1 00:00:02,920 --> 00:00:12,600 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. This is Bloomberg Intelligence 2 00:00:12,640 --> 00:00:14,480 Speaker 1: with Alex Steinhl and Paul'sweenye. 3 00:00:14,520 --> 00:00:17,720 Speaker 2: The real ap performance has been in US corporate high yield. 4 00:00:17,880 --> 00:00:20,280 Speaker 3: Are the companies lean enough? Have they trimmed all the fats? 5 00:00:20,320 --> 00:00:24,119 Speaker 2: The semiconductor business is a really cyclical business. 6 00:00:23,600 --> 00:00:27,200 Speaker 1: Breaking market headlines and corporate news from across the globe. 7 00:00:27,240 --> 00:00:29,880 Speaker 3: Do investors like the M and A that we've seen? 8 00:00:30,080 --> 00:00:31,000 Speaker 4: These are two. 9 00:00:31,000 --> 00:00:33,159 Speaker 2: Big time blue chip companies. 10 00:00:33,320 --> 00:00:36,920 Speaker 3: The window between the peak and cut changing super fast. 11 00:00:37,080 --> 00:00:41,680 Speaker 1: Bloomberg Intelligence with Alex Steinha and Paul's Wheenie on Bloomberg Radio. 12 00:00:43,320 --> 00:00:45,640 Speaker 2: On this edition of Bloomberg Intelligence, we're bring you some 13 00:00:45,680 --> 00:00:48,440 Speaker 2: of the best conversations from our Bloomberg Power Players event 14 00:00:48,560 --> 00:00:50,680 Speaker 2: in New York, brought together some of the world's most 15 00:00:50,720 --> 00:00:52,839 Speaker 2: influential voices in the business of sports. 16 00:00:52,920 --> 00:00:55,280 Speaker 3: Today, we'll look at weather we're set for a major 17 00:00:55,440 --> 00:00:57,720 Speaker 3: change in all areas of college sports. 18 00:00:58,080 --> 00:01:01,040 Speaker 2: Plus we'll discuss what comes next as women's soccer hits 19 00:01:01,080 --> 00:01:02,000 Speaker 2: the mainstream. 20 00:01:02,040 --> 00:01:04,440 Speaker 3: But first we're going to dive into a conversation with 21 00:01:04,520 --> 00:01:07,600 Speaker 3: David Rubinstein, co founder and co chairman of the Carlisle Group. 22 00:01:07,760 --> 00:01:10,680 Speaker 3: He's also principal owner of the Baltimore Orioles, and he 23 00:01:10,720 --> 00:01:13,679 Speaker 3: was joined by Cal Ripken, Junior Baseball Hall of Famer 24 00:01:13,720 --> 00:01:15,800 Speaker 3: and founder and partner of Bripkeen Baseball. 25 00:01:16,040 --> 00:01:18,440 Speaker 2: They discussed their connection to the Orioles and the city 26 00:01:18,440 --> 00:01:19,039 Speaker 2: of Baltimore. 27 00:01:19,160 --> 00:01:22,520 Speaker 3: First, we asked David why he even bought the Baltimore Orioles. 28 00:01:22,760 --> 00:01:25,039 Speaker 5: Well, in this case, I grew up in Baltimore, and 29 00:01:25,080 --> 00:01:26,920 Speaker 5: I wanted to give back to Baltimore a bit, and 30 00:01:26,959 --> 00:01:30,920 Speaker 5: I thought the team could maybe use rejuvenation in some way, 31 00:01:30,959 --> 00:01:33,920 Speaker 5: and it's part of rebirth of Baltimore. Baltimore is trying 32 00:01:33,959 --> 00:01:36,040 Speaker 5: to rebuild itself in many ways from some of the 33 00:01:36,080 --> 00:01:38,600 Speaker 5: struggles it's had. I thought a new ownership group would 34 00:01:38,600 --> 00:01:40,759 Speaker 5: probably be helpful, so I did it for that reason. 35 00:01:40,800 --> 00:01:42,480 Speaker 5: And obviously I hope to make money as well for 36 00:01:42,640 --> 00:01:45,640 Speaker 5: myself and my investors, but it's more of a philanthropic 37 00:01:45,680 --> 00:01:47,360 Speaker 5: thing on my part than anything else. 38 00:01:47,520 --> 00:01:51,640 Speaker 2: And Alex he's got a few partners there, including mister 39 00:01:51,680 --> 00:01:54,000 Speaker 2: Bloomberg who owns this radio program. 40 00:01:54,120 --> 00:01:55,960 Speaker 6: Ah, how about that? How about that? 41 00:01:56,200 --> 00:01:59,160 Speaker 2: Secular forces exactly all comes back together. Cal talked to 42 00:01:59,200 --> 00:02:02,080 Speaker 2: us about the Oriel boy man, I'm a Yankee stin 43 00:02:02,200 --> 00:02:03,840 Speaker 2: So I'm looking at them every day. 44 00:02:04,520 --> 00:02:07,240 Speaker 6: Man name look good. Tell us about this team. 45 00:02:06,480 --> 00:02:10,040 Speaker 7: It's an exciting young team to watch, talent all over 46 00:02:10,040 --> 00:02:12,400 Speaker 7: the place. We've had little problems with injuries and our 47 00:02:12,400 --> 00:02:15,840 Speaker 7: pitching staff, but when you have a deeper minor league system, 48 00:02:16,240 --> 00:02:19,000 Speaker 7: sometimes when somebody gets hurt, you can it's an opportunity 49 00:02:19,040 --> 00:02:22,440 Speaker 7: for someone else. So they're playing really well, and it's 50 00:02:22,440 --> 00:02:25,320 Speaker 7: interesting when many owners come in to buy a team, 51 00:02:25,720 --> 00:02:27,480 Speaker 7: the thing they have to fix is what's happening on 52 00:02:27,520 --> 00:02:30,680 Speaker 7: the field. In our particular case, that's the best part 53 00:02:30,760 --> 00:02:34,120 Speaker 7: about the investment is that Michaelias has done a really 54 00:02:34,160 --> 00:02:38,960 Speaker 7: good job of creating an environment of culture that knows 55 00:02:38,960 --> 00:02:40,679 Speaker 7: how to win, knows how to play, and he's put 56 00:02:40,720 --> 00:02:43,120 Speaker 7: talent in the system. So the good part is you 57 00:02:43,200 --> 00:02:45,560 Speaker 7: just take your hands off of and say just keep 58 00:02:45,600 --> 00:02:49,280 Speaker 7: going and hopefully the luck factor with David will in 59 00:02:49,320 --> 00:02:50,919 Speaker 7: the very first year will take that all the way 60 00:02:51,000 --> 00:02:51,760 Speaker 7: to the World Series. 61 00:02:51,960 --> 00:02:55,080 Speaker 3: That's a really dumb question. Yes, why is investing in 62 00:02:55,120 --> 00:02:57,760 Speaker 3: sports like a good business? And I say that because 63 00:02:57,800 --> 00:02:59,560 Speaker 3: at some point we're going to reach the top, Right, 64 00:02:59,760 --> 00:03:01,880 Speaker 3: there's so much money coming in. How do you know that? 65 00:03:02,480 --> 00:03:05,040 Speaker 5: Well, over the last ten or fifteen years, it's been 66 00:03:05,120 --> 00:03:08,760 Speaker 5: very difficult for somebody to buy a major league professional 67 00:03:08,800 --> 00:03:13,320 Speaker 5: sport operation and lose money. People have made staggering sums. Now, 68 00:03:13,360 --> 00:03:15,639 Speaker 5: of course that tends to tract more money, and as 69 00:03:15,680 --> 00:03:18,360 Speaker 5: you suggest, at some point there's always a peak. But 70 00:03:18,520 --> 00:03:22,440 Speaker 5: right now, the interest in sports is so dynamic that 71 00:03:23,160 --> 00:03:26,480 Speaker 5: the live television despite your view in my view that 72 00:03:26,520 --> 00:03:30,320 Speaker 5: live television should focus on interview shows, actually it focuses 73 00:03:30,320 --> 00:03:33,600 Speaker 5: on live sports, and live sports is what's keeping television 74 00:03:33,720 --> 00:03:36,040 Speaker 5: alive really. So if you take a look at the NFL, 75 00:03:36,080 --> 00:03:39,480 Speaker 5: for example, I think of the fifty most watched television 76 00:03:39,480 --> 00:03:43,640 Speaker 5: shows last year, forty five of them were NFL games. 77 00:03:44,000 --> 00:03:47,160 Speaker 5: And now baseball sees a lot of people as a 78 00:03:47,200 --> 00:03:49,120 Speaker 5: lot of people watching as well, so there's a view 79 00:03:49,160 --> 00:03:52,480 Speaker 5: that the population increases and as other things seem to 80 00:03:52,480 --> 00:03:55,480 Speaker 5: be less attractive, sports is still very, very attractive, and 81 00:03:55,520 --> 00:03:58,560 Speaker 5: so the TV contracts are going up and as a result, 82 00:03:58,560 --> 00:04:02,440 Speaker 5: for example, the NBA just negotiated seventy seven billion dollars 83 00:04:02,440 --> 00:04:04,920 Speaker 5: worth of contracts. It's expected in two years that the 84 00:04:05,000 --> 00:04:08,920 Speaker 5: NFL will top that number. So that's what is driving 85 00:04:09,000 --> 00:04:11,880 Speaker 5: and also it's a global phenomenon that people now are 86 00:04:11,880 --> 00:04:14,400 Speaker 5: buying sports teams not only in their own country but 87 00:04:14,680 --> 00:04:17,039 Speaker 5: everywhere in the world. And so it's really not just 88 00:04:17,080 --> 00:04:18,000 Speaker 5: a US phenomenon. 