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Speaker 1: Global business news twenty four hours a day at Bloomberg

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Speaker 1: dot com, the Radio plus mobile app and on your radio.

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Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.

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Speaker 1: This updates brought to you by American Arbitration Association. International

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Speaker 1: Trade or business dispute resolved faster, but the International Center

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Speaker 1: for a Dispute Resolution the leader in alternative dispute resolution

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Speaker 1: around the world. I see dr dot org. Biogen will

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Speaker 1: spinoff its hemophilia drugs business into a new publicly traded company,

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Speaker 1: leaving it free to focus on neurological diseases like multiple

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Speaker 1: sclerosis in Alzheimer's disease is spinoff has been approved by

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Speaker 1: the board and should be completed by the end of

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Speaker 1: twenties sixteen or by early twenties seventeen. The dollar is

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Speaker 1: slumping to its weakest level in eighteen months against the yen.

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Speaker 1: Stocks are declining while treasuries rose as evidence of olymp

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Speaker 1: economic growth around the world permeates through global financial markets.

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Speaker 1: To check the markets every fifteen minutes throughout the trading day.

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Speaker 1: On Bloomberg SNP, Emity futures down fifteen points, Dow he

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Speaker 1: Many futures down one twenty NASA DOCU many futures down

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Speaker 1: thirty one that acts in Germany's down one point nine percent.

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Speaker 1: Ten your treasury of seventeen thirty seconds the yield one

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Speaker 1: point eight one percent yield on the two year point

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Speaker 1: seven five percent. Nim X screwd oil down nine tenths

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Speaker 1: per center forty one cents to forty four thirties seven

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Speaker 1: A barrel comics gold up two tons per cent, or

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Speaker 1: a dollar ninety to twelve ninety seven sixty ounce the

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Speaker 1: Euro a dollar fifteen seventy four the end one oh

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Speaker 1: five point seven seven fives are up more than two percent.

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Speaker 1: It reported first quarter earnings that beat analysts estimates on

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Speaker 1: strong sales from its innovative drug division, which could become

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Speaker 1: its own separate company if managers decide later this year

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Speaker 1: to break up the business. That's a Bloomberg business flash,

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Speaker 1: Tom and Mike, thank you so much. Karen greatly appreciate

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Speaker 1: that the Yankees are in last place. No one cares.

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Speaker 1: The Red Sacks are in first place. No one cares. Mike.

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Speaker 1: If you take the carriage out of London and you

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Speaker 1: move more north to the land of def Leppard, Sheffield

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Speaker 1: on the way is a small town just to the

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Speaker 1: right off the road A one or whatever it's called.

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Speaker 1: It's it's it's Lester, and that's where our story begins.

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Speaker 1: One of the worst football teams in England for many,

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Speaker 1: many years. Uh they made the Premier League for the

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Speaker 1: first time in ten years last year and barely avoided

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Speaker 1: relegation winning streak at the end of the year, and

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Speaker 1: then this year came into league play. At five thousand

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Speaker 1: to one odds, twenty five people bet a total of

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Speaker 1: two hundred and forty three dollars on Lester. Actually winning.

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Speaker 1: One of them was not John Mitchel Cloon, who had

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Speaker 1: festooned his office at The Economist with his losing bets

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Speaker 1: on Leicester for years and this year because he was

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Speaker 1: kind enough to come to work for us, I forgot

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Speaker 1: to place a bet. You would be we would be

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Speaker 1: taking us all out for drinks. I guarantee you I

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Speaker 1: would be a hundred thousand pounds rich. I'm still very

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Speaker 1: very happy. Yeah, I have never ever heard Lester being introduced,

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Speaker 1: And then many people have been very rude about Lester,

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Speaker 1: but I've never heard of them being introduced as a

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Speaker 1: way a spot on the way to Sheffield and deaf leopard.

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Speaker 1: But it is. It is almost unimaginable to think about

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Speaker 1: what five thousand to one odds mean. You know, it's amazing.

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Speaker 1: If you look at look at the odds, you can

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Speaker 1: you can take a bet on Bonno being Pope, and

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Speaker 1: I have that down in my Bloomberg view pieces, being

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Speaker 1: five thousand to one. Some people say that's only a

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Speaker 1: thousand to one. You look at any kind of American

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Speaker 1: sports bed. It's not even remotely close. Remember the miracle

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Speaker 1: Mets of nine they were only five d to one,

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Speaker 1: And that's the same with at the beginning of how

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Speaker 1: do they do I mean, do they have another rich

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Speaker 1: Arab to help out? Like some of them? They have

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Speaker 1: a rich and obviously very wonderful Thai gentleman who owns

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Speaker 1: the duty free shops at the airport, and they've been great.

