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Speaker 1: Hello, I'm Scott ne Nobe Williams and I'm Michael bar

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Speaker 1: And this is the Bloomberg Business of Sports podcast, where

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Speaker 1: we explore the big many issues in the world of sports.

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Speaker 1: We have a guest. You're gonna introducing member's name, Nick

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Speaker 1: Turner's visiting from l A. And since we're gonna talk

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Speaker 1: a little l A, the editor of the Media Entertainment,

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Speaker 1: what else you got under Nick? Sports? Well, guess telecom telecom,

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Speaker 1: which is all part of sports these days. Casinos definitely

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Speaker 1: already He's like, what, yes, so what are we talking about? First?

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Speaker 1: Mr Barr, Well, let's start. First of all, Michael Jordan

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Speaker 1: has agreed to sell a large piece of the Charlotte Hornets.

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Speaker 1: Why well, the heartests haven't been doing real well lately,

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Speaker 1: so Michael figured bring in some capital. First of all,

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Speaker 1: he gets a little cash in his pocket if he

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Speaker 1: rolls it back into the team. He says he's hoping

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Speaker 1: to upgrade the team new tech, no ology, modernized. He

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Speaker 1: wasn't specific, But what I've said on this show many

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Speaker 1: times is it's not enough to have cash anymore. If

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Speaker 1: you want to be an LP and a team, It's

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Speaker 1: not enough just to bring the cash, because everybody brings cash.

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Speaker 1: It helps if you bring a specific expertise and something

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Speaker 1: that sports teams are looking for that could be uh,

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Speaker 1: real estate, could be financed, could be tech. If you

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Speaker 1: look at the Golden State Warriors group, they've sort of

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Speaker 1: created the model for where people are trying to follow.

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Speaker 1: They did that entire arena without outside help. Everything they

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Speaker 1: needed was in house, that expertise was in house. That's

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Speaker 1: what other teams are trying to recreate. This is Gabe Plotkin,

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Speaker 1: a founder of Melvin Capital, and Daniel Sunheim, a founder

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Speaker 1: of d I Capital. So I don't think any of

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Speaker 1: us really, I don't know what their expertises are, just

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Speaker 1: the yeah, yeah, But it's funny. It comes at a time.

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Speaker 1: You know, we talked last week a lot about you know,

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Speaker 1: minority stakes, especially in the NBA, and the things that

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Speaker 1: the NBA is trying to do to make sales of

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Speaker 1: steaks like this a little easier for its owners. I

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Speaker 1: would have thought that a small market team like the

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Speaker 1: Hornets might have been one of those teams that might

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Speaker 1: you know, might have some struggles to find someone who's

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Speaker 1: willing to put up a significant chuck of cash, especially

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Speaker 1: at an evaluation one point three billion, I think is

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Speaker 1: what is Michael bought in for about a hundred and

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Speaker 1: seventy five million from Bob Johnson to be et founder,

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Speaker 1: and he got that at a huge right. Bob Johnson

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Speaker 1: paid three million to start the franchise in two four

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Speaker 1: and six years later, Jordan buys in at a significant

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Speaker 1: significant discount. Um, so what'll we down well for Michael?

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Speaker 1: So we do know is Michael's keeping control for now.

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Speaker 1: What we do not know that often come with these

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Speaker 1: LP stakes is some sort of path contro to control.

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Speaker 1: Writer first refusal, what kind of board? See, I'm guessing

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Speaker 1: they have board seats, and I'm guessing they have some

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Speaker 1: say in the French Yeah, the Charlotte observer who who

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Speaker 1: broke the story. They seem to imply that these were

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Speaker 1: big steaks, So these could be these stakes could be

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Speaker 1: even more right. I mean, as long as Michael has

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Speaker 1: the biggest one and he is the one in charge,

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Speaker 1: who knows how how big these stakes are? Man asked

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Speaker 1: nixt nobody asked your thoughts about this man. He's revered

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Speaker 1: up for the l A conversation, But now what do

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Speaker 1: you think of Jordan selling a pe? Yeah? Well, I mean,

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Speaker 1: he doesn't even have the golden touch I think, I

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Speaker 1: mean other than his his baseball career. But yeah, it's

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Speaker 1: it's you don't think too gold Whatever it was, it

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Speaker 1: wasn't even that. I don't even know if it was that.