89 00:04:18,279 --> 00:04:20,760 Speaker 7: So can I have a simple All you have to 90 00:04:20,839 --> 00:04:23,240 Speaker 7: do is to look at the health of sports is 91 00:04:23,279 --> 00:04:25,520 Speaker 7: to look at the salaries of the players. Yeah, and 92 00:04:25,600 --> 00:04:27,760 Speaker 7: I guess I'd become one of those players saying, Man, 93 00:04:27,800 --> 00:04:28,760 Speaker 7: I wish i'd played in. 94 00:04:28,720 --> 00:04:33,560 Speaker 2: This always goes up. I mean, I'm like everybody else. 95 00:04:33,600 --> 00:04:36,080 Speaker 2: It's got a top out somewhere, yet it just keeps 96 00:04:36,120 --> 00:04:38,640 Speaker 2: going higher. Cal how has the game on the field 97 00:04:39,120 --> 00:04:43,400 Speaker 2: changed the kids today that you watch at Canbin Yards still, 98 00:04:43,440 --> 00:04:45,200 Speaker 2: by the way, I would argue one of the best 99 00:04:45,200 --> 00:04:47,920 Speaker 2: parks in Major League Baseball twenty five years on. But 100 00:04:48,360 --> 00:04:50,760 Speaker 2: how's the game changed today versus when when you played well? 101 00:04:50,760 --> 00:04:53,360 Speaker 7: I mean, the analytics have taken over and all the 102 00:04:53,440 --> 00:04:55,919 Speaker 7: data and all the information. And I was an analytical 103 00:04:56,040 --> 00:04:58,880 Speaker 7: player and I took the data from but there's no 104 00:04:58,960 --> 00:05:00,720 Speaker 7: way that I was getting all the sort of data 105 00:05:00,760 --> 00:05:03,200 Speaker 7: that you can get now. And the trick is, and 106 00:05:03,560 --> 00:05:06,560 Speaker 7: this is the fun part about learning the game hasn't 107 00:05:06,600 --> 00:05:09,560 Speaker 7: changed much because the diamonds the same, the bases are 108 00:05:09,560 --> 00:05:11,760 Speaker 7: the same, the mounds the same, the game is played 109 00:05:11,760 --> 00:05:15,039 Speaker 7: the same way. But with all this influx of new data, 110 00:05:15,400 --> 00:05:18,760 Speaker 7: teams feel that they have an advantage when they extract 111 00:05:18,760 --> 00:05:20,360 Speaker 7: some of the data and then use that to help 112 00:05:20,400 --> 00:05:22,560 Speaker 7: them play in the game. But the secret is how 113 00:05:22,560 --> 00:05:24,200 Speaker 7: do you give the data to a player to make 114 00:05:24,279 --> 00:05:27,120 Speaker 7: them a better player. And that's the part that I'm 115 00:05:27,120 --> 00:05:30,800 Speaker 7: having fun with is learning what the data affects the 116 00:05:30,800 --> 00:05:33,960 Speaker 7: philosophy of how you play the game, and that's changed 117 00:05:34,040 --> 00:05:38,360 Speaker 7: and positioning on the field. You know, different old philosophies 118 00:05:38,360 --> 00:05:40,160 Speaker 7: have kind of gone out the window because they've been 119 00:05:40,200 --> 00:05:43,160 Speaker 7: proven not to be effective. So it's interesting to watch 120 00:05:43,160 --> 00:05:45,119 Speaker 7: the game from that perspective. But it is all about 121 00:05:45,480 --> 00:05:48,000 Speaker 7: the data. The numbers they track everything that moves on 122 00:05:48,040 --> 00:05:48,479 Speaker 7: that field. 123 00:05:48,600 --> 00:05:50,080 Speaker 6: It's amazing and that's AI. 124 00:05:50,200 --> 00:05:52,920 Speaker 2: That's big data coming into sports and ouse I'm sure 125 00:05:52,920 --> 00:05:55,599 Speaker 2: you know this, but I mean, just cal has he 126 00:05:55,600 --> 00:05:56,640 Speaker 2: has a little record out there. 127 00:05:56,640 --> 00:05:57,960 Speaker 6: He played a lot of games in a row. 128 00:05:58,000 --> 00:06:01,640 Speaker 2: He never took a day off like That's that is 129 00:06:01,680 --> 00:06:04,520 Speaker 2: something that just it'll never be broken down. 130 00:06:04,800 --> 00:06:07,280 Speaker 7: I wish I was wearing probes or something that could 131 00:06:07,279 --> 00:06:09,040 Speaker 7: figure out how I could do that because I'm asking 132 00:06:09,040 --> 00:06:10,320 Speaker 7: all the time, how in the world you play all 133 00:06:10,360 --> 00:06:11,960 Speaker 7: those games in a row, and I don't know. 134 00:06:12,120 --> 00:06:15,040 Speaker 2: Well, I guess my question would be with the analytics, 135 00:06:15,200 --> 00:06:17,520 Speaker 2: that's never going to happen again, not even a close. 136 00:06:17,680 --> 00:06:20,320 Speaker 7: Well, I think they're predicting now, at least in a 137 00:06:20,360 --> 00:06:23,680 Speaker 7: medical sort of way, when that you might be inclined 138 00:06:23,680 --> 00:06:25,760 Speaker 7: to have an injury, you know, and so if they 139 00:06:25,760 --> 00:06:27,440 Speaker 7: start to think that you might have an injury, then 140 00:06:27,480 --> 00:06:30,200 Speaker 7: they put you on the list a little early, the 141 00:06:30,480 --> 00:06:32,880 Speaker 7: injury list a little early, and they're they're looking at 142 00:06:32,880 --> 00:06:34,800 Speaker 7: the long term as the short term. 143 00:06:34,800 --> 00:06:36,160 Speaker 3: But I don't know if that's a good thing or 144 00:06:36,240 --> 00:06:36,560 Speaker 3: bad thing. 145 00:06:38,520 --> 00:06:40,640 Speaker 7: There's the one thing that's hard to measure is what's 146 00:06:40,640 --> 00:06:43,200 Speaker 7: inside your heart, your guts, and how you go out 147 00:06:43,200 --> 00:06:46,680 Speaker 7: about playing the game, how you compete. That's not measurable 148 00:06:46,800 --> 00:06:49,359 Speaker 7: right now. And I think that's what drove me is 149 00:06:49,720 --> 00:06:51,960 Speaker 7: when you're an everyday player. The definition of an everyday 150 00:06:51,960 --> 00:06:54,760 Speaker 7: player when I played was every day I had the 151 00:06:54,760 --> 00:06:57,400 Speaker 7: body type in which to do what. I healed really 152 00:06:57,400 --> 00:07:01,000 Speaker 7: well and I could play through pain. And when you 153 00:07:01,040 --> 00:07:03,320 Speaker 7: find out that you can play through being less than 154 00:07:03,320 --> 00:07:06,039 Speaker 7: one hundred percent, because I would argue that even if 155 00:07:06,080 --> 00:07:08,640 Speaker 7: you play one hundred and forty games, you're still playing 156 00:07:08,640 --> 00:07:10,400 Speaker 7: at less than one hundred percent. Maybe the only time 157 00:07:10,440 --> 00:07:12,760 Speaker 7: you're one hundred percent is the first day of spring training, right, 158 00:07:12,880 --> 00:07:15,920 Speaker 7: and then you end up moving towards the year. So 159 00:07:16,840 --> 00:07:19,160 Speaker 7: that's the hard part where that's not measurable. 160 00:07:19,240 --> 00:07:19,480 Speaker 8: Yep. 161 00:07:19,840 --> 00:07:22,480 Speaker 7: And I like to see players that push through and 162 00:07:22,520 --> 00:07:24,720 Speaker 7: force themselves to play every game to see too. 163 00:07:24,960 --> 00:07:28,160 Speaker 2: You see that you don't see that too much anymore, Hey, David, 164 00:07:28,200 --> 00:07:30,680 Speaker 2: And aside from the Orioles, you've got a day job here, 165 00:07:30,760 --> 00:07:33,080 Speaker 2: co founder, co chairman of the Carlisle Group. 166 00:07:33,120 --> 00:07:34,600 Speaker 6: Perfect time to ask you this question. 167 00:07:35,040 --> 00:07:37,800 Speaker 2: I know you bought the Orioles as an individual's part 168 00:07:37,800 --> 00:07:40,480 Speaker 2: of a partnership right now, private equity. The NFL has 169 00:07:40,480 --> 00:07:43,840 Speaker 2: allowed private equity crime in as part ownership. 170 00:07:43,880 --> 00:07:44,680 Speaker 6: What do you think about that. 171 00:07:45,080 --> 00:07:48,960 Speaker 5: Well, Carlisle is one of the groups that's permitted, so yes, 172 00:07:49,840 --> 00:07:51,960 Speaker 5: I think that it was inevitable because the prices of 173 00:07:52,040 --> 00:07:53,920 Speaker 5: NFL teams are going on so much that it's very 174 00:07:53,960 --> 00:07:57,160 Speaker 5: difficult to find somebody by himself or herself who can 175 00:07:57,200 --> 00:07:59,640 Speaker 5: buy a team anymore longer. The last team that was sold, 176 00:08:00,040 --> 00:08:02,800 Speaker 5: Washington Commanders, went for six billion dollars. It's a large 177 00:08:03,240 --> 00:08:05,960 Speaker 5: amount of money. Very few people can buy that by themselves. 178 00:08:06,040 --> 00:08:08,280 Speaker 5: You need to have consortium of people to do this, 179 00:08:08,560 --> 00:08:11,440 Speaker 5: and private equity is a big pot of capital sitting there. 180 00:08:11,560 --> 00:08:13,760 Speaker 5: But the deals are ones where you have to be 181 00:08:13,880 --> 00:08:17,360 Speaker 5: ten percent, no involvement in the day to day management, 182 00:08:17,360 --> 00:08:18,880 Speaker 5: and you have to hold for at least six years. 183 00:08:19,240 --> 00:08:22,040 Speaker 5: So NFL's experimental will see how it goes. 184 00:08:22,520 --> 00:08:25,960 Speaker 3: So Kel, you have had minor league investments, but this 185 00:08:26,000 --> 00:08:27,560 Speaker 3: is the first time that both of you have had 186 00:08:27,920 --> 00:08:30,320 Speaker 3: major league investments. How did this come about? Like, how 187 00:08:30,320 --> 00:08:31,520 Speaker 3: did the partnership come about? 188 00:08:31,800 --> 00:08:34,360 Speaker 6: Has it going well? 189 00:08:34,480 --> 00:08:37,040 Speaker 5: The owner of the team for the last thirty years 190 00:08:37,080 --> 00:08:39,920 Speaker 5: was the Angelo's family. I had talked to them over 191 00:08:40,000 --> 00:08:44,200 Speaker 5: last summer about a possible sale and it came to be. 192 00:08:44,480 --> 00:08:47,120 Speaker 5: But I wanted to have people in the consortium that 193 00:08:47,440 --> 00:08:50,800 Speaker 5: were more connected to Baltimore and baseball than maybe I was. 194 00:08:51,120 --> 00:08:53,120 Speaker 5: I hadn't grown up in Baltimore, but I haven't lived 195 00:08:53,160 --> 00:08:54,920 Speaker 5: there for a while. So I talked to a number 196 00:08:54,920 --> 00:08:57,080 Speaker 5: of people in Baltimore and some of the people who 197 00:08:57,160 --> 00:08:59,560 Speaker 5: are also connected with the Oriels, and obviously the first 198 00:08:59,559 --> 00:09:01,240 Speaker 5: call I made as cal Ripken, they said he would 199 00:09:01,240 --> 00:09:03,160 Speaker 5: like to invest and also help us in other ways 200 00:09:03,160 --> 00:09:05,240 Speaker 5: what she's doing. So I think it's worked out quite 201 00:09:05,280 --> 00:09:08,120 Speaker 5: well and win win for Baltimore and for for. 202 00:09:08,720 --> 00:09:10,400 Speaker 3: That was like a no brainer for you. 203 00:09:10,679 --> 00:09:13,960 Speaker 7: Yeah, absolutely, absolutely no brainer. I felt like I've been 204 00:09:14,000 --> 00:09:15,880 Speaker 7: an Oriole through and through my whole life. I mean, 205 00:09:15,920 --> 00:09:18,000 Speaker 7: I grew up in and around the Baltimore area. My 206 00:09:18,120 --> 00:09:21,760 Speaker 7: dad was in with the Orioles in the first fourteen 207 00:09:21,840 --> 00:09:23,559 Speaker 7: years of my life. He was a minor league manager. 