WEBVTT - Josh Harris 0:00:02.840 --> 0:00:05.320 Josh Harris is a major figure in the investment world 0:00:05.400 --> 0:00:07.760 and the sports world. In the investment world, he was 0:00:07.800 --> 0:00:10.040 the co founder of Apollo, one of the largest private 0:00:10.039 --> 0:00:12.479 credit and private equity firms in the world. As a 0:00:12.520 --> 0:00:15.960 sports owner, he recently bought the Washington Commanders for six 0:00:16.040 --> 0:00:19.560 billion dollars, largest price ever paid for major sports franchise 0:00:19.760 --> 0:00:21.920 in the United States. Had a chance to sit down 0:00:21.960 --> 0:00:24.560 with Josh Harris recently to talk about his combined life 0:00:24.600 --> 0:00:26.480 as an investor and sports team owner. 0:00:27.920 --> 0:00:28.960 Josh, for those who. 0:00:28.920 --> 0:00:31.240 Don't know, was a co founder of Apollo, which is 0:00:31.240 --> 0:00:33.520 one of the largest private equity and private credit firms 0:00:33.520 --> 0:00:34.000 in the world. 0:00:34.520 --> 0:00:36.720 He is now the. 0:00:36.080 --> 0:00:39.800 Founder and managing director and CEO of a new firm 0:00:39.840 --> 0:00:43.000 based in Miami twenty six North. And as if that 0:00:43.159 --> 0:00:46.919 was not enough, you're also the lead partner in the 0:00:47.040 --> 0:00:48.720 Washington Commanders. 0:00:49.000 --> 0:00:50.919 You're also the lead. 0:00:51.080 --> 0:00:55.640 Partner managing director for the NBA Philadelphia seventy six ers. 0:00:56.560 --> 0:00:59.480 You're the co managing partner for the New Jersey Devils 0:00:59.480 --> 0:01:02.720 and the National Hotsky League. And you're one of the 0:01:02.720 --> 0:01:06.839 managing partners for the Crystal Palace English Premier Soccer team. 0:01:08.280 --> 0:01:09.959 And is that all anything? Today? 0:01:09.959 --> 0:01:13.480 You bought anything else today, married with five kids, okay, 0:01:13.880 --> 0:01:18.039 and witness harder five kids from getting married or all. 0:01:17.920 --> 0:01:20.680 The other things. It's all very rewarding. Okay. 0:01:20.720 --> 0:01:23.119 So let's talk about your new firm, twenty six North. 0:01:23.360 --> 0:01:25.120 Where did you get that name from? 0:01:25.160 --> 0:01:26.080 So it's a funny story. 0:01:26.480 --> 0:01:29.880 I hired a branding agency and spent a lot of money, 0:01:29.920 --> 0:01:32.480 and then they came up with five horrible names, and 0:01:32.480 --> 0:01:34.880 I threw all those in the trash and named it myself. 0:01:35.560 --> 0:01:40.040 So I when I left Apollo, I didn't I wasn't 0:01:40.080 --> 0:01:43.959 necessarily going to start another alternatives firm, but I realized that, 0:01:45.040 --> 0:01:47.440 you know, the big firms had built, you know, Carlisle 0:01:47.480 --> 0:01:51.440 amongst them, Apollo, black Stone, KKRTPG had built these incredible 0:01:51.480 --> 0:01:55.440 investing ecosystems, but many of them had gotten so big 0:01:55.480 --> 0:01:58.960 and become public companies, and they were sort of the 0:01:59.000 --> 0:02:00.000 beta of alls. 0:02:00.360 --> 0:02:02.440 They're so big that they need to, you know, get 0:02:02.440 --> 0:02:04.640 into very big areas pools of capital. 0:02:04.760 --> 0:02:08.800 And what had been left a little bit behind was Alpha, 0:02:09.080 --> 0:02:11.800 you know, really being the alpha of alts, you know. 0:02:12.120 --> 0:02:16.079 And so we decided that we could bring I decided 0:02:16.400 --> 0:02:18.640 that I could create a firm that had big firm 0:02:18.720 --> 0:02:22.360 capabilities that had all the trappings of a big firm. 0:02:22.400 --> 0:02:26.440 In our case, it's an integrated platform with debt and insurance, 0:02:26.480 --> 0:02:29.560 and it's an alpha creation team led by someone who 0:02:29.639 --> 0:02:35.200 left mackenzie incredible talent, and apply it against the middle market, 0:02:35.240 --> 0:02:37.440 in the upper middle market and deal with a lot 0:02:37.480 --> 0:02:41.239 more alignment where I'm the largest investor and everyone who's 0:02:41.320 --> 0:02:44.880 joining is not necessarily getting paid as much cash they might, 0:02:44.960 --> 0:02:47.480 but they're really going to benefit if the investors benefit. 