1 00:00:00,680 --> 00:00:03,239 Speaker 1: This is Bloomberg Business of Sports. 2 00:00:03,400 --> 00:00:06,200 Speaker 2: Business of Sports can be intimidating for hard for a 3 00:00:06,280 --> 00:00:07,200 Speaker 2: start to break into. 4 00:00:07,280 --> 00:00:10,280 Speaker 3: We really appreciate where our owners are actually there, you know, 5 00:00:10,360 --> 00:00:11,400 Speaker 3: with us through the journey. 6 00:00:11,480 --> 00:00:15,159 Speaker 4: Teams ours especially been very intentional to diversify at all 7 00:00:15,240 --> 00:00:16,000 Speaker 4: levels of the company. 8 00:00:16,079 --> 00:00:18,520 Speaker 5: Maybe we're in the golden years for the NFL and 9 00:00:18,640 --> 00:00:19,320 Speaker 5: college football. 10 00:00:19,400 --> 00:00:22,400 Speaker 3: Our demographic reach has continued to explode. 11 00:00:22,520 --> 00:00:26,160 Speaker 6: This is going to be really unlocking the streaming platform 12 00:00:26,239 --> 00:00:27,160 Speaker 6: for sports fans. 13 00:00:27,280 --> 00:00:30,200 Speaker 7: Sports evaluations arising. We'll see when they peak. You don't 14 00:00:30,240 --> 00:00:32,720 Speaker 7: have to be the best in your sports and make 15 00:00:32,840 --> 00:00:35,320 Speaker 7: a whole ton of money. 16 00:00:35,360 --> 00:00:38,280 Speaker 8: Bloomberg Business of Sports from Bloomberg Radio. 17 00:00:39,680 --> 00:00:41,879 Speaker 1: This is the Bloomberg Business of Sports show. But week 18 00:00:41,880 --> 00:00:44,600 Speaker 1: explored the big money issues in the world of sports. 19 00:00:44,680 --> 00:00:45,680 Speaker 1: I'm Michael Block. 20 00:00:45,440 --> 00:00:47,440 Speaker 8: And Time Damian Sas Hour Scarlett Brow. 21 00:00:47,600 --> 00:00:50,480 Speaker 1: We'll be back next week. Coming up, we'll hear from 22 00:00:50,479 --> 00:00:53,960 Speaker 1: Boston Celtics co owner Steve Hagley Luka as his team 23 00:00:54,120 --> 00:00:56,960 Speaker 1: makes his way through another NBA finals. 24 00:00:57,040 --> 00:00:59,840 Speaker 9: We've had an incredible management team and by with Grosspec 25 00:01:00,280 --> 00:01:03,800 Speaker 9: for twenty years now for Rich Gothamber President. It started 26 00:01:03,800 --> 00:01:05,360 Speaker 9: out with to any agent l Ra Stevens is the 27 00:01:05,400 --> 00:01:06,760 Speaker 9: best cooperation, a great coach. 28 00:01:07,600 --> 00:01:08,880 Speaker 10: They all work together as a team. 29 00:01:09,319 --> 00:01:12,880 Speaker 1: And we'll talk racing. We'll talk with the first African 30 00:01:12,959 --> 00:01:16,960 Speaker 1: American driver to compete in the Portie Carrera Cup North America, 31 00:01:17,319 --> 00:01:18,080 Speaker 1: Jordan Wallace. 32 00:01:18,319 --> 00:01:21,120 Speaker 8: Plus we'll hear from the former NFL pro helping to 33 00:01:21,319 --> 00:01:26,039 Speaker 8: back Jordan Wallace, Vision Motorsports part owner and fantasy football 34 00:01:26,120 --> 00:01:27,839 Speaker 8: god Jordan Reed. 35 00:01:29,280 --> 00:01:31,640 Speaker 1: All that and more is on the way on the 36 00:01:31,680 --> 00:01:35,400 Speaker 1: Bloomberg Business of Sports. But first we've got to go 37 00:01:35,560 --> 00:01:39,200 Speaker 1: over the landmark NCAA settlement that paves the way for 38 00:01:39,240 --> 00:01:42,600 Speaker 1: schools to pay athletes directly. Here to help us break 39 00:01:42,640 --> 00:01:46,360 Speaker 1: it all down, friend of the show Bloomberg, you as 40 00:01:46,400 --> 00:01:50,680 Speaker 1: sports reporter Randew Williams and Marty Eedle, co chair of 41 00:01:50,760 --> 00:01:54,600 Speaker 1: Gulston and Stores sports law practice, an adjunct professor at 42 00:01:54,600 --> 00:01:58,400 Speaker 1: Columbia University. Man was so happy to have you, and boy, 43 00:01:58,520 --> 00:02:01,520 Speaker 1: we've got a lot to talk about. I have four letters, 44 00:02:01,920 --> 00:02:07,680 Speaker 1: NC double A and landmark antitrust settlements. Can you sort 45 00:02:07,720 --> 00:02:08,440 Speaker 1: this out for us? 46 00:02:08,440 --> 00:02:08,560 Speaker 5: Sir? 47 00:02:09,120 --> 00:02:13,959 Speaker 2: So we have here a prospective settlement. It's subject still 48 00:02:14,040 --> 00:02:17,960 Speaker 2: to Judge Wilkins approval. She's the judge who's sitting on 49 00:02:18,240 --> 00:02:23,680 Speaker 2: three antitrust cases now which are being settled, and she 50 00:02:23,880 --> 00:02:27,840 Speaker 2: has to approve the settlement. In rough terms, what the 51 00:02:27,880 --> 00:02:34,440 Speaker 2: settlement provides are three things. One is to pay student 52 00:02:34,480 --> 00:02:38,600 Speaker 2: athletes two point seven to two point eight billion dollars 53 00:02:38,639 --> 00:02:42,440 Speaker 2: that's billion, not million, over the course of ten years 54 00:02:42,480 --> 00:02:47,560 Speaker 2: from when the settlement is approved. Second, that this will 55 00:02:47,560 --> 00:02:52,720 Speaker 2: cover past players going back to twenty sixteen, when, as 56 00:02:52,760 --> 00:02:57,760 Speaker 2: you will recall, there was no nil dollars for student athletes, 57 00:02:59,120 --> 00:03:03,000 Speaker 2: and it will cover current players as well as well 58 00:03:03,040 --> 00:03:06,639 Speaker 2: as some perspective players, all in all about ten thousand 59 00:03:06,680 --> 00:03:10,679 Speaker 2: student athletes. The third aspect is there is a forward 60 00:03:10,680 --> 00:03:15,639 Speaker 2: looking piece to this which that schools will now share 61 00:03:16,600 --> 00:03:21,400 Speaker 2: revenues with student athletes to the tune of about twenty 62 00:03:21,560 --> 00:03:27,000 Speaker 2: million dollars per year on a formula, which is roughly 63 00:03:27,560 --> 00:03:31,880 Speaker 2: twenty two percent of the media revenues that the average 64 00:03:31,960 --> 00:03:36,280 Speaker 2: Power five school currently gets. So you have those three 65 00:03:36,320 --> 00:03:40,000 Speaker 2: elements with the overriding piece here is that colleges and 66 00:03:40,160 --> 00:03:44,360 Speaker 2: universities will be paying student athletes directly. 67 00:03:44,600 --> 00:03:47,040 Speaker 4: So, Marti, is this a good deal? I mean, I 68 00:03:47,040 --> 00:03:50,000 Speaker 4: guess the question is is this a good deal? Number one? 69 00:03:50,200 --> 00:03:52,320 Speaker 4: And for number two? Who Is it a good deal 70 00:03:52,360 --> 00:03:54,120 Speaker 4: for right? Is it a good deal for the NTAA. 71 00:03:54,240 --> 00:03:56,040 Speaker 4: Is it a good deal for the Power five? Is 72 00:03:56,040 --> 00:03:57,880 Speaker 4: it a good deal for the student athletes? Who are, 73 00:03:57,920 --> 00:04:01,080 Speaker 4: you know, a part of the settlement. Who's it good for? 74 00:04:02,160 --> 00:04:05,840 Speaker 2: So great question. I think it's a really good deal 75 00:04:06,000 --> 00:04:08,840 Speaker 2: for the student athletes who have been clamoring to be 76 00:04:08,960 --> 00:04:13,640 Speaker 2: paid and to start being paid for their athletic services. 77 00:04:14,120 --> 00:04:16,880 Speaker 2: I think it's a good deal for the Power five 78 00:04:17,000 --> 00:04:22,120 Speaker 2: schools who will now be able to spend a kazillion 79 00:04:22,200 --> 00:04:25,680 Speaker 2: dollars in recruiting and paying student athletes so that they 80 00:04:25,720 --> 00:04:29,680 Speaker 2: can have teams comparable to any NBA or NFL team 81 00:04:30,040 --> 00:04:34,520 Speaker 2: or WNBA team. I think it's a real moment of 82 00:04:34,760 --> 00:04:40,919 Speaker 2: reflection for colleges and universities outside the Power five as 83 00:04:40,960 --> 00:04:44,599 Speaker 2: to what they want to make their sports program. They 84 00:04:44,640 --> 00:04:49,440 Speaker 2: cannot compete with the Power five schools, so how are 85 00:04:49,520 --> 00:04:54,120 Speaker 2: they going to reshape their program so that they can 86 00:04:54,320 --> 00:04:59,400 Speaker 2: have a vigorous program, but perhaps not as vigorous as 87 00:04:59,400 --> 00:05:01,400 Speaker 2: it has been, and they can avoid some of the 88 00:05:01,400 --> 00:05:05,280 Speaker 2: pitfalls going forward. That's the Power FIVL experience, such as 89 00:05:05,640 --> 00:05:10,560 Speaker 2: whether student athletes will be classified as employees of other 90 00:05:10,680 --> 00:05:14,560 Speaker 2: antitrust issues such as whether there will be a cap 91 00:05:15,400 --> 00:05:18,159 Speaker 2: and whether a camp will be permissible on revenue sharing 92 00:05:18,200 --> 00:05:22,240 Speaker 2: at twenty two percent. So those are some of the 93 00:05:22,440 --> 00:05:23,920 Speaker 2: quick winners and losers. 94 00:05:24,240 --> 00:05:28,480 Speaker 7: As with many NCAAA and college sports issues, nothing has 95 00:05:28,520 --> 00:05:31,400 Speaker 7: been final ever since NIL a couple of years ago. 96 00:05:31,680 --> 00:05:34,600 Speaker 7: How long do you think this saga between the NCAAA 97 00:05:34,760 --> 00:05:40,039 Speaker 7: college athletes anti trust issues continues to go on before 98 00:05:40,040 --> 00:05:42,480 Speaker 7: there is some stability involved. 