1 00:00:01,120 --> 00:00:03,400 Speaker 1: This is the Bloomberg Business of Sports show. Will we 2 00:00:03,440 --> 00:00:05,400 Speaker 1: explored the big money issues in the world of sports. 3 00:00:05,480 --> 00:00:08,600 Speaker 2: I'm Michael Barr, I'm Scarlett Food and Time d mensas. 4 00:00:08,480 --> 00:00:11,640 Speaker 1: Coming up on the show, The hottest team in baseball 5 00:00:12,080 --> 00:00:15,080 Speaker 1: just became the first publicly traded squad. 6 00:00:15,200 --> 00:00:18,040 Speaker 3: This ball is scorched down the left field line and 7 00:00:18,320 --> 00:00:22,079 Speaker 3: gone five nothing. Atlanta and the Braves have now hit 8 00:00:22,079 --> 00:00:24,960 Speaker 3: a hoverer in twenty three straight games. 9 00:00:25,079 --> 00:00:28,880 Speaker 1: We'll talk with Atlanta Braves President and CEO Derek Schiller 10 00:00:29,120 --> 00:00:33,040 Speaker 1: about his club spinoff from Liberty Media and about his 11 00:00:33,159 --> 00:00:34,760 Speaker 1: team's great season. 12 00:00:34,520 --> 00:00:38,280 Speaker 4: In baseball and really all of professional sports. Most teams 13 00:00:38,320 --> 00:00:41,000 Speaker 4: are evaluated as a multiple of the revenue, and so 14 00:00:41,560 --> 00:00:43,440 Speaker 4: you look at those and try to figure out the 15 00:00:43,479 --> 00:00:46,440 Speaker 4: modeling across that. But in our situation, we also have 16 00:00:46,479 --> 00:00:49,080 Speaker 4: a unique additive that many others don't have, and that's 17 00:00:49,080 --> 00:00:50,040 Speaker 4: our real estate development. 18 00:00:50,080 --> 00:00:52,840 Speaker 5: We'll also hear from Liberty Media President and CEO Greg 19 00:00:52,920 --> 00:00:55,160 Speaker 5: mcfay for his take on the deal and what it 20 00:00:55,160 --> 00:00:56,880 Speaker 5: means for the future of his firm. 21 00:00:57,160 --> 00:00:59,960 Speaker 1: All that straight ahead on the Bloomberg Business of Sports, 22 00:01:00,160 --> 00:01:03,560 Speaker 1: But first we've got to dive into a story driving 23 00:01:03,640 --> 00:01:05,360 Speaker 1: headlines beyond sports. 24 00:01:05,880 --> 00:01:10,680 Speaker 5: British billionaire Joe Lewis, who controls the Tottenham Hotspur soccer club, 25 00:01:10,840 --> 00:01:13,360 Speaker 5: was arrested this week. He appeared in a New York 26 00:01:13,360 --> 00:01:15,679 Speaker 5: court on insider trading charges. 27 00:01:15,800 --> 00:01:18,720 Speaker 2: That's right, Scarlett. Lewis pleaded not guilty to charges that 28 00:01:18,760 --> 00:01:21,360 Speaker 2: alleged he made lucrative and illegal trading tips to staff 29 00:01:21,440 --> 00:01:26,319 Speaker 2: on his Supriya, to his private chet pilots and his girlfriends. 30 00:01:26,560 --> 00:01:29,440 Speaker 5: Yeah, because that's how you would do it, right. This 31 00:01:29,480 --> 00:01:31,120 Speaker 5: is a story that we're going to be following closely 32 00:01:31,160 --> 00:01:34,520 Speaker 5: here at Bloomberg. It does call into question the future 33 00:01:34,720 --> 00:01:37,920 Speaker 5: of the Spurs, especially with sovereign wealth funds looking to 34 00:01:37,959 --> 00:01:40,440 Speaker 5: make more inroads into sports. 35 00:01:40,680 --> 00:01:42,960 Speaker 1: Here to take us through the fallout of that story, 36 00:01:43,000 --> 00:01:45,639 Speaker 1: plus how the Premier League as a whole is dealing 37 00:01:45,680 --> 00:01:49,639 Speaker 1: with an increase in interest from foreign investors, we welcome 38 00:01:49,680 --> 00:01:53,400 Speaker 1: Bloomberg's sports business reporter Randa Williams. 39 00:01:53,480 --> 00:01:55,160 Speaker 6: Thank you, thank you for having me. 40 00:01:55,520 --> 00:01:57,840 Speaker 1: Well, let's start with Joe Lewis. He had made an 41 00:01:57,840 --> 00:02:01,160 Speaker 1: appearance in the New York court and he faces charges 42 00:02:01,240 --> 00:02:06,800 Speaker 1: that he gave illegal trading tips, insider trading tips to 43 00:02:06,960 --> 00:02:13,359 Speaker 1: his staff, to the pilots of his private jet and 44 00:02:13,400 --> 00:02:17,399 Speaker 1: his girlfriends, and so the eighty six year old jured 45 00:02:17,440 --> 00:02:21,040 Speaker 1: a plea of not guilty. Take us more into what 46 00:02:21,120 --> 00:02:22,280 Speaker 1: in the world is going on. 47 00:02:24,120 --> 00:02:27,799 Speaker 6: And the bottom line is he is trying to keep 48 00:02:27,840 --> 00:02:31,480 Speaker 6: his innocence. I mean, he owns this club and you 49 00:02:31,480 --> 00:02:34,239 Speaker 6: know with all the money the story that Bloomberg wrote 50 00:02:34,680 --> 00:02:37,600 Speaker 6: a couple of them, actually, Elijah, he was giving all 51 00:02:37,600 --> 00:02:41,480 Speaker 6: these this tips to as you said, the girlfriends, the pilots, 52 00:02:41,480 --> 00:02:43,640 Speaker 6: all these people were making millions and millions of dollars 53 00:02:43,720 --> 00:02:46,440 Speaker 6: in the market, and that could cause them to have 54 00:02:46,520 --> 00:02:47,160 Speaker 6: to sell the club. 55 00:02:47,400 --> 00:02:49,400 Speaker 5: It could cause him to have to sell the club. Actually, 56 00:02:49,440 --> 00:02:52,840 Speaker 5: the Spurs have been the target of multiple takeover attempts 57 00:02:52,840 --> 00:02:55,239 Speaker 5: in recent years. Can you get us up to date 58 00:02:55,280 --> 00:02:58,359 Speaker 5: here on what the status is of the club and 59 00:02:59,120 --> 00:03:02,600 Speaker 5: at what point Lewis might be willing to sell a 60 00:03:02,639 --> 00:03:03,680 Speaker 5: stake or sell the whole thing. 61 00:03:04,000 --> 00:03:06,239 Speaker 6: I know that there have been multiple bidders, people trying 62 00:03:06,280 --> 00:03:10,400 Speaker 6: to buy stakes. I mean, sports are sports leagues. Clubs 63 00:03:10,440 --> 00:03:13,280 Speaker 6: are the newest asset class. And one of the things 64 00:03:13,320 --> 00:03:16,120 Speaker 6: I was talking with Richard Masters about earlier this week 65 00:03:16,320 --> 00:03:20,520 Speaker 6: was team sales. Obviously, these these franchises are getting so 66 00:03:20,639 --> 00:03:24,280 Speaker 6: much more expensive, and with sovereign wealth funds and investment 67 00:03:24,360 --> 00:03:28,360 Speaker 6: funds having billions and billions of dollars, they seem like 68 00:03:28,440 --> 00:03:31,280 Speaker 6: a primary target to acquire some Well. 69 00:03:31,200 --> 00:03:33,480 Speaker 2: Randa, let's go through the numbers. I mean, from what 70 00:03:33,560 --> 00:03:37,360 Speaker 2: I'm seeing here, according to the Bloomberg Billionaires Index, Joe Lewis, 71 00:03:37,440 --> 00:03:39,480 Speaker 2: or rather the family, as a networth of six point 72 00:03:39,520 --> 00:03:43,080 Speaker 2: six billion dollars. I believe a valuation has been placed 73 00:03:43,200 --> 00:03:47,840 Speaker 2: on Tottenham of three billion pounds, and I believe Chelsea 74 00:03:48,000 --> 00:03:50,080 Speaker 2: just recently was sold for two and a half billion pounds. 75 00:03:50,760 --> 00:03:53,800 Speaker 2: I don't know what he could possibly be charged, but 76 00:03:53,960 --> 00:03:55,880 Speaker 2: you know, even if he paid all these fines, I 77 00:03:55,880 --> 00:03:59,320 Speaker 2: mean financially, is that really enough that you know the 78 00:03:59,360 --> 00:04:01,000 Speaker 2: EPL could worse than that out of ownership. 79 00:04:01,400 --> 00:04:04,040 Speaker 6: It depends. I think some of these things are on 80 00:04:04,040 --> 00:04:06,320 Speaker 6: a case by case basis. It really all depends on 81 00:04:06,960 --> 00:04:11,800 Speaker 6: what they deem what. I guess it's not because in 82 00:04:11,840 --> 00:04:14,280 Speaker 6: the English Premier League it's not like the American sports 83 00:04:14,320 --> 00:04:17,280 Speaker 6: where the owners of the league's both them out. They 84 00:04:17,360 --> 00:04:20,440 Speaker 6: have an entirely different process, So it really depends on 85 00:04:20,560 --> 00:04:23,280 Speaker 6: if they deem what he says is I g I 86 00:04:23,320 --> 00:04:27,120 Speaker 6: wouldn't say vile, but disruptive enough to where it's like 87 00:04:27,160 --> 00:04:27,680 Speaker 6: you got to go. 88 00:04:28,480 --> 00:04:32,240 Speaker 2: Right, similar to Abrahmo bet last year. I guess you know, yeah, 89 00:04:32,279 --> 00:04:35,360 Speaker 2: so I guess it's it's it's more of a qualitative 90 00:04:35,360 --> 00:04:37,560 Speaker 2: assessment of whether or not what he did was really 91 00:04:37,600 --> 00:04:39,760 Speaker 2: wrong or not. I mean, I guess my other question 92 00:04:39,839 --> 00:04:42,039 Speaker 2: for you is what does this mean for Harry Kane? 93 00:04:42,080 --> 00:04:42,240 Speaker 1: Right? 