00:25,560 Speaker 6: Maybe we're in the golden gears for the NFL and 10 00:00:25,680 --> 00:00:29,480 Speaker 6: college football. Our demographic reach has continued to explode. 11 00:00:29,560 --> 00:00:33,199 Speaker 5: This is going to be really unlocking the streaming platform 12 00:00:33,280 --> 00:00:34,240 Speaker 5: for sports fans. 13 00:00:34,320 --> 00:00:35,640 Speaker 7: Sports evaluations are rising. 14 00:00:35,840 --> 00:00:36,800 Speaker 8: We'll see when they peak. 15 00:00:36,840 --> 00:00:39,440 Speaker 4: You don't have to be the best in your sports 16 00:00:39,479 --> 00:00:42,360 Speaker 4: to make a whole ton of money. 17 00:00:42,400 --> 00:00:45,320 Speaker 8: Bloomberg Business of Sports from Bloomberg Radio. 18 00:00:47,159 --> 00:00:50,000 Speaker 7: This is the Bloomberg Business of Sports show. We explore 19 00:00:50,040 --> 00:00:51,839 Speaker 7: the big money issues in the world of sports. 20 00:00:52,040 --> 00:00:54,880 Speaker 8: Michael Barr and I'm an insas Hour Scarlett. 21 00:00:54,960 --> 00:00:58,080 Speaker 7: We'll be back later on Coming Up, we check in 22 00:00:58,160 --> 00:01:01,200 Speaker 7: on the latest episode of the Deal with Alex Rodriguez 23 00:01:01,240 --> 00:01:04,880 Speaker 7: and Jason Kelly. Plus we head to Chicago. The Bears 24 00:01:04,920 --> 00:01:07,800 Speaker 7: have their new QB and now they're hoping to have 25 00:01:07,840 --> 00:01:11,560 Speaker 7: a brand new stadium. All that and more is straight 26 00:01:11,560 --> 00:01:14,520 Speaker 7: Ahead on the Bloomberg Business of Sports. But we start 27 00:01:14,560 --> 00:01:16,520 Speaker 7: with the NFL and the draft. 28 00:01:16,760 --> 00:01:20,440 Speaker 9: With the first pick in the twenty twenty four NFL Draft, 29 00:01:21,440 --> 00:01:26,240 Speaker 9: the Chicago Bears select Caleb Williams, quarterback. 30 00:01:26,760 --> 00:01:32,319 Speaker 7: Tell the California that's USC quarterback Caleb Williams going number 31 00:01:32,360 --> 00:01:35,440 Speaker 7: one overall. Jump starting this year's draft. To take us 32 00:01:35,440 --> 00:01:39,240 Speaker 7: through everything that happened draft night, where things stand for 33 00:01:39,280 --> 00:01:43,440 Speaker 7: the league, we welcome NFL Network analyst and former NFL 34 00:01:43,560 --> 00:01:48,000 Speaker 7: head coach Brian Bellick. Brian, welcome to the Bloomberg Business 35 00:01:48,000 --> 00:01:48,720 Speaker 7: of Sports. 36 00:01:49,000 --> 00:01:51,360 Speaker 3: Thank you for having me. Always an exciting time. We're 37 00:01:51,400 --> 00:01:53,720 Speaker 3: talking about adding talent into the NFL. 38 00:01:53,960 --> 00:01:56,280 Speaker 7: Yeah, well, my first thought, what do you think about 39 00:01:56,280 --> 00:01:56,720 Speaker 7: the draft? 40 00:01:56,920 --> 00:01:59,560 Speaker 3: Well, first you got to you gotta what a spectacular event. 41 00:01:59,680 --> 00:02:04,240 Speaker 3: I mean, over seven hundred people in Detroit. I don't know, broken. 42 00:02:05,000 --> 00:02:08,520 Speaker 3: It's amazing to me that the ratings on particularly that 43 00:02:08,600 --> 00:02:12,959 Speaker 3: first night, they upwards of twelve thirteen million people. That's 44 00:02:13,000 --> 00:02:16,960 Speaker 3: more than the NBA or NHL playoff games. Games. And 45 00:02:17,040 --> 00:02:19,960 Speaker 3: now I sound like Alan Igerson, but we're talking about games, right, 46 00:02:20,720 --> 00:02:23,520 Speaker 3: compared to a show that's nothing more than really making 47 00:02:23,600 --> 00:02:26,760 Speaker 3: a list. So you know, the energy and the interest 48 00:02:26,800 --> 00:02:29,240 Speaker 3: in it is. It's unbelievable, Brian. 49 00:02:29,280 --> 00:02:32,160 Speaker 8: I mean, you are right in Michael Barr's warehouse talking 50 00:02:32,200 --> 00:02:35,720 Speaker 8: about Detroit, the city of Detroit. I mean, oh my god, 51 00:02:35,840 --> 00:02:37,560 Speaker 8: I have a tear in my eye thinking about it. 52 00:02:37,600 --> 00:02:39,600 Speaker 8: But you know, let's go through the draft. I mean, 53 00:02:39,680 --> 00:02:42,280 Speaker 8: some winners, some losers. I mean I'm looking at the 54 00:02:42,320 --> 00:02:45,560 Speaker 8: Eagles and Chiefs and they look stronger to me on paper. 55 00:02:45,600 --> 00:02:47,240 Speaker 8: And then you've got some of the other teams out there, 56 00:02:47,240 --> 00:02:49,359 Speaker 8: the Falcons, the Raiders, the Vikings, all of them are 57 00:02:49,360 --> 00:02:52,240 Speaker 8: taking quarterback. But you know, I look back at what 58 00:02:52,240 --> 00:02:54,919 Speaker 8: they've done and I'm like, what is going on here, Brian, 59 00:02:55,000 --> 00:02:55,600 Speaker 8: help us out. 60 00:02:56,080 --> 00:02:58,640 Speaker 3: Well, any time you bring that many quarterbacks and this 61 00:02:58,760 --> 00:03:01,000 Speaker 3: was a record number of quarter taken in the first 62 00:03:01,080 --> 00:03:04,200 Speaker 3: twelve picks. The thing that I always look at and 63 00:03:04,200 --> 00:03:06,480 Speaker 3: beyond whether it's the right pick or none, and whether 64 00:03:06,480 --> 00:03:08,520 Speaker 3: it's going to be good or not. I mean, tradition 65 00:03:08,720 --> 00:03:11,720 Speaker 3: tells us that fifty percent of these guys are going 66 00:03:11,800 --> 00:03:13,959 Speaker 3: to fail. And that's just the way it is in 67 00:03:14,000 --> 00:03:16,560 Speaker 3: the NFL, which is amazing. You think of the analytics 68 00:03:16,600 --> 00:03:19,600 Speaker 3: and the experience we have, but it's such unique position 69 00:03:19,680 --> 00:03:23,880 Speaker 3: and when you're taking six guys in the first twelve picks. Yeah, 70 00:03:23,919 --> 00:03:26,600 Speaker 3: it increases the numbers. And what it does is it 71 00:03:26,720 --> 00:03:30,440 Speaker 3: pushed a lot of really good football players down to 72 00:03:30,520 --> 00:03:33,160 Speaker 3: the draft, down further than the draft guys that you 73 00:03:33,200 --> 00:03:35,760 Speaker 3: would nowhere in a million years. You're a Jet fan. 74 00:03:36,040 --> 00:03:39,160 Speaker 3: They got that good tackle from Penn State. There's no 75 00:03:39,240 --> 00:03:42,280 Speaker 3: way he's outside of a top ten pick on a 76 00:03:42,320 --> 00:03:45,000 Speaker 3: normal year. But because of the quarterbacks and the receivers 77 00:03:45,000 --> 00:03:47,520 Speaker 3: that were taken, you had guys like that push down. 78 00:03:47,560 --> 00:03:50,760 Speaker 3: Brock Bauers from Georgia gets pushed down to the Raiders. 79 00:03:51,560 --> 00:03:55,040 Speaker 3: The big rush edge guy Dallas Turner gets pushed to 80 00:03:55,080 --> 00:03:57,600 Speaker 3: the Vikings at number seventeen. I mean, there's no way 81 00:03:57,640 --> 00:04:00,680 Speaker 3: in a normal draft that a talent like Dallas Turner 82 00:04:00,760 --> 00:04:02,720 Speaker 3: is going to get pushed down to the seventeenth pick. 83 00:04:02,840 --> 00:04:05,840 Speaker 3: So this was a really good, solid draft for a 84 00:04:05,840 --> 00:04:08,160 Speaker 3: lot of teams, not the least of which is the 85 00:04:08,200 --> 00:04:11,880 Speaker 3: fact is that quarterbacks receivers push so many good players 86 00:04:12,000 --> 00:04:12,920 Speaker 3: down the draft board. 87 00:04:13,640 --> 00:04:17,479 Speaker 7: Let's go back to nineteen seventy seven and you were 88 00:04:17,520 --> 00:04:21,800 Speaker 7: selected eleventh in the eleventh round by the San Francisco 89 00:04:21,960 --> 00:04:23,680 Speaker 7: forty nine ers. My wife would love that. By the 90 00:04:23,720 --> 00:04:29,160 Speaker 7: way that's her team. But my goodness, from nineteen seventy 91 00:04:29,200 --> 00:04:33,520 Speaker 7: seven until today, I can't eat. This is going to 92 00:04:33,600 --> 00:04:36,640 Speaker 7: sound like a simple thing question, But how much has 93 00:04:36,680 --> 00:04:38,440 Speaker 7: it changed the NFL Draft? 94 00:04:38,839 --> 00:04:42,640 Speaker 3: You know, it's interesting, certainly obviously, and there's there weren't 95 00:04:42,680 --> 00:04:45,159 Speaker 3: even eleven round you know, back then. Now I would 96 00:04:45,240 --> 00:04:48,120 Speaker 3: be an undrafted free agent right because it only goes 97 00:04:48,560 --> 00:04:51,080 Speaker 3: through the top seven rounds and then and then you 98 00:04:51,160 --> 00:04:54,719 Speaker 3: get into a whole nother layer of it. I think 99 00:04:54,760 --> 00:04:58,839 Speaker 3: the biggest change the game itself the evaluation of talent. Certainly, 100 00:04:58,960 --> 00:05:01,880 Speaker 3: like everything, it's be become more mechanized, it's become more 101 00:05:01,960 --> 00:05:04,600 Speaker 3: data driven. But at the end of the day, it 102 00:05:04,760 --> 00:05:09,680 Speaker 3: still is that combination that art, science of experience, intuition 103 00:05:09,920 --> 00:05:14,160 Speaker 3: along with the data in choosing these players. The difference 104 00:05:14,279 --> 00:05:16,880 Speaker 3: is the attention. We just talked about the draft. There 105 00:05:16,880 --> 00:05:20,799 Speaker 3: are so many people focused into draft, better than sixty 106 00:05:20,839 --> 00:05:23,720 Speaker 3: million people over the three days, and they're all fantasy 107 00:05:23,800 --> 00:05:26,160 Speaker 3: league driven guys. My eight year old grandson can sit 108 00:05:26,200 --> 00:05:30,719 Speaker 3: here and tell you every team, every quarterback, receiver, running 109 00:05:30,720 --> 00:05:34,279 Speaker 3: back what he did. And so everybody is so focused 110 00:05:34,360 --> 00:05:37,880 Speaker 3: on these players coming in because they're getting cranked up 111 00:05:37,880 --> 00:05:40,560 Speaker 3: for the fantasy league. That interest and the level of 112 00:05:40,600 --> 00:05:44,520 Speaker 3: interest is it's why the NFL just blows the doors 113 00:05:44,520 --> 00:05:45,560 Speaker 3: off any other league. 