99 00:05:42,839 --> 00:05:47,520 Speaker 2: Probably five to ten years, you know. That's the life 100 00:05:47,520 --> 00:05:52,039 Speaker 2: of an antitrust case is not short. It's normally a 101 00:05:52,160 --> 00:05:56,039 Speaker 2: number of years. While this is not quite the same, 102 00:05:56,080 --> 00:05:59,000 Speaker 2: for instance, as the US against IBM. The US against 103 00:05:59,080 --> 00:06:02,160 Speaker 2: IBM case was filed in nineteen sixty nine and settled 104 00:06:02,200 --> 00:06:06,599 Speaker 2: in nineteen eighty two, this won't go on thirteen years, 105 00:06:06,640 --> 00:06:09,479 Speaker 2: but it will take a long time. One to get 106 00:06:09,480 --> 00:06:14,440 Speaker 2: the approvals that are necessary, second, to implement rules that 107 00:06:14,480 --> 00:06:21,240 Speaker 2: are fair across the board. And third, four conferences, particularly 108 00:06:21,279 --> 00:06:25,080 Speaker 2: the smaller conferences, to determine what they want to do 109 00:06:25,200 --> 00:06:27,920 Speaker 2: in terms of an athletic program for their member. 110 00:06:27,680 --> 00:06:32,840 Speaker 1: Schools, which brings up Colorado because they pulled a ce 111 00:06:32,880 --> 00:06:36,480 Speaker 1: Lo and said forget you, We're still going to keep 112 00:06:36,880 --> 00:06:42,760 Speaker 1: our claim alive. Even though there's been this settlement likely 113 00:06:42,800 --> 00:06:46,919 Speaker 1: settlement with the NCAA for the lawsuits, why do you 114 00:06:46,960 --> 00:06:49,560 Speaker 1: think Colorado is still moving forward? 115 00:06:50,640 --> 00:06:53,919 Speaker 2: So a great question. The fote Knot case, which is 116 00:06:53,920 --> 00:06:58,599 Speaker 2: the one in Colorado, is an antitrust case dealing with 117 00:06:58,680 --> 00:07:03,800 Speaker 2: the need to share TV rights for the revenue sports 118 00:07:03,839 --> 00:07:08,719 Speaker 2: basketball and football. The judge there was not convinced that 119 00:07:08,839 --> 00:07:11,760 Speaker 2: the House case, one of the cases being settled, would 120 00:07:11,800 --> 00:07:15,679 Speaker 2: fairly encompass all the issues in the vote Not case 121 00:07:16,440 --> 00:07:21,320 Speaker 2: and had said right now, at least Vote Nott case 122 00:07:21,400 --> 00:07:25,840 Speaker 2: is going to move forward. That ostensibly unless it gets 123 00:07:26,120 --> 00:07:29,440 Speaker 2: rolled into the House case before Judge Wilkins, which is 124 00:07:29,520 --> 00:07:33,400 Speaker 2: still possible. We need to see more of what the 125 00:07:33,440 --> 00:07:38,640 Speaker 2: settlement actually encompasses. But if it doesn't, then athletes will 126 00:07:38,680 --> 00:07:41,880 Speaker 2: have the ability to opt out of this settlement and 127 00:07:42,040 --> 00:07:47,240 Speaker 2: maybe go into a class with whatever uncertainties exist in 128 00:07:47,280 --> 00:07:50,160 Speaker 2: the vote Not case for sharing of TV revenues. 129 00:07:50,720 --> 00:07:52,880 Speaker 4: So, Marty, I mean, look, I am I am not 130 00:07:52,960 --> 00:07:55,680 Speaker 4: a lawyer, but and I don't have access to you know, 131 00:07:55,720 --> 00:07:57,000 Speaker 4: a lot of these documents. 132 00:07:56,600 --> 00:07:57,840 Speaker 1: The way people do. 133 00:07:57,920 --> 00:08:00,520 Speaker 8: But I do like to pretend. 134 00:08:00,560 --> 00:08:02,440 Speaker 4: So let me pretend for just a second here, and 135 00:08:03,120 --> 00:08:05,080 Speaker 4: you know, from what I'm seeing here, it just seems 136 00:08:05,120 --> 00:08:08,440 Speaker 4: that the NCAA will what they're doing with this settlement 137 00:08:08,560 --> 00:08:11,880 Speaker 4: is they're predefining, you know what share revenues. You know, 138 00:08:12,080 --> 00:08:14,560 Speaker 4: students are going to get moving forward, right and just 139 00:08:14,600 --> 00:08:18,000 Speaker 4: by them setting that number, isn't that some sort of 140 00:08:18,040 --> 00:08:21,160 Speaker 4: concerted restraints. Isn't that in and of itself what this 141 00:08:21,280 --> 00:08:23,600 Speaker 4: is all about the fact that nobody wants the NCAA 142 00:08:23,680 --> 00:08:26,320 Speaker 4: to basically create a limit, create a cap on what 143 00:08:26,600 --> 00:08:28,600 Speaker 4: athletes can student athletes can get paid. 144 00:08:29,480 --> 00:08:33,920 Speaker 2: So I want you in my law firm. I think 145 00:08:33,960 --> 00:08:36,000 Speaker 2: you hit the nail on the head. So there is 146 00:08:36,040 --> 00:08:38,920 Speaker 2: a cap here. A cap by its own terms would 147 00:08:38,960 --> 00:08:44,839 Speaker 2: be an undue restraint of trade, but it may be 148 00:08:44,920 --> 00:08:47,960 Speaker 2: illusory rather than real. And what do I mean by that? 149 00:08:48,040 --> 00:08:54,760 Speaker 2: For example, if student athletes are classified as employees, which 150 00:08:54,800 --> 00:09:00,880 Speaker 2: is the next battle here, and they can for example, unionize, 151 00:09:00,920 --> 00:09:04,400 Speaker 2: which if they're in a private university they can do well, 152 00:09:04,440 --> 00:09:07,760 Speaker 2: then collective bargaining will take care of what that revenue 153 00:09:07,800 --> 00:09:12,120 Speaker 2: share should be. If you look at the professional sports leagues, 154 00:09:12,600 --> 00:09:17,680 Speaker 2: revenue share is roughly fifty percent in each league. That's 155 00:09:17,720 --> 00:09:21,840 Speaker 2: far above this twenty two percent camp. So maybe the 156 00:09:21,880 --> 00:09:25,760 Speaker 2: marketplace can resolve that if you have those other pieces 157 00:09:25,840 --> 00:09:30,319 Speaker 2: falling into place. If not, you may have a lawsuit, 158 00:09:31,200 --> 00:09:35,280 Speaker 2: an antitrust suit over what this cap is once the 159 00:09:35,320 --> 00:09:38,360 Speaker 2: cap goes into effect, which probably won't be for at 160 00:09:38,440 --> 00:09:42,280 Speaker 2: least a year, two years, something like that. So it 161 00:09:42,320 --> 00:09:44,839 Speaker 2: gives the parties a lot of time to try to 162 00:09:44,880 --> 00:09:46,520 Speaker 2: figure out what their positions are. 163 00:09:47,320 --> 00:09:49,000 Speaker 7: Marty, one of the last things I want to ask 164 00:09:49,000 --> 00:09:50,640 Speaker 7: you about is the haves and the haves nots of 165 00:09:50,640 --> 00:09:53,400 Speaker 7: college sports. There's some schools and conferences that have so 166 00:09:53,480 --> 00:09:56,960 Speaker 7: much more money than others. With this specific case, do 167 00:09:57,040 --> 00:10:00,520 Speaker 7: you think that this is going to inevitably increase the 168 00:10:00,559 --> 00:10:03,679 Speaker 7: gap between let's say an SEC school like Texas is 169 00:10:03,760 --> 00:10:05,360 Speaker 7: going to be in an Ohio state, some of the 170 00:10:05,400 --> 00:10:08,400 Speaker 7: schools with the larger budgets versus maybe a conference to USA, 171 00:10:08,520 --> 00:10:11,680 Speaker 7: and even some of the smaller HBCU schools Division two schools. 172 00:10:11,800 --> 00:10:14,400 Speaker 7: You think the gap gets bigger or smaller. 173 00:10:14,760 --> 00:10:19,200 Speaker 2: The gap would invariably become bigger for where they have schools, 174 00:10:20,520 --> 00:10:24,680 Speaker 2: media revenues will flock to those teams which have a 175 00:10:24,840 --> 00:10:33,120 Speaker 2: greater presence, which have better players, and an SEC team 176 00:10:33,320 --> 00:10:37,960 Speaker 2: like Texas or Georgia or Alabama will be able to 177 00:10:38,040 --> 00:10:43,920 Speaker 2: spend a kazillion dollars recruiting people. Smaller schools and the 178 00:10:43,960 --> 00:10:50,360 Speaker 2: smaller conferences won't have quite them much, and they'll they 179 00:10:50,400 --> 00:10:55,640 Speaker 2: will be lucky to get a top notch caliber student athlete. 180 00:10:55,679 --> 00:10:58,640 Speaker 2: What they have to offer is the promise or the 181 00:10:58,679 --> 00:11:01,720 Speaker 2: opportunity for an education. And that's what I meant earlier 182 00:11:01,760 --> 00:11:04,960 Speaker 2: when I said this may give them a chance to 183 00:11:05,080 --> 00:11:08,640 Speaker 2: redefine who they are and what they want to achieve. 184 00:11:09,280 --> 00:11:13,959 Speaker 2: But in terms of haves versus have not, the gap 185 00:11:14,080 --> 00:11:19,040 Speaker 2: should increase between the halves and have not. What will 186 00:11:19,120 --> 00:11:22,760 Speaker 2: this mean, I'm not sure. I mean, you could see 187 00:11:22,800 --> 00:11:26,560 Speaker 2: the Power five becoming sort of a glorified minor league 188 00:11:26,640 --> 00:11:33,400 Speaker 2: for the NBA or the NFL and the others becoming 189 00:11:33,559 --> 00:11:37,720 Speaker 2: the traditional football teams that we're sort of used to, 190 00:11:37,840 --> 00:11:41,280 Speaker 2: where you have boosters and you have fans who are 191 00:11:41,280 --> 00:11:44,440 Speaker 2: a lums coming out and rooting for their team and 192 00:11:44,520 --> 00:11:48,040 Speaker 2: don't really care about the how good the team is. 193 00:11:48,800 --> 00:11:50,760 Speaker 2: You know, as long as Harvard, if you went to Harvard, 194 00:11:50,760 --> 00:11:53,400 Speaker 2: Harvard beat Yale. If you went to Yale, Yelle beats Harvard. 195 00:11:54,679 --> 00:11:57,080 Speaker 2: Or if you go to some other school, your alma 196 00:11:57,080 --> 00:12:00,959 Speaker 2: mater wins the quality of plays and as important as 197 00:12:01,000 --> 00:12:02,000 Speaker 2: the outcome there. 198 00:12:03,040 --> 00:12:05,679 Speaker 1: Marty Eedle. We don't call him Martin because that's only 199 00:12:05,679 --> 00:12:08,200 Speaker 1: if he's getting a traffic ticket by an officer. Gulston 200 00:12:08,320 --> 00:12:14,040 Speaker 1: History is sports law practice, Coachair and Columbia adjunct Professor, Marty, 201 00:12:14,200 --> 00:12:17,600 Speaker 1: you are the man as usual, knowledge upon knowledge. Thank you, 202 00:12:17,640 --> 00:12:19,800 Speaker 1: sir for joining us on the Bloomberg Business of Sports. 