94 00:04:42,279 --> 00:04:44,560 Speaker 2: I mean the transfer windows almost up here. I mean, 95 00:04:44,920 --> 00:04:47,440 Speaker 2: I'm hearing one hundred million from day aren I mean, 96 00:04:47,520 --> 00:04:48,400 Speaker 2: talk to us about that. 97 00:04:49,760 --> 00:04:53,120 Speaker 6: Who knows the players they're effected by some of this 98 00:04:53,120 --> 00:04:55,240 Speaker 6: stuff too. I mean some of these the top match 99 00:04:55,240 --> 00:04:59,120 Speaker 6: players at least have relationships with the owners and things 100 00:04:59,200 --> 00:05:01,640 Speaker 6: like that, and or a top mus player like him. 101 00:05:01,960 --> 00:05:03,760 Speaker 6: I have to think that you know, it is in 102 00:05:03,800 --> 00:05:06,880 Speaker 6: the back of your mind a little bit. But at 103 00:05:06,920 --> 00:05:09,920 Speaker 6: the end of the day, these guys are guaranteed contracts, 104 00:05:09,920 --> 00:05:11,960 Speaker 6: and so if there's an opportunity for him to leave, 105 00:05:12,640 --> 00:05:14,880 Speaker 6: he may consider it. He may wait to see who 106 00:05:14,880 --> 00:05:15,640 Speaker 6: the next owner is. 107 00:05:16,640 --> 00:05:18,680 Speaker 1: Tell you something else that jumped off the page when 108 00:05:18,680 --> 00:05:21,520 Speaker 1: I was reading this story is that he was released 109 00:05:22,000 --> 00:05:27,039 Speaker 1: on a three hundred million dollar bond. It was secured 110 00:05:27,320 --> 00:05:33,320 Speaker 1: by his yacht and his private plane and I listen, 111 00:05:33,560 --> 00:05:36,320 Speaker 1: I'm not making any judgment here, but boy, three hundred 112 00:05:36,440 --> 00:05:42,200 Speaker 1: million dollars. I mean, I've seen murderers held for a 113 00:05:42,240 --> 00:05:46,000 Speaker 1: million or less. And three hundred million dollars. What kind 114 00:05:46,040 --> 00:05:48,120 Speaker 1: of statement do you think the judge was trying to make. 115 00:05:48,920 --> 00:05:49,839 Speaker 6: They think they got him. 116 00:05:50,440 --> 00:05:53,520 Speaker 1: Yeah, that's a. 117 00:05:53,440 --> 00:05:55,360 Speaker 6: Lot of money. I mean, like you said, you think 118 00:05:55,400 --> 00:05:58,800 Speaker 6: about three hundred million dollars. In the terms of sports contracts, 119 00:05:59,080 --> 00:06:01,920 Speaker 6: Jalen Brown's is a three hundred million dollar deal over 120 00:06:02,000 --> 00:06:04,560 Speaker 6: five years. He hasn't been paid dead yet and this 121 00:06:04,680 --> 00:06:07,120 Speaker 6: billionaire just offered it up like it was essentially changing 122 00:06:07,360 --> 00:06:08,600 Speaker 6: to walk out of the courtroom. 123 00:06:08,680 --> 00:06:10,880 Speaker 2: Yeah, Randall, you know, one, it's funny. You know, I 124 00:06:10,920 --> 00:06:13,400 Speaker 2: recall reading something and hearing something about you know, Joe 125 00:06:13,440 --> 00:06:16,640 Speaker 2: Lewis was one of the investors, if not, is very 126 00:06:16,680 --> 00:06:20,400 Speaker 2: active in the Bahamas hotspot all me where Sam Bankman 127 00:06:20,480 --> 00:06:23,600 Speaker 2: freed kind of hung his hat, and you know, Tiger 128 00:06:23,640 --> 00:06:26,840 Speaker 2: Woods and justin Timberlake and all that. I hear Harry Kane, 129 00:06:26,880 --> 00:06:29,679 Speaker 2: you said that owners and their star players are very close. 130 00:06:29,680 --> 00:06:32,760 Speaker 2: And I hear Harry Kane like vacations with Joe Lewis 131 00:06:32,760 --> 00:06:35,040 Speaker 2: all the time, I mean, how does that work out? 132 00:06:35,560 --> 00:06:39,520 Speaker 6: Sometimes you see that in sports, but it's rare. I 133 00:06:39,520 --> 00:06:41,600 Speaker 6: don't think you see that as much on the American 134 00:06:41,680 --> 00:06:44,960 Speaker 6: side of things. I mean, if it happened, you'd have 135 00:06:45,000 --> 00:06:47,760 Speaker 6: to think of like guys over the last twenty thirty years. 136 00:06:47,800 --> 00:06:49,760 Speaker 6: And the only name that comes to mind with me 137 00:06:49,920 --> 00:06:52,520 Speaker 6: is like Tom Brady and Robert Kraft, and I don't 138 00:06:52,560 --> 00:06:54,680 Speaker 6: know that they ever vacation together, but I know that 139 00:06:54,720 --> 00:06:57,400 Speaker 6: they have a close relationship. But like, do you think 140 00:06:57,400 --> 00:06:59,760 Speaker 6: of even Aaron Rodgers a little older, he didn't have 141 00:06:59,800 --> 00:07:02,040 Speaker 6: an owner to go to to help solve some of 142 00:07:02,120 --> 00:07:05,320 Speaker 6: his issues in Green Bay. I mean, Joe Montana, all 143 00:07:05,360 --> 00:07:07,920 Speaker 6: these guys, they definitely had relationships with their owners, but 144 00:07:08,040 --> 00:07:11,520 Speaker 6: vacation with them, I mean there's a certain level, Yeah, 145 00:07:11,560 --> 00:07:12,520 Speaker 6: you know, there's a certain. 146 00:07:12,360 --> 00:07:16,440 Speaker 2: Level of only Michael bar gets to vacation with Mike Bloomberg. 147 00:07:16,520 --> 00:07:19,720 Speaker 1: So yes, of course, we we all vacation at the 148 00:07:19,720 --> 00:07:25,080 Speaker 1: Pocono Raceway. We saw the NASCAR event that took place. Well, 149 00:07:26,640 --> 00:07:30,280 Speaker 1: which brings me to this point is that you know 150 00:07:30,960 --> 00:07:34,400 Speaker 1: the pilots, you know, they also are facing charges here 151 00:07:35,800 --> 00:07:38,680 Speaker 1: and you know, obviously they take them to point A 152 00:07:38,840 --> 00:07:40,800 Speaker 1: to point b or whatever you know in the in 153 00:07:40,880 --> 00:07:44,600 Speaker 1: the jet here, it's what are they looking at? Because 154 00:07:45,120 --> 00:07:46,960 Speaker 1: they're facing charges as well, they're going. 155 00:07:46,960 --> 00:07:50,080 Speaker 6: To turn Yeah, I mean I'm not. The thing is, 156 00:07:50,680 --> 00:07:54,120 Speaker 6: I don't know what their their bond was, but depending 157 00:07:54,160 --> 00:07:55,960 Speaker 6: on how much money they made, if he was held 158 00:07:55,960 --> 00:07:59,000 Speaker 6: at three hundred million, I can only imagine like they 159 00:07:59,040 --> 00:08:01,200 Speaker 6: have to be held in and some sort of similar 160 00:08:02,440 --> 00:08:05,120 Speaker 6: six or seven figure capacity, and that's a lot. It's 161 00:08:05,160 --> 00:08:07,080 Speaker 6: just a lot of money. Yeah, if it was me, 162 00:08:07,160 --> 00:08:08,400 Speaker 6: I might be singing. 163 00:08:09,800 --> 00:08:11,760 Speaker 5: Randall. You got a chance to speak with the chief 164 00:08:11,760 --> 00:08:15,360 Speaker 5: executive of the Premier League, Richard Masters. Did he bring 165 00:08:15,440 --> 00:08:17,560 Speaker 5: up the Spurs at all? Did you talk about that? 166 00:08:17,760 --> 00:08:20,400 Speaker 5: I mean, obviously you talked about the interest in the 167 00:08:20,440 --> 00:08:22,760 Speaker 5: clubs themselves, but you know, did he have anything to 168 00:08:22,760 --> 00:08:24,400 Speaker 5: say about the Spurs and Joe Louis. 169 00:08:25,040 --> 00:08:28,560 Speaker 6: We didn't talk about it specifically. It was you know, 170 00:08:28,600 --> 00:08:30,600 Speaker 6: we talked a little bit more about the sovereign and 171 00:08:30,600 --> 00:08:33,480 Speaker 6: wealth funds and investment funds and the things that that 172 00:08:33,559 --> 00:08:35,880 Speaker 6: they're doing to invest in the teams, as well as 173 00:08:36,440 --> 00:08:38,760 Speaker 6: a potential Premier League game in the US, which is 174 00:08:38,800 --> 00:08:40,280 Speaker 6: not on the horizon as of. 175 00:08:40,240 --> 00:08:42,480 Speaker 2: Now, you know, and also Randall. I mean, I mean 176 00:08:42,520 --> 00:08:44,040 Speaker 2: not to beat the dead horse here, but I mean, 177 00:08:44,080 --> 00:08:46,120 Speaker 2: I guess it's this transfer window and the fact that 178 00:08:46,160 --> 00:08:49,080 Speaker 2: you can have people like Killian Embape, you know, holding 179 00:08:49,200 --> 00:08:52,120 Speaker 2: you know clubs, you know literally by the threat. I mean, 180 00:08:52,160 --> 00:08:54,280 Speaker 2: like it's just unbelievable what's going on. I wonder if 181 00:08:54,280 --> 00:08:56,360 Speaker 2: you could just for our audience talk a little bit 182 00:08:56,360 --> 00:08:58,439 Speaker 2: about that, right. I mean, like I mentioned earlier, Harry 183 00:08:58,520 --> 00:09:01,120 Speaker 2: Kane might be moving, killing them, Bobby might be moving. 