1 00:00:02,480 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio News. 2 00:00:08,560 --> 00:00:12,560 Speaker 2: This is the Business of Sports. Sports are the greatest 3 00:00:12,640 --> 00:00:14,120 Speaker 2: unscripted show owner. 4 00:00:14,000 --> 00:00:16,159 Speaker 3: The next generation of players who really grew up with 5 00:00:16,239 --> 00:00:17,560 Speaker 3: tech and believe in tech. 6 00:00:17,640 --> 00:00:19,959 Speaker 2: Your face is your ticket, your face is your wallet, 7 00:00:20,040 --> 00:00:21,800 Speaker 2: your face is your access to a club. 8 00:00:21,920 --> 00:00:25,640 Speaker 1: These are such iconic and important buildings for businesses. 9 00:00:25,760 --> 00:00:28,320 Speaker 4: For fans, COVID was one of the best things that 10 00:00:28,320 --> 00:00:29,159 Speaker 4: ever happened to go. 11 00:00:29,440 --> 00:00:31,520 Speaker 1: The NFL is a bulletproof business. 12 00:00:31,640 --> 00:00:34,280 Speaker 5: Racing is unique because there is absolutely no reason why 13 00:00:34,320 --> 00:00:35,320 Speaker 5: we can't compete with the guys. 14 00:00:35,360 --> 00:00:36,400 Speaker 6: Come on, it's pro pickleball? 15 00:00:36,440 --> 00:00:38,760 Speaker 1: Real, Are people really going to tune into this? If 16 00:00:38,800 --> 00:00:41,519 Speaker 1: you're playing moneyball with a huge bag of money, you're 17 00:00:41,600 --> 00:00:42,760 Speaker 1: going to be really, really good. 18 00:00:42,840 --> 00:00:46,000 Speaker 2: Bloomberg Business of Sports from Bloomberg Radio. 19 00:00:46,880 --> 00:00:50,640 Speaker 7: Hello, this is the Bloomberg Business of Sports, where we 20 00:00:50,680 --> 00:00:53,159 Speaker 7: explore the big money issues in the world of sports. 21 00:00:53,360 --> 00:00:56,320 Speaker 2: Michael Bonner, I'm Damian Sassenborg, and I'm Vanessa Perdemo. 22 00:00:56,840 --> 00:00:59,920 Speaker 7: Coming up on the show, we'll hear from Dennis Superstar 23 00:01:00,080 --> 00:01:05,240 Speaker 7: are Serena Williams. She was speaking with Bloomberg TV anchor 24 00:01:05,400 --> 00:01:09,280 Speaker 7: Danny Berger at the American Business Forum in Miami recently 25 00:01:09,520 --> 00:01:12,240 Speaker 7: about her business interests off the court. 26 00:01:12,520 --> 00:01:15,440 Speaker 3: The new modern athlete. If you think about it, the 27 00:01:15,480 --> 00:01:19,200 Speaker 3: modern athlete, if they're only playing their sport, then now 28 00:01:19,280 --> 00:01:20,680 Speaker 3: that's fround and part true. 29 00:01:20,760 --> 00:01:22,880 Speaker 8: So I love seeing the difference. 30 00:01:22,400 --> 00:01:26,080 Speaker 3: Of how it started versus how you know, people look 31 00:01:26,120 --> 00:01:27,399 Speaker 3: at sport as an athlete. 32 00:01:27,440 --> 00:01:29,800 Speaker 4: Now we'll hear a little bit of their conversation about 33 00:01:29,800 --> 00:01:32,760 Speaker 4: how Serena is channeling her competitive spirit into investing. 34 00:01:33,080 --> 00:01:35,040 Speaker 7: All that and more is on the way on the 35 00:01:35,080 --> 00:01:39,360 Speaker 7: Bloomberg Business of Sports. But first we've got another big 36 00:01:39,440 --> 00:01:43,399 Speaker 7: betting scandal, this time involving two big league pictures. 37 00:01:43,959 --> 00:01:46,880 Speaker 4: Joining us to discuss the latest is Bloomberg US sports 38 00:01:46,959 --> 00:01:50,280 Speaker 4: business supporter Randa Williams Randall. Welcome to the Bloomberg Business 39 00:01:50,280 --> 00:01:50,960 Speaker 4: of Sports. 40 00:01:51,440 --> 00:01:52,400 Speaker 1: Thank you for having me. 41 00:01:52,960 --> 00:01:55,360 Speaker 7: Man. There's a lot of topics to talk about, but 42 00:01:55,440 --> 00:01:58,040 Speaker 7: let's start with the elephant in the room and then 43 00:01:58,080 --> 00:02:02,840 Speaker 7: involves the MLB pictures. They've been charged in a gambling probe. 44 00:02:03,720 --> 00:02:06,720 Speaker 7: Let's start off with that. This is very severe. 45 00:02:07,760 --> 00:02:12,160 Speaker 1: Yeah, it's I mean, the criminal sin, the cardinal sin 46 00:02:12,360 --> 00:02:15,360 Speaker 1: of all sports now is betting on it. And the 47 00:02:15,440 --> 00:02:19,200 Speaker 1: fact that these guys are millionaires betting for thousands. It 48 00:02:19,360 --> 00:02:22,400 Speaker 1: just never ceases to amaze me. The the fact that 49 00:02:22,400 --> 00:02:25,880 Speaker 1: they're willing to sacrifice their entire careers and relatively young 50 00:02:25,919 --> 00:02:28,160 Speaker 1: guys as well. It isn't something where it's like, you know, 51 00:02:28,200 --> 00:02:30,720 Speaker 1: these are failed careers. They had their entire careers ahead 52 00:02:30,720 --> 00:02:32,600 Speaker 1: of them, and now it doesn't look like it anymore. 53 00:02:32,639 --> 00:02:36,799 Speaker 7: To Cleveland Guardian pitchers Luis Ortiz and Emanuel class A, 54 00:02:37,240 --> 00:02:41,320 Speaker 7: they were charged with fraud for allegedly manipulating their pitches 55 00:02:41,400 --> 00:02:43,080 Speaker 7: in Major League Baseball games. 56 00:02:43,080 --> 00:02:46,560 Speaker 4: When Essa, it's just it's really obviously crazy because after 57 00:02:46,639 --> 00:02:49,160 Speaker 4: we just saw the NBA scandal just happen, and this, 58 00:02:49,520 --> 00:02:52,600 Speaker 4: they're so close together, these two indictments. Renda, what does 59 00:02:52,639 --> 00:02:54,680 Speaker 4: that say? I mean, does that then put now a 60 00:02:54,720 --> 00:02:57,320 Speaker 4: lot more pressure? That these two things happen so close together. 61 00:02:57,880 --> 00:03:00,520 Speaker 1: I think it puts both the leagues under the micro scope. 62 00:03:00,560 --> 00:03:04,240 Speaker 1: I think of the sports that you can bet on, 63 00:03:04,400 --> 00:03:07,240 Speaker 1: baseball and basketball are the ones that you can manipulate 64 00:03:07,280 --> 00:03:10,320 Speaker 1: the most easy, just because of the fact that I mean, 65 00:03:10,360 --> 00:03:12,480 Speaker 1: in John tay Porter's case, you remember he was like 66 00:03:12,520 --> 00:03:15,760 Speaker 1: a ten to fifteenth man on the bench, and so 67 00:03:16,040 --> 00:03:18,560 Speaker 1: the lines that he was being bet on are very easily. 68 00:03:18,600 --> 00:03:20,200 Speaker 1: He could just check in and check out of the game. 69 00:03:20,520 --> 00:03:22,519 Speaker 1: The same thing with some of the allegations with Terry 70 00:03:22,600 --> 00:03:25,640 Speaker 1: Rozier and others as well. And in baseball, like they're 71 00:03:25,639 --> 00:03:28,519 Speaker 1: literally betting on balls and strikes, and so you would 72 00:03:28,560 --> 00:03:30,440 Speaker 1: think if you're watching the game, like you don't think 73 00:03:30,480 --> 00:03:33,280 Speaker 1: anything of it. But the fact that they made allegedly 74 00:03:33,320 --> 00:03:36,640 Speaker 1: four hundred and fifty thousand dollars off of these things, 75 00:03:36,920 --> 00:03:39,960 Speaker 1: and in the NBA case was millions of dollars that 76 00:03:40,360 --> 00:03:43,960 Speaker 1: was going on in a round. It's crazy, Randall. 77 00:03:44,000 --> 00:03:46,760 Speaker 2: I mean, really, what could go what worse could go 78 00:03:46,840 --> 00:03:49,000 Speaker 2: wrong for Cleveland fans? I mean, the Browns just lost 79 00:03:49,040 --> 00:03:50,760 Speaker 2: to the Jets, you know, I mean, we know the 80 00:03:50,800 --> 00:03:53,440 Speaker 2: Guardians formerly the Indians where the butt of Major League 81 00:03:53,480 --> 00:03:56,000 Speaker 2: Baseball Bob Yuk or Lauren. You know, the Cavaliers aren't 82 00:03:56,000 --> 00:03:58,160 Speaker 2: getting by the Knicks. And here's my question for you, 83 00:03:58,640 --> 00:04:01,760 Speaker 2: Rosier and Philip Jaunty Billips, who are also keeps from 84 00:04:01,760 --> 00:04:04,440 Speaker 2: the NBA, they denied wrongdoing. Now you've got class and 85 00:04:04,560 --> 00:04:07,600 Speaker 2: ortis also denying wrongdoing. Have we seen any of the 86 00:04:07,640 --> 00:04:11,640 Speaker 2: government's evidence to support their case against these players? Or 87 00:04:12,080 --> 00:04:15,600 Speaker 2: I mean speculating here, but perhaps relying on some false 88 00:04:15,640 --> 00:04:19,800 Speaker 2: testimony from some Kostri Nostra representative. I'm just speculating here, 89 00:04:19,800 --> 00:04:21,359 Speaker 2: but I mean, how reliable is all this. 90 00:04:21,760 --> 00:04:24,679 Speaker 1: Let's start with the NBA. There's thirty plus people involved, 91 00:04:24,680 --> 00:04:26,960 Speaker 1: and so we'll see what happens when you know this 92 00:04:27,400 --> 00:04:29,760 Speaker 1: when it occurs in court. On the MLB side, I've 93 00:04:29,800 --> 00:04:32,640 Speaker 1: read the entire case and they have texts, they have 94 00:04:32,880 --> 00:04:36,320 Speaker 1: exchanges from when the pictures were on the