203 00:12:19,960 --> 00:12:22,280 Speaker 2: Thank you so much for having me, and of. 204 00:12:22,200 --> 00:12:25,680 Speaker 1: Course our thanks to Bloomberg US sports business reporter Randall 205 00:12:25,679 --> 00:12:28,640 Speaker 1: Williams for hobbing in. Randall's coming back. Don't you worry 206 00:12:28,679 --> 00:12:31,280 Speaker 1: about that. He will talk with us about some of 207 00:12:31,320 --> 00:12:34,960 Speaker 1: the latest reporting that he has on an athlete's rite 208 00:12:35,040 --> 00:12:39,720 Speaker 1: startup that just raised around forty million dollars. You're listening 209 00:12:39,760 --> 00:12:43,720 Speaker 1: to the Bloomberg Business of Sports from Bloomberg Radio around 210 00:12:43,760 --> 00:12:44,720 Speaker 1: the world. 211 00:12:51,200 --> 00:12:55,200 Speaker 11: Bloomberg Hot Pursuit, a weekly podcast that gives carlovers the 212 00:12:55,240 --> 00:12:57,880 Speaker 11: inside look big Craze when you get behind the wheel. 213 00:12:57,960 --> 00:12:59,880 Speaker 1: It's just a beast with Matt. 214 00:12:59,720 --> 00:13:02,240 Speaker 11: Midder in New York and Hannah Elliott Is in LA. 215 00:13:02,280 --> 00:13:02,880 Speaker 8: It's very mad. 216 00:13:03,000 --> 00:13:04,439 Speaker 2: Max slash burning Man. 217 00:13:04,640 --> 00:13:07,800 Speaker 1: Listen to the latest trends, two car releases, and anything 218 00:13:07,800 --> 00:13:09,080 Speaker 1: else that drives. 219 00:13:08,800 --> 00:13:11,200 Speaker 8: Us Portia setting altitude records. 220 00:13:11,320 --> 00:13:13,200 Speaker 10: That's actually a very drivable Lamborghinia. 221 00:13:13,320 --> 00:13:17,000 Speaker 11: Bloomberg Presue listen on that book car playing Android Auto 222 00:13:17,080 --> 00:13:20,560 Speaker 11: with the Bloomberg Business app and anywhere you'll get your podcasts. 223 00:13:22,000 --> 00:13:26,160 Speaker 11: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 224 00:13:27,480 --> 00:13:29,720 Speaker 1: This is the Bloomberg Business of Sports show, but we 225 00:13:29,800 --> 00:13:32,720 Speaker 1: explore the big money issues in the world of sports. 226 00:13:32,960 --> 00:13:36,000 Speaker 1: Michael Barr along with Damian sas Sour Scarlett. We'll be 227 00:13:36,080 --> 00:13:36,880 Speaker 1: back next week. 228 00:13:37,040 --> 00:13:41,280 Speaker 4: Winner's Alliance, the commercial arm of the Professional Tennis Players Association, 229 00:13:41,520 --> 00:13:45,160 Speaker 4: just got done raising a not insignificant amount of money 230 00:13:45,200 --> 00:13:49,480 Speaker 4: forty million dollars from big big names, including Bill Ackman. 231 00:13:49,800 --> 00:13:53,040 Speaker 4: And we've got our guy, Bloomberg US sports business reporter 232 00:13:53,320 --> 00:13:55,320 Speaker 4: Randall Williams here to help explain. 233 00:13:55,559 --> 00:13:59,800 Speaker 1: I don't care if he's talking about sports or tittley. 234 00:14:00,480 --> 00:14:03,640 Speaker 1: He always writes a competitive piece and we love him 235 00:14:03,679 --> 00:14:05,480 Speaker 1: for it. And this one that he wrote, and check 236 00:14:05,480 --> 00:14:09,280 Speaker 1: it out, folks if you can. The Athlete Rights startup 237 00:14:09,440 --> 00:14:13,400 Speaker 1: backed by Acman. It raises forty million dollars. 238 00:14:14,120 --> 00:14:16,199 Speaker 7: Well before we go any further if I could afford 239 00:14:16,240 --> 00:14:18,439 Speaker 7: to hire you as my professional hype man, I definitely. 240 00:14:19,520 --> 00:14:22,000 Speaker 7: But yes, the Winners Alliance, which is the commercial arm 241 00:14:22,040 --> 00:14:25,680 Speaker 7: of the Professional Tennis Players Association, raised forty million dollars. 242 00:14:25,680 --> 00:14:28,280 Speaker 7: They're going to be spending it on cricket and track 243 00:14:28,320 --> 00:14:28,760 Speaker 7: and field. 244 00:14:29,160 --> 00:14:31,400 Speaker 8: Now, talk to me a little bit about track and field. 245 00:14:31,400 --> 00:14:34,680 Speaker 4: I mean, I understand that a former Olympian Michael Johnson 246 00:14:34,840 --> 00:14:36,920 Speaker 4: is creating some new track league. Is that the same 247 00:14:37,000 --> 00:14:38,960 Speaker 4: thing as what Winners Alliance is looking to do. 248 00:14:39,640 --> 00:14:43,400 Speaker 7: Well, they're partnering together, okay, And so Michael Johnson is 249 00:14:43,400 --> 00:14:45,440 Speaker 7: trying to create a track league so that you know, 250 00:14:45,480 --> 00:14:48,600 Speaker 7: we care about track more than every four years. I 251 00:14:48,600 --> 00:14:51,520 Speaker 7: mean I think that you know, when they have superstars, 252 00:14:51,560 --> 00:14:54,000 Speaker 7: we only hear about them sometimes in the summertime when 253 00:14:54,000 --> 00:14:56,240 Speaker 7: they're having their global events in the World Games and 254 00:14:56,280 --> 00:14:59,160 Speaker 7: things like that. But you know, the biggest opportunity for 255 00:14:59,240 --> 00:15:01,840 Speaker 7: a track athlete is going to be for the Olympics, 256 00:15:01,840 --> 00:15:04,560 Speaker 7: and we saw with Usain Bold and Tyson Gay and 257 00:15:04,600 --> 00:15:06,560 Speaker 7: some of the other figures of the past. But as 258 00:15:06,560 --> 00:15:09,640 Speaker 7: far as like a professional league that people can watch 259 00:15:09,680 --> 00:15:12,640 Speaker 7: regularly doesn't necessarily exist, And I don't think people have 260 00:15:12,680 --> 00:15:16,360 Speaker 7: a way of watching that consistently. So Johnson and the 261 00:15:16,360 --> 00:15:18,320 Speaker 7: Winners Alliance are hoping to create something like that. 262 00:15:18,720 --> 00:15:21,120 Speaker 1: And by the way, I want to make sure to 263 00:15:21,200 --> 00:15:25,280 Speaker 1: talk about the main name in this for the Professional 264 00:15:25,360 --> 00:15:28,760 Speaker 1: Tennis Players Association co founded by Novak Djokovic. 265 00:15:29,040 --> 00:15:32,400 Speaker 7: Yep, he is the co founder of the Professional Tennis 266 00:15:32,400 --> 00:15:35,920 Speaker 7: Players Association, which is, you know, the Winners Alliance basically 267 00:15:35,960 --> 00:15:38,640 Speaker 7: goes out and tries to find deals for them in 268 00:15:38,720 --> 00:15:42,520 Speaker 7: terms of being able to monetize athlete rights bring in 269 00:15:42,560 --> 00:15:44,120 Speaker 7: more money. So you can think of this as like 270 00:15:44,200 --> 00:15:48,440 Speaker 7: the NFL Players Association has NFL Players Inc. NFL Players Inc. 271 00:15:48,480 --> 00:15:51,000 Speaker 7: Is responsible for the exact same thing that Winners Alliance 272 00:15:51,120 --> 00:15:54,560 Speaker 7: is on a much bigger scale because obviously it's the NFL. 273 00:15:54,880 --> 00:15:58,320 Speaker 7: So a lot of the ways that these commercial arms 274 00:15:58,360 --> 00:16:02,440 Speaker 7: of unions make money is by video games, trading cards, 275 00:16:02,560 --> 00:16:04,760 Speaker 7: things like that. And so maybe one day we'll get 276 00:16:04,800 --> 00:16:07,640 Speaker 7: a track video game, a cricket video game, an actual 277 00:16:07,680 --> 00:16:10,040 Speaker 7: tennis one, similar to how we have Madden two K 278 00:16:10,360 --> 00:16:11,040 Speaker 7: and so many more. 279 00:16:11,200 --> 00:16:13,200 Speaker 4: Well, Randall, I mean tennis and track and field. That 280 00:16:13,280 --> 00:16:14,680 Speaker 4: really turns me on. But I just want to hear 281 00:16:14,680 --> 00:16:17,440 Speaker 4: about the NFL. You were in Nashville last year. Last week, 282 00:16:17,480 --> 00:16:21,280 Speaker 4: you're at the owner's meetings. Obviously they discussed the possibility 283 00:16:21,320 --> 00:16:23,920 Speaker 4: of private equity getting involved and buying into these teams. 284 00:16:23,960 --> 00:16:26,360 Speaker 4: I think the number that was initially thrown around was 285 00:16:26,400 --> 00:16:29,120 Speaker 4: thirty percent. Now it's ten percent. I mean, what's up, 286 00:16:29,160 --> 00:16:30,280 Speaker 4: what's down? What'd you learn? 287 00:16:30,720 --> 00:16:33,360 Speaker 7: Sure, it's been a roller coaster over the last couple 288 00:16:33,400 --> 00:16:35,640 Speaker 7: of months with the NFL and private equity. But yeah, 289 00:16:35,680 --> 00:16:39,280 Speaker 7: originally we had heard a thirty percent capacity per club 290 00:16:39,360 --> 00:16:42,440 Speaker 7: that has since come down. The ten percent number of 291 00:16:42,480 --> 00:16:45,120 Speaker 7: each private equity firm being able to buy ten percent 292 00:16:45,200 --> 00:16:46,960 Speaker 7: of a club is still the exact same thing that 293 00:16:47,000 --> 00:16:49,560 Speaker 7: I've heard. But when I was in Nashville, I got 294 00:16:49,560 --> 00:16:52,200 Speaker 7: there on Monday, I believe it was, and there was 295 00:16:52,240 --> 00:16:54,960 Speaker 7: a lot of energy and excitement around, Hey, this could happen. 296 00:16:55,400 --> 00:16:57,680 Speaker 7: Then I walked in on Tuesday, the energy had changed. 297 00:16:57,720 --> 00:17:00,400 Speaker 7: It kind of was on a roller coaster throughout the day, 298 00:17:00,680 --> 00:17:03,800 Speaker 7: not up and down, but just people's excitement level over it. 299 00:17:03,840 --> 00:17:06,640 Speaker 7: And when Wednesday came around, they just decided to kick 300 00:17:06,640 --> 00:17:08,600 Speaker 7: it down the road. There was a little bit more. 301 00:17:09,880 --> 00:17:13,240 Speaker 7: There was a little bit more optimism around that, more 302 00:17:13,280 --> 00:17:15,160 Speaker 7: so than there was in the March League meeting. 