1 00:00:00,440 --> 00:00:03,760 Speaker 1: Hello, I'm Michael bar along with Scott Sosnik and Bloomberg 2 00:00:03,760 --> 00:00:07,120 Speaker 1: Business of Sports reporter Evan Nobody Williams. Over the next hour, 3 00:00:07,240 --> 00:00:09,239 Speaker 1: we will explore the big money issues in the world 4 00:00:09,240 --> 00:00:10,760 Speaker 1: of sports, and we will talk to some of the 5 00:00:10,760 --> 00:00:13,480 Speaker 1: biggest players in the industry today. We are pleased to 6 00:00:13,520 --> 00:00:16,000 Speaker 1: spend the hour with a man behind Los Angeles getting 7 00:00:16,160 --> 00:00:20,680 Speaker 1: the eight Summer Olympic Games. He is l A Bid Chairman, 8 00:00:20,800 --> 00:00:23,560 Speaker 1: Casey Wasserman. This is a win no matter how you 9 00:00:23,640 --> 00:00:25,840 Speaker 1: cut it. We just did something that you know American 10 00:00:25,880 --> 00:00:29,160 Speaker 1: cities have done a very uh poor jabba, which is 11 00:00:29,200 --> 00:00:31,680 Speaker 1: winning bid for Olympic Games. We will have more of 12 00:00:31,720 --> 00:00:34,239 Speaker 1: our interview with l A Bid Chairman Casey Wasserman in 13 00:00:34,240 --> 00:00:36,280 Speaker 1: a few minutes, but first let's take a look at 14 00:00:36,280 --> 00:00:38,720 Speaker 1: the top business sports stories of the week, and let's 15 00:00:38,720 --> 00:00:44,400 Speaker 1: start with neymar My goodness, two hundred sixty two million 16 00:00:44,440 --> 00:00:49,160 Speaker 1: dollars to make this happen to leave Barcelona and Paris St. Germain. 17 00:00:49,600 --> 00:00:51,800 Speaker 1: I mean that's just the transfers feed. Let's really take 18 00:00:51,840 --> 00:00:54,160 Speaker 1: the whole total. It's two hundred and sixty just to 19 00:00:54,200 --> 00:00:56,720 Speaker 1: be able to sign them. It's like a PSL for 20 00:00:56,880 --> 00:00:58,520 Speaker 1: ps g right, you have to pay money for the 21 00:00:58,600 --> 00:01:00,520 Speaker 1: right to pay money. It's twice as big as the 22 00:01:00,840 --> 00:01:03,720 Speaker 1: record one on previously. They are making a statement the 23 00:01:03,800 --> 00:01:09,039 Speaker 1: Quataris paid eighty one million dollars for the team, when 24 00:01:09,080 --> 00:01:12,600 Speaker 1: the one for the team, and now five hundred plus 25 00:01:12,720 --> 00:01:15,720 Speaker 1: million for one player, and it's crazy. It's not crazy 26 00:01:15,720 --> 00:01:17,520 Speaker 1: to ask the question is he worth it? I mean, 27 00:01:17,520 --> 00:01:19,680 Speaker 1: this is a team that has gotten close to the 28 00:01:19,720 --> 00:01:22,839 Speaker 1: Champions League finals before, hasn't made it yet. It hasn't 29 00:01:22,880 --> 00:01:24,920 Speaker 1: made it yet. They're obviously willing to spend a lot 30 00:01:24,959 --> 00:01:28,360 Speaker 1: of money and Neymar is clearly the horse that they're 31 00:01:28,360 --> 00:01:32,319 Speaker 1: willing to hitch their wagon to Barcelona, Real Madrid, the 32 00:01:32,360 --> 00:01:36,440 Speaker 1: biggest companies and and clubs in the world. This is 33 00:01:36,480 --> 00:01:40,080 Speaker 1: now a brand that is going to be exported around 34 00:01:40,319 --> 00:01:43,360 Speaker 1: the world because they have this one guy. He is 35 00:01:43,440 --> 00:01:45,679 Speaker 1: that good, he is that well known, and he is 36 00:01:45,720 --> 00:01:48,160 Speaker 1: that popular. Think about the fan base he brings from Brazil, 37 00:01:48,320 --> 00:01:50,280 Speaker 1: his home country. I mean the place went crazy when 38 00:01:50,320 --> 00:01:55,480 Speaker 1: he went up. They do I hear that. Twenty five 39 00:01:55,560 --> 00:01:57,880 Speaker 1: years old and you have all of that money. What 40 00:01:57,920 --> 00:02:01,440 Speaker 1: would you do with two hundred plus million dollars? I'd 41 00:02:01,440 --> 00:02:03,600 Speaker 1: start a podcast and I'd hire Michael Barr and Evan 42 00:02:03,640 --> 00:02:07,280 Speaker 1: Wi Williams. Anyway, hat's move on to uh Adidas or 43 00:02:07,320 --> 00:02:11,160 Speaker 1: Adidas known in the US. The Major League Soccer has 44 00:02:11,160 --> 00:02:14,880 Speaker 1: extended the US apparel deal amid red hot soccer growth. 45 00:02:15,120 --> 00:02:17,440 Speaker 1: I mean, we know Adidas like soccer. That's not a 46 00:02:17,480 --> 00:02:20,520 Speaker 1: surprise that the big in Germany. Yeah, we know they 47 00:02:20,560 --> 00:02:23,840 Speaker 1: like soccer. The key here is that they are investing 48 00:02:23,919 --> 00:02:29,040 Speaker 1: in American soccer, this US league. They see real growth 49 00:02:29,360 --> 00:02:33,320 Speaker 1: and possibilities in MLS. People are still skeptical about MLS. 50 00:02:33,400 --> 00:02:36,400 Speaker 1: Oh that it's a niche, it's minor, it's not one 51 00:02:36,400 --> 00:02:39,720 Speaker 1: of the big four. That's okay, But they're only twenty 52 00:02:39,800 --> 00:02:43,160 Speaker 1: years old. Where was the NBA after year twenty? Where 53 00:02:43,240 --> 00:02:46,840 Speaker 1: was the NFL after year twenty? MLS is doing pretty well. 54 00:02:46,880 --> 00:02:48,960 Speaker 1: Those franchise values you want to buy a team now 55 00:02:49,080 --> 00:02:51,160 Speaker 1: between a hundred and fifty and two hundred million dollars 56 00:02:51,240 --> 00:02:54,920 Speaker 1: unless You'redavid Beckham. But that is some real growth for 57 00:02:54,960 --> 00:02:57,359 Speaker 1: this league, and Adidas wants quite part of it. MLS 58 00:02:57,400 --> 00:02:59,160 Speaker 1: has a number of weird quirks that make it look 59 00:02:59,160 --> 00:03:02,320 Speaker 1: more like tradition US sports leagues than it does European 60 00:03:02,360 --> 00:03:04,520 Speaker 1: soccer leagues, and one of them is this idea that 61 00:03:04,520 --> 00:03:06,880 Speaker 1: Adidas can PLoP down a huge lump sum of money, 62 00:03:07,000 --> 00:03:09,520 Speaker 1: in this case somewhere between five dred and seven hundred 63 00:03:09,520 --> 00:03:12,560 Speaker 1: million dollars and they can get the entire league. Whereas 64 00:03:12,600 --> 00:03:15,760 Speaker 1: in Europe Adidas has to go after clubs individually, like 65 00:03:15,800 --> 00:03:19,200 Speaker 1: Byron Munich and Manchester United. Here they can say, here's 66 00:03:19,200 --> 00:03:21,640 Speaker 1: a lot of money. Put every team in Adida's jersey's 67 00:03:21,720 --> 00:03:25,519 Speaker 1: and see that's something. Adidas or Adidas wherever you are. 68 00:03:26,080 --> 00:03:28,760 Speaker 1: They know that soccer is huge and they want in 69 00:03:29,000 --> 00:03:31,760 Speaker 1: right now, and eventually people in the US will catch 70 00:03:31,800 --> 00:03:36,040 Speaker 1: on and it will be the fifth food group in sports. 