0:02:47.560 --> 0:02:49.560 How much money have you raised and put into the 0:02:49.639 --> 0:02:50.480 firm so far? 0:02:50.639 --> 0:02:51.520 It's gone really well. 0:02:51.600 --> 0:02:55.680 We're at twenty three billion after twenty four months, which is, 0:02:55.720 --> 0:02:58.560 you know, beyond my wildest expectation. We have one hundred 0:02:58.560 --> 0:03:02.080 and twenty five people, and you know, it's an amazing culture, 0:03:02.120 --> 0:03:05.440 amazing people. People really jumped on the bandwagon and now 0:03:05.440 --> 0:03:08.360 we're I'm hard at work trying to create alpha. So 0:03:08.400 --> 0:03:12.680 in sports, you create, you have to create memories and 0:03:12.800 --> 0:03:17.280 win for the city. And in alternatives, investigators, you know, 0:03:17.320 --> 0:03:21.360 it's about returns. It's about alpha for retirees and pensioners. 0:03:21.360 --> 0:03:22.720 So I think that's what we're doing. 0:03:22.760 --> 0:03:24.320 To raise that kind of money, you had to go 0:03:24.360 --> 0:03:26.120 out and I guess ask people for money. 0:03:26.120 --> 0:03:27.960 So how did you do that? With all the sports teams? 0:03:28.040 --> 0:03:30.080 I spent a lot of time flying around. I mean literally, 0:03:30.120 --> 0:03:31.680 I have a mobile office. 0:03:32.400 --> 0:03:33.280 It's it's a plan. 0:03:33.520 --> 0:03:36.440 So you've already announced two deals, one just recently, one 0:03:36.480 --> 0:03:38.880 about a week or so ago. What we're so attractive 0:03:38.920 --> 0:03:39.640 about those deals? 0:03:39.680 --> 0:03:41.760 Private AQ was going through a bit of a transition 0:03:41.920 --> 0:03:45.800 where multiple values are peaked and they're on their way down, 0:03:45.920 --> 0:03:47.880 and so some of the returns haven't been as good 0:03:47.920 --> 0:03:49.600 and so we're benefiting from that. 0:03:50.160 --> 0:03:52.200 And so to a certain extent, we're buying really. 0:03:51.960 --> 0:03:56.120 Good businesses at much better pricing than others have in 0:03:56.160 --> 0:03:59.160 the past. So we're able to buy really good businesses, 0:03:59.240 --> 0:04:03.000 one in the fitness area and one creates electrical systems 0:04:03.040 --> 0:04:07.760 for data centers and stadiums, and we're buying them at 0:04:08.000 --> 0:04:12.320 seven times So unlike the sixty times cash flow, we're 0:04:12.360 --> 0:04:15.360 paying seven times cash. And that might compare to the 0:04:15.360 --> 0:04:17.520 industry that's paying ten or eleven times cash. 0:04:17.680 --> 0:04:19.520 So our strategy is to buy. 0:04:19.279 --> 0:04:22.800 Good businesses and kind of find those opportunities that are 0:04:22.800 --> 0:04:24.440 misvalued for some reason or another. 0:04:24.520 --> 0:04:26.840 So as you make investments, Now, are you worried about 0:04:27.120 --> 0:04:32.760 the geopolitical events around the world, what's going on in Israel, Daza, Ukraine, Russia, China, Taiwan, 0:04:32.880 --> 0:04:34.320 or you don't pay that much attention to that. 0:04:34.720 --> 0:04:35.800 Look, you have to pay attention to that. 0:04:35.839 --> 0:04:39.280 I mean, I mean obviously, right now, we have a 0:04:39.360 --> 0:04:42.600 market at all tim has and we have an economy 0:04:42.640 --> 0:04:47.800 that is cranking inflation. The Federal Reserve has