1 00:00:00,680 --> 00:00:04,560 Speaker 1: This is Bloomberg Business of Sports. Business of Sports can 2 00:00:04,600 --> 00:00:07,200 Speaker 1: be intimidating for hard for a started to break into 3 00:00:07,280 --> 00:00:10,280 Speaker 1: We really appreciate when our owners are actually there, you know, 4 00:00:10,360 --> 00:00:11,440 Speaker 1: with us through the journey. 5 00:00:11,480 --> 00:00:15,040 Speaker 2: Teams ours especially have been very intentional to diversify at 6 00:00:15,040 --> 00:00:16,000 Speaker 2: all levels of the company. 7 00:00:16,120 --> 00:00:18,520 Speaker 3: Maybe we're in the golden years for the NFL and 8 00:00:18,640 --> 00:00:19,320 Speaker 3: college football. 9 00:00:19,400 --> 00:00:22,480 Speaker 4: Our demographic reach has continued to expande. 10 00:00:22,520 --> 00:00:26,160 Speaker 2: This is going to be really unlocking the streaming platform 11 00:00:26,239 --> 00:00:27,160 Speaker 2: for sports fans. 12 00:00:27,280 --> 00:00:29,840 Speaker 1: Sports evaluations are rising. We'll see when they peak. You 13 00:00:29,880 --> 00:00:32,479 Speaker 1: don't have to be the best in your sport to 14 00:00:32,560 --> 00:00:37,040 Speaker 1: make a whole ton of money. Bloomberg Business of Sports 15 00:00:37,080 --> 00:00:42,360 Speaker 1: from Bloomberg Radio. This is the Bloomberg Business of Sports show, 16 00:00:42,400 --> 00:00:45,480 Speaker 1: where we explore the big money issues in the world 17 00:00:45,560 --> 00:00:48,960 Speaker 1: of sports. I'm Damian sas Hour, Michael Barr has the 18 00:00:49,000 --> 00:00:51,520 Speaker 1: week off, and Scarlett Food will join us a little 19 00:00:51,600 --> 00:00:54,600 Speaker 1: later in the show. Coming up today, we hear from 20 00:00:54,760 --> 00:00:59,440 Speaker 1: Wien Kimmel of seventy six Capital, a BC fund focused 21 00:00:59,480 --> 00:01:00,520 Speaker 1: on the future sports. 22 00:01:00,600 --> 00:01:03,520 Speaker 3: The world of sports and the investing in sports has 23 00:01:03,640 --> 00:01:05,760 Speaker 3: has really changed over the last eight years, and it 24 00:01:05,800 --> 00:01:08,959 Speaker 3: was something you know, we recognized and my team at seventies. 25 00:01:09,120 --> 00:01:12,280 Speaker 3: Capital recognized that and said, you know, wow, this is unbelievable. 26 00:01:12,319 --> 00:01:15,479 Speaker 3: The sports industry had not been disrupted by tech, data 27 00:01:15,480 --> 00:01:18,360 Speaker 3: and analytics like all the other industries out there today. 28 00:01:18,480 --> 00:01:21,880 Speaker 1: Plus F one driver Pierre Gasley joins to talk about 29 00:01:21,880 --> 00:01:23,959 Speaker 1: the business of Formula one. 30 00:01:24,040 --> 00:01:28,240 Speaker 5: Who is my sort of experience from an athlete side 31 00:01:28,240 --> 00:01:31,000 Speaker 5: of it to the team, but also more from a 32 00:01:31,040 --> 00:01:34,840 Speaker 5: business side of its Building a strong team and I 33 00:01:34,880 --> 00:01:37,560 Speaker 5: will allow the team to perform and get to the 34 00:01:37,560 --> 00:01:39,679 Speaker 5: target that we set out ourselves. 35 00:01:39,720 --> 00:01:42,520 Speaker 1: All that to come. First up though, we head to 36 00:01:42,600 --> 00:01:46,199 Speaker 1: the Paris Games. I'm joined now by Bloomberg News sports 37 00:01:46,240 --> 00:01:50,400 Speaker 1: reporter Vanessa Perdomo. We caught up with Paul Kaine, who 38 00:01:50,440 --> 00:01:52,560 Speaker 1: was in France for the events. Paul is the president 39 00:01:52,960 --> 00:01:56,760 Speaker 1: of IMG Events and on Location. He's also a former 40 00:01:57,080 --> 00:02:00,840 Speaker 1: Bloomberg colleague. Paul, Welcome to the Bloomberg busines. This of sports. 41 00:02:00,960 --> 00:02:04,960 Speaker 4: I love being a welcome back to Welcome home is 42 00:02:05,000 --> 00:02:06,360 Speaker 4: what we used to say, Welcome. 43 00:02:06,080 --> 00:02:06,880 Speaker 6: Home, welcome home. 44 00:02:06,960 --> 00:02:09,720 Speaker 1: Yeah, well, Paul, you know we have to just kick 45 00:02:09,760 --> 00:02:11,800 Speaker 1: this off. I mean, you know, we've got the Olympics 46 00:02:11,840 --> 00:02:14,240 Speaker 1: going on. You know, we just had the World Cup. 47 00:02:14,600 --> 00:02:19,080 Speaker 1: We have Super Bowls. On location provides all sorts of 48 00:02:19,120 --> 00:02:21,799 Speaker 1: premium live entertainment around such events. Talk to us a 49 00:02:21,800 --> 00:02:24,280 Speaker 1: little bit about the firm, where you're going and where 50 00:02:24,280 --> 00:02:24,679 Speaker 1: you're at. 51 00:02:25,200 --> 00:02:28,079 Speaker 4: So we are, you know, on location. It's it's a 52 00:02:28,120 --> 00:02:32,280 Speaker 4: great business in that we create experiences for the world's 53 00:02:32,680 --> 00:02:35,520 Speaker 4: largest events. So yes, we're here in Paris for the Olympics. 54 00:02:36,360 --> 00:02:40,520 Speaker 4: It's been an incredible event and we've been very excited 55 00:02:40,520 --> 00:02:43,720 Speaker 4: about what we've seen. But on location works with many 56 00:02:43,800 --> 00:02:46,359 Speaker 4: rights partners we do. We have over two hundred and 57 00:02:46,400 --> 00:02:49,640 Speaker 4: twenty rights partners all over the world. For example, not 58 00:02:49,720 --> 00:02:53,799 Speaker 4: just the Olympics, which is why we're here, but we 59 00:02:52,440 --> 00:02:55,840 Speaker 4: were we were the NFL. We do the Super Bowl, 60 00:02:56,320 --> 00:03:00,120 Speaker 4: the Pro Bowl, the Draft. We have the NFL Hall 61 00:03:00,160 --> 00:03:03,799 Speaker 4: of Fame enshrinement, which is also happening this week this 62 00:03:04,440 --> 00:03:08,320 Speaker 4: week or this past week. We we have the World 63 00:03:08,400 --> 00:03:10,520 Speaker 4: Cup coming up in twenty six. We do all the 64 00:03:10,600 --> 00:03:15,679 Speaker 4: n Cuba Championships, PGA events, NASCAR events. I mean amazing 65 00:03:16,040 --> 00:03:20,600 Speaker 4: breadth of premium experiences, certainly in sports. We also work 66 00:03:20,639 --> 00:03:23,040 Speaker 4: in the world of music and culture as well, So 67 00:03:23,080 --> 00:03:26,399 Speaker 4: it's but you know what we're best known for sports, 68 00:03:26,520 --> 00:03:29,800 Speaker 4: and it's it really feeds into the concept of you know, 69 00:03:29,880 --> 00:03:31,480 Speaker 4: do I how do I want to go to an event? 70 00:03:31,639 --> 00:03:34,000 Speaker 4: Do I just want to buy a ticket and see it? 71 00:03:34,440 --> 00:03:36,480 Speaker 4: For a lot of people, that's that's going to an event. 72 00:03:36,840 --> 00:03:40,240 Speaker 4: When you come with on Location, you're getting an experience. 73 00:03:40,320 --> 00:03:43,880 Speaker 4: So it's more than the ticket. It's hospitality. It could 74 00:03:43,920 --> 00:03:47,960 Speaker 4: be transportation, hotel, it could be meeting incredible athletes for 75 00:03:48,080 --> 00:03:50,720 Speaker 4: that particular sport. It could be getting on the field 76 00:03:50,840 --> 00:03:52,920 Speaker 4: or the court. It could be getting a behind the 77 00:03:52,960 --> 00:03:55,800 Speaker 4: scenes look. It could be a once in a lifetime experience. 78 00:03:56,040 --> 00:03:58,520 Speaker 4: But that's that's really what on Location does. 79 00:03:59,040 --> 00:04:00,920 Speaker 6: So you know, when you're talking about all of that, 80 00:04:01,040 --> 00:04:05,000 Speaker 6: all this encompassing things that has to do with the event, 81 00:04:05,120 --> 00:04:08,280 Speaker 6: adjacent to the event, all of these things that you offer, 82 00:04:08,760 --> 00:04:10,840 Speaker 6: what is the market for that? And you know what 83 00:04:10,840 --> 00:04:12,960 Speaker 6: do you see that people really want? You know, when 84 00:04:13,000 --> 00:04:16,719 Speaker 6: they're attending these events, and how it's expanded past just 85 00:04:16,800 --> 00:04:17,560 Speaker 6: attending the game. 86 00:04:17,880 --> 00:04:21,640 Speaker 4: So when we think about like going to how it's expanded. 87 00:04:21,680 --> 00:04:25,200 Speaker 4: I mean, look, on Location has been around for almost 88 00:04:25,200 --> 00:04:27,200 Speaker 4: ten years and it was founded by the NFL with 89 00:04:27,240 --> 00:04:31,760 Speaker 4: the idea that they could give people a better experience 90 00:04:32,000 --> 00:04:34,480 Speaker 4: at the Super Bowl that was the original concept and 91 00:04:34,600 --> 00:04:39,680 Speaker 4: it broadened over the year since then. So we've really 92 00:04:39,800 --> 00:04:44,080 Speaker 4: changed the game in that with all of these events 93 00:04:44,160 --> 00:04:47,760 Speaker 4: that we do now, we really just evolved the way 94 00:04:47,880 --> 00:04:51,120 Speaker 4: people experience it. I'll give you some examples, like with UFC. 95 00:04:51,800 --> 00:04:55,960 Speaker 4: UFC is a great, great fan experience. You got to ticket, 96 00:04:56,040 --> 00:05:02,440 Speaker 4: you go watching the athletes, and the actual event itself 97 00:05:02,560 --> 00:05:06,040 Speaker 4: is so good. But what on Location does is we 98 00:05:06,080 --> 00:05:08,719 Speaker 4: bring our guests not just great seats and some of 99 00:05:08,720 --> 00:05:11,320 Speaker 4: them are just like amazing seats, like first road type seats, 100 00:05:11,680 --> 00:05:14,760 Speaker 4: but also we give them access to the weigh ins 101 00:05:15,320 --> 00:05:18,280 Speaker 4: or the press events. They get to go into the 102 00:05:18,320 --> 00:05:21,440 