71 00:03:36,040 --> 00:03:38,760 Speaker 1: Here in the unit an earlier price is lower. And 72 00:03:38,880 --> 00:03:42,080 Speaker 1: let's talk about Beyonce. She is said to be interested 73 00:03:42,240 --> 00:03:46,800 Speaker 1: in the NBA's Rockets ownership stake. Oh my girl even 74 00:03:46,840 --> 00:03:54,000 Speaker 1: sang about it. He'll stay, No, Beyonce. We're talking a 75 00:03:54,080 --> 00:03:57,040 Speaker 1: lot of money. Jay Z and Beyonce. You talk about 76 00:03:57,040 --> 00:04:00,120 Speaker 1: the mega couple, power couple, and let's forget here. It's 77 00:04:00,120 --> 00:04:02,320 Speaker 1: not forget. She's from Houston. This makes sense. She is 78 00:04:02,360 --> 00:04:05,440 Speaker 1: a Houston native. She has been known to show up 79 00:04:05,440 --> 00:04:08,600 Speaker 1: courtside and her concerts, she wears Rocket jerseys. She would 80 00:04:08,600 --> 00:04:10,839 Speaker 1: bring a lot of sizzle, Michael. Let me tell you though, 81 00:04:11,160 --> 00:04:14,080 Speaker 1: days after breaking this story, my Twitter notifications are still 82 00:04:14,120 --> 00:04:17,920 Speaker 1: coming in. People around the world want to talk about her. 83 00:04:18,000 --> 00:04:21,600 Speaker 1: They are really excited about the possibility of Beyonce being 84 00:04:21,640 --> 00:04:23,560 Speaker 1: involved in this franchise. One of the things we're seeing 85 00:04:23,600 --> 00:04:25,080 Speaker 1: on Twitter, which I think is going to be the 86 00:04:25,120 --> 00:04:26,720 Speaker 1: kind of thing that she can sell herself to a 87 00:04:26,760 --> 00:04:29,280 Speaker 1: big group with, is that people are saying things like, oh, 88 00:04:29,320 --> 00:04:31,839 Speaker 1: now I'll be a Rockets fan. I don't really like basketball, 89 00:04:31,880 --> 00:04:34,400 Speaker 1: but if Beyonce is involved, maybe I will be as well. 90 00:04:34,600 --> 00:04:36,520 Speaker 1: That's the kind of thing that owners want to see 91 00:04:36,520 --> 00:04:38,760 Speaker 1: if Beyonce can get a small stake of this team 92 00:04:38,920 --> 00:04:41,520 Speaker 1: and bring a lot of her fans to basketball, ones 93 00:04:41,560 --> 00:04:44,839 Speaker 1: that don't really watch basketball already, it's not new. Justin 94 00:04:44,839 --> 00:04:47,919 Speaker 1: timber Lake has a piece of the Grizzlies, Jennifer Lopez 95 00:04:47,960 --> 00:04:50,080 Speaker 1: has a piece of Miami Dolphins, Venus and Serena Williams 96 00:04:50,120 --> 00:04:53,240 Speaker 1: as well, So it's not new. But this is Beyonce. 97 00:04:53,360 --> 00:04:55,520 Speaker 1: And let me tell you one thing I've learned from this. 98 00:04:55,680 --> 00:04:58,440 Speaker 1: It says she has got one passionate and loyal fan base. 99 00:04:58,520 --> 00:05:00,839 Speaker 1: I heard all the single ladies might be watching. I 100 00:05:00,839 --> 00:05:02,920 Speaker 1: see what you did that. But one thing about this though, 101 00:05:03,440 --> 00:05:07,880 Speaker 1: is that it brings a whole new audience to the NBA. Well, yes, 102 00:05:08,120 --> 00:05:10,000 Speaker 1: but she would Let's be clear, she's not gonna buy 103 00:05:10,040 --> 00:05:13,719 Speaker 1: the whole team. Beyonce doesn't have two billion dollars. Even 104 00:05:13,720 --> 00:05:16,440 Speaker 1: Beyonce and jay Z her husband, don't have two billion 105 00:05:16,480 --> 00:05:18,880 Speaker 1: dollars to plunk down. This will be one of those things, 106 00:05:18,920 --> 00:05:21,840 Speaker 1: perhaps where someone's going to buy the franchise and decide 107 00:05:21,880 --> 00:05:26,280 Speaker 1: it's nice to have a local celebrity sizzle involved and 108 00:05:26,360 --> 00:05:28,920 Speaker 1: sell off. Like jay Z had less than one per 109 00:05:28,920 --> 00:05:32,000 Speaker 1: cent of the Brooklyn Nets, but it was really portrayed 110 00:05:32,000 --> 00:05:34,200 Speaker 1: as jay Z owns the Nets, and he helped them 111 00:05:34,200 --> 00:05:36,160 Speaker 1: with their marketing, their color scheme, and he can sing 112 00:05:36,240 --> 00:05:38,200 Speaker 1: about it, and he could sing about it. And something 113 00:05:38,240 --> 00:05:41,839 Speaker 1: tells me that Beyonce, if she invests, will have something 114 00:05:41,880 --> 00:05:44,320 Speaker 1: to do with the in arena entertainment as well. Our 115 00:05:44,400 --> 00:05:48,560 Speaker 1: thanks to Bloomberg Business of Sports reporter Evan nob Williams Scott, 116 00:05:48,880 --> 00:05:51,640 Speaker 1: it's never too early to look ahead. But that's what 117 00:05:51,720 --> 00:05:53,920 Speaker 1: we're going to do right now. For the third time 118 00:05:54,160 --> 00:05:57,359 Speaker 1: in its history, the City of Los Angeles will host 119 00:05:57,480 --> 00:06:00,000 Speaker 1: the Olympic Game. Yeah, that's right, Michael, first and thirty 120 00:06:00,040 --> 00:06:03,200 Speaker 1: two than eighty four and now, and that's after it's 121 00:06:03,240 --> 00:06:05,560 Speaker 1: officially approved next month, which everybody thinks it will be. 122 00:06:05,960 --> 00:06:08,800 Speaker 1: Casey Washerman was instrumental in making it all happen. He 123 00:06:08,920 --> 00:06:11,479 Speaker 1: is l A's bid chairman. Casey. Welcome to the show. 124 00:06:11,839 --> 00:06:14,040 Speaker 1: And you know what they say, Casey, in deal making, 125 00:06:14,200 --> 00:06:17,080 Speaker 1: if both sides are unhappy, it's probably a good deal. 126 00:06:17,120 --> 00:06:20,280 Speaker 1: And there were certainly some compromise here. How happy are 127 00:06:20,279 --> 00:06:24,000 Speaker 1: you with the outcome? Look at this is a win 128 00:06:24,440 --> 00:06:26,280 Speaker 1: no matter how you cut it. We just did something 129 00:06:26,320 --> 00:06:29,760 Speaker 1: that you know, American cities have done a very uh 130 00:06:29,760 --> 00:06:32,160 Speaker 1: poor jabba, which is winning bids for Olympic Games and 131 00:06:32,720 --> 00:06:34,320 Speaker 1: to winning a bid for a summer games has been 132 00:06:34,360 --> 00:06:36,440 Speaker 1: done once in the last hundred years. And so we're 133 00:06:36,480 --> 00:06:38,200 Speaker 1: proud to be able to say the Olympic Games would 134 00:06:38,200 --> 00:06:41,560 Speaker 1: come to Los Angeles. We're proud to have gotten support 135 00:06:41,640 --> 00:06:43,760 Speaker 1: for the initiatives that were important to the mayor and 136 00:06:44,320 --> 00:06:46,039 Speaker 1: the people of Ela should feel really good about all 137 00:06:46,080 --> 00:06:48,640 Speaker 1: of it. What was it about the previous bids that 138 00:06:48,720 --> 00:06:52,880 Speaker 1: was not done well? Why hasn't the us succeeded. Yeah. Look, 139 00:06:52,880 --> 00:06:56,960 Speaker 1: I think it's not uh an indictment of the bids 140 00:06:57,080 --> 00:06:59,480 Speaker 1: or the cities or the leadership both Chicago, New York 141 00:06:59,520 --> 00:07:02,880 Speaker 1: had extro ordinary bids, extraordinary plans, great leadership, great teams. 142 00:07:03,360 --> 00:07:05,200 Speaker 1: You know, a lot of his luck, time and place. 143 00:07:05,560 --> 00:07:08,600 Speaker 1: The USOC deserves a ton of credit for having done 144 00:07:08,640 --> 00:07:11,320 Speaker 1: lots to repair the relationship with the IOC and becomes 145 00:07:11,320 --> 00:07:13,920 Speaker 1: sort of a better member of the community. And you know, 146 00:07:13,960 --> 00:07:17,080 Speaker 1: all those things together. Plus you know a place like 147 00:07:17,240 --> 00:07:19,880 Speaker 1: l A where you don't have to build venues, where 148 00:07:19,880 --> 00:07:24,520 Speaker 1: you're where your budget delivers almost absolute certainty uh and stability, 149 00:07:25,000 --> 00:07:26,840 Speaker 1: and you can have the two sort of luxuries that 150 00:07:26,880 --> 00:07:29,240 Speaker 1: no bids ever have or cities ever have, which is 151 00:07:29,280 --> 00:07:32,160 Speaker 1: time and money. Uh. That's a unique opportunity and a 152 00:07:32,280 --> 00:07:34,760 Speaker 1: new a unique place to be telling a story from 153 00:07:34,800 --> 00:07:36,520 Speaker 1: at a time when that story, that's the story that 154 00:07:36,560 --> 00:07:39,560 Speaker 1: needs to be told. You worked very hard to get 155 00:07:39,560 --> 00:07:42,920 Speaker 1: the Olympics. But is there some risk for Los Angeles, 156 00:07:43,040 --> 00:07:47,800 Speaker 1: like some costs? Uh? Look, our budget has half a 157 00:07:47,840 --> 00:07:50,760 Speaker 1: billion dollars of contingency, which I think is pretty unique. Uh. 158 00:07:50,800 --> 00:07:55,000 Speaker 1: It's been audited both by KPMG and the California UM 159 00:07:55,080 --> 00:07:59,040 Speaker 1: State Legislative Office. So two independent third parties have both 160 00:07:59,120 --> 00:08:00,920 Speaker 1: looked at in valid our budget, and that was for 161 00:08:01,360 --> 00:08:04,360 Speaker 1: four We added hundreds of millions of dollars to the 162 00:08:04,440 --> 00:08:08,680 Speaker 1: revenue UH and cost reduction contractually from the IOC for 163 00:08:08,720 --> 00:08:11,480 Speaker 1: the plan, and our costs won't go up except you know, 164 00:08:11,560 --> 00:08:14,560 Speaker 1: modestly by inflation around the edges, because we don't have 165 00:08:14,600 --> 00:08:16,960 Speaker 1: to build anything. So h is there risk? It would 166 00:08:17,000 --> 00:08:19,400 Speaker 1: be foolish to say there's absolutely zero risk if nothing 167 00:08:19,400 --> 00:08:21,360 Speaker 1: in life has zero risk. But this is as de 168 00:08:21,560 --> 00:08:25,320 Speaker 1: risk a plan for as big an opportunity as I've seen. 169 00:08:25,720 --> 00:08:29,160 Speaker 1: Would you say, Casey, that the infrastructure management is one 170 00:08:29,160 --> 00:08:31,600 Speaker 1: of the main deals. This works, Like you said, nothing 171 00:08:31,760 --> 00:08:34,200 Speaker 1: has to be built. This is not contingent on a 172 00:08:34,240 --> 00:08:36,760 Speaker 1: big stadium. You've got that already, got a new one 173 00:08:36,760 --> 00:08:40,400 Speaker 1: coming online. Everything is ready to roll, right. Yeah. Look, 174 00:08:40,520 --> 00:08:42,200 Speaker 1: I think there's there's a couple of things that make 175 00:08:42,360 --> 00:08:44,440 Speaker 1: l A really unique. The first is, you know, it's 176 00:08:44,440 --> 00:08:47,760 Speaker 1: an incredible sports market. Multiple NBA teams, multiple baseball teams, 177 00:08:47,840 --> 00:08:51,720 Speaker 1: multiple NFL teams, multiple basketball teams. You know, so the 178 00:08:51,720 --> 00:08:56,360 Speaker 1: sporting infrastructure here is a large UH and and and 179 00:08:56,520 --> 00:08:59,240 Speaker 1: capable and at the highest level. And then the truth is, 180 00:08:59,240 --> 00:09:01,719 Speaker 1: our our secret advantage is USC and U c l A. 181 00:09:01,760 --> 00:09:03,920 Speaker 1: If you take any city in the world, there's no 182 00:09:04,000 --> 00:09:07,480 Speaker 1: city that has two universities that operate with that quality, 183 00:09:07,880 --> 00:09:11,360 Speaker 1: with that number of students, with those level athletic programs 184 00:09:11,360 --> 00:09:13,800 Speaker 1: that are ten miles from each other. And you take 185 00:09:13,840 --> 00:09:16,640 Speaker 1: all of that and put together, and frankly, it's a 186 00:09:16,760 --> 00:09:20,360 Speaker 1: probably an Olympic bid like no other. Your thoughts because 187 00:09:20,400 --> 00:09:23,480 Speaker 1: part of the agreement, the IOC will have to give 188 00:09:23,480 --> 00:09:26,240 Speaker 1: you at least one point eight billion dollars to the 189 00:09:26,280 --> 00:09:28,840 Speaker 1: Los Angeles Organizing Committee. Can you give us your thoughts 190 00:09:28,880 --> 00:09:31,560 Speaker 1: about that? Yeah, look, and it's gonna be much more 191 00:09:31,559 --> 00:09:34,040 Speaker 1: than that. Uh. And and they've been clear about how 192 00:09:34,040 --> 00:09:36,640 Speaker 1: we're going to get there, and it's it's an obligation 193 00:09:36,640 --> 00:09:39,360 Speaker 1: on their part, and we're excited about that because look, 194 00:09:39,400 --> 00:09:42,200 Speaker 1: it's uh, it's it's no different than you know, to 195 00:09:42,320 --> 00:09:45,120 Speaker 1: use American sports analogy. You know, the NFL distributes I 196 00:09:45,160 --> 00:09:48,839 Speaker 1: think well over on average of a team's revenue is 197 00:09:48,840 --> 00:09:51,760 Speaker 1: distributed from the central Fund. And so in our case 198 00:09:51,800 --> 00:09:53,640 Speaker 1: of a five point three billion dollar budget, will get 199 00:09:53,640 --> 00:09:56,920 Speaker 1: an excess of two point one billion dollars from the IOC. UH, 200 00:09:56,960 --> 00:09:59,600 Speaker 1: and that allows us a really strong base from which 201 00:09:59,640 --> 00:10:03,400 Speaker 1: to average and operate, and and local sponsorships and ticket 202 00:10:03,440 --> 00:10:06,480 Speaker 1: sales in l A will be robust. This is, obviously, 203 00:10:07,080 --> 00:10:09,320 Speaker 1: in l A in the United States, the most valuable 204 00:10:09,360 --> 00:10:11,080 Speaker 1: sports mark in the world, and we intend to take 205 00:10:11,120 --> 00:10:13,640 Speaker 1: full advantage of that. We are chatting with Casey Wasserman, 206 00:10:13,679 --> 00:10:15,000 Speaker 1: head of the l A bid Committee. Now have we 207 00:10:15,080 --> 00:10:20,959 Speaker 1: changed the name officially? Cases it now l Everything emails. 208 00:10:21,160 --> 00:10:24,280 Speaker 1: You guys got it's all. It's a whole flipped over. 209 00:10:24,400 --> 00:10:27,240 Speaker 1: We were immediate on that. Okay, but let me let 210 00:10:27,240 --> 00:10:29,520 Speaker 1: me read off these cities here. You had Paris of 211 00:10:29,559 --> 00:10:35,480 Speaker 1: course involved, they get, but Budapest, Hamburg, Rome. This is 212 00:10:35,520 --> 00:10:38,520 Speaker 1: a change in philosophy in the way the IOC does 213 00:10:38,559 --> 00:10:41,440 Speaker 1: business because in essence, and I don't think I'm overstating 214 00:10:41,520 --> 00:10:45,080 Speaker 1: it here, they had to change. There just isn't the 215 00:10:45,120 --> 00:10:49,960 Speaker 1: demand because of the cost that goes with hosting these games. Uh. Look, 216 00:10:50,760 --> 00:10:53,560 Speaker 1: they are definitely operating in a different environment than they 217 00:10:53,600 --> 00:10:56,120 Speaker 1: did twenty years ago or thirty years ago. And Thomas 218 00:10:56,120 --> 00:10:58,320 Speaker 1: back and the president of IOC, was the first person 219 00:10:58,360 --> 00:11:01,199 Speaker 1: to say that. He said, you know, these These expensive, 220 00:11:02,200 --> 00:11:07,280 Speaker 1: long drawn out competitions with drama and intrigue around hosting 221 00:11:07,320 --> 00:11:11,120 Speaker 1: a games were interesting and maybe even appropriate thirty years ago, 222 00:11:11,120 --> 00:11:13,520 Speaker 1: and they're not today. Uh, And they recognize that. And 223 00:11:13,559 --> 00:11:17,560 Speaker 1: so what having two games planned simultaneously in two great 224 00:11:17,559 --> 00:11:19,880 Speaker 1: cities of the world allows them to do is a 225 00:11:20,000 --> 00:11:23,080 Speaker 1: reset on the bid and the hosting process with the 226 00:11:23,160 --> 00:11:26,520 Speaker 1: context of stability. And so you will go from Paris 227 00:11:26,520 --> 00:11:29,839 Speaker 1: to Los Angeles and you probably won't award the two 228 00:11:29,880 --> 00:11:36,520 Speaker 1: summer games. You know, maybe you could shorten up that 229 00:11:36,520 --> 00:11:39,840 Speaker 1: planning cycle, and that that stability that we we will 230 00:11:39,880 --> 00:11:42,320 Speaker 1: provide them is really the basis for which they'll go 231 00:11:42,400 --> 00:11:45,079 Speaker 1: frankly for the next hundred years. You hear these horror 232 00:11:45,160 --> 00:11:49,440 Speaker 1: stories about other cities that hosted Olympic Games soci and 233 00:11:49,520 --> 00:11:52,400 Speaker 1: of course the recent Rio Games. And then you hear 234 00:11:52,440 --> 00:11:57,680 Speaker 1: about all these stories about empty buildings and cost overruns. 