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Speaker 1: But the looking at it, I think it's a mixture.

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Speaker 1: We're looking at as dispassionately as I possibly can. It's

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Speaker 1: a mixture between two things. There's a sort of degree

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Speaker 1: of luck in the fact that all the Big four

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Speaker 1: teams who normally win in England or Big Five if

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Speaker 1: you include Liverpool, all of them had pretty bad seasons

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Speaker 1: Lester were lucky in terms of injuries until right at

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Speaker 1: the end when they had a couple of players sent

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Speaker 1: off from pushed out of selection. They were pretty lucky

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Speaker 1: and being able to run the same team and that

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Speaker 1: was good. But the other thing I think is a

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Speaker 1: degree of I suppose moneyball in American parlance. What happened

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Speaker 1: with Lester was that they very candidly, really studied statistics

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Speaker 1: and they bought these players stunningly cheaply. They bought Jamie Vardi,

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Speaker 1: that their their main girl scorer. They bought for a

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Speaker 1: million pounds, which is just nothing, um nothing in the

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Speaker 1: absolutely nothing in the terms have been bog radio either

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Speaker 1: but nothing, nothing, Tom, and we've got time for about that.

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Speaker 1: It's like buying Tom Keane for for for peanuts. That

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Speaker 1: was that was the first thing. But then beyond that,

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Speaker 1: there was a guy called ri Admirez who was playing

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Speaker 1: the second division in in in in France. He happened

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Speaker 1: to have a very high great of being able to

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Speaker 1: tackle run past people. There's a guy called Angola Cante

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Speaker 1: who was actually in France. Technically, if you look at

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Speaker 1: the statistics, the guy who was best at tackling and

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Speaker 1: intercepting for two years, but still they only got him

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Speaker 1: for five million. And they built this team out of

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Speaker 1: out of people who they spotted were very good at things,

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Speaker 1: and they bought defenders often for nothing, who were just

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Speaker 1: very good at defending. But they obviously there's a bit

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Speaker 1: of luck in it as well, and they occasionally got

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Speaker 1: it wrong, but they managed to do it spectacularly well.

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Speaker 1: And the other thing they did very well was, I

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Speaker 1: suppose the science of thinking really hard about how you

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Speaker 1: use those players. So they developed a kind of counterattacking

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Speaker 1: style which is completely different really to the way that

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Speaker 1: many football teams play. If you watch Barcelona or Arsenal,

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Speaker 1: they just hang on the ball, hang on to the ball,

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Speaker 1: you never get it lester very regularly, only get the ball.

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Speaker 1: That's what happened the weekend before last. They still won

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Speaker 1: forty four nil because what they do is they hit

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Speaker 1: teams amazingly quickly on the counter attacks. Jargon wars a

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Speaker 1: famous jargon learned. No I believe means zero might pick

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Speaker 1: it up please. As you can tell John Tom is

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Speaker 1: not exactly a football fan. He has to learn. I

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Speaker 1: will take Tom Keene to football game. I'll be one

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Speaker 1: of the most he will. He will relish. He will

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Speaker 1: relish for someone someone, Let's get him, Let's let's get

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Speaker 1: let's get him a ticket to Millwall west Ham. We

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Speaker 1: were talking about. That would be the sort of that

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Speaker 1: would be the sort of violence where Tom tom Kine

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Speaker 1: will be extremely happy. It would be will have with

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Speaker 1: your will, had no will? Had my descris as to

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Speaker 1: tom Kine, John, which is you didn't you don't like us,

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Speaker 1: we don't care. Let me ask it an important question,

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Speaker 1: how is this transfixed? The United king and they're a

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Speaker 1: little distressed with the thing called brexit, like, let me

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Speaker 1: ask the blunt question. Does the Queen watch the game?

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Speaker 1: I think she probably would. She loves horse racing, that's

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Speaker 1: what she does. I don't think she's entirely unamored football.

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Speaker 1: I think there was a rumor that hand and Wave,

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Speaker 1: various members of the royal family have at different times,

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Speaker 1: I think supported They've been play times that the Queen

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Speaker 1: supports Arsenal. Prince William supports Aston Villa, who sadly were

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Speaker 1: relegated first time in twenty eight years. Actually much supported

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Speaker 1: by one of the tragic facts about Bloombergers myself and

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Speaker 1: something called Chris Collins, who supports Aston Villa sat there

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Speaker 1: for a long time arguing about the merits of two

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Speaker 1: somewhat shabby Midland's football teams, and he's got relegated unless

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Speaker 1: of what was so you win in the long room.