114 00:05:45,680 --> 00:05:48,160 Speaker 8: So, Brian, fast forward. My son is nineteen years old, 115 00:05:48,200 --> 00:05:50,840 Speaker 8: and believe me, he was playing fantasy since he can crawl. 116 00:05:51,320 --> 00:05:54,040 Speaker 8: And he is the one who brought it to my attention. Right, 117 00:05:54,040 --> 00:05:56,760 Speaker 8: are you ready for this? Joe Burrow's record setting deal 118 00:05:56,760 --> 00:05:58,760 Speaker 8: with the Bengals pays him fifty five million a year 119 00:05:58,760 --> 00:06:00,960 Speaker 8: in Cincinnati to be their quarterback. And then you've got 120 00:06:01,320 --> 00:06:03,320 Speaker 8: Caleb Williams, who's going to be the highest paid rookie 121 00:06:03,320 --> 00:06:07,279 Speaker 8: out of this year's class, obviously quarterback USC He's going 122 00:06:07,360 --> 00:06:09,919 Speaker 8: to be making eight million a season. So here's the 123 00:06:09,960 --> 00:06:13,320 Speaker 8: deal that differential. I mean, my son's explained it. He's 124 00:06:13,360 --> 00:06:15,200 Speaker 8: like Dad, the Texans have CJ. 125 00:06:15,360 --> 00:06:15,720 Speaker 7: Stroud. 126 00:06:15,760 --> 00:06:17,479 Speaker 2: You don't understand they can shoot for the moon. 127 00:06:17,600 --> 00:06:19,760 Speaker 8: And so explain to me and our audience a little 128 00:06:19,760 --> 00:06:23,200 Speaker 8: bit about that concept of these teams like the Jets 129 00:06:23,240 --> 00:06:26,560 Speaker 8: a few years back spent breaking the bank for a quarterback, 130 00:06:26,680 --> 00:06:29,159 Speaker 8: only to release him a few years later for pennies 131 00:06:29,160 --> 00:06:31,240 Speaker 8: on the dollar. I mean, talk to us a little 132 00:06:31,240 --> 00:06:34,960 Speaker 8: bit about how this impacts general managers Joe Douglas, Eric 133 00:06:35,000 --> 00:06:38,440 Speaker 8: Deacosta in Baltimore, your old shop, talk to us about 134 00:06:38,480 --> 00:06:39,960 Speaker 8: what they're thinking inside the war room. 135 00:06:40,200 --> 00:06:42,880 Speaker 3: Well, it's a lot because when you're talking about taking quarterback, 136 00:06:42,880 --> 00:06:45,039 Speaker 3: and there were six taken in the first round. The 137 00:06:45,160 --> 00:06:49,599 Speaker 3: difference being in the old day, these rookie contracts were huge, 138 00:06:49,680 --> 00:06:52,640 Speaker 3: huge contracts. They've gotten that under control now. That's why 139 00:06:52,680 --> 00:06:56,320 Speaker 3: there's a differentiation between guys that have been in the 140 00:06:56,400 --> 00:06:59,640 Speaker 3: league that are waiting for that second contract and the rookies. 141 00:06:59,640 --> 00:07:01,960 Speaker 3: That's what makes them so attractive that you can be 142 00:07:02,200 --> 00:07:04,800 Speaker 3: particularly if you hit it and if a Caleb Williams 143 00:07:04,839 --> 00:07:07,320 Speaker 3: or a Jayden Daniels or Drake may hit it with 144 00:07:07,440 --> 00:07:10,120 Speaker 3: Chicago or Washington, New England or any of these quarterbacks, 145 00:07:10,640 --> 00:07:14,320 Speaker 3: that's a huge plus because you're playing on their rookie money, which, 146 00:07:14,400 --> 00:07:16,640 Speaker 3: like you said, you know, eight million dollars a year 147 00:07:16,720 --> 00:07:18,520 Speaker 3: is It's not like we've got to go start a 148 00:07:18,560 --> 00:07:21,920 Speaker 3: go Fundme page for these guys. They're doing okay, but 149 00:07:22,200 --> 00:07:25,760 Speaker 3: they're really waiting obviously for that next contract. Now you're 150 00:07:25,800 --> 00:07:29,080 Speaker 3: talking about that onion one hundred and fifty two hundred 151 00:07:29,160 --> 00:07:32,640 Speaker 3: million guaranteed money, that next level of contract that we 152 00:07:32,720 --> 00:07:35,640 Speaker 3: just saw Lamar Jackson get from last year. So the 153 00:07:36,080 --> 00:07:39,360 Speaker 3: rookie cap, which is a good thing because before the 154 00:07:39,480 --> 00:07:41,960 Speaker 3: rookie cap came in, you were you having to do 155 00:07:42,000 --> 00:07:44,680 Speaker 3: a lot, huge, huge amounts of moneys to the rookies 156 00:07:44,760 --> 00:07:47,240 Speaker 3: who hadn't played it down in the NFL. Now that 157 00:07:47,320 --> 00:07:49,920 Speaker 3: money gets pushed to the veterans, those that have already 158 00:07:49,920 --> 00:07:53,080 Speaker 3: played and shown in the league. The rookie contracts typically 159 00:07:53,120 --> 00:07:55,560 Speaker 3: will go forward maybe five years if they have an 160 00:07:55,560 --> 00:07:59,040 Speaker 3: option year, good solid payday, but it's not the payday 161 00:07:59,080 --> 00:08:01,520 Speaker 3: that's going to be they get to that second contract. 162 00:08:01,600 --> 00:08:04,680 Speaker 3: So that's why the differentiation the number right now, and 163 00:08:04,720 --> 00:08:07,800 Speaker 3: why you know the rookies that are so valued because 164 00:08:07,840 --> 00:08:09,960 Speaker 3: they get to play on that rookie number compared to 165 00:08:09,960 --> 00:08:11,920 Speaker 3: what you got to play the veteran. I think the 166 00:08:11,960 --> 00:08:15,360 Speaker 3: cap this year is going to be maybe off a 167 00:08:15,360 --> 00:08:18,120 Speaker 3: little bit, two hundred and seventy million. You would think 168 00:08:18,120 --> 00:08:20,440 Speaker 3: that would be enough to pay your fifty three players, 169 00:08:20,440 --> 00:08:23,960 Speaker 3: but I mean, now it's amazing. It's amazing how because 170 00:08:23,960 --> 00:08:27,960 Speaker 3: on typically typically eight, nine, ten players will gobble up 171 00:08:27,960 --> 00:08:30,600 Speaker 3: seventy percent of that cap number. So it really is 172 00:08:30,640 --> 00:08:33,320 Speaker 3: a money game in terms of how you're doueling out 173 00:08:33,320 --> 00:08:35,920 Speaker 3: this money, and you can see by those numbers that 174 00:08:35,960 --> 00:08:38,079 Speaker 3: when you've got your quarterback, particularly if he's a good 175 00:08:38,080 --> 00:08:40,520 Speaker 3: one and he's playing on his rookie numbers, he's not 176 00:08:40,679 --> 00:08:43,080 Speaker 3: one of that that that eight, nine, ten guys that 177 00:08:43,120 --> 00:08:45,200 Speaker 3: are taking up seventy percent of the cap. It's a 178 00:08:45,240 --> 00:08:47,480 Speaker 3: real asset because now you have those other moneies to 179 00:08:47,520 --> 00:08:48,880 Speaker 3: go give to other athletes. 180 00:08:49,240 --> 00:08:52,880 Speaker 7: Well, speaking of college athletes, let's talk about something that 181 00:08:53,000 --> 00:08:58,959 Speaker 7: has just reverberated through the entire collegiate world of sports, 182 00:08:58,960 --> 00:09:02,319 Speaker 7: and that's NIL, which we all know stands for needs 183 00:09:02,520 --> 00:09:09,480 Speaker 7: infinite loop. And I'm just amazed it has changed everything. 184 00:09:09,559 --> 00:09:12,559 Speaker 7: In fact, it's supposed to be a factor why Nick 185 00:09:12,600 --> 00:09:15,600 Speaker 7: Saban decided, now am I going to come back as 186 00:09:15,679 --> 00:09:19,640 Speaker 7: Alabama coach? That's the story your thoughts about NIL. 187 00:09:20,679 --> 00:09:24,640 Speaker 3: The NIL combined with the portal is a travesty right now. 188 00:09:24,679 --> 00:09:29,000 Speaker 3: It's a cesspool. And I appreciate the Nick Sabans and 189 00:09:29,040 --> 00:09:31,240 Speaker 3: the Mike Krzyzewski's of the world when they were retired, 190 00:09:31,320 --> 00:09:33,839 Speaker 3: said guys, we got to get this under control because 191 00:09:33,920 --> 00:09:36,120 Speaker 3: right now this is not good. It's not good for 192 00:09:36,200 --> 00:09:39,320 Speaker 3: college football. It's really not good for the athletes, because 193 00:09:39,320 --> 00:09:41,719 Speaker 3: at the end of the day, this nil money that's 194 00:09:41,800 --> 00:09:44,800 Speaker 3: going to get so focused on the front end, it's 195 00:09:44,840 --> 00:09:48,640 Speaker 3: going to cost lesser programs to fold up on the 196 00:09:48,679 --> 00:09:52,079 Speaker 3: back end, and that's not good. They've got to get 197 00:09:52,080 --> 00:09:55,560 Speaker 3: it under control. The portal compounds it. It's got to 198 00:09:55,559 --> 00:09:57,680 Speaker 3: get some kind of structure to it. They want to 199 00:09:57,679 --> 00:10:00,400 Speaker 3: be like the NFL model than be like the NFL model. 