done a 0:04:47.839 --> 0:04:49.600 good job of finding that. 0:04:51.000 --> 0:04:53.440 They call it goldilocks. Not too hot, not too cold. 0:04:53.760 --> 0:04:58.440 Inflation's coming down, but unemployment's low, and so things are 0:04:58.480 --> 0:05:02.479 pretty good and price is aggressive for the most part. 0:05:02.520 --> 0:05:05.160 The markets are at all time peak, pe multiples are 0:05:05.200 --> 0:05:08.400 very closed. So you've got to be cognizant that a 0:05:08.440 --> 0:05:12.200 geopolitical event can knock everything on its side, and so 0:05:12.240 --> 0:05:13.720 you have to just be careful, right, and you have 0:05:13.839 --> 0:05:17.920 to plan. Okay, what happens if oil price is spike? Right, 0:05:17.960 --> 0:05:21.680 that could be an outcome. For example, what happens if 0:05:22.880 --> 0:05:26.600 you know Israel were to you know, attack around So. 0:05:26.680 --> 0:05:29.719 As we talk, we're getting close to the next presidential election. 0:05:29.839 --> 0:05:31.760 Yes, we are so heard about that. 0:05:31.960 --> 0:05:33.720 Do you think it will make a difference to your 0:05:33.800 --> 0:05:37.159 investment approach if one party wins versus another party, or 0:05:37.160 --> 0:05:40.200 one party controls the Congress versus somebody controlling the White House. 0:05:40.240 --> 0:05:42.920 How do you look at the election impacting your business. 0:05:43.160 --> 0:05:45.640 The way we look at it that is, it's like 0:05:45.680 --> 0:05:47.360 a fifty to fifty election. I mean, you can go 0:05:48.760 --> 0:05:52.480 look at some betting sites and it's a real toss up. 0:05:52.560 --> 0:05:54.080 So it's really hard to predict. I think we have 0:05:54.120 --> 0:05:55.560 to be ready for every environment. 0:05:56.760 --> 0:06:01.720 Certainly there are different ranks and weaknesses. If you have 0:06:01.800 --> 0:06:06.000 a candidate that is more regulatory oriented, that might affect 0:06:06.080 --> 0:06:11.200 certain industries like energy or healthcare Differently, the antitrust policy 0:06:11.240 --> 0:06:12.200 could be different. 0:06:11.920 --> 0:06:13.040 That could affect acquisitions. 0:06:13.080 --> 0:06:16.080 So you have to think about all that and just 0:06:16.120 --> 0:06:17.200 be prepared for it. 0:06:17.560 --> 0:06:18.680 I think that if there's no. 0:06:18.760 --> 0:06:23.440 Outcome, clear outcome could create some violatility that might be 0:06:23.480 --> 0:06:24.440 a buying opportunity. 0:06:24.480 --> 0:06:25.839 So I think we think. 0:06:25.680 --> 0:06:28.000 About all of it, and we plan for all of it, 0:06:28.320 --> 0:06:31.040 but then we get ready to pivot one way or another, 0:06:31.080 --> 0:06:33.640 and we make sure the stuff we're doing now is 0:06:33.839 --> 0:06:37.360 very robust, that it maybe has less leverage, that it's 0:06:37.440 --> 0:06:40.920 more sustainable under any scenario that could come out. 0:06:41.000 --> 0:06:42.919 So do you get involved in the campaign. You're not 0:06:42.960 --> 0:06:44.920 a donor, you're not a supporter. You just stay out 0:06:44.920 --> 0:06:45.200 of it. 0:06:45.400 --> 0:06:48.520 You get involved with politics in many cases, I fans 0:06:48.520 --> 0:06:51.320 that are you know, on both sides of the aisle, right, 0:06:51.360 --> 0:06:54.240 so it becomes controversial, and sports are supposed to bring 0:06:54.279 --> 0:06:54.960 people together. 0:06:55.360 --> 0:06:56.840 And so I keep my opinions to myself. 0:06:56.880 --> 0:06:59.479 Really, I stay out of politics, and I'm pretty don't. 0:06:59.520 --> 0:07:03.440 I don't get involved, even though I mean obviously I care. 0:07:03.520 --> 0:07:05.919 I care about the world, but it's like my my 0:07:06.040 --> 0:07:09.520 ability to create impact is through these platforms, and so 0:07:09.680 --> 0:07:11.320 that sort of keeps me out of politics. 