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Speaker 1: I do know he bought the team a bus, the

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Speaker 1: Birmingham It was the Birmingham team, right, Baron's was it

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Speaker 1: he bought He bought him a new bus. So he's

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Speaker 1: always revered in and he sold that for a huge premium.

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Speaker 1: Everybody autographic and sell the bus. This is when now

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Speaker 1: Nick is going to extremely shine on this show because

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Speaker 1: we're gonna now talk about uh Stan Crunkie and the

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Speaker 1: new arena in Los Angeles, new naming rights in the

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Speaker 1: deal go ahead. I mean, it's it's exciting. I think

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Speaker 1: I live in l A. I've lived about a year now,

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Speaker 1: and the sports scene is a little bit funny. I mean,

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Speaker 1: coming from New York, I don't encounter a lot of

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Speaker 1: Rams fans. Frankly, I'm sure they're out there. Yeah, a

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Speaker 1: ton of Dodgers fans. I see them every day. Unfortunately,

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Speaker 1: and then what is there any argument to me? You

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Speaker 1: know how they still don't have full distribution I know

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Speaker 1: we're going off topic, but that's all right. Still business support.

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Speaker 1: It was supposed to hurt the Dodgers brand. Nobody can

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Speaker 1: watch them, they don't get the the rs N. But

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Speaker 1: it doesn't seem to me that the Dodger brand has

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Speaker 1: been dampened in l A. I don't think so. I

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Speaker 1: mean again, I you know, I guess you're comparing it

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Speaker 1: to what it could be and who knows, sort of

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Speaker 1: a theoretical but yeah, it seems like it's it's pretty

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Speaker 1: strong that stadium though, I mean, so Far is pulling up.

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Speaker 1: This is the most ever paid for sports facility, so

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Speaker 1: thirty million dollars, more than thirty million dollars and over

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Speaker 1: twenty over twenty year term worth noting that the CEO

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Speaker 1: of so Far is Anthony Nodo, former CFO at the NFL,

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Speaker 1: so there's a relationship there. But I want to know,

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Speaker 1: how do you get r O Y for thirty mil

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Speaker 1: a year? I mean, we do know that they have

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Speaker 1: some big events coming. You've got the super Bowl, You've

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Speaker 1: got the Olympics, which will not call it so far,

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Speaker 1: but a tension will still be on the facility. Yeah,

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Speaker 1: I mean, it almost seems like a good brand. I mean,

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Speaker 1: that's a huge amount of money and a huge gamble regardless,

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Speaker 1: But at least that is a brand that we at

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Speaker 1: Bloomberg see a lot, you know, just crossing terminal headlines

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Speaker 1: and things like that. But you're Joe blow Public, It's

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Speaker 1: probably gonna get in front of his face much better

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Speaker 1: than maybe other means. I mean, still a ton of

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Speaker 1: money to spend. If I walk around l A and

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Speaker 1: I say, what's so far? Do you know the company?

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Speaker 1: What do you think there's? People would say is that

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Speaker 1: a drink? Is that what? Yeah? There's no brand awareness

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Speaker 1: or some brand awainness. I don't know. I mean I

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Speaker 1: should ask them if the Rams fans first and then

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Speaker 1: ask them this question. I guess, but next time Chargers Chargers. Sorry,

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Speaker 1: sorry chry, I see I don't even yeah the list

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Speaker 1: they When we talked to marketing experts on the show,

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Speaker 1: the typical refrain that they always say is that there's

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Speaker 1: two kinds of spends in sports, right, there's the kind

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Speaker 1: that just gets your name out there more awareness, and

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Speaker 1: there's the kind that actually draws customers to you, And

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Speaker 1: oftentimes those are two very different things. It seems like

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Speaker 1: the SOFI one is is option a right, it's a

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Speaker 1: company that I don't think has a huge name recognition.