200 00:10:00,440 --> 00:10:01,960 Speaker 3: You got to put a cap on it. You got 201 00:10:02,000 --> 00:10:04,640 Speaker 3: to put a specific time on the portal. Right now, 202 00:10:04,640 --> 00:10:07,080 Speaker 3: it's the wild wild West. I don't know who's in 203 00:10:07,200 --> 00:10:10,319 Speaker 3: charge of it, but it's embarrassing and it's a cesspool 204 00:10:10,360 --> 00:10:11,280 Speaker 3: for college football. 205 00:10:11,640 --> 00:10:14,520 Speaker 8: Coach Billick, when you won your first championship in Baltimore 206 00:10:14,840 --> 00:10:17,640 Speaker 8: back I believe in two thousand over the New York Giants, 207 00:10:19,240 --> 00:10:22,559 Speaker 8: you know, you were known as an offensive mastermind. Yet 208 00:10:22,559 --> 00:10:24,360 Speaker 8: we all know it was that defense. I mean, I 209 00:10:24,360 --> 00:10:26,520 Speaker 8: mean wow, I mean ray Lewis and the whole smash. 210 00:10:26,600 --> 00:10:30,760 Speaker 8: But you had six coaches on your staff that went 211 00:10:30,840 --> 00:10:32,880 Speaker 8: to coach other teams, and you know, I just want 212 00:10:32,920 --> 00:10:35,040 Speaker 8: to go back to that concept of the quarterback and 213 00:10:35,640 --> 00:10:38,440 Speaker 8: shooting for the moon, taking these rookies. Hopefully it's the 214 00:10:38,440 --> 00:10:41,880 Speaker 8: next CJ. Stroud, or having a real coaching staff in 215 00:10:41,920 --> 00:10:46,000 Speaker 8: place to develop the quarterback over a period of time 216 00:10:46,040 --> 00:10:48,200 Speaker 8: to give them a year. I mean, are we beyond 217 00:10:48,240 --> 00:10:50,240 Speaker 8: that now? I mean, is that even? I mean, when 218 00:10:50,280 --> 00:10:52,960 Speaker 8: you hire a coaching staff your quarterbacks coach your offense. 219 00:10:53,040 --> 00:10:56,000 Speaker 8: I mean, I mean does that even matter in today's 220 00:10:56,040 --> 00:10:58,120 Speaker 8: day and age where it's win now? Show me now? 221 00:10:58,200 --> 00:11:01,000 Speaker 8: I mean, do we even have time with these contracts 222 00:11:01,000 --> 00:11:02,800 Speaker 8: in the way the NFL is set up to coach 223 00:11:02,880 --> 00:11:05,200 Speaker 8: up these young quarterbacks and make them starters in the NFL. 224 00:11:05,679 --> 00:11:08,600 Speaker 3: It's tougher and tougher, but certainly that element. I wrote 225 00:11:08,600 --> 00:11:10,680 Speaker 3: a book called the Q Factor, which looked at the 226 00:11:10,679 --> 00:11:15,040 Speaker 3: twenty eighteen draft where we had five quarterbacks and typical 227 00:11:15,320 --> 00:11:18,280 Speaker 3: to chalk, you know, two of the five turned out 228 00:11:18,280 --> 00:11:20,080 Speaker 3: to be okay. You know, that was the year that 229 00:11:20,120 --> 00:11:26,760 Speaker 3: we had Sam Darnold and Josh Allen and Lamar Jackson, 230 00:11:27,160 --> 00:11:32,679 Speaker 3: Josh Rosen and again same thing. It's a fifty to 231 00:11:32,760 --> 00:11:35,880 Speaker 3: fifty crap shoot. When we looked at that draft and 232 00:11:35,960 --> 00:11:39,439 Speaker 3: subsequent drafts, the biggest challenge in taking the quarterback one 233 00:11:39,559 --> 00:11:44,240 Speaker 3: is okay, can the the ability to translate from college 234 00:11:44,240 --> 00:11:47,319 Speaker 3: to the NFL. That's always the toughest question, but also 235 00:11:47,640 --> 00:11:50,080 Speaker 3: one of the misses happened is where you misalign with 236 00:11:50,160 --> 00:11:53,200 Speaker 3: the style of play, or maybe you get on a 237 00:11:53,200 --> 00:11:55,559 Speaker 3: cycle where you go through a number of different coaches. 238 00:11:56,880 --> 00:11:59,240 Speaker 3: That's going to be a factor as well. So if 239 00:11:59,240 --> 00:12:02,160 Speaker 3: you can get to build at the coaching position, stability 240 00:12:02,200 --> 00:12:04,320 Speaker 3: in the system and now have a very clear vision 241 00:12:04,360 --> 00:12:07,679 Speaker 3: of what you want at the core. At the core 242 00:12:08,000 --> 00:12:11,040 Speaker 3: abilities of quarterback. Baker Mayfield is one that was spake 243 00:12:11,240 --> 00:12:13,480 Speaker 3: escaping my mind. Who is the number one pick overall 244 00:12:13,480 --> 00:12:15,520 Speaker 3: in twenty eighteen and you have I don't want to 245 00:12:15,520 --> 00:12:18,640 Speaker 3: say he's a bust, but obviously obviously did not perform 246 00:12:18,760 --> 00:12:21,400 Speaker 3: at the number one overall pick level, but he went 247 00:12:21,440 --> 00:12:23,800 Speaker 3: through He's been through like six and seven different coordinators. 248 00:12:23,840 --> 00:12:26,800 Speaker 3: That is a strong factor in terms of developing this 249 00:12:26,880 --> 00:12:27,439 Speaker 3: talent in the. 250 00:12:27,440 --> 00:12:31,240 Speaker 7: NFL set tight. We've got more with former NFL head 251 00:12:31,280 --> 00:12:33,640 Speaker 7: coach Brian Billick on the way next. 252 00:12:33,480 --> 00:12:35,560 Speaker 3: Both the NFC and the AFC. I think it's going 253 00:12:35,640 --> 00:12:38,240 Speaker 3: to be wide open going into next year. We're so 254 00:12:38,440 --> 00:12:41,400 Speaker 3: deep in good quarterback play probably is as good that 255 00:12:41,600 --> 00:12:44,920 Speaker 3: we've ever been in the NFL. You follow that trail, 256 00:12:45,480 --> 00:12:48,920 Speaker 3: I think we've had more teams that are legitimately in 257 00:12:48,960 --> 00:12:51,200 Speaker 3: the Super Bowl mix than we've had at any any 258 00:12:51,200 --> 00:12:52,520 Speaker 3: given time, and that's exciting. 259 00:12:52,679 --> 00:12:55,960 Speaker 7: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 260 00:12:56,080 --> 00:13:03,960 Speaker 7: Around the world, you're listening to Bloomberg Business of Sports 261 00:13:04,160 --> 00:13:08,720 Speaker 7: from Bloomberg Radio. This is the Bloomberg Business of Sports show, 262 00:13:08,760 --> 00:13:10,680 Speaker 7: but we explore the big money issues in the world 263 00:13:10,720 --> 00:13:13,680 Speaker 7: of sports. I'm Michael Barr along with Damian Sas. Hour 264 00:13:14,160 --> 00:13:17,679 Speaker 7: Scarlett will be back on later. We're talking with NFL 265 00:13:17,760 --> 00:13:21,360 Speaker 7: analysts and former NFL ahead coach Brian Billick. Let's dive 266 00:13:21,480 --> 00:13:22,800 Speaker 7: back into that conversation. 267 00:13:23,000 --> 00:13:25,440 Speaker 8: Coach Bilk, I have to ask you this. We've moved 268 00:13:25,480 --> 00:13:27,760 Speaker 8: through free agency. There's some guys left out there, but 269 00:13:27,800 --> 00:13:29,559 Speaker 8: for the most part, you know, we're through with that. 270 00:13:29,600 --> 00:13:32,760 Speaker 8: We've now just completed the draft. You know, I'm looking, 271 00:13:32,840 --> 00:13:35,720 Speaker 8: I mean, I know, I know Michael Barr is looking 272 00:13:35,720 --> 00:13:37,720 Speaker 8: at his FanDuel account. He's trying to figure out who's 273 00:13:37,720 --> 00:13:39,920 Speaker 8: going to win the Super Bowl next year. I'm looking 274 00:13:39,960 --> 00:13:42,000 Speaker 8: at the odds out there. The Niners, the Chiefs, the 275 00:13:42,080 --> 00:13:44,720 Speaker 8: Ravens are all up there. The Lions too. Michael Barr 276 00:13:45,240 --> 00:13:47,120 Speaker 8: the Lions too. But talk to us a little bit, 277 00:13:47,160 --> 00:13:50,440 Speaker 8: Coach Bilk, which teams have improved their status the most 278 00:13:50,480 --> 00:13:52,520 Speaker 8: of this offseason? Who are you looking for here in 279 00:13:52,559 --> 00:13:53,280 Speaker 8: twenty twenty four? 280 00:13:53,400 --> 00:13:55,800 Speaker 3: Well, right now, they're all excited, they're all good. Everybody 281 00:13:55,840 --> 00:13:57,440 Speaker 3: gets to know, and everybody's going to the super Bowl 282 00:13:57,559 --> 00:14:01,720 Speaker 3: right now. That's the exciting fans and the teams and 283 00:14:01,960 --> 00:14:05,160 Speaker 3: certainly the ones. Buffalo obviously right there on the custom 284 00:14:05,200 --> 00:14:07,520 Speaker 3: of But I think Dallas is flirting with it. They're 285 00:14:07,520 --> 00:14:10,600 Speaker 3: going to make the next move. A team like Green 286 00:14:10,679 --> 00:14:12,960 Speaker 3: Bay is interesting to me to see Jordan Love can 287 00:14:13,040 --> 00:14:15,520 Speaker 3: he indeed, he showed that he could take that next step? 288 00:14:15,559 --> 00:14:19,680 Speaker 3: Can he go even further? In that standpoint? I think 289 00:14:19,760 --> 00:14:23,040 Speaker 3: Cincinnati with a healthy Joe Burrow can get back into 290 00:14:23,080 --> 00:14:25,880 Speaker 3: the mix. So yeah, I think that that's the exciting thing. 