235 00:11:58,280 --> 00:12:02,160 Speaker 1: But Los Angeles scene is to be, for lack of 236 00:12:02,160 --> 00:12:05,200 Speaker 1: a better word, immune from that outside of course the 237 00:12:05,200 --> 00:12:07,520 Speaker 1: buildings are there. Why is that? Well, I mean, if 238 00:12:07,559 --> 00:12:10,559 Speaker 1: you think about it, most people, Uh. Somehow the Olympics 239 00:12:10,600 --> 00:12:13,959 Speaker 1: became an urban planning project as opposed to a project 240 00:12:14,000 --> 00:12:18,040 Speaker 1: based on human human ability human emotion and sport and 241 00:12:18,040 --> 00:12:21,520 Speaker 1: the power that has to to change people's lives. And 242 00:12:21,559 --> 00:12:24,080 Speaker 1: you know, most cities, when they decide to host Olympics, 243 00:12:24,160 --> 00:12:26,000 Speaker 1: used as an urban planning project, can build all these 244 00:12:26,040 --> 00:12:28,760 Speaker 1: stadiums and then when the Olympics are done, they try 245 00:12:28,800 --> 00:12:31,360 Speaker 1: and figure out what to use them for. Our our 246 00:12:31,400 --> 00:12:35,240 Speaker 1: model is totally different. We're actually paying these buildings to 247 00:12:35,280 --> 00:12:37,920 Speaker 1: stop their normal everyday use so that we can have 248 00:12:37,960 --> 00:12:40,920 Speaker 1: the Olympics for seventeen days. You know, we're gonna we 249 00:12:40,960 --> 00:12:43,480 Speaker 1: have a deal with u C l a UM so 250 00:12:43,520 --> 00:12:46,000 Speaker 1: there won't be summer school in the summer of so 251 00:12:46,000 --> 00:12:47,720 Speaker 1: that we can have the Olympics. Because they house more 252 00:12:47,720 --> 00:12:50,480 Speaker 1: students today than we're going to house athletes in the 253 00:12:50,520 --> 00:12:53,000 Speaker 1: Staples Center will be there in and as soon as 254 00:12:53,040 --> 00:12:56,040 Speaker 1: we're done a month later, they'll have the Kings, the Lakers, 255 00:12:56,080 --> 00:12:58,360 Speaker 1: and the Clippers playing in that arena. As soon as 256 00:12:58,400 --> 00:13:00,760 Speaker 1: we're done having opening closing ceremony in the new Rams 257 00:13:00,760 --> 00:13:03,520 Speaker 1: and Charger Stadium a month later, h two NFL teams 258 00:13:03,520 --> 00:13:05,959 Speaker 1: will begin their seasons and so all those things are 259 00:13:06,080 --> 00:13:08,679 Speaker 1: very normal in Los Angeles, and we're asking them to 260 00:13:08,720 --> 00:13:10,120 Speaker 1: take a break so that we can have the Olympic 261 00:13:10,160 --> 00:13:12,360 Speaker 1: Games and then they can go back to their normal job. 262 00:13:12,400 --> 00:13:15,360 Speaker 1: And the thing about having that many professional sports teams 263 00:13:15,360 --> 00:13:17,960 Speaker 1: in this market and the competition that there is for 264 00:13:18,000 --> 00:13:21,360 Speaker 1: the entertainment dollar means that those facilities always have to 265 00:13:21,400 --> 00:13:25,079 Speaker 1: be the best of the best. And that's private operators 266 00:13:25,320 --> 00:13:29,319 Speaker 1: investing private dollars to benefit the public. And we are 267 00:13:29,400 --> 00:13:32,320 Speaker 1: a beneficiary that as a host of the Olympic Games, Casey, 268 00:13:32,360 --> 00:13:34,200 Speaker 1: can you give us some of the big brands that 269 00:13:34,240 --> 00:13:37,319 Speaker 1: are going to be associated with the games? Well, uh, 270 00:13:37,360 --> 00:13:40,080 Speaker 1: we're we're not We're not in an Okago officially and 271 00:13:40,120 --> 00:13:42,560 Speaker 1: we're not allowed to sell sponsors as yet. But suffice 272 00:13:42,559 --> 00:13:44,640 Speaker 1: to say, you know, h, I guess you've been out 273 00:13:44,679 --> 00:13:47,520 Speaker 1: there talking to people. Though. I think it's a pretty 274 00:13:47,600 --> 00:13:49,760 Speaker 1: robust sponsors of market. The USOC has done a good 275 00:13:49,840 --> 00:13:52,160 Speaker 1: job of laying that foundation and we look to build 276 00:13:52,200 --> 00:13:55,679 Speaker 1: on that and I think American companies and companies from 277 00:13:55,720 --> 00:13:58,080 Speaker 1: around the world will be excited um to have an 278 00:13:58,080 --> 00:14:00,559 Speaker 1: Olympic Games in Los Angeles. This market has only become 279 00:14:00,600 --> 00:14:02,600 Speaker 1: more and more important. I mean, I would argue that 280 00:14:03,559 --> 00:14:07,040 Speaker 1: from the media industry, at tech industry, airlines, global trade 281 00:14:07,960 --> 00:14:10,160 Speaker 1: of the goods from China come through the port of 282 00:14:10,320 --> 00:14:12,280 Speaker 1: l A to it to the United States. So l 283 00:14:12,360 --> 00:14:14,000 Speaker 1: A is really one of the most important cities in 284 00:14:14,040 --> 00:14:16,000 Speaker 1: the world, and I think we can provide an unbelievable 285 00:14:16,040 --> 00:14:17,920 Speaker 1: opportunity for them to engage with the city for the 286 00:14:18,000 --> 00:14:20,440 Speaker 1: next ten years. People might not understand what you just said, 287 00:14:20,440 --> 00:14:24,040 Speaker 1: we're not member. Explain briefly if you can, how Olympic 288 00:14:24,080 --> 00:14:27,320 Speaker 1: sponsorship works. That there are there are some categories that 289 00:14:27,440 --> 00:14:29,440 Speaker 1: they sell as the IOC that you can touch, but 290 00:14:29,560 --> 00:14:32,240 Speaker 1: some things you can do as well. Correct. So the 291 00:14:32,280 --> 00:14:35,040 Speaker 1: IOC sells what they call their top program. Those are 292 00:14:35,080 --> 00:14:39,280 Speaker 1: sponsors who span multiple games. Some sponsors are in place, 293 00:14:40,640 --> 00:14:43,840 Speaker 1: some expire after there's a whole group and there's about 294 00:14:43,880 --> 00:14:46,560 Speaker 1: dozen of them. Uh. And in those categories with those 295 00:14:46,680 --> 00:14:49,040 Speaker 1: rights they extend to all Olympic Games. So they would 296 00:14:49,040 --> 00:14:51,360 Speaker 1: extend if they had a contract for the games in 297 00:14:51,480 --> 00:14:54,240 Speaker 1: in l A and in Paris and twenty four and 298 00:14:54,280 --> 00:14:57,880 Speaker 1: probably Tokyo as well as the Winter Games in between 299 00:14:57,920 --> 00:15:01,800 Speaker 1: in Beijing and to be determined in and whatever categories 300 00:15:02,040 --> 00:15:07,000 Speaker 1: are unsold revert back to the Games, so the local game. 301 00:15:07,080 --> 00:15:10,120 Speaker 1: So our ability to sell those rights in those categories 302 00:15:10,120 --> 00:15:13,360 Speaker 1: on a global basis for exploitation through the games that 303 00:15:13,400 --> 00:15:16,440 Speaker 1: will be in Los Angeles. So much like in an 304 00:15:16,560 --> 00:15:19,440 Speaker 1: NFL team, the league has league wide sponsors and they 305 00:15:19,440 --> 00:15:22,320 Speaker 1: take up categories that the teams aren't allowed to sell, 306 00:15:22,360 --> 00:15:24,200 Speaker 1: and everything else reverted to the teams and the teams 307 00:15:24,200 --> 00:15:26,600 Speaker 1: can sell those in their local markets. There has been 308 00:15:26,680 --> 00:15:30,800 Speaker 1: minimal opposition to having the Olympics and the bidding process. 