Speaker 4: locker room, and in some cases we even get the 103 00:05:21,480 --> 00:05:24,279 Speaker 4: opportunity where they can walk behind the fighter the main 104 00:05:24,400 --> 00:05:27,240 Speaker 4: card as they walk into the octagon. I mean, how 105 00:05:27,279 --> 00:05:30,840 Speaker 4: cool is that? And when and you consider the promoter table, 106 00:05:31,080 --> 00:05:34,239 Speaker 4: I mean these are like unique experiences. Now, not everything 107 00:05:34,279 --> 00:05:38,800 Speaker 4: we do is that elaborate. Sometimes it's really very straightforward 108 00:05:38,839 --> 00:05:43,640 Speaker 4: as a great seat and hospitality, and even that is 109 00:05:43,680 --> 00:05:47,800 Speaker 4: a great experience because with the hospitality you get special entrances, 110 00:05:48,320 --> 00:05:52,680 Speaker 4: often get gifts or gifting, you get personalized attention, and 111 00:05:53,720 --> 00:05:56,920 Speaker 4: because we work directly with the rights holder, you're getting 112 00:05:57,040 --> 00:06:00,599 Speaker 4: an absolutely inside experience. So the product that we have 113 00:06:01,120 --> 00:06:04,560 Speaker 4: is official. There are a lot of companies, concierge companies 114 00:06:04,680 --> 00:06:09,000 Speaker 4: out there that will will preece together these types of 115 00:06:09,040 --> 00:06:12,360 Speaker 4: things for you and they'll use influence to get access, 116 00:06:12,400 --> 00:06:15,440 Speaker 4: but they're not official. So official. The difference between an 117 00:06:15,440 --> 00:06:18,360 Speaker 4: official product and a non official product is number one 118 00:06:18,640 --> 00:06:22,720 Speaker 4: is it's really at the inside product and the inside line. 119 00:06:23,000 --> 00:06:25,160 Speaker 4: Two is you know you're getting the best price in 120 00:06:25,200 --> 00:06:28,719 Speaker 4: the best seat because there's no surcharge from a third party. 121 00:06:29,240 --> 00:06:31,880 Speaker 4: And three, as you know it's an actual product. That 122 00:06:32,080 --> 00:06:35,200 Speaker 4: is that every element of it will be delivered. And 123 00:06:35,320 --> 00:06:37,479 Speaker 4: especially at some of the world's largest events, there are 124 00:06:37,520 --> 00:06:40,560 Speaker 4: a lot of people out there who are going out 125 00:06:40,560 --> 00:06:44,400 Speaker 4: there and offering nonofficial product. And as a consumer or 126 00:06:44,480 --> 00:06:47,120 Speaker 4: as a person or a business or you're entertaining your 127 00:06:47,120 --> 00:06:49,960 Speaker 4: best customer, you want to make sure you're getting an 128 00:06:50,000 --> 00:06:53,400 Speaker 4: official product. And that's the onlocation difference. And when you 129 00:06:53,440 --> 00:06:56,160 Speaker 4: go on our website and you see the breadth of 130 00:06:56,279 --> 00:06:59,640 Speaker 4: experiences that we have that again start with a ticket 131 00:06:59,640 --> 00:07:02,599 Speaker 4: inice fatality and then work all the way up to 132 00:07:02,920 --> 00:07:05,440 Speaker 4: some of the more bespoke things, and then for the 133 00:07:05,480 --> 00:07:08,320 Speaker 4: super bespoke, you work with our sales teams more directly, 134 00:07:08,360 --> 00:07:12,200 Speaker 4: because that's obviously a much more premium relationship. Then you know, 135 00:07:12,240 --> 00:07:16,280 Speaker 4: it's it's you ultimately get like your you know, the 136 00:07:16,360 --> 00:07:20,480 Speaker 4: ultimate bucket list or the ultimate client entertaining or the 137 00:07:20,560 --> 00:07:22,640 Speaker 4: ultimate like immersive opportunity. 138 00:07:22,880 --> 00:07:24,760 Speaker 1: All right, Paul, let's tear up the script. Here. I'm 139 00:07:24,760 --> 00:07:28,080 Speaker 1: on your website now. I'm looking at October sixth Jets 140 00:07:28,200 --> 00:07:32,480 Speaker 1: versus the Minnesota Vikings at hot Tottenham Hotspurs Stadium in London. 141 00:07:32,800 --> 00:07:35,880 Speaker 1: I'm looking at thirteen hundred to three thousand with a hotel. 142 00:07:35,920 --> 00:07:38,600 Speaker 1: Then you've got another package with flights. I'm looking at 143 00:07:38,640 --> 00:07:40,920 Speaker 1: you know, the pregame, the post game, all that stuff, 144 00:07:41,160 --> 00:07:42,760 Speaker 1: and I'm looking at these prices and they're not all 145 00:07:42,800 --> 00:07:46,520 Speaker 1: that bad. I'm curious, you know, what are what does 146 00:07:46,560 --> 00:07:48,680 Speaker 1: your typical client look like? I mean, is it a 147 00:07:48,720 --> 00:07:51,800 Speaker 1: super wealthy you know Wall Street finance guy. Is it 148 00:07:51,880 --> 00:07:54,640 Speaker 1: your average you know, business owner, you know, talk to 149 00:07:54,640 --> 00:07:56,360 Speaker 1: me about where you see most of the demand, what 150 00:07:56,480 --> 00:08:00,440 Speaker 1: sports and where it's coming from. So that's a. 151 00:08:00,360 --> 00:08:04,040 Speaker 4: Great game, right. It's you're in Tottenham Stadium, You're on 152 00:08:04,120 --> 00:08:08,320 Speaker 4: an official NFL package, and not everything is you know, 153 00:08:08,480 --> 00:08:11,160 Speaker 4: is super expensive. In what we offer, it always depends 154 00:08:11,160 --> 00:08:14,320 Speaker 4: on the event. So an event like the NFL Tottenham game, 155 00:08:14,360 --> 00:08:17,440 Speaker 4: you can you can certainly buy tickets on for the 156 00:08:17,720 --> 00:08:19,800 Speaker 4: regular game. And then when you get our package and 157 00:08:19,840 --> 00:08:22,440 Speaker 4: you come with an official package, you're getting a great 158 00:08:22,440 --> 00:08:26,240 Speaker 4: hotel room, You're getting official transportation, access to the stadium, 159 00:08:26,360 --> 00:08:31,520 Speaker 4: official pregame hospitality, fantastic seats. You're part of the NFL 160 00:08:31,640 --> 00:08:35,000 Speaker 4: experience at that point. So the customer is often a 161 00:08:35,080 --> 00:08:39,560 Speaker 4: Jets fan or an NFL fan coming from the United 162 00:08:39,559 --> 00:08:42,920 Speaker 4: States going to see their favorite team or their favorite 163 00:08:42,920 --> 00:08:46,880 Speaker 4: sport in as part of a trip to London. It's 164 00:08:47,000 --> 00:08:52,120 Speaker 4: also somebody who lives in the UK or Europe who 165 00:08:52,160 --> 00:08:54,800 Speaker 4: loves the NFL, watches it on television, but doesn't always 166 00:08:54,800 --> 00:08:57,679 Speaker 4: get to see it in person because it's not in there. 167 00:08:57,800 --> 00:08:59,480 Speaker 4: It's not in the backyard like it is in the 168 00:08:59,520 --> 00:09:03,880 Speaker 4: United States, so they So it's those fans, but often 169 00:09:03,960 --> 00:09:07,880 Speaker 4: we find that they're businesses, small companies, large companies who 170 00:09:07,880 --> 00:09:10,600 Speaker 4: want to take best guests, like for example, a law 171 00:09:10,600 --> 00:09:13,480 Speaker 4: firm an investment bank will say, Hey, I got a 172 00:09:13,640 --> 00:09:16,719 Speaker 4: big client who is a huge Jet fan. I want 173 00:09:16,760 --> 00:09:18,640 Speaker 4: to fly them to London and take them to an 174 00:09:18,640 --> 00:09:21,560 Speaker 4: incredible experience. And what a great way to build a 175 00:09:21,600 --> 00:09:26,280 Speaker 4: relationship with a client is you're getting an incredible or 176 00:09:26,800 --> 00:09:31,320 Speaker 4: all in all immersive experience and and you know, you 177 00:09:31,440 --> 00:09:35,280 Speaker 4: know you're getting your quality product. So the business is 178 00:09:35,320 --> 00:09:35,880 Speaker 4: a combination. 179 00:09:36,360 --> 00:09:37,960 Speaker 1: Well, Paul, you know, I mean I only like to 180 00:09:37,960 --> 00:09:40,120 Speaker 1: fly private right now. I'm looking for the net Jets 181 00:09:40,120 --> 00:09:41,920 Speaker 1: package on your website here, and I play a lot 182 00:09:41,960 --> 00:09:43,200 Speaker 1: of golf, you know, I want to go to Saint 183 00:09:43,240 --> 00:09:45,360 Speaker 1: Andrews up in Edenbrough. Can I call you guys and 184 00:09:45,400 --> 00:09:47,040 Speaker 1: you can handle that all for me? Are you more 185 00:09:47,120 --> 00:09:49,920 Speaker 1: like a concierge service around these events as well? 186 00:09:50,080 --> 00:09:53,520 Speaker 4: So the difference between on location and a concier concierge 187 00:09:53,600 --> 00:09:58,440 Speaker 4: service is a concierge service is piecing together inventory that 188 00:09:58,480 --> 00:10:01,560 Speaker 4: they don't own. They don't they're not official, they don't 189 00:10:01,600 --> 00:10:04,200 Speaker 4: have the rights to it, and they're just piecing it together. 190 00:10:04,840 --> 00:10:08,240 Speaker 4: So we have you know, when a rights holder or 191 00:10:08,360 --> 00:10:11,120 Speaker 4: somebody who has a big event, they look for an 192 00:10:11,160 --> 00:10:16,040 Speaker 4: experience and hospitality partner to represent themselves because they need 193 00:10:16,160 --> 00:10:19,080 Speaker 4: and want somebody that's credible, that knows how to deliver, 194 00:10:20,040 --> 00:10:23,160 Speaker 4: has a good marketplace, has a good database to really 195 00:10:23,160 --> 00:10:26,520 Speaker 4: make their event work. Now, people come to us because 196 00:10:26,520 --> 00:10:31,360 Speaker 4: we're the biggest. We have most of the major events. 