291 00:14:25,920 --> 00:14:28,520 Speaker 3: I think we're as deep in good quarterback play. And 292 00:14:28,520 --> 00:14:31,360 Speaker 3: then let me back up too, CJ. Stroud in Houston 293 00:14:31,360 --> 00:14:34,920 Speaker 3: and Houston Texans, they you know, they they that is 294 00:14:34,960 --> 00:14:37,479 Speaker 3: the real deal and they showed that they can be competitive. 295 00:14:37,720 --> 00:14:40,320 Speaker 3: So yeah, on both the NFC and the AFC, I 296 00:14:40,320 --> 00:14:42,720 Speaker 3: think it's going to be wide open going into next year. 297 00:14:43,160 --> 00:14:45,800 Speaker 3: We're so deep in good quarterback play probably is as 298 00:14:45,840 --> 00:14:49,560 Speaker 3: good that we've ever been in the NFL. You follow 299 00:14:49,640 --> 00:14:53,040 Speaker 3: that trail, I think we've had more teams that are 300 00:14:53,280 --> 00:14:55,840 Speaker 3: legitimately in the Super Bowl mix than we've had at 301 00:14:55,840 --> 00:14:57,800 Speaker 3: any any given time, and that's exciting. 302 00:14:58,200 --> 00:15:00,760 Speaker 8: I mean, we're talking about the quarterbacks a lot, but 303 00:15:00,800 --> 00:15:03,960 Speaker 8: there are some other positions. The running back position, for example, 304 00:15:03,960 --> 00:15:06,040 Speaker 8: I don't think any running backs are taken in the 305 00:15:06,080 --> 00:15:08,400 Speaker 8: first round this year. You know, others that kind of 306 00:15:08,400 --> 00:15:11,600 Speaker 8: stand out, safety, linebacker. I mean, a lot of these positions, 307 00:15:11,800 --> 00:15:13,400 Speaker 8: which you know you see a few of them now 308 00:15:13,520 --> 00:15:15,560 Speaker 8: come into the first round. It's just been a really 309 00:15:15,600 --> 00:15:16,760 Speaker 8: really it's really been light. 310 00:15:16,800 --> 00:15:17,640 Speaker 3: I'm curious to hear. 311 00:15:17,560 --> 00:15:19,440 Speaker 8: Your thoughts in the future of some of those positions. 312 00:15:19,840 --> 00:15:21,560 Speaker 8: Specifically the running back position. 313 00:15:21,800 --> 00:15:23,480 Speaker 3: Well, that's always been one that I don't want to 314 00:15:23,520 --> 00:15:26,920 Speaker 3: say was devalued. Jonathan Brooks was the first running back 315 00:15:26,960 --> 00:15:29,680 Speaker 3: taken from Texas with a forty sixth pick. That's the 316 00:15:29,720 --> 00:15:32,560 Speaker 3: second round. But what we've seen over the last few 317 00:15:32,640 --> 00:15:35,600 Speaker 3: years is that the second and third round seems to 318 00:15:35,640 --> 00:15:38,120 Speaker 3: be a fertile ground to get good, solid running backs, 319 00:15:38,400 --> 00:15:41,600 Speaker 3: and you tend to have a running game by committee, 320 00:15:41,880 --> 00:15:44,320 Speaker 3: and so there's good value in taking that. People are 321 00:15:44,360 --> 00:15:48,680 Speaker 3: hesitant to expend a first round pick on the running 322 00:15:48,720 --> 00:15:51,760 Speaker 3: back position when you can get good value further down. 323 00:15:51,840 --> 00:15:53,640 Speaker 3: That's not to say that they're not worthy of that. 324 00:15:53,720 --> 00:15:55,760 Speaker 3: You got the Dereck Henrys in the world that obviously 325 00:15:55,840 --> 00:15:59,040 Speaker 3: are spectacular, and taking a guy on the first round 326 00:15:59,360 --> 00:16:03,040 Speaker 3: is not bad. But the position has kind of been 327 00:16:03,120 --> 00:16:05,760 Speaker 3: devalued per se. And the fact that you know, we 328 00:16:05,840 --> 00:16:08,240 Speaker 3: had one guy taken in the second round and then 329 00:16:08,320 --> 00:16:10,840 Speaker 3: not again, we had three guys taken in the third round. 330 00:16:10,960 --> 00:16:14,480 Speaker 3: So that seems to be the mode going forward in 331 00:16:14,600 --> 00:16:16,960 Speaker 3: terms of what people looking at, simply because you can 332 00:16:17,000 --> 00:16:22,440 Speaker 3: get value at other positions in the first round and 333 00:16:22,480 --> 00:16:24,920 Speaker 3: the running back position. The other one to me, interesting 334 00:16:24,960 --> 00:16:27,480 Speaker 3: to me is the tight end position because that's one 335 00:16:27,520 --> 00:16:30,200 Speaker 3: that as we see really good tight ends in the league. 336 00:16:30,360 --> 00:16:33,760 Speaker 3: Obviously like a Travis Kelcey liking Mark Andrews in Baltimore. 337 00:16:35,120 --> 00:16:37,520 Speaker 3: There's a couple of really good tight ends around the league. 338 00:16:37,880 --> 00:16:40,920 Speaker 3: You saw Las Vegas Raiders had to brock Bowers fall 339 00:16:40,960 --> 00:16:43,760 Speaker 3: to them at number thirteen. That's a spectacular pick for them. 340 00:16:44,040 --> 00:16:46,320 Speaker 3: There wasn't another tight end taken until the second and 341 00:16:46,360 --> 00:16:49,920 Speaker 3: then the third round, so even though they're coveted, you 342 00:16:49,960 --> 00:16:53,520 Speaker 3: can usually get some good value. The Commanders took in 343 00:16:53,600 --> 00:16:56,040 Speaker 3: the second round the kid out of Kent State Senate, 344 00:16:56,280 --> 00:17:00,000 Speaker 3: their Sonata, I think, and then rioting from Illinois to Arizona, 345 00:17:00,000 --> 00:17:03,800 Speaker 3: so you can get like the running back. It's a 346 00:17:03,840 --> 00:17:05,919 Speaker 3: high priority, you really want to have one, but you 347 00:17:05,960 --> 00:17:08,320 Speaker 3: seem to get good value in the second and third round. 348 00:17:08,640 --> 00:17:11,640 Speaker 7: One day and I see it coming because one we're 349 00:17:11,640 --> 00:17:16,880 Speaker 7: playing more games NFL games overseas in London, Germany, Mexico 350 00:17:16,960 --> 00:17:22,719 Speaker 7: City in Brazil is coming there. When will it happen 351 00:17:23,200 --> 00:17:28,160 Speaker 7: when the league expands to more teams and this time 352 00:17:28,240 --> 00:17:29,719 Speaker 7: maybe a team out in London. 353 00:17:30,359 --> 00:17:33,320 Speaker 3: Yeah, that one's above my pay grade because obviously they 354 00:17:33,320 --> 00:17:37,760 Speaker 3: are nurturing interests internationally and they're highly successful games. I 355 00:17:37,760 --> 00:17:40,560 Speaker 3: do a radio show in London and those are excited, 356 00:17:41,320 --> 00:17:45,240 Speaker 3: knowledgeable fans when I get on the radio with the 357 00:17:45,280 --> 00:17:50,560 Speaker 3: folks in London, and I can't wrap my head around 358 00:17:50,640 --> 00:17:53,280 Speaker 3: how that's going to work. If you have a franchise 359 00:17:53,320 --> 00:17:56,760 Speaker 3: in one of these international cities, then how they're going 360 00:17:56,840 --> 00:17:59,960 Speaker 3: to be competitive in terms of playing in the state 361 00:18:00,119 --> 00:18:02,879 Speaker 3: and then teams going obviously over there to play, or 362 00:18:02,920 --> 00:18:06,320 Speaker 3: whether you can develop a branch of the NFL in 363 00:18:06,640 --> 00:18:09,480 Speaker 3: the international loop. I don't know. I'm sure they've got 364 00:18:09,480 --> 00:18:12,639 Speaker 3: some plan for it. It may be that they're just 365 00:18:12,680 --> 00:18:16,440 Speaker 3: going to continue these sprinkling of games and expand on that. 366 00:18:16,840 --> 00:18:19,960 Speaker 3: And now you're it's no onerous when a team only 367 00:18:20,000 --> 00:18:24,320 Speaker 3: has to play one international game a year, but complete 368 00:18:24,400 --> 00:18:28,359 Speaker 3: maybe an entire schedule overseas, but with different teams. I 369 00:18:28,400 --> 00:18:31,639 Speaker 3: don't know. You know, mine's above mine and you're figuring 370 00:18:31,840 --> 00:18:34,320 Speaker 3: that out. But clearly the money is there and the 371 00:18:34,320 --> 00:18:35,840 Speaker 3: international interest is there. 372 00:18:36,000 --> 00:18:38,159 Speaker 7: I'm just wondering if you're going to have something like, Okay, 373 00:18:38,320 --> 00:18:40,600 Speaker 7: we're going to play three games in London and then 374 00:18:40,600 --> 00:18:42,680 Speaker 7: we're going to be on the road for like a month. 375 00:18:43,040 --> 00:18:45,119 Speaker 7: Then we're going to come back and play three more games. 376 00:18:45,200 --> 00:18:48,439 Speaker 7: And I wonder if some structure like that's going to 377 00:18:48,440 --> 00:18:48,919 Speaker 7: be set up. 378 00:18:49,400 --> 00:18:51,919 Speaker 3: That could be and certainly that would make sense that 379 00:18:51,960 --> 00:18:54,280 Speaker 3: if an international team's going to come to the States, 380 00:18:54,320 --> 00:18:57,119 Speaker 3: that they have a two to three game stretch at 381 00:18:57,160 --> 00:19:00,399 Speaker 3: the minim to minimize the travel back and forth. With 382 00:19:00,440 --> 00:19:03,159 Speaker 3: that the pressure that's a lot. That's a lot to 383 00:19:03,200 --> 00:19:06,399 Speaker 3: deal with being on the road for three straight weeks 384 00:19:06,400 --> 00:19:09,639 Speaker 3: and orchestrating that and where you're going. That's that's a 385 00:19:09,680 --> 00:19:12,880 Speaker 3: tough circumstance for a team to compete and be competitive 386 00:19:12,920 --> 00:19:14,760 Speaker 3: with if that's their routine. 