303 00:17:15,440 --> 00:17:17,280 Speaker 1: So I think, based on you. 304 00:17:17,240 --> 00:17:19,480 Speaker 7: Know, talking to Clark Hunt, talking to Roger Goodell, that 305 00:17:19,600 --> 00:17:21,240 Speaker 7: this is going to happen before the end of the year. 306 00:17:21,280 --> 00:17:25,440 Speaker 7: It's just a matter of when they finalize the framework. 307 00:17:25,680 --> 00:17:29,040 Speaker 4: So here's the interesting point. A few private equity firms 308 00:17:29,200 --> 00:17:32,320 Speaker 4: are seeking preliminary approval, right rather, should I say, Roger 309 00:17:32,320 --> 00:17:35,600 Speaker 4: Goodell in the NFL have to approve certain private equity 310 00:17:36,040 --> 00:17:38,359 Speaker 4: firms if they indeed, you do want to become owners 311 00:17:38,359 --> 00:17:41,080 Speaker 4: in the NFL. Talk to me about some of these names. 312 00:17:41,119 --> 00:17:44,399 Speaker 4: I'm looking at them, Aris, Avenue, Carlisle, but I'm thinking 313 00:17:44,400 --> 00:17:47,680 Speaker 4: about the names that aren't on that list, Blackstone. 314 00:17:47,119 --> 00:17:48,320 Speaker 1: It's not limited to them. 315 00:17:48,440 --> 00:17:51,520 Speaker 8: Okay, so there's more that are expected to join that list. 316 00:17:51,600 --> 00:17:54,359 Speaker 7: Yeah, Yeah, they're having preliminary conversations. One of the things 317 00:17:54,359 --> 00:17:57,320 Speaker 7: that I can say was guaranteed is that though these 318 00:17:57,320 --> 00:18:00,520 Speaker 7: conversations are happening, they are none of the ones that 319 00:18:00,520 --> 00:18:02,160 Speaker 7: the NFL are talking to right now are like, oh, 320 00:18:02,200 --> 00:18:03,960 Speaker 7: you are going to be one hundred percent if we're 321 00:18:04,000 --> 00:18:05,800 Speaker 7: talking to you, there's going to be a small number. 322 00:18:05,920 --> 00:18:09,120 Speaker 7: I would guess between two and four maybe, Okay, and 323 00:18:09,520 --> 00:18:11,400 Speaker 7: they'll go from there. But they want to have as 324 00:18:11,440 --> 00:18:14,280 Speaker 7: wide ranging as conversations as they cancel. They don't limit themselves. 325 00:18:14,400 --> 00:18:17,840 Speaker 7: Maybe some have deals on the table and maybe some don't. 326 00:18:18,000 --> 00:18:20,359 Speaker 4: But well, that's exactly my point, right, isn't that almost 327 00:18:20,359 --> 00:18:22,840 Speaker 4: an unfaadvantage. Some of these teams probably didn't know if 328 00:18:22,840 --> 00:18:24,680 Speaker 4: this is going to get pass and been dragging their feet, 329 00:18:24,760 --> 00:18:27,880 Speaker 4: haven't been talking or engaging with private equity. But probably 330 00:18:27,920 --> 00:18:30,679 Speaker 4: some smart ones out there are very far along in 331 00:18:30,720 --> 00:18:33,640 Speaker 4: their discussions. And so is that like a fair playing field? 332 00:18:33,680 --> 00:18:35,080 Speaker 4: I guess, you know, if the NFL just you know, 333 00:18:35,119 --> 00:18:36,960 Speaker 4: approves and they turn on the light switch and private 334 00:18:37,000 --> 00:18:39,760 Speaker 4: equity can come in full bore, you know, I guess 335 00:18:39,800 --> 00:18:42,680 Speaker 4: you know, must every team be like at the same 336 00:18:42,800 --> 00:18:45,840 Speaker 4: point at that point in time. I mean, I'm just 337 00:18:45,920 --> 00:18:46,800 Speaker 4: curious what your thoughts were. 338 00:18:46,800 --> 00:18:48,240 Speaker 7: Well, that's one of the reasons that I heard it 339 00:18:48,280 --> 00:18:50,280 Speaker 7: was kicked down the road, just because of the fact 340 00:18:50,280 --> 00:18:51,800 Speaker 7: that there were some teams who are ready to go 341 00:18:51,880 --> 00:18:55,560 Speaker 7: that may have pre existing deals or things that they 342 00:18:55,600 --> 00:18:57,600 Speaker 7: feel like are going to fit within the framework, and 343 00:18:57,640 --> 00:18:59,240 Speaker 7: there are other teams who are waiting to see the 344 00:18:59,240 --> 00:19:02,520 Speaker 7: final framework before they go to market with whatever stakes 345 00:19:02,560 --> 00:19:06,000 Speaker 7: are out there. So I think, you know, when you're 346 00:19:06,000 --> 00:19:08,040 Speaker 7: trying to please a party, and there's also a third 347 00:19:08,040 --> 00:19:10,760 Speaker 7: party of teams as well, where they have no interest 348 00:19:10,840 --> 00:19:13,280 Speaker 7: in selling at all. But their concern is that if 349 00:19:13,320 --> 00:19:16,359 Speaker 7: you allow this and there's a flood of things, then 350 00:19:16,720 --> 00:19:18,000 Speaker 7: you know it could be bad. 351 00:19:18,080 --> 00:19:21,480 Speaker 1: So we'll see. We need a Rando Williams trading card. Randal, 352 00:19:21,600 --> 00:19:23,680 Speaker 1: you are the man. Thank you, buddy for. 353 00:19:23,680 --> 00:19:25,719 Speaker 7: Talking with us here, Thank you for having me. 354 00:19:26,320 --> 00:19:29,720 Speaker 1: Speaking of big money investments in sports and private equity, 355 00:19:29,960 --> 00:19:32,760 Speaker 1: we turn to someone who has made hey in the 356 00:19:32,800 --> 00:19:37,280 Speaker 1: sports world and has one big Steve Pangleyuca is co 357 00:19:37,440 --> 00:19:40,159 Speaker 1: chairman of Bain Capital and co owner of the Boston 358 00:19:40,200 --> 00:19:44,959 Speaker 1: Celtics and of Italian Syria Association Football Club at Atlanta 359 00:19:45,040 --> 00:19:49,040 Speaker 1: AC at Atlanta. By the way, that's not like talking 360 00:19:49,080 --> 00:19:51,600 Speaker 1: stock car or they're going to race at Atlanta. See 361 00:19:51,600 --> 00:19:55,600 Speaker 1: what I did there. Anyway, they just won the europe 362 00:19:55,640 --> 00:19:59,359 Speaker 1: Elite Championship and now the Celtics are back in the 363 00:19:59,480 --> 00:20:03,040 Speaker 1: NBA five Finals. Pagliuca sat down with our colleagues on 364 00:20:03,119 --> 00:20:07,479 Speaker 1: Bloomberg Television, Jonathan Farrell, Lisa Abramowitz, and Anne Marie hor 365 00:20:07,600 --> 00:20:12,000 Speaker 1: Dern for a wide ranging conversation starting with how he 366 00:20:12,040 --> 00:20:13,840 Speaker 1: can monetize big wins. 367 00:20:14,119 --> 00:20:16,480 Speaker 9: You know, when we purchased the Celtics back in two 368 00:20:16,480 --> 00:20:21,359 Speaker 9: thousand and three, there was no Facebook or minimal social media, 369 00:20:21,359 --> 00:20:24,440 Speaker 9: almost nothing that maybe email was the technology of the day. 370 00:20:25,119 --> 00:20:28,000 Speaker 9: Now what we have is fans were counting back then 371 00:20:28,040 --> 00:20:30,240 Speaker 9: in the hundreds of thousands. Now they're counting in the 372 00:20:30,280 --> 00:20:33,480 Speaker 9: millions and even possibly five hundred million a million for 373 00:20:34,320 --> 00:20:37,640 Speaker 9: you know, global soccer teams and also the NBA, which 374 00:20:37,640 --> 00:20:39,880 Speaker 9: is prospering in Europe and China and all over the world. 375 00:20:39,960 --> 00:20:41,560 Speaker 10: So the landscape's really changed. 376 00:20:41,760 --> 00:20:45,520 Speaker 9: These teams have become teams of the world, and the 377 00:20:45,560 --> 00:20:46,880 Speaker 9: Boss of Celtics certainly. 378 00:20:46,560 --> 00:20:47,360 Speaker 10: Had that reputation. 379 00:20:47,480 --> 00:20:50,560 Speaker 9: It's in terms of monetization, it's just a virtual of circle. 380 00:20:51,359 --> 00:20:53,840 Speaker 9: If you get more popular, you get great players, you 381 00:20:53,880 --> 00:20:57,440 Speaker 9: have more great players, you get more fans, and it's great. 382 00:20:57,520 --> 00:20:59,280 Speaker 10: It's a great place to be right now with being 383 00:20:59,320 --> 00:21:00,120 Speaker 10: the finalist. 384 00:20:59,760 --> 00:21:02,160 Speaker 12: Company us to row on that point, though, Steve, when 385 00:21:02,200 --> 00:21:04,879 Speaker 12: you get a trophy, where does it immediately start to 386 00:21:04,960 --> 00:21:09,119 Speaker 12: translate into money? Is it immediately in merchandise, ticket sales. 387 00:21:10,040 --> 00:21:12,720 Speaker 10: The main area quickly translates into a sponsorship. 388 00:21:12,760 --> 00:21:17,120 Speaker 9: So for the Celtics, just building the brand and having 389 00:21:17,119 --> 00:21:20,040 Speaker 9: a championship team gets us more sponsorship income. 390 00:21:20,040 --> 00:21:22,400 Speaker 10: When we bought the club, especially. 391 00:21:22,400 --> 00:21:25,080 Speaker 9: Was the Minimus and now it's in the tens of 392 00:21:25,080 --> 00:21:29,159 Speaker 9: millions and approaching hundreds of millions. Brands want to be 393 00:21:29,200 --> 00:21:31,920 Speaker 9: associated with the brand lead the Celtics and Atlanto as well. 394 00:21:32,080 --> 00:21:34,520 Speaker 9: Getting the champions League gets up to lonch to more eyeballs. 395 00:21:34,920 --> 00:21:38,159 Speaker 9: So having that championship culture and the brand and the 396 00:21:38,200 --> 00:21:41,360 Speaker 9: reputation that that's what does it for the long term. 397 00:21:41,400 --> 00:21:42,880 Speaker 10: It creates value in the short term. 398 00:21:43,040 --> 00:21:45,680 Speaker 12: You went through what makes at Dealanta so special and 399 00:21:45,680 --> 00:21:49,520 Speaker 12: how you really transformed that team. What about the Celtics 400 00:21:49,920 --> 00:21:51,840 Speaker 12: they're always winning? Why are they so good? 401 00:21:54,200 --> 00:21:55,760 Speaker 9: Well, that's one of the better questions I've ever had. 402 00:21:55,840 --> 00:21:58,560 Speaker 9: I guess I think they're good because we've had an 403 00:21:58,600 --> 00:22:02,760 Speaker 9: incredible management team by Grosspec for twenty years now, Rich 404 00:22:02,800 --> 00:22:05,760 Speaker 9: Gothamber President. They started out with Danny Age and Albad 405 00:22:05,800 --> 00:22:08,679 Speaker 9: Stevens in the basket coall operation, a great coach. They 406 00:22:08,680 --> 00:22:11,080 Speaker 9: all work together as a team and have been very 407 00:22:11,080 --> 00:22:13,200 Speaker 9: smart in player trading and acquisitions. 