208 00:09:23,960 --> 00:09:25,400 Speaker 7: And then you have a dream to be a player, 209 00:09:25,440 --> 00:09:27,000 Speaker 7: You get drafted by the team you want to get 210 00:09:27,040 --> 00:09:30,199 Speaker 7: drafted by. You play your whole career with that team. 211 00:09:30,280 --> 00:09:33,160 Speaker 7: So I know that I went off for a little while, 212 00:09:33,200 --> 00:09:36,199 Speaker 7: and you know, you buy minor league teams, you learn 213 00:09:36,240 --> 00:09:38,840 Speaker 7: about business in other ways. You put your head down, 214 00:09:38,880 --> 00:09:42,000 Speaker 7: you don't pay much attention to what's happening at the Oriols. 215 00:09:42,440 --> 00:09:44,760 Speaker 7: But when David called, it was an opportunity to get 216 00:09:44,800 --> 00:09:47,880 Speaker 7: back in to look at it from the inside looking out. 217 00:09:48,320 --> 00:09:51,360 Speaker 7: And I'm really surprised that I'm way into it now. 218 00:09:51,400 --> 00:09:54,160 Speaker 7: I used to think the whole world revolved around baseball, 219 00:09:54,400 --> 00:09:55,960 Speaker 7: and then you get out and you realize it doesn't. 220 00:09:56,320 --> 00:09:58,400 Speaker 7: But then now it seems like the world revolves around 221 00:09:58,400 --> 00:09:59,040 Speaker 7: baseball again. 222 00:09:59,120 --> 00:10:01,480 Speaker 5: Of course, put it in context for those who don't 223 00:10:01,520 --> 00:10:06,320 Speaker 5: know the record, Lou Garrick played in thirty consecutive games. 224 00:10:06,520 --> 00:10:09,320 Speaker 5: People thought that was the unbreakable record. Cal Ripkin did 225 00:10:09,360 --> 00:10:12,720 Speaker 5: twy six hundred and thirty two games over seventeen years, 226 00:10:13,000 --> 00:10:16,480 Speaker 5: not missing one day. And all of us who worked 227 00:10:16,600 --> 00:10:18,760 Speaker 5: day to day for living in non athletic things. Can 228 00:10:18,760 --> 00:10:20,960 Speaker 5: you imagine going to work seventeen days in or seventeen 229 00:10:21,040 --> 00:10:22,640 Speaker 5: years in rough without missing total? 230 00:10:23,360 --> 00:10:23,840 Speaker 6: Exactly? 231 00:10:24,440 --> 00:10:27,000 Speaker 2: Cal, What do you think the Oils need to work 232 00:10:27,040 --> 00:10:29,200 Speaker 2: on over the next couple of years? Here again, I'm 233 00:10:29,200 --> 00:10:32,400 Speaker 2: looking at the record. The record is great. What do 234 00:10:32,400 --> 00:10:34,080 Speaker 2: you think they need to work on? Is it minor league? 235 00:10:34,120 --> 00:10:35,080 Speaker 6: Is it no? 236 00:10:35,080 --> 00:10:38,320 Speaker 7: No, we have a minor league that's stocked with talent 237 00:10:38,440 --> 00:10:41,840 Speaker 7: and you can only I mean, if you developed three 238 00:10:41,960 --> 00:10:44,160 Speaker 7: shortstops in the minor leagues, you can only play one 239 00:10:44,160 --> 00:10:44,400 Speaker 7: of them. 240 00:10:44,480 --> 00:10:44,680 Speaker 6: Yep. 241 00:10:44,760 --> 00:10:46,640 Speaker 7: So many times the talent that you have in the 242 00:10:46,640 --> 00:10:49,640 Speaker 7: minor leagues is used to trade to get to get 243 00:10:49,640 --> 00:10:51,640 Speaker 7: the pieces that you need at the big league level. 244 00:10:51,840 --> 00:10:54,120 Speaker 7: And the Ools are in good position for that. They 245 00:10:54,160 --> 00:10:57,040 Speaker 7: have young players that are going to be superstars that 246 00:10:57,080 --> 00:10:59,720 Speaker 7: are already superstars, and maybe the biggest challenge in the 247 00:10:59,720 --> 00:11:01,080 Speaker 7: future is how do you keep them? 248 00:11:01,200 --> 00:11:02,280 Speaker 6: Yeah, yeah, exactly. 249 00:11:02,280 --> 00:11:05,320 Speaker 2: I mean no salary cap here, so tough to keep 250 00:11:05,320 --> 00:11:06,280 Speaker 2: the star players. 251 00:11:06,000 --> 00:11:10,760 Speaker 5: Right, Yes, Unlike football or basketball, there's no salary cap 252 00:11:10,800 --> 00:11:13,600 Speaker 5: in yet professional baseball, so you can get contracts at 253 00:11:13,600 --> 00:11:15,880 Speaker 5: are as high as seven hundred million dollars, and so 254 00:11:15,960 --> 00:11:19,240 Speaker 5: it's hard for smaller cities to compete in that domain. 255 00:11:19,320 --> 00:11:22,440 Speaker 2: Somewhat all right, thanks to David Rubinstein and Cal Ripton Jr. 256 00:11:22,720 --> 00:11:24,640 Speaker 3: Coming up, we're gonna break down how NASCAR is trying 257 00:11:24,679 --> 00:11:27,680 Speaker 3: to build audiences and a conversation with its president Steve Phelps. 258 00:11:27,760 --> 00:11:30,560 Speaker 2: You're listening to the Bloomberg Intelligence on Bloomberg Radio, providing in 259 00:11:30,600 --> 00:11:32,720 Speaker 2: depth research and data on two thousand companies and one 260 00:11:32,800 --> 00:11:36,040 Speaker 2: hundred and thirty industries. You can access Bloomberg Intelligence via Beat. 261 00:11:36,120 --> 00:11:37,000 Speaker 6: I go on the terminal. 262 00:11:37,080 --> 00:11:39,840 Speaker 3: I'm Paul Sweeney and I'm Alex Steele, and this is Bloomberg. 263 00:11:48,840 --> 00:11:52,720 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 264 00:11:52,800 --> 00:11:55,480 Speaker 1: weekdays at ten am Eastern on Apple card Playing and 265 00:11:55,640 --> 00:11:58,520 Speaker 1: Broun Auto with the Bloomberg Business app. Listen on demand. 266 00:11:58,559 --> 00:12:02,880 Speaker 1: Wherever you get your podcast are watch us live on YouTube. 267 00:12:03,840 --> 00:12:06,320 Speaker 3: We continue as some of the best conversations from our 268 00:12:06,360 --> 00:12:09,120 Speaker 3: Bloomberg Power Players event in New York. It brought together 269 00:12:09,240 --> 00:12:12,760 Speaker 3: some of the most influential people in the business of sports. 270 00:12:12,960 --> 00:12:16,320 Speaker 2: Next up a conversation with NASCAR president Steve Phelps. We 271 00:12:16,400 --> 00:12:19,199 Speaker 2: discussed how NASCAR is trying to build audiences and expand 272 00:12:19,240 --> 00:12:20,120 Speaker 2: outside the US. 273 00:12:20,200 --> 00:12:22,480 Speaker 3: We first asked where we are now with NASCAR and 274 00:12:22,520 --> 00:12:23,880 Speaker 3: the global sports scene. 275 00:12:24,080 --> 00:12:27,200 Speaker 9: Well, I think I would say until two thousand and nine, 276 00:12:27,640 --> 00:12:30,920 Speaker 9: the growth of the sport just continued. You know, the 277 00:12:30,920 --> 00:12:34,920 Speaker 9: recession hit, and I think sponsorship started to go away 278 00:12:34,960 --> 00:12:38,000 Speaker 9: because not necessary to the sport just because of where 279 00:12:38,000 --> 00:12:41,040 Speaker 9: things were with the economy. And then we had a slow, 280 00:12:41,080 --> 00:12:43,600 Speaker 9: steady decline, if we're going to be completely honest, until 281 00:12:43,600 --> 00:12:48,280 Speaker 9: twenty eighteen. But since twenty nineteen, attendance is ratings are up. 282 00:12:48,720 --> 00:12:52,000 Speaker 9: We did a almost a one point one billion dollar 283 00:12:52,040 --> 00:12:55,160 Speaker 9: per year media deal last year for seven years, so 284 00:12:55,400 --> 00:13:00,200 Speaker 9: almost eight billion dollars. And so I'm very bold us 285 00:13:00,320 --> 00:13:03,640 Speaker 9: on where the sport is today, but importantly where it's going. 286 00:13:04,200 --> 00:13:05,760 Speaker 3: Where do you think it's going to go? Like, has 287 00:13:05,800 --> 00:13:07,360 Speaker 3: it broaden appeal? How do you get someone like me 288 00:13:07,400 --> 00:13:07,839 Speaker 3: to watch it? 289 00:13:07,920 --> 00:13:09,240 Speaker 8: Sure, I think you know it. 290 00:13:09,559 --> 00:13:13,160 Speaker 9: Yeah, And that's a and there's the trick, right, So like. 291 00:13:13,200 --> 00:13:15,559 Speaker 6: Me just I don't know. I don't do sports at all. 292 00:13:15,760 --> 00:13:17,520 Speaker 3: I like the Olympics, I like the US Open. 293 00:13:17,640 --> 00:13:19,800 Speaker 9: So I think, you know, we're trying to appeal to 294 00:13:19,920 --> 00:13:23,160 Speaker 9: both obviously our existing audience and serve that audience and 295 00:13:23,200 --> 00:13:25,679 Speaker 9: then bring a new audience in. We're doing that through 296 00:13:25,679 --> 00:13:27,800 Speaker 9: a number of different things. So for example, we did 297 00:13:28,040 --> 00:13:31,960 Speaker 9: a Netflix show earlier in the year, and that audience 298 00:13:32,000 --> 00:13:34,560 Speaker 9: for us has been more female, it has been younger, 299 00:13:35,240 --> 00:13:37,679 Speaker 9: and I think if you look overall in NASCAR in 300 00:13:37,720 --> 00:13:40,480 Speaker 9: the last three years, our growth has come from women, 301 00:13:41,480 --> 00:13:46,000 Speaker 9: people of color, and younger people. And so it's working, 302 00:13:46,240 --> 00:13:48,000 Speaker 9: but we've got to continue. 