387 00:19:15,240 --> 00:19:17,199 Speaker 8: Well, coach Billak also, I mean, let's go back. You know, 388 00:19:17,280 --> 00:19:20,280 Speaker 8: you coached for San Diego State University, the Aztecs, go 389 00:19:20,440 --> 00:19:23,560 Speaker 8: as techs. My cousin Larry Sassaur shout out. I have 390 00:19:23,640 --> 00:19:26,119 Speaker 8: to ask you some of these universities that have filtered 391 00:19:26,160 --> 00:19:28,800 Speaker 8: so many players into the NFL. You mentioned Brock Bauers. 392 00:19:28,840 --> 00:19:32,360 Speaker 8: I'm thinking Georgia obviously Alabama. Talk to me about the 393 00:19:32,400 --> 00:19:37,720 Speaker 8: Michigan Wolverines. Thirteen players in this year's draft selected from 394 00:19:37,880 --> 00:19:40,480 Speaker 8: this year's team. I mean, which if you're a student, 395 00:19:40,720 --> 00:19:43,800 Speaker 8: I mean a scholar athlete and you're looking at you know, 396 00:19:44,280 --> 00:19:46,320 Speaker 8: those you know, institutions that you want to play your 397 00:19:46,359 --> 00:19:49,880 Speaker 8: college ball for. I mean just I mean, like, what's 398 00:19:49,920 --> 00:19:52,720 Speaker 8: out there? What's the available pool today? Given nil, given 399 00:19:52,720 --> 00:19:55,280 Speaker 8: the transfer portal, I mean, are we really limited it 400 00:19:55,359 --> 00:19:57,600 Speaker 8: just a handful of universities Now, if you really have 401 00:19:57,720 --> 00:20:01,560 Speaker 8: the talent and what it takes to make in the NFL, yeah, and. 402 00:20:01,560 --> 00:20:03,399 Speaker 3: The money, you know, whether it be a Georgia, and 403 00:20:03,560 --> 00:20:07,280 Speaker 3: we'll see it will sort itself out in terms of 404 00:20:07,320 --> 00:20:09,399 Speaker 3: what teams are actually going to get into this super 405 00:20:09,480 --> 00:20:12,160 Speaker 3: league they're talking about should be thirty five forty forty 406 00:20:12,200 --> 00:20:16,400 Speaker 3: five teams modeled on the NFL, certainly Michigan and that's 407 00:20:16,400 --> 00:20:19,200 Speaker 3: why they're national champions. What they were able to do 408 00:20:19,680 --> 00:20:23,000 Speaker 3: with the group of started with JJ McCarthy and then 409 00:20:23,080 --> 00:20:25,320 Speaker 3: all the way down, I mean through the seventh round, 410 00:20:25,359 --> 00:20:29,720 Speaker 3: the number of players and across the board defensive line, linebacker, 411 00:20:29,720 --> 00:20:33,439 Speaker 3: wide receivers, offensive line, some good football players. So with 412 00:20:33,560 --> 00:20:35,720 Speaker 3: the current state of the portal and the NIL, that's 413 00:20:35,760 --> 00:20:37,520 Speaker 3: what you're going to see. They're going to see teams 414 00:20:37,840 --> 00:20:41,400 Speaker 3: that or players that get signed someplace and get developed 415 00:20:41,440 --> 00:20:44,520 Speaker 3: like a San Diego State, then expand their opportunities and 416 00:20:44,560 --> 00:20:47,439 Speaker 3: go to a place like Michigan or Georgia or you know, 417 00:20:47,640 --> 00:20:49,760 Speaker 3: USC where they're going to pay anybody the amount of 418 00:20:49,800 --> 00:20:53,560 Speaker 3: money that they pay to try to buy a national championship, 419 00:20:53,560 --> 00:20:54,919 Speaker 3: and that just is going to kind of be the 420 00:20:54,960 --> 00:20:58,200 Speaker 3: way of the college football going forward until they get 421 00:20:58,200 --> 00:20:58,919 Speaker 3: it under control. 422 00:20:59,400 --> 00:21:02,600 Speaker 7: Special thing thanks to NFL Network analyst and former NFL 423 00:21:02,720 --> 00:21:06,000 Speaker 7: head coach Brian Billick for joining us today, by the way. 424 00:21:06,160 --> 00:21:08,760 Speaker 8: On the business side of things, Brian is involved with 425 00:21:08,800 --> 00:21:12,720 Speaker 8: a few companies, including a recent partnership with Signal Relief. 426 00:21:13,200 --> 00:21:15,719 Speaker 8: He's also the author of several books, including More Than 427 00:21:15,760 --> 00:21:18,720 Speaker 8: a Game, The Glorious Presence and The Uncertain Future of 428 00:21:18,800 --> 00:21:23,360 Speaker 8: the NFL and Now look who's here, Scarlet Foo is back. 429 00:21:23,520 --> 00:21:25,560 Speaker 5: I was tied up with the NHL playoffs, but the 430 00:21:25,640 --> 00:21:28,560 Speaker 5: Raiders swept, so I'm in good shape. 431 00:21:28,240 --> 00:21:31,080 Speaker 8: Now, sure, sure we're all okay. 432 00:21:31,240 --> 00:21:34,000 Speaker 5: From the grid iron to the tennis courts. The latest 433 00:21:34,119 --> 00:21:36,480 Speaker 5: edition of The Deal with Alis Ardriguez and Jason Kelly 434 00:21:36,720 --> 00:21:40,560 Speaker 5: features the tennis superstar the Goat herself, Serena Williams. 435 00:21:40,840 --> 00:21:42,840 Speaker 8: Let's take a little listen to a little bit of 436 00:21:42,880 --> 00:21:43,639 Speaker 8: that conversation. 437 00:21:44,920 --> 00:21:49,240 Speaker 4: You know, when I started tennis, first of one from Compton, California, 438 00:21:49,280 --> 00:21:51,960 Speaker 4: and I remember playing on these courts, and you know, 439 00:21:52,040 --> 00:21:55,360 Speaker 4: my life was great. I never felt like I needed anything, 440 00:21:55,720 --> 00:22:00,640 Speaker 4: you know, and so for me, money was never motivation. 441 00:22:00,760 --> 00:22:03,320 Speaker 4: I remember when I first started, back in the day, 442 00:22:04,640 --> 00:22:07,040 Speaker 4: they used to write out checks after you won your tournament, 443 00:22:07,080 --> 00:22:09,119 Speaker 4: and I would always forget to get the checks, and 444 00:22:09,200 --> 00:22:10,800 Speaker 4: so at the end of the year we would always 445 00:22:10,840 --> 00:22:12,479 Speaker 4: they would always have to say, Serena, we have all 446 00:22:12,520 --> 00:22:13,159 Speaker 4: these checks for you. 447 00:22:13,200 --> 00:22:15,679 Speaker 2: I'm like, oh my god. So it was never literally 448 00:22:15,720 --> 00:22:16,640 Speaker 2: forget to pick up. 449 00:22:16,600 --> 00:22:18,960 Speaker 4: The checkstually, and at the time I had an accountant 450 00:22:19,000 --> 00:22:21,960 Speaker 4: who would be like, Serena, like they sent me all 451 00:22:21,960 --> 00:22:24,240 Speaker 4: these checks that you would forget to get from the tournaments. 452 00:22:24,960 --> 00:22:29,200 Speaker 4: And so so with that being said, that was never 453 00:22:29,280 --> 00:22:33,960 Speaker 4: my motivation, to be honest, for my motivation and looking 454 00:22:34,000 --> 00:22:36,199 Speaker 4: at the success that I had financially was never my 455 00:22:36,280 --> 00:22:38,280 Speaker 4: starting point. My starting point was always like, I just 456 00:22:38,320 --> 00:22:40,800 Speaker 4: want to win championships and I want to have fun, 457 00:22:40,800 --> 00:22:42,000 Speaker 4: and I want to be a great tennis player, and 458 00:22:42,040 --> 00:22:43,800 Speaker 4: quite frankly, I just wanted to win a Grand Slam, 459 00:22:43,840 --> 00:22:47,840 Speaker 4: and I honestly, for me, everything else was a bonus. 460 00:22:48,000 --> 00:22:51,000 Speaker 4: And obviously it's great, Like you know, I really everything 461 00:22:51,040 --> 00:22:53,439 Speaker 4: that I have, Believe me, I worked really hard for 462 00:22:53,640 --> 00:22:56,320 Speaker 4: nothing really came for free, and nothing came easy. 463 00:22:56,400 --> 00:22:59,480 Speaker 2: Like I think everything was super hard working for me. 464 00:22:59,760 --> 00:23:02,639 Speaker 4: But it is cool to look back and see the 465 00:23:02,680 --> 00:23:08,000 Speaker 4: success that I've had financially, but also multiplying that now 466 00:23:08,040 --> 00:23:11,480 Speaker 4: and trying to expand that and then again just considering 467 00:23:11,600 --> 00:23:13,600 Speaker 4: like what does that mean for me going forward. 468 00:23:13,760 --> 00:23:16,320 Speaker 6: So, Serena, when we're thinking about this show, I started 469 00:23:16,359 --> 00:23:19,000 Speaker 6: thinking about people that I like, respect, admire in the 470 00:23:19,000 --> 00:23:21,879 Speaker 6: world of sports, in the world of business. And we 471 00:23:21,920 --> 00:23:23,919 Speaker 6: had a business call recently and I said, would you 472 00:23:23,920 --> 00:23:26,800 Speaker 6: come on our show? Yeah, but I'm interested to know 473 00:23:27,040 --> 00:23:28,720 Speaker 6: what motivates you today. 474 00:23:29,160 --> 00:23:32,199 Speaker 4: When you're used to being a champion, used to winning, 475 00:23:32,760 --> 00:23:35,639 Speaker 4: and so that's something that I'm always motivated by. A 476 00:23:35,800 --> 00:23:39,359 Speaker 4: success and what a success. I think success is different 477 00:23:39,440 --> 00:23:40,920 Speaker 4: for a lot of people, and I think that's one 478 00:23:40,960 --> 00:23:43,200 Speaker 4: thing that I think a lot of people get wrong. 479 00:23:43,760 --> 00:23:46,719 Speaker 2: For me, success right now is having great investments. 