184 00:09:01,160 --> 00:09:04,240 Speaker 2: I'm hearing Bobby has a deal in place with you know, 185 00:09:04,280 --> 00:09:09,160 Speaker 2: PSG's biggest rival, Real Madrid next year when his contract's up, 186 00:09:09,200 --> 00:09:10,760 Speaker 2: so that he can go there for free. I mean, 187 00:09:10,880 --> 00:09:12,760 Speaker 2: talk to us about all that. How does that all work? 188 00:09:13,160 --> 00:09:15,520 Speaker 6: I mean, and across all sports, not even in the 189 00:09:15,559 --> 00:09:18,960 Speaker 6: premier league. The best players control their destiny. We see 190 00:09:18,960 --> 00:09:21,040 Speaker 6: it in the NBA right now with Damian Lillard. He 191 00:09:21,080 --> 00:09:23,160 Speaker 6: wants to go to to the Miami Heat, and I 192 00:09:23,200 --> 00:09:25,120 Speaker 6: think Portland is willing to work with that enough to 193 00:09:25,120 --> 00:09:28,280 Speaker 6: get all track from Boppe. But these Tier A guys, 194 00:09:28,360 --> 00:09:30,880 Speaker 6: they can control their destiny as long as they're not 195 00:09:31,000 --> 00:09:34,079 Speaker 6: really butting heads with the organization. A lot of these 196 00:09:34,080 --> 00:09:36,679 Speaker 6: things don't get super duper ugly. I mean the ugliest 197 00:09:36,720 --> 00:09:39,240 Speaker 6: thing that I think we've seen recently was like Aaron 198 00:09:39,280 --> 00:09:42,640 Speaker 6: Rodgers and the Packers that that got really nasty. But 199 00:09:43,120 --> 00:09:45,760 Speaker 6: you know, if you work cohesively with your club and 200 00:09:45,840 --> 00:09:48,640 Speaker 6: you are one of the top three to five players 201 00:09:49,040 --> 00:09:52,240 Speaker 6: in a prime position to really impact the franchise, there's 202 00:09:52,320 --> 00:09:54,280 Speaker 6: nothing that they can do to really be like, oh, 203 00:09:54,280 --> 00:09:56,920 Speaker 6: we're going to send you here, are like, oh, no, 204 00:09:57,000 --> 00:09:58,040 Speaker 6: you're not well. 205 00:09:58,040 --> 00:10:01,880 Speaker 1: You mentioned the Premier League. Speaking of that, the chief 206 00:10:01,920 --> 00:10:05,680 Speaker 1: executive of the Premier League, Richard Masters, He's saying, hey, 207 00:10:05,720 --> 00:10:08,880 Speaker 1: you know what, I expect more foreign bids for English 208 00:10:08,920 --> 00:10:13,079 Speaker 1: clubs now, which brings up this point. I mean, you know, 209 00:10:13,360 --> 00:10:16,320 Speaker 1: are we going to see some Sundi money or more 210 00:10:16,400 --> 00:10:20,120 Speaker 1: sounding money going into English clubs? What's going to happen? 211 00:10:20,480 --> 00:10:23,840 Speaker 6: I wouldn't be surprised. We talked a little bit more 212 00:10:23,880 --> 00:10:26,160 Speaker 6: earlier about how sports are an asset class and as 213 00:10:26,200 --> 00:10:28,640 Speaker 6: these things keep getting more and more expensive. I mean 214 00:10:29,160 --> 00:10:33,240 Speaker 6: you look at NBA clubs, NFL clubs, Premier League clubs, 215 00:10:33,240 --> 00:10:35,520 Speaker 6: they just keep jumping, they keep going up. I mean 216 00:10:36,040 --> 00:10:39,560 Speaker 6: the Broncos sold for four point sixty five billion last year, 217 00:10:39,640 --> 00:10:44,800 Speaker 6: and then the Commanders just sold for a quarter more 218 00:10:44,840 --> 00:10:48,400 Speaker 6: than that. I mean six billion dollars a lot of money, 219 00:10:48,400 --> 00:10:50,000 Speaker 6: and there's not a lot of people that have that 220 00:10:50,200 --> 00:10:52,400 Speaker 6: just to offer up to say, hey, I'm going to 221 00:10:52,440 --> 00:10:54,280 Speaker 6: write the check in cash. There's just not a lot 222 00:10:54,280 --> 00:10:55,800 Speaker 6: of people in the world. And so when you have 223 00:10:56,520 --> 00:11:00,000 Speaker 6: these wealth funds internationally, they have a lot of money 224 00:11:00,120 --> 00:11:03,040 Speaker 6: to invest in things. That's where the money, that's where 225 00:11:03,040 --> 00:11:05,240 Speaker 6: the money can come from. I'm not saying that everybody 226 00:11:05,280 --> 00:11:06,880 Speaker 6: all of them are going to dive in, but they 227 00:11:06,960 --> 00:11:11,160 Speaker 6: definitely have an interest. We see what happens with the PGA. 228 00:11:11,480 --> 00:11:15,239 Speaker 6: The Wizards have accepted an investment and it's happening overseas, 229 00:11:15,280 --> 00:11:17,480 Speaker 6: so it's one hundred percent going to continue. 230 00:11:17,600 --> 00:11:21,120 Speaker 5: What's the checks and balances for more sovereign wealth money 231 00:11:21,120 --> 00:11:23,480 Speaker 5: coming in to buy up teams in the Premier League? 232 00:11:23,880 --> 00:11:25,240 Speaker 5: Is there someone who oversees us? 233 00:11:26,040 --> 00:11:26,840 Speaker 6: There are? 234 00:11:26,880 --> 00:11:27,360 Speaker 7: There is? 235 00:11:28,600 --> 00:11:30,880 Speaker 6: I think I had said before there was. Their process 236 00:11:30,920 --> 00:11:33,760 Speaker 6: is a little different. They don't the owners of them 237 00:11:33,880 --> 00:11:37,240 Speaker 6: don't approve of it. I don't know it off the 238 00:11:37,240 --> 00:11:38,160 Speaker 6: top of my head. 239 00:11:39,360 --> 00:11:42,280 Speaker 5: I mean, is there a regulator for instance, because there's 240 00:11:42,320 --> 00:11:44,160 Speaker 5: been talking about wanting that's. 241 00:11:44,000 --> 00:11:45,520 Speaker 1: What it was. There is. 242 00:11:45,559 --> 00:11:47,719 Speaker 6: I think the regulator approves of these things and they 243 00:11:47,760 --> 00:11:50,120 Speaker 6: go through the checks and like you said, the checks 244 00:11:50,120 --> 00:11:52,560 Speaker 6: and balances. And one of the things that Masters has 245 00:11:52,600 --> 00:11:56,680 Speaker 6: told me was that if they abide by British law, 246 00:11:56,760 --> 00:11:58,320 Speaker 6: So if you can get approved and you can do 247 00:11:58,400 --> 00:12:01,360 Speaker 6: business in you, then you can do business in the 248 00:12:01,360 --> 00:12:01,960 Speaker 6: Premier League. 249 00:12:02,000 --> 00:12:05,840 Speaker 2: M And this takes us full full circle back to 250 00:12:05,880 --> 00:12:09,239 Speaker 2: back to Tottenham, right. I mean we're basically nas Khalafi, 251 00:12:09,640 --> 00:12:11,800 Speaker 2: who is the chairman of QSI. I think he's also 252 00:12:11,800 --> 00:12:15,400 Speaker 2: the president of PSG Perris Saint Germaine and now they 253 00:12:15,480 --> 00:12:17,920 Speaker 2: might be next in line to make a bit on Tottenham. 254 00:12:17,960 --> 00:12:19,760 Speaker 2: So I mean it's just it just it just keeps 255 00:12:19,800 --> 00:12:22,000 Speaker 2: getting the pot just keeps getting thicker. 256 00:12:22,320 --> 00:12:25,199 Speaker 6: Yep. Absolutely, And I mean going back to one of 257 00:12:25,200 --> 00:12:27,880 Speaker 6: the things you mentioned about in BAFE, everyone was up 258 00:12:27,880 --> 00:12:30,120 Speaker 6: in arms about this one point one billion dollars that 259 00:12:30,160 --> 00:12:33,000 Speaker 6: he could have accepted to play one year in Saudi Arabia. 260 00:12:33,400 --> 00:12:35,920 Speaker 6: That's the Saudi money in his investment money is real. 261 00:12:35,960 --> 00:12:38,719 Speaker 6: I mean we see it with Christiano Ronaldo and they 262 00:12:38,760 --> 00:12:42,199 Speaker 6: offered Messi that's a lot of money to turn down. 263 00:12:42,240 --> 00:12:44,280 Speaker 6: I mean you see NBA players talking about like he 264 00:12:44,400 --> 00:12:47,640 Speaker 6: was offered what things like that, where it's like if 265 00:12:47,679 --> 00:12:50,560 Speaker 6: you can take if they invest in and buy x 266 00:12:50,679 --> 00:12:52,440 Speaker 6: or Y Club. I won't say a name just because 267 00:12:52,559 --> 00:12:55,600 Speaker 6: don't who knows when something could go up for sale. 268 00:12:55,920 --> 00:12:57,800 Speaker 6: But if they invest in x or Y Club and 269 00:12:57,800 --> 00:13:01,040 Speaker 6: they're able to pay someone way more than maybe what 270 00:13:01,440 --> 00:13:04,680 Speaker 6: quote they're worth, then you you have power. 271 00:13:05,040 --> 00:13:07,280 Speaker 5: Yeah, I mean, and this report was what a seven 272 00:13:07,360 --> 00:13:11,559 Speaker 5: hundred and seventy six million dollar contract offer from Saudi 273 00:13:11,600 --> 00:13:18,559 Speaker 5: Arabia's Al Heillals, which it's just unfathomable. It's crazy number. 274 00:13:19,400 --> 00:13:21,280 Speaker 6: I mean you think about you think about seven hundred 275 00:13:21,280 --> 00:13:24,480 Speaker 6: and seventy six million, and Lebron hasn't earned that. Mahomes 276 00:13:24,480 --> 00:13:26,840 Speaker 6: hasn't earned that. All of the biggest athletes in the 277 00:13:26,840 --> 00:13:30,199 Speaker 6: world have not earned that over the course of their careers. 278 00:13:30,360 --> 00:13:32,360 Speaker 6: I mean, Mahomes has a ten year contract that's four 279 00:13:32,400 --> 00:13:34,760 Speaker 6: hundred fifty million. He's not going to touch most of 280 00:13:34,760 --> 00:13:37,079 Speaker 6: it for another six or seven years. Lebron's been in 281 00:13:37,120 --> 00:13:39,960 Speaker 6: the NBA for twenty years, hasn't touched that money in 282 00:13:40,040 --> 00:13:43,880 Speaker 6: terms of just contract from teams. But to get it 283 00:13:43,920 --> 00:13:45,880 Speaker 6: in one year is it's crazy. 284 00:13:47,280 --> 00:13:50,319 Speaker 1: And I know people out there hate it when reporters 285 00:13:50,679 --> 00:13:55,360 Speaker 1: put up the hypothetical what if situation? But what if 286 00:13:56,440 --> 00:13:59,120 Speaker 1: all of a sudden because there is, as we know, 287 00:13:59,160 --> 00:14:03,920 Speaker 1: a discrepancy with women's soccer and men's soccer, and one 288 00:14:04,000 --> 00:14:08,000 Speaker 1: day somebody out of Saudi Arabia said, you know what, 289 00:14:08,840 --> 00:14:12,199 Speaker 1: I might want to put some money into women's soccer. 