mound and 95 00:04:36,400 --> 00:04:39,720 Speaker 1: off the mound, and so if you're asking me my opinion, wow, 96 00:04:39,839 --> 00:04:42,839 Speaker 1: the pictures are done. I mean, it's very damning evidence 97 00:04:42,880 --> 00:04:47,240 Speaker 1: that is in the federal indictment. And with that in mind, 98 00:04:47,279 --> 00:04:49,400 Speaker 1: I think the NBA one, I think, will have to 99 00:04:49,440 --> 00:04:51,560 Speaker 1: see a little bit more. But I mean the way 100 00:04:51,560 --> 00:04:55,200 Speaker 1: that FBI Director Cash Mattel came to the podium and 101 00:04:55,240 --> 00:04:57,720 Speaker 1: all of these little catchphrases that they're using in celebration 102 00:04:57,839 --> 00:05:00,920 Speaker 1: of this, I mean, I think you don't really roll 103 00:05:00,960 --> 00:05:03,280 Speaker 1: out the red carpet that way unless you ready for 104 00:05:03,320 --> 00:05:06,120 Speaker 1: a show. And so who knows when all of these 105 00:05:06,160 --> 00:05:09,080 Speaker 1: cases will hit the courts, but when they do, we'll 106 00:05:09,120 --> 00:05:09,920 Speaker 1: be reporting on it. 107 00:05:10,120 --> 00:05:11,200 Speaker 2: That's during the game. 108 00:05:11,360 --> 00:05:14,880 Speaker 1: That's the craziest right after right after so he there's 109 00:05:14,920 --> 00:05:18,719 Speaker 1: a portion in the indictment where he attempted to throw 110 00:05:18,720 --> 00:05:20,680 Speaker 1: a ball and he went straight into the dirt. And 111 00:05:20,760 --> 00:05:22,960 Speaker 1: if you're hearing this, I'm laughing because of the fact 112 00:05:22,960 --> 00:05:25,160 Speaker 1: that when he threw the ball straight into the dirt, 113 00:05:25,920 --> 00:05:28,400 Speaker 1: the batter swung at it. And so the person that 114 00:05:28,480 --> 00:05:31,520 Speaker 1: he was communicating with texted him and I think they said, 115 00:05:31,560 --> 00:05:33,599 Speaker 1: like it was maybe it was like a cat jiff, 116 00:05:33,640 --> 00:05:36,359 Speaker 1: that was him crying a cat jeff of crying emoji 117 00:05:36,440 --> 00:05:38,479 Speaker 1: or something like that. But with that in mind, he 118 00:05:38,520 --> 00:05:41,280 Speaker 1: went to the locker room and texted him and they 119 00:05:41,279 --> 00:05:43,000 Speaker 1: were both sort of sad about the fact that they 120 00:05:43,040 --> 00:05:46,719 Speaker 1: did not cash in. So those sort of that communication there. 121 00:05:47,160 --> 00:05:49,080 Speaker 1: I don't know how these pictures. 122 00:05:48,800 --> 00:05:49,320 Speaker 6: Can beat it. 123 00:05:49,600 --> 00:05:52,680 Speaker 4: I mean, doesn't this just say that prop bets need 124 00:05:52,760 --> 00:05:56,240 Speaker 4: to be really regulated, Like Adam Silver said after the 125 00:05:56,360 --> 00:05:59,599 Speaker 4: NBA scandal had happened, we need to regulate prop bets 126 00:05:59,640 --> 00:06:00,320 Speaker 4: in general. 127 00:06:00,800 --> 00:06:02,880 Speaker 5: Should prop bets just go away? 128 00:06:03,480 --> 00:06:07,240 Speaker 1: I think it depends on the prop bets. Like in 129 00:06:07,279 --> 00:06:10,479 Speaker 1: college football in New York, you can't bet on players 130 00:06:10,880 --> 00:06:13,279 Speaker 1: at all in this and like if you wanted to 131 00:06:13,279 --> 00:06:15,719 Speaker 1: bet on yards for Archer manning. It does not exist 132 00:06:16,320 --> 00:06:19,040 Speaker 1: in the NBA and the NFL. You can bet on 133 00:06:19,360 --> 00:06:22,839 Speaker 1: an MLB, you can bet on a wide portion of things. 134 00:06:23,200 --> 00:06:25,120 Speaker 1: I don't know how the leagues are going to talk 135 00:06:25,200 --> 00:06:28,080 Speaker 1: to the sports gambling the sportsbooks and say, hey, this 136 00:06:28,160 --> 00:06:29,960 Speaker 1: needs to go away. That needs to go away, because 137 00:06:30,000 --> 00:06:31,920 Speaker 1: the sportsbooks are in the business, are making money too, 138 00:06:32,480 --> 00:06:34,680 Speaker 1: and nine times out of ten they would they want 139 00:06:34,720 --> 00:06:35,400 Speaker 1: people to gamble. 140 00:06:35,640 --> 00:06:38,560 Speaker 2: Randall. A House committee says that it is going to 141 00:06:38,640 --> 00:06:41,640 Speaker 2: bring in Commissioner Adam Silver about the league's kind of 142 00:06:41,760 --> 00:06:44,400 Speaker 2: you know, the prolific proliferation of sports betting, how the 143 00:06:44,440 --> 00:06:47,040 Speaker 2: league's handling it. And I think what they're they're trying 144 00:06:47,040 --> 00:06:51,000 Speaker 2: to do is to get the NBA Code of Conduct modified. 145 00:06:51,040 --> 00:06:53,440 Speaker 2: And my question for you is, what the heck is 146 00:06:53,480 --> 00:06:55,240 Speaker 2: that going to do? I mean, how how would they 147 00:06:55,240 --> 00:06:57,480 Speaker 2: modify the code of conduct? The players even listen to 148 00:06:57,560 --> 00:07:00,560 Speaker 2: the Code of conduct and will let deter future actions. 149 00:07:00,680 --> 00:07:04,320 Speaker 1: I'm not so sure. I think that all of the agencies, 150 00:07:04,560 --> 00:07:08,799 Speaker 1: the NBPA, the NBA, they discourage betting amongst the players. 151 00:07:08,920 --> 00:07:12,520 Speaker 1: I'm sure that there are courses that they take or 152 00:07:12,600 --> 00:07:15,680 Speaker 1: lectures that they sit through, and yet it still happens 153 00:07:16,280 --> 00:07:18,440 Speaker 1: probably because they think they can get away with it. Now, 154 00:07:18,600 --> 00:07:20,280 Speaker 1: like I said when I started this, which is that 155 00:07:20,760 --> 00:07:23,400 Speaker 1: these guys make millions and millions and millions of dollars. 156 00:07:23,480 --> 00:07:25,760 Speaker 1: You think about it from like, let's just say Victor 157 00:07:25,800 --> 00:07:27,840 Speaker 1: Wan Binyama was involved in one of these. He is not, 158 00:07:28,680 --> 00:07:31,960 Speaker 1: but he his rookie contract is like fifty six million dollars. 159 00:07:31,960 --> 00:07:34,240 Speaker 1: There's no amount of money that he's going to make 160 00:07:34,480 --> 00:07:37,000 Speaker 1: on betting that would not get flagged. So what any 161 00:07:37,000 --> 00:07:39,360 Speaker 1: additional cash did they make is just sort of silly. 162 00:07:39,360 --> 00:07:41,360 Speaker 2: Well, but let me ask you this. I mean, what 163 00:07:41,440 --> 00:07:44,080 Speaker 2: if they do find Chauncey Billups, you know, guilty, if 164 00:07:44,080 --> 00:07:47,040 Speaker 2: they find you know, Ortiz and Cassay guilty, I mean, 165 00:07:47,120 --> 00:07:50,160 Speaker 2: can the NBA can can or in the Major League Baseball, 166 00:07:50,160 --> 00:07:53,080 Speaker 2: can they reclaim some of their contract that's already been paid. 167 00:07:53,120 --> 00:07:56,840 Speaker 2: Can they you know, we countersuit them and get you know, 168 00:07:56,960 --> 00:07:59,360 Speaker 2: some sort of you know, monetary benefit from that. I mean, 169 00:07:59,560 --> 00:08:00,520 Speaker 2: is there any risk there? 170 00:08:01,040 --> 00:08:03,440 Speaker 1: I'd be interested to see if they would take that approach. 171 00:08:03,480 --> 00:08:06,520 Speaker 1: But my gut tells me that if they were convicted 172 00:08:06,560 --> 00:08:08,720 Speaker 1: of this, then the NBA would just let the NBA 173 00:08:08,800 --> 00:08:12,200 Speaker 1: and MLB would just let the FEDS deal with it 174 00:08:12,600 --> 00:08:14,480 Speaker 1: and then just push it away because the more that 175 00:08:14,560 --> 00:08:17,680 Speaker 1: you try to recoup some of this, I'm not sure 176 00:08:17,680 --> 00:08:20,720 Speaker 1: what they have to gain from these things. Like you 177 00:08:20,760 --> 00:08:23,440 Speaker 1: would rather just push both of all the people who 178 00:08:23,480 --> 00:08:26,400 Speaker 1: are allegedly involved as far into the corner so that 179 00:08:26,440 --> 00:08:28,400 Speaker 1: they're out of sight, rather than be like, no, we 180 00:08:28,480 --> 00:08:31,080 Speaker 1: want our thousands of dollars back when you have billions 181 00:08:31,080 --> 00:08:32,959 Speaker 1: coming in from immedia. Do you understee what I'm saying 182 00:08:34,800 --> 00:08:35,560 Speaker 1: right exactly? 183 00:08:35,640 --> 00:08:37,280 Speaker 2: I mean, I guess we'll know if class A doesn't 184 00:08:37,360 --> 00:08:40,600 Speaker 2: come back from his vacation in the Dominican Republic, right, 185 00:08:40,679 --> 00:08:42,079 Speaker 2: I mean, then will know what he would know. 186 00:08:42,200 --> 00:08:42,839 Speaker 6: But I'm just kidding. 