480 00:23:47,040 --> 00:23:49,280 Speaker 4: I think a lot of people's success is being a 481 00:23:49,320 --> 00:23:51,800 Speaker 4: mom or which is super successful for me because that's 482 00:23:51,800 --> 00:23:53,800 Speaker 4: something that I've always wanted to do in my life. 483 00:23:54,040 --> 00:23:57,359 Speaker 4: Or maybe it's getting an A on your grades or 484 00:23:57,400 --> 00:24:00,199 Speaker 4: whatever that is. So I think for me, the motivation 485 00:24:00,440 --> 00:24:01,800 Speaker 4: is definitely success. 486 00:24:02,240 --> 00:24:05,600 Speaker 6: Both of us played for a couple decades right, very public, 487 00:24:06,080 --> 00:24:09,200 Speaker 6: me more domestically, you more around the world. But what's 488 00:24:09,240 --> 00:24:12,560 Speaker 6: interesting is, Jason, you mentioned half a billion dollars. You know, 489 00:24:12,800 --> 00:24:15,080 Speaker 6: for me it was about the same thing, But ninety 490 00:24:15,119 --> 00:24:17,800 Speaker 6: percent of my money came from playing baseball on the 491 00:24:17,840 --> 00:24:21,520 Speaker 6: field with you is ecxact opposite with yours marketing? Yeah, 492 00:24:22,040 --> 00:24:23,920 Speaker 6: how do you think about the impact that you've made 493 00:24:23,960 --> 00:24:26,920 Speaker 6: not only to all your partners, but how the ripple 494 00:24:26,960 --> 00:24:29,560 Speaker 6: effect around the world of the business of Serena. 495 00:24:30,840 --> 00:24:32,720 Speaker 2: Yeah, it's so different, right. 496 00:24:32,840 --> 00:24:37,159 Speaker 4: I think it's really interesting how I learned early on 497 00:24:37,640 --> 00:24:40,520 Speaker 4: that your paycheck from tennis. Maybe that's why I forgot 498 00:24:40,600 --> 00:24:44,639 Speaker 4: them to be your small to be your smallest earning. Oh, 499 00:24:44,640 --> 00:24:48,160 Speaker 4: it's my dad always told me growing up, and so 500 00:24:48,160 --> 00:24:51,119 Speaker 4: so I always thought, Okay, well, partnering with the right 501 00:24:51,160 --> 00:24:53,000 Speaker 4: people and also deciding who do you really want to 502 00:24:53,040 --> 00:24:55,400 Speaker 4: partner with, because for me, it's also about being very 503 00:24:55,400 --> 00:24:59,480 Speaker 4: authentic with those partnerships, not necessarily partnering with a company 504 00:25:00,119 --> 00:25:03,400 Speaker 4: that either doesn't believe in what you're. 505 00:25:03,240 --> 00:25:05,840 Speaker 2: Doing or you don't really use and utilize. 506 00:25:05,840 --> 00:25:08,480 Speaker 4: So I think throughout my whole career, I wanted to 507 00:25:08,480 --> 00:25:11,000 Speaker 4: make sure that those partnerships are very authentic and they 508 00:25:11,000 --> 00:25:16,200 Speaker 4: spoke to me and they also gave back in some 509 00:25:16,240 --> 00:25:17,679 Speaker 4: sort of way, shape or form. 510 00:25:18,040 --> 00:25:20,520 Speaker 5: That's from the latest episode of the Deal with Alex 511 00:25:20,600 --> 00:25:23,960 Speaker 5: Rodriguez and Jason Kelly this week featuring Serena Williams. 512 00:25:24,440 --> 00:25:26,919 Speaker 8: Up next on the show. We dive behind the scenes 513 00:25:26,960 --> 00:25:30,359 Speaker 8: of that episode with the co host Bloomberg Originals Chief 514 00:25:30,520 --> 00:25:32,439 Speaker 8: correspondent Jason Kelly. 515 00:25:32,640 --> 00:25:37,960 Speaker 5: You're listening to the Bloomberg Business of Sports from Bloomberg Radio. 516 00:25:39,920 --> 00:25:44,040 Speaker 7: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 517 00:25:45,520 --> 00:25:47,639 Speaker 5: This is the Bloomberg Business of Sports show where we 518 00:25:47,720 --> 00:25:49,840 Speaker 5: explore the big money issues in the world of sports. 519 00:25:50,160 --> 00:25:53,000 Speaker 5: I'm Scarlett Foo along with Damian Sassar. Michael Barr had 520 00:25:53,000 --> 00:25:55,320 Speaker 5: to step out. He'll be back next week. The Deal 521 00:25:55,359 --> 00:25:57,480 Speaker 5: with Alex Rodriguez and Jason Kelly is one of the 522 00:25:57,600 --> 00:26:01,480 Speaker 5: latest series from Bloomberg Originals, covering the biggest names were sports, 523 00:26:01,560 --> 00:26:03,280 Speaker 5: business and culture collide. 524 00:26:03,600 --> 00:26:08,119 Speaker 8: The latest episode features tennis superstar Serena Williams and joining 525 00:26:08,160 --> 00:26:10,080 Speaker 8: us to talk a little bit about the new episode 526 00:26:10,200 --> 00:26:14,760 Speaker 8: is co host and Bloomberg Original's chief correspondent Jason Kelly. 527 00:26:15,280 --> 00:26:18,160 Speaker 9: I mean, man, when we set out to do this show, 528 00:26:18,200 --> 00:26:23,280 Speaker 9: I said to Alex there's a mount rushmore of guests 529 00:26:23,320 --> 00:26:25,560 Speaker 9: and one of the people on it is Serena Williams, 530 00:26:25,560 --> 00:26:28,439 Speaker 9: And I gotta tell you, she just one hundred percent 531 00:26:29,000 --> 00:26:31,560 Speaker 9: delivered as I knew she would. But like what an 532 00:26:31,600 --> 00:26:35,119 Speaker 9: amazing story. Again not just on the tennis court, but 533 00:26:35,359 --> 00:26:35,920 Speaker 9: off the court. 534 00:26:36,080 --> 00:26:39,520 Speaker 5: Just incredible, especially since when you consider what she's been 535 00:26:39,520 --> 00:26:42,320 Speaker 5: doing since right, I mean, she's so active not just 536 00:26:42,320 --> 00:26:44,639 Speaker 5: in building her brand, but in building an empire. 537 00:26:44,359 --> 00:26:48,080 Speaker 9: Totally building an empire. And you know, she has identified 538 00:26:48,720 --> 00:26:52,320 Speaker 9: a place where she can really make a difference, uh, 539 00:26:52,440 --> 00:26:59,639 Speaker 9: and that is in investing and specifically investing in highly 540 00:26:59,680 --> 00:27:05,640 Speaker 9: highlight underrepresented communities via founders who are women or people 541 00:27:05,680 --> 00:27:07,679 Speaker 9: of color. And as you guys, you know all the 542 00:27:07,680 --> 00:27:13,040 Speaker 9: statistics because they are horrifying. You know, about two percent 543 00:27:13,080 --> 00:27:15,680 Speaker 9: of venture capital money goes to female founders and about 544 00:27:15,680 --> 00:27:18,600 Speaker 9: one percent, probably a little less, goes to black founders. 545 00:27:18,640 --> 00:27:22,920 Speaker 9: And so sixty eight percent of Serena Venture's portfolio is 546 00:27:23,080 --> 00:27:26,359 Speaker 9: actually diverse. And so as she did on the tennis court, 547 00:27:26,520 --> 00:27:29,800 Speaker 9: she is, i mean quite literally breaking down barriers. She's 548 00:27:29,840 --> 00:27:32,320 Speaker 9: a force, and I think anybody who's spent any time 549 00:27:32,359 --> 00:27:34,560 Speaker 9: with her knows that she's been super engaged from the 550 00:27:34,600 --> 00:27:39,080 Speaker 9: beginning on everything that she's involved in. You know, one 551 00:27:39,119 --> 00:27:42,760 Speaker 9: of the most interesting things is this this idea of 552 00:27:42,800 --> 00:27:45,159 Speaker 9: her relationship with her father and you know, sort of 553 00:27:45,160 --> 00:27:48,680 Speaker 9: going the other way on the King King Richard himself, 554 00:27:48,920 --> 00:27:51,879 Speaker 9: and one of the most interesting things that he did. Obviously, 555 00:27:51,920 --> 00:27:54,800 Speaker 9: you know we've seen the movie, we've followed her career 556 00:27:54,800 --> 00:27:59,320 Speaker 9: and her sister Venus. He obviously gave them tremendous opportunities 557 00:27:59,359 --> 00:28:02,080 Speaker 9: to play tennis and at the same time what he 558 00:28:02,119 --> 00:28:05,160 Speaker 9: did to them, and Serena talks about this in the episode. 559 00:28:05,680 --> 00:28:09,240 Speaker 9: She had a conversation with him where he essentially said, 560 00:28:09,440 --> 00:28:11,400 Speaker 9: you're in charge of your own money, figure it out. 561 00:28:11,480 --> 00:28:14,760 Speaker 9: So he was not prescriptive in that regard. The one 562 00:28:14,920 --> 00:28:17,679 Speaker 9: thing that he did that really set her up was 563 00:28:17,720 --> 00:28:22,200 Speaker 9: on her very first deal, the Puma deal, he insisted 564 00:28:22,240 --> 00:28:25,440 Speaker 9: that she be physically at the table, to the point 565 00:28:25,480 --> 00:28:27,560 Speaker 9: where she actually fell asleep in the middle of the 566 00:28:27,640 --> 00:28:28,840 Speaker 9: night they were negotiating. 567 00:28:28,840 --> 00:28:31,359 Speaker 8: Oh my god, but he said. 568 00:28:31,359 --> 00:28:33,199 Speaker 9: Don't go into another room. You need to be at 569 00:28:33,240 --> 00:28:35,200 Speaker 9: the table. And I have to say, She's never left. 570 00:28:35,280 --> 00:28:39,000 Speaker 9: And so she is in such firm control of her 571 00:28:40,840 --> 00:28:45,000 Speaker 9: own direction, strategy, strategically, tactically. She has a great team 572 00:28:45,000 --> 00:28:47,480 Speaker 9: around her, but I can tell you from talking to 573 00:28:47,480 --> 00:28:50,200 Speaker 9: her she is intensely involved in every detail. 