303 00:13:47,520 --> 00:13:48,040 Speaker 8: To do that. 304 00:13:48,520 --> 00:13:51,960 Speaker 9: The key for me is what content opportunities we have 305 00:13:52,559 --> 00:13:55,319 Speaker 9: that will capture you, Alex right, and what are the 306 00:13:55,440 --> 00:13:58,280 Speaker 9: storylines we have that will capture you. And I think 307 00:13:58,320 --> 00:14:01,920 Speaker 9: that's important because I think people think of it in 308 00:14:02,040 --> 00:14:05,280 Speaker 9: a way that is not right, which is you're either 309 00:14:05,320 --> 00:14:07,880 Speaker 9: going to serve your existing fans or you're going to 310 00:14:07,920 --> 00:14:08,760 Speaker 9: go after new fans. 311 00:14:09,040 --> 00:14:11,320 Speaker 8: I don't think that's true. It's an and it's not 312 00:14:11,400 --> 00:14:11,760 Speaker 8: an or. 313 00:14:13,559 --> 00:14:15,880 Speaker 9: These fans, the existing fans, they want great racing, they 314 00:14:15,920 --> 00:14:18,440 Speaker 9: want great storylines, they want their drivers to win, they 315 00:14:18,520 --> 00:14:19,720 Speaker 9: want to see exciting racing. 316 00:14:21,200 --> 00:14:22,560 Speaker 8: These people want the same thing. 317 00:14:22,840 --> 00:14:26,120 Speaker 9: It's how do you capture them right, And so I 318 00:14:26,160 --> 00:14:29,280 Speaker 9: don't think that two things are all that different. It's 319 00:14:29,320 --> 00:14:31,800 Speaker 9: just where we investing our money. So for example, we 320 00:14:31,880 --> 00:14:35,360 Speaker 9: just built a sixty million dollar productions facility right outside 321 00:14:35,360 --> 00:14:37,920 Speaker 9: of Charlotte next to our R and D facility, and 322 00:14:37,960 --> 00:14:39,800 Speaker 9: it's really two components to it. 323 00:14:39,800 --> 00:14:41,400 Speaker 8: It's live event production. 324 00:14:41,960 --> 00:14:44,280 Speaker 9: So how are we going to put our own events 325 00:14:44,360 --> 00:14:48,560 Speaker 9: on for our five media partners going forward in twenty five? 326 00:14:49,160 --> 00:14:53,160 Speaker 9: And then how do we create creative content and really 327 00:14:53,160 --> 00:14:56,800 Speaker 9: compelling content either be distributed through our own channels of 328 00:14:56,840 --> 00:15:01,200 Speaker 9: distribution or someone else's. So we've got, you know, the 329 00:15:01,240 --> 00:15:03,400 Speaker 9: three new media partners as part of it. So Fox 330 00:15:03,440 --> 00:15:06,600 Speaker 9: and NBC came back, who are existing partners, but we 331 00:15:06,640 --> 00:15:10,800 Speaker 9: add an Amazon, Warner Brothers, Discovery and the CW and 332 00:15:10,880 --> 00:15:13,080 Speaker 9: the CW is for our second series, which is called 333 00:15:13,120 --> 00:15:17,680 Speaker 9: the Xfinity Series. So five media partners, five opportunities for 334 00:15:17,760 --> 00:15:19,760 Speaker 9: us to have, you know, kind of a megaphone of 335 00:15:20,000 --> 00:15:22,280 Speaker 9: where things are going. It used to be alex you know, 336 00:15:22,400 --> 00:15:25,440 Speaker 9: Ford cars, Chevy cars in the race. If you win 337 00:15:25,480 --> 00:15:28,440 Speaker 9: on Sunday, you sell on Monday. That's how important it was. 338 00:15:28,760 --> 00:15:31,440 Speaker 9: Talk to us about the economics of just the teams 339 00:15:31,480 --> 00:15:34,120 Speaker 9: out there. How many teams are there? Do they make money? 340 00:15:34,240 --> 00:15:34,400 Speaker 10: Sure? 341 00:15:34,480 --> 00:15:35,240 Speaker 6: How does that work? 342 00:15:35,560 --> 00:15:38,040 Speaker 9: So I would look at it in three kind of 343 00:15:38,040 --> 00:15:41,240 Speaker 9: three buckets. Right, So we have three national series. The 344 00:15:41,280 --> 00:15:43,320 Speaker 9: one that most people think about is our Cup series, 345 00:15:43,320 --> 00:15:48,040 Speaker 9: which is our top series. So we're coming to a close, 346 00:15:48,080 --> 00:15:51,680 Speaker 9: I think, you know, pretty quickly on something called charter extensions. 347 00:15:51,680 --> 00:15:54,480 Speaker 9: So I would think of it as franchise light. OK, 348 00:15:54,800 --> 00:15:57,720 Speaker 9: so it's not franchise, but it creates enterprise value for 349 00:15:57,760 --> 00:16:00,160 Speaker 9: our race teams. And so we're in the in the 350 00:16:00,200 --> 00:16:04,640 Speaker 9: final throws of getting those extended. Right now, race teams, 351 00:16:04,760 --> 00:16:10,040 Speaker 9: if you probably are collectively losing money. So in the 352 00:16:10,160 --> 00:16:12,640 Speaker 9: charter agreement that we have based on our media deals 353 00:16:12,640 --> 00:16:15,040 Speaker 9: and some other things that we're doing, we're going to 354 00:16:15,040 --> 00:16:18,280 Speaker 9: provide the race teams with more revenue. So two pieces 355 00:16:18,320 --> 00:16:21,560 Speaker 9: of revenue guaranteed revenue and then what they race for. 356 00:16:22,560 --> 00:16:25,360 Speaker 9: And so to me, starting in twenty twenty five, we 357 00:16:25,400 --> 00:16:29,040 Speaker 9: should have cash flow positive race teams, which is what 358 00:16:29,080 --> 00:16:32,160 Speaker 9: we want. And I've heard lots of fans say, well, 359 00:16:32,160 --> 00:16:35,400 Speaker 9: I don't really care about that. My whole point is, yeah, 360 00:16:35,520 --> 00:16:37,720 Speaker 9: that's exactly well, not only that, but it creates more 361 00:16:37,760 --> 00:16:40,280 Speaker 9: compelling racing, right, and that's what we want, we to 362 00:16:40,320 --> 00:16:43,680 Speaker 9: competitive racing. So we have of our twenty six races 363 00:16:43,720 --> 00:16:49,600 Speaker 9: we've had this year, fifteen different winners, nine different organizations 364 00:16:49,640 --> 00:16:52,680 Speaker 9: of the fifteen charter organizations that we have. 365 00:16:52,800 --> 00:16:56,160 Speaker 8: So it's it and the racing is terrific. 366 00:16:56,480 --> 00:16:59,000 Speaker 9: It's just it's the best style of racing I believe 367 00:16:59,040 --> 00:17:01,800 Speaker 9: on the planet, and I think our race fans are 368 00:17:01,800 --> 00:17:05,680 Speaker 9: telling us that. So again, ratings are up despite significant 369 00:17:05,760 --> 00:17:06,920 Speaker 9: rain issues we've had. 370 00:17:06,760 --> 00:17:07,720 Speaker 6: All year long raining. 371 00:17:07,800 --> 00:17:10,320 Speaker 9: Okay, yeah, so Daytona five hundred we were down twenty 372 00:17:10,359 --> 00:17:13,360 Speaker 9: seven percent because we raced on Monday, yep Coke six 373 00:17:13,440 --> 00:17:16,760 Speaker 9: hundred rain event, down fifteen percent. We had a race 374 00:17:16,800 --> 00:17:20,320 Speaker 9: in the streets of Chicago rain again, down fifty percent. 375 00:17:20,400 --> 00:17:24,960 Speaker 9: So our three largest rated events of the year all 376 00:17:25,000 --> 00:17:28,520 Speaker 9: down double digit and yet we're still positive right of ratings. 377 00:17:28,560 --> 00:17:29,560 Speaker 8: So it's it's. 378 00:17:29,440 --> 00:17:33,440 Speaker 2: Working just real quickly. Any new markets got about thirty 379 00:17:33,480 --> 00:17:35,160 Speaker 2: seconds left our sure. 380 00:17:35,320 --> 00:17:36,880 Speaker 8: Yeah, So yeah, so I think. 381 00:17:37,080 --> 00:17:38,520 Speaker 9: So. We are going to race next year for the 382 00:17:38,520 --> 00:17:40,960 Speaker 9: first time outside of our border in the Cup Series 383 00:17:41,000 --> 00:17:43,760 Speaker 9: in Mexico City. So we have some other discussions that 384 00:17:43,800 --> 00:17:47,600 Speaker 9: are going So we're again we're excited about the broadening of. 385 00:17:47,560 --> 00:17:50,160 Speaker 2: Our sport our thanks to NASCAR President Steve Phelps. 386 00:17:50,359 --> 00:17:53,080 Speaker 3: Moving now to college sports, we spoke with Brittany Whiteside, 387 00:17:53,119 --> 00:17:56,360 Speaker 3: vice president of Collegiate Partnerships at Altis Partners. 388 00:17:56,640 --> 00:17:59,119 Speaker 2: We discussed the state of college sports and first asked 389 00:17:59,160 --> 00:18:01,399 Speaker 2: Brittany about how the landscape is changing. 390 00:18:01,880 --> 00:18:05,000 Speaker 11: You know, it is changing rapidly. Probably in the last 391 00:18:05,040 --> 00:18:07,679 Speaker 11: three years, we've seen some of the most change in 392 00:18:07,720 --> 00:18:10,399 Speaker 11: college sports, but also in an industry at large. We 393 00:18:10,440 --> 00:18:13,320 Speaker 11: have the implementation of nil. I'm sure you've heard of that. 394 00:18:13,320 --> 00:18:17,280 Speaker 11: That's a buzzword right now. Athletes can earn money off 395 00:18:17,320 --> 00:18:19,879 Speaker 11: of their name, image and likeness. And so when you 396 00:18:19,880 --> 00:18:22,320 Speaker 11: talk about college athletics and change, and you think about 397 00:18:22,359 --> 00:18:24,879 Speaker 11: that in the last year, in the last three years, 398 00:18:24,920 --> 00:18:27,200 Speaker 11: that's the biggest change. And now we're at a point 399 00:18:27,280 --> 00:18:29,679 Speaker 11: where we continue to see the change and you have 400 00:18:29,760 --> 00:18:32,480 Speaker 11: the House settlement where schools may be able to now 401 00:18:33,520 --> 00:18:36,439 Speaker 11: pay athletes directly and so as you think about college 402 00:18:36,480 --> 00:18:39,119 Speaker 11: athletics and the business model, it is completely shifted and 403 00:18:39,200 --> 00:18:41,119 Speaker 11: leaders across the country are preparing for that. 404 00:18:41,400 --> 00:18:41,679 Speaker 8: All right. 