290 00:14:13,400 --> 00:14:19,680 Speaker 1: Could that, ever, of all the wild scenarios, could that 291 00:14:19,840 --> 00:14:23,280 Speaker 1: ever happen and change the face of women's soccer. 292 00:14:23,720 --> 00:14:25,920 Speaker 6: I'm not entirely sure. I mean, there's there's two sides 293 00:14:25,960 --> 00:14:28,080 Speaker 6: of that. Like one pc, there is money there to 294 00:14:28,080 --> 00:14:30,400 Speaker 6: do it, but there's also like the human rights things, 295 00:14:30,480 --> 00:14:34,000 Speaker 6: and there's all of these different global political issues that 296 00:14:35,560 --> 00:14:37,760 Speaker 6: some of the soccer players could face. Because one of 297 00:14:37,800 --> 00:14:39,960 Speaker 6: the things is you go over and you play over there, 298 00:14:39,960 --> 00:14:43,680 Speaker 6: and you could lose potential sponsorships, you could lose public favor, 299 00:14:43,960 --> 00:14:46,160 Speaker 6: and I think players really care about that in terms 300 00:14:46,240 --> 00:14:48,280 Speaker 6: of how they're looked at. I mean, you think about 301 00:14:48,280 --> 00:14:50,680 Speaker 6: what if MESSI went to go play in Saudi Arabia, 302 00:14:50,960 --> 00:14:53,640 Speaker 6: people would say, oh, he's sold out this, he's that 303 00:14:53,840 --> 00:14:56,160 Speaker 6: he took the money. Now he's over here playing in 304 00:14:56,160 --> 00:14:59,160 Speaker 6: Miami and he is probably the most beloved athlete on 305 00:14:59,200 --> 00:15:01,640 Speaker 6: the planet at this current moment because he's in the 306 00:15:01,680 --> 00:15:05,440 Speaker 6: American market as this deal with Apple, like he negotiated 307 00:15:05,480 --> 00:15:08,640 Speaker 6: this brilliant deal really to bring the biggest soccer player 308 00:15:08,640 --> 00:15:10,920 Speaker 6: in the world. So it's two sides, like can it 309 00:15:11,000 --> 00:15:13,680 Speaker 6: happen with money, yes, but will the players be able 310 00:15:13,720 --> 00:15:15,680 Speaker 6: to do it? I'm not so sure. There's a lot 311 00:15:15,680 --> 00:15:16,560 Speaker 6: of sacrifice there. 312 00:15:16,760 --> 00:15:19,120 Speaker 5: I go back to what the LPGA commissioner had said 313 00:15:19,520 --> 00:15:22,040 Speaker 5: when she was asked hypothetically whether they would take Saudi 314 00:15:22,040 --> 00:15:25,040 Speaker 5: Arabian money, And obviously they're different from the PGA, and 315 00:15:25,040 --> 00:15:28,160 Speaker 5: this is long before the Live Golf PJA deal merger 316 00:15:28,360 --> 00:15:31,120 Speaker 5: that may or may not happen. She was saying, whatever 317 00:15:31,240 --> 00:15:33,880 Speaker 5: offer comes our way, we'd have to consider it because 318 00:15:33,920 --> 00:15:36,960 Speaker 5: our economics are completely different from the men's game, from 319 00:15:37,000 --> 00:15:40,800 Speaker 5: the men's tour, right because economically we're fighting for our survival. 320 00:15:41,120 --> 00:15:44,080 Speaker 5: Our players need to make a living, and we don't 321 00:15:44,160 --> 00:15:47,200 Speaker 5: have the luxury of thinking about or not thinking about, 322 00:15:47,320 --> 00:15:50,760 Speaker 5: of dismissing something as not possible, because we need to 323 00:15:50,760 --> 00:15:52,560 Speaker 5: consider every option exactly. 324 00:15:52,720 --> 00:15:57,000 Speaker 6: I think. I mean the paid discreperency. That's what everyone 325 00:15:57,040 --> 00:15:58,440 Speaker 6: looks at the end of the day. How much the 326 00:15:58,480 --> 00:16:00,400 Speaker 6: men are paid and how much the women are and 327 00:16:00,400 --> 00:16:02,640 Speaker 6: it's huge, it's a huge difference. And so if that 328 00:16:03,360 --> 00:16:08,680 Speaker 6: money can help the pay discrepancy and the overall operating 329 00:16:08,760 --> 00:16:12,640 Speaker 6: costs of the league, I think that they would consider it. 330 00:16:12,640 --> 00:16:16,480 Speaker 6: It's not something that that people are talking about publicly 331 00:16:16,600 --> 00:16:18,840 Speaker 6: right now, it's not I mean outside of the Wizards, 332 00:16:18,840 --> 00:16:22,200 Speaker 6: but it's happening. People are seriously talking about it behind 333 00:16:22,240 --> 00:16:24,640 Speaker 6: closed doors because it can help. 334 00:16:25,320 --> 00:16:28,000 Speaker 2: Well, Scarlett, you know, mentions the economics of it all, 335 00:16:28,040 --> 00:16:29,400 Speaker 2: and you know, I just can't help but put on 336 00:16:29,440 --> 00:16:31,720 Speaker 2: my emerging markets at and think about what that money 337 00:16:31,800 --> 00:16:34,760 Speaker 2: might do elsewhere in the economy of Saudi Arabia or 338 00:16:34,840 --> 00:16:37,320 Speaker 2: quite frankly in the broader Middle East, you know, I 339 00:16:37,320 --> 00:16:40,120 Speaker 2: mean it's just development capital that you know, you would 340 00:16:40,120 --> 00:16:42,320 Speaker 2: think they might be able to, I don't know, invest 341 00:16:42,400 --> 00:16:44,800 Speaker 2: in you know, in people and and and and in 342 00:16:44,840 --> 00:16:47,320 Speaker 2: their country. But no, they're gonna They're gonna ship it 343 00:16:47,360 --> 00:16:50,720 Speaker 2: abroad to a twenty four year old French striker who is, 344 00:16:50,840 --> 00:16:53,800 Speaker 2: don't get me wrong, absolutely unbelievable. But I mean the 345 00:16:53,880 --> 00:16:54,920 Speaker 2: numbers are just staggering. 346 00:16:55,240 --> 00:16:58,040 Speaker 6: The thing is to me is it isn't as much 347 00:16:58,040 --> 00:17:01,560 Speaker 6: of a concern in terms of the big leagues, the NFL, 348 00:17:01,720 --> 00:17:06,320 Speaker 6: the NBA, and the MLB right now. But for the 349 00:17:06,359 --> 00:17:09,320 Speaker 6: smaller leagues who need that cash, who want that cash, 350 00:17:09,440 --> 00:17:11,000 Speaker 6: that's where you got to consider it. Because a lot 351 00:17:11,040 --> 00:17:13,800 Speaker 6: of these leagues have cbas in place, like there's things 352 00:17:13,800 --> 00:17:16,320 Speaker 6: where even if they did, if they did accept those funds, 353 00:17:16,359 --> 00:17:19,760 Speaker 6: it's a good ways out. But for the smaller leagues, 354 00:17:19,800 --> 00:17:22,920 Speaker 6: as we talked about, like the women's leagues, it's it's there, 355 00:17:23,119 --> 00:17:25,560 Speaker 6: it's there for the taking. If if the Saudis wanted 356 00:17:25,600 --> 00:17:27,240 Speaker 6: to say, hey, we want to write you a billion 357 00:17:27,280 --> 00:17:29,399 Speaker 6: dollar check, and that's not even I mean that's not 358 00:17:29,440 --> 00:17:32,119 Speaker 6: even one percent of their fund I don't know. So 359 00:17:32,280 --> 00:17:34,879 Speaker 6: like if they can write a billion dollar second, so 360 00:17:35,000 --> 00:17:38,080 Speaker 6: this can change the course of your entire league, it'd 361 00:17:38,119 --> 00:17:40,560 Speaker 6: be a hard note. I mean, it'd be a hard uh, 362 00:17:40,720 --> 00:17:43,399 Speaker 6: It'd be a hard no to say no to, or 363 00:17:43,440 --> 00:17:45,280 Speaker 6: a hard question to say no to, because of the 364 00:17:45,320 --> 00:17:47,439 Speaker 6: fact that like who's gonna, who's gonna who else is 365 00:17:47,440 --> 00:17:49,040 Speaker 6: gonna write a billion dollar check? It would have happened 366 00:17:49,080 --> 00:17:49,640 Speaker 6: by now right. 367 00:17:49,720 --> 00:17:51,440 Speaker 1: Well, and you bring up another point. I mean it's 368 00:17:51,480 --> 00:17:53,840 Speaker 1: one you know one thing here and you brought it up, 369 00:17:53,920 --> 00:17:57,000 Speaker 1: Damian about you know, the human rights issues here in 370 00:17:57,040 --> 00:17:59,600 Speaker 1: the United States. But you got to remember there are 371 00:17:59,640 --> 00:18:02,840 Speaker 1: a lot of women's soccer players around the world, and 372 00:18:02,920 --> 00:18:07,600 Speaker 1: at best maybe they make about fifteen thousand dollars equivalent 373 00:18:07,680 --> 00:18:12,440 Speaker 1: a year. And then somebody out of some country, you know, says, 374 00:18:12,480 --> 00:18:14,880 Speaker 1: wait a minute, Saudi Arabia wants to give us this. 375 00:18:15,480 --> 00:18:16,840 Speaker 1: It could change the whole thing. 376 00:18:17,720 --> 00:18:19,639 Speaker 6: One hundred percent. And I mean going back to like 377 00:18:19,800 --> 00:18:24,400 Speaker 6: Cristiano Ronaldo, using him as an example, he had money. 378 00:18:24,320 --> 00:18:25,400 Speaker 1: Way before this. 379 00:18:25,960 --> 00:18:29,520 Speaker 6: He took the money from Saudi Arabia, but again from 380 00:18:29,720 --> 00:18:32,840 Speaker 6: someone like you said, fifteen twenty twenty five thousand dollars. 