309 00:15:30,880 --> 00:15:34,320 Speaker 1: But there was a group that thought, hey, this wasn't 310 00:15:34,320 --> 00:15:37,120 Speaker 1: a democracy. But I mean, I thought, many other cities, 311 00:15:37,240 --> 00:15:40,800 Speaker 1: especially in the US, including Boston, we're trying to bid 312 00:15:40,920 --> 00:15:44,440 Speaker 1: for the games. Why is there some minimal opposition to 313 00:15:44,480 --> 00:15:47,880 Speaker 1: do this? Well, like l A loves it, Olympic history, 314 00:15:48,000 --> 00:15:49,600 Speaker 1: is proud of its Olympic history and the and the 315 00:15:49,600 --> 00:15:51,960 Speaker 1: people of LA remember that and embrace that and and 316 00:15:52,000 --> 00:15:53,880 Speaker 1: want the Olympics to come back. I mean, we released 317 00:15:53,880 --> 00:15:57,000 Speaker 1: the poll A Loyal and Merrimoun released the poll um 318 00:15:57,400 --> 00:16:03,120 Speaker 1: that that measured in support of Olympic Games. And so 319 00:16:03,200 --> 00:16:05,840 Speaker 1: people in l A love the Olympics. Um, there there 320 00:16:06,000 --> 00:16:09,880 Speaker 1: is opposition. I think people who oppose what we're doing 321 00:16:09,920 --> 00:16:12,680 Speaker 1: don't completely understand and and I'm of the belief as 322 00:16:12,800 --> 00:16:15,440 Speaker 1: is the mayor. Big cities have to do big things. 323 00:16:15,600 --> 00:16:18,880 Speaker 1: And just because you pursue and in this case have 324 00:16:18,960 --> 00:16:21,360 Speaker 1: won the right to host Olympic Games, doesn't mean there 325 00:16:21,360 --> 00:16:23,840 Speaker 1: aren't other challenges that big cities in America and around 326 00:16:23,840 --> 00:16:25,520 Speaker 1: the world have and doesn't mean you can't do both. 327 00:16:25,560 --> 00:16:27,080 Speaker 1: I mean, you know, we can walk into come at 328 00:16:27,080 --> 00:16:30,040 Speaker 1: the same time. Uh. And this is a private venture, 329 00:16:30,120 --> 00:16:34,480 Speaker 1: privately funded, privately operated in partnership with the city Los Angeles, 330 00:16:34,800 --> 00:16:37,920 Speaker 1: the state of California, the federal government, the US Olympic Committee, 331 00:16:37,920 --> 00:16:40,440 Speaker 1: the IOC. UH And just like eighty four, we intend 332 00:16:40,440 --> 00:16:43,000 Speaker 1: to make that a great success. The new drinking game 333 00:16:43,040 --> 00:16:44,880 Speaker 1: that's gonna be made popular U C, l A and US. 334 00:16:44,920 --> 00:16:48,560 Speaker 1: See every time Casey Wasserman says private, everybody's going to 335 00:16:48,640 --> 00:16:50,560 Speaker 1: have to drink a little bit. This is are you 336 00:16:50,640 --> 00:16:54,520 Speaker 1: hammering home a point here, Casey, Well, it's unique. It 337 00:16:54,640 --> 00:16:57,040 Speaker 1: is unique. I mean we you know, the USOC essentially 338 00:16:57,120 --> 00:16:58,960 Speaker 1: is a private entity where the only developed country in 339 00:16:58,960 --> 00:17:01,560 Speaker 1: the world that doesn't have any government support for our 340 00:17:01,600 --> 00:17:05,040 Speaker 1: Olympic athletes. And we don't have any public support for 341 00:17:05,080 --> 00:17:08,480 Speaker 1: Olympic bids. And uh, we don't have the federal government, 342 00:17:08,520 --> 00:17:11,520 Speaker 1: the state government, or the local government writing blank checks 343 00:17:11,560 --> 00:17:14,160 Speaker 1: for the Olympic Games. We're gonna deliver these games privately, 344 00:17:14,200 --> 00:17:16,280 Speaker 1: and we think that's a competitive advantage in the day 345 00:17:16,320 --> 00:17:18,520 Speaker 1: in place. Are the Olympics immune from what we're hearing 346 00:17:18,560 --> 00:17:21,720 Speaker 1: about other sports where the TV audience might not be there? 347 00:17:21,760 --> 00:17:24,080 Speaker 1: Are they immune because it's of course the ones ever 348 00:17:24,320 --> 00:17:28,520 Speaker 1: for your nature of it all? Or is there sort 349 00:17:28,520 --> 00:17:32,080 Speaker 1: of a diminution and interest in even the rings? Look, 350 00:17:32,119 --> 00:17:34,200 Speaker 1: I don't think anything is immune in this day and age, 351 00:17:34,320 --> 00:17:37,919 Speaker 1: got but I do believe that the spectacle that is 352 00:17:37,960 --> 00:17:40,800 Speaker 1: the Olympics can have a unique way to break through 353 00:17:40,800 --> 00:17:44,320 Speaker 1: and connect. But look how we distribute the Olympic Games, 354 00:17:44,359 --> 00:17:46,960 Speaker 1: how it gets connected with fans, what you do in 355 00:17:47,000 --> 00:17:49,840 Speaker 1: the interim four years, All those things will continue to 356 00:17:49,920 --> 00:17:54,040 Speaker 1: evolve and get better, uh and and get sort of 357 00:17:54,080 --> 00:17:56,960 Speaker 1: developed as the world changes dramatically. Uh. And So it's 358 00:17:56,960 --> 00:18:00,119 Speaker 1: our job as stewards of the Games, at least for 359 00:18:00,119 --> 00:18:03,600 Speaker 1: for one cycle, is to be steadfast on that because 360 00:18:03,640 --> 00:18:05,720 Speaker 1: you know, it's it's an important piece of our success. 361 00:18:05,920 --> 00:18:09,320 Speaker 1: We had an article recently in Bloomberg View that Los 362 00:18:09,320 --> 00:18:12,600 Speaker 1: Angeles should just simply be the home of the Games 363 00:18:12,600 --> 00:18:16,080 Speaker 1: for good. Your thoughts about that, Well, that's about my 364 00:18:16,119 --> 00:18:19,840 Speaker 1: pay grade. But certainly, uh, certainly, we'd love to have 365 00:18:20,000 --> 00:18:22,840 Speaker 1: the Games in Los Angeles as much as possible. We 366 00:18:22,880 --> 00:18:25,040 Speaker 1: love the games, We're ready to host the games. We 367 00:18:25,040 --> 00:18:27,520 Speaker 1: could host the games in two months or in twenty years, 368 00:18:27,560 --> 00:18:29,880 Speaker 1: and and every time in between. And so obviously they're 369 00:18:29,880 --> 00:18:32,520 Speaker 1: not going to go to a permanent location for Olympic Games. 370 00:18:32,520 --> 00:18:35,399 Speaker 1: I don't think that's anywhere in there thinking. But is 371 00:18:35,440 --> 00:18:38,200 Speaker 1: there a world where you could go have fives global 372 00:18:38,200 --> 00:18:40,399 Speaker 1: cities to global cities that rotate so that you know, 373 00:18:40,480 --> 00:18:43,520 Speaker 1: every quarter century the games are back. Not a crazy 374 00:18:43,600 --> 00:18:47,480 Speaker 1: idea and not inconceivable Casey, the IOC loves to talk 375 00:18:47,520 --> 00:18:51,080 Speaker 1: about legacy, and I'm assuming coming out of that's something 376 00:18:51,119 --> 00:18:53,679 Speaker 1: you'd like to continue. Yeah, no question right. Look like, 377 00:18:53,880 --> 00:18:56,120 Speaker 1: first of all, let's let's not forget legacy is something 378 00:18:56,119 --> 00:18:59,280 Speaker 1: that happens after the games are over. So our job 379 00:18:59,400 --> 00:19:00,879 Speaker 1: is to focus. Although I will tell you what the 380 00:19:00,920 --> 00:19:02,480 Speaker 1: agreement we have with the i f C will be 381 00:19:02,640 --> 00:19:06,640 Speaker 1: begin funding um universal access for youth sports in Los 382 00:19:06,640 --> 00:19:11,960 Speaker 1: Angeles next year, so our legacy from will actually begin immediately. UM. 383 00:19:12,000 --> 00:19:13,800 Speaker 1: But having said that, you know, are are if we 384 00:19:13,840 --> 00:19:16,199 Speaker 1: do a good job. L A eighty four has no 385 00:19:16,359 --> 00:19:19,600 Speaker 1: questions at the bar, and our job and our goal 386 00:19:19,760 --> 00:19:21,879 Speaker 1: is to uh to build on that and create more 387 00:19:21,920 --> 00:19:25,520 Speaker 1: success to the last generations longer in Los Angeles. The 388 00:19:25,640 --> 00:19:30,520 Speaker 1: last time l A hosted the Summer Olympics was what 389 00:19:31,400 --> 00:19:33,680 Speaker 1: do you see are going to be some major changes 390 00:19:33,880 --> 00:19:36,600 Speaker 1: from what happened in eighty four to what's about to 391 00:19:36,640 --> 00:19:42,000 Speaker 1: happen down the road in Well, look, obviously the city 392 00:19:42,000 --> 00:19:45,600 Speaker 1: has developed in Los Angeles, was still building freeways. We've 393 00:19:45,600 --> 00:19:49,960 Speaker 1: got thirteen public transportation metro rail lines under construction today, 394 00:19:49,960 --> 00:19:53,119 Speaker 1: funded by Measure M, having nothing to do with the Olympics, 395 00:19:53,160 --> 00:19:57,199 Speaker 1: funded by the taxpayer vote in Los Angeles. Uh. And 396 00:19:57,320 --> 00:19:59,680 Speaker 1: that's a forty year plan for the future Los Angeles. 