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Speaker 1: But at a times point, does this feel good story

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Speaker 1: affect the mood of the I think I think it

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Speaker 1: will quite in a tiny way. It will. I think

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Speaker 1: that what's interesting about the Lester story is Britain loves football.

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Speaker 1: Every single football supporter in England other than those who

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Speaker 1: supports Tottenham, who were the team in second place, that

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Speaker 1: have been utterly transfixed. You saw my email box you

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Speaker 1: you got it from people around the world. People are

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Speaker 1: utterly staggered that this team could pull this off because

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Speaker 1: they were a bunch of kind of rejects. But we

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Speaker 1: are general because we are the Hockey Channel, and Mike

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Speaker 1: and I know how someone like Bobby you are transfixed

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Speaker 1: and changed ice hockey and there's other sports in the moment.

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Speaker 1: How will they change the entire Premier League, which frankly

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Speaker 1: is the only thing I watch in football. It's the

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Speaker 1: only league I have any interesting, well, the one. In

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Speaker 1: some ways it takes on the Premier League's best thing,

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Speaker 1: the fact that it does have more competition than the

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Speaker 1: other big leagues in Spain is very dominated. I know

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Speaker 1: Athletic and Madrid are doing well at the moment, but

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Speaker 1: it is very dominated by Barcelona and Real Madrid. Italy.

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Speaker 1: You ent us someone quite a lot on the run

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Speaker 1: and you've got the big Melan clubs and that's it.

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Speaker 1: The interesting thing about the Premier League is that there's

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Speaker 1: always surprises coming at you. But Leicester is a surprise

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Speaker 1: completely out of nowhere that you know. This time last year,

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Speaker 1: people like me, I was still I think, praying that

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Speaker 1: they would avoid relegation and they and they and they

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Speaker 1: did following an amazing sort of last minute escape, but

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Speaker 1: I also was pretty convinced that miracles would not happen twice. Well,

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Speaker 1: there is a a big change coming to the Premier

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Speaker 1: League now with the very large new television contract that there,

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Speaker 1: and there are some who say this is gonna help

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Speaker 1: the big clubs even more and that those who are

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Speaker 1: now in the Championship League, you know, the division below,

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Speaker 1: aren't going to be able to move up very easily

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Speaker 1: because they don't get that that's possible. And it's something

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Speaker 1: called Simon Kennedy from Bloemberg news room in London is listening.

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Speaker 1: Who's always fortunate n in Forest that with a thing

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Speaker 1: of pleasure to the to the Lester fans, but the

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Speaker 1: in general I think that it's a bad thing. Um.

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Speaker 1: In that way, what was good about being able to

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Speaker 1: come up from the Championship and still win the Premier

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Speaker 1: League is actually really quite a good thing. That the

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Speaker 1: place where the money really makes the difference as Europe Um,

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Speaker 1: that the money you can get from the Champions League

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Speaker 1: is very large. And one of the things that Lesson

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Speaker 1: we've done this year is by getting into the top

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Speaker 1: four clubs they have qualified the Champions League and that

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Speaker 1: guarantees them at least six get knocked out a menu

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Speaker 1: luster football game. This is this now I haven't The

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Speaker 1: great tragedy of my life is because I loyally went

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Speaker 1: to the White House correspondents dinner last night. I avoided

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Speaker 1: the opportunity to go with a with a childhood friend

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Speaker 1: again watch Man United Lester, which is he pointed out,

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Speaker 1: he's always supposed a Man United. It was probably biginning

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Speaker 1: one time Lester City Johns of winning very I saw

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Speaker 1: him and Helen Murrain lucked in deep conversation at the

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Speaker 1: after party. It was probably over Lester maybe editor in

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Speaker 1: chief of Bloomberg, and we thank him for we congratulated

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Speaker 1: in many years of loyal UH support, rewarded to our

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Speaker 1: American audience. Coach in the American audience, their heads are

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Speaker 1: spinning right now. They're going, why are these guys talking

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Speaker 1: about English? And we're gonna move for you. We're gonna

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Speaker 1: move from that right now to Australia. Clearly the news

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Speaker 1: of the day with Euros stronger one fifteen six Australian

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Speaker 1: rules football. We're gonna go Australian rules football in the

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Speaker 1: Western Rugby League in the East right now, though, as

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Speaker 1: we look to another hour of Bloomberg surveillance, we need

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Speaker 1: some of us Australian assistance. Me knocking at my door, cool,

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Speaker 1: don't come out here normal. Let you see that it's

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Speaker 1: lay that time, right time, and