0:07:11.400 --> 0:07:12.400 Let's go back to your youth. 0:07:12.520 --> 0:07:15.560 You were you were born in this area, and you 0:07:15.600 --> 0:07:18.640 grew up in Bethesda, grew up in Chevy Chase, Chevy 0:07:18.680 --> 0:07:23.760 Chase Beesda Chevy Chase Cherry, which is I don't know, okay, So, uh, 0:07:23.960 --> 0:07:26.960 you went to high school and then you went to here, 0:07:27.080 --> 0:07:29.680 and then you went to Penn, right. And while you 0:07:29.720 --> 0:07:32.600 said you weren't you know, a great academic or something, 0:07:32.640 --> 0:07:34.000 you graduated Summa cum Cloudy. 0:07:34.080 --> 0:07:35.240 So you must have been pretty good. 0:07:35.960 --> 0:07:37.600 Yes, I got I got better as I was on. 0:07:37.720 --> 0:07:40.640 So my dad had gone to Penn and also I 0:07:41.080 --> 0:07:43.200 was a wrestler and they had a wrestling team and 0:07:43.240 --> 0:07:45.800 so I started talking to the coach, and so I 0:07:45.920 --> 0:07:48.920 kind of got into Penn even though I probably was 0:07:49.000 --> 0:07:53.080 an aspirational candidate for Ben that was my highest shot. 0:07:53.320 --> 0:07:54.680 But did you wrestle with Penn? 0:07:54.760 --> 0:07:55.080 I did? 0:07:55.280 --> 0:07:56.880 Then what did you do right after your graduation? 0:07:56.920 --> 0:07:59.960 I went to Drexel, which was a storied investment bank 0:08:00.120 --> 0:08:04.560 that was Michael Milken and Direxel was I always liked 0:08:04.560 --> 0:08:04.960 in my career. 0:08:05.000 --> 0:08:06.240 I always fought I always. 0:08:06.000 --> 0:08:09.600 Went to aspirationally what I felt was where I could 0:08:09.640 --> 0:08:11.800 get the best experience with the smartest people. So I 0:08:11.840 --> 0:08:13.840 was there nineteen o six to nineteen eighty. It was 0:08:14.040 --> 0:08:17.840 killing it. And then I've had one business school Harvard, 0:08:18.080 --> 0:08:20.280 and I said, look, if I am blessed to get 0:08:20.280 --> 0:08:23.760 into Harvard, I know I read the book like we 0:08:23.840 --> 0:08:25.480 don't learn in Harvard Physical and I was like, if 0:08:25.480 --> 0:08:27.000 I can get into this place, I'll go. 0:08:27.080 --> 0:08:28.600 And I went, and then what. 0:08:28.520 --> 0:08:28.880 Did you do? 0:08:29.520 --> 0:08:30.680 So then I, you know, it's interesting. 0:08:31.400 --> 0:08:35.080 I felt that private equity was I wanted to be 0:08:35.080 --> 0:08:39.000 involved with companies versus just being at a bank, and 0:08:39.200 --> 0:08:41.360 private equity seemed like the way to get the most 0:08:41.400 --> 0:08:44.320 responsibility and was where all the smartest people were going 0:08:44.960 --> 0:08:48.000 and I joined this five year old young firm called Blackstone. 0:08:48.440 --> 0:08:53.000 I went there and three months into it, you know, 0:08:53.080 --> 0:08:55.800 Drexel went out of business and I got a call 0:08:55.920 --> 0:09:00.760 from Mark Rowan, who had been the star he did Drexel, 0:09:00.920 --> 0:09:02.760 who I'd work with, and he said, look, we're starting 0:09:02.800 --> 0:09:05.840 up this firm. And initially I was like, eh, I'm good. 0:09:06.160 --> 0:09:08.960 You know, you guys just went out of business. 0:09:09.080 --> 0:09:14.120 But we I decided to follow him and Leon black 0:09:14.240 --> 0:09:17.040 and I joined Pollow, which had twelve people. 0:09:16.760 --> 0:09:17.200 At that point. 0:09:17.240 --> 0:09:19.280 All right, so you started helped to start that firm. 0:09:19.320 --> 0:09:20.880 You're one of the co founders and you were there 0:09:20.920 --> 0:09:23.600 for how many years before you left? Thirty two years, okay, 0:09:23.640 --> 0:09:25.680 and you were the head of private equity, and so. 0:09:25.679 --> 0:09:26.199 I started off. 0:09:26.200 --> 0:09:28.000 I mean literally there was only twelve people, so we 0:09:28.080 --> 0:09:29.440 all were just doing. 