187 00:08:42,840 --> 00:08:44,560 Speaker 2: I mean, but like that, that isn't that a real 188 00:08:44,640 --> 00:08:46,200 Speaker 2: risk that some of these players are going to say, oh, 189 00:08:46,240 --> 00:08:48,840 Speaker 2: I was wrongfully accused and you know, I'm not coming 190 00:08:48,880 --> 00:08:51,480 Speaker 2: back to the United States because you know they're going 191 00:08:51,480 --> 00:08:53,600 Speaker 2: to take them. I mean, you know, how are they 192 00:08:53,640 --> 00:08:55,760 Speaker 2: going to get any sort of you know, I guess, 193 00:08:57,000 --> 00:08:58,520 Speaker 2: I guess how are you going to kind of find 194 00:08:58,640 --> 00:09:01,600 Speaker 2: enough evidence to really hold these players feet to the fire. 195 00:09:01,880 --> 00:09:04,520 Speaker 1: I think there's more than enough evidence in the indictment 196 00:09:05,200 --> 00:09:07,640 Speaker 1: for both of the pitchers. I think the tax exchanges 197 00:09:07,679 --> 00:09:09,920 Speaker 1: that are in there are just damning. 198 00:09:11,320 --> 00:09:13,000 Speaker 4: I think that's more of a question, right, It's more 199 00:09:13,000 --> 00:09:15,320 Speaker 4: of a question like if it was just the NBA 200 00:09:15,440 --> 00:09:19,080 Speaker 4: and MLB investigations and then they were banned, that would 201 00:09:19,120 --> 00:09:21,200 Speaker 4: be one thing, and then the players would be able 202 00:09:21,200 --> 00:09:23,400 Speaker 4: to say more on it. But then the federal government 203 00:09:23,400 --> 00:09:25,360 Speaker 4: gets involved in it's entirely different exact story. 204 00:09:26,120 --> 00:09:29,840 Speaker 7: By the way, this blew me away. You want an 205 00:09:29,880 --> 00:09:35,840 Speaker 7: idea on how college sports has changed. Juju Watkins, she's 206 00:09:35,920 --> 00:09:41,040 Speaker 7: with the University of Southern California women's basketball Superstar. She 207 00:09:41,240 --> 00:09:49,120 Speaker 7: has bought a minority stake in the NWSL's Boston Legacy 208 00:09:49,280 --> 00:09:53,240 Speaker 7: that you would never hear anything like that years ago, 209 00:09:53,679 --> 00:09:58,599 Speaker 7: back when Woody Hayes or whoever was coaching football or 210 00:09:58,640 --> 00:09:59,520 Speaker 7: any kind of sports. 211 00:10:00,120 --> 00:10:03,760 Speaker 1: Yeah, it doesn't necessarily surprise me because Juju Watkins has 212 00:10:04,040 --> 00:10:07,040 Speaker 1: a great team in Clutch Sports surrounding her. But I 213 00:10:07,240 --> 00:10:09,640 Speaker 1: believe that she's the first college athlete to ever have 214 00:10:09,720 --> 00:10:12,800 Speaker 1: a sports team ownership. And with that in mind, I mean, look, 215 00:10:13,120 --> 00:10:15,800 Speaker 1: this is all powered by endorsements, and she's managed her 216 00:10:15,800 --> 00:10:18,720 Speaker 1: money very well so that this opportunity could come about 217 00:10:18,800 --> 00:10:21,560 Speaker 1: and it's crazy. I mean, people were really interested in 218 00:10:21,559 --> 00:10:23,280 Speaker 1: the story. I think it's one of the most read 219 00:10:23,320 --> 00:10:24,800 Speaker 1: stories I've ever had at Bloomberg. 220 00:10:25,040 --> 00:10:26,960 Speaker 4: That's the interesting thing that I remember you saying about, 221 00:10:27,000 --> 00:10:28,200 Speaker 4: why do you think it was? 222 00:10:28,320 --> 00:10:29,400 Speaker 5: Is it the juju of it all? 223 00:10:29,520 --> 00:10:32,200 Speaker 4: Is it the fact that it is, like Michael said, 224 00:10:32,240 --> 00:10:37,200 Speaker 4: this unbelievable thought that a college player could own a team. 225 00:10:37,800 --> 00:10:40,200 Speaker 1: Yes, and I think I have fabulous editors. 226 00:10:42,920 --> 00:10:43,000 Speaker 2: No. 227 00:10:43,120 --> 00:10:46,560 Speaker 1: I think that there is an interest in college sports 228 00:10:46,720 --> 00:10:49,760 Speaker 1: ownership period. I mean, if you can have enough money 229 00:10:49,760 --> 00:10:52,160 Speaker 1: to invest in a sports franchise, people don't think of 230 00:10:52,200 --> 00:10:54,360 Speaker 1: it that way, like, oh, yeah, they're in college their kids. 231 00:10:54,360 --> 00:10:56,000 Speaker 1: But then when you talk about how much money that 232 00:10:56,080 --> 00:10:58,720 Speaker 1: some of these people are making, especially on like the 233 00:10:58,760 --> 00:11:02,000 Speaker 1: women's basketball side of things, I think that it's it's 234 00:11:02,040 --> 00:11:04,839 Speaker 1: shocking that the first person wasn't Caitlyn Clark. And if 235 00:11:04,840 --> 00:11:06,880 Speaker 1: it was not a woman at all, then you would 236 00:11:07,000 --> 00:11:09,559 Speaker 1: your first guest probably would have been Shador Sanders or 237 00:11:09,840 --> 00:11:12,640 Speaker 1: Arch Manning or any of the college football players who 238 00:11:12,640 --> 00:11:16,000 Speaker 1: have been incredibly popular, your last guests, or maybe not 239 00:11:16,080 --> 00:11:18,840 Speaker 1: last guest, but you would not have guessed Juju Watkins first. 240 00:11:19,000 --> 00:11:20,800 Speaker 1: And with that in mind, I mean, she's done, like 241 00:11:20,840 --> 00:11:24,199 Speaker 1: I said, incredibly well. She has multiple brand deals with 242 00:11:24,360 --> 00:11:27,360 Speaker 1: Nike and so many others that are within the story. 243 00:11:27,400 --> 00:11:28,880 Speaker 1: I mean she has so many that I can't remember 244 00:11:28,920 --> 00:11:30,400 Speaker 1: them all off the top of my head. And now 245 00:11:30,400 --> 00:11:34,640 Speaker 1: she is an NWSL Boston Legacy FC owner. So congress 246 00:11:34,679 --> 00:11:35,120 Speaker 1: to Juju. 247 00:11:35,559 --> 00:11:37,640 Speaker 2: Yeah, I mean it's pretty unbelievable. I'm sure we're gonna 248 00:11:37,640 --> 00:11:40,880 Speaker 2: hear you know, you know more examples of this happening, right, 249 00:11:40,880 --> 00:11:43,320 Speaker 2: Michael Barr. I mean college players, I mean they are 250 00:11:43,320 --> 00:11:44,440 Speaker 2: depocketed now for sure. 251 00:11:44,559 --> 00:11:49,920 Speaker 1: Oh yeah, I think potentially, But it depends on you 252 00:11:49,960 --> 00:11:51,560 Speaker 1: have to have an ownership group that wants to do 253 00:11:51,600 --> 00:11:54,280 Speaker 1: this to begin with. And with that in mind, like 254 00:11:54,320 --> 00:11:56,800 Speaker 1: you look at how much WNBA teams are going for 255 00:11:57,000 --> 00:12:00,840 Speaker 1: and will I don't even know if if the rules 256 00:12:00,840 --> 00:12:03,120 Speaker 1: will allow that. Like let's say you're a basketball player, 257 00:12:03,160 --> 00:12:05,520 Speaker 1: a WNBA player, and you want to or excuse me, 258 00:12:05,520 --> 00:12:08,520 Speaker 1: a college basketball player. The rules might not allow that. 259 00:12:08,559 --> 00:12:11,720 Speaker 1: This is a very specific case of NWSL that would 260 00:12:11,720 --> 00:12:14,160 Speaker 1: allow it, And from the college football side of things, 261 00:12:14,160 --> 00:12:16,760 Speaker 1: it would be the exact same things. What actually can 262 00:12:16,880 --> 00:12:19,640 Speaker 1: you buy with your money in college that is not 263 00:12:19,720 --> 00:12:21,920 Speaker 1: going to violate any of the leagues that you're trying 264 00:12:21,920 --> 00:12:23,120 Speaker 1: to get into their rules. 265 00:12:23,120 --> 00:12:26,840 Speaker 4: So the reality is what should be bought into in 266 00:12:26,880 --> 00:12:29,160 Speaker 4: the assets that are going to be valuable are the 267 00:12:29,280 --> 00:12:33,599 Speaker 4: NWSL and maybe women's volleyball, and they wouldn't really you know, 268 00:12:34,360 --> 00:12:37,600 Speaker 4: college football players as in owner exactly. 269 00:12:37,440 --> 00:12:39,600 Speaker 1: Exactly, So Congress, did you do again? 270 00:12:39,960 --> 00:12:43,840 Speaker 7: Abur Thanks to Bloomberg US sports business reporter Randall Williams 271 00:12:43,880 --> 00:12:47,840 Speaker 7: for joining us again. Up next, we turned to sailing 272 00:12:48,240 --> 00:12:51,960 Speaker 7: and talk to Red Bull Italy Sale GP team chairman 273 00:12:52,240 --> 00:12:57,160 Speaker 7: and co owner g and Luca passe d Prepposal for 274 00:12:57,280 --> 00:13:01,120 Speaker 7: Damians Assur and Brnessa Berdobo. I'm Michael Bahm. You're listening 275 00:13:01,160 --> 00:13:04,640 Speaker 7: to the Bloomberg Business of Sports Bloomberg Radio around the world. 276 00:13:08,760 --> 00:13:12,760 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 277 00:13:13,800 --> 00:13:16,480 Speaker 7: This is the Bloomberg Business of Sports where we explore 278 00:13:16,520 --> 00:13:17,359 Speaker 7: the big money. 279 00:13:17,080 --> 00:13:18,920 Speaker 6: Issues in the world of sports. 280 00:13:19,000 --> 00:13:22,160 Speaker 2: I'm Michael barr Don, Damian Swasnor, and I'm Vanessa Perdmo. 