574 00:28:50,280 --> 00:28:52,600 Speaker 5: I love that anecdote because it really tells you about 575 00:28:52,600 --> 00:28:55,120 Speaker 5: how she doesn't let people speak on her behalf. She 576 00:28:55,160 --> 00:28:57,160 Speaker 5: makes sure that she is the principal and that she 577 00:28:57,760 --> 00:29:00,480 Speaker 5: is representing herself. You talk about her team. A member 578 00:29:00,480 --> 00:29:03,400 Speaker 5: of her team in a way is her spouse Alexis Ohanian, right, 579 00:29:03,720 --> 00:29:07,720 Speaker 5: and of course an accomplished startup founder himself and an investor. 580 00:29:08,080 --> 00:29:10,640 Speaker 5: And did you talk a little bit at all about 581 00:29:10,640 --> 00:29:11,960 Speaker 5: how their world's kind of intersect. 582 00:29:12,120 --> 00:29:13,240 Speaker 2: Yeah, it's a great question. 583 00:29:13,280 --> 00:29:14,800 Speaker 9: We did talk about that a little bit because if 584 00:29:14,800 --> 00:29:19,080 Speaker 9: you think about her her life and her business and 585 00:29:19,120 --> 00:29:22,200 Speaker 9: her tennis, she's had this great series of partners, right first, 586 00:29:22,200 --> 00:29:25,280 Speaker 9: her dad, her sister. Obviously they're incredibly close. They live 587 00:29:25,360 --> 00:29:28,440 Speaker 9: very close to each other still in Florida. Alexis Ohanian, 588 00:29:28,560 --> 00:29:32,360 Speaker 9: as you mentioned, co founder of Reddit, an incredible investor 589 00:29:32,440 --> 00:29:33,160 Speaker 9: in his own right. 590 00:29:33,440 --> 00:29:33,840 Speaker 2: She did. 591 00:29:34,080 --> 00:29:36,520 Speaker 9: She talked about how they've managed to create this kind 592 00:29:36,560 --> 00:29:38,400 Speaker 9: of like church and state where they each have their 593 00:29:38,440 --> 00:29:43,160 Speaker 9: own things. Clearly they are influential to each other. 594 00:29:44,320 --> 00:29:44,520 Speaker 7: You know. 595 00:29:44,560 --> 00:29:47,640 Speaker 9: One of the most notable examples was, you know, Alexis 596 00:29:47,720 --> 00:29:51,760 Speaker 9: led the funding of Angel City Football Club right in 597 00:29:51,800 --> 00:29:57,600 Speaker 9: the NWSL and that came, and Serena talks about this 598 00:29:57,640 --> 00:30:00,200 Speaker 9: a little bit. That came because their daughter, Olympia was 599 00:30:00,240 --> 00:30:05,080 Speaker 9: playing was playing soccer, and Alexis said, you know, I 600 00:30:05,120 --> 00:30:07,720 Speaker 9: would love to get involved in women's sports because Olympia 601 00:30:07,760 --> 00:30:10,600 Speaker 9: is into it. And Serena and this is like classic. 602 00:30:10,640 --> 00:30:14,040 Speaker 9: Serena said, okay, but you need to ensure that if 603 00:30:14,040 --> 00:30:16,480 Speaker 9: she's going to be a professional athlete, she gets paid. 604 00:30:16,800 --> 00:30:19,760 Speaker 9: And so it's like, so that has always been so 605 00:30:20,960 --> 00:30:25,360 Speaker 9: intentional on her behalf, and so that's I think a 606 00:30:25,520 --> 00:30:28,080 Speaker 9: huge influence that she has had on him. And he 607 00:30:28,200 --> 00:30:30,400 Speaker 9: is obviously I just saw him a couple of weeks 608 00:30:30,440 --> 00:30:32,920 Speaker 9: ago here in New York. He's a huge proponent of 609 00:30:32,920 --> 00:30:35,840 Speaker 9: investing in women's sports. He's got this new track and 610 00:30:35,880 --> 00:30:38,880 Speaker 9: field thing that he's investing in obviously Angel City as well. 611 00:30:39,000 --> 00:30:41,880 Speaker 9: So clearly very influential there. 612 00:30:42,280 --> 00:30:44,920 Speaker 8: Jason, I wonder if you got into the state of tennis, 613 00:30:44,960 --> 00:30:47,120 Speaker 8: what her belief about what the state of tennis is 614 00:30:47,120 --> 00:30:48,360 Speaker 8: today the future stars. 615 00:30:48,920 --> 00:30:50,760 Speaker 9: I mean, she did talk about the state of tennis 616 00:30:50,800 --> 00:30:54,600 Speaker 9: insofar as you know, there were you know, there are 617 00:30:54,600 --> 00:30:57,680 Speaker 9: a lot of questions when she left of you know, 618 00:30:57,760 --> 00:31:01,600 Speaker 9: can the sport be what it was or what it 619 00:31:01,680 --> 00:31:04,920 Speaker 9: was with her without her? You know, she was a 620 00:31:05,000 --> 00:31:07,720 Speaker 9: huge draw. You know, the ratings, the attendance. Everything went 621 00:31:07,800 --> 00:31:10,400 Speaker 9: up when she was playing. You know, what she has 622 00:31:10,440 --> 00:31:13,040 Speaker 9: said and others have noted, is you know, tennis does 623 00:31:13,080 --> 00:31:15,480 Speaker 9: seem to be on good footing. You do have a 624 00:31:15,520 --> 00:31:18,160 Speaker 9: crop of stars. Obviously, Cocoa goff here in the United 625 00:31:18,240 --> 00:31:22,280 Speaker 9: States is a massive influence on the popularity. I think 626 00:31:22,320 --> 00:31:25,520 Speaker 9: her win at the US Open, you know, really sealed 627 00:31:25,600 --> 00:31:29,360 Speaker 9: that next generation. So I think Serena feels pretty good 628 00:31:29,680 --> 00:31:32,440 Speaker 9: about where the game is and feels good about, you know, 629 00:31:32,640 --> 00:31:35,400 Speaker 9: redirecting her efforts into the broader business world. 630 00:31:35,640 --> 00:31:38,520 Speaker 5: All right, Jason Kelly, fantastic stuff. Jason Kelly is co 631 00:31:38,600 --> 00:31:41,040 Speaker 5: host of The Deal with Alex Rodriguez and of course 632 00:31:41,160 --> 00:31:43,400 Speaker 5: their guest of the week none other than the goat, 633 00:31:43,760 --> 00:31:47,440 Speaker 5: Serena Williams. Thanks guys, don't miss the latest episode of 634 00:31:47,480 --> 00:31:50,320 Speaker 5: the Deal with Alex Rodriguez and Jason Kelly this week 635 00:31:50,360 --> 00:31:51,640 Speaker 5: featuring Serena Williams. 636 00:31:51,960 --> 00:31:54,840 Speaker 8: Catch it Fridays it's seven pm Eastern on Bloomberg Television, 637 00:31:54,920 --> 00:31:58,240 Speaker 8: or stream it on Thursdays at nine pm Eastern on 638 00:31:58,320 --> 00:32:01,840 Speaker 8: Bloomberg Originals and find it anywhere you get your podcasts. 639 00:32:02,360 --> 00:32:04,680 Speaker 5: Now, let's turn to a subject we've been covering a 640 00:32:04,720 --> 00:32:08,760 Speaker 5: lot lately, yet another team wants a new stadium. Oh really, 641 00:32:09,960 --> 00:32:11,200 Speaker 5: can you think of a couple of other teams? 642 00:32:11,400 --> 00:32:12,720 Speaker 8: I could think of a view of one, but I 643 00:32:12,760 --> 00:32:14,840 Speaker 8: mean Chicago. Let's talk Chicago. 644 00:32:15,200 --> 00:32:17,640 Speaker 5: Let's talk Chicago, and we're talking about the Chicago Bears here. 645 00:32:17,720 --> 00:32:20,440 Speaker 5: So we need to bring in Shrudy Singh, who covers 646 00:32:20,960 --> 00:32:23,760 Speaker 5: Chicago for us in our Chicago Bureau all things Chicago, 647 00:32:23,840 --> 00:32:28,000 Speaker 5: including municipal issues. Shrudy, talk to us a little bit 648 00:32:28,040 --> 00:32:30,760 Speaker 5: here about what the Chicago Bears are aiming to do. 649 00:32:31,320 --> 00:32:34,560 Speaker 5: Soldier Field is old and some would say even decrepit, 650 00:32:34,920 --> 00:32:37,600 Speaker 5: and they're looking to upgrade and build a new stadium. 651 00:32:38,080 --> 00:32:40,960 Speaker 1: Yeah. So the Chicago Bears unveiled a four point seven 652 00:32:41,000 --> 00:32:44,720 Speaker 1: billion dollars stadium plan that would replace the current Soldier Field, 653 00:32:44,880 --> 00:32:46,840 Speaker 1: which is about one hundred years old. It's one of 654 00:32:46,840 --> 00:32:49,480 Speaker 1: the smaller stadiums in the country and it doesn't have 655 00:32:49,480 --> 00:32:52,240 Speaker 1: a dome. So there's lots of things that the team 656 00:32:52,400 --> 00:32:56,000 Speaker 1: is looking to change about where it plays. And this 657 00:32:56,080 --> 00:32:59,959 Speaker 1: particular four point seven billion dollars stadium complex would include 658 00:33:00,320 --> 00:33:03,400 Speaker 1: a three point two billion dollars stadium itself, but then 659 00:33:03,440 --> 00:33:05,960 Speaker 1: the rest of the money would be for the complex 660 00:33:06,120 --> 00:33:10,000 Speaker 1: around the stadium, which could include lots of park space 661 00:33:10,120 --> 00:33:13,720 Speaker 1: and infrastructure improvements and things like that, and some of 662 00:33:13,760 --> 00:33:16,160 Speaker 1: it would be financed by the team, and some of 663 00:33:16,200 --> 00:33:19,440 Speaker 1: it they're looking for help from municipal financing, which is 664 00:33:19,440 --> 00:33:20,200 Speaker 1: what I cover. 