0:09:29.320 --> 0:09:31.240 But at the end you were leading the private equity. 0:09:31.640 --> 0:09:33.520 So I was leading private equity, and then I was 0:09:34.200 --> 0:09:35.000 running the firm. 0:09:35.040 --> 0:09:36.319 So the firm went public. 0:09:36.800 --> 0:09:40.320 What happens in the investing businesses, you get kicked upstairs, 0:09:41.120 --> 0:09:44.520 and so ultimately, you know, it became the three of 0:09:44.600 --> 0:09:47.200 us formed an executive committee and we were running the firm, 0:09:47.200 --> 0:09:49.040 and I was running the firm day to day and. 0:09:48.960 --> 0:09:51.439 You joined the firm. How many people did Apollo House well? 0:09:52.040 --> 0:09:55.080 And now it has a market cap of eighty billion dollars. 0:09:55.080 --> 0:09:57.040 Seventy and eighty billion dollars depending on the day. So 0:09:57.080 --> 0:09:59.320 it's you know, I'm very proud of it. I mean, 0:09:59.360 --> 0:10:02.320 I'm still very large shoulder, and you know, it was 0:10:02.360 --> 0:10:07.480 a great thing to have created, and you know now 0:10:08.000 --> 0:10:10.320 to be able to you know, have a second act, 0:10:10.320 --> 0:10:12.440 which is twenty six North, but also with sports with 0:10:12.480 --> 0:10:15.160 the Commanders, uh, you know, and I and I and 0:10:15.200 --> 0:10:17.960 I sort of think what I do here in Washington 0:10:18.160 --> 0:10:21.080 is a very big deal, even though Pile has been 0:10:21.080 --> 0:10:24.200 a very big deal. So this is you know, you know, 0:10:24.360 --> 0:10:26.040 really important to my legacy. 0:10:26.400 --> 0:10:30.280 When you bought the Washington Commanders, people were a gas 0:10:30.360 --> 0:10:32.880 that the price you paid it was six billion dollars. 0:10:33.360 --> 0:10:35.640 No team in the United States had ever been sold 0:10:35.679 --> 0:10:37.000 for that. I'm not sure any team in the world 0:10:37.080 --> 0:10:39.760 ever been sold for six billion dollars. Were you shocked 0:10:39.800 --> 0:10:42.600 at the price that you had to pay and did 0:10:42.640 --> 0:10:45.040 you have any second thoughts about it? Or now that 0:10:45.120 --> 0:10:47.360 other teams seem to be valued even higher than that 0:10:47.920 --> 0:10:50.400 as they sell off pieces to private equity firms. Do 0:10:50.480 --> 0:10:52.520 you think you got a bargain, And. 0:10:52.600 --> 0:10:55.080 So at the time I would have preferred to pay 0:10:55.160 --> 0:10:59.280 less we had, and so I joked at my credentials 0:10:59.320 --> 0:11:02.200 as a value us there were shattered. We paid the 0:11:02.320 --> 0:11:04.400 highest price in the history of the world for our 0:11:04.400 --> 0:11:07.680 sports team, but that was quickly a surpassed. But you know, 0:11:07.720 --> 0:11:10.960 I had a long run vision that the NFL was 0:11:11.120 --> 0:11:13.560 the dominant was a dominant sport in the world, that 0:11:13.600 --> 0:11:16.959 it would you know, the media rights would continue to 0:11:17.000 --> 0:11:18.840 appreciate as global. 0:11:18.600 --> 0:11:20.200 Audiences flooded in. 0:11:20.480 --> 0:11:23.880 I felt that there would be upward pressure on values. Also, 0:11:24.760 --> 0:11:28.040 you know, was aware that the NFL was considering letting 0:11:28.120 --> 0:11:31.240 and private equity alternative forms of capital. And so for 0:11:31.280 --> 0:11:33.640 all those reasons, I felt that that people would look 0:11:33.679 --> 0:11:35.320 back on it and say it was a good deal. 0:11:35.640 --> 0:11:39.200 And it's proven as such. I mean, obviously you mentioned 0:11:39.240 --> 0:11:42.680 that the current values. 