381 00:18:33,160 --> 00:18:35,960 Speaker 6: If you give them six or seven figures, I mean, 382 00:18:36,080 --> 00:18:39,560 Speaker 6: you changed the course of your personal family's history. It's 383 00:18:39,640 --> 00:18:41,800 Speaker 6: it'd be hard. It'd be hard if someone said to you, 384 00:18:41,880 --> 00:18:48,400 Speaker 6: all ten million dollars, go play wherever. I mean, it'd 385 00:18:48,440 --> 00:18:52,160 Speaker 6: be hard to say no, it's actually for one year. 386 00:18:52,400 --> 00:18:55,080 Speaker 2: Yeah, yeah, Well not for Michael bar because he's taking 387 00:18:55,080 --> 00:18:56,919 Speaker 2: care of so well here at Bloomberg with us. 388 00:18:56,960 --> 00:18:59,679 Speaker 5: So yes, he hangs out with his you know, the 389 00:18:59,720 --> 00:19:04,560 Speaker 5: owner his company. Well, where was it, Pocon's what Pocono Raceway? Yeah, Okay, 390 00:19:04,600 --> 00:19:06,040 Speaker 5: he's you know, he's. 391 00:19:06,000 --> 00:19:08,280 Speaker 1: He's a he's a fan of an askar. 392 00:19:08,400 --> 00:19:08,840 Speaker 6: I'm sure. 393 00:19:10,040 --> 00:19:13,399 Speaker 1: My final, my final what if question? What is the 394 00:19:13,400 --> 00:19:15,600 Speaker 1: difference between a girl hot dog and a boy hot dog? 395 00:19:16,119 --> 00:19:18,960 Speaker 1: Nothing that I know. Everybody gave me that look. I 396 00:19:18,960 --> 00:19:21,240 Speaker 1: justn't want to see if everybody was paying attention for here. 397 00:19:21,560 --> 00:19:25,200 Speaker 1: You gotta you gotta go back to like some old commercials. Anyway, nothing. 398 00:19:25,359 --> 00:19:29,160 Speaker 1: Randy Randall's like, what in the hell did I get 399 00:19:29,200 --> 00:19:34,679 Speaker 1: myself into? Randall Williams, Bloomberg's own sports reporter. Thank you 400 00:19:34,760 --> 00:19:37,119 Speaker 1: so much man for joining us on the Bloomberg Business 401 00:19:37,119 --> 00:19:37,760 Speaker 1: of Sports. 402 00:19:38,119 --> 00:19:39,600 Speaker 6: Of course, look forward to the next time. 403 00:19:40,160 --> 00:19:45,119 Speaker 1: Up next, Atlanta Braves just became the first publicly traded 404 00:19:45,160 --> 00:19:49,360 Speaker 1: team in Major League Baseball. We'll talk with the president 405 00:19:49,359 --> 00:19:54,600 Speaker 1: and CEO, Derek Schiller and Liberty Media President and CEO Grege. Next, 406 00:19:55,000 --> 00:19:58,560 Speaker 1: you're listening to the Bloomberg Business of Sports from Bloomberg 407 00:19:58,720 --> 00:20:10,000 Speaker 1: Radio around world. This is the Bloomberg Business of Sports show. 408 00:20:10,000 --> 00:20:11,920 Speaker 1: Will We explored the big money issues in the world 409 00:20:11,960 --> 00:20:14,719 Speaker 1: of sports on Michael Barr along with Scarlett Fou and 410 00:20:14,960 --> 00:20:19,959 Speaker 1: Damian Sasaur. The Atlanta Braves are the hottest team in baseball. 411 00:20:20,040 --> 00:20:20,480 Speaker 6: Ride. 412 00:20:20,600 --> 00:20:26,000 Speaker 3: Now the Braves win again dominant performance six holvers season 413 00:20:26,119 --> 00:20:29,600 Speaker 3: high sixteen runs and let the fireworks go off at 414 00:20:29,720 --> 00:20:30,439 Speaker 3: top counting. 415 00:20:30,680 --> 00:20:32,959 Speaker 5: And now the club has the distinction of being the 416 00:20:33,000 --> 00:20:35,840 Speaker 5: first MLB team to be publicly traded as well. 417 00:20:35,960 --> 00:20:38,879 Speaker 2: The Atlanta Braves just completed a spinoff from Liberty Media 418 00:20:38,920 --> 00:20:42,760 Speaker 2: and are valued somewhere around three billion dollars after the deal. 419 00:20:42,920 --> 00:20:46,760 Speaker 1: You Lord, Braves President and CEO Derek Schiller and Liberty 420 00:20:46,800 --> 00:20:50,240 Speaker 1: Media President and CEO Greg Mafe were in New York 421 00:20:50,400 --> 00:20:53,080 Speaker 1: to ring the opening bell on the NASDAK floor in 422 00:20:53,119 --> 00:20:55,520 Speaker 1: celebration of the deal, and we got a chance to 423 00:20:55,600 --> 00:20:58,000 Speaker 1: chat with both of them. Let's take a listen to 424 00:20:58,040 --> 00:21:02,560 Speaker 1: our conversation. We continue on and I got to talk 425 00:21:02,600 --> 00:21:07,479 Speaker 1: about it. It was just recently, all of a sudden, 426 00:21:07,560 --> 00:21:11,800 Speaker 1: I'm looking at the highlights and the Braves. If you 427 00:21:11,840 --> 00:21:14,560 Speaker 1: want to sell the team, just play the eight three 428 00:21:14,680 --> 00:21:16,000 Speaker 1: five triple play. 429 00:21:17,119 --> 00:21:21,119 Speaker 3: Shallow rights center long run. But Michael gets there throwing 430 00:21:21,200 --> 00:21:23,760 Speaker 3: back to first. May have a play tundle them up. 431 00:21:23,800 --> 00:21:28,840 Speaker 3: If they did a triple play. It is unbelievable, just 432 00:21:28,920 --> 00:21:29,880 Speaker 3: how they draw it up. 433 00:21:30,000 --> 00:21:32,159 Speaker 1: That hasn't happened, Folks to show you how rare this 434 00:21:32,320 --> 00:21:37,400 Speaker 1: is since eighteen eighty four when the Boston bean Eaters 435 00:21:39,240 --> 00:21:41,919 Speaker 1: turned it and turned it in And you guys are 436 00:21:41,920 --> 00:21:45,960 Speaker 1: playing the Red Sox when this happened. If you want 437 00:21:46,000 --> 00:21:48,480 Speaker 1: to sell a team, just put that into PR five. 438 00:21:48,760 --> 00:21:52,159 Speaker 4: Yeah. Unfortunately we didn't win that game, so I'm not 439 00:21:52,200 --> 00:21:56,400 Speaker 4: sure that we'll put that highlight out there quite as much. 440 00:21:57,600 --> 00:21:59,560 Speaker 7: The good news is we want a few other games 441 00:21:59,600 --> 00:22:00,040 Speaker 7: to see. 442 00:22:00,080 --> 00:22:03,200 Speaker 1: And yeah, you guys are very good. That has got 443 00:22:03,280 --> 00:22:05,720 Speaker 1: to be helping trying to get the message out, Hey 444 00:22:06,040 --> 00:22:07,160 Speaker 1: buy a piece of the Braves. 445 00:22:08,760 --> 00:22:11,800 Speaker 7: Well, I think the story sells itself because the Braves 446 00:22:11,800 --> 00:22:15,159 Speaker 7: have been the longest continually operated sports franchise in the 447 00:22:15,240 --> 00:22:21,480 Speaker 7: United States. We were won five National League East titles 448 00:22:21,480 --> 00:22:25,080 Speaker 7: in a row. We're leading baseball now not just the 449 00:22:25,160 --> 00:22:27,720 Speaker 7: National League East, but all the National League and Major 450 00:22:27,760 --> 00:22:31,520 Speaker 7: League Baseball. So the on field performances is great. But 451 00:22:31,680 --> 00:22:36,320 Speaker 7: in addition, the performance of the business, both at the 452 00:22:36,359 --> 00:22:39,960 Speaker 7: stadium and at the battery, our real estate dev around 453 00:22:40,040 --> 00:22:41,520 Speaker 7: the stadium has been excellent too. 454 00:22:42,600 --> 00:22:44,440 Speaker 5: So I want to follow up on that because obviously 455 00:22:44,520 --> 00:22:47,880 Speaker 5: the on field play helps tremendously with getting the word out, 456 00:22:49,040 --> 00:22:51,119 Speaker 5: but I think about the Braves, and yes, it's a 457 00:22:51,240 --> 00:22:54,040 Speaker 5: huge deal in Atlanta and in the South. Is it 458 00:22:54,040 --> 00:22:58,119 Speaker 5: a national brand in the way that the first team 459 00:22:58,160 --> 00:23:00,679 Speaker 5: that is going to be publicly created that is traded 460 00:23:00,880 --> 00:23:04,040 Speaker 5: on the stock Exchange? It should be. I know the 461 00:23:04,040 --> 00:23:06,000 Speaker 5: Bras are in a position to compete for a championship 462 00:23:06,040 --> 00:23:07,879 Speaker 5: for years to come. You recently wont it all, But 463 00:23:08,600 --> 00:23:11,200 Speaker 5: I don't know. Do you feel the franchise gets the respect, 464 00:23:11,240 --> 00:23:13,120 Speaker 5: the national respect it deserves. 465 00:23:13,480 --> 00:23:16,159 Speaker 4: Well, I don't think just because we're doing this is 466 00:23:16,520 --> 00:23:19,119 Speaker 4: the reason why it should get followed nationally. I'll go 467 00:23:19,160 --> 00:23:21,879 Speaker 4: back to a little bit what Greg said. You know, 468 00:23:21,920 --> 00:23:23,840 Speaker 4: we've been around for one hundred and fifty one years. 