397 00:20:00,119 --> 00:20:01,760 Speaker 1: And then you just take the growth right. I mean 398 00:20:02,960 --> 00:20:04,639 Speaker 1: of our venues are new from eighty four. So this 399 00:20:04,680 --> 00:20:07,280 Speaker 1: is a new Olympic Games in what is really a 400 00:20:07,280 --> 00:20:10,200 Speaker 1: new Los Angeles. Since you brought up freeways, I'll ask 401 00:20:10,240 --> 00:20:13,040 Speaker 1: the question, how are people going to get around? I 402 00:20:13,080 --> 00:20:15,439 Speaker 1: was just out in l A. Casey, it took me 403 00:20:15,680 --> 00:20:19,160 Speaker 1: two plus hours to go from Santa monicat a Dodger Stadium. 404 00:20:19,160 --> 00:20:22,000 Speaker 1: I was not happy. Well, first year in l A, 405 00:20:22,080 --> 00:20:23,800 Speaker 1: didn't call me, so that will have to deal with 406 00:20:24,560 --> 00:20:28,199 Speaker 1: one day. So you're in You're in trouble for that second. 407 00:20:28,520 --> 00:20:31,320 Speaker 1: Secondly is you know, look, every big city in the 408 00:20:31,320 --> 00:20:33,879 Speaker 1: world has traffic. Let's let's not fool ourselves. Uh, And 409 00:20:33,920 --> 00:20:37,520 Speaker 1: certainly l a um has has its traffic challenges. But 410 00:20:38,160 --> 00:20:40,480 Speaker 1: you know, if you ask people what their great memory 411 00:20:40,480 --> 00:20:42,520 Speaker 1: the eighty four Games was, the answer is no traffic. 412 00:20:43,080 --> 00:20:45,800 Speaker 1: And the truth is traffic actually is reduceduring Olympic Games 413 00:20:45,800 --> 00:20:48,640 Speaker 1: because you can manage and control for things for seventeen 414 00:20:48,720 --> 00:20:51,840 Speaker 1: days that you can't control for on a normal basis, 415 00:20:51,880 --> 00:20:53,800 Speaker 1: on a daily basis in the city like Los Angeles 416 00:20:53,840 --> 00:20:56,240 Speaker 1: or Paris or Tokyo or any other big city. We're 417 00:20:56,240 --> 00:20:58,400 Speaker 1: talking with the head of the l a bid committee, 418 00:20:58,440 --> 00:21:01,119 Speaker 1: Casey Wasserman, and I to ask this, and I know 419 00:21:01,200 --> 00:21:04,400 Speaker 1: I'm going away a bit from the Olympics, but one 420 00:21:04,440 --> 00:21:06,200 Speaker 1: of the things about you, you've been in the marketing 421 00:21:06,200 --> 00:21:10,520 Speaker 1: business for a long time. You purchased the Los Angeles 422 00:21:10,600 --> 00:21:13,879 Speaker 1: Avengers of the Arena Football League and you were about 423 00:21:13,880 --> 00:21:17,120 Speaker 1: twenty four years old. You're twenty four year old man 424 00:21:17,480 --> 00:21:19,840 Speaker 1: and you own a football team. You have to talk 425 00:21:19,920 --> 00:21:24,160 Speaker 1: me through that experience, you know, I think the Raids 426 00:21:24,200 --> 00:21:25,960 Speaker 1: is if if I knew then what I know now, 427 00:21:26,359 --> 00:21:30,920 Speaker 1: M look it was it was an incredible opportunity, um 428 00:21:31,280 --> 00:21:34,600 Speaker 1: to really get my pH d in sports and really 429 00:21:34,880 --> 00:21:37,840 Speaker 1: in a most hands on way. I wanted to create 430 00:21:37,880 --> 00:21:40,800 Speaker 1: and build my own reputation UM and earn it good 431 00:21:40,880 --> 00:21:42,560 Speaker 1: or bad. Uh. And I thought I'd see a lot 432 00:21:42,560 --> 00:21:44,919 Speaker 1: of opportunities in the business of sports, but you couldn't 433 00:21:44,960 --> 00:21:47,600 Speaker 1: really see those sitting on the sidelines. And so you know, 434 00:21:47,640 --> 00:21:50,520 Speaker 1: it was a great experience and UH learned a ton 435 00:21:50,560 --> 00:21:54,080 Speaker 1: of lessons, UM and very proud of what we accomplished 436 00:21:54,080 --> 00:21:57,760 Speaker 1: with the Avengers and certainly a fun chapter in my history. 437 00:21:57,880 --> 00:22:02,359 Speaker 1: How did those lessons transfer over to try and to 438 00:22:02,400 --> 00:22:07,560 Speaker 1: win the bid for the Olympics for well, I mean 439 00:22:07,640 --> 00:22:11,040 Speaker 1: obviously totally different skill sets, but look what we we 440 00:22:11,080 --> 00:22:13,000 Speaker 1: had to do there is in some ways what we've 441 00:22:13,040 --> 00:22:14,879 Speaker 1: done here, which is you build a team from scratch 442 00:22:14,920 --> 00:22:17,600 Speaker 1: for a very specific goal. And the one thing that 443 00:22:17,720 --> 00:22:20,320 Speaker 1: is similar I will tell you is, you know, whether 444 00:22:20,359 --> 00:22:23,520 Speaker 1: we liked it or not, the two thousand uh, the 445 00:22:23,560 --> 00:22:25,800 Speaker 1: year two thousand Arena football season was going to start, 446 00:22:25,840 --> 00:22:27,720 Speaker 1: whether we were ready or not. And I will tell 447 00:22:27,720 --> 00:22:29,919 Speaker 1: you opening ceremonies will happen whether we're ready or not. 448 00:22:30,000 --> 00:22:32,760 Speaker 1: And so having that date certain, Uh, the one thing 449 00:22:32,760 --> 00:22:35,200 Speaker 1: you can't buy more of his time. Uh. We'll keep 450 00:22:35,240 --> 00:22:37,520 Speaker 1: us focused for the next eleven years on the task 451 00:22:37,560 --> 00:22:39,919 Speaker 1: at hand and make sure that we're ready uh to 452 00:22:40,000 --> 00:22:41,760 Speaker 1: welcome the world to Los Angeles when all of a 453 00:22:41,760 --> 00:22:43,800 Speaker 1: sudden done. Casey, how much money is going to go 454 00:22:44,160 --> 00:22:47,720 Speaker 1: from the IOC to the l A bid committee? How 455 00:22:47,800 --> 00:22:50,439 Speaker 1: much are they going to trumps? I mean, it depends 456 00:22:50,480 --> 00:22:52,680 Speaker 1: on how you would calculates or what we could generate 457 00:22:52,760 --> 00:22:55,680 Speaker 1: a profit. But and argue well over two billion dollars. 458 00:22:55,800 --> 00:22:57,280 Speaker 1: And that tells you what in terms of like you 459 00:22:57,280 --> 00:23:00,159 Speaker 1: said profit, you you are definitely saying this game, these 460 00:23:00,160 --> 00:23:03,560 Speaker 1: games will be at least break even. Yeah. We we've 461 00:23:03,600 --> 00:23:06,040 Speaker 1: budgeted a break evens games with a half a billion 462 00:23:06,040 --> 00:23:09,480 Speaker 1: dollar contingency. We think that's prudent. Uh. And you know, 463 00:23:09,640 --> 00:23:12,040 Speaker 1: as if you go talk to Peter ubat Wu has 464 00:23:12,040 --> 00:23:14,040 Speaker 1: been a mentor of mine for a long time, long 465 00:23:14,080 --> 00:23:17,720 Speaker 1: before this process started. Has been incredible, Uh in my life. 466 00:23:18,000 --> 00:23:19,320 Speaker 1: He would tell you, Look, they didn't know they had 467 00:23:19,320 --> 00:23:21,399 Speaker 1: a profit in l A until the games were over. 468 00:23:21,400 --> 00:23:22,840 Speaker 1: They had paid all the bills and checks were still 469 00:23:22,840 --> 00:23:26,720 Speaker 1: coming in. Uh. So you know it's after the fact 470 00:23:26,800 --> 00:23:29,320 Speaker 1: you everybody looks really smart and it looks like you 471 00:23:29,560 --> 00:23:31,840 Speaker 1: had this master plan to create a profit. And then 472 00:23:31,840 --> 00:23:34,360 Speaker 1: the point is if you operate well and keep focused, 473 00:23:34,600 --> 00:23:36,600 Speaker 1: you can put yourself in a position to produce that result. 