0:11:42.720 --> 0:11:43.959 A couple of rumors out. 0:11:43.800 --> 0:11:48.800 There that that numbers starting with an eight billion will 0:11:48.840 --> 0:11:52.120 be invested for teams, and I think those are true rumors. 0:11:52.160 --> 0:11:54.720 So the team you inherited wasn't doing that well. I 0:11:54.720 --> 0:11:57.760 think it's fair to say the team is now four 0:11:57.800 --> 0:12:01.160 and one four and one let's go and you have 0:12:01.200 --> 0:12:05.040 a star quarterback drafted, the Heisman Trophy winner for last year. 0:12:05.240 --> 0:12:06.439 He's done extremely well. 0:12:06.920 --> 0:12:10.080 So what's the greatest thrill buying a team in your 0:12:10.120 --> 0:12:13.320 own hometown, being there to cheer the players on. You 0:12:13.360 --> 0:12:15.319 go into the locker rooms and tell them win one 0:12:15.360 --> 0:12:16.760 for the Gipper or something like that. 0:12:17.600 --> 0:12:19.200 You try to avoid they've heard every speech. 0:12:19.240 --> 0:12:22.760 But look, I think for me personally, the elation. 0:12:22.559 --> 0:12:25.320 That you feel, I mean, obviously it's you know, I've 0:12:25.320 --> 0:12:29.400 been very blessed to be involved with a lot of 0:12:29.840 --> 0:12:33.240 successes in the business world. But the elation you feel 0:12:33.800 --> 0:12:38.600 being part of a crowd when the team wins, being 0:12:38.640 --> 0:12:41.920 amongst the fans, you know, that's really something special and 0:12:41.960 --> 0:12:45.720 it's a shared experience. It's a community, and it's amazing 0:12:45.760 --> 0:12:50.000 being bolved with. So being I'd say, of all the things, Look, obviously, 0:12:50.440 --> 0:12:52.880 owning a team in your hometown is incredible. 0:12:52.960 --> 0:12:55.280 When you started buying these teams, you started buying the 0:12:55.360 --> 0:12:58.560 seventy six ers first, and you paid a price that 0:12:58.720 --> 0:13:00.120 seemed reasonably. 0:12:59.800 --> 0:13:01.240 High for people at that time. 0:13:02.160 --> 0:13:05.040 Two hundred eighty million, while okay, two hundred eighty million today, 0:13:05.200 --> 0:13:09.080 these NFL, these NBA franchises are four or five billion 0:13:09.160 --> 0:13:12.800 or more. So what did people say to you when 0:13:12.840 --> 0:13:15.760 you were at Apollo. You're running the private equity business 0:13:16.000 --> 0:13:17.680 and you say, by the way, guys, I'm going to 0:13:17.679 --> 0:13:21.160 go buy a basketball team. Did your partners say why 0:13:21.200 --> 0:13:23.199 are you doing that? And did your investors say you 0:13:23.240 --> 0:13:24.120 shouldn't be doing that. 0:13:24.400 --> 0:13:26.920 My partners at Apollo were sort of like. 0:13:27.800 --> 0:13:29.760 Just don't let this interfere with your day job. 0:13:29.840 --> 0:13:33.480 They were very supportive of it at that time, you know, investors, 0:13:34.280 --> 0:13:39.439 you know, I think initially there were they scratched their head. 0:13:39.440 --> 0:13:43.640 But what happened was they realized that it wasn't interfering 0:13:43.760 --> 0:13:46.040 with my day job. I was how focused I was 0:13:46.040 --> 0:13:49.080 a pole continue to flourish, and they realized that there 0:13:49.120 --> 0:13:51.600 is a synergy. Like you learn a lot about life 0:13:51.640 --> 0:13:53.640 in sports. You learn a lot about being a steward 0:13:54.360 --> 0:13:58.840 and culture and people and so over time, you know, 0:13:58.920 --> 0:14:01.800 as I went on this journey, everyone was supportive. 