405 00:18:41,800 --> 00:18:43,920 Speaker 2: To me, it's all about the economics, and I think 406 00:18:43,960 --> 00:18:47,240 Speaker 2: most people agree that given the money behind big time 407 00:18:47,280 --> 00:18:50,640 Speaker 2: college sports, that in fact the athletes should be compensated 408 00:18:50,720 --> 00:18:54,239 Speaker 2: for that. The question is, is nil the way it 409 00:18:54,280 --> 00:18:58,480 Speaker 2: doesn't seem like it seems like rudimentary at best. You've 410 00:18:58,520 --> 00:19:02,600 Speaker 2: got there's no regulation and there's no way to ensure and. 411 00:19:02,600 --> 00:19:04,840 Speaker 6: Even play playing field. Where do we go from here? 412 00:19:04,920 --> 00:19:06,840 Speaker 6: It seems like we open up Pandora's box and we 413 00:19:06,880 --> 00:19:09,240 Speaker 6: have no idea. Yeah, well, I agree with you. 414 00:19:09,359 --> 00:19:11,359 Speaker 11: It is the right thing for athletes to be able 415 00:19:11,359 --> 00:19:13,879 Speaker 11: to earn money off of their name, image and likeness. 416 00:19:13,920 --> 00:19:16,800 Speaker 11: So but to be able to monetize that right. Nil 417 00:19:16,920 --> 00:19:19,000 Speaker 11: was the first step in that, the ability for athletes 418 00:19:19,040 --> 00:19:21,520 Speaker 11: to go out and to earn income, whether that is 419 00:19:21,560 --> 00:19:24,800 Speaker 11: through working with brands or in some spaces. You've probably 420 00:19:24,800 --> 00:19:26,960 Speaker 11: heard of collectives in this space as well, you know, 421 00:19:27,080 --> 00:19:30,639 Speaker 11: helping athletes generate money off their name, image and likeness. 422 00:19:30,680 --> 00:19:31,640 Speaker 6: Where do we go from here? 423 00:19:32,000 --> 00:19:34,520 Speaker 11: You know, we have the pending House settlement, which as 424 00:19:34,560 --> 00:19:39,240 Speaker 11: we sit today the judge will hear arguments against the 425 00:19:39,280 --> 00:19:42,160 Speaker 11: fairness of that House settlement. Right, House settlement is really 426 00:19:42,240 --> 00:19:45,359 Speaker 11: the next step in the framework for college athletes and 427 00:19:45,680 --> 00:19:49,400 Speaker 11: athletic departments to be able to share in that revenue. 428 00:19:49,440 --> 00:19:52,280 Speaker 11: Right it's a revenue sharing proposal, and so in terms 429 00:19:52,320 --> 00:19:54,680 Speaker 11: of next steps, right now it is the pending House 430 00:19:54,680 --> 00:19:57,080 Speaker 11: settlement and next steps for athletes to be able to 431 00:19:57,440 --> 00:20:01,439 Speaker 11: be paid directly from institutions, SUS brands, and collectives in 432 00:20:01,480 --> 00:20:04,040 Speaker 11: all of the other areas. And then there will be 433 00:20:04,119 --> 00:20:06,479 Speaker 11: some upcoming regulation. 434 00:20:06,080 --> 00:20:06,800 Speaker 6: To that as well. 435 00:20:07,960 --> 00:20:10,159 Speaker 3: What about I mean that this is tied to a 436 00:20:10,200 --> 00:20:13,280 Speaker 3: college or university is also just so odd, Like this 437 00:20:13,359 --> 00:20:15,439 Speaker 3: is like a professional business that one can be a 438 00:20:15,440 --> 00:20:17,120 Speaker 3: part of. But yet you're going to be nineteen years 439 00:20:17,160 --> 00:20:19,760 Speaker 3: old also expecting to like go get your GPA and 440 00:20:19,800 --> 00:20:22,000 Speaker 3: do well in school. How does all of this going 441 00:20:22,040 --> 00:20:22,760 Speaker 3: to coexist? 442 00:20:23,040 --> 00:20:25,520 Speaker 11: You know, it has coexisted now for a while. And 443 00:20:25,640 --> 00:20:27,960 Speaker 11: you know that was a major concern of mine early on, 444 00:20:28,680 --> 00:20:30,960 Speaker 11: is how are athletes, How are college students going to 445 00:20:30,960 --> 00:20:32,840 Speaker 11: be able to navigate this? And what we've seen is 446 00:20:32,920 --> 00:20:34,960 Speaker 11: they've been able to handle it well. Some of them 447 00:20:35,000 --> 00:20:37,639 Speaker 11: engage in the NIL space and do so in a 448 00:20:37,640 --> 00:20:41,160 Speaker 11: way and meaningful ways where they're getting internships and opportunities 449 00:20:41,160 --> 00:20:43,360 Speaker 11: and skill sets that they did not have the opportunity 450 00:20:43,440 --> 00:20:45,560 Speaker 11: to get before. So when you think about nil, you 451 00:20:45,560 --> 00:20:48,560 Speaker 11: think about managing your brand, you think about negotiating all 452 00:20:48,560 --> 00:20:50,840 Speaker 11: of those skills are skills that you need for life. 453 00:20:50,880 --> 00:20:53,240 Speaker 11: And so as part of being a student, part of 454 00:20:53,280 --> 00:20:56,119 Speaker 11: that is preparing for life after you know, your time 455 00:20:56,280 --> 00:20:59,840 Speaker 11: on campus for four or five years. And so inil 456 00:20:59,880 --> 00:21:02,840 Speaker 11: and many ways has been handled for students has a 457 00:21:02,840 --> 00:21:05,520 Speaker 11: great opportunity for them to leverage their their brand and 458 00:21:05,640 --> 00:21:08,320 Speaker 11: be able to generate money and help prepare them for 459 00:21:08,359 --> 00:21:08,800 Speaker 11: a future. 460 00:21:09,119 --> 00:21:11,560 Speaker 2: What's the I guess the other big issue in college 461 00:21:11,640 --> 00:21:14,200 Speaker 2: athletics has been the realignment of conferences. And now we've 462 00:21:14,240 --> 00:21:17,399 Speaker 2: got my poor you know, Rutgers field hockey team sleeping 463 00:21:17,440 --> 00:21:19,320 Speaker 2: on the floor of Newark Airport because they're taking a 464 00:21:19,359 --> 00:21:22,520 Speaker 2: flight out to Stanford, Stanford in Palo Alto. 465 00:21:23,119 --> 00:21:24,159 Speaker 6: What's going on there? 466 00:21:24,000 --> 00:21:24,040 Speaker 8: What? 467 00:21:24,440 --> 00:21:26,160 Speaker 6: Where? How is this going to evolve? Do you think? 468 00:21:26,320 --> 00:21:28,000 Speaker 3: Wait? Wait, why is that bad? 469 00:21:27,440 --> 00:21:30,840 Speaker 2: Because now Stanford on the West coast is now part 470 00:21:30,880 --> 00:21:35,120 Speaker 2: of the ACC for so they got to go fly 471 00:21:35,200 --> 00:21:38,159 Speaker 2: from Palo Alto to Durham, North Carolina get it. 472 00:21:38,200 --> 00:21:38,720 Speaker 6: And I can. 473 00:21:38,680 --> 00:21:40,400 Speaker 2: Understand that for the football team they're on a charter 474 00:21:40,520 --> 00:21:42,560 Speaker 2: jed all kinds of same thing for basketball. But I thought, 475 00:21:42,560 --> 00:21:44,879 Speaker 2: for like the smaller sports, how is this impacting? 476 00:21:45,520 --> 00:21:48,320 Speaker 11: Yeah, you know, that's an interesting dynamic when you think 477 00:21:48,320 --> 00:21:50,720 Speaker 11: about some of the Olympic sports, right, Yeah, And you 478 00:21:50,800 --> 00:21:52,240 Speaker 11: talked about what are some of the things that we 479 00:21:52,280 --> 00:21:54,200 Speaker 11: still need to figure out in college sports. I think 480 00:21:54,240 --> 00:21:56,639 Speaker 11: that's part of it. Conference realignment as a whole, you know, 481 00:21:56,760 --> 00:22:00,440 Speaker 11: mostly driven by football schools that are eating out the 482 00:22:00,520 --> 00:22:02,440 Speaker 11: highest level with schools that want to compete at the 483 00:22:02,480 --> 00:22:05,720 Speaker 11: highest level. With that comes other Olympic sports that it 484 00:22:05,760 --> 00:22:08,840 Speaker 11: may not make as much sense economically for them to 485 00:22:08,880 --> 00:22:11,280 Speaker 11: travel or for student athlete experience for them to travel. 486 00:22:11,560 --> 00:22:14,399 Speaker 11: But when schools and institutions want to compete at the 487 00:22:14,440 --> 00:22:16,680 Speaker 11: highest level, that is part of it. And so right 488 00:22:16,680 --> 00:22:19,080 Speaker 11: now many schools are having those conversations on where do 489 00:22:19,119 --> 00:22:20,880 Speaker 11: we want to be in this landscape? Do we want 490 00:22:20,920 --> 00:22:22,960 Speaker 11: to compete at the highest level? And if we do, 491 00:22:23,000 --> 00:22:25,720 Speaker 11: that may come with your field hockey team traveling across 492 00:22:25,760 --> 00:22:28,200 Speaker 11: the country to compete against the best in the country. 493 00:22:28,240 --> 00:22:29,639 Speaker 3: But then they still have to go like take a 494 00:22:29,680 --> 00:22:32,240 Speaker 3: test and do grades. I mean, that's that's something else. 495 00:22:32,119 --> 00:22:35,119 Speaker 11: You have wi FI Now. 496 00:22:34,240 --> 00:22:35,480 Speaker 8: OK, fair enough. 497 00:22:35,880 --> 00:22:37,719 Speaker 3: What do you think that athletes could be doing better though? 498 00:22:37,800 --> 00:22:38,160 Speaker 6: Right now? 499 00:22:38,320 --> 00:22:38,520 Speaker 4: Oh? 500 00:22:38,800 --> 00:22:41,159 Speaker 11: You know, it's such a key time for athletes to 501 00:22:41,240 --> 00:22:44,080 Speaker 11: hone in on who they are, their their identity, how 502 00:22:44,119 --> 00:22:45,919 Speaker 11: they can manage themselves because we all know. 503 00:22:45,960 --> 00:22:47,400 Speaker 6: That grand team I know, right. 