197 00:10:31,400 --> 00:10:36,080 Speaker 4: We have the Super Bowl, the Final Four, the Olympics, 198 00:10:36,280 --> 00:10:38,800 Speaker 4: the World Cup, the Ryder Cup, I mean, and go 199 00:10:38,880 --> 00:10:42,280 Speaker 4: on and on. We have the world's largest events, and 200 00:10:42,920 --> 00:10:48,480 Speaker 4: our scale and capabilities are so unparalleled, and that's why 201 00:10:48,559 --> 00:10:51,319 Speaker 4: we You know, people come to us, and our customers 202 00:10:51,360 --> 00:10:53,800 Speaker 4: know it too. They know to come to us because 203 00:10:54,120 --> 00:10:58,000 Speaker 4: they know our offerings. They know that they are if 204 00:10:58,080 --> 00:11:01,480 Speaker 4: they're going to the Final Four to have an incredible experience, 205 00:11:01,600 --> 00:11:03,120 Speaker 4: and the same experience they're going to go to the 206 00:11:03,160 --> 00:11:05,600 Speaker 4: World Cup, they're going to have a great experience. And 207 00:11:05,640 --> 00:11:08,800 Speaker 4: we're starting to build for Milan Kurtina in twenty twenty 208 00:11:08,840 --> 00:11:12,240 Speaker 4: six and LA in twenty eight, and those experiences are 209 00:11:12,240 --> 00:11:16,200 Speaker 4: going to be extraordinary. The LA twenty eight Olympic experience 210 00:11:16,280 --> 00:11:17,640 Speaker 4: is going to be unparalleled. 211 00:11:17,800 --> 00:11:19,440 Speaker 1: Yeah, you know, so, Paul, I mean, I have to 212 00:11:19,480 --> 00:11:21,520 Speaker 1: just ask you this question, you know, I mean, obviously 213 00:11:21,559 --> 00:11:23,120 Speaker 1: I laughed and when I introduced you here in the 214 00:11:23,160 --> 00:11:25,360 Speaker 1: beginning of the interview that you are ex Bloomberg. But 215 00:11:25,360 --> 00:11:29,160 Speaker 1: before that you worked for two decades at time overseeing 216 00:11:29,200 --> 00:11:31,600 Speaker 1: some of the world's largest magazine brands. And I want 217 00:11:31,600 --> 00:11:33,439 Speaker 1: to take you all the way back to your early 218 00:11:33,520 --> 00:11:35,560 Speaker 1: days when you just started there, when you were working 219 00:11:35,600 --> 00:11:39,280 Speaker 1: for teen people. How does someone who's a publisher for 220 00:11:39,400 --> 00:11:44,360 Speaker 1: teen people get into this role running on location at 221 00:11:44,400 --> 00:11:46,839 Speaker 1: IMG events? I mean, talk to us about that path. 222 00:11:46,880 --> 00:11:48,560 Speaker 1: I mean, that's something special. Well, I. 223 00:11:50,120 --> 00:11:52,000 Speaker 4: Have to look back to my path and say, this 224 00:11:52,200 --> 00:11:54,880 Speaker 4: job is the culmination of everything I did. All of 225 00:11:54,880 --> 00:11:58,640 Speaker 4: those kinds of access and experiences is what differentiates all 226 00:11:58,679 --> 00:12:02,680 Speaker 4: media products and really what separates everybody from Why do 227 00:12:02,800 --> 00:12:06,160 Speaker 4: I rely on Bloomberg Because you're going to get information faster, 228 00:12:06,320 --> 00:12:10,800 Speaker 4: more accurate than anybody else. And the same thing holds 229 00:12:10,880 --> 00:12:13,400 Speaker 4: true when I was a time inche I would bring 230 00:12:13,600 --> 00:12:16,559 Speaker 4: people to award shows, I'd bring people to fashion events 231 00:12:17,360 --> 00:12:20,840 Speaker 4: and they would meet celebrities. We had the inside track 232 00:12:20,920 --> 00:12:23,640 Speaker 4: because of the brand position we had. So when we 233 00:12:24,160 --> 00:12:27,600 Speaker 4: got together when Endeavor decided to buy on Location, we 234 00:12:27,640 --> 00:12:30,480 Speaker 4: all got together to think thought about it and said, well, gosh, 235 00:12:30,679 --> 00:12:33,560 Speaker 4: what if we were able to package our lives, package 236 00:12:33,640 --> 00:12:36,960 Speaker 4: what we've experienced in our world of business and media 237 00:12:37,640 --> 00:12:40,360 Speaker 4: and offer it to people who don't have access. 238 00:12:40,559 --> 00:12:45,480 Speaker 1: That's Paul Kine, the president of IMG Events and on Location. 239 00:12:46,280 --> 00:12:48,560 Speaker 1: Up next on the show, we speak with Wayne Kimmel, 240 00:12:48,840 --> 00:12:51,760 Speaker 1: the founder of seventy six Capital, about the future of 241 00:12:51,840 --> 00:12:56,400 Speaker 1: sports investment. That's straight ahead on Bloomberg Business of Sports. 242 00:12:56,559 --> 00:13:02,600 Speaker 1: I'm Damian sas Hour, and this is Bloomberg. You're listening 243 00:13:02,640 --> 00:13:06,040 Speaker 1: to Bloomberg Business of Sports from Bloomberg Radio. 244 00:13:07,480 --> 00:13:09,679 Speaker 2: Welcome to the Bloomberg Business of Sports, where we cover 245 00:13:09,720 --> 00:13:11,440 Speaker 2: the big money issues in the world of sports. 246 00:13:11,480 --> 00:13:14,880 Speaker 1: I'm Scarlet Foo and I'm Damien sas Hour. Michael Bahr 247 00:13:14,960 --> 00:13:15,760 Speaker 1: has the week. 248 00:13:15,600 --> 00:13:17,920 Speaker 2: Off, and today we have with us Wayne Kimmel. He 249 00:13:17,960 --> 00:13:21,400 Speaker 2: is founder of seventy six Capital. Wayne is a longtime 250 00:13:21,600 --> 00:13:25,160 Speaker 2: venture capital investor and eight years ago he started focusing 251 00:13:25,640 --> 00:13:28,720 Speaker 2: on sports. Wayne, I'm curious to hear from you how 252 00:13:28,760 --> 00:13:32,160 Speaker 2: sports investing has changed over the last eight years, because 253 00:13:32,400 --> 00:13:35,480 Speaker 2: in twenty sixteen when you started, I imagine it isn't 254 00:13:35,640 --> 00:13:38,600 Speaker 2: what it has become now, which is everywhere you turn, 255 00:13:38,960 --> 00:13:41,400 Speaker 2: people are talking about sports betting, they're talking about the 256 00:13:41,440 --> 00:13:44,280 Speaker 2: fan experience or using technology in ways that we could 257 00:13:44,280 --> 00:13:45,480 Speaker 2: not have imagined back then. 258 00:13:46,160 --> 00:13:48,320 Speaker 3: Well, scarletton, Damien, thank you so much for having me 259 00:13:48,320 --> 00:13:50,480 Speaker 3: on on your show. I love the show. I listen 260 00:13:50,520 --> 00:13:53,360 Speaker 3: to it every week, so it's awesome to be here 261 00:13:53,400 --> 00:13:55,520 Speaker 3: in New York with you. But you're right. I mean, 262 00:13:55,559 --> 00:13:59,080 Speaker 3: the world of sports and the investing in sports has 263 00:13:59,200 --> 00:14:01,439 Speaker 3: really changed the last eight years. And it was something 264 00:14:01,720 --> 00:14:04,640 Speaker 3: you know, we recognized and my team at seventieses Capital 265 00:14:04,760 --> 00:14:07,520 Speaker 3: recognized that and said, you know, wow, this is unbelievable. 266 00:14:07,559 --> 00:14:10,720 Speaker 3: The sports industry had not been disrupted by tech data 267 00:14:10,760 --> 00:14:13,640 Speaker 3: and analytics like all the other industries out there today, 268 00:14:14,559 --> 00:14:17,560 Speaker 3: and we just you know, thought that the opportunity was 269 00:14:17,600 --> 00:14:20,840 Speaker 3: to get behind the amazing entrepreneurs who were going out 270 00:14:20,880 --> 00:14:23,640 Speaker 3: there and innovating and trying to change and do the 271 00:14:23,680 --> 00:14:26,240 Speaker 3: new and sort of the next next thing in the 272 00:14:26,240 --> 00:14:29,640 Speaker 3: world of sports. And it's truly become an asset class now, 273 00:14:29,680 --> 00:14:32,120 Speaker 3: and we talk about it all the time as sports 274 00:14:32,160 --> 00:14:35,240 Speaker 3: as an asset class, and that's something that certainly has 275 00:14:35,520 --> 00:14:38,160 Speaker 3: you know, really resonated and certainly has really become a 276 00:14:38,200 --> 00:14:40,720 Speaker 3: thing at this point in twenty twenty four. 277 00:14:40,800 --> 00:14:42,600 Speaker 1: Well, Wayne, you mentioned an asset class, and now you're 278 00:14:42,640 --> 00:14:45,560 Speaker 1: right in my wheelhouse here, because I'll approach the venture 279 00:14:45,600 --> 00:14:47,720 Speaker 1: capital industry as an asset class, right And you know, 280 00:14:47,760 --> 00:14:49,720 Speaker 1: I've been taught you know that when you invest in VC, 281 00:14:49,800 --> 00:14:51,840 Speaker 1: you have to invest in forty opportunities in the hope 282 00:14:51,840 --> 00:14:54,000 Speaker 1: that one will hit. And when you're trying to model 283 00:14:54,000 --> 00:14:57,360 Speaker 1: out a venture opportunity, the exit is less clear. So 284 00:14:57,440 --> 00:14:59,840 Speaker 1: talk to us a little bit about your exit strategy 285 00:15:00,080 --> 00:15:02,400 Speaker 1: you invest in a company, sports or otherwise. I mean, 286 00:15:03,120 --> 00:15:06,920 Speaker 1: is it selling off to some wealthy you know, billionaire, 287 00:15:07,040 --> 00:15:09,320 Speaker 1: is it selling off to you know, I don't know, 288 00:15:09,360 --> 00:15:11,640 Speaker 1: a fortune five hundred company talked to us about the 289 00:15:11,680 --> 00:15:13,600 Speaker 1: exit strategy in sports investment. Yeah. 290 00:15:13,640 --> 00:15:16,200 Speaker 3: I think what's really interesting what's happened across the sports 291 00:15:16,200 --> 00:15:18,360 Speaker 3: industry is a lot of people looked at as this 292 00:15:18,440 --> 00:15:21,800 Speaker 3: cottage industry. It was really controlled by a very small 293 00:15:21,840 --> 00:15:24,360 Speaker 3: group of people. But what you're now seeing, which is 294 00:15:24,440 --> 00:15:28,360 Speaker 3: absolutely incredible, is the largest companies in the world are 295 00:15:28,400 --> 00:15:31,400 