474 00:23:36,680 --> 00:23:38,760 Speaker 1: The mayor said the deal was too good to pass up. 475 00:23:38,800 --> 00:23:41,679 Speaker 1: I get that. So you said, okay for us Paris 476 00:23:41,720 --> 00:23:46,439 Speaker 1: twenty four. What was more appealing about twenty four that 477 00:23:46,560 --> 00:23:50,080 Speaker 1: both cities, seemingly at the outset, would have preferred twenty 478 00:23:50,119 --> 00:23:53,399 Speaker 1: four y eight. Well, to be clear, until July eleven, 479 00:23:53,680 --> 00:23:55,679 Speaker 1: we were only allowed to bid for twenty four. This 480 00:23:55,760 --> 00:23:59,040 Speaker 1: was a bid for big games that started with five 481 00:23:59,080 --> 00:24:02,520 Speaker 1: cities and ended with two. And what the IOC realized 482 00:24:02,680 --> 00:24:05,000 Speaker 1: was that you had two incredible cities in the world 483 00:24:05,440 --> 00:24:08,920 Speaker 1: with two great plans obviously different but great. Uh. And 484 00:24:09,000 --> 00:24:10,960 Speaker 1: this was a unique opportunity that they had to take 485 00:24:10,960 --> 00:24:14,960 Speaker 1: advantage of to create this win win win opportunity. And um, 486 00:24:15,280 --> 00:24:17,359 Speaker 1: I give them credit for taking on that. And you know, 487 00:24:17,400 --> 00:24:20,199 Speaker 1: in short order after it was made an opportunity, I 488 00:24:20,280 --> 00:24:22,440 Speaker 1: think even Thomas Box had looked the stronger bids, the 489 00:24:22,480 --> 00:24:24,399 Speaker 1: one who can wait till twenty eight and we felt 490 00:24:24,640 --> 00:24:26,320 Speaker 1: good about our position and our plan. I think l 491 00:24:26,480 --> 00:24:29,600 Speaker 1: is only going to be better and stronger. Uh And 492 00:24:29,640 --> 00:24:32,320 Speaker 1: I think the economics are really compelling. Case you represent 493 00:24:32,600 --> 00:24:34,959 Speaker 1: represent a bunch of athletes Olympic actually the athletes as 494 00:24:34,960 --> 00:24:37,760 Speaker 1: well at Wasserman Media. How are they going to capitalize 495 00:24:37,800 --> 00:24:40,360 Speaker 1: on this and how can we predict whether it's social? 496 00:24:41,119 --> 00:24:43,320 Speaker 1: What about the distribution of these games? Everybody knows we 497 00:24:43,359 --> 00:24:45,840 Speaker 1: see the features on NBC at night. That's great, But 498 00:24:45,880 --> 00:24:48,000 Speaker 1: there's so much more these days that these athletes can 499 00:24:48,040 --> 00:24:53,200 Speaker 1: really do to promote themselves, as well as signed endorsements 500 00:24:53,200 --> 00:24:56,640 Speaker 1: that are outside the Olympic rings. Well, a couple of things. One, 501 00:24:56,720 --> 00:24:58,720 Speaker 1: first of all, look at the best way to grow 502 00:24:59,680 --> 00:25:02,680 Speaker 1: the pick sports and to go Olympic Sports in the 503 00:25:02,760 --> 00:25:04,560 Speaker 1: United States is to actually bring the Olympic Games the 504 00:25:04,640 --> 00:25:07,880 Speaker 1: United States. So mission one is done. The Olympic Games 505 00:25:07,880 --> 00:25:10,679 Speaker 1: are coming back to the United States. Secondly, um, you know, 506 00:25:10,720 --> 00:25:13,440 Speaker 1: the world's best storytellers have always been in Los Angeles, 507 00:25:13,800 --> 00:25:17,800 Speaker 1: and now um um, the method for getting those stories 508 00:25:17,800 --> 00:25:19,959 Speaker 1: connected with people are all in Los Angeles. You know, 509 00:25:20,440 --> 00:25:23,760 Speaker 1: obviously Snap is here in l A. But Facebook and 510 00:25:24,200 --> 00:25:28,560 Speaker 1: YouTube and Twitter uh, and Instagram. They all have big 511 00:25:28,600 --> 00:25:31,720 Speaker 1: headquarters in Los Angeles because that they know that the 512 00:25:31,760 --> 00:25:33,600 Speaker 1: best content the world is created from here. So you 513 00:25:33,680 --> 00:25:36,440 Speaker 1: take the ability to grow an audience, the best storytellers 514 00:25:36,440 --> 00:25:38,280 Speaker 1: in the world, the greatest athletes in the world, and 515 00:25:38,280 --> 00:25:40,760 Speaker 1: it's going to prove a little hard to predict exactly 516 00:25:40,760 --> 00:25:44,399 Speaker 1: how in an incredible combination that I think should benefit 517 00:25:44,440 --> 00:25:48,720 Speaker 1: the athletes significantly. It's hard to predict technology eleven years 518 00:25:48,760 --> 00:25:52,200 Speaker 1: from now, but I mean we might have like three 519 00:25:52,280 --> 00:25:54,800 Speaker 1: D vision coming to us in our own living room. 520 00:25:55,119 --> 00:26:01,040 Speaker 1: But what about the streaming aspects bringing the Olympics two 521 00:26:01,400 --> 00:26:05,640 Speaker 1: people now compared to the regular television way. I mean, 522 00:26:05,760 --> 00:26:08,840 Speaker 1: where do you see this going? Well, important to remember 523 00:26:08,880 --> 00:26:11,720 Speaker 1: eleven years ago, which is obviously the timeframe we're talking about, 524 00:26:11,760 --> 00:26:14,360 Speaker 1: the iPhone didn't exist, so good to have some context 525 00:26:14,400 --> 00:26:16,240 Speaker 1: always as you think about these things. And I'm pretty 526 00:26:16,240 --> 00:26:18,800 Speaker 1: sure that in sitting in turn Italy for the Winner 527 00:26:18,840 --> 00:26:23,160 Speaker 1: Games six, no one could have predicted the world in seen, 528 00:26:23,200 --> 00:26:25,680 Speaker 1: So I'm not gonna try and predict the world. Uh. 529 00:26:25,680 --> 00:26:28,920 Speaker 1: And obviously NBC is in control of the US broadcast 530 00:26:29,040 --> 00:26:32,159 Speaker 1: rights and will still be that in but I'm certain 531 00:26:32,200 --> 00:26:35,840 Speaker 1: that the one thing that is universal is people's love 532 00:26:35,960 --> 00:26:40,560 Speaker 1: of sport. And the one thing that technology allows, um um, 533 00:26:40,720 --> 00:26:44,000 Speaker 1: is for direct connection with people who have direct passions. 534 00:26:44,119 --> 00:26:46,119 Speaker 1: And so now being able to connect people's love of 535 00:26:46,119 --> 00:26:48,400 Speaker 1: sports directly with the consumers who love it. I think 536 00:26:48,400 --> 00:26:50,879 Speaker 1: it's going to be a big economic opportunity. And you 537 00:26:50,880 --> 00:26:53,520 Speaker 1: know in the end how that facilitates itself in none 538 00:26:53,560 --> 00:26:56,040 Speaker 1: of us know. But if you were betting on things 539 00:26:56,040 --> 00:26:58,760 Speaker 1: that are going to resonate, sports would be at the 540 00:26:58,760 --> 00:27:01,240 Speaker 1: top of the list. Hey, who knows, maybe will be 541 00:27:01,280 --> 00:27:03,119 Speaker 1: allowed to bet on these events. If you want to 542 00:27:03,119 --> 00:27:05,840 Speaker 1: talk about driving engagement, you said, you said the word betting, 543 00:27:05,840 --> 00:27:10,040 Speaker 1: not me. Yeah, well, don't get me in trouble. We 544 00:27:10,080 --> 00:27:12,760 Speaker 1: haven't we we haven't become a bit no god yet 545 00:27:13,200 --> 00:27:16,240 Speaker 1: but but but it's coming. But it's coming. Um. When 546 00:27:16,320 --> 00:27:18,720 Speaker 1: when it comes to the Olympics, Casey, where do you 547 00:27:18,760 --> 00:27:22,760 Speaker 1: see the American appetite? What do you see as Is 548 00:27:22,800 --> 00:27:26,280 Speaker 1: it voracious? Is it casual? Where are we as an 549 00:27:26,280 --> 00:27:30,840 Speaker 1: Olympic viewing country? Well, look, I think if you sort 550 00:27:30,880 --> 00:27:33,800 Speaker 1: of the heart and soul of the American Olympic movement 551 00:27:33,840 --> 00:27:36,760 Speaker 1: lives in the universities around this country. Um. There