469 00:23:23,880 --> 00:23:26,360 Speaker 4: First and foremost, we've had a lot of success over 470 00:23:26,359 --> 00:23:29,560 Speaker 4: those one hundred and fifty one years. That's especially true 471 00:23:29,560 --> 00:23:33,600 Speaker 4: over the past thirty forty fifty years and a little 472 00:23:33,600 --> 00:23:37,679 Speaker 4: bit around that period of time when Ted Turner bought 473 00:23:37,680 --> 00:23:40,560 Speaker 4: the team and then actually put the team on a 474 00:23:40,600 --> 00:23:43,960 Speaker 4: superstation and beam those up to anybody that could have 475 00:23:44,080 --> 00:23:47,560 Speaker 4: that superstation all across America, even Canada and Puerto Rico. 476 00:23:48,119 --> 00:23:51,240 Speaker 4: All of a sudden, we became the most favorite team 477 00:23:51,640 --> 00:23:54,680 Speaker 4: of all those places. So even today when you're going 478 00:23:54,720 --> 00:23:58,440 Speaker 4: around in the United States, Puerto Rico, Canada, you're hearing 479 00:23:58,480 --> 00:24:01,520 Speaker 4: people talk about how, oh I remember watching the Braves 480 00:24:01,560 --> 00:24:04,959 Speaker 4: from when way back in the seventies or eighties, and 481 00:24:05,000 --> 00:24:08,879 Speaker 4: that carried forward a great deal of development of our 482 00:24:08,960 --> 00:24:12,639 Speaker 4: national audience. But part and partial of that is that 483 00:24:12,640 --> 00:24:14,520 Speaker 4: you also have to get good at some point in time. 484 00:24:14,840 --> 00:24:17,000 Speaker 4: And so if you look at the past twenty plus 485 00:24:17,160 --> 00:24:20,520 Speaker 4: even thirty years of the team, really beginning in nineteen 486 00:24:20,600 --> 00:24:23,280 Speaker 4: ninety one when we went from worse to first, we've 487 00:24:23,280 --> 00:24:25,639 Speaker 4: had a very good team with only a few exceptions 488 00:24:25,720 --> 00:24:28,320 Speaker 4: during that period of time. And we're right now in 489 00:24:28,359 --> 00:24:33,320 Speaker 4: another renaissance where we've got an unbelievable team with a 490 00:24:33,400 --> 00:24:36,720 Speaker 4: number of their contracts that are signed for multi year deals. 491 00:24:36,960 --> 00:24:39,320 Speaker 4: So the anticipation is this is going to be a 492 00:24:39,320 --> 00:24:41,480 Speaker 4: team that's going to be here with us for a 493 00:24:41,600 --> 00:24:45,240 Speaker 4: long time and be very successful with the ultimate goal 494 00:24:45,560 --> 00:24:49,200 Speaker 4: for us, and this hasn't changed, wasn't changed before or 495 00:24:49,240 --> 00:24:51,800 Speaker 4: after or a public company is to win the World Series. 496 00:24:52,480 --> 00:24:56,040 Speaker 7: I just add one or two thoughts to what Derek said. 497 00:24:56,760 --> 00:24:59,600 Speaker 7: We are a national franchise and even in some cases 498 00:24:59,640 --> 00:25:03,359 Speaker 7: having a national strength, but we are the team of 499 00:25:03,400 --> 00:25:07,399 Speaker 7: the Southeast. Atlanta is the capitalist Southeast. We have the 500 00:25:07,520 --> 00:25:14,600 Speaker 7: largest footprint among teams, over fourteen million broadband cable homes. 501 00:25:15,119 --> 00:25:17,960 Speaker 7: And you see that in our strength. Baseball is a 502 00:25:18,000 --> 00:25:22,080 Speaker 7: South Eastern kind of experience and we are the paragon 503 00:25:22,160 --> 00:25:24,720 Speaker 7: of that. And so while we're national, we know where 504 00:25:24,720 --> 00:25:25,440 Speaker 7: our home is. 505 00:25:26,880 --> 00:25:29,119 Speaker 2: Greg, I can totally appreciate what you're saying about the South. 506 00:25:29,160 --> 00:25:31,280 Speaker 2: I mean, Derek, when you arrived at the dorms in 507 00:25:31,359 --> 00:25:34,720 Speaker 2: Branscombe at Vanderbilt University back in the early nineties, could 508 00:25:34,720 --> 00:25:37,199 Speaker 2: you have ever dreamed that you would be the CEO 509 00:25:37,280 --> 00:25:39,960 Speaker 2: for the first publicly listed major League baseball team in history. 510 00:25:40,000 --> 00:25:42,640 Speaker 2: I mean, as our sophisticated audience knows all too well, 511 00:25:42,680 --> 00:25:45,960 Speaker 2: investors aren't just investing in the Atlanta Braves brand, but 512 00:25:46,000 --> 00:25:48,399 Speaker 2: they're investing in management's ability to execute. And you know 513 00:25:48,400 --> 00:25:50,639 Speaker 2: it's going to be your job as CEO right to 514 00:25:50,720 --> 00:25:53,919 Speaker 2: unlock shareholder value over time. Talk to us about your 515 00:25:53,960 --> 00:25:57,760 Speaker 2: experience at Bandy Go Doors, by the way, well, working 516 00:25:57,840 --> 00:25:59,639 Speaker 2: for the late greatchurch Steinbrandner, what it was like to 517 00:25:59,640 --> 00:26:02,240 Speaker 2: grow up the Harvey Shower household. Let our audience hear it. 518 00:26:02,560 --> 00:26:05,560 Speaker 4: Yeah, First of all, I'm glad we're doing this now 519 00:26:05,800 --> 00:26:09,320 Speaker 4: and my accomplishments now. If you're asking to evaluate how 520 00:26:09,359 --> 00:26:12,680 Speaker 4: I would have done back then, that's a little dangerous. 521 00:26:12,720 --> 00:26:14,560 Speaker 4: I was trying to get an engineering degree, and I 522 00:26:14,600 --> 00:26:16,840 Speaker 4: was also trying to drink beer about five days out 523 00:26:16,880 --> 00:26:19,280 Speaker 4: of the week, So you put those two things together. 524 00:26:19,359 --> 00:26:21,720 Speaker 4: I wasn't always as successful as one or the other. 525 00:26:22,560 --> 00:26:25,240 Speaker 4: Probably more beer drinking was. I was better acted I 526 00:26:25,320 --> 00:26:28,040 Speaker 4: was my engineering. I did graduate with an eighty. 527 00:26:28,520 --> 00:26:31,359 Speaker 2: She's still there, still there. 528 00:26:31,880 --> 00:26:34,560 Speaker 4: I had a lot of fun of Andy. Vanny was 529 00:26:34,560 --> 00:26:36,840 Speaker 4: great for me, and it taught me, you know, despite 530 00:26:36,880 --> 00:26:38,520 Speaker 4: the fact that I ended up in the sports business. 531 00:26:38,520 --> 00:26:39,879 Speaker 4: The way that I look at it is it taught 532 00:26:39,920 --> 00:26:42,720 Speaker 4: me how to solve problems and how to think. And 533 00:26:42,760 --> 00:26:44,639 Speaker 4: that's the thing that I think you can apply to 534 00:26:44,760 --> 00:26:47,000 Speaker 4: my job each and every day, regardless of the fact 535 00:26:47,000 --> 00:26:49,159 Speaker 4: that we're now in the sports business. I've been in 536 00:26:49,160 --> 00:26:53,720 Speaker 4: the sports business for thirty years or so twenty at 537 00:26:53,720 --> 00:26:56,480 Speaker 4: the Braves, Mike Plant and I joined on the same 538 00:26:56,560 --> 00:26:59,879 Speaker 4: day twenty years ago. And then before that, I was 539 00:27:00,080 --> 00:27:03,919 Speaker 4: running an NHL team, And prior to that you mentioned it, 540 00:27:04,000 --> 00:27:06,440 Speaker 4: I worked for the Yankees and work for George Tiinbrenner 541 00:27:06,480 --> 00:27:08,440 Speaker 4: for a couple of years, a little bit of stint 542 00:27:08,520 --> 00:27:10,840 Speaker 4: with the nineteen ninety six Olympic Games and some of 543 00:27:10,840 --> 00:27:13,280 Speaker 4: the things going on around there. So I've been around 544 00:27:13,359 --> 00:27:16,439 Speaker 4: sports for a long time. I've been around Atlanta for 545 00:27:16,480 --> 00:27:21,879 Speaker 4: a long time. I understand corporate ownership. One of the 546 00:27:21,880 --> 00:27:24,040 Speaker 4: things that I think also needs to be said in 547 00:27:24,080 --> 00:27:28,400 Speaker 4: these kinds of settings is how powerful corporate ownership can 548 00:27:28,440 --> 00:27:31,239 Speaker 4: be to the success of the team. You know, one 549 00:27:31,280 --> 00:27:33,520 Speaker 4: of the great things that we have in our situation 550 00:27:33,720 --> 00:27:36,919 Speaker 4: is Greg basically allows us to say, how do you 551 00:27:36,920 --> 00:27:39,680 Speaker 4: guys want to manage your team, and then go off 552 00:27:39,680 --> 00:27:43,440 Speaker 4: and do it. You know, he's not inserting himself into 553 00:27:43,480 --> 00:27:47,040 Speaker 4: figuring out every little thing. He gives us great perspective 554 00:27:47,080 --> 00:27:49,119 Speaker 4: from time to time when we need it, but otherwise 555 00:27:49,320 --> 00:27:51,200 Speaker 4: we're off on our own trying to do the best 556 00:27:51,200 --> 00:27:53,240 Speaker 4: that we can do, and I'd like to believe that 557 00:27:53,240 --> 00:27:55,199 Speaker 4: we've done pretty good over that period of time. You 558 00:27:55,320 --> 00:28:00,080 Speaker 4: have is the easy softball that I gave you. 559 00:28:00,640 --> 00:28:03,920 Speaker 1: Well, see, when you're CEOs and I have to, I 560 00:28:03,920 --> 00:28:08,120 Speaker 1: would use the mister Schiller and mister Mafey title because 561 00:28:08,840 --> 00:28:12,679 Speaker 1: and here comes Simpleton bar because you know, Scarlett and Damien. 562 00:28:12,760 --> 00:28:15,040 Speaker 1: They know how to do this. But me, you know, 563 00:28:15,160 --> 00:28:18,280 Speaker 1: here I come. I've got my twenty dollars and I 564 00:28:18,359 --> 00:28:22,320 Speaker 1: got my baseball card of Hank Aaron, and I want 565 00:28:22,359 --> 00:28:26,520 Speaker 1: to buy a share of the Atlanta Braves. How does 566 00:28:26,560 --> 00:28:28,240 Speaker 1: a person go about doing that? 567 00:28:29,040 --> 00:28:31,879 Speaker 7: Well, it's unfortunately going to take a little more than 568 00:28:31,880 --> 00:28:35,720 Speaker 7: twenty dollars. We're happy that the stock is traded up. 569 00:28:35,720 --> 00:28:38,800 Speaker 7: It has been below twenty in the last five years, 570 00:28:38,800 --> 00:28:41,560 Speaker 7: but we've had great strength and they're now trading in 571 00:28:41,600 --> 00:28:44,080 Speaker 7: the forties. So you're going to need to make a 572 00:28:44,120 --> 00:28:46,400 Speaker 7: couple more twenties to get a share. But we're listed 573 00:28:46,440 --> 00:28:49,880 Speaker 7: on the NASDAC and you and anyone else who's interested 574 00:28:49,960 --> 00:28:50,760 Speaker 7: can go buy a share. 