504 00:22:48,200 --> 00:22:51,720 Speaker 11: But also they are also engaging responsibly and thinking about 505 00:22:51,760 --> 00:22:53,360 Speaker 11: like what are some of the brands that I work 506 00:22:53,400 --> 00:22:55,760 Speaker 11: with on or you know a coffee shop that I 507 00:22:55,800 --> 00:22:58,040 Speaker 11: always go to a local coffee shop, how can I 508 00:22:58,160 --> 00:23:02,200 Speaker 11: utilize my NIL with that local coffee shop to create 509 00:23:02,200 --> 00:23:05,159 Speaker 11: a partnership? Right, And so you know that's how athletes 510 00:23:05,160 --> 00:23:07,680 Speaker 11: are navigating it now. They're navigating at the local level. 511 00:23:07,680 --> 00:23:10,520 Speaker 11: And then also they have schools that are putting resources 512 00:23:10,560 --> 00:23:13,560 Speaker 11: together to help educate them on how to really navigate 513 00:23:13,600 --> 00:23:15,120 Speaker 11: it in a way that is best for them. 514 00:23:15,400 --> 00:23:17,960 Speaker 2: What do you advise schools to do as they think 515 00:23:18,000 --> 00:23:21,520 Speaker 2: about how to really implement an NIL and take care 516 00:23:21,560 --> 00:23:22,359 Speaker 2: of their student athletes? 517 00:23:22,560 --> 00:23:24,520 Speaker 6: What are you recommending? Is that kind of an overarching view? 518 00:23:24,680 --> 00:23:24,880 Speaker 2: Yeah? 519 00:23:24,920 --> 00:23:27,840 Speaker 11: Absolutely, it always starts with education, and so early on 520 00:23:27,880 --> 00:23:31,840 Speaker 11: it's educating the athletes on what NIO is, what it isn't, 521 00:23:32,160 --> 00:23:35,199 Speaker 11: how to build their brand, how social media plays into this, 522 00:23:35,359 --> 00:23:38,439 Speaker 11: how this entire ecosystem works. The second part of that 523 00:23:38,560 --> 00:23:41,639 Speaker 11: is as a department, to really hone in on your strategy. 524 00:23:41,840 --> 00:23:44,359 Speaker 11: How are you going to invest in the resources for 525 00:23:44,400 --> 00:23:46,920 Speaker 11: your athletes to be successful in this space like you 526 00:23:46,960 --> 00:23:49,119 Speaker 11: would in strength and conditioning, like you would in nutrition. 527 00:23:49,480 --> 00:23:50,520 Speaker 6: This is another part of the. 528 00:23:50,520 --> 00:23:53,520 Speaker 11: Student and athlete experience that as an institution, it's your 529 00:23:53,560 --> 00:23:57,120 Speaker 11: responsibility to invest in in resources so athletes can really 530 00:23:57,160 --> 00:24:00,359 Speaker 11: optimize their nil while they're on their campus. And for 531 00:24:00,440 --> 00:24:02,239 Speaker 11: some of the athletes, this is their you know, this 532 00:24:02,280 --> 00:24:04,520 Speaker 11: is their time to their prime time. This isn't their 533 00:24:04,520 --> 00:24:07,840 Speaker 11: prime time. Some are competing at a national level on TV, 534 00:24:08,000 --> 00:24:10,760 Speaker 11: and so as an institution, it's like, how can we 535 00:24:10,880 --> 00:24:14,720 Speaker 11: utilize our network, our resources, our institution IP to help 536 00:24:14,800 --> 00:24:18,320 Speaker 11: athletes generate revenue, generate income for themselves our Thanks to 537 00:24:18,320 --> 00:24:22,520 Speaker 11: Brittany Whiteside, vice President of Collegiate Partnerships at ALTS Partners. 538 00:24:22,280 --> 00:24:24,080 Speaker 3: Coming up on the program and look at what comes 539 00:24:24,080 --> 00:24:26,360 Speaker 3: next as women's soccer hits the mainstream. 540 00:24:26,560 --> 00:24:29,320 Speaker 2: You're listening to Bloomberg Intelligence on Bloomberg Radio, providing in 541 00:24:29,359 --> 00:24:31,640 Speaker 2: depth research and data on two thousand companies and one 542 00:24:31,680 --> 00:24:34,720 Speaker 2: hundred and thirty industries. You can access Bloomberg Intelligence via 543 00:24:34,800 --> 00:24:35,919 Speaker 2: b I go on the terminal. 544 00:24:35,960 --> 00:24:38,800 Speaker 3: I'm Paul Swinging and Amlex Steel and this is Bloomberg. 545 00:24:43,600 --> 00:24:47,520 Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live 546 00:24:47,600 --> 00:24:51,120 Speaker 1: weekdays at ten am Eastern on applecar Play and Android 547 00:24:51,160 --> 00:24:53,920 Speaker 1: Auto with the Bloomberg Business app. You can also listen 548 00:24:54,040 --> 00:24:57,120 Speaker 1: live on Amazon Alexa from our flagship New York station 549 00:24:57,480 --> 00:25:00,000 Speaker 1: Just Say Alexa playing Bloomberg eleven three. 550 00:25:02,000 --> 00:25:04,159 Speaker 3: We continue as some of the best conversations from our 551 00:25:04,200 --> 00:25:06,639 Speaker 3: Bloomberg Power Players event in New York. It brought together 552 00:25:06,720 --> 00:25:09,159 Speaker 3: some of the world's most influential voices in the business 553 00:25:09,160 --> 00:25:09,640 Speaker 3: of sports. 554 00:25:09,800 --> 00:25:12,679 Speaker 2: Next up a conversation with Jessica Berman, commissioner of the 555 00:25:12,760 --> 00:25:15,159 Speaker 2: National Women's Soccer League. She joined to give us some 556 00:25:15,200 --> 00:25:17,720 Speaker 2: insight on women's soccer as it hits the mainstream. 557 00:25:17,800 --> 00:25:19,720 Speaker 3: We first asked Jessica to talk to us about the 558 00:25:19,720 --> 00:25:21,680 Speaker 3: state of the National Soccer League. 559 00:25:21,440 --> 00:25:24,080 Speaker 4: In the last two and a half years. It is 560 00:25:24,160 --> 00:25:27,360 Speaker 4: true I think women's sports and the National Women's Soccer 561 00:25:27,400 --> 00:25:30,600 Speaker 4: League in particular, has exploded. We've reached this inflection point 562 00:25:30,640 --> 00:25:33,199 Speaker 4: where it is no longer a question whether investing in 563 00:25:33,240 --> 00:25:37,359 Speaker 4: women's sports is a good business investment. And because of that, 564 00:25:37,840 --> 00:25:40,920 Speaker 4: the money has followed. And we're looking at our ownership 565 00:25:40,960 --> 00:25:45,320 Speaker 4: group across all of our teams fourteen teams across the country, 566 00:25:45,480 --> 00:25:50,520 Speaker 4: and we have the right capital and strategic investors around 567 00:25:50,520 --> 00:25:53,040 Speaker 4: the table to really build for the future. Talk about 568 00:25:53,040 --> 00:25:57,080 Speaker 4: our recent announcement this morning. Bob Eiger and Will Obey 569 00:25:57,160 --> 00:26:00,159 Speaker 4: are now the control owners. It is a Boom is 570 00:26:00,160 --> 00:26:03,600 Speaker 4: a mic Drop are now the controlling owners of Angel City, 571 00:26:03,600 --> 00:26:08,080 Speaker 4: which are the highest enterprise value women's sports team in 572 00:26:08,160 --> 00:26:11,119 Speaker 4: the world. Oh wow, traded for two hundred and fifty 573 00:26:11,280 --> 00:26:15,080 Speaker 4: million dollars. And you know this is a league that 574 00:26:15,960 --> 00:26:18,919 Speaker 4: launched twelve years ago. Angel City is. 575 00:26:18,880 --> 00:26:20,920 Speaker 6: Only three years old, so jealousy. 576 00:26:21,119 --> 00:26:23,720 Speaker 4: If you put that side by side with the men's 577 00:26:23,760 --> 00:26:26,040 Speaker 4: leagues that have been around for decades, some more than 578 00:26:26,040 --> 00:26:28,800 Speaker 4: one hundred years, it's really incredible to see the amount 579 00:26:28,840 --> 00:26:31,520 Speaker 4: of growth. We also announced that Magic Johnson is an 580 00:26:31,520 --> 00:26:34,679 Speaker 4: investor in the Washington Spirit with Michelle Kang. So the 581 00:26:34,960 --> 00:26:37,520 Speaker 4: type of owners who are coming to the table to 582 00:26:37,640 --> 00:26:41,240 Speaker 4: really invest in this is really driven by the future 583 00:26:41,320 --> 00:26:44,200 Speaker 4: vision of you that we really can be the best 584 00:26:44,280 --> 00:26:46,359 Speaker 4: league in the world. And because of the backdrop, as 585 00:26:46,359 --> 00:26:49,639 Speaker 4: you mentioned of women's soccer, it's it's just an incredible 586 00:26:49,680 --> 00:26:52,160 Speaker 4: moment to be part of witnessing this growth. 