Speaker 3: in sports. They're in media, they're in entertainment. I mean 296 00:15:31,520 --> 00:15:35,000 Speaker 3: names that you would have never really associated with sports, 297 00:15:35,040 --> 00:15:39,160 Speaker 3: whether that's Google, Amazon, Apple, Netflix, I mean, the list 298 00:15:39,240 --> 00:15:42,480 Speaker 3: goes on of all the top technology companies who are 299 00:15:42,480 --> 00:15:45,040 Speaker 3: now playing in the sports industry in so many different ways, 300 00:15:45,080 --> 00:15:47,760 Speaker 3: everything from the media side of things, from the technology 301 00:15:47,800 --> 00:15:50,520 Speaker 3: side of things, to just being you know, working with 302 00:15:50,760 --> 00:15:53,960 Speaker 3: you know, every level of sports, right from the professional side, 303 00:15:54,080 --> 00:15:57,560 Speaker 3: the collegiate side, the youth side. Everything's being disrupted right now. 304 00:15:57,960 --> 00:16:00,360 Speaker 3: And as we all know, one of the great ways 305 00:16:00,360 --> 00:16:02,840 Speaker 3: to disrupt and actually innovate and do the next next 306 00:16:02,840 --> 00:16:05,560 Speaker 3: thing is through technology. And that's where we you know, 307 00:16:05,640 --> 00:16:08,200 Speaker 3: look to invest and also look to in many cases 308 00:16:08,440 --> 00:16:10,720 Speaker 3: exit some of our businesses. I mean, that's that's one 309 00:16:10,720 --> 00:16:13,280 Speaker 3: of the opportunities, you know, for for our companies. 310 00:16:13,400 --> 00:16:15,320 Speaker 1: Well, talk to us about I mean you've exited, you know, 311 00:16:15,360 --> 00:16:17,200 Speaker 1: in some of the you know, companies that have acquired 312 00:16:17,200 --> 00:16:19,840 Speaker 1: from your portfolio companies or IBM and Yahoo, et cetera. 313 00:16:19,920 --> 00:16:22,280 Speaker 1: I mean, like, do they have VC arms? Like, well, 314 00:16:22,280 --> 00:16:24,040 Speaker 1: who are you talking to there? Are they investing in 315 00:16:24,080 --> 00:16:25,920 Speaker 1: their own capacity on behalf of the company. Are they 316 00:16:25,960 --> 00:16:27,480 Speaker 1: part of a syndicate? I mean, what does that what 317 00:16:27,520 --> 00:16:28,640 Speaker 1: does that structure look like? 318 00:16:28,760 --> 00:16:31,200 Speaker 3: Well, it's a really it's a combination of co investors 319 00:16:31,800 --> 00:16:34,880 Speaker 3: as well as strategic you know, strategic partners that we've 320 00:16:34,920 --> 00:16:36,800 Speaker 3: looked to bring into some of these companies. But I 321 00:16:36,840 --> 00:16:39,240 Speaker 3: mean recently, you know, one of our companies which is 322 00:16:39,240 --> 00:16:42,440 Speaker 3: called viisen, the which is the Vegas Sports and Information 323 00:16:42,520 --> 00:16:45,120 Speaker 3: Network which was started by Brent Musberger and and his 324 00:16:45,200 --> 00:16:48,600 Speaker 3: nephew Bryan and Bill Ady. That was a company we started. 325 00:16:48,640 --> 00:16:50,000 Speaker 3: It was a twenty four hour it was like it 326 00:16:50,040 --> 00:16:52,120 Speaker 3: was Bloomberg. It was a twenty four hour you know, 327 00:16:52,200 --> 00:16:55,400 Speaker 3: sports betting network, not a financial network, but a sports 328 00:16:55,440 --> 00:16:58,120 Speaker 3: betting network. And we sold that to DraftKings and actually 329 00:16:58,200 --> 00:17:01,160 Speaker 3: just recently about a week or so ago, they bought 330 00:17:01,160 --> 00:17:04,000 Speaker 3: the company back from DraftKings. So to really see what 331 00:17:04,040 --> 00:17:05,639 Speaker 3: this is going to look like. I mean, they report 332 00:17:05,760 --> 00:17:08,680 Speaker 3: from the floor of a sports book, right, and it's 333 00:17:08,720 --> 00:17:10,720 Speaker 3: like the same kind of thing as you guys reporting 334 00:17:10,720 --> 00:17:13,000 Speaker 3: from the floor of the of the stock exchange. Yeah, 335 00:17:13,040 --> 00:17:14,520 Speaker 3: So those are the types of things I mean. Then 336 00:17:14,640 --> 00:17:16,640 Speaker 3: most recently there's been a lot of news also about 337 00:17:16,640 --> 00:17:20,040 Speaker 3: this company called Cosm, which also was the one that 338 00:17:20,119 --> 00:17:23,920 Speaker 3: acquired our company, which was called C three sixty, which 339 00:17:23,960 --> 00:17:26,119 Speaker 3: was the pylon cams that you see on a field. 340 00:17:26,200 --> 00:17:30,880 Speaker 3: So NBC and CBS and ESPN and all the major networks, right, 341 00:17:30,920 --> 00:17:33,240 Speaker 3: they use those pylon cams to watch a guy dive 342 00:17:33,280 --> 00:17:35,920 Speaker 3: for a first down. That was our tech, right, that 343 00:17:35,720 --> 00:17:38,240 Speaker 3: was able to do that amazingly like a three hundred 344 00:17:38,240 --> 00:17:41,440 Speaker 3: person you know, football player knocks down this pylon cam, 345 00:17:41,520 --> 00:17:45,000 Speaker 3: but somehow that video gets set up to the cloud, 346 00:17:45,040 --> 00:17:47,080 Speaker 3: back to the truck and it's on our TV screens. 347 00:17:47,160 --> 00:17:47,280 Speaker 5: Right. 348 00:17:47,280 --> 00:17:49,520 Speaker 3: That's what they did, and COSM bought them, and now 349 00:17:49,560 --> 00:17:53,760 Speaker 3: they're using this technology across They're super cool new They're 350 00:17:53,840 --> 00:17:57,439 Speaker 3: like mini spheres for just live sports. It's amazing to 351 00:17:57,480 --> 00:18:00,560 Speaker 3: see what's what's happening across sports right now, and to 352 00:18:00,640 --> 00:18:04,240 Speaker 3: really think about how all this technology is being used 353 00:18:04,240 --> 00:18:07,840 Speaker 3: and delivering all of this to us as the consumer 354 00:18:07,960 --> 00:18:09,480 Speaker 3: to really have a better experience. 355 00:18:10,400 --> 00:18:11,880 Speaker 2: I want to go back to the point you made 356 00:18:11,880 --> 00:18:15,720 Speaker 2: about how sports is its own asset class. Given all that, 357 00:18:15,960 --> 00:18:17,960 Speaker 2: is it a risky asset class? Is it a safe 358 00:18:18,000 --> 00:18:20,200 Speaker 2: haven asset class? I mean, we are in a moment 359 00:18:20,200 --> 00:18:24,800 Speaker 2: of market turmoil right now in which stocks tumbled yesterday, 360 00:18:24,880 --> 00:18:28,560 Speaker 2: people were running for the exits and heading over to bonds, 361 00:18:28,560 --> 00:18:31,959 Speaker 2: pushing yields lower. No one's saying that this is anywhere 362 00:18:33,160 --> 00:18:35,320 Speaker 2: in the same area as two thousand and eight, two 363 00:18:35,359 --> 00:18:38,000 Speaker 2: thousand and nine, or even something smaller than that. But 364 00:18:38,320 --> 00:18:41,200 Speaker 2: I'm curious to think to get your take on how 365 00:18:41,240 --> 00:18:44,960 Speaker 2: you think sports as an asset class would perform if 366 00:18:44,960 --> 00:18:47,400 Speaker 2: the economy does turn south and you have a lot 367 00:18:47,400 --> 00:18:49,600 Speaker 2: of those institutional players that you're saying now in this 368 00:18:49,680 --> 00:18:51,800 Speaker 2: space needing to raise money. 369 00:18:52,160 --> 00:18:53,880 Speaker 3: Yeah, I think it's really one of the big things 370 00:18:53,920 --> 00:18:56,600 Speaker 3: about sports is sports is someone that truly consumes all 371 00:18:56,680 --> 00:18:59,040 Speaker 3: of us. It's something that where we all play and 372 00:18:59,080 --> 00:19:02,800 Speaker 3: work out, where you watch and engage and consume sports 373 00:19:02,840 --> 00:19:05,160 Speaker 3: in some way where you're out there with your son 374 00:19:05,240 --> 00:19:07,439 Speaker 3: or daughter or granddaughter, you know, hoping for them to 375 00:19:07,440 --> 00:19:10,159 Speaker 3: be the next Lebron or Serena or Caitlin Clark or 376 00:19:10,160 --> 00:19:12,639 Speaker 3: something like that today. So it's it's really amazing to 377 00:19:12,640 --> 00:19:15,600 Speaker 3: see how it's really become part of our our overall 378 00:19:15,960 --> 00:19:18,919 Speaker 3: everyday DNA. I mean, it's unbelievable to see how we 379 00:19:18,960 --> 00:19:21,280 Speaker 3: all are involved in all this and and it's something 380 00:19:21,320 --> 00:19:23,720 Speaker 3: that you know, whether it was during the during the 381 00:19:23,720 --> 00:19:25,840 Speaker 3: pandemic or not, I mean we needed sports. I mean 382 00:19:26,200 --> 00:19:28,480 Speaker 3: this is something that this is It's one of those 383 00:19:28,480 --> 00:19:32,119 Speaker 3: things where it regardless of what's happening in the overall economy, 384 00:19:32,440 --> 00:19:33,960 Speaker 3: sports is something that's constant. 385 00:19:34,160 --> 00:19:37,359 Speaker 2: So you're saying it'll hold its value, but even something 386 00:19:37,359 --> 00:19:39,760 Speaker 2: that holds as value can be overvalued for a while. 387 00:19:39,880 --> 00:19:43,919 Speaker 2: With all these institutional investors now in this space. You 388 00:19:44,000 --> 00:19:46,960 Speaker 2: must have seen the demand pushing valuations up to a 389 00:19:46,960 --> 00:19:49,160 Speaker 2: point where maybe you know a little bit of air 390 00:19:49,200 --> 00:19:50,240 Speaker 2: needs to be let out. 391 00:19:50,400 --> 00:19:52,680 Speaker 3: Yeah, I don't think we're there. And I would say 392 00:19:52,680 --> 00:19:55,200 Speaker 3: also that you know, when you I would also caution 393 00:19:55,359 --> 00:19:59,080 Speaker 3: using the word that everyone's in, because everyone's not in yet. 394 00:19:59,359 --> 00:20:02,800 Speaker 3: This is something that has actually been occurring and happening, 395 00:20:03,200 --> 00:20:05,399 Speaker 3: and it's not all the way there. We're not at 396 00:20:05,400 --> 00:20:09,159 Speaker 3: a point where everyone is in. We're now seeing private 397 00:20:09,160 --> 00:20:11,639 Speaker 3: equity starting to come in across the world of sports. 