408 00:22:13,480 --> 00:22:14,639 Speaker 10: Same story in Atlanta. 409 00:22:14,840 --> 00:22:17,439 Speaker 9: So it's all about trying to trying to get the 410 00:22:17,440 --> 00:22:20,199 Speaker 9: top talent on the field and doing you know, in 411 00:22:20,240 --> 00:22:24,040 Speaker 9: both organizations, we've lived doing more work and exploring using statistics, 412 00:22:24,080 --> 00:22:26,880 Speaker 9: you know, using scouts to see players twenty or thirty 413 00:22:26,960 --> 00:22:30,480 Speaker 9: or forty times, following players from when they're eight years 414 00:22:30,520 --> 00:22:33,119 Speaker 9: old in the high school and college. And so that 415 00:22:33,200 --> 00:22:36,200 Speaker 9: work ethic and kind of the will to win championship 416 00:22:36,280 --> 00:22:39,960 Speaker 9: pervades each organization, and we've never been happier with those folks, 417 00:22:40,200 --> 00:22:41,400 Speaker 9: and that's. 418 00:22:41,200 --> 00:22:45,040 Speaker 10: The great thing to see in both these situations. People 419 00:22:45,080 --> 00:22:48,760 Speaker 10: were crying on the pitch at Atalanta after that victory. 420 00:22:48,640 --> 00:22:52,200 Speaker 9: And in Indiana, which is a great basketball town, you know, 421 00:22:52,240 --> 00:22:55,520 Speaker 9: there was a huge celebration after that victory. And I'm 422 00:22:55,520 --> 00:22:57,280 Speaker 9: just so happy for those players and work so hard. 423 00:22:57,560 --> 00:23:00,560 Speaker 9: It's just really hard to win championships. Is at different 424 00:23:00,600 --> 00:23:03,119 Speaker 9: champions the last five years, same thing in Europe. 425 00:23:03,080 --> 00:23:06,040 Speaker 10: It's just hard to get up every. 426 00:23:05,960 --> 00:23:09,880 Speaker 9: Night and beat these great teams and overcome injuries. So 427 00:23:10,080 --> 00:23:11,880 Speaker 9: I'm just pinching myself and I hope the dream will 428 00:23:11,880 --> 00:23:12,920 Speaker 9: continue next week. 429 00:23:12,920 --> 00:23:16,480 Speaker 6: Steve, it sounded like you are a stabermetrics believer there 430 00:23:16,520 --> 00:23:18,080 Speaker 6: for a second, so that seems to be part of 431 00:23:18,119 --> 00:23:20,359 Speaker 6: what's going on. I will just say right now, you 432 00:23:20,400 --> 00:23:22,520 Speaker 6: must be on such a high, probably haven't slept in 433 00:23:22,520 --> 00:23:24,720 Speaker 6: a couple of weeks. There is this question of what's 434 00:23:24,800 --> 00:23:27,080 Speaker 6: next in terms of are you still interested in buying 435 00:23:27,119 --> 00:23:29,399 Speaker 6: other teams? Is there still value out there or do 436 00:23:29,440 --> 00:23:32,000 Speaker 6: you think that basically things have been bid up to 437 00:23:32,080 --> 00:23:34,399 Speaker 6: such a degree given all of the interest, that pretty 438 00:23:34,440 --> 00:23:36,520 Speaker 6: much the opportunities aren't there anymore. 439 00:23:38,040 --> 00:23:41,200 Speaker 9: Well, when we bought the Celtics in two thousand and three, 440 00:23:41,680 --> 00:23:44,639 Speaker 9: the headline was a venture capitalist pay record price for 441 00:23:44,680 --> 00:23:46,840 Speaker 9: team that was three hundred and sixty million, and now 442 00:23:46,880 --> 00:23:50,640 Speaker 9: the values are counted in the four in the four billions. 443 00:23:50,960 --> 00:23:54,160 Speaker 10: So that's been a question to ask it every single year. 444 00:23:54,600 --> 00:23:57,000 Speaker 9: I think the fact that this technology has changed the 445 00:23:57,080 --> 00:24:01,960 Speaker 9: sports are now global in the fight for eyeballs between 446 00:24:02,480 --> 00:24:05,639 Speaker 9: the new media you know, such as such as Facebook 447 00:24:05,680 --> 00:24:11,040 Speaker 9: and Apple and old media, the networks continues, and everyone 448 00:24:11,080 --> 00:24:14,399 Speaker 9: wants properties that get eyeballs, and the properties that get eyeballs. 449 00:24:14,160 --> 00:24:16,720 Speaker 10: Are sports property. So I think there's no room to 450 00:24:16,760 --> 00:24:17,080 Speaker 10: go up. 451 00:24:18,080 --> 00:24:19,840 Speaker 1: Stay before we go, we've got to talk about a 452 00:24:19,880 --> 00:24:21,080 Speaker 1: loss to the basketball world. 453 00:24:21,320 --> 00:24:23,919 Speaker 7: Bill Walton, we'd love a final word from you on 454 00:24:24,000 --> 00:24:24,680 Speaker 7: his legacy. 455 00:24:25,160 --> 00:24:27,360 Speaker 10: I was very close to Bill in the twenty year run. 456 00:24:27,400 --> 00:24:29,199 Speaker 9: We had here and his son named to work for 457 00:24:29,280 --> 00:24:33,080 Speaker 9: us at the Celtics, and I just texted Bill two 458 00:24:33,080 --> 00:24:35,679 Speaker 9: weeks ago he sent me an his sons, I mean 459 00:24:35,680 --> 00:24:38,520 Speaker 9: I message about the winning the Europa Cuppyes, he was 460 00:24:38,520 --> 00:24:41,040 Speaker 9: watching that. He was an avid sports fan and avid 461 00:24:41,080 --> 00:24:44,399 Speaker 9: Celtics fand and everywhere he went he prosthetized what a 462 00:24:44,400 --> 00:24:46,119 Speaker 9: great experience it was to be a Celtic and be 463 00:24:46,160 --> 00:24:46,680 Speaker 9: a champion. 464 00:24:46,760 --> 00:24:49,160 Speaker 10: So the world and the NBA. 465 00:24:48,960 --> 00:24:51,480 Speaker 9: Has had a major loss in Bill Russell, in Bill 466 00:24:51,520 --> 00:24:54,000 Speaker 9: Walton and two years before Bill Russell, two of the 467 00:24:54,040 --> 00:24:56,399 Speaker 9: most iconic centers in the game. And we're going to 468 00:24:56,440 --> 00:24:59,000 Speaker 9: really miss still and hopefully our players will take you 469 00:24:59,480 --> 00:25:02,480 Speaker 9: extra part into the games because of remembering Bill. 470 00:25:02,640 --> 00:25:06,159 Speaker 1: That's Steve Pagliuca Baine, Capitol, co chairman and co owner 471 00:25:06,280 --> 00:25:09,760 Speaker 1: of at Atlanta BC and the Boston Celtics. You can 472 00:25:09,800 --> 00:25:13,520 Speaker 1: hear that full conversation on the Bloomberg Talks podcast. Check 473 00:25:13,600 --> 00:25:18,520 Speaker 1: that out now on your favorite podcast platform and subscribe 474 00:25:18,640 --> 00:25:22,600 Speaker 1: so you will never miss a big conversation coming up. 475 00:25:22,800 --> 00:25:26,000 Speaker 1: We turned to the world racing and we hear from 476 00:25:26,040 --> 00:25:29,800 Speaker 1: the first African America to compete in the Porsche Carrera 477 00:25:29,880 --> 00:25:33,520 Speaker 1: Cup North America. You're listening to the Bloomberg Business of 478 00:25:33,560 --> 00:25:44,200 Speaker 1: Sports Bloomberg Radio around the world. This is Bloomberg Business 479 00:25:44,240 --> 00:25:48,840 Speaker 1: of Sports from Bloomberg Radio. This is the Bloomberg Business 480 00:25:48,840 --> 00:25:51,480 Speaker 1: of Sports show. We explore the big money issues in 481 00:25:51,480 --> 00:25:54,399 Speaker 1: the world of sports. Son Michael Barr along with Damian Sasaur. 482 00:25:55,080 --> 00:25:58,399 Speaker 1: Jordan Wallace is the first African American to compete in 483 00:25:58,440 --> 00:26:02,679 Speaker 1: the Porsche Carrera Cup North America and is doing it 484 00:26:02,720 --> 00:26:06,200 Speaker 1: with the help of another Jordan, former NFL pro and 485 00:26:06,520 --> 00:26:10,400 Speaker 1: now a partner at Vision Motorsports, Jordan Reid. We sat 486 00:26:10,480 --> 00:26:13,520 Speaker 1: down with both of them for a conversation on life 487 00:26:13,640 --> 00:26:17,439 Speaker 1: after the NFL for Jordan Reid, what's next in racing 488 00:26:17,480 --> 00:26:22,200 Speaker 1: for Jordan Wallace, and big business aspirations for both of them. 489 00:26:22,480 --> 00:26:27,040 Speaker 1: You guys are together in a cannabis business and professional 490 00:26:27,160 --> 00:26:32,280 Speaker 1: racing outlined here. Can you tell us what you guys 491 00:26:32,320 --> 00:26:34,480 Speaker 1: are going to do and what's it all about. 492 00:26:34,840 --> 00:26:38,359 Speaker 13: I was fortunate enough to meet Jordan Wallace last year, 493 00:26:38,560 --> 00:26:41,639 Speaker 13: you know, found out about his amazing career, that the 494 00:26:41,760 --> 00:26:44,119 Speaker 13: kind of guy he is and what he plans on 495 00:26:44,160 --> 00:26:47,440 Speaker 13: doing in the future, and I was compelled to help 496 00:26:47,440 --> 00:26:49,320 Speaker 13: out in any way I could, you know. So, I 497 00:26:50,400 --> 00:26:54,800 Speaker 13: helped start Vision Motorsports as our racing team, and it's 498 00:26:54,800 --> 00:26:58,320 Speaker 13: been it's been a blast so far, and I've learned 499 00:26:58,359 --> 00:27:02,639 Speaker 13: a ton about the racing where Jordan's doing great force 500 00:27:02,720 --> 00:27:05,239 Speaker 13: and it's an honor to be working alongside him. 501 00:27:05,320 --> 00:27:08,239 Speaker 4: Jordan Reid, I would love to ask you about your 502 00:27:08,280 --> 00:27:12,600 Speaker 4: life after football, about your investments in dunkin Donuts chains 503 00:27:12,600 --> 00:27:15,440 Speaker 4: in the South, about your investments across the cannabis industry. 