575 00:28:50,920 --> 00:28:54,480 Speaker 1: That's Derek Shiller, president and CEO of the first ever 576 00:28:54,720 --> 00:28:59,080 Speaker 1: publicly traded MLB team, the Atlanta Braves, along with Greg maffay, 577 00:28:59,480 --> 00:29:03,320 Speaker 1: President and CEO of Liberty Media. Up next, we hear 578 00:29:03,440 --> 00:29:06,320 Speaker 1: more from them on the spin off deal and the 579 00:29:06,360 --> 00:29:08,840 Speaker 1: future of the Atlanta Braves at Straight Ahead on the 580 00:29:08,880 --> 00:29:13,000 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio around the world. 581 00:29:19,120 --> 00:29:21,800 Speaker 1: Thanks for joining us on the Bloomberg Business of Sports show, 582 00:29:21,880 --> 00:29:24,120 Speaker 1: where we explore the big money issues in the world 583 00:29:24,160 --> 00:29:26,880 Speaker 1: of sports. I'm Michael Barr, along with Scarlett Fou and 584 00:29:27,080 --> 00:29:31,680 Speaker 1: Damian Sasauer. The Atlanta Braves look poised for a deep 585 00:29:31,920 --> 00:29:34,920 Speaker 1: run in the postseason this year. The club is also 586 00:29:35,000 --> 00:29:38,960 Speaker 1: the very first publicly traded MLB team after spinning off 587 00:29:38,960 --> 00:29:43,080 Speaker 1: from Liberty Media. Scarlett, Damien and I got a chance 588 00:29:43,160 --> 00:29:46,959 Speaker 1: to speak with Atlanta Braves President and CEO Derek Schiller 589 00:29:47,120 --> 00:29:51,160 Speaker 1: and Liberty Media President and CEO Greg Mafay about the 590 00:29:51,240 --> 00:29:55,080 Speaker 1: deal on the floor of the Nasdaq, fresh off of 591 00:29:55,160 --> 00:29:59,000 Speaker 1: them ringing the opening bell. Let's hear more of that conversation. 592 00:29:59,480 --> 00:30:02,320 Speaker 4: Well, the team is worth whatever the market cap is 593 00:30:02,360 --> 00:30:05,480 Speaker 4: that the market is saying. I think both Greg and 594 00:30:05,480 --> 00:30:08,280 Speaker 4: I would agree that that the value is really much 595 00:30:08,360 --> 00:30:11,480 Speaker 4: higher than that. You know, there's a number of factors 596 00:30:11,480 --> 00:30:14,960 Speaker 4: that go into that. In baseball and really all of 597 00:30:15,000 --> 00:30:18,320 Speaker 4: professional sports, most teams are evaluated as a multiple of 598 00:30:18,320 --> 00:30:21,400 Speaker 4: the revenue, and so you look at those and try 599 00:30:21,440 --> 00:30:24,480 Speaker 4: to figure out the modeling across that. But in our situation, 600 00:30:24,520 --> 00:30:27,120 Speaker 4: we also have a unique additive that many others don't have, 601 00:30:27,280 --> 00:30:28,720 Speaker 4: and that's our real estate development. 602 00:30:29,120 --> 00:30:30,840 Speaker 1: And there's a whole a. 603 00:30:30,840 --> 00:30:33,760 Speaker 4: Lot of additional modeling that should be done in order 604 00:30:33,800 --> 00:30:36,640 Speaker 4: to truly understand what the value of that is. 605 00:30:37,920 --> 00:30:41,200 Speaker 7: One of the great things about the Braves is that 606 00:30:41,280 --> 00:30:44,400 Speaker 7: they have both that great on field and off field 607 00:30:44,440 --> 00:30:45,400 Speaker 7: business performance. 608 00:30:45,440 --> 00:30:47,160 Speaker 1: And if you look at bleacher. 609 00:30:46,760 --> 00:30:51,120 Speaker 7: Report says that the Braves has the best combination of 610 00:30:51,160 --> 00:30:56,840 Speaker 7: both Alex Anthopolis leading on the field, Mike Plant and 611 00:30:56,960 --> 00:31:01,800 Speaker 7: Derek leading in the business, all helmed by Terry McGirk. 612 00:31:02,560 --> 00:31:06,560 Speaker 7: And we put that combination together. Both on field and 613 00:31:06,640 --> 00:31:09,520 Speaker 7: off field performance have been tremendous and we think have 614 00:31:09,600 --> 00:31:10,040 Speaker 7: more to go. 615 00:31:10,680 --> 00:31:10,880 Speaker 6: Well. 616 00:31:10,880 --> 00:31:13,000 Speaker 5: One thing, as you mentioned people doing the modeling, there's 617 00:31:13,040 --> 00:31:16,120 Speaker 5: plenty of people doing modeling right now. And this formal 618 00:31:16,160 --> 00:31:20,680 Speaker 5: split from Liberty Media is expected to unlock value for investors. 619 00:31:21,240 --> 00:31:24,400 Speaker 5: There's one analyst, Seaport analyst David Joyce, who says the 620 00:31:24,400 --> 00:31:27,120 Speaker 5: Braves are worth three point one to three point seven 621 00:31:27,160 --> 00:31:29,840 Speaker 5: billion dollars and because of this spin off, it opens 622 00:31:29,840 --> 00:31:32,320 Speaker 5: the door for a seamless sale of the team. Do 623 00:31:32,360 --> 00:31:34,600 Speaker 5: you think that valuation three point one to three point 624 00:31:34,600 --> 00:31:37,720 Speaker 5: seven is fair? And I wonder if you've gotten any 625 00:31:37,760 --> 00:31:41,160 Speaker 5: kind of unsolicited interest from investor groups or pe. 626 00:31:42,200 --> 00:31:46,320 Speaker 7: Well, we're in this process just completing the spin and 627 00:31:46,360 --> 00:31:50,120 Speaker 7: so certainly not something we would have allowed a one 628 00:31:50,200 --> 00:31:54,760 Speaker 7: if they did approach us to engage in discussions, and 629 00:31:54,800 --> 00:31:57,400 Speaker 7: obviously anything that happens has to be confidential. 630 00:31:57,760 --> 00:31:58,240 Speaker 1: But there is. 631 00:31:58,320 --> 00:32:01,680 Speaker 7: Interest in teams. And if you look, as Derek noted 632 00:32:02,680 --> 00:32:05,680 Speaker 7: baseball teams, most sports teams trade us a multiple of 633 00:32:05,720 --> 00:32:09,160 Speaker 7: revenue that Seaport analysis I think has looked out at 634 00:32:09,160 --> 00:32:10,840 Speaker 7: some of the other numbers that have been out there, 635 00:32:11,320 --> 00:32:15,560 Speaker 7: and you know, the multiples have been tended to go 636 00:32:15,680 --> 00:32:19,600 Speaker 7: up for sports teams. There's a scarcity value. Obviously we 637 00:32:19,680 --> 00:32:22,880 Speaker 7: have no planner intent, but you know, you never know 638 00:32:23,400 --> 00:32:25,520 Speaker 7: what is beauty in the eyes of the beholder. And 639 00:32:25,680 --> 00:32:28,640 Speaker 7: but we're a pretty pretty good thing to behold as 640 00:32:28,640 --> 00:32:29,400 Speaker 7: a sports team. 641 00:32:30,960 --> 00:32:32,560 Speaker 2: Well, you know, gentlemen, I mean you mentioned it earlier. 642 00:32:32,600 --> 00:32:34,200 Speaker 2: You know, it's not just the Braves, but it's also 643 00:32:34,320 --> 00:32:37,000 Speaker 2: truest park in the Battery Atlanta. You know, star Wood 644 00:32:37,080 --> 00:32:39,240 Speaker 2: just defaulted on it two hundred twelve million dollar mortgage 645 00:32:39,240 --> 00:32:42,640 Speaker 2: on Tower Place in Buckhead. I'm wondering, you know, real estate. 646 00:32:42,680 --> 00:32:44,880 Speaker 2: I mean, the Fed's raising rates here. You know, we've 647 00:32:44,880 --> 00:32:46,680 Speaker 2: got the faults picking up, you know, talk to us 648 00:32:46,680 --> 00:32:49,040 Speaker 2: about the company's real estate assets. Talk to us about 649 00:32:49,040 --> 00:32:51,640 Speaker 2: the city of Atlanta and how you plan to you know, 650 00:32:51,720 --> 00:32:54,160 Speaker 2: grow those assets, grow the value of those assets, and 651 00:32:54,440 --> 00:32:57,680 Speaker 2: or protect them amid what may be a bit of 652 00:32:57,800 --> 00:32:58,560 Speaker 2: a storm cloud. 