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Speaker 1: This will get them that um. And also, you know

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Speaker 1: when we talk to State Farm last year when they

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Speaker 1: announced an NBA and an NFL stadium kind of back

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Speaker 1: to back and spend a lot of money on that,

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Speaker 1: one of the things that they said is that, you know,

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Speaker 1: advertising with the fractured media world, which Nick you know

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Speaker 1: obviously a lot about, it's just becoming harder. You know,

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Speaker 1: people use ad block now, we're not exactly sure where

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Speaker 1: kids are, what's gonna be popular? What isn't um Putting

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Speaker 1: your name on a stadium for twenty years is a

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Speaker 1: very permanent thing, you know, it can't be blocked out,

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Speaker 1: maybe except for the Olympics when when when they come there. Um.

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Speaker 1: But yeah, there's kind of a swing back to advertising

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Speaker 1: like this because it's permanent, because people can drive bay

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Speaker 1: it because every time that the Chargers or the Rams play,

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Speaker 1: it's going to be mentioned on TV. There's kind of

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Speaker 1: a permanence to these kind of deals that that a

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Speaker 1: lot of advertising doesn't have. Right now, I'm not going

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Speaker 1: to go by the way of and run fields. Yeah

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Speaker 1: we should, we don't. We should also discuss the Buddy real.

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Speaker 1: I mean, thirty million dollars a year is I mean,

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Speaker 1: that's it's huge. It's it's essentially ten million dollars more

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Speaker 1: than City Field. It's ten million dollars more than a

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Speaker 1: T and T. It's the Cowboys Levi stadiums in Chase

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Speaker 1: is paying for the entire portfolio of the MSG assets

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Speaker 1: and that includes the Forum and that's other things that

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Speaker 1: just MSG. Yeah. So that, I mean, that tells you

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Speaker 1: right there sort of the scale and scope of what

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Speaker 1: we're talking about. But before we move on, I want

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Speaker 1: to go back to your first question is how do

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Speaker 1: you get R o I on this? Because this that's

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Speaker 1: a lot of money. And yes, you can have the

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Speaker 1: Super Bowl, but they're gonna be many of the years

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Speaker 1: after that. Yeah, and you're gonna see college football playoff

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Speaker 1: games or bowl games or pack twelveth championship games. You're

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Speaker 1: gonna see, you know, a lot of concerts. So I

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Speaker 1: far will be able to bring entertain clients that there's

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Speaker 1: a lot of things they're gonna get, you know outside

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Speaker 1: of just the just the branding there. And finally we

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Speaker 1: have to talk about this NASCAR starting to steer away

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Speaker 1: from fire arm ads. It's not NASCAR saying it's a

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Speaker 1: gradual shift. NASCAR isn't saying anything. It's these third party

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Speaker 1: folks who look to sell and things like the NASCAR programs.

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Speaker 1: Their feedback is right now is NASCAR is not accepting

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Speaker 1: some of these firearm ads, and NASCAR is not saying anything. Far,

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Speaker 1: You're closer to the sport than anybody else sitting here.

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Speaker 1: There seems to be synergies between what you would think

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Speaker 1: to be gun ownership NASCAR fan base. Well, I mean

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Speaker 1: you have, you know, one of the sponsors for one

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Speaker 1: of the series a Gander Mountains, so you have that.

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Speaker 1: What I'm seeing is it's one thing when you're talking

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Speaker 1: about hunting. You know, people go to Gander Mountain and

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Speaker 1: they go get rifles and this and that whatever. Uh,

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Speaker 1: it depends now on what you're talking about. And I

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Speaker 1: guess some people are upset because they think that this

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Speaker 1: has gone political and I'm not. This is where it's

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Speaker 1: going to get really sticky. Well, I think I think

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Speaker 1: you make a good distinction there and that we can

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Speaker 1: read exactly what this vendor, National Event Publication said in

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Speaker 1: their email to to some of these advertisers. What they

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Speaker 1: said is due to a gradual shift in NASCAR's position

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Speaker 1: on guns. These ads may be edited and changed, especially

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Speaker 1: those that are depicting the assault rifles sniper rifles. NASCAR

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Speaker 1: is still open to some of the less controversial gun accessories,

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Speaker 1: concealed carry or classes. So I do think it does

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Speaker 1: certainly at least seem from that note like there is

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Speaker 1: a described there is a line being drawn somewhere at

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Speaker 1: NASCAR between assault style weapons and traditional hunting weapons, which

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Speaker 1: we're seeing I mean across companies all over the business world, right,

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Speaker 1: I mean Walmart a couple of months ago, after the

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Speaker 1: El Paso shooting, they changed their policy. Dix has been

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Speaker 1: on the forefront. I mean they took hunt entirely out

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Speaker 1: of a hundred and twenty five stores. I wouldn't be

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Speaker 1: shocked if that grows even more as we move forward.