504 00:27:15,720 --> 00:27:18,720 Speaker 4: But before I do that, you have to take me 505 00:27:18,840 --> 00:27:24,360 Speaker 4: back to December twenty sixth, twenty fifteen, nine and two touchdowns. 506 00:27:24,359 --> 00:27:26,320 Speaker 3: And you, my friend, are a fantasy guy. 507 00:27:26,800 --> 00:27:29,800 Speaker 4: A fantasy guy. You led my team to my first 508 00:27:29,840 --> 00:27:33,800 Speaker 4: ever fantasy championship. Yet Kirk Cousins passing to you, I mean, 509 00:27:33,840 --> 00:27:36,040 Speaker 4: what a huge day. Talk to us a little bit 510 00:27:36,280 --> 00:27:40,520 Speaker 4: about Kirk Cousins in Atlanta, I mean, the Falcons drafted Penix. 511 00:27:40,720 --> 00:27:42,160 Speaker 3: What are your thoughts there about your old. 512 00:27:42,080 --> 00:27:45,720 Speaker 1: TV Jordan, He's been bragging about this all day long. 513 00:27:45,960 --> 00:27:49,439 Speaker 3: Man, Hey, I appreciate you picking me up. 514 00:27:49,480 --> 00:27:49,600 Speaker 9: Man. 515 00:27:49,600 --> 00:27:52,880 Speaker 13: I'm glad I could score some points for you back then. 516 00:27:53,200 --> 00:27:57,160 Speaker 13: But Kurt Kurt is the man. He's he's I think 517 00:27:57,280 --> 00:27:59,440 Speaker 13: one of the highest paying QBT he's over the last 518 00:28:00,480 --> 00:28:03,480 Speaker 13: five or seven years or so, and he's well deserved. 519 00:28:03,520 --> 00:28:03,639 Speaker 3: Man. 520 00:28:03,720 --> 00:28:07,600 Speaker 13: He's he's consistent, he's a leader in the locker room, 521 00:28:07,720 --> 00:28:11,359 Speaker 13: on the field, and he's gotten better every year, every year, 522 00:28:11,480 --> 00:28:14,320 Speaker 13: it seems like. And I think Atlanta has a great quarterback. 523 00:28:14,760 --> 00:28:17,359 Speaker 13: I think Pennix is uh, obviously he's going to be 524 00:28:17,400 --> 00:28:23,240 Speaker 13: the future. But I think Kurt is gonna lead those guys. 525 00:28:22,960 --> 00:28:24,320 Speaker 3: With their weapons. They got over there. 526 00:28:24,320 --> 00:28:27,200 Speaker 13: They got a nasty running back and nasty Florida Gator 527 00:28:27,240 --> 00:28:28,240 Speaker 13: tight end as well, So. 528 00:28:28,760 --> 00:28:31,399 Speaker 3: They got some weapons. So I'm excited to watch and 529 00:28:31,440 --> 00:28:32,000 Speaker 3: see what they do. 530 00:28:32,280 --> 00:28:35,000 Speaker 4: All right, enough football talk here, Jordan, I mean talk 531 00:28:35,040 --> 00:28:36,679 Speaker 4: to us a little bit about, you know, some of 532 00:28:36,800 --> 00:28:39,160 Speaker 4: your business endeavors outside of the game. You know, I 533 00:28:39,240 --> 00:28:42,760 Speaker 4: mentioned the dunkin Donuts cheam, I mentioned annabis and now 534 00:28:42,920 --> 00:28:45,200 Speaker 4: race card racing. I mean, talk to us a little 535 00:28:45,200 --> 00:28:47,840 Speaker 4: bit about, you know, your pension for business, what you're 536 00:28:47,880 --> 00:28:49,120 Speaker 4: doing in your afterlife here. 537 00:28:49,600 --> 00:28:53,120 Speaker 13: Yeah, man, I for me, it was always understanding that 538 00:28:53,360 --> 00:28:57,040 Speaker 13: you know, football wasn't gonna last ran forever. NFL stands 539 00:28:57,080 --> 00:29:01,240 Speaker 13: for not for long, so you know, you know, coming 540 00:29:01,320 --> 00:29:03,920 Speaker 13: up when I was under I just took it upon 541 00:29:03,960 --> 00:29:07,800 Speaker 13: myself to learn about business. You hear all the horror 542 00:29:07,840 --> 00:29:10,560 Speaker 13: stories about guys going broke after football and things like that. 543 00:29:10,680 --> 00:29:13,080 Speaker 13: So I, you know, I got a family to take 544 00:29:13,080 --> 00:29:15,440 Speaker 13: care of and I never obviously I don't have that 545 00:29:15,520 --> 00:29:18,240 Speaker 13: to be me. So I took the initiative to start 546 00:29:18,240 --> 00:29:21,920 Speaker 13: investing early on. You know, I bought into about eighteen 547 00:29:22,400 --> 00:29:25,120 Speaker 13: Dunken Donuts at the time, it was only twelve. We 548 00:29:25,200 --> 00:29:29,040 Speaker 13: built out several more after that. We have territory to 549 00:29:29,080 --> 00:29:32,520 Speaker 13: build out twenty five, so that's doing really well. I 550 00:29:32,600 --> 00:29:35,840 Speaker 13: invested in cannabis early on in Colorado. In twenty seventeen. 551 00:29:36,400 --> 00:29:38,840 Speaker 13: You know, I had a successful exit there. You know, 552 00:29:38,920 --> 00:29:40,960 Speaker 13: I made some money on on the sale of mine 553 00:29:41,640 --> 00:29:45,600 Speaker 13: of my assets out there in Colorado. I made some 554 00:29:45,640 --> 00:29:49,000 Speaker 13: good money off that cell. And you know, now I'm 555 00:29:49,280 --> 00:29:53,760 Speaker 13: invested in working alongside Jordan Wallace and Vision Motor Sports, 556 00:29:54,320 --> 00:29:59,080 Speaker 13: and it's very excited about the growth potential that porst 557 00:29:59,160 --> 00:30:04,040 Speaker 13: career Clup America has and just being alongside such great 558 00:30:04,040 --> 00:30:06,280 Speaker 13: people like Jordan and will Simpkins. 559 00:30:06,640 --> 00:30:09,040 Speaker 1: See, this is why I love interviews like this, because 560 00:30:09,600 --> 00:30:13,880 Speaker 1: we married NFL and racing two of my major food 561 00:30:13,920 --> 00:30:19,160 Speaker 1: groups together. And Jordan Wallace, congratulations, by the way, you 562 00:30:19,240 --> 00:30:22,440 Speaker 1: made history is the first African American to win a 563 00:30:22,520 --> 00:30:26,120 Speaker 1: Portia Sprint Challenge race and you took a pair of 564 00:30:26,160 --> 00:30:30,880 Speaker 1: wins at the Indianapolis Motors Speedway. First of all, congratulations 565 00:30:30,880 --> 00:30:31,120 Speaker 1: for that. 566 00:30:32,440 --> 00:30:34,320 Speaker 14: Oh, thank you, thank you. Yeah, that was back in 567 00:30:34,680 --> 00:30:35,600 Speaker 14: twenty twenty one. 568 00:30:35,640 --> 00:30:39,000 Speaker 5: It kind of went under radar obviously because you know, 569 00:30:39,040 --> 00:30:40,800 Speaker 5: I don't like to make a big deal out of it, 570 00:30:40,840 --> 00:30:43,560 Speaker 5: and honestly, like didn't know at the time that. 571 00:30:43,360 --> 00:30:44,160 Speaker 14: That was the case. 572 00:30:44,600 --> 00:30:48,120 Speaker 5: Porsia actually informed me when we became when I became 573 00:30:48,160 --> 00:30:50,240 Speaker 5: the first African American in Careera Cup, that I also 574 00:30:50,720 --> 00:30:53,040 Speaker 5: was the first African to win a Sprint Challenge race 575 00:30:53,280 --> 00:30:56,480 Speaker 5: as well. So yeah, I mean it's been it's been 576 00:30:56,800 --> 00:30:59,200 Speaker 5: a crazy ride for me as well. I actually I 577 00:30:59,240 --> 00:31:02,800 Speaker 5: grew up in the DC area watching Jordan Reid play 578 00:31:02,800 --> 00:31:06,080 Speaker 5: football actually and things like that, so you know, I've 579 00:31:06,080 --> 00:31:08,320 Speaker 5: always been a big fan and I you know, super 580 00:31:08,360 --> 00:31:10,000 Speaker 5: honored to be working with him as well. 581 00:31:10,040 --> 00:31:12,280 Speaker 14: Man, Like, it's been, it's been a fun ride so far. 582 00:31:12,640 --> 00:31:16,000 Speaker 1: Where is your beautiful talent behind the wheel now going 583 00:31:16,080 --> 00:31:19,080 Speaker 1: to take you? Do you see one day one day 584 00:31:19,560 --> 00:31:22,720 Speaker 1: going to race in the Indianapolis five. 585 00:31:22,600 --> 00:31:26,520 Speaker 5: Hundred possibly, you know, to be truly honest, Like, you know, 586 00:31:26,600 --> 00:31:30,360 Speaker 5: they always have those those wild card entries for Indie. 587 00:31:30,400 --> 00:31:32,680 Speaker 5: You know, for sure, I've had a little bit of 588 00:31:32,720 --> 00:31:34,880 Speaker 5: time in Formula Cars, but I tend to air on 589 00:31:34,960 --> 00:31:38,280 Speaker 5: the side of sports cars. I'm currently racing the new 590 00:31:38,680 --> 00:31:42,120 Speaker 5: Porsa nine to eleven nine nine two GT three and 591 00:31:43,080 --> 00:31:45,040 Speaker 5: you know that kind of path takes me a little 592 00:31:45,080 --> 00:31:48,360 Speaker 5: more towards like the Daytona twenty four hours, Lama twenty 593 00:31:48,400 --> 00:31:51,240 Speaker 5: four hours, in the Sebring twelve hours, where I'd be 594 00:31:51,440 --> 00:31:53,760 Speaker 5: the first African American to win any of those if 595 00:31:53,840 --> 00:31:54,600 Speaker 5: if we can. 596 00:31:54,400 --> 00:31:55,040 Speaker 14: Pull that off. 597 00:31:55,080 --> 00:31:58,240 Speaker 5: So that's that's the long term goal for for not 598 00:31:58,280 --> 00:32:00,680 Speaker 5: only me, but Jordan Reids motors Force. 599 00:32:00,760 --> 00:32:02,480 Speaker 14: Like I mean, we're we're all aimed. 600 00:32:02,160 --> 00:32:06,000 Speaker 5: At at getting to that level and to winning those 601 00:32:06,040 --> 00:32:08,680 Speaker 5: big races that what would be called almost the racing 602 00:32:08,680 --> 00:32:10,560 Speaker 5: triple Crownalla. 603 00:32:10,760 --> 00:32:12,960 Speaker 1: Yeah, I was going to say, it's like, you know, 604 00:32:13,800 --> 00:32:19,480 Speaker 1: we can race my h super U outback man and 605 00:32:19,640 --> 00:32:21,600 Speaker 1: I have a minor shot. 606 00:32:23,320 --> 00:32:26,600 Speaker 4: Have to ask you that we know all about Jordan Reed, 607 00:32:26,720 --> 00:32:29,320 Speaker 4: we know how he got to the game, we know 608 00:32:29,440 --> 00:32:32,480 Speaker 4: about his time playing for Urban Meyer in the Florida Gators. 