665 00:33:20,680 --> 00:33:22,719 Speaker 8: Well, Shreudy. I mean, I'm sure our audience would love 666 00:33:22,760 --> 00:33:26,240 Speaker 8: nothing more than to talk about Caleb Williams and Dons 667 00:33:26,440 --> 00:33:28,840 Speaker 8: and how the Bears crush the NFL draft, But you know, 668 00:33:29,240 --> 00:33:32,560 Speaker 8: tell us about what has changed not only in the 669 00:33:32,600 --> 00:33:34,560 Speaker 8: state of Illinois but the city of Chicago. I mean, 670 00:33:34,560 --> 00:33:37,200 Speaker 8: how can they even think about taking on a project 671 00:33:37,200 --> 00:33:37,400 Speaker 8: like this. 672 00:33:38,440 --> 00:33:41,800 Speaker 1: So basically the issue is that and this has actually 673 00:33:41,880 --> 00:33:44,440 Speaker 1: come up a lot in conversations, and you'd be surprised 674 00:33:44,640 --> 00:33:47,760 Speaker 1: that even folks who are talking about the stadium and 675 00:33:47,800 --> 00:33:50,040 Speaker 1: their love for the Bears, when you listen to the 676 00:33:50,080 --> 00:33:53,200 Speaker 1: conversations that are going on around Chicago, people are still 677 00:33:53,200 --> 00:33:56,080 Speaker 1: bringing up the finances, like how is this going to 678 00:33:56,120 --> 00:33:58,760 Speaker 1: be paid for? And so, as I mentioned, part of 679 00:33:59,000 --> 00:34:03,720 Speaker 1: the Bear's proposal is for about nine hundred million dollars 680 00:34:03,760 --> 00:34:07,680 Speaker 1: in debt financing from the Illinois Sports Facilities Authority, which 681 00:34:07,720 --> 00:34:11,480 Speaker 1: was basically set up in the eighties to help finance 682 00:34:11,920 --> 00:34:17,480 Speaker 1: pro sport stadiums. So this organization, this agency basically helps 683 00:34:17,760 --> 00:34:22,000 Speaker 1: with selling debt for pro stadiums around the state. Now, 684 00:34:22,280 --> 00:34:24,480 Speaker 1: one of the things is that these are bonds that 685 00:34:24,520 --> 00:34:28,239 Speaker 1: are paid for through state and local taxes. Illinois is 686 00:34:28,280 --> 00:34:32,080 Speaker 1: currently the lowest rated state in terms of its credit rating. 687 00:34:32,360 --> 00:34:35,399 Speaker 1: It has certainly climbed up the ratings over the last 688 00:34:35,400 --> 00:34:37,920 Speaker 1: couple of years. It's had a string of upgrades by 689 00:34:37,960 --> 00:34:41,440 Speaker 1: just improving the way it handles its finances, including passing 690 00:34:41,440 --> 00:34:45,120 Speaker 1: budgets on time, paying down its debt liability and its 691 00:34:45,160 --> 00:34:49,480 Speaker 1: pension liability, things like that, but it still has marginally 692 00:34:49,880 --> 00:34:53,839 Speaker 1: the lowest credit rating among its peers. Chicago also has 693 00:34:53,920 --> 00:34:57,440 Speaker 1: some of its own financial issues. The two states and 694 00:34:57,600 --> 00:35:00,440 Speaker 1: local governments share one thing in common, which is that 695 00:35:00,440 --> 00:35:04,480 Speaker 1: they both have a very large unfunded pension liability. So 696 00:35:04,680 --> 00:35:08,040 Speaker 1: that is the longest sort of financial burden that both 697 00:35:08,080 --> 00:35:11,480 Speaker 1: state and local government have, and it takes up for 698 00:35:11,600 --> 00:35:15,840 Speaker 1: each government, it takes about a fifth of their regular budget. 699 00:35:16,880 --> 00:35:20,520 Speaker 5: Yeah, it's pretty massive. So you mentioned that this Illinois 700 00:35:20,560 --> 00:35:23,360 Speaker 5: Sports Facilities Authority, this government agency was set up in 701 00:35:23,400 --> 00:35:27,600 Speaker 5: the eighties to build and renovate stadiums for pro teams. Clearly, 702 00:35:27,680 --> 00:35:30,280 Speaker 5: the environment has changed a lot from the eighties to now, 703 00:35:30,360 --> 00:35:34,520 Speaker 5: and taxpayers are not so enamored of the idea of 704 00:35:35,400 --> 00:35:39,560 Speaker 5: having to shoulder the burden of funding in some where 705 00:35:40,000 --> 00:35:45,080 Speaker 5: another new facilities for teams owned by billionaires. They would 706 00:35:45,160 --> 00:35:48,200 Speaker 5: rather the teams show it out themselves. Can you talk 707 00:35:48,200 --> 00:35:49,320 Speaker 5: a little bit about the environment. 708 00:35:50,080 --> 00:35:52,840 Speaker 1: Yeah, So there's been a lot of questions posed by 709 00:35:53,280 --> 00:35:57,279 Speaker 1: the elected official chair in Illinois. The Governor of Illinois, JB. 710 00:35:57,360 --> 00:36:01,280 Speaker 1: Pritzker is saying that, you know, to be known about 711 00:36:01,280 --> 00:36:05,320 Speaker 1: this proposal, and he has been reluctant to provide any 712 00:36:05,360 --> 00:36:10,640 Speaker 1: sort of inkling or you know, support of this initial proposal. 713 00:36:10,680 --> 00:36:12,680 Speaker 1: He's not ruling it up, but he said, you know, 714 00:36:12,719 --> 00:36:16,680 Speaker 1: he's skeptical and he's been reluctant. In terms of other 715 00:36:16,920 --> 00:36:20,760 Speaker 1: leadership here in this state, Illinois House Speaker Chris Welch 716 00:36:20,800 --> 00:36:24,160 Speaker 1: has said right now, in this environment, if this was 717 00:36:24,200 --> 00:36:27,439 Speaker 1: put for a vote, it would fail. So that's kind 718 00:36:27,440 --> 00:36:29,840 Speaker 1: of where things stand in terms of what the leadership 719 00:36:29,880 --> 00:36:32,400 Speaker 1: in Illinois is talking about. But at the same time, 720 00:36:32,760 --> 00:36:37,440 Speaker 1: Chicago Mayor Johnson was at the press conference last Wednesday 721 00:36:37,719 --> 00:36:41,080 Speaker 1: and is supportive of this, but this needs approval from 722 00:36:41,120 --> 00:36:43,080 Speaker 1: the state legislature and the governor. 723 00:36:42,920 --> 00:36:45,719 Speaker 8: Trudy to that exact point. I mean, we just saw 724 00:36:45,719 --> 00:36:47,839 Speaker 8: on Kansas City that you know, they put this whole 725 00:36:47,880 --> 00:36:50,960 Speaker 8: thing to a vote. There was you know, marketing going 726 00:36:51,000 --> 00:36:54,280 Speaker 8: on into the vote by Patrick Mahomes and Travis Kelcey. 727 00:36:54,320 --> 00:36:57,080 Speaker 8: I mean, people knew about it. They were they were 728 00:36:57,280 --> 00:36:58,799 Speaker 8: you know, they were made aware of of all the 729 00:36:58,840 --> 00:37:00,920 Speaker 8: details of how much it wouldst et cetera. And they 730 00:37:00,920 --> 00:37:03,399 Speaker 8: were given an opportunity to vote. In this case, if 731 00:37:03,400 --> 00:37:06,359 Speaker 8: I'm reading this correctly, they're trying to push this through 732 00:37:06,360 --> 00:37:08,400 Speaker 8: in five weeks. So talk to us a little bit 733 00:37:08,440 --> 00:37:10,640 Speaker 8: about the process here and is there anything we can 734 00:37:10,680 --> 00:37:13,919 Speaker 8: read into from that sort of accelerated timeline. 735 00:37:14,320 --> 00:37:17,359 Speaker 1: So right now, the Illinois General Assembly is going through 736 00:37:17,400 --> 00:37:21,359 Speaker 1: its budgeting process and they have about five weeks left 737 00:37:21,600 --> 00:37:24,880 Speaker 1: actually a little bit under five weeks, just about a 738 00:37:24,920 --> 00:37:28,360 Speaker 1: month left in their current spring session. Now, the Bears 739 00:37:28,400 --> 00:37:31,640 Speaker 1: indicated last Wednesday that they would actually like to seek 740 00:37:31,719 --> 00:37:34,880 Speaker 1: and get approval for this project, which as I mentioned, 741 00:37:34,880 --> 00:37:40,000 Speaker 1: would require funding, you know, partially through this sports facility 742 00:37:40,080 --> 00:37:42,640 Speaker 1: that's run by the state, and they're eager to get 743 00:37:42,640 --> 00:37:45,279 Speaker 1: this rolling in this spring session which ends at the 744 00:37:45,360 --> 00:37:49,120 Speaker 1: end of this month. The Illinois General Assembly has lots 745 00:37:49,120 --> 00:37:51,600 Speaker 1: of other things going on that they're trying to do, 746 00:37:51,840 --> 00:37:54,800 Speaker 1: including balancing a budget that includes a lot of competing 747 00:37:54,880 --> 00:37:56,839 Speaker 1: needs right now in the state of Illinois. 748 00:37:57,080 --> 00:37:59,400 Speaker 8: Our thanks to Shredy Singh for joining us from our 749 00:37:59,480 --> 00:38:02,799 Speaker 8: Chicago bez. And that does it for this week's edition 750 00:38:02,800 --> 00:38:05,440 Speaker 8: of The Bloomberg Business of Sports. If you missed any 751 00:38:05,480 --> 00:38:08,000 Speaker 8: of it, check it out now on the Bloomberg Business 752 00:38:08,040 --> 00:38:11,759 Speaker 8: of Sports podcast on Apple, Spotify, and anywhere else you 753 00:38:11,840 --> 00:38:12,719 Speaker 8: get your podcasts. 754 00:38:13,040 --> 00:38:15,279 Speaker 5: This is the Bloomberg Business of Sports. We're here each 755 00:38:15,320 --> 00:38:17,160 Speaker 5: and every week at the same time for Michael Barr 756 00:38:17,239 --> 00:38:20,319 Speaker 5: and Damien Sassar. I'm Scarlet Foo. Tune in next week 757 00:38:20,320 --> 00:38:22,400 Speaker 5: for the latest on the stories moving big money in 758 00:38:22,440 --> 00:38:25,040 Speaker 5: the world of sports. You're listening to The Bloomberg Business 759 00:38:25,120 --> 00:38:27,600 Speaker 5: of Sports from Bloomberg Radio around the world.