281 00:13:22,440 --> 00:13:26,520 Speaker 7: Let's talk sailing. The Sale GP season is winding down 282 00:13:26,600 --> 00:13:29,360 Speaker 7: this month and joining us now to talk about the 283 00:13:29,440 --> 00:13:33,080 Speaker 7: sport and the big money going into it. To Red 284 00:13:33,120 --> 00:13:38,040 Speaker 7: Bull Italy Sale GP team chairman and co owner Gen 285 00:13:38,200 --> 00:13:42,320 Speaker 7: look up Posse dil Preposlow and his team is just 286 00:13:42,400 --> 00:13:47,160 Speaker 7: wrapping up its first season, Gen Loca, Hello, my man, 287 00:13:47,280 --> 00:13:49,120 Speaker 7: welcome to the Bloomberg Business of Sports. 288 00:13:49,600 --> 00:13:51,520 Speaker 6: Thank you so much for having me yesterday. 289 00:13:51,880 --> 00:13:56,600 Speaker 7: This is I love this man. This is Here's why 290 00:13:57,120 --> 00:14:02,240 Speaker 7: Larry Ellison co founded the latest loop you guys with 291 00:14:02,240 --> 00:14:08,040 Speaker 7: with sale GP because the American's Cup only goes every 292 00:14:08,120 --> 00:14:10,760 Speaker 7: four years. This is every year. 293 00:14:11,520 --> 00:14:19,520 Speaker 9: Correct, So like obviously we've been like very lucky to 294 00:14:19,640 --> 00:14:24,840 Speaker 9: have to be in a sported as such a deep history. 295 00:14:25,520 --> 00:14:29,680 Speaker 9: You have to consider the Americans Cup is the third 296 00:14:30,160 --> 00:14:35,320 Speaker 9: all the sport competition in the world after the Olympics 297 00:14:35,440 --> 00:14:39,320 Speaker 9: and Royal Ascot one hundred and seventy six years of history. 298 00:14:41,240 --> 00:14:47,440 Speaker 9: But the issue there and what Larry Realison understood and 299 00:14:47,480 --> 00:14:52,880 Speaker 9: capitalized on, was that the Americans Cup is every four 300 00:14:52,960 --> 00:14:57,320 Speaker 9: years in the middle there was nothing else in terms 301 00:14:57,360 --> 00:15:00,960 Speaker 9: of sailing competition, and so they were, like millions of 302 00:15:02,240 --> 00:15:07,480 Speaker 9: people across the world incredibly passionate about sailing. They were 303 00:15:07,600 --> 00:15:14,160 Speaker 9: left basically or fun after each American's Cup. And was 304 00:15:14,200 --> 00:15:20,480 Speaker 9: not only that what mister Allison understood. It was also 305 00:15:20,520 --> 00:15:27,320 Speaker 9: the fact that he could start a new league getting 306 00:15:27,400 --> 00:15:31,560 Speaker 9: the best ideas from all the sports league out there, 307 00:15:33,280 --> 00:15:36,280 Speaker 9: and that's how the project started in two thousand and 308 00:15:37,320 --> 00:15:43,520 Speaker 9: nineteen with together with Russell Cootz. And now we're only 309 00:15:43,520 --> 00:15:46,320 Speaker 9: in the fifth season, but we're very excited for the 310 00:15:46,360 --> 00:15:47,440 Speaker 9: future of this league. 311 00:15:47,600 --> 00:15:50,360 Speaker 7: And also, you know, you got a name like Larry Ellison, 312 00:15:50,440 --> 00:15:52,920 Speaker 7: co founder of Oracle. You know this is going to 313 00:15:52,920 --> 00:15:53,480 Speaker 7: be a success. 314 00:15:53,520 --> 00:15:55,440 Speaker 4: Oh you know, you know, and he's put a lot 315 00:15:55,480 --> 00:15:57,920 Speaker 4: of passion, a lot of money into this because, like 316 00:15:57,960 --> 00:16:00,720 Speaker 4: you said, he knows that there's this ad there that's 317 00:16:00,880 --> 00:16:04,040 Speaker 4: fervent for something every year. So you said, this is 318 00:16:04,040 --> 00:16:06,320 Speaker 4: the fifth season, but you guys were in your first 319 00:16:06,360 --> 00:16:09,920 Speaker 4: season the Italian team. Tell me how it's been coming 320 00:16:09,920 --> 00:16:13,720 Speaker 4: into this, how you're working with Jimmy and how you 321 00:16:13,800 --> 00:16:17,040 Speaker 4: really got into this sailing venture for yourself. 322 00:16:17,480 --> 00:16:22,360 Speaker 9: Absolutely so, dear friend of mine for twenty years, Accia 323 00:16:22,400 --> 00:16:28,600 Speaker 9: Grazzioli reached out to me both Asci and I we 324 00:16:28,680 --> 00:16:34,120 Speaker 9: are investors, whichever our own fund. But she had an 325 00:16:34,480 --> 00:16:41,040 Speaker 9: amazing background in sports. She's been on the board of 326 00:16:41,160 --> 00:16:45,800 Speaker 9: Juventus for nine years and when she started her fund, 327 00:16:45,800 --> 00:16:51,600 Speaker 9: the Music Capital, she started investing in woman sports and 328 00:16:52,000 --> 00:16:56,280 Speaker 9: she reached out to me. This was about two years ago. 329 00:16:56,880 --> 00:16:59,320 Speaker 9: She told me about this league, and there is a 330 00:16:59,640 --> 00:17:05,119 Speaker 9: big story between us because we've been friends, as I said, 331 00:17:05,480 --> 00:17:09,359 Speaker 9: many many years, but only about three years ago. She 332 00:17:09,560 --> 00:17:15,720 Speaker 9: was visiting my hometown, Reviso in Italy. I was not there, 333 00:17:15,800 --> 00:17:19,960 Speaker 9: but it was like saying hi to my parents. And 334 00:17:20,040 --> 00:17:23,720 Speaker 9: the office of my father was a picture on the 335 00:17:23,720 --> 00:17:28,280 Speaker 9: wall with him on a sailing boat, a black and 336 00:17:28,320 --> 00:17:33,040 Speaker 9: white picture for many years before, and she asked, what's 337 00:17:33,080 --> 00:17:36,359 Speaker 9: this picture about, Well, my father, because well this picture 338 00:17:36,400 --> 00:17:41,760 Speaker 9: it's me in the first with Bread race race around 339 00:17:41,760 --> 00:17:45,480 Speaker 9: the world, nineteen seventy three. And she looked at him 340 00:17:45,560 --> 00:17:50,840 Speaker 9: as well, my father also did the first with bread racing. 341 00:17:52,080 --> 00:17:53,680 Speaker 6: I ended up that. 342 00:17:55,119 --> 00:17:59,720 Speaker 9: Our two father were on the same boat, but in 343 00:18:00,200 --> 00:18:04,120 Speaker 9: two different legs of the race. So my father did 344 00:18:04,280 --> 00:18:07,880 Speaker 9: port move to Cape Town. Just to give a context, 345 00:18:08,080 --> 00:18:13,560 Speaker 9: it was like forty three days of sailing without touching lens. 346 00:18:13,840 --> 00:18:16,040 Speaker 6: It was like unthinkable right. 347 00:18:16,520 --> 00:18:22,560 Speaker 9: Nowadays, and without many instruments. Her father, if I'm not wrong, 348 00:18:22,840 --> 00:18:29,840 Speaker 9: she did like Rio de Janeiro to Sydney, and so 349 00:18:32,280 --> 00:18:37,840 Speaker 9: they never met. We basically have them meet last year 350 00:18:38,200 --> 00:18:42,159 Speaker 9: at CGP, where we didn't have yet the team, but 351 00:18:42,280 --> 00:18:42,760 Speaker 9: there was. 352 00:18:42,680 --> 00:18:44,520 Speaker 6: A credible connection. 353 00:18:44,840 --> 00:18:51,359 Speaker 9: Yeah, and so that was the first park she called 354 00:18:51,400 --> 00:18:56,360 Speaker 9: me to invest in the US team. When Mark Lazari 355 00:18:57,280 --> 00:19:02,520 Speaker 9: with Avenue Capital decide to buy the team, my comment 356 00:19:02,840 --> 00:19:05,720 Speaker 9: was that I was interested in the league at the 357 00:19:05,760 --> 00:19:12,359 Speaker 9: same time, I would have loved to see if Larry 358 00:19:12,359 --> 00:19:16,960 Speaker 9: Alison now and Russell Wotz basically we're going to launch 359 00:19:17,200 --> 00:19:18,160 Speaker 9: an Italian team. 360 00:19:18,560 --> 00:19:20,360 Speaker 2: Well well, John Luca, let me let me just chime 361 00:19:20,400 --> 00:19:22,840 Speaker 2: in here. We keep mentioning Larry Ellison, and we keep 362 00:19:22,880 --> 00:19:25,320 Speaker 2: mentioning people like Mark Lasry. But I'm gonna go I'm 363 00:19:25,320 --> 00:19:28,520 Speaker 2: gonna go even further. I mean, the bonds flying Ruse, 364 00:19:28,600 --> 00:19:31,680 Speaker 2: Hugh Jackman and Ryan Reynolds, Killian Bape, I believe is 365 00:19:31,720 --> 00:19:35,000 Speaker 2: an owner of the French team, Sebastian Vettl the German team. 366 00:19:35,280 --> 00:19:38,200 Speaker 2: I think Anne Hathaway is somehow involved with you and 367 00:19:38,240 --> 00:19:41,280 Speaker 2: the Italian team. I mean, these aren't just nobodies, right, 368 00:19:41,280 --> 00:19:44,359 Speaker 2: So it's commanding the attention of you know, real investors 369 00:19:44,400 --> 00:19:46,320 Speaker 2: and real people alike. And you know, I just have 370 00:19:46,400 --> 00:19:48,000 Speaker 2: to ask your question, you know, when you when you're 371 00:19:48,000 --> 00:19:50,240 Speaker 2: thinking about the growth of the league right and the 372 00:19:50,280 --> 00:19:52,719 Speaker 2: league right now has twelve teams, you know, twelve countries 373 00:19:52,720 --> 00:19:56,160 Speaker 2: effectively represented, and I don't know how many races there are, 374 00:19:56,200 --> 00:19:58,000 Speaker 2: but I mean it's pretty much you know, been going 375 00:19:58,040 --> 00:20:00,399 Speaker 2: on all year. We're building to Abu Dhab at the 376 00:20:00,480 --> 00:20:03,439 Speaker 2: end of November. Talk to us about the excitement around 377 00:20:03,440 --> 00:20:05,600 Speaker 2: this final match. I mean, how many teams are left 378 00:20:05,640 --> 00:20:07,639 Speaker 2: in it? Who are you you know, who do you 379 00:20:07,640 --> 00:20:09,320 Speaker 2: think is gonna win the league this year? I mean, 380 00:20:09,320 --> 00:20:10,359 Speaker 2: it's pretty unbelievable. 