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Speaker 1: You know, a hundred and forty five c e O

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Speaker 1: s put that sent that letter to Congress last week.

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Speaker 1: I think this distinction between assault weapons and other guns

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Speaker 1: is something that we're going to see more and more

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Speaker 1: in the corporate world. Well, and keep in mind to

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Speaker 1: Richard Schildress, who is famous owner in NASCAR even I know, yeah,

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Speaker 1: see that's good. That's good. That's very that's very good

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Speaker 1: that he knows for a change. It's like, but he quit. Uh.

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Speaker 1: The n r A is in an officer, uh stands.

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Speaker 1: Which was interesting. It just happened. He used to be

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Speaker 1: high up there with the n r A. Obviously, the

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Speaker 1: n r A does not approve of this. So I

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Speaker 1: I just I just wondered, again, this is just throwing

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Speaker 1: it out there in the mix. Uh NASCAR and UH

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Speaker 1: it is a sport and it has been associated with

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Speaker 1: the South for many years. So I just wonder where

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Speaker 1: this is going. And it continues to have a gun

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Speaker 1: related I mean the Texas Motor Speedway, Michael right, that's

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Speaker 1: the race where the winner grabs two pistols and shoots

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Speaker 1: off blanks when he when he wins. Um. You know,

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Speaker 1: there's a there's the Henry one eighty, which is sponsored

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Speaker 1: by Henry Repeating Arms, which is a gun manufacturer. That's

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Speaker 1: an Affinity Series race. It does certainly seem as though

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Speaker 1: there is a pre existing and continuing relationship between NASCAR

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Speaker 1: and guns. It just looks like they are trying to

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Speaker 1: make some kind of distinction between it. Almost it almost

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Speaker 1: sounds like some of the Democrats gotten platform here almost

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Speaker 1: like we're not trying to take your guns, but we

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Speaker 1: just don't think you need some kinds of assault rifles

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Speaker 1: or whatever the definition. Nick. On the broader scale in media,

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Speaker 1: what are we seeing in terms of guns and advertising, Well,

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Speaker 1: I mean, I think Evan laid it out pretty well

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Speaker 1: in terms of don't give him every I mean, you

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Speaker 1: do have corporate America taking a stance on this in

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Speaker 1: a way that I don't think we've ever seen, and

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Speaker 1: not just gun control, but you know, many issues now,

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Speaker 1: and it's weird. You have a situation where much of

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Speaker 1: corporate America seems to move farther left than say, I

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Speaker 1: don't know, the White House or you know, the Republican Party,

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Speaker 1: and I don't recall seeing that before in my long

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Speaker 1: distinguished career. So I think on this issue, obviously they're

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Speaker 1: trying to walk a line more than other companies or

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Speaker 1: institutions are. But but it seems like there's there's a

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Speaker 1: desire to do something, and we should add that. Michael Bloomberg,

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Speaker 1: the founder and majority owner of bloom GUILP, the parent

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Speaker 1: Bloomberg Radio, is a donor to groups that support gun control,

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Speaker 1: including every Town for Gun Safety. Nick Thank you, sir

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Speaker 1: for stopping great to be here. This is the Bloomberg

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Speaker 1: Business of Sports podcast. I'm Michael Barr, along with Scott

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Speaker 1: sash Nick and V and W. Williams. We are here

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Speaker 1: every Monday, Wednesday and Thursday exploring the world of money

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Speaker 1: in sports. Joined us again at the end of the

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Speaker 1: week when we speak with the Morris Smith, executive director

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Speaker 1: of the NFL p A. He's got some interesting negotiations

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Speaker 1: coming on with the NFL season shorter season. Gee, I

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Speaker 1: wonder what we're gonna talk about. You're listening to Bloomberg

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Speaker 1: Business of Sports on Bloomberg Radio around the world and

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