587 00:26:52,240 --> 00:26:54,880 Speaker 3: Well, I was going to ask as to the why now. 588 00:26:55,000 --> 00:26:57,399 Speaker 3: Part of it? Is it because you've had, you know, 589 00:26:57,640 --> 00:27:01,080 Speaker 3: super good success with some amazing players in the game. 590 00:27:01,480 --> 00:27:03,320 Speaker 3: I also, as a finance nerd, I'm going to go 591 00:27:03,359 --> 00:27:05,440 Speaker 3: back to like the FED had zero interest rates for 592 00:27:05,480 --> 00:27:06,960 Speaker 3: a really long time. There's a lot of money that 593 00:27:07,040 --> 00:27:08,440 Speaker 3: need to be put to work that needed a good 594 00:27:08,480 --> 00:27:10,200 Speaker 3: return because you couldn't put it in the bond market, 595 00:27:10,240 --> 00:27:11,919 Speaker 3: like that kind of stuff. Like what are you hearing 596 00:27:11,960 --> 00:27:14,520 Speaker 3: as to why people with money think this is a 597 00:27:14,520 --> 00:27:15,440 Speaker 3: good investment now? 598 00:27:15,840 --> 00:27:19,480 Speaker 4: I think if you look on a longitudinal basis, particularly 599 00:27:19,480 --> 00:27:23,720 Speaker 4: at men's sports as a parallel over the course of decades, 600 00:27:24,040 --> 00:27:28,680 Speaker 4: it outperforms every other asset class on a long term basis, 601 00:27:28,720 --> 00:27:33,280 Speaker 4: and so you've often seen investors who are long range 602 00:27:33,400 --> 00:27:36,800 Speaker 4: in their thinking around putting capital to work invest in 603 00:27:36,840 --> 00:27:39,920 Speaker 4: sports and see incredible returns. If you look at that 604 00:27:40,000 --> 00:27:42,840 Speaker 4: compared to the product of women's soccer, there really is 605 00:27:42,880 --> 00:27:46,280 Speaker 4: no reason why we should not be as successful as 606 00:27:46,320 --> 00:27:49,320 Speaker 4: men's sports, particularly in a sport that has the backdrop 607 00:27:49,480 --> 00:27:54,800 Speaker 4: of when you think of success and soccer in the US, 608 00:27:54,920 --> 00:27:58,479 Speaker 4: you actually think of women first, and that really creates 609 00:27:58,520 --> 00:28:02,480 Speaker 4: a unique value proposition. Has really woken up the investment 610 00:28:02,480 --> 00:28:04,879 Speaker 4: community to say, if we look at men's sports and 611 00:28:04,920 --> 00:28:07,719 Speaker 4: the way that they've grown in enterprise value on an 612 00:28:07,760 --> 00:28:11,200 Speaker 4: exponential basis over decades, and we are at the inception 613 00:28:11,680 --> 00:28:14,119 Speaker 4: of our growth, there's very few things in the world 614 00:28:14,160 --> 00:28:16,600 Speaker 4: that you can get in at the ground level. I 615 00:28:16,600 --> 00:28:19,080 Speaker 4: think we're definitely beyond the ground level, but we're certainly 616 00:28:19,400 --> 00:28:21,639 Speaker 4: nowhere near the top of our hockey stick growth. 617 00:28:21,920 --> 00:28:26,640 Speaker 2: Media rights, it's the big driver of global sports valuations globally. 618 00:28:27,280 --> 00:28:30,000 Speaker 2: What's the media strategy for US women's the soccer League. 619 00:28:30,280 --> 00:28:34,119 Speaker 4: Yeah, we signed a landmark media deal and announced it 620 00:28:34,160 --> 00:28:38,280 Speaker 4: in November of twenty twenty three. We got a collective 621 00:28:38,400 --> 00:28:42,360 Speaker 4: quarter of a billion dollars invested into our league from 622 00:28:42,600 --> 00:28:48,960 Speaker 4: the combination of CBS, ESPN, Amazon and Script's Ion. And 623 00:28:49,240 --> 00:28:52,880 Speaker 4: in addition to that incredible investment in our league, which 624 00:28:52,920 --> 00:28:55,720 Speaker 4: allow us to put those resources to work to grow 625 00:28:55,760 --> 00:28:59,440 Speaker 4: the league. We've also made the very important strategic decision 626 00:28:59,440 --> 00:29:02,200 Speaker 4: to also invest in ourselves and ensure that our games 627 00:29:02,200 --> 00:29:06,600 Speaker 4: are viewable and discoverable on platforms that are national in 628 00:29:06,720 --> 00:29:10,440 Speaker 4: scope and scale. And so from last year to this year, 629 00:29:10,480 --> 00:29:14,360 Speaker 4: we went from six games being available on national broadcast 630 00:29:14,480 --> 00:29:16,720 Speaker 4: to over one hundred and twenty wo oh my god. 631 00:29:16,800 --> 00:29:19,560 Speaker 4: So now when you are sitting on your couch, which 632 00:29:19,600 --> 00:29:22,520 Speaker 4: some people still do, and channel surf, which some people 633 00:29:22,560 --> 00:29:25,800 Speaker 4: still do, you will find our games. And if you 634 00:29:25,800 --> 00:29:28,280 Speaker 4: were watching the US Open, which I was, and there 635 00:29:28,360 --> 00:29:30,680 Speaker 4: was a promo ad to tell everyone that you can 636 00:29:30,680 --> 00:29:33,520 Speaker 4: watch on ESPN. We are in the places and spaces 637 00:29:33,560 --> 00:29:36,760 Speaker 4: where people consume live content and that will help us 638 00:29:36,800 --> 00:29:38,360 Speaker 4: to catalyze the growth of our audience. 639 00:29:38,760 --> 00:29:41,600 Speaker 2: All right, thanks so, Jessica Berman, Commissioner of National Women's 640 00:29:41,680 --> 00:29:44,600 Speaker 2: Soccer League. We continue with women's soccer. We got more 641 00:29:44,680 --> 00:29:48,240 Speaker 2: insight on the game and conversation with Midge Purse Afford 642 00:29:48,320 --> 00:29:50,800 Speaker 2: for that New Jersey, New York at Gotham Football Club 643 00:29:50,960 --> 00:29:53,160 Speaker 2: and the United States women's national soccer team. 644 00:29:53,240 --> 00:29:56,160 Speaker 3: And we first asked Midge if women's soccer is finally 645 00:29:56,200 --> 00:29:57,280 Speaker 3: having its moment. 646 00:29:57,400 --> 00:29:59,240 Speaker 12: I don't know if I can subscribe to that. And 647 00:29:59,280 --> 00:30:01,920 Speaker 12: I'll tell you why tell me it's because every four 648 00:30:02,000 --> 00:30:04,200 Speaker 12: years we have the Olympics and we have the World Cup, 649 00:30:04,200 --> 00:30:07,880 Speaker 12: and everyone gets really really excited about women's soccer, and 650 00:30:07,920 --> 00:30:11,400 Speaker 12: then it usually dissipates at some point. I do think 651 00:30:11,440 --> 00:30:14,880 Speaker 12: women's sports in general are having an incredible moment. 652 00:30:15,000 --> 00:30:16,480 Speaker 8: I mean you can see it with the WNBA. 653 00:30:16,640 --> 00:30:20,000 Speaker 12: You even see it with like rugby and track. I'm 654 00:30:20,000 --> 00:30:22,000 Speaker 12: with you, I believe in it, but I want to 655 00:30:22,040 --> 00:30:24,160 Speaker 12: wait to see it before I subscribe. 656 00:30:24,200 --> 00:30:26,440 Speaker 2: You've been on the national teams, the US national teams 657 00:30:26,480 --> 00:30:30,120 Speaker 2: for years, so you've seen the global competition. But the 658 00:30:30,200 --> 00:30:32,920 Speaker 2: US team is, in my opinion, I don't know that. 659 00:30:32,960 --> 00:30:35,320 Speaker 2: I'm not that into it the best team for a 660 00:30:35,320 --> 00:30:37,640 Speaker 2: long time globally in terms of looking at the World 661 00:30:37,680 --> 00:30:39,560 Speaker 2: Cups and so on. Talk to us about the growth 662 00:30:39,600 --> 00:30:41,800 Speaker 2: of soccer internationally outside the US. What are you seeing 663 00:30:41,800 --> 00:30:43,800 Speaker 2: in terms of competitiveness, because I know there are a 664 00:30:43,800 --> 00:30:46,240 Speaker 2: lot of international players in the US league. 665 00:30:46,440 --> 00:30:48,680 Speaker 12: Oh absolutely, And I mean I think you can see 666 00:30:48,680 --> 00:30:50,720 Speaker 12: it even with the last World Cup we had. We 667 00:30:51,120 --> 00:30:54,560 Speaker 12: won this Olympic gold, which is absolutely fantastic, and I 668 00:30:54,680 --> 00:30:57,120 Speaker 12: think anyone who watched the games could see that they 669 00:30:57,120 --> 00:30:59,800 Speaker 12: were difficult games. It wasn't six zero, wasn't five zero, 670 00:30:59,840 --> 00:31:03,040 Speaker 12: wasn't three zero? A couple of Germany games where we're 671 00:31:03,080 --> 00:31:07,120 Speaker 12: in our favor, But in general, it's the competition is 672 00:31:07,200 --> 00:31:11,080 Speaker 12: leveling out, and you know, the global stage is getting 673 00:31:11,120 --> 00:31:13,200 Speaker 12: a lot more Even so, I think even seeing a 674 00:31:13,240 --> 00:31:15,040 Speaker 12: lot of those players come over to our league and 675 00:31:15,120 --> 00:31:17,880 Speaker 12: increase the competitiveness that we have here at home, it's 676 00:31:17,960 --> 00:31:21,320 Speaker 12: really amazing to see the progression of women's sports globally. 677 00:31:22,080 --> 00:31:23,680 Speaker 3: What do you think of the how to monetize that, 678 00:31:23,800 --> 00:31:26,040 Speaker 3: like as a player? Like we talked to the commissioner, 679 00:31:26,560 --> 00:31:29,920 Speaker 3: We talked to a partner that sort of helps collegiate 680 00:31:29,920 --> 00:31:33,000 Speaker 3: athletes monetize themselves and understand how to do that and 681 00:31:33,040 --> 00:31:35,160 Speaker 3: works with them work with colleges. Do you think this 682 00:31:35,200 --> 00:31:36,000 Speaker 3: is all being done. 683 00:31:35,840 --> 00:31:36,360 Speaker 6: The right way? 684 00:31:36,920 --> 00:31:37,080 Speaker 2: No? 685 00:31:38,520 --> 00:31:39,040 Speaker 6: This is great. 686 00:31:39,080 --> 00:31:40,280 Speaker 3: This is why I want to talk to someone who 687 00:31:40,360 --> 00:31:41,360 Speaker 3: actually does the stuff. 688 00:31:42,000 --> 00:31:43,320 Speaker 6: In short, No, I don't. 689 00:31:43,440 --> 00:31:46,320 Speaker 12: I think that we're still behind in terms of the 690 00:31:46,360 --> 00:31:51,080 Speaker 12: industry approach on how we support players, help players, and 691 00:31:51,120 --> 00:31:53,760 Speaker 12: promote players. I think one of the biggest issues I've 692 00:31:53,760 --> 00:31:56,720 Speaker 12: had with women's sports in general is that the landscape 693 00:31:56,720 --> 00:31:58,960 Speaker 12: for how we market women's sports has always been extremely 694 00:31:59,000 --> 00:32:01,280 Speaker 12: derivative with the land skip of how we market men's. 695 00:32:01,160 --> 00:32:02,360 Speaker 3: Sports and shocking. 