398 00:20:11,640 --> 00:20:15,240 Speaker 3: You're starting to see sovereign wealth funds, and you're starting 399 00:20:15,240 --> 00:20:17,440 Speaker 3: to see this on a global scale, and how big 400 00:20:17,480 --> 00:20:20,399 Speaker 3: sports is across across the world. This is not something 401 00:20:20,440 --> 00:20:23,119 Speaker 3: that's like we're we're at any sort of high. I mean, 402 00:20:23,160 --> 00:20:24,800 Speaker 3: this is we're just getting going on all this and 403 00:20:24,840 --> 00:20:27,879 Speaker 3: we're really starting to see these major companies start to 404 00:20:27,920 --> 00:20:29,760 Speaker 3: dip their toe in the water. You're seeing you're seeing 405 00:20:29,760 --> 00:20:35,240 Speaker 3: the investment banks themselves creating you know, specific sports groups. 406 00:20:35,440 --> 00:20:38,920 Speaker 2: This is something that bankers dedicated to the asset class. 407 00:20:39,960 --> 00:20:42,359 Speaker 1: Well wait, you know you mentioned Brent Musburger earlier, and 408 00:20:42,400 --> 00:20:43,840 Speaker 1: you know, I just have to ask, is this the 409 00:20:43,880 --> 00:20:45,960 Speaker 1: recipe for success? In sports investment. And what I'm going 410 00:20:46,000 --> 00:20:47,560 Speaker 1: to say here is interesting. I know you've done some 411 00:20:47,600 --> 00:20:50,760 Speaker 1: deals with your investors in Micro Rubin CEO of Fanatics, 412 00:20:50,760 --> 00:20:52,680 Speaker 1: you know, Arthur Blank of the Falcons. You know, you've 413 00:20:52,720 --> 00:20:56,240 Speaker 1: invested alongside guys like Ryan Howard and DeMarco Murray. Do 414 00:20:56,280 --> 00:20:58,200 Speaker 1: you need to have an athlete involved for a company 415 00:20:58,240 --> 00:21:00,280 Speaker 1: to be successful in sports? I mean, I'm just you know, 416 00:21:00,320 --> 00:21:01,840 Speaker 1: I'm curious about this. I mean, you look at a 417 00:21:01,880 --> 00:21:03,800 Speaker 1: here Rode, right, look at Chris collins Worth, you look 418 00:21:03,800 --> 00:21:05,960 Speaker 1: at some of these successful entrepreneurs. You know, is that 419 00:21:06,040 --> 00:21:07,360 Speaker 1: the recipe for success here? 420 00:21:07,480 --> 00:21:09,000 Speaker 3: Well, I'll tell you one thing that we think about 421 00:21:09,000 --> 00:21:10,840 Speaker 3: at seventy six Capitals. We have something called our Athlete 422 00:21:10,920 --> 00:21:12,760 Speaker 3: Venture Group, and we think that just like you know, 423 00:21:12,800 --> 00:21:14,320 Speaker 3: and again, as I mentioned earlier, I've been in this 424 00:21:14,400 --> 00:21:16,240 Speaker 3: in the venture capital business for twenty five years, and 425 00:21:16,240 --> 00:21:18,840 Speaker 3: we were investing in health tech companies. We wanted doctors 426 00:21:18,880 --> 00:21:21,840 Speaker 3: and we wanted scientists with us when we're investing in 427 00:21:21,840 --> 00:21:23,680 Speaker 3: those companies. And if you're going to invest in sports, 428 00:21:24,000 --> 00:21:25,919 Speaker 3: you really need to have Now do you have to 429 00:21:25,920 --> 00:21:30,080 Speaker 3: have the name incredibly named person Ashay no Man? And 430 00:21:30,080 --> 00:21:31,600 Speaker 3: that's not really what I'm saying. What I'm saying is 431 00:21:31,600 --> 00:21:34,120 Speaker 3: is you want to have someone who is an expert 432 00:21:34,600 --> 00:21:37,080 Speaker 3: alongside of you and in the in the sports world, 433 00:21:37,160 --> 00:21:39,919 Speaker 3: having a professional athlete who's who made it to the 434 00:21:39,920 --> 00:21:44,560 Speaker 3: top of their game and is really actively, authentically involved. 435 00:21:44,960 --> 00:21:46,680 Speaker 3: That's what this is about. It's not about putting the 436 00:21:46,760 --> 00:21:48,200 Speaker 3: name and splashing the name on a press release. 437 00:21:48,240 --> 00:21:50,280 Speaker 1: I can't wait till we get Chris Chris no Cachet 438 00:21:50,320 --> 00:21:52,560 Speaker 1: collins Worth. He's going to be so happy with that one. No, 439 00:21:52,840 --> 00:21:55,200 Speaker 1: But in all seriousness way, and I mean, talk to 440 00:21:55,280 --> 00:21:57,800 Speaker 1: us a little bit about the opportunities the segments within 441 00:21:57,840 --> 00:22:00,640 Speaker 1: sports investment that you're seeing that that are really most attractive. 442 00:22:00,640 --> 00:22:02,760 Speaker 1: You mentioned data, you know, you mentioned some things like 443 00:22:02,800 --> 00:22:05,440 Speaker 1: healthcare and consumer products. Obviously we know is a big deal. 444 00:22:05,480 --> 00:22:07,440 Speaker 1: Like where do you see the boys the buzz right now? 445 00:22:07,520 --> 00:22:08,000 Speaker 3: Yeah, I see. 446 00:22:08,040 --> 00:22:08,199 Speaker 5: You know. 447 00:22:08,240 --> 00:22:10,360 Speaker 3: One of the things I think is really really interesting 448 00:22:10,440 --> 00:22:12,639 Speaker 3: is everything that's happening across the sports betting industry. I mean, 449 00:22:12,640 --> 00:22:15,919 Speaker 3: over the last six years, sports betting was illegal in 450 00:22:15,960 --> 00:22:18,520 Speaker 3: the United States other than in the state of Nevada 451 00:22:18,760 --> 00:22:20,840 Speaker 3: until twenty eighteen, and then over the last six years, 452 00:22:20,840 --> 00:22:23,680 Speaker 3: we've now had thirty eight states pass laws to have 453 00:22:24,480 --> 00:22:27,520 Speaker 3: sports betting in their states and to see the revenues 454 00:22:27,560 --> 00:22:29,040 Speaker 3: go from under ten billion to now. 455 00:22:29,280 --> 00:22:31,679 Speaker 1: But there's a going to DraftKings and Fandel. I mean, 456 00:22:31,800 --> 00:22:33,760 Speaker 1: is there really opportunity for us to plan that's base. 457 00:22:33,680 --> 00:22:34,800 Speaker 3: Well, it's a hundred if it's going to be one 458 00:22:34,880 --> 00:22:37,200 Speaker 3: hundred fifty billion dollar market this year. And the answer 459 00:22:37,240 --> 00:22:39,840 Speaker 3: is yes. And it's not only just the companies that 460 00:22:39,880 --> 00:22:43,520 Speaker 3: are actually the operators. There's also a whole technology piece 461 00:22:43,520 --> 00:22:45,920 Speaker 3: of this is a regulatory tech side of this. There's 462 00:22:45,920 --> 00:22:50,040 Speaker 3: an opportunity to actually make the experience better for the fan, 463 00:22:50,440 --> 00:22:54,120 Speaker 3: make it more customized, make it almost like you're going 464 00:22:54,160 --> 00:22:56,840 Speaker 3: on and whether it's Netflix or Amazon. I mean, one 465 00:22:56,880 --> 00:22:59,000 Speaker 3: of the crazy things is like if you open up 466 00:22:59,040 --> 00:23:00,800 Speaker 3: Draft Kings and I open up for Kings right now 467 00:23:00,960 --> 00:23:03,159 Speaker 3: as we're sitting here, we get the same experience. But 468 00:23:03,200 --> 00:23:05,400 Speaker 3: if I open Amazon and you open Amazon, they'll tell 469 00:23:05,440 --> 00:23:07,400 Speaker 3: me I'm out of you know, fill the paper at home. 470 00:23:07,480 --> 00:23:09,520 Speaker 1: So curating that experience so that if you know, somebody 471 00:23:09,600 --> 00:23:11,320 Speaker 1: really likes parlays, we're just going to toss a bunch 472 00:23:11,359 --> 00:23:13,320 Speaker 1: of parlays in his face and we're going to bankrupt them. Oh, 473 00:23:13,320 --> 00:23:13,840 Speaker 1: I'm just kidding. 474 00:23:13,880 --> 00:23:16,200 Speaker 2: Right now, they'll give you opportunities to bet on or 475 00:23:16,240 --> 00:23:18,760 Speaker 2: against the Jets, Damian, They'll give me opportunities to bet 476 00:23:18,760 --> 00:23:19,720 Speaker 2: on or against the Rangers. 477 00:23:19,840 --> 00:23:22,680 Speaker 1: Exactly where you go, exactly now. But that's really interesting that, 478 00:23:22,840 --> 00:23:25,240 Speaker 1: you know, making the gambling part of the equation more, 479 00:23:25,680 --> 00:23:27,880 Speaker 1: I mean, improving that experience, I guess is what you're saying. 480 00:23:27,880 --> 00:23:29,400 Speaker 3: I think it's going to be really interesting. And also 481 00:23:29,480 --> 00:23:32,320 Speaker 3: just the overall wagering and challenging of friends. I mean, 482 00:23:32,320 --> 00:23:34,359 Speaker 3: one of our companies is called Lucra, which is working 483 00:23:34,359 --> 00:23:36,919 Speaker 3: with Dave and Busters and it's really amazing to and 484 00:23:36,960 --> 00:23:38,840 Speaker 3: now you know it's been it's been really interesting to 485 00:23:38,840 --> 00:23:42,919 Speaker 3: see how they have been are empowering people to be 486 00:23:42,960 --> 00:23:45,040 Speaker 3: able to challenge their friends. And that's not only just 487 00:23:45,080 --> 00:23:46,960 Speaker 3: for money. That could be for a beer, that could 488 00:23:46,960 --> 00:23:50,239 Speaker 3: be for a burger to do that. Now, across this 489 00:23:50,640 --> 00:23:53,400 Speaker 3: the we talked about the asset class of sports as 490 00:23:53,480 --> 00:23:56,960 Speaker 3: this entertainment world right starts to continue to grow. 491 00:23:56,800 --> 00:23:57,480 Speaker 1: And grow and grow. 492 00:23:57,720 --> 00:24:00,359 Speaker 3: You know, you start starts with an unbelievable with top 493 00:24:00,400 --> 00:24:02,840 Speaker 3: golf has been able to do. But now you start 494 00:24:02,840 --> 00:24:05,199 Speaker 3: to see this, Now go across all these other areas. 