381 00:20:10,640 --> 00:20:12,000 Speaker 6: It's pretty tight. 382 00:20:12,200 --> 00:20:16,920 Speaker 9: There are like three teams UK team, New Zealand team 383 00:20:16,960 --> 00:20:22,000 Speaker 9: and Australian team Black Foss. Yeah they are like the 384 00:20:22,040 --> 00:20:26,080 Speaker 9: Spanish team are just a little bit behind. But it's 385 00:20:26,119 --> 00:20:32,560 Speaker 9: gonna be a tight like finish, like last thrace of 386 00:20:32,600 --> 00:20:32,960 Speaker 9: the year. 387 00:20:34,200 --> 00:20:37,359 Speaker 2: So what happened yet the Saturday where all twelve teams participate, 388 00:20:37,400 --> 00:20:38,880 Speaker 2: but then only three teams. 389 00:20:39,400 --> 00:20:42,919 Speaker 9: Well basically there are like four race on Saturday and 390 00:20:43,000 --> 00:20:48,240 Speaker 9: then four race Sunday. Like also very important to say 391 00:20:48,520 --> 00:20:52,160 Speaker 9: is a very short format, so it's fifteen minutes per 392 00:20:52,280 --> 00:20:57,280 Speaker 9: race back to back and then on Sunday there is 393 00:20:58,359 --> 00:21:00,639 Speaker 9: the final. In particular in audh it's going to be 394 00:21:00,760 --> 00:21:05,439 Speaker 9: the season final for with the last three teams and 395 00:21:05,480 --> 00:21:07,440 Speaker 9: they're going to compete for the big price that is 396 00:21:07,480 --> 00:21:08,840 Speaker 9: two million dollars. 397 00:21:08,640 --> 00:21:10,719 Speaker 2: After that Grand Final race is a winner take all 398 00:21:10,800 --> 00:21:11,639 Speaker 2: between three teams. 399 00:21:11,680 --> 00:21:14,159 Speaker 6: If I'm not mistaken, I mean that exciting stuff. 400 00:21:14,240 --> 00:21:16,320 Speaker 2: Yeah, I mean unbelievable. 401 00:21:16,119 --> 00:21:21,400 Speaker 9: And yeah to basically what you just said that these 402 00:21:21,720 --> 00:21:27,760 Speaker 9: concentration also of talents from entertainment from sports. Again, it 403 00:21:27,920 --> 00:21:31,800 Speaker 9: was because when you look at this league, there are 404 00:21:32,320 --> 00:21:37,880 Speaker 9: few characteristics that make it very unique and first of all, 405 00:21:38,119 --> 00:21:43,000 Speaker 9: very center on make the team profitable in the short term, 406 00:21:43,040 --> 00:21:46,800 Speaker 9: which you guys know very well. It's a big challenge 407 00:21:46,840 --> 00:21:48,800 Speaker 9: for sports team to create that. 408 00:21:49,520 --> 00:21:54,840 Speaker 7: Now I want to explain very quickly the teams that 409 00:21:54,920 --> 00:21:57,720 Speaker 7: are in the lead, the Emirates they are at eighty five, 410 00:21:57,840 --> 00:22:02,800 Speaker 7: the Black Foils at eighty two, the Bonds Flying. 411 00:22:02,520 --> 00:22:04,960 Speaker 6: Ruse at eighty Love that name, I love. 412 00:22:05,000 --> 00:22:09,360 Speaker 7: That is pretty good. But now unfortunately you guys are 413 00:22:09,400 --> 00:22:11,720 Speaker 7: out of it because you guys are in tenth place. 414 00:22:12,280 --> 00:22:14,280 Speaker 7: But I have to ask, now, I'm not trying to 415 00:22:14,280 --> 00:22:18,760 Speaker 7: embarrass the United States team. Do you get negative four 416 00:22:19,760 --> 00:22:22,560 Speaker 7: on the board? I mean, what did they like go 417 00:22:22,680 --> 00:22:26,600 Speaker 7: backwards or something or what happened? How do you score 418 00:22:26,720 --> 00:22:27,320 Speaker 7: negative four? 419 00:22:27,800 --> 00:22:28,280 Speaker 6: Negative? 420 00:22:28,800 --> 00:22:32,760 Speaker 9: Because you can get a lot of the penalties during 421 00:22:32,800 --> 00:22:40,280 Speaker 9: the race for many different reasons. And well, the US team, 422 00:22:40,480 --> 00:22:43,800 Speaker 9: you know is you know, the ownership of Marc Lasi 423 00:22:43,920 --> 00:22:47,560 Speaker 9: is also pretty recent to twenty a half years and 424 00:22:47,600 --> 00:22:50,200 Speaker 9: it takes time, Like people don't realize from outside, these 425 00:22:50,240 --> 00:22:53,400 Speaker 9: are the most difficult sailing boats. 426 00:22:53,000 --> 00:23:00,000 Speaker 6: To drive in the world. And you know, for it's. 427 00:23:00,040 --> 00:23:02,400 Speaker 9: It takes like at least a two or three season, 428 00:23:02,520 --> 00:23:07,639 Speaker 9: especially for a new team to perform at best, because 429 00:23:07,680 --> 00:23:10,480 Speaker 9: you need you have six people on the boat and 430 00:23:10,800 --> 00:23:14,880 Speaker 9: everyone needs to be very coordinated. At the same time 431 00:23:15,320 --> 00:23:18,800 Speaker 9: you're flying on the water at you know, sixty miles 432 00:23:18,840 --> 00:23:19,160 Speaker 9: an hour. 433 00:23:19,880 --> 00:23:22,160 Speaker 7: And I'm not trying to do embarrass the United States team, 434 00:23:22,200 --> 00:23:23,080 Speaker 7: but it just. 435 00:23:23,000 --> 00:23:23,680 Speaker 1: God a great job. 436 00:23:24,200 --> 00:23:27,119 Speaker 7: But I saw the scoring and I'm like, and you 437 00:23:27,240 --> 00:23:30,000 Speaker 7: have to understand, I'm a big alder racing nut. I 438 00:23:30,000 --> 00:23:35,280 Speaker 7: have never seen a negative for any driver when you're 439 00:23:35,280 --> 00:23:38,280 Speaker 7: coming to the show. But because of the scoring system, 440 00:23:38,359 --> 00:23:41,560 Speaker 7: like you said, that's the way it is. But it's 441 00:23:41,680 --> 00:23:42,760 Speaker 7: but it's going to be exciting. 442 00:23:42,880 --> 00:23:44,919 Speaker 4: I mean, it's definitely really exciting. Also, like you were 443 00:23:44,960 --> 00:23:48,000 Speaker 4: mentioning how fast the boats go, but how big the 444 00:23:48,040 --> 00:23:50,680 Speaker 4: boats are. I mean, you really you can't really see 445 00:23:50,680 --> 00:23:52,879 Speaker 4: it until you're actually there in person, and the in 446 00:23:52,920 --> 00:23:55,520 Speaker 4: person experience is really amazing. But one of the things 447 00:23:55,520 --> 00:23:57,640 Speaker 4: I wanted to ask you about as when we're talking 448 00:23:57,640 --> 00:24:00,280 Speaker 4: about the different teams is, like you mentioned us, say 449 00:24:00,480 --> 00:24:03,240 Speaker 4: Italy Australia as a team, New Zeum as a team. 450 00:24:03,600 --> 00:24:05,720 Speaker 4: There are all these different countries that are represented, but 451 00:24:05,800 --> 00:24:10,879 Speaker 4: each team isn't necessarily only represented by athletes from that country. 452 00:24:11,200 --> 00:24:13,920 Speaker 4: How do you think that is an advantage disadvantage when 453 00:24:13,920 --> 00:24:17,000 Speaker 4: you have teams that are representing a country, but sometimes 454 00:24:17,080 --> 00:24:19,720 Speaker 4: the drivers or people on the team aren't necessarily from there. 455 00:24:20,160 --> 00:24:24,280 Speaker 4: Why isn't it not just you know, team names, sponsors 456 00:24:24,359 --> 00:24:27,920 Speaker 4: or whatever. Why is it important to have the nations representatives? 457 00:24:28,680 --> 00:24:30,200 Speaker 6: There was one of the characteristics. 458 00:24:30,280 --> 00:24:33,840 Speaker 9: You can have obviously people from other nations, but you 459 00:24:33,880 --> 00:24:37,160 Speaker 9: need to have at least like half of the team 460 00:24:37,320 --> 00:24:41,800 Speaker 9: on board, that is to represent the country of the 461 00:24:41,920 --> 00:24:48,240 Speaker 9: nationality of the team. The five characteristics that I want 462 00:24:48,280 --> 00:24:50,679 Speaker 9: to talk about that that are that made unique the 463 00:24:50,760 --> 00:24:55,879 Speaker 9: league are men and women on the same team. There 464 00:24:55,920 --> 00:24:58,800 Speaker 9: are very few leagues that men and women compete in 465 00:24:58,840 --> 00:25:03,800 Speaker 9: the same teams only one boat per nation, so that 466 00:25:03,880 --> 00:25:08,040 Speaker 9: creates carcity but also make the all effect where you 467 00:25:08,160 --> 00:25:12,480 Speaker 9: have all the people from the country like supporting their 468 00:25:12,520 --> 00:25:18,359 Speaker 9: own team. Every boaty is exactly the same by the 469 00:25:18,560 --> 00:25:25,040 Speaker 9: millimeter like weight and all carbon fiber. It's They're built 470 00:25:25,080 --> 00:25:30,800 Speaker 9: in Southampton in England, spectacular location around the world. San 471 00:25:30,800 --> 00:25:38,720 Speaker 9: Troperio Dejaneiro, abud Abbi caddies awfully very soon in Italy 472 00:25:40,560 --> 00:25:45,439 Speaker 9: and cup expense. That's the other the other characteristic our. 473 00:25:45,560 --> 00:25:48,320 Speaker 4: Thanks to g and look up Assi de Proposalo for 474 00:25:48,440 --> 00:25:50,880 Speaker 4: joining us. He's chairman and co owner of the Red 475 00:25:50,920 --> 00:25:52,840 Speaker 4: Bull Italy sale GPTE up. 476 00:25:52,880 --> 00:25:56,400 Speaker 7: Next we hear from Tennis Legends, Sermena Williams for Damian's 477 00:25:56,440 --> 00:25:59,960 Speaker 7: ass hour and Brnessa Verdomo. I'm Michael Barr. You are 478 00:26:00,200 --> 00:26:04,280 Speaker 7: listening to the Bloomberg Business of Sports Bloomberg Radio around 479 00:26:04,320 --> 00:26:04,840 Speaker 7: the world. 