0:14:02.000 --> 0:14:03.959 Hey, well, I thought you made a commitment at the 0:14:03.960 --> 0:14:06.360 time that you would attend every home game or every game. 0:14:06.480 --> 0:14:08.080 So how did you manage to do that? 0:14:08.800 --> 0:14:11.320 Yeah, so there are eighty two basketball games. I never 0:14:11.400 --> 0:14:13.320 made it. I certainly when you own. 0:14:13.640 --> 0:14:15.360 First of all, I've never missed a football game so 0:14:15.559 --> 0:14:20.160 since I've owned the team, So keep going home or away. 0:14:20.720 --> 0:14:21.520 There's less of those. 0:14:21.640 --> 0:14:23.760 But now, look, I think if you if you are 0:14:23.800 --> 0:14:26.840 the managing partner of a team, and really for me 0:14:26.880 --> 0:14:30.120 it's these two teams, because I have partners that handle 0:14:30.160 --> 0:14:33.280 the other teams and I'm more of an investor. I'd 0:14:33.320 --> 0:14:36.240 say that you have to be present. You have to 0:14:36.240 --> 0:14:40.120 be You're accountable to the city. They people want to 0:14:40.160 --> 0:14:45.720 see you there. The players notice, you know if you're there, 0:14:46.400 --> 0:14:48.760 and you know, people want to make sure that you're 0:14:48.760 --> 0:14:50.880 aware of your present, you're watching. They don't want you 0:14:50.880 --> 0:14:52.720 to be overly involved, at least I don't think you 0:14:52.760 --> 0:14:53.160 should be. 0:14:53.840 --> 0:14:56.040 And so you got to be at a lot of games. 0:14:56.080 --> 0:14:59.840 And for me, some people play golf, some people played 0:14:59.840 --> 0:15:03.240 ten as I work and I go to sports and. 0:15:03.320 --> 0:15:04.280 Hang out with my family. 0:15:04.560 --> 0:15:07.160 So now you have a football team, a basketball team, 0:15:07.200 --> 0:15:10.080 a hockey team, a soccer team. Are you done or 0:15:10.080 --> 0:15:12.600 are you thinking about a baseball team or something else. 0:15:13.040 --> 0:15:13.960 I'm pretty good right now. 0:15:14.000 --> 0:15:18.080 I'm focused on winning in Washington and winning in Philly 0:15:18.240 --> 0:15:20.600 and support you know, in basketball, winning and Washington football. 0:15:20.640 --> 0:15:24.240 And then letting my partners in London and in Newark, 0:15:24.360 --> 0:15:27.760 David Blitzer and Stephen Parrish. Okay, you know win in 0:15:27.800 --> 0:15:29.000 New Jersey and London. 0:15:29.040 --> 0:15:30.160 I go to two or three. 0:15:30.360 --> 0:15:33.000 I do go to a few football matches as a 0:15:33.160 --> 0:15:36.560 European football matches. I love it, but mostly watching on 0:15:36.640 --> 0:15:38.760 TV and then go as many high games I can. 0:15:38.880 --> 0:15:41.440 But right now I got my focus on these two 0:15:41.440 --> 0:15:43.400 teams and my business and my family. 0:15:43.680 --> 0:15:45.440 When you own a sports team, U, let's suppose the 0:15:45.440 --> 0:15:47.920 team isn't going to win that game, can't win every game? 0:15:48.200 --> 0:15:50.520 And do you think you can leave early or as 0:15:50.560 --> 0:15:52.760 the owner, you know people are watching. I always wonder 0:15:52.840 --> 0:15:54.600 can you leave early or you have to wait till 0:15:54.600 --> 0:15:55.080 the bitter round. 0:15:55.080 --> 0:15:56.960 I think you can leave early unless you really I 0:15:56.960 --> 0:15:59.600 think you have to stay there and you have look, 0:15:59.600 --> 0:16:02.280 I think lose. You're part of the fabric of the team, 0:16:02.400 --> 0:16:06.240 right and you're there with the players. And I mean, listen, 0:16:06.280 --> 0:16:07.880 if you really have to leave earlier. But I'm saying, 0:16:07.920 --> 0:16:11.480 as a rule, you're there, right, You're there. 0:16:11.360 --> 0:16:11.840 Winner lives. 0:16:11.840 --> 0:16:13.960 You're not gonna win every game, and so like if 0:16:14.000 --> 0:16:16.960 you leave right then you then then what's the message 0:16:17.000 --> 0:16:17.240 in that? 0:16:17.360 --> 0:16:17.520 Right? 