495 00:24:05,200 --> 00:24:07,639 Speaker 3: And what's that all about? Because people want to be entertained, 496 00:24:07,680 --> 00:24:09,679 Speaker 3: they want to be engaged, they want to be around sports. 497 00:24:09,720 --> 00:24:12,040 Speaker 3: You know, baseball shortens the game a little bit. So 498 00:24:12,160 --> 00:24:14,840 Speaker 3: now that's one maybe one less hot dog, one less beer. 499 00:24:14,960 --> 00:24:17,560 Speaker 3: So how do you now as an owner, as a 500 00:24:17,640 --> 00:24:21,720 Speaker 3: stadium owner, how do you somehow get that additional revenue. Well, 501 00:24:21,800 --> 00:24:24,760 Speaker 3: it's about maybe the ancillary type products, the types of 502 00:24:24,760 --> 00:24:26,840 Speaker 3: things are around your stadium, and that's those are those 503 00:24:26,840 --> 00:24:29,359 Speaker 3: are some really interesting things that will start to see 504 00:24:29,359 --> 00:24:30,399 Speaker 3: more and more of in the future. 505 00:24:31,119 --> 00:24:33,600 Speaker 1: Last question for you, for me, how do you find 506 00:24:33,600 --> 00:24:35,280 Speaker 1: your opportunities? I mean do they come to you? Now 507 00:24:35,320 --> 00:24:36,959 Speaker 1: you've been in the business for thirty years, I mean, 508 00:24:37,000 --> 00:24:39,119 Speaker 1: are you still out there rolling up your sleeves, you know, 509 00:24:39,200 --> 00:24:42,320 Speaker 1: gorilla marketing, trying to find the next new thing. I mean, 510 00:24:42,560 --> 00:24:44,280 Speaker 1: you know what what you know, where do they come from? 511 00:24:44,520 --> 00:24:46,880 Speaker 3: Well, we're all about going out there and meeting the entrepreneurs. 512 00:24:46,880 --> 00:24:48,760 Speaker 3: I mean, that's what it's really all about. Beating the street, 513 00:24:48,840 --> 00:24:51,200 Speaker 3: going out there, rolling upper sleeves and you know, getting 514 00:24:51,240 --> 00:24:54,040 Speaker 3: on great shows like this and reaching to you know, 515 00:24:54,040 --> 00:24:59,040 Speaker 3: the yours. Well, I again, I really appreciate this, this opportunity, 516 00:24:59,080 --> 00:25:01,360 Speaker 3: and it's it's it's awesome because this is something that 517 00:25:01,560 --> 00:25:03,320 Speaker 3: not only allows us to talk about the companies that 518 00:25:03,359 --> 00:25:06,040 Speaker 3: we're invested in, but also then share what we're all about, 519 00:25:06,200 --> 00:25:08,880 Speaker 3: share the the the what we're trying to look for 520 00:25:08,920 --> 00:25:11,320 Speaker 3: in entrepreneurs, and we are looking for those entrepreneurs who 521 00:25:11,359 --> 00:25:13,040 Speaker 3: are truly trying to do the next next thing and 522 00:25:13,080 --> 00:25:15,760 Speaker 3: innovate the sports industry. And so it's all about getting 523 00:25:15,760 --> 00:25:18,280 Speaker 3: out there. It's all about spending time and doing these 524 00:25:18,280 --> 00:25:21,439 Speaker 3: types of things, and whether it's conferences or going to games, 525 00:25:21,520 --> 00:25:23,960 Speaker 3: or going to all the you know, all the major 526 00:25:24,000 --> 00:25:27,479 Speaker 3: events that are happening out there, and hosting entrepreneurs at 527 00:25:27,520 --> 00:25:29,400 Speaker 3: our own events or going on our shows. I mean, 528 00:25:29,400 --> 00:25:30,879 Speaker 3: that's the kind of stuff that we love to do 529 00:25:30,920 --> 00:25:32,920 Speaker 3: and it's something that, as you said, I've been doing 530 00:25:32,920 --> 00:25:35,520 Speaker 3: this a long time and I still love every single 531 00:25:35,560 --> 00:25:36,000 Speaker 3: day of it. 532 00:25:36,119 --> 00:25:39,800 Speaker 1: That's Wayne Kimmel, the founder of VC firm seventy six Capital. 533 00:25:40,400 --> 00:25:43,200 Speaker 1: Coming up next on the show, we hear from Formula 534 00:25:43,320 --> 00:25:47,720 Speaker 1: one driver Pierre Gasly about the future of motorsports. That's 535 00:25:47,760 --> 00:25:51,240 Speaker 1: straight ahead on Bloomberg Business of Sport Time. Damian Sasaur 536 00:25:51,440 --> 00:25:58,480 Speaker 1: alongside Scarlett Thoo. This is Bloomberg Your listening to Bloomberg 537 00:25:58,640 --> 00:26:03,679 Speaker 1: Business of Sports Bloomberg Radio. Thanks for joining us on 538 00:26:03,720 --> 00:26:06,280 Speaker 1: the Bloomberg Business of Sports show, where we explore the 539 00:26:06,400 --> 00:26:08,879 Speaker 1: big money issues in the world of sports. I'm Damian 540 00:26:08,960 --> 00:26:13,280 Speaker 1: sas Hour, scarlettfu and Michael Barr returned to duty next week. 541 00:26:13,720 --> 00:26:17,439 Speaker 1: I'm joined now by Bloomberg Originals contributor Jason Kelly. He 542 00:26:17,560 --> 00:26:22,600 Speaker 1: caught up with Pierre Gasly, driver for F one Alpine. Jason, 543 00:26:22,920 --> 00:26:25,159 Speaker 1: thanks for joining us. Welcome to the Bloomberg Business of Sports. 544 00:26:25,320 --> 00:26:27,879 Speaker 1: Always love to be here. Thank you, Damien, Jason. We 545 00:26:28,000 --> 00:26:30,600 Speaker 1: have to begin with this incredible interview you had with 546 00:26:30,720 --> 00:26:34,439 Speaker 1: Pierre Gasly F one racer. But also what is he 547 00:26:34,480 --> 00:26:36,679 Speaker 1: I think he's only twenty eight years old now, I 548 00:26:36,720 --> 00:26:39,000 Speaker 1: mean young guy and he's making some moves. Talk to 549 00:26:39,080 --> 00:26:40,399 Speaker 1: us a little bit about what Pier's up to. 550 00:26:40,600 --> 00:26:43,760 Speaker 7: Well, it's interesting, you know, increasingly we're seeing this. You 551 00:26:43,800 --> 00:26:46,320 Speaker 7: see this on your show all the time. You and 552 00:26:46,400 --> 00:26:49,439 Speaker 7: I talk about it offline. You know, these athletes who 553 00:26:49,440 --> 00:26:52,080 Speaker 7: are increasingly interested in business. You know, when you and 554 00:26:52,080 --> 00:26:54,920 Speaker 7: I were kids, you know the thing that you would 555 00:26:54,920 --> 00:26:57,280 Speaker 7: do if you were a successful athlete, and it's it's 556 00:26:57,320 --> 00:26:59,600 Speaker 7: interesting to talk about this, especially you know as we're 557 00:26:59,640 --> 00:27:02,560 Speaker 7: in the midst of the Olympics. Is you know you're successful, 558 00:27:02,840 --> 00:27:05,359 Speaker 7: You got in a weedies box, you endorse a few products, 559 00:27:05,520 --> 00:27:07,720 Speaker 7: and you know you make some money that way. Now, 560 00:27:07,760 --> 00:27:11,200 Speaker 7: increasingly and ghastly is a fascinating example of this. These 561 00:27:11,240 --> 00:27:14,120 Speaker 7: guys are saying, I don't just want to be an endorser, 562 00:27:14,240 --> 00:27:16,000 Speaker 7: I want to be an owner. And one of the 563 00:27:16,000 --> 00:27:19,480 Speaker 7: most fascinating investments he has, I think is he is 564 00:27:19,520 --> 00:27:22,760 Speaker 7: now an owner of the soccer club FC Versai. This 565 00:27:22,920 --> 00:27:24,719 Speaker 7: is I feel like you would agree with this. This 566 00:27:24,800 --> 00:27:26,920 Speaker 7: is like the hot investment. It's like buy a stake 567 00:27:26,960 --> 00:27:28,200 Speaker 7: in a soccer club, right. 568 00:27:28,359 --> 00:27:30,000 Speaker 1: That's right. Well, it's kind of like, if I'm not 569 00:27:30,040 --> 00:27:33,359 Speaker 1: mistakeing FC Versa I is like Division three soccer. You know, 570 00:27:33,400 --> 00:27:35,920 Speaker 1: there are a few tiers off of where they want 571 00:27:35,960 --> 00:27:38,000 Speaker 1: to be of playing with the big boys. But you know, 572 00:27:38,080 --> 00:27:40,920 Speaker 1: it's so interesting because we've seen as you know, Ryan 573 00:27:40,960 --> 00:27:42,800 Speaker 1: Reynolds and a lot of other people. I mean, we 574 00:27:42,840 --> 00:27:45,080 Speaker 1: have Tony Parker on Tony Parker was brand ambassador for 575 00:27:45,119 --> 00:27:46,800 Speaker 1: the Paris Olympics. Roley Bob but he's been on the 576 00:27:46,840 --> 00:27:48,439 Speaker 1: air with US and he was talking about I mean, 577 00:27:48,480 --> 00:27:51,480 Speaker 1: he has an ownership shake Steak and a French basketball team. 578 00:27:51,520 --> 00:27:54,080 Speaker 1: So it's just amazing to me. It's not just the 579 00:27:54,240 --> 00:27:57,879 Speaker 1: US the thing. It seems to be expanding abroad and 580 00:27:57,920 --> 00:27:59,879 Speaker 1: certainly France and French athletes seem to be taking a 581 00:27:59,840 --> 00:28:00,480 Speaker 1: bit of it. 582 00:28:00,520 --> 00:28:03,600 Speaker 7: Note totally And I'll blow your mind with this which 583 00:28:03,640 --> 00:28:08,360 Speaker 7: you may already know, which is Ryan Reynolds obviously very notable, 584 00:28:08,600 --> 00:28:11,320 Speaker 7: not just for his acting career, but for buying Wrexham, 585 00:28:11,400 --> 00:28:14,640 Speaker 7: the Welsh soccer club, with his partner Rob mclanny. Rob 586 00:28:14,680 --> 00:28:19,000 Speaker 7: and Ryan are also investors in Alpine, which is the 587 00:28:19,080 --> 00:28:20,560 Speaker 7: racing team that Pierre. 