480 00:26:08,760 --> 00:26:12,760 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 481 00:26:14,280 --> 00:26:16,800 Speaker 7: Thanks for joining us on the Bloomberg Business of Sports, 482 00:26:16,800 --> 00:26:19,720 Speaker 7: where we explore the big money issues and the real 483 00:26:19,760 --> 00:26:20,200 Speaker 7: to sports. 484 00:26:20,240 --> 00:26:22,199 Speaker 2: I'm Michael Ballin and I'm Vanessa Prodemo. 485 00:26:22,520 --> 00:26:27,480 Speaker 7: Nearly a decade after launching Serena Ventures, Serena Williams is 486 00:26:27,560 --> 00:26:30,440 Speaker 7: channeling her competitive spirit into investing. 487 00:26:30,800 --> 00:26:33,639 Speaker 4: Bloomberg TV anchor Danny Berger recently got a chance to 488 00:26:33,680 --> 00:26:36,800 Speaker 4: sit down with Serena at the American Business Forum in Miami. 489 00:26:37,119 --> 00:26:39,160 Speaker 4: Let's take a listen to a little bit of their conversation. 490 00:26:39,680 --> 00:26:42,000 Speaker 3: I feel like I've always thought of me as a businesswoman. 491 00:26:42,080 --> 00:26:44,960 Speaker 3: I think when it came to sport and when it 492 00:26:45,000 --> 00:26:50,160 Speaker 3: came to things that I did in sport in particular, Listen, 493 00:26:50,200 --> 00:26:51,360 Speaker 3: my job was a business. 494 00:26:51,680 --> 00:26:51,879 Speaker 7: You know. 495 00:26:51,920 --> 00:26:54,320 Speaker 3: It wasn't for me just about going out there and 496 00:26:54,400 --> 00:26:58,399 Speaker 3: hitting tennis balls and winning. Obviously that was the biggest 497 00:26:58,440 --> 00:27:01,120 Speaker 3: part of it, but it was also really about being 498 00:27:01,119 --> 00:27:04,240 Speaker 3: a business, being an entrepreneur. And at the time when 499 00:27:04,240 --> 00:27:06,760 Speaker 3: I was doing all this, there was lots of things 500 00:27:06,760 --> 00:27:08,880 Speaker 3: and lots of people saying that you have to focus 501 00:27:08,960 --> 00:27:12,239 Speaker 3: only on tennis, that you can't do other things. You 502 00:27:12,280 --> 00:27:15,400 Speaker 3: can't have this other stuff, you can't be an entrepreneur, 503 00:27:15,440 --> 00:27:16,960 Speaker 3: you can't think about other businesses. 504 00:27:17,000 --> 00:27:19,439 Speaker 8: You really just have to do tennis. And I pushed 505 00:27:19,440 --> 00:27:22,320 Speaker 8: that envelope and I said, you know what, that's not me. 506 00:27:22,960 --> 00:27:24,000 Speaker 8: I am a kind of person. 507 00:27:24,160 --> 00:27:26,520 Speaker 3: I was taught from an early age, actually from my father, 508 00:27:27,000 --> 00:27:29,280 Speaker 3: that it was really important to have a plan b 509 00:27:30,040 --> 00:27:33,040 Speaker 3: I don't know if you thought that I would do 510 00:27:33,200 --> 00:27:35,280 Speaker 3: decent and tennis or not. Maybe that's why he told 511 00:27:35,280 --> 00:27:36,159 Speaker 3: me I needed a plan B. 512 00:27:36,960 --> 00:27:39,240 Speaker 8: But that's something that kind of always stuck with me. 513 00:27:39,359 --> 00:27:41,440 Speaker 3: And so when it came to what I wanted to 514 00:27:41,480 --> 00:27:43,800 Speaker 3: do in sport, whether it was fashion or whether it 515 00:27:43,880 --> 00:27:47,879 Speaker 3: was design, or whether it was investing, it was something 516 00:27:47,920 --> 00:27:52,360 Speaker 3: that was always going to be this entrepreneur and now 517 00:27:52,400 --> 00:27:55,879 Speaker 3: the new modern athlete. If you think about the modern athlete, 518 00:27:55,920 --> 00:27:59,560 Speaker 3: if they're only playing their sport, then now that's round 519 00:27:59,560 --> 00:28:00,000 Speaker 3: and part. 520 00:28:00,440 --> 00:28:02,480 Speaker 8: So I love seeing the difference. 521 00:28:02,040 --> 00:28:05,680 Speaker 3: Of how it started versus how you know, people look 522 00:28:05,720 --> 00:28:07,359 Speaker 3: at sport as an athlete. 523 00:28:06,960 --> 00:28:08,520 Speaker 8: Now, I mean, what a plan be. 524 00:28:08,920 --> 00:28:11,080 Speaker 5: A lot of people spend all their lives even having 525 00:28:11,080 --> 00:28:14,479 Speaker 5: that as their plan A, but decided to make it 526 00:28:14,720 --> 00:28:17,440 Speaker 5: your plan A. When you announced in twenty twenty two 527 00:28:17,480 --> 00:28:19,919 Speaker 5: that you'd be stepping off the court, did you have 528 00:28:19,960 --> 00:28:23,080 Speaker 5: any hesitation or any concerns about leaving tennis behind. 529 00:28:23,440 --> 00:28:24,200 Speaker 8: Absolutely. 530 00:28:24,400 --> 00:28:27,240 Speaker 3: You know, my whole life has been tennis up until 531 00:28:27,240 --> 00:28:31,879 Speaker 3: when I retired, and I always thought I actually never 532 00:28:31,960 --> 00:28:32,560 Speaker 3: knew when it. 533 00:28:32,480 --> 00:28:33,080 Speaker 7: Was going to happen. 534 00:28:33,119 --> 00:28:34,880 Speaker 8: I always wanted to retire. 535 00:28:34,520 --> 00:28:38,520 Speaker 3: But I actually never did it because it just wasn't realistic. 536 00:28:38,640 --> 00:28:41,800 Speaker 3: Like my imagine growing up from as long as you 537 00:28:41,840 --> 00:28:45,200 Speaker 3: can remember having a tennis racket in your hand, and 538 00:28:45,240 --> 00:28:49,719 Speaker 3: then one day it's just done and it's you know, 539 00:28:49,960 --> 00:28:52,400 Speaker 3: the thing is, you expect it from the moment you 540 00:28:52,440 --> 00:28:55,040 Speaker 3: have that tennis racket in your hand, but you never 541 00:28:55,400 --> 00:28:58,480 Speaker 3: really expected until it's over. It's just this weird kind 542 00:28:58,520 --> 00:28:59,680 Speaker 3: of weird feeling. 543 00:29:00,400 --> 00:29:03,600 Speaker 7: That's tennis legend. Serena william speaking with our own Danny 544 00:29:03,640 --> 00:29:06,720 Speaker 7: Burger recently in Miami at the American Business Forum. 545 00:29:07,080 --> 00:29:09,560 Speaker 4: For more about the event and that conversation with Serena, 546 00:29:09,640 --> 00:29:12,240 Speaker 4: we welcome Bloomberg TV anchor Danny Berger. 547 00:29:12,560 --> 00:29:17,600 Speaker 7: Danny kay Back, I couldn't resist welcome back to the 548 00:29:17,600 --> 00:29:19,040 Speaker 7: Bloomberg Business of Sports. 549 00:29:19,080 --> 00:29:20,280 Speaker 5: Thank you for having me, Michael. 550 00:29:20,600 --> 00:29:25,480 Speaker 7: You you had Serena Williams on and she laid some 551 00:29:25,600 --> 00:29:29,880 Speaker 7: knowledge of from playing tennis to being a very stout 552 00:29:29,920 --> 00:29:30,520 Speaker 7: business woman. 553 00:29:30,560 --> 00:29:34,160 Speaker 5: Tell us a litot, what an impressive person Serena Williams is. 554 00:29:34,520 --> 00:29:37,040 Speaker 5: I started out by asking her this question of when 555 00:29:37,080 --> 00:29:39,680 Speaker 5: did you think about yourself as a business woman? She 556 00:29:39,840 --> 00:29:43,120 Speaker 5: was like always, of course, I mean this is someone 557 00:29:43,160 --> 00:29:47,360 Speaker 5: who when she was sixteen years old negotiated with her 558 00:29:47,400 --> 00:29:52,120 Speaker 5: father her own Puma sneaker endorsement deal. She started investing 559 00:29:52,160 --> 00:29:55,200 Speaker 5: while she was still playing tennis. She tells the story 560 00:29:55,240 --> 00:29:57,880 Speaker 5: about her walking to the center court at Wimbledon on 561 00:29:58,000 --> 00:30:00,440 Speaker 5: the phone with an investor and the investor being a like, hey, hey, 562 00:30:00,480 --> 00:30:01,880 Speaker 5: where are you by the way, and she's like, I'm 563 00:30:01,960 --> 00:30:05,400 Speaker 5: just about to go play at Wimbledon. But as with 564 00:30:05,560 --> 00:30:07,719 Speaker 5: much of her life, a lot of it was formed 565 00:30:07,760 --> 00:30:10,920 Speaker 5: and shaped by her dad. Anyone who's watched the excellent 566 00:30:10,960 --> 00:30:13,200 Speaker 5: movie King Richard would know very well about this, And 567 00:30:13,240 --> 00:30:15,240 Speaker 5: she said that her dad had always told her you 568 00:30:15,320 --> 00:30:18,480 Speaker 5: need a plan B, so very quickly investing was her 569 00:30:18,520 --> 00:30:20,400 Speaker 5: plan B. So she's been doing it for a while. 