696 00:32:03,800 --> 00:32:06,040 Speaker 12: Yeah, they say shrink it and pink it is something 697 00:32:06,040 --> 00:32:08,200 Speaker 12: that Michelle King likes to say, and I'll take that 698 00:32:08,240 --> 00:32:10,840 Speaker 12: from her. But it's not even just derivative of the 699 00:32:10,880 --> 00:32:14,840 Speaker 12: men's game, but we're derivative of the European format as well. 700 00:32:14,920 --> 00:32:18,240 Speaker 12: And you know, the American population, this demographic, it's a 701 00:32:18,240 --> 00:32:20,880 Speaker 12: different audience that you need to cater to, and I 702 00:32:20,920 --> 00:32:22,239 Speaker 12: think we need to be just a little bit more 703 00:32:22,240 --> 00:32:24,280 Speaker 12: specific industry wide with how we do that. 704 00:32:24,640 --> 00:32:26,160 Speaker 2: How do you expect the growth of the of the 705 00:32:26,240 --> 00:32:28,280 Speaker 2: league to be over the next several years? To expect 706 00:32:28,280 --> 00:32:31,040 Speaker 2: it to get more competitive, maybe more teams. What do 707 00:32:31,120 --> 00:32:31,959 Speaker 2: the players feel like? 708 00:32:32,240 --> 00:32:34,960 Speaker 12: Oh, I don't think anything's going to stop this league, 709 00:32:34,960 --> 00:32:38,160 Speaker 12: to be completely honest, I think we will be huge 710 00:32:38,160 --> 00:32:41,080 Speaker 12: competitors with the MLS. I do see a lot more 711 00:32:41,120 --> 00:32:44,080 Speaker 12: teams coming in. I think more international players will want 712 00:32:44,120 --> 00:32:45,560 Speaker 12: to come play here, and I think it's going to 713 00:32:45,640 --> 00:32:47,280 Speaker 12: be even harder to play here domestically. 714 00:32:47,840 --> 00:32:50,400 Speaker 3: Right, What about like, do you think we're going to 715 00:32:50,480 --> 00:32:53,000 Speaker 3: have like competitions not like the Olympics or whatever World 716 00:32:53,080 --> 00:32:55,960 Speaker 3: Cup where like you can play more internationally and make 717 00:32:56,000 --> 00:32:57,920 Speaker 3: it not just like a US soccer sport. 718 00:32:58,560 --> 00:33:01,040 Speaker 12: Absolutely, we have the club World Cup that's happening, so 719 00:33:01,680 --> 00:33:05,040 Speaker 12: it's definitely we are integrating with other leagues and making 720 00:33:05,120 --> 00:33:08,040 Speaker 12: that global community for women's soccer. 721 00:33:07,960 --> 00:33:10,120 Speaker 3: Our thanks to Midge Purse forward for the New Jersey, 722 00:33:10,200 --> 00:33:12,560 Speaker 3: New York Gotham Football Club in the United States women's 723 00:33:12,640 --> 00:33:15,200 Speaker 3: national soccer team. We moved now to a conversation with 724 00:33:15,240 --> 00:33:18,320 Speaker 3: Grant Hill, managing director for USA Basketball and co owner 725 00:33:18,360 --> 00:33:19,360 Speaker 3: of the Atlanta Hawks. 726 00:33:19,440 --> 00:33:21,440 Speaker 2: He took up behind the scenes look at the big 727 00:33:21,480 --> 00:33:23,760 Speaker 2: talent and big personalities who brought home the gold for 728 00:33:23,800 --> 00:33:25,760 Speaker 2: the women's and men's US basketball team. 729 00:33:25,920 --> 00:33:27,560 Speaker 3: We first asked Graham to talk to us about the 730 00:33:27,560 --> 00:33:29,400 Speaker 3: current state of Team USA. 731 00:33:29,840 --> 00:33:34,160 Speaker 10: It's an exciting time and obviously I succeeded Jerry Colangelo, 732 00:33:34,480 --> 00:33:38,200 Speaker 10: who along with coach k had an incredible run together 733 00:33:38,320 --> 00:33:41,840 Speaker 10: starting in two thousand and six, and I came in 734 00:33:41,920 --> 00:33:45,000 Speaker 10: during this sort of Olympic quad. We had our World 735 00:33:45,000 --> 00:33:47,760 Speaker 10: Cup last summer. We didn't fare as well in the 736 00:33:47,760 --> 00:33:50,240 Speaker 10: World Cup. The women won the gold medal in their 737 00:33:50,280 --> 00:33:55,840 Speaker 10: World Cup, but the Olympics were absolutely incredible and both 738 00:33:55,880 --> 00:34:00,000 Speaker 10: teams were pushed. They were tested. There was just excellent 739 00:34:00,080 --> 00:34:03,000 Speaker 10: and on the court all over the world. We saw 740 00:34:03,160 --> 00:34:05,800 Speaker 10: Serbia and our semi final games, they were so worthy 741 00:34:05,840 --> 00:34:07,600 Speaker 10: and deserving of winning. Came up short. 742 00:34:07,880 --> 00:34:11,279 Speaker 3: Yeah, I saw that one. 743 00:34:10,880 --> 00:34:12,680 Speaker 10: But it was it was just phenomenal. I mean the 744 00:34:12,719 --> 00:34:15,120 Speaker 10: fact that we had, we got tested, we got pushed, 745 00:34:15,280 --> 00:34:18,560 Speaker 10: We had to show some fight and some toughness collectively 746 00:34:19,400 --> 00:34:21,479 Speaker 10: to win that game, but also win the gold medal 747 00:34:21,520 --> 00:34:25,480 Speaker 10: against France. The women's team got pushed and a very 748 00:34:25,520 --> 00:34:28,680 Speaker 10: close tough matchup they had in the gold medal game 749 00:34:28,719 --> 00:34:31,200 Speaker 10: with France as well. So I think it was just 750 00:34:31,239 --> 00:34:33,839 Speaker 10: a win win, not just for USA basketball and our 751 00:34:33,880 --> 00:34:38,000 Speaker 10: continued excellence, there was a win win for basketball universally, 752 00:34:38,080 --> 00:34:40,080 Speaker 10: like I think all across the globe. If you're a 753 00:34:40,120 --> 00:34:44,560 Speaker 10: fan of the game, uh, the Olympic basketball scene was spectacular. 754 00:34:45,040 --> 00:34:46,600 Speaker 3: And even if you don't know the game or watch 755 00:34:46,640 --> 00:34:48,640 Speaker 3: the game normally, like I was totally into it. 756 00:34:48,320 --> 00:34:50,200 Speaker 6: It was amazing. It was really great. 757 00:34:51,000 --> 00:34:53,799 Speaker 3: Talking about investing and where do you see opportunities. I 758 00:34:53,800 --> 00:34:55,600 Speaker 3: know that you and your wife are also investors in 759 00:34:55,719 --> 00:34:58,200 Speaker 3: Orlando Pro women's soccer team, and we were talking about 760 00:34:58,200 --> 00:35:00,359 Speaker 3: that as to where the opportunity set is is sort 761 00:35:00,360 --> 00:35:01,440 Speaker 3: of where women's soccer is. 762 00:35:01,440 --> 00:35:01,759 Speaker 11: Going to go. 763 00:35:02,520 --> 00:35:02,719 Speaker 9: You know. 764 00:35:03,120 --> 00:35:05,760 Speaker 10: Look, so I have two daughters who are who are jocks, 765 00:35:05,840 --> 00:35:10,600 Speaker 10: who are athletes, and and so yes, and you know, 766 00:35:10,719 --> 00:35:15,080 Speaker 10: I think sort of through them really getting exposed to 767 00:35:15,160 --> 00:35:19,520 Speaker 10: women's sports and really wanting them to see women professional athletes. So, 768 00:35:19,600 --> 00:35:22,960 Speaker 10: whether it was the w NBA or the NWSL. We 769 00:35:23,000 --> 00:35:26,720 Speaker 10: live in Orlando, we were fans and consumers at first, 770 00:35:27,239 --> 00:35:30,360 Speaker 10: and we got so caught into it and just loving 771 00:35:30,400 --> 00:35:33,520 Speaker 10: it and having a passion for these teams. We also 772 00:35:33,560 --> 00:35:37,520 Speaker 10: saw the potential and the upside for growth and uh, 773 00:35:37,560 --> 00:35:39,920 Speaker 10: and so the opportunity to invest in the NWSL, the 774 00:35:40,040 --> 00:35:43,040 Speaker 10: Orlando Pride. We're in first place right now. Yeah, we 775 00:35:43,120 --> 00:35:45,400 Speaker 10: haven't not lost the game, had a few ties and 776 00:35:45,440 --> 00:35:50,560 Speaker 10: all wins. But I just feel the momentum is really growing. 777 00:35:50,840 --> 00:35:54,400 Speaker 10: And now you have superior leadership. Jessica Burman is a 778 00:35:54,440 --> 00:35:59,960 Speaker 10: fantastic commissioner, has great vision it is can execute that vision, 779 00:36:00,400 --> 00:36:04,839 Speaker 10: has surrounded herself with a solid team. But also we 780 00:36:04,880 --> 00:36:08,600 Speaker 10: have professional ownership. Now we have owners now who own 781 00:36:08,640 --> 00:36:11,480 Speaker 10: other sports, who've been in this, who understand it, see 782 00:36:11,480 --> 00:36:15,600 Speaker 10: the long term trajectory of the business. And so I 783 00:36:15,600 --> 00:36:18,080 Speaker 10: wouldn't say we're at an inflection point right now, but 784 00:36:18,200 --> 00:36:23,400 Speaker 10: I think we have long term positioned ourselves nicely for 785 00:36:24,120 --> 00:36:26,240 Speaker 10: great success. And I think of all the sports leagues, 786 00:36:26,280 --> 00:36:28,520 Speaker 10: I really believe this. I think the NWSL has the 787 00:36:28,520 --> 00:36:32,160 Speaker 10: greatest upside and so really excited. I was excited to 788 00:36:32,160 --> 00:36:34,880 Speaker 10: see Jessica at Midge person one of the stars in 789 00:36:34,880 --> 00:36:39,799 Speaker 10: the league. And yeah, we're thrilled to be involved, all right. 790 00:36:39,800 --> 00:36:42,480 Speaker 3: Thanks to Grant Hill, Managing director for USA Basketball and 791 00:36:42,520 --> 00:36:44,080 Speaker 3: co owner of the Atlanta Hawks. 792 00:36:44,400 --> 00:36:48,880 Speaker 1: This is the Bloomberg Intelligence podcast, available on Apples, Spotify, 793 00:36:49,120 --> 00:36:52,000 Speaker 1: and anywhere else you can get your podcasts. Listen live 794 00:36:52,120 --> 00:36:55,680 Speaker 1: each weekday ten am to noon Eastern on Bloomberg dot com, 795 00:36:55,760 --> 00:36:58,520 Speaker 1: the I Heart Radio app, tune In, and the Bloomberg 796 00:36:58,560 --> 00:37:01,719 Speaker 1: Business app. You can also watch us live every weekday 797 00:37:01,719 --> 00:37:04,319 Speaker 1: on YouTube and always on the Bloomberg terminal 798 00:37:07,920 --> 00:37:07,960 Speaker 2: M