588 00:28:20,200 --> 00:28:22,080 Speaker 1: Ghastly drives for. Oh wow. 589 00:28:22,240 --> 00:28:25,160 Speaker 7: So I actually asked him about this in the interview. 590 00:28:25,320 --> 00:28:27,200 Speaker 7: You know, whether he's gotten just sort of pick those 591 00:28:27,200 --> 00:28:29,960 Speaker 7: guys brains on business. He said he hadn't yet, but 592 00:28:30,760 --> 00:28:35,000 Speaker 7: what he wants is a friendly between FC Versailles and Rexham, 593 00:28:35,280 --> 00:28:37,639 Speaker 7: and I have to think he'll probably make that happen, 594 00:28:37,640 --> 00:28:39,320 Speaker 7: Like why wouldn't you do that? These are like all 595 00:28:39,360 --> 00:28:40,600 Speaker 7: the world's colliding here. 596 00:28:40,440 --> 00:28:42,640 Speaker 1: Well, Alpine and they're also owned If I'm not mistaken 597 00:28:42,640 --> 00:28:45,520 Speaker 1: by Redbird Capital that Jerry Cardinal, But you know, talk 598 00:28:45,520 --> 00:28:47,320 Speaker 1: to us about this deal then about you know, Pier 599 00:28:47,400 --> 00:28:50,440 Speaker 1: Gasly getting involved from the perspective of an owner, I 600 00:28:50,480 --> 00:28:52,560 Speaker 1: mean it seems like he's not alone. It seems like 601 00:28:52,600 --> 00:28:54,800 Speaker 1: some other athletes are involved in the deal as well. Yeah. 602 00:28:54,800 --> 00:28:57,920 Speaker 7: I mean it's interesting for for f c verside, this 603 00:28:58,120 --> 00:29:00,960 Speaker 7: was you know, something that very much passion play for him. 604 00:29:01,200 --> 00:29:05,040 Speaker 7: He's a huge football fan, as a lot of these 605 00:29:05,120 --> 00:29:08,719 Speaker 7: athletes are. You know, there's this world of elite athletes 606 00:29:08,840 --> 00:29:11,160 Speaker 7: and I'll do you know, a little plug for my 607 00:29:11,240 --> 00:29:14,760 Speaker 7: show here the deal with Jason Kelly, with the deal 608 00:29:14,800 --> 00:29:16,160 Speaker 7: with Alex Rodriguez and Jason Kelly. 609 00:29:16,240 --> 00:29:20,480 Speaker 8: Sorry, it's easy to forget about it easy to forget, 610 00:29:20,640 --> 00:29:22,320 Speaker 8: but you know, Alex and I talk about this all 611 00:29:22,360 --> 00:29:25,080 Speaker 8: the time on our show that you know, this this 612 00:29:25,200 --> 00:29:29,400 Speaker 8: world of athletes, especially athletes with these big business ambitions, 613 00:29:30,080 --> 00:29:31,840 Speaker 8: they tend to, you know, sort of run in these 614 00:29:31,840 --> 00:29:33,400 Speaker 8: packs and do these deals. 615 00:29:34,360 --> 00:29:37,120 Speaker 7: What I find really interesting too about F one is 616 00:29:37,240 --> 00:29:40,920 Speaker 7: as this sport gets more and more It's always been global, 617 00:29:40,960 --> 00:29:43,000 Speaker 7: but as it gets more and more popular in the US, 618 00:29:43,480 --> 00:29:47,200 Speaker 7: a lot of these drivers are taking advantage of that 619 00:29:47,440 --> 00:29:51,720 Speaker 7: higher profile and making investments, making endorsements, and by the way, 620 00:29:52,040 --> 00:29:54,440 Speaker 7: I think it's fair to say you've seen it. I mean, 621 00:29:54,640 --> 00:29:57,719 Speaker 7: F one after a couple of years of being a 622 00:29:57,760 --> 00:30:00,680 Speaker 7: little bit ho hum and Red Bull literally driving away 623 00:30:00,680 --> 00:30:03,760 Speaker 7: with everything. There's some really cool stuff happy. It's a 624 00:30:03,880 --> 00:30:06,120 Speaker 7: very fun season to watch there on summer break right now. 625 00:30:06,160 --> 00:30:09,400 Speaker 7: So everybody's catching their breath. But we're we're going to 626 00:30:09,440 --> 00:30:11,960 Speaker 7: get into I think, a very very competitive fall. 627 00:30:12,080 --> 00:30:15,640 Speaker 1: Oh my god. Yeah, I mean for our uneducated listeners, 628 00:30:15,680 --> 00:30:17,800 Speaker 1: this has been Max for Staffan's world and we are 629 00:30:17,920 --> 00:30:19,840 Speaker 1: just living in it. It's been red Bull, Red Bull, 630 00:30:19,880 --> 00:30:22,880 Speaker 1: red Bull. But now it seems we have Piastre and 631 00:30:22,920 --> 00:30:25,479 Speaker 1: the guys at McLaren and Zach Brown, and I mean 632 00:30:25,480 --> 00:30:27,640 Speaker 1: they're making a big push here. I mean they definitely 633 00:30:28,560 --> 00:30:30,640 Speaker 1: there's still ways off on the constructions from what I hear. 634 00:30:31,000 --> 00:30:32,480 Speaker 1: But you know, what I think is interesting just going 635 00:30:32,480 --> 00:30:34,200 Speaker 1: back to Pierre Gasley here and the fact that he's 636 00:30:34,200 --> 00:30:36,400 Speaker 1: going to own a piece of FC Versailles, and you 637 00:30:36,440 --> 00:30:40,160 Speaker 1: know it is that exposure to you know, to Redbird, 638 00:30:40,280 --> 00:30:43,440 Speaker 1: right to Ryan Bolds two other athletes like I believe 639 00:30:43,520 --> 00:30:46,600 Speaker 1: Patrick Mahomes is an investor there and some others, Anthony Joshua, 640 00:30:46,840 --> 00:30:49,520 Speaker 1: you know, Michael Roy. Yeah. So so he's taking a 641 00:30:49,560 --> 00:30:51,360 Speaker 1: page out of their book. And he's again I don't 642 00:30:51,360 --> 00:30:52,840 Speaker 1: know if twenty eighth how old he is. I know 643 00:30:52,880 --> 00:30:55,120 Speaker 1: he's born in nineteen ninety six. I'm bad with math, 644 00:30:55,160 --> 00:30:57,560 Speaker 1: but I mean, my god, they're young to be doing 645 00:30:57,600 --> 00:31:00,800 Speaker 1: this and taking on this type of a responsibility. And 646 00:31:00,800 --> 00:31:02,600 Speaker 1: and look, I mean, let's be clear up C Versa I. 647 00:31:03,120 --> 00:31:05,400 Speaker 1: It's no small franchise, right, I mean, he's gonna have 648 00:31:05,440 --> 00:31:07,800 Speaker 1: some real responsibility there. How do you juggle all that? 649 00:31:07,880 --> 00:31:08,200 Speaker 1: You think? 650 00:31:08,360 --> 00:31:10,720 Speaker 7: I mean, I think you know what these guys tend 651 00:31:10,760 --> 00:31:14,600 Speaker 7: to do is you know, way in where they're needed 652 00:31:15,040 --> 00:31:17,760 Speaker 7: in a lot of ways. You know, as as minority owner, 653 00:31:18,200 --> 00:31:20,720 Speaker 7: you know, they don't have a huge amount of responsibility 654 00:31:20,880 --> 00:31:23,720 Speaker 7: to the day to day. But I mean, let's think 655 00:31:23,760 --> 00:31:26,080 Speaker 7: about this. If you're a if you're a player who's 656 00:31:26,120 --> 00:31:29,000 Speaker 7: thinking about signing with f C VERSI or another team, 657 00:31:29,560 --> 00:31:31,560 Speaker 7: and you're on a zoom call. I always sort of 658 00:31:31,640 --> 00:31:34,040 Speaker 7: imagine that, you know, these zoom calls are happening and 659 00:31:34,080 --> 00:31:36,120 Speaker 7: all of a sudden, like Pierre Gasly hops on and 660 00:31:36,160 --> 00:31:37,680 Speaker 7: it's like, hey man, I would love for you to 661 00:31:37,800 --> 00:31:40,280 Speaker 7: you know, you know, play for our team. You know 662 00:31:40,640 --> 00:31:44,880 Speaker 7: there's something there. You know, it draws viewership, it draws fans, 663 00:31:44,920 --> 00:31:47,600 Speaker 7: and so I think, you know, being both an owner 664 00:31:47,720 --> 00:31:51,360 Speaker 7: and an ambassador, you know, we saw this happen. I mean, 665 00:31:51,440 --> 00:31:54,360 Speaker 7: let's let's think about what's happened here in the United States, 666 00:31:54,680 --> 00:31:57,760 Speaker 7: what David Beckham has done at Inter Miami, right. I 667 00:31:57,800 --> 00:32:02,240 Speaker 7: think it's highly, highly like Lee that Lionel Messi doesn't 668 00:32:02,320 --> 00:32:04,320 Speaker 7: end up at Enter Miami if there's not a David 669 00:32:04,320 --> 00:32:08,040 Speaker 7: Beckham involved in the ownership. So I think playing those roles. 670 00:32:08,880 --> 00:32:11,959 Speaker 7: And I also really liked what you said about, you know, 671 00:32:12,200 --> 00:32:16,120 Speaker 7: through Alpine being exposed to these other athletes, Mahomes being 672 00:32:16,200 --> 00:32:18,440 Speaker 7: you know a great example of that, who have also 673 00:32:18,600 --> 00:32:22,440 Speaker 7: taken taken ownership stakes, not just in F one, but 674 00:32:22,480 --> 00:32:23,400 Speaker 7: in other sports as well. 675 00:32:23,440 --> 00:32:25,240 Speaker 1: Well. What's interesting here and what makes F one a 676 00:32:25,280 --> 00:32:27,280 Speaker 1: little bit different, you know, and Jason, and you know, 677 00:32:27,320 --> 00:32:29,040 Speaker 1: I'd love to hear your thoughts on it is there 678 00:32:29,080 --> 00:32:32,120 Speaker 1: aren't that many teams, right, there's a limited number there, rightly, 679 00:32:32,200 --> 00:32:35,040 Speaker 1: ten right, ten teams. So and I'm just looking at 680 00:32:35,080 --> 00:32:36,880 Speaker 1: some numbers here, it looks like the most valuable that 681 00:32:37,000 --> 00:32:40,240 Speaker 1: being obviously Ferrari at three point nine billion, Mercedes second 682 00:32:40,240 --> 00:32:43,080 Speaker 1: at three point eight billion. You know, my question is, 683 00:32:43,120 --> 00:32:44,880 Speaker 1: you know, as an investment, you know, for some of 684 00:32:44,920 --> 00:32:48,760 Speaker 1: these athletes who are investing in racing franchises like Alpine 685 00:32:49,040 --> 00:32:52,080 Speaker 1: or others like that, you know, is there any risk 686 00:32:52,160 --> 00:32:54,640 Speaker 1: that they're going to expand the field and does that 687 00:32:54,760 --> 00:32:57,719 Speaker 1: do anything to the valuations of these franch I mean, 688 00:32:57,800 --> 00:32:59,840 Speaker 1: these racing car I mean, what do you think there. 