570 00:30:20,840 --> 00:30:23,120 Speaker 5: She announced that she was stepping aside and retiring from 571 00:30:23,120 --> 00:30:26,400 Speaker 5: tennis in twenty twenty two, so plan B becomes plan A, 572 00:30:26,560 --> 00:30:29,040 Speaker 5: which of course is hilarious because people spend their entire 573 00:30:29,120 --> 00:30:32,680 Speaker 5: lives hoping that investing is their plan A, and for her, 574 00:30:32,720 --> 00:30:34,960 Speaker 5: it was like kind of the backup retirement option. 575 00:30:35,080 --> 00:30:37,360 Speaker 4: Right, Which is funny because when you guys were talking 576 00:30:37,400 --> 00:30:39,960 Speaker 4: she kind of you asked her about it, and you asked, like, well, 577 00:30:40,000 --> 00:30:42,280 Speaker 4: do people kind of say you don't belong in this 578 00:30:42,320 --> 00:30:44,520 Speaker 4: world because of exactly what we're saying. People work their 579 00:30:44,560 --> 00:30:46,560 Speaker 4: whole lives to be in it, and she just so 580 00:30:46,720 --> 00:30:49,240 Speaker 4: happened to be in a position to join in this 581 00:30:49,360 --> 00:30:50,520 Speaker 4: space as an athlete. 582 00:30:50,640 --> 00:30:52,880 Speaker 5: Yeah, and she said this thing that I thought was 583 00:30:52,880 --> 00:30:56,680 Speaker 5: interesting that athletes, maybe when she was doing it, were 584 00:30:56,760 --> 00:30:58,400 Speaker 5: kind of looked down upon, being like, why would you 585 00:30:58,400 --> 00:31:01,360 Speaker 5: be investing? And now if an athlete, you gotta have 586 00:31:01,400 --> 00:31:04,240 Speaker 5: a side hustle. I mean, it feels like everybody does 587 00:31:04,760 --> 00:31:08,120 Speaker 5: in this world, whether they're becoming investors or otherwise. I 588 00:31:08,200 --> 00:31:11,880 Speaker 5: still think though it's become really hot for celebrities, and 589 00:31:11,920 --> 00:31:14,000 Speaker 5: I should just say Serena Williams doesn't like to consider 590 00:31:14,040 --> 00:31:15,840 Speaker 5: herself a celebrity, but I don't know what else. Okay, 591 00:31:16,000 --> 00:31:17,800 Speaker 5: if not, or at least she doesn't like to be 592 00:31:17,800 --> 00:31:20,120 Speaker 5: called it. But let's say public figures. A lot of 593 00:31:20,160 --> 00:31:24,280 Speaker 5: public figures are starting investment funds Snoop Dogg has one, 594 00:31:24,360 --> 00:31:26,320 Speaker 5: Tom Brady has one, which, by the way, just bought 595 00:31:26,360 --> 00:31:29,200 Speaker 5: a cleaning product from Pitbull called Clean Boss for whatever 596 00:31:29,200 --> 00:31:29,600 Speaker 5: that's worth. 597 00:31:29,880 --> 00:31:30,840 Speaker 8: So there's all these. 598 00:31:30,720 --> 00:31:33,680 Speaker 5: Things happening, and a lot of them haven't been successful. 599 00:31:33,720 --> 00:31:38,440 Speaker 5: I mean, Kim Kardashian had her Sky Partner's fund. They 600 00:31:38,480 --> 00:31:41,680 Speaker 5: really struggle to raise money. They struggled to find anything 601 00:31:41,720 --> 00:31:44,880 Speaker 5: to buy. So just by having a celebrity name on 602 00:31:44,920 --> 00:31:47,720 Speaker 5: the door does not get you there. It doesn't mean 603 00:31:47,760 --> 00:31:49,960 Speaker 5: that you're automatically going to get investors, and maybe even 604 00:31:49,960 --> 00:31:52,120 Speaker 5: the opposite. People are skeptical of it. And I think 605 00:31:52,440 --> 00:31:56,000 Speaker 5: Serena Williams is very cognizant of that and has surrounded 606 00:31:56,040 --> 00:31:59,600 Speaker 5: herself with people that will lift her and help her 607 00:31:59,680 --> 00:32:02,360 Speaker 5: do the work and is not just relying on her 608 00:32:02,440 --> 00:32:03,320 Speaker 5: name to get things done. 609 00:32:04,120 --> 00:32:07,400 Speaker 7: There was a story that tickled me about Serena Williams, 610 00:32:07,840 --> 00:32:10,880 Speaker 7: and of course, you know she's got these big old 611 00:32:11,040 --> 00:32:14,240 Speaker 7: fat checks and she's going through the drive through of 612 00:32:14,280 --> 00:32:18,040 Speaker 7: her bank to hand the check over to deposit, and 613 00:32:18,080 --> 00:32:21,840 Speaker 7: the people at the bank are like, uh, missus Williams, 614 00:32:21,880 --> 00:32:25,400 Speaker 7: you need to come in the bank. But it seems 615 00:32:25,440 --> 00:32:28,960 Speaker 7: like there was a lot that you guys covered, especially 616 00:32:29,160 --> 00:32:33,600 Speaker 7: about the new investments that she is getting into. 617 00:32:34,040 --> 00:32:37,040 Speaker 5: Yeah, she kind of talked about that everything she needs 618 00:32:37,080 --> 00:32:41,560 Speaker 5: to feel personally passionate about. One thing that it did 619 00:32:41,600 --> 00:32:43,880 Speaker 5: strike me is, I don't know if odd's the right word, 620 00:32:44,000 --> 00:32:46,920 Speaker 5: but telling of the moment, she said that all of 621 00:32:47,000 --> 00:32:48,880 Speaker 5: the companies that she invests in need to have an 622 00:32:48,880 --> 00:32:52,040 Speaker 5: AI plan, which I'm gonna be honest feels odd for 623 00:32:52,080 --> 00:32:55,840 Speaker 5: her VC fund because it is very kind of consumery companies. 624 00:32:55,840 --> 00:32:58,280 Speaker 5: The whole idea behind it is it's investing for the 625 00:32:58,360 --> 00:33:00,640 Speaker 5: ninety eight percent, so not the top two percent. So 626 00:33:00,640 --> 00:33:02,880 Speaker 5: that means a lot of women, a lot of minorities, 627 00:33:02,880 --> 00:33:04,120 Speaker 5: a lot of lower income people. 628 00:33:04,200 --> 00:33:04,520 Speaker 3: Some of that. 629 00:33:04,600 --> 00:33:07,240 Speaker 5: I'm like, do these companies need an AI plan? But 630 00:33:07,280 --> 00:33:09,760 Speaker 5: she said yeah, she wants to hear an AI plan 631 00:33:09,880 --> 00:33:13,520 Speaker 5: from everyone coming in, and she considers herself a technophile, 632 00:33:13,600 --> 00:33:16,200 Speaker 5: so she thinks about these things a lot. So that's 633 00:33:16,280 --> 00:33:18,200 Speaker 5: kind of the area that she's thinking of pushing into. 634 00:33:18,280 --> 00:33:20,200 Speaker 5: She has also been doing a lot of sports investing. 635 00:33:20,280 --> 00:33:21,760 Speaker 5: It's something she's done for a while. She's had a 636 00:33:21,760 --> 00:33:24,560 Speaker 5: stake in the Miami Dolphins for some time. She's also 637 00:33:24,960 --> 00:33:29,080 Speaker 5: invested in a new Toronto WMBA team. I asked her 638 00:33:29,080 --> 00:33:31,360 Speaker 5: the thesis behind it. Honestly, it kind of sounds like 639 00:33:31,400 --> 00:33:33,840 Speaker 5: she was more or less just like, I know sports 640 00:33:33,840 --> 00:33:35,600 Speaker 5: really well, so I know what I'm doing, all right. 641 00:33:35,480 --> 00:33:37,440 Speaker 7: Well, I'm mad at the Miami Dolphins, right now because 642 00:33:37,440 --> 00:33:41,360 Speaker 7: they knocked out my Buffalo bills in the Oh my goodness, 643 00:33:41,480 --> 00:33:45,880 Speaker 7: my survivor pool. That wasn't supposed that. Okay, I'm shutting 644 00:33:45,920 --> 00:33:47,000 Speaker 7: up now. 645 00:33:47,280 --> 00:33:49,840 Speaker 4: No, I think that one of the things that's interesting 646 00:33:49,840 --> 00:33:52,640 Speaker 4: that you were talking about, like when you talked about earlier, 647 00:33:52,800 --> 00:33:54,320 Speaker 4: was that she feels like everyone has to have a 648 00:33:54,360 --> 00:33:56,280 Speaker 4: side hustle now or not her, but like in general, 649 00:33:56,320 --> 00:33:58,720 Speaker 4: all athletes they have a side hustle. But back when 650 00:33:58,760 --> 00:34:01,920 Speaker 4: she started it, you did. Necessarily it wasn't the norm. 651 00:34:02,240 --> 00:34:04,800 Speaker 4: But also people weren't making as much money back then. 652 00:34:04,920 --> 00:34:07,320 Speaker 4: People are making way more money now. Why do you 653 00:34:07,320 --> 00:34:09,400 Speaker 4: think they need to have side hustles now or feel 654 00:34:09,400 --> 00:34:09,759 Speaker 4: like they do. 655 00:34:10,200 --> 00:34:14,320 Speaker 5: Maybe it's just that the path has been paved for them. 656 00:34:14,760 --> 00:34:18,120 Speaker 5: That there are many examples of athletes who have gone 657 00:34:18,160 --> 00:34:20,759 Speaker 5: out and done this where before it wasn't really a thing. 658 00:34:20,840 --> 00:34:23,279 Speaker 5: I mean, the way you made money was more than 659 00:34:23,320 --> 00:34:26,800 Speaker 5: Michael Jordan model that you had endorsements, and that's still 660 00:34:26,840 --> 00:34:30,680 Speaker 5: the model, right of a lot of these athletes making money. 