0:16:17.560 --> 0:16:20.360 So I think you're there till the end, you know, 0:16:20.520 --> 0:16:23.760 and and you're there after the game, you know, with. 0:16:23.680 --> 0:16:27.240 Them, and then you leave, you know, once Winter lose. Well, 0:16:27.240 --> 0:16:29.240 it's a lot funner when you win, believe me. I mean, 0:16:30.000 --> 0:16:30.800 you go on Instagram. 0:16:30.840 --> 0:16:32.600 You watch the Commanders locker room, they. 0:16:32.560 --> 0:16:33.040 Have some of it. 0:16:33.040 --> 0:16:36.120 When we win, I mean it's insane how excited everyone is. 0:16:36.680 --> 0:16:39.400 And when they lose, you know, people aren't very happy. 0:16:39.440 --> 0:16:41.600 So I think that, but you just have to be 0:16:41.760 --> 0:16:44.760 there as part of that fabric. And and by the way, 0:16:44.760 --> 0:16:47.480 everyone does it differently, That's why I do it. 0:16:47.760 --> 0:16:50.280 And the Washington Commanders have been playing in a stadium 0:16:50.280 --> 0:16:53.560 that was built by two previous owners two times ago. 0:16:54.200 --> 0:16:55.720 I guess it was under Jack ken Cook. 0:16:56.360 --> 0:16:59.200 So are you going to have a new stadium sometime 0:16:59.280 --> 0:17:00.440 soon and where you want to put it? 0:17:01.160 --> 0:17:04.040 Yeah, so we're we're committed to doing that. I mean, 0:17:04.040 --> 0:17:06.440 obviously just put eighty million in the old stadium because 0:17:06.600 --> 0:17:09.080 it really need needed some work, and it needs more work, 0:17:09.080 --> 0:17:10.960 and we're fixing things as fast as we can. But 0:17:10.960 --> 0:17:14.320 at the end of the day, a modern stadium and 0:17:14.359 --> 0:17:17.520 where the premium is situated, and how the Wi Fi 0:17:17.640 --> 0:17:19.320 is set up, and where the field is real to 0:17:19.320 --> 0:17:20.760 the seats and a lot of different things. 0:17:21.119 --> 0:17:23.119 You can only go so far with an older stamps. 0:17:23.160 --> 0:17:24.560 So we'd like to build a new stadium. 0:17:24.960 --> 0:17:28.920 Obviously you need support support of whatever jurisdiction you build 0:17:28.920 --> 0:17:29.200 it in. 0:17:29.800 --> 0:17:30.080 UH. 0:17:30.359 --> 0:17:33.480 The first part of that is a community dialogue, and 0:17:33.520 --> 0:17:36.720 we're having those dialogues in DC, We're having those dialogues 0:17:36.720 --> 0:17:40.720 in Maryland and and you know where we play UH, 0:17:40.760 --> 0:17:44.240 and so we're focused on building a new stadium. We're 0:17:44.240 --> 0:17:46.200 in the first part of those dialogues, and we've got 0:17:46.240 --> 0:17:49.840 to get the communities and the politicians rallied behind us. 0:17:50.119 --> 0:17:53.680 And in the case of DC, right the most likely 0:17:53.800 --> 0:17:57.320 thing is RFK obviously where we all grew up going 0:17:57.320 --> 0:18:02.400 football games, and that is currently owned by the federal government, 0:18:03.440 --> 0:18:04.960 is controlled by the Federal Garment. So we've got to 0:18:05.000 --> 0:18:08.119 get that back to DC and then DC can decide 0:18:08.720 --> 0:18:09.680 what it wants to do. 0:18:09.760 --> 0:18:11.639 But that right now is what we're working on. 0:18:11.920 --> 0:18:14.160 What do you do for philanthropy? Do you have a foundation, 0:18:14.359 --> 0:18:16.359 what do you do? What are your areas of interest? 0:18:16.520 --> 0:18:17.640 Yes, I have a foundation. 0:18:17.760 --> 0:18:20.359 Obviously, what I'm interested in is, look, people paid it 0:18:20.440 --> 0:18:21.080 forward for me. 0:18:21.320 --> 0:18:23.600 My thing is is three things. 0:18:23.600 --> 0:18:29.679 One is intergenerational wealth transferred, so going into communities and 0:18:29.760 --> 0:18:33.240