609 00:32:32,520 --> 00:32:33,760 Speaker 14: But what I'm curious. 610 00:32:33,480 --> 00:32:35,880 Speaker 4: About is how do you how do you break into 611 00:32:35,960 --> 00:32:38,280 Speaker 4: race car driving? How did you start in the sport? 612 00:32:38,680 --> 00:32:40,440 Speaker 4: How did you elevate your game? Like, how did you 613 00:32:40,680 --> 00:32:42,240 Speaker 4: how did you arrive here at this point? 614 00:32:42,400 --> 00:32:44,880 Speaker 14: That's a that's a great question. Like, so I I 615 00:32:44,920 --> 00:32:45,320 Speaker 14: grew up. 616 00:32:45,280 --> 00:32:48,040 Speaker 5: In Prince George's County, Maryland, like you know, right down 617 00:32:48,040 --> 00:32:49,760 Speaker 5: the road from FedEx Field. 618 00:32:49,840 --> 00:32:52,760 Speaker 14: So, uh, that is not a racing hug. 619 00:32:52,800 --> 00:32:55,360 Speaker 5: Right, Like you know, even though Joe Gibbs his own 620 00:32:55,760 --> 00:32:58,320 Speaker 5: NASCAR team and all that kind of stuff, Maryland and 621 00:32:58,400 --> 00:33:01,560 Speaker 5: that area is not necessarily a race hub. So I 622 00:33:01,640 --> 00:33:05,200 Speaker 5: had to really seek out things like go karts and 623 00:33:05,560 --> 00:33:08,920 Speaker 5: racing schools and things like that to hold my skills 624 00:33:08,920 --> 00:33:11,120 Speaker 5: and build myself up. I did that right out right 625 00:33:11,160 --> 00:33:14,720 Speaker 5: after high school, and that kind of led me to 626 00:33:15,240 --> 00:33:16,920 Speaker 5: getting to a point where I ran out of money 627 00:33:17,000 --> 00:33:19,400 Speaker 5: because racing is the most expensive sport on the planet 628 00:33:19,840 --> 00:33:23,080 Speaker 5: and it takes a ton of sponsorship and finance to 629 00:33:23,120 --> 00:33:25,440 Speaker 5: get to get going. My dad's a Prince George's County 630 00:33:25,480 --> 00:33:27,920 Speaker 5: police officer. My mom's a teacher that was not going 631 00:33:28,000 --> 00:33:31,719 Speaker 5: to be the way we got there. So I actually 632 00:33:31,720 --> 00:33:35,960 Speaker 5: took jobs as a mechanic, an instructor, all types of things. 633 00:33:36,000 --> 00:33:37,680 Speaker 5: I just made sure that I was working in the 634 00:33:37,680 --> 00:33:40,320 Speaker 5: industry that moved me all over the country. I always 635 00:33:40,320 --> 00:33:42,760 Speaker 5: say I moved all over the country chasing racing that 636 00:33:43,000 --> 00:33:46,640 Speaker 5: I ended up meeting my first sponsors. They were students 637 00:33:46,680 --> 00:33:48,560 Speaker 5: of mine at a rally school I was working at 638 00:33:48,600 --> 00:33:51,560 Speaker 5: in Texas and they were like, Jordan, when can we 639 00:33:51,560 --> 00:33:52,280 Speaker 5: come watch you race? 640 00:33:52,320 --> 00:33:54,520 Speaker 14: And I was like, I'm way too poor for that. 641 00:33:54,560 --> 00:33:57,640 Speaker 5: Guys like I'm I'm in there, like's but you're so 642 00:33:57,760 --> 00:33:58,760 Speaker 5: good at this, Like how. 643 00:33:58,600 --> 00:33:59,320 Speaker 14: Are you not racing? 644 00:33:59,360 --> 00:34:01,840 Speaker 5: They didn't underst and the way the financing and things 645 00:34:01,840 --> 00:34:05,239 Speaker 5: like that worked just so happens. They're a family that 646 00:34:05,280 --> 00:34:07,920 Speaker 5: was in commercial real estate and oil and this was 647 00:34:07,960 --> 00:34:10,040 Speaker 5: something they could they could dabble in, and next thing 648 00:34:10,040 --> 00:34:13,319 Speaker 5: we know, we were racing Porsches. And then halfway into 649 00:34:13,320 --> 00:34:16,319 Speaker 5: the season we swept the weekend at Indianapolis and we 650 00:34:16,400 --> 00:34:18,960 Speaker 5: put hum pretty much every race after that, and the 651 00:34:19,040 --> 00:34:22,960 Speaker 5: last two years I've been in Europe racing exclusively. I 652 00:34:23,040 --> 00:34:26,000 Speaker 5: raced a series called DTM Trophy and then also a 653 00:34:26,040 --> 00:34:29,960 Speaker 5: series called sro GT four Europe or GT World Challenge. 654 00:34:30,480 --> 00:34:33,760 Speaker 5: Both are some of the most elite sports car racing 655 00:34:33,800 --> 00:34:35,120 Speaker 5: series on the planet. 656 00:34:35,200 --> 00:34:37,520 Speaker 14: And I did that to sharpen myself. I got a 657 00:34:37,560 --> 00:34:38,080 Speaker 14: late start. 658 00:34:38,600 --> 00:34:42,000 Speaker 5: I didn't have a family of racing growing up, so 659 00:34:42,280 --> 00:34:44,400 Speaker 5: I knew I needed to get up to speed quickly. 660 00:34:44,440 --> 00:34:47,279 Speaker 5: So I put myself into Wolves Dead, you know, and 661 00:34:47,960 --> 00:34:50,440 Speaker 5: it definitely has panned out. We're now the first African 662 00:34:50,480 --> 00:34:54,680 Speaker 5: American and African American owned team in Porsche Komerica, and 663 00:34:54,840 --> 00:34:58,280 Speaker 5: we just got our first podium at F one Miami 664 00:34:58,640 --> 00:35:01,480 Speaker 5: this past weekend on Sat of it. So we finished 665 00:35:01,480 --> 00:35:04,160 Speaker 5: p two in class only three tenths off the leader. 666 00:35:04,320 --> 00:35:07,760 Speaker 5: So we're showing really, really really good pace. 667 00:35:08,200 --> 00:35:13,080 Speaker 1: See, yeah, I knew it. I'd see I knew about you, 668 00:35:13,080 --> 00:35:16,239 Speaker 1: you know well before we did this interview, and it 669 00:35:16,360 --> 00:35:19,120 Speaker 1: was like, yeah, it's like you know which, by the way, 670 00:35:19,360 --> 00:35:22,080 Speaker 1: I got to get YouTube TV because I can get 671 00:35:22,080 --> 00:35:25,640 Speaker 1: a lot of the races on there too. Yes, I'm okay, 672 00:35:25,760 --> 00:35:26,959 Speaker 1: I did my plug. 673 00:35:27,600 --> 00:35:29,680 Speaker 14: And actually our races are on Peacock as well. 674 00:35:29,760 --> 00:35:32,360 Speaker 3: Yes, yes, yes, so. 675 00:35:31,880 --> 00:35:33,839 Speaker 5: You can catch them on there as well, but we 676 00:35:33,920 --> 00:35:36,840 Speaker 5: are actually they're all the same nine to eleven, so 677 00:35:36,880 --> 00:35:39,960 Speaker 5: it's a Driver series. It's very competitive the cars, it's 678 00:35:40,080 --> 00:35:42,360 Speaker 5: very close racing, and we actually get to be the 679 00:35:42,400 --> 00:35:45,319 Speaker 5: support series for not only IMSO, which is the top 680 00:35:45,400 --> 00:35:49,280 Speaker 5: level sports car racing series in America, but all three 681 00:35:49,440 --> 00:35:54,040 Speaker 5: of the or three of the five F one weekends 682 00:35:54,040 --> 00:35:56,400 Speaker 5: in North America. We are a support series four, so 683 00:35:56,440 --> 00:35:58,880 Speaker 5: we race on the same weekends as F one. I 684 00:35:58,960 --> 00:36:02,320 Speaker 5: was there with Lewis Hamilton and with you know, Maxis 685 00:36:02,360 --> 00:36:04,960 Speaker 5: stapp and all those guys, same track, same day as everything. 686 00:36:05,000 --> 00:36:07,239 Speaker 14: It was really really really special experience. 687 00:36:07,840 --> 00:36:10,480 Speaker 1: I might to go back to Jordan Reid and UH, 688 00:36:10,560 --> 00:36:13,239 Speaker 1: and this involves both Jordan's but I'm gonna start with 689 00:36:13,280 --> 00:36:16,400 Speaker 1: the Jordan Reid here about your latest endeavor about the 690 00:36:16,440 --> 00:36:19,080 Speaker 1: cannabis business. Can you can you take us more through 691 00:36:19,120 --> 00:36:20,240 Speaker 1: that and what's that's all about. 692 00:36:20,680 --> 00:36:23,840 Speaker 3: Early on, I was a big believer in cannabis. 693 00:36:24,280 --> 00:36:24,600 Speaker 10: UH. 694 00:36:24,800 --> 00:36:29,760 Speaker 13: Additionally as an alternative of the opioids. Football players obviously 695 00:36:29,960 --> 00:36:33,960 Speaker 13: we deal with it's a ninety nine chance that you're 696 00:36:33,960 --> 00:36:37,799 Speaker 13: going to get into injured playing football, So finding alternative 697 00:36:37,840 --> 00:36:43,480 Speaker 13: ways to cope with pain managed managed pain was. 698 00:36:43,520 --> 00:36:45,279 Speaker 3: Something that was very important to me. 699 00:36:45,600 --> 00:36:48,680 Speaker 13: And I actually use cannabis during my playing days to 700 00:36:48,800 --> 00:36:53,520 Speaker 13: help me after games, just be able to take some 701 00:36:53,560 --> 00:36:55,839 Speaker 13: of the edge off the pain without having to take 702 00:36:56,440 --> 00:36:59,719 Speaker 13: you know, heavy duty opioids. Uh those are you know, 703 00:37:00,239 --> 00:37:04,279 Speaker 13: I've seen guys get hooked on the opioids and ruin 704 00:37:04,320 --> 00:37:09,920 Speaker 13: their lives. Cannabis has a lot less severe side effects 705 00:37:09,920 --> 00:37:13,360 Speaker 13: than opioids. So I used cannabis during my playing days. 706 00:37:13,480 --> 00:37:16,520 Speaker 13: You know, I saw the growth that was to become, 707 00:37:16,680 --> 00:37:19,080 Speaker 13: you know, was to be had in that industry, and 708 00:37:19,120 --> 00:37:25,359 Speaker 13: I invested in Colorado. I owned a dispensary, a grow 709 00:37:25,640 --> 00:37:29,520 Speaker 13: a lab and it, you know, it did well for 710 00:37:29,560 --> 00:37:32,640 Speaker 13: about seven years and I was able to have a 711 00:37:32,680 --> 00:37:38,080 Speaker 13: successful exit there and so sold all my assence in 712 00:37:38,080 --> 00:37:42,719 Speaker 13: twenty twenty one. And you know, it was a good 713 00:37:43,200 --> 00:37:46,759 Speaker 13: learning experience. I made some money and I invested in 714 00:37:46,800 --> 00:37:48,520 Speaker 13: something that I truly believed in. 715 00:37:49,040 --> 00:37:50,160 Speaker 3: So, Jordan, let me ask you this. 716 00:37:50,280 --> 00:37:53,880 Speaker 4: You know you you you played for the Washington Commanders 717 00:37:53,880 --> 00:37:56,560 Speaker 4: when they were the Redskins. You played during the Dan 718 00:37:56,719 --> 00:37:59,759 Speaker 4: Snyder era. I'm curious to hear that it's now that 719 00:37:59,760 --> 00:38:02,560 Speaker 4: the Manders have been sold to Josh Harris. You know, 720 00:38:02,640 --> 00:38:05,080 Speaker 4: what are your thoughts on the direction of the team 721 00:38:05,160 --> 00:38:06,160 Speaker 4: of the franchise. 