661 00:34:30,719 --> 00:34:34,640 Speaker 5: But you look, you know at soccer and taking steaks 662 00:34:34,680 --> 00:34:38,520 Speaker 5: in American soccer teams. You know, that's obviously very popular 663 00:34:38,560 --> 00:34:43,040 Speaker 5: now for an emerging sport. You have Andrea Agassi having 664 00:34:43,040 --> 00:34:46,000 Speaker 5: a steak in pickleball. Everywhere you kind of look AT's 665 00:34:46,040 --> 00:34:48,400 Speaker 5: not just about endorsements. It's about owning a piece of 666 00:34:48,440 --> 00:34:50,919 Speaker 5: something or starting your own funds. But again, I would 667 00:34:50,920 --> 00:34:54,480 Speaker 5: just say that starting funds at the moment, for these celebrities, 668 00:34:54,520 --> 00:34:57,080 Speaker 5: it's a moment where private equity and private capital is 669 00:34:57,160 --> 00:35:00,160 Speaker 5: really really challenged. They're all really struggling to raise funds, 670 00:35:00,640 --> 00:35:03,839 Speaker 5: so I think that is a more trying time for them. 671 00:35:03,880 --> 00:35:05,640 Speaker 5: It used to be that anybody could start a fund 672 00:35:05,640 --> 00:35:07,600 Speaker 5: and you have celebrity power, and that's awesome too. I 673 00:35:07,640 --> 00:35:09,920 Speaker 5: think it's a little bit more difficult to do that 674 00:35:10,000 --> 00:35:11,800 Speaker 5: at the moment. So a lot of people are still 675 00:35:11,840 --> 00:35:13,799 Speaker 5: trying to do it because again, that path has been 676 00:35:13,880 --> 00:35:15,360 Speaker 5: laid out for them. But I think it is getting 677 00:35:15,360 --> 00:35:17,879 Speaker 5: more difficult for some of these celebrities to branch out 678 00:35:17,880 --> 00:35:19,560 Speaker 5: into different side hustles as it were. 679 00:35:19,960 --> 00:35:23,480 Speaker 7: So what I have learned from this interview is that 680 00:35:23,680 --> 00:35:29,240 Speaker 7: I'm broke and Serena Williams and along with her husband, 681 00:35:29,320 --> 00:35:31,440 Speaker 7: I mean, they are a dynamic. 682 00:35:31,560 --> 00:35:33,680 Speaker 5: Yeah, And maybe part of the problem is is that 683 00:35:33,680 --> 00:35:36,200 Speaker 5: one you didn't have a father like Serena's father that 684 00:35:36,280 --> 00:35:38,400 Speaker 5: made you do all these things, or a mother like 685 00:35:38,400 --> 00:35:40,279 Speaker 5: Serena Williams herself. One of my favorite parts of the 686 00:35:40,320 --> 00:35:43,040 Speaker 5: interview I had with her that wasn't necessarily on what 687 00:35:43,080 --> 00:35:46,120 Speaker 5: we just listened to. She talked about the fact that 688 00:35:46,200 --> 00:35:49,640 Speaker 5: her daughter, Olympia, is interning for her and her father, 689 00:35:49,719 --> 00:35:53,200 Speaker 5: who's the co founder of Reddit. Her daughter's eight years old. 690 00:35:53,760 --> 00:35:55,799 Speaker 5: I don't really know what an eight year old is 691 00:35:55,840 --> 00:35:58,560 Speaker 5: doing at a VC fund or at Reddit, but she 692 00:35:58,719 --> 00:36:02,480 Speaker 5: was like, she's there during the year, she's interning at 693 00:36:02,480 --> 00:36:05,360 Speaker 5: my fund. During the summer, she's interning with her dad. 694 00:36:06,360 --> 00:36:08,080 Speaker 5: And I was like, oh, so you want her to 695 00:36:08,239 --> 00:36:10,319 Speaker 5: be a businesswoman instead of tennis and she was like, 696 00:36:10,480 --> 00:36:13,440 Speaker 5: absolutely not. Tennis is so much cooler than business. I 697 00:36:13,440 --> 00:36:16,440 Speaker 5: want her to be a tennis star, but she's also 698 00:36:16,560 --> 00:36:19,040 Speaker 5: interning at the same time. By the way, Serena also 699 00:36:19,080 --> 00:36:22,600 Speaker 5: said she still cooks for her kids. She still meal 700 00:36:22,640 --> 00:36:25,000 Speaker 5: preps for them while she's away. She's also traveling to 701 00:36:25,040 --> 00:36:28,879 Speaker 5: investor meetings NonStop. I don't know how anyone finds enough 702 00:36:29,000 --> 00:36:30,839 Speaker 5: time in the day, but she somehow does. 703 00:36:31,080 --> 00:36:32,600 Speaker 4: I don't know if anyone finds enough time in the 704 00:36:32,680 --> 00:36:36,960 Speaker 4: day genuinely to do anything. Moms are the best people 705 00:36:37,120 --> 00:36:39,279 Speaker 4: in the world, seriously. But the one thing that it's 706 00:36:39,320 --> 00:36:43,120 Speaker 4: interesting about Lexus and Serena when they're introducing Olympia to 707 00:36:43,200 --> 00:36:46,640 Speaker 4: these spaces is not now she's interning at their businesses, 708 00:36:46,640 --> 00:36:50,200 Speaker 4: but she's also invested in their sports teams. She's a 709 00:36:50,239 --> 00:36:54,120 Speaker 4: co owner of Angel City, I believe, and I'm assuming 710 00:36:54,120 --> 00:36:56,960 Speaker 4: the wa WNBA Toronto team as well. 711 00:36:57,160 --> 00:36:57,359 Speaker 7: Yeah. 712 00:36:57,440 --> 00:36:59,680 Speaker 5: Yeah, they have set her up to be an investor 713 00:36:59,680 --> 00:37:02,000 Speaker 5: in this. I wonder how much of that is, you know, 714 00:37:02,040 --> 00:37:04,200 Speaker 5: some tax benefits also to sort of set them up 715 00:37:04,200 --> 00:37:06,400 Speaker 5: as an investor in that. But yeah, it's this idea 716 00:37:06,520 --> 00:37:09,399 Speaker 5: of setting their children up for the long term. I mean, 717 00:37:09,400 --> 00:37:12,279 Speaker 5: but just by having those two as your parents, I 718 00:37:12,280 --> 00:37:13,880 Speaker 5: think you're set up for the long term, whether or 719 00:37:13,920 --> 00:37:16,640 Speaker 5: not you have investments in the sports teams. 720 00:37:16,960 --> 00:37:20,680 Speaker 7: Yeah. And what you said when you talk to Serena 721 00:37:20,800 --> 00:37:24,640 Speaker 7: it gives young women out there is like, well, hell, 722 00:37:24,960 --> 00:37:28,120 Speaker 7: I want to do that, ye and I am so 723 00:37:28,280 --> 00:37:31,160 Speaker 7: glad to hear those stories that you presented. 724 00:37:31,320 --> 00:37:33,600 Speaker 5: Yeah. And one of the great things she said when 725 00:37:33,600 --> 00:37:35,680 Speaker 5: she talked about her daughter interning for her, she was like, 726 00:37:35,719 --> 00:37:40,320 Speaker 5: I want my daughter to see impressive women doing impressive things, 727 00:37:40,719 --> 00:37:42,439 Speaker 5: and I thought that was such a good message. Look, 728 00:37:42,440 --> 00:37:44,839 Speaker 5: this is an industry where they're just not a lot 729 00:37:44,840 --> 00:37:47,879 Speaker 5: of women. They're really not. You go to these conferences, 730 00:37:48,120 --> 00:37:50,680 Speaker 5: they tend to be white men. They tend to have 731 00:37:50,800 --> 00:37:53,799 Speaker 5: very similar backgrounds, and you can't think of a more 732 00:37:53,800 --> 00:37:56,840 Speaker 5: different background than Serena Williams. I mean, she is so 733 00:37:57,800 --> 00:38:01,600 Speaker 5: impressive and speaks so eloquently. She even said, I'm very 734 00:38:01,640 --> 00:38:05,160 Speaker 5: self deprecating. She said during the interview, I'm super low energy, 735 00:38:05,200 --> 00:38:07,919 Speaker 5: and I'm like, I have seen you smash a tennis ball. 736 00:38:08,440 --> 00:38:10,919 Speaker 5: What are you talking about? Low energy? But just her 737 00:38:11,040 --> 00:38:14,560 Speaker 5: existing and investing, especially in this idea that she's investing 738 00:38:14,600 --> 00:38:16,840 Speaker 5: for the ninety eight percent, I think is really important 739 00:38:16,840 --> 00:38:19,640 Speaker 5: at a time when again it's still an industry really 740 00:38:19,719 --> 00:38:22,719 Speaker 5: dominated by men, but you do have increasingly women and 741 00:38:22,760 --> 00:38:24,440 Speaker 5: people of color trying to make inroads. 742 00:38:24,719 --> 00:38:25,120 Speaker 1: Aha. 743 00:38:25,440 --> 00:38:27,640 Speaker 7: Danny Berger, you're an old friend of the show. Now, 744 00:38:28,719 --> 00:38:29,720 Speaker 7: thank you so much. 745 00:38:29,560 --> 00:38:30,160 Speaker 6: For joining me. 746 00:38:30,239 --> 00:38:31,080 Speaker 5: You so much. 747 00:38:31,239 --> 00:38:33,800 Speaker 7: And that does it for this edition of The Bloomberg 748 00:38:33,840 --> 00:38:37,120 Speaker 7: Business of Sports. What happened Vanessa? The show just like poop. 749 00:38:37,800 --> 00:38:38,839 Speaker 8: For it's a fun one. 750 00:38:38,960 --> 00:38:39,919 Speaker 2: It goes quick. 751 00:38:40,000 --> 00:38:40,239 Speaker 6: I know. 752 00:38:40,880 --> 00:38:42,680 Speaker 7: The next thing you know is like I'm saying for 753 00:38:42,800 --> 00:38:47,360 Speaker 7: Damien Sassaur and you Vanessa Berdomo. I'm Michael Barr. Tune 754 00:38:47,400 --> 00:38:49,680 Speaker 7: in again next week for the latest home the stories 755 00:38:49,719 --> 00:38:51,800 Speaker 7: moving big old money in the world of sports, and 756 00:38:51,840 --> 00:38:55,200 Speaker 7: don't forget to catch our podcast on all your podcast platforms. 757 00:38:55,480 --> 00:38:58,839 Speaker 7: You are listening to the Bloomberg Business of Sports from 758 00:38:58,840 --> 00:39:00,920 Speaker 7: Bloomberger Radio around the world.