were 552 00:27:36,760 --> 00:27:40,000 Speaker 1: more female athletes on Team USA and Rio than they 553 00:27:40,040 --> 00:27:44,560 Speaker 1: were male. That's a direct result of, uh, the infrastructure 554 00:27:44,600 --> 00:27:46,920 Speaker 1: of the universities and athletic programs in those country of 555 00:27:47,040 --> 00:27:49,960 Speaker 1: Title nine, all things were very proud of. So people 556 00:27:50,080 --> 00:27:52,959 Speaker 1: love Olympic sports every day in this country. They're passionate 557 00:27:52,960 --> 00:27:55,160 Speaker 1: about them. They play them, they participate in them, they're 558 00:27:55,200 --> 00:27:58,960 Speaker 1: fans of them. They have people who have participated, were friends. UH. 559 00:27:59,000 --> 00:28:01,840 Speaker 1: And so it's our job to make sure we connect 560 00:28:02,000 --> 00:28:04,320 Speaker 1: that passion on a day to day basis with the 561 00:28:04,400 --> 00:28:07,840 Speaker 1: greater values of the Olympic movement and Olympics UM and 562 00:28:07,840 --> 00:28:10,320 Speaker 1: and bring that to bear in two thous Does it 563 00:28:10,440 --> 00:28:13,560 Speaker 1: blow your mind? And we talked about eleven years down 564 00:28:13,600 --> 00:28:16,520 Speaker 1: the road, does it blow your mind that the athletes 565 00:28:16,520 --> 00:28:21,800 Speaker 1: will participate in the Summer Olympics probably are right now 566 00:28:21,880 --> 00:28:24,880 Speaker 1: playing in the backyard in our our kids right now 567 00:28:25,200 --> 00:28:28,719 Speaker 1: and probably won't even develop until they're ready to pursue 568 00:28:28,760 --> 00:28:32,200 Speaker 1: that dream. Getting those kids ready for the Summer Olympics 569 00:28:32,200 --> 00:28:34,480 Speaker 1: in Los Angeles. You know, you know, it's it's a 570 00:28:34,520 --> 00:28:37,280 Speaker 1: great point the uh. You know, the Williams sisters are 571 00:28:37,440 --> 00:28:41,360 Speaker 1: direct results of the eighty four Games, the investments of 572 00:28:41,440 --> 00:28:45,920 Speaker 1: the l eighty four foundation made in tennis and Compton 573 00:28:46,080 --> 00:28:49,320 Speaker 1: produced tennis courts and in a in a structure that 574 00:28:49,400 --> 00:28:51,960 Speaker 1: produced the Willame sisters. So I tell people all the 575 00:28:51,960 --> 00:28:54,920 Speaker 1: time that there are future Olympians who will benefit from 576 00:28:54,920 --> 00:28:57,880 Speaker 1: from the deal we just made in Los Angeles today 577 00:28:57,880 --> 00:29:00,800 Speaker 1: that will compete and and walk in uh to the 578 00:29:00,840 --> 00:29:03,760 Speaker 1: stadium in Los Angeles carrying the flag UH. And that's 579 00:29:03,760 --> 00:29:06,400 Speaker 1: an exciting thing to think about. You have to invest 580 00:29:06,440 --> 00:29:08,600 Speaker 1: in people's future without a guarantee of what that future 581 00:29:08,640 --> 00:29:10,240 Speaker 1: looks like, and and we're excited to be able to 582 00:29:10,320 --> 00:29:12,720 Speaker 1: do that. All right, that's Casey Wasserman, head of the 583 00:29:12,800 --> 00:29:16,040 Speaker 1: US Olympic Big Committee. Thank you, Casey, appreciate you taking 584 00:29:16,080 --> 00:29:19,000 Speaker 1: the time. Thank you, my pleasure. Michael. I know, my 585 00:29:19,120 --> 00:29:24,600 Speaker 1: takeaway from this interview simple. It's the one word private, private, private. 586 00:29:24,760 --> 00:29:27,480 Speaker 1: I don't know how many times Casey said it, but 587 00:29:27,960 --> 00:29:33,000 Speaker 1: clearly his number one talking point is private investment. This 588 00:29:33,080 --> 00:29:37,520 Speaker 1: is not going to cost the taxpayers of Los Angeles much, 589 00:29:37,680 --> 00:29:41,600 Speaker 1: if any money. My takeaway it's eleven years from now. 590 00:29:41,640 --> 00:29:45,200 Speaker 1: That has never happened before where a city has had 591 00:29:45,240 --> 00:29:50,280 Speaker 1: eleven years to prepare for an Olympic event, and these 592 00:29:50,320 --> 00:29:53,080 Speaker 1: games should be the most spectacular ever when you have 593 00:29:53,160 --> 00:29:55,240 Speaker 1: that much time, he said it himself, time and money 594 00:29:58,440 --> 00:30:00,560 Speaker 1: feels better to be number one than numb. I'll wear 595 00:30:00,640 --> 00:30:02,360 Speaker 1: a number because of Mike. We have a chance to 596 00:30:02,400 --> 00:30:04,360 Speaker 1: go for three in a row, numbers in a good time. 597 00:30:04,400 --> 00:30:06,480 Speaker 1: And let's first started wearing the number. I would just 598 00:30:06,520 --> 00:30:10,240 Speaker 1: happy and Floomberg Business of Sports the number of the 599 00:30:10,280 --> 00:30:13,320 Speaker 1: week and now our number of the week, eight hundred 600 00:30:13,440 --> 00:30:18,160 Speaker 1: and forty one million, Michael Barr, the number in value 601 00:30:18,760 --> 00:30:21,520 Speaker 1: that Forbes has attached to p s G. That's for 602 00:30:22,720 --> 00:30:27,960 Speaker 1: that's now, pre Nymarte, what do you expect happens next? 603 00:30:28,120 --> 00:30:30,480 Speaker 1: I thought you're talking about your paycheck, But when it 604 00:30:30,520 --> 00:30:33,200 Speaker 1: comes to this and soccer, you're talking about a guy 605 00:30:33,320 --> 00:30:36,880 Speaker 1: Namar coming to a team that is going to just 606 00:30:37,240 --> 00:30:41,280 Speaker 1: bring soccer. I think, finally the prominence in the U 607 00:30:41,360 --> 00:30:44,280 Speaker 1: S when people realize what this guy can do. When 608 00:30:44,360 --> 00:30:50,640 Speaker 1: is the last time mainstream press, the New York Times, Bloomberg, 609 00:30:50,720 --> 00:30:54,640 Speaker 1: Wall Street Journal has been talking about Paris Saint German 610 00:30:54,800 --> 00:30:57,800 Speaker 1: as a soccer team. It's not that often, and everybody 611 00:30:58,200 --> 00:31:01,880 Speaker 1: is talking about them now because of this name, our transfer. 612 00:31:02,160 --> 00:31:05,760 Speaker 1: He is a global star. He will enable them to 613 00:31:05,920 --> 00:31:10,120 Speaker 1: export highlights clips onto the phones. Everything we talked about 614 00:31:10,160 --> 00:31:13,600 Speaker 1: on this show every week, it's all about content. People 615 00:31:13,760 --> 00:31:16,520 Speaker 1: will want to touch PSG. They're gonna want to sell 616 00:31:16,560 --> 00:31:19,720 Speaker 1: the shirts. They're gonna want to get his bobble head 617 00:31:19,760 --> 00:31:22,920 Speaker 1: out there all around the world for old schoolers. This 618 00:31:23,120 --> 00:31:27,040 Speaker 1: is just like Pale way back in the day three 619 00:31:27,080 --> 00:31:30,720 Speaker 1: times fold Brazil was so hesitant to let pill go 620 00:31:31,200 --> 00:31:34,760 Speaker 1: true story. Henry Kissinger went to make sure he got 621 00:31:34,760 --> 00:31:37,440 Speaker 1: on that plane and came to the US, and we 622 00:31:37,520 --> 00:31:39,840 Speaker 1: know what he did for the North American Soccer League 623 00:31:40,040 --> 00:31:41,840 Speaker 1: and that was the start of the soccer interest here 624 00:31:41,840 --> 00:31:45,640 Speaker 1: in the US. You've been listening to Bloomberg Business of Sports. 625 00:31:45,720 --> 00:31:48,040 Speaker 1: We are here each and every week at the same time, 626 00:31:48,280 --> 00:31:51,640 Speaker 1: exploring the world of money and sports. Michael laugh and 627 00:31:51,640 --> 00:31:54,040 Speaker 1: I'm Scott. Thanks for joining us, and please tune in 628 00:31:54,080 --> 00:31:55,800 Speaker 1: next week when we speak with some of the biggest 629 00:31:55,880 --> 00:32:03,320 Speaker 1: names in the world of sports.