722 00:38:06,719 --> 00:38:07,640 Speaker 8: And while you're at it. 723 00:38:07,600 --> 00:38:09,239 Speaker 4: Maybe you could tell us a little bit about your 724 00:38:09,280 --> 00:38:11,800 Speaker 4: thoughts on the greatest risk of all time for Tom Brady. 725 00:38:12,239 --> 00:38:12,479 Speaker 3: Yeah. 726 00:38:12,560 --> 00:38:16,640 Speaker 13: Man, so far, it looks like the ownership and you 727 00:38:16,640 --> 00:38:19,000 Speaker 13: know organization are making some great choices. 728 00:38:19,160 --> 00:38:20,920 Speaker 3: They hired Dan Quinn. 729 00:38:21,400 --> 00:38:24,600 Speaker 13: He was my defensive coordinator at University of Florida on 730 00:38:24,719 --> 00:38:26,839 Speaker 13: my time there, and he was one of the best 731 00:38:26,840 --> 00:38:30,280 Speaker 13: coaches I ever played for, you know, a true players coach, 732 00:38:31,400 --> 00:38:34,399 Speaker 13: great energy, great leader, and we also had the number 733 00:38:34,440 --> 00:38:37,440 Speaker 13: one defense in the country that you know. 734 00:38:37,400 --> 00:38:38,200 Speaker 3: While he was there. 735 00:38:38,239 --> 00:38:42,239 Speaker 13: So he's going to bring you know, a level of uh, 736 00:38:42,280 --> 00:38:44,279 Speaker 13: you know, a level of coaching to the to the 737 00:38:44,280 --> 00:38:47,319 Speaker 13: Commanders that you know, I take were lacking last year 738 00:38:47,320 --> 00:38:50,359 Speaker 13: and the years before. I'm very excited about that higher 739 00:38:50,400 --> 00:38:54,480 Speaker 13: and I'm also very excited about Jayden Daniels being drafted 740 00:38:55,239 --> 00:38:57,520 Speaker 13: number two overall to the Commanders as well. 741 00:38:57,600 --> 00:38:59,600 Speaker 3: So they're making some great choices. 742 00:39:00,160 --> 00:39:04,279 Speaker 13: I think the franchise has more positive energy surrounding it. 743 00:39:04,520 --> 00:39:07,239 Speaker 13: You know, now that Dan Snyder is gone, I can 744 00:39:07,320 --> 00:39:10,120 Speaker 13: say that Dan Sneyder treated me well and I can't 745 00:39:10,400 --> 00:39:12,760 Speaker 13: talk about him too bad. He definitely changed my life 746 00:39:12,960 --> 00:39:16,239 Speaker 13: financially and gave me a lot of opportunities. But I 747 00:39:16,280 --> 00:39:19,360 Speaker 13: think the organization is going in a really, really positive 748 00:39:19,360 --> 00:39:22,280 Speaker 13: direction right now, and I'm very excited for the future. 749 00:39:22,520 --> 00:39:24,520 Speaker 3: And and what about the road? Did you did you 750 00:39:24,560 --> 00:39:26,480 Speaker 3: catch the Tom Brady Roath any thoughts there? 751 00:39:26,680 --> 00:39:27,160 Speaker 2: Just curious? 752 00:39:27,400 --> 00:39:29,480 Speaker 13: I didn't really, I didn't catch it, man, I call 753 00:39:29,560 --> 00:39:32,920 Speaker 13: little caught little glimpses of it. I got my hands 754 00:39:32,920 --> 00:39:35,919 Speaker 13: full with three little girls nowadays, man, so I don't 755 00:39:35,920 --> 00:39:37,959 Speaker 13: really chance to watch a bunch of TV. 756 00:39:38,400 --> 00:39:42,320 Speaker 1: Jordan Wallace, Uh, before we I know we are running 757 00:39:42,320 --> 00:39:43,799 Speaker 1: out of time and we got to wrap this up. 758 00:39:43,840 --> 00:39:46,640 Speaker 1: But I want your thoughts by the way coming up 759 00:39:46,680 --> 00:39:49,719 Speaker 1: because uh and I mentioned the Indy five hundred, and 760 00:39:49,760 --> 00:39:54,200 Speaker 1: we're coming up now on the greatest spectacle in racing. 761 00:39:54,840 --> 00:39:58,640 Speaker 1: I always get excited about this year I have people. 762 00:39:59,120 --> 00:40:02,520 Speaker 1: Don't get me wrong now, Jordan reed wrong. Yes, I 763 00:40:02,560 --> 00:40:04,960 Speaker 1: love football. I love the Super Bowl, but I have 764 00:40:05,080 --> 00:40:08,440 Speaker 1: two Super Bowls in my life, the Daytona five hundred 765 00:40:08,640 --> 00:40:12,439 Speaker 1: and the Indianapolis five hundred. And just to get your 766 00:40:12,480 --> 00:40:17,960 Speaker 1: thoughts about what racing means in general, it has evolved 767 00:40:18,000 --> 00:40:20,839 Speaker 1: so much from what it used to be when I 768 00:40:20,880 --> 00:40:21,319 Speaker 1: was a kid. 769 00:40:21,360 --> 00:40:25,360 Speaker 5: It's it's crazy, right, Like I can even say, like 770 00:40:25,400 --> 00:40:28,840 Speaker 5: I've been doing this for a little over fifteen years, 771 00:40:29,400 --> 00:40:33,600 Speaker 5: in the last like five years that the way motorsports 772 00:40:33,680 --> 00:40:36,680 Speaker 5: is a business has shifted and gone in a direction 773 00:40:36,840 --> 00:40:39,680 Speaker 5: that has gone back to where I think it wasn't 774 00:40:39,680 --> 00:40:44,120 Speaker 5: its golden era of big time sponsors and great drivers 775 00:40:44,160 --> 00:40:48,480 Speaker 5: and great media around it are all coming together in 776 00:40:48,480 --> 00:40:51,880 Speaker 5: this way that is making this era at racing really 777 00:40:51,920 --> 00:40:55,440 Speaker 5: special and really valuable. I think, you know that's the 778 00:40:55,440 --> 00:40:58,160 Speaker 5: reason why companies like Davis Infrastructure came on board to 779 00:40:58,200 --> 00:41:01,600 Speaker 5: be our title sponsor this year with Vision, and I 780 00:41:01,600 --> 00:41:03,959 Speaker 5: think the Indy five hundred is a great example of 781 00:41:04,040 --> 00:41:06,600 Speaker 5: like I mean, indi is the most hollow ground in 782 00:41:06,640 --> 00:41:08,839 Speaker 5: all of racing. It's the world center of racing as 783 00:41:08,880 --> 00:41:11,759 Speaker 5: they like to call it. And the five hundred every 784 00:41:11,840 --> 00:41:16,759 Speaker 5: year is so big, and not to mention it's on 785 00:41:16,800 --> 00:41:20,200 Speaker 5: the same day as the Monaco Grand Prix. Racing is 786 00:41:20,320 --> 00:41:25,640 Speaker 5: just I mean so throughout our culture and with Netflix 787 00:41:25,719 --> 00:41:28,440 Speaker 5: and everything too. I mean like we've been able to 788 00:41:29,040 --> 00:41:31,800 Speaker 5: grow the sports infinitely in the past few years. And 789 00:41:32,400 --> 00:41:34,840 Speaker 5: you see that from a viewership standpoint, I mean, sports 790 00:41:34,880 --> 00:41:38,880 Speaker 5: cars has tripled in viewership in the past year. NASCAR 791 00:41:39,600 --> 00:41:44,239 Speaker 5: f one just beat NASCAR on a Sunday Like in viewership. 792 00:41:44,400 --> 00:41:48,520 Speaker 5: I mean, what you're seeing is a shift to people 793 00:41:48,600 --> 00:41:53,239 Speaker 5: who see a sport that is genderless, raceless, all that, right, 794 00:41:53,320 --> 00:41:55,880 Speaker 5: Like it is a sport that anyone can approach. 795 00:41:56,239 --> 00:41:58,720 Speaker 14: And I think that's even why Jay Reid sees it as. 796 00:41:59,000 --> 00:42:01,520 Speaker 5: A great thing to do, you know, in his retirement, 797 00:42:01,600 --> 00:42:03,319 Speaker 5: you know, is to come come, come play in the 798 00:42:03,320 --> 00:42:05,800 Speaker 5: motorsports world and own a sports franchise and be a 799 00:42:05,840 --> 00:42:06,440 Speaker 5: big part. 800 00:42:06,280 --> 00:42:09,799 Speaker 1: Of that, you know, Monico and then Indy and then 801 00:42:09,840 --> 00:42:13,279 Speaker 1: the Coca Cola six hundred on the same day. And 802 00:42:14,560 --> 00:42:17,759 Speaker 1: that's what I'm saying. I am that's my best day. 803 00:42:17,960 --> 00:42:19,240 Speaker 14: It's the best day of sports. 804 00:42:19,440 --> 00:42:19,799 Speaker 2: Come on. 805 00:42:22,160 --> 00:42:26,440 Speaker 1: Jordan Wallace, first ever African American driver in the Posher 806 00:42:26,520 --> 00:42:30,520 Speaker 1: Carera Cup North America. Jordan Reed, former tight end for 807 00:42:30,560 --> 00:42:33,920 Speaker 1: the Washington Commanders. Thank you, gentlemen for joining us on 808 00:42:34,000 --> 00:42:37,040 Speaker 1: the Bloomberg Business of Sports. We really do appreciate. How 809 00:42:37,040 --> 00:42:40,040 Speaker 1: does it for this week's edition of The Bloomberg Business 810 00:42:40,040 --> 00:42:42,320 Speaker 1: of Sports. We're here each and every week at the 811 00:42:42,400 --> 00:42:46,239 Speaker 1: same time, plus online wherever you get your podcasts. For 812 00:42:46,440 --> 00:42:49,879 Speaker 1: Damian Sasauur, I'm Michael Barr tune in again next week 813 00:42:49,920 --> 00:42:53,480 Speaker 1: for the latest on the stories moving big old hunks 814 00:42:53,480 --> 00:42:56,160 Speaker 1: of money in the world of sports. You're listening to 815 00:42:56,200 --> 00:42:59,879 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio around the where.