689 00:33:00,120 --> 00:33:03,480 Speaker 7: Yeah, it's a really good question, and it's been to 690 00:33:03,760 --> 00:33:06,200 Speaker 7: some extent, at least for the time being asked and answered. 691 00:33:06,200 --> 00:33:10,200 Speaker 7: You had Michael Andretti making a big push for expansion. 692 00:33:10,240 --> 00:33:13,680 Speaker 7: He got one step there and then was essentially knocked 693 00:33:13,720 --> 00:33:17,080 Speaker 7: back by the commercial side of Formula One. It looks 694 00:33:17,120 --> 00:33:19,960 Speaker 7: like the grid is going to stay at ten at 695 00:33:20,040 --> 00:33:23,440 Speaker 7: ten teams meaning twenty cars for the time being, and 696 00:33:23,520 --> 00:33:27,480 Speaker 7: that's largely because of exactly what's underneath your question, I think, 697 00:33:27,520 --> 00:33:31,840 Speaker 7: which is these existing teams want to protect the economics 698 00:33:31,880 --> 00:33:34,440 Speaker 7: that they already have. This is fast growing. They're not 699 00:33:34,720 --> 00:33:38,640 Speaker 7: totally convinced that the pie with an additional team would 700 00:33:38,640 --> 00:33:42,120 Speaker 7: grow enough that they wouldn't be diluting their own interests. 701 00:33:42,200 --> 00:33:45,640 Speaker 1: Yeah, that's a good point. Well, Jason Kelly, thank you, 702 00:33:45,920 --> 00:33:48,680 Speaker 1: thank you, and without further ado, let's bring you part 703 00:33:48,800 --> 00:33:51,000 Speaker 1: of Jason's conversation with Pierre Gasley. 704 00:33:51,320 --> 00:33:53,800 Speaker 7: So, Pierre, it's really good to have you here. It's 705 00:33:53,840 --> 00:33:58,360 Speaker 7: a busy time obviously, you know, mid season. The deal 706 00:33:58,520 --> 00:34:01,040 Speaker 7: that is front of mind and that when I think 707 00:34:01,080 --> 00:34:04,200 Speaker 7: about you is this new long term, multi year contract 708 00:34:04,280 --> 00:34:06,800 Speaker 7: you've signed. Tell me about that decision and kind of 709 00:34:06,840 --> 00:34:08,960 Speaker 7: how you think about it from a business perspective. 710 00:34:09,840 --> 00:34:13,479 Speaker 5: Well, it's a very exciting news. I'm extremely happy and 711 00:34:13,600 --> 00:34:18,680 Speaker 5: extremely proud and excited that we we came together with 712 00:34:18,719 --> 00:34:21,720 Speaker 5: the team. It's obviously a conversation and negotiation that started 713 00:34:22,640 --> 00:34:27,040 Speaker 5: early this season as soon as you know, Lewis kind 714 00:34:27,040 --> 00:34:29,120 Speaker 5: of shocked a bit the DF one world going too 715 00:34:29,560 --> 00:34:32,520 Speaker 5: with his move to Ferrari for next season. It sort 716 00:34:32,520 --> 00:34:35,719 Speaker 5: of triggered the entire market, and the conversation and negotiations 717 00:34:35,719 --> 00:34:40,640 Speaker 5: started as early as back then. So it was important 718 00:34:41,040 --> 00:34:45,040 Speaker 5: for me to evaluate, you know, the different options for 719 00:34:45,160 --> 00:34:47,680 Speaker 5: the future. And we didn't have the easiest start of 720 00:34:47,719 --> 00:34:50,680 Speaker 5: the year, which didn't make it easy for me to 721 00:34:50,719 --> 00:34:53,360 Speaker 5: make a decision. But then after a couple of weeks 722 00:34:53,400 --> 00:34:57,239 Speaker 5: and months and seeing the development plan from the team, 723 00:34:57,320 --> 00:35:01,120 Speaker 5: the new recruitment, the new signings we've got from top teams, 724 00:35:02,200 --> 00:35:04,600 Speaker 5: and also the ambition and the commitment of h and 725 00:35:04,600 --> 00:35:08,719 Speaker 5: Alpin as a brands. Yeah, I'm just came to the 726 00:35:08,760 --> 00:35:12,760 Speaker 5: conclusion that it's definitely one hundred percent the best option 727 00:35:12,920 --> 00:35:17,520 Speaker 5: and there's a lot of potential going into that new 728 00:35:17,560 --> 00:35:19,520 Speaker 5: regulation in Formula one in twenty twenty six. 729 00:35:19,719 --> 00:35:24,080 Speaker 7: Right right, And you mentioned you know Lewis coming, uh 730 00:35:24,840 --> 00:35:27,799 Speaker 7: moving over and obviously all that trigger that's a very 731 00:35:27,880 --> 00:35:28,640 Speaker 7: nice way of putting it. 732 00:35:28,680 --> 00:35:29,319 Speaker 1: Triggered a lot. 733 00:35:30,320 --> 00:35:33,160 Speaker 7: What what what is the net effect of that or what 734 00:35:33,200 --> 00:35:35,520 Speaker 7: effect does that have, you know in the paddock and 735 00:35:36,440 --> 00:35:39,040 Speaker 7: as as you start to see you know, the stripe 736 00:35:39,040 --> 00:35:40,960 Speaker 7: Magro here, the stripe Mago there. I mean, there's still 737 00:35:40,960 --> 00:35:43,719 Speaker 7: some pieces left to do. Is that distracting? How do 738 00:35:43,760 --> 00:35:46,160 Speaker 7: you sort of keep that, you know, compartmentalized. 739 00:35:48,960 --> 00:35:51,920 Speaker 5: Well, just to put it in perspective, Lewis move is 740 00:35:52,239 --> 00:35:56,359 Speaker 5: probably the biggest transfer in the East through Formula one, 741 00:35:56,480 --> 00:36:03,560 Speaker 5: so it did have a massive impact act. Obviously the 742 00:36:03,560 --> 00:36:08,440 Speaker 5: team like Messades, was directly affected, but also on the 743 00:36:08,560 --> 00:36:11,680 Speaker 5: on the driver markets and all the other drivers with 744 00:36:11,840 --> 00:36:14,919 Speaker 5: contracts ending at the end of this year, so kind 745 00:36:14,920 --> 00:36:19,480 Speaker 5: of more more opportunities, and you know, there were a 746 00:36:19,560 --> 00:36:24,560 Speaker 5: couple of spots out there, some new brand Audi is 747 00:36:24,600 --> 00:36:28,120 Speaker 5: obviously coming into Formula one as well in the coming year, 748 00:36:28,200 --> 00:36:32,960 Speaker 5: and I must say it was an exciting time in 749 00:36:32,960 --> 00:36:37,480 Speaker 5: my position where I had different offers on the table 750 00:36:37,600 --> 00:36:41,560 Speaker 5: and it was about evaluating on which project do I 751 00:36:41,600 --> 00:36:44,520 Speaker 5: believe the most, And obviously my healths from the start 752 00:36:44,640 --> 00:36:47,879 Speaker 5: was always Withouting. You know that the brand is only 753 00:36:47,880 --> 00:36:50,480 Speaker 5: a couple of kilometers from my hometown. It's the only 754 00:36:50,480 --> 00:36:56,600 Speaker 5: French manufacturer manufacturer in formal ones and obviously my ambition 755 00:36:56,719 --> 00:36:59,839 Speaker 5: Withouting is way bigger than what we've achieved so far 756 00:36:59,840 --> 00:37:02,759 Speaker 5: in year and a half we've been together. So I 757 00:37:02,800 --> 00:37:04,839 Speaker 5: always wanted to continue with the team, but I also 758 00:37:04,880 --> 00:37:08,680 Speaker 5: needed some guarantee and you know, making sure about their 759 00:37:08,719 --> 00:37:11,960 Speaker 5: commitments to the sport and into the future and making 760 00:37:12,000 --> 00:37:14,640 Speaker 5: sure that they'll be able to provide me with a 761 00:37:14,719 --> 00:37:16,840 Speaker 5: strong package to fight at the top of Formula one. 762 00:37:17,120 --> 00:37:20,360 Speaker 7: Yeah, you mentioned something that I think is so fascinating, 763 00:37:20,400 --> 00:37:24,319 Speaker 7: which is the you know, the the national pride that 764 00:37:24,400 --> 00:37:28,319 Speaker 7: obviously you know you have this being the only French manufacturer. 765 00:37:28,360 --> 00:37:30,560 Speaker 7: I mean it does feel like Formula One as much 766 00:37:30,560 --> 00:37:33,279 Speaker 7: as in any sport. You know, there is this sort 767 00:37:33,280 --> 00:37:39,600 Speaker 7: of like cultural connection that that countries and fans have 768 00:37:39,760 --> 00:37:43,000 Speaker 7: to have to drivers. It sounds like that does factor 769 00:37:43,080 --> 00:37:45,000 Speaker 7: into your decision making now. 770 00:37:46,719 --> 00:37:47,120 Speaker 1: It did. 771 00:37:47,680 --> 00:37:52,480 Speaker 5: It did factor in. Obviously the performances at the end 772 00:37:52,520 --> 00:37:55,360 Speaker 5: of the day was the most important. I'm a competitive person. 773 00:37:55,400 --> 00:38:00,600 Speaker 5: I'm a competitive athletes working every single day to try 774 00:38:00,680 --> 00:38:04,920 Speaker 5: to be the best of my sports. But obviously I'm 775 00:38:04,920 --> 00:38:10,360 Speaker 5: also someone emotional, and I've got particular connection with the team, 776 00:38:10,520 --> 00:38:13,840 Speaker 5: with the brand, with the people I work with, and 777 00:38:14,000 --> 00:38:17,000 Speaker 5: i'pin being a French team. There is that sort of 778 00:38:17,800 --> 00:38:19,040 Speaker 5: X factor that comes in. 779 00:38:19,280 --> 00:38:22,800 Speaker 1: That's F one driver Pierre Gasley speaking with Bloomberg Originals 780 00:38:22,840 --> 00:38:27,239 Speaker 1: contributor Jason Kelly. Thanks for joining us. I'm Damian Sasaur. 781 00:38:27,280 --> 00:38:29,200 Speaker 1: Tune in again next week for the latest of the 782 00:38:29,239 --> 00:38:32,680 Speaker 1: stories moving big money in the world of sports. You're 783 00:38:32,719 --> 00:38:36,759 Speaker 1: listening to Bloomberg Business of Sports from Bloomberg Radio around 784 00:38:36,840 --> 00:38:40,200 Speaker 1: the world. Stay with us. 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