653 00:32:58,920 --> 00:32:59,120 Speaker 1: Yeah. 654 00:32:59,200 --> 00:33:02,080 Speaker 4: So I think any of those examples that you gave 655 00:33:02,480 --> 00:33:06,600 Speaker 4: only strengthened the way in which we're positioned. First of all, 656 00:33:06,840 --> 00:33:09,440 Speaker 4: we're almost fully leased, I mean when in fact, got 657 00:33:09,880 --> 00:33:13,680 Speaker 4: very very little square footage left to lease. We're in 658 00:33:13,680 --> 00:33:17,080 Speaker 4: a position that is advantageous, especially with respect to the 659 00:33:17,120 --> 00:33:20,040 Speaker 4: rest of the market, whether you use Atlanta or any 660 00:33:20,080 --> 00:33:24,080 Speaker 4: other any other markets. The other thing that we have 661 00:33:24,120 --> 00:33:27,040 Speaker 4: that's a very distinguishable difference is the amenities that we 662 00:33:27,080 --> 00:33:30,840 Speaker 4: can provide to all these which is really important, especially 663 00:33:30,880 --> 00:33:35,640 Speaker 4: as companies are trying to return their employees back to work. 664 00:33:36,040 --> 00:33:37,880 Speaker 4: You know, we have a lot of things for people 665 00:33:37,960 --> 00:33:41,800 Speaker 4: to do right outside their buildings, a lot of shops 666 00:33:41,840 --> 00:33:45,719 Speaker 4: and restaurants and entertainment offerings and things like that. So 667 00:33:45,800 --> 00:33:47,920 Speaker 4: as we've talked to companies, that becomes one of the 668 00:33:47,920 --> 00:33:52,200 Speaker 4: more important factors as they look at new leases or 669 00:33:52,320 --> 00:33:58,200 Speaker 4: renewing leases. So while some places in Atlanta they're going 670 00:33:58,240 --> 00:34:01,880 Speaker 4: through a strong sublease issue use or they're losing leases 671 00:34:01,920 --> 00:34:05,280 Speaker 4: as they come to expiration. In our situation, we actually 672 00:34:05,320 --> 00:34:08,160 Speaker 4: have quite the opposite. We're seeing a tremendous amount of 673 00:34:08,239 --> 00:34:10,879 Speaker 4: desire coming onto our campus, and I'd say the only 674 00:34:10,880 --> 00:34:13,040 Speaker 4: issue that we have right now is we're running out 675 00:34:13,080 --> 00:34:13,680 Speaker 4: in real estate. 676 00:34:15,600 --> 00:34:21,000 Speaker 1: There's only one other publicly owned major pro sports franchise 677 00:34:21,040 --> 00:34:23,759 Speaker 1: in the US, and that's the Green Bay Packers in 678 00:34:23,800 --> 00:34:28,960 Speaker 1: the NFL. Forgive me if this comes off crazy, but 679 00:34:29,280 --> 00:34:33,520 Speaker 1: has there been any brain session from the Braves talking 680 00:34:33,560 --> 00:34:36,040 Speaker 1: to maybe people from the Packers on how to go 681 00:34:36,080 --> 00:34:37,320 Speaker 1: about this process. 682 00:34:38,280 --> 00:34:42,480 Speaker 7: I think the Packers an amazing franchise, but it's a 683 00:34:42,480 --> 00:34:46,680 Speaker 7: little different. It's really a community owned experience and football 684 00:34:46,719 --> 00:34:49,959 Speaker 7: and baseball. While they have some positive attributes to the same, 685 00:34:50,000 --> 00:34:54,239 Speaker 7: there's some quite differences in how they operate. So while 686 00:34:54,320 --> 00:34:58,120 Speaker 7: we admire the Green Bay franchise, I'm not sure it's 687 00:34:58,160 --> 00:35:01,240 Speaker 7: exactly the model for what happening As a corporate owner 688 00:35:01,680 --> 00:35:04,840 Speaker 7: in Atlanta in baseball, yeah. 689 00:35:04,640 --> 00:35:06,400 Speaker 4: I would agree, I would agree. The only thing I 690 00:35:06,440 --> 00:35:09,440 Speaker 4: would add is they do do some things that create 691 00:35:09,920 --> 00:35:15,279 Speaker 4: novelties of your ownership tied to your fandom. And so 692 00:35:16,440 --> 00:35:19,120 Speaker 4: in this case where we might find somebody that wants 693 00:35:19,120 --> 00:35:21,160 Speaker 4: to invest in the team that's also a big fan 694 00:35:21,200 --> 00:35:23,600 Speaker 4: of the team. You know, perhaps we can find some 695 00:35:23,640 --> 00:35:30,120 Speaker 4: ways to collaborate and get some commemorative activity for them. 696 00:35:30,840 --> 00:35:34,000 Speaker 5: I love that question, Michael Barr, connecting it to the Packers, 697 00:35:34,040 --> 00:35:38,040 Speaker 5: which people know you can invest in, but again different 698 00:35:38,120 --> 00:35:42,640 Speaker 5: entity completely. We have covered extensively the struggles of regional 699 00:35:42,680 --> 00:35:45,680 Speaker 5: sports networks and the Braves play on what ballely Sports 700 00:35:45,680 --> 00:35:48,640 Speaker 5: South and Southeast which and I know that you've seen 701 00:35:48,920 --> 00:35:52,000 Speaker 5: big games and ratings. I'm curious to get your take 702 00:35:52,200 --> 00:35:55,160 Speaker 5: on whether you have any contingency plans to make sure 703 00:35:55,200 --> 00:35:59,200 Speaker 5: Braves fans can still see their team if this ARSON 704 00:35:59,719 --> 00:36:05,160 Speaker 5: model continues to struggle because we haven't found a solution 705 00:36:05,239 --> 00:36:05,680 Speaker 5: for it yet. 706 00:36:06,239 --> 00:36:10,319 Speaker 7: Yeah, I would say that the RSN model is long 707 00:36:10,400 --> 00:36:15,120 Speaker 7: term challenged. But frankly, we have probably, as I mentioned, 708 00:36:15,239 --> 00:36:19,080 Speaker 7: the most attractive model or territory in which to operate 709 00:36:19,400 --> 00:36:22,759 Speaker 7: popular team in a big territory, and we believe that 710 00:36:22,960 --> 00:36:27,319 Speaker 7: the RSN it does quite well. The RSN does quite well, 711 00:36:27,320 --> 00:36:30,799 Speaker 7: and they're unlikely to reject our contract as they restructure. 712 00:36:31,160 --> 00:36:34,560 Speaker 7: So while we do have contingency plans, we think it's 713 00:36:34,600 --> 00:36:37,160 Speaker 7: unlikely we're going to have to access those plans. 714 00:36:37,440 --> 00:36:40,920 Speaker 1: We're talking to Atlanta Braves CEO Derek Schiller and Liberty 715 00:36:41,040 --> 00:36:45,160 Speaker 1: Media CEO Greg Mafey. And I know we're running out 716 00:36:45,160 --> 00:36:48,680 Speaker 1: of time here and I'm stepping all over Damien here, 717 00:36:48,680 --> 00:36:52,200 Speaker 1: but I would like to ask one question. Uh, you guys, 718 00:36:52,719 --> 00:36:55,600 Speaker 1: with the new with the time clock and everything, the 719 00:36:55,680 --> 00:36:59,719 Speaker 1: pitch clock and this going on, it has speeded up 720 00:36:59,760 --> 00:37:01,879 Speaker 1: the game. It's like the way it used to be. 721 00:37:01,880 --> 00:37:07,640 Speaker 4: Old school, yep, yep. So obviously these things have been 722 00:37:07,680 --> 00:37:10,000 Speaker 4: studied for a number of years. That's the great thing 723 00:37:10,080 --> 00:37:11,680 Speaker 4: is we knew what they were going to ultimately do 724 00:37:11,920 --> 00:37:17,520 Speaker 4: for the game when they became ideas. They were put 725 00:37:17,520 --> 00:37:20,640 Speaker 4: into minor league baseball, they were studied, they were fine, 726 00:37:20,920 --> 00:37:23,080 Speaker 4: and now that they're ready for prime time, they got 727 00:37:23,080 --> 00:37:26,160 Speaker 4: instituted into major League baseball. And you're seeing the results 728 00:37:26,200 --> 00:37:29,440 Speaker 4: of that. You know, buy and large, most teams are down, 729 00:37:29,880 --> 00:37:32,120 Speaker 4: or most games are down somewhere in the neighborhood of 730 00:37:32,120 --> 00:37:36,480 Speaker 4: twenty to thirty minutes. And they're also more balls in play, 731 00:37:36,920 --> 00:37:41,000 Speaker 4: there's more stealing activity, and so there's more offense. So 732 00:37:41,040 --> 00:37:43,200 Speaker 4: you've got a little bit wider bases, you've got the 733 00:37:43,200 --> 00:37:47,360 Speaker 4: elimination of the shift, and you've got these pitch clock 734 00:37:47,960 --> 00:37:50,920 Speaker 4: and so all these things helped create a quicker game, 735 00:37:51,880 --> 00:37:54,560 Speaker 4: higher pace, that has a little bit more action in it. 736 00:37:54,840 --> 00:37:56,920 Speaker 4: And I think the results of that is that the 737 00:37:56,960 --> 00:38:00,360 Speaker 4: public loves it. They're coming to more baseball games, watching 738 00:38:00,360 --> 00:38:03,640 Speaker 4: more baseball games. Our ratings are up, everybody's ratings are 739 00:38:03,719 --> 00:38:06,120 Speaker 4: up for the most part, and so it's it's really 740 00:38:06,160 --> 00:38:08,680 Speaker 4: really working, and it's an example of how we can 741 00:38:08,719 --> 00:38:13,080 Speaker 4: come together with our players, with umpires and everybody else 742 00:38:13,120 --> 00:38:15,920 Speaker 4: involved and really try to continue to refine the game 743 00:38:16,200 --> 00:38:17,319 Speaker 4: to make it better each year. 744 00:38:17,760 --> 00:38:20,040 Speaker 1: I'm sorry, Damien, thank you very and I'm going to 745 00:38:20,080 --> 00:38:22,360 Speaker 1: shut up now because it's sports. I get excited. I 746 00:38:22,400 --> 00:38:22,920 Speaker 1: can't help it. 747 00:38:22,960 --> 00:38:25,160 Speaker 2: Hey, hey, hey, Michael Bardon never needs to apologize to me. 748 00:38:25,280 --> 00:38:27,080 Speaker 2: Derek greg I just have one more question here. I mean, 749 00:38:27,080 --> 00:38:29,560 Speaker 2: we've been throwing you a lot of softballs here today, 750 00:38:30,160 --> 00:38:31,759 Speaker 2: but you know here's one for you. It talk to 751 00:38:31,840 --> 00:38:33,560 Speaker 2: us about the braves chances of winning the World Series 752 00:38:33,560 --> 00:38:36,560 Speaker 2: at plus three hundred. I mean, is that enough compensation 753 00:38:36,680 --> 00:38:39,400 Speaker 2: for a team that's sent their entire infield and a 754 00:38:39,480 --> 00:38:41,600 Speaker 2: record eight players to the All Star Game last month? 755 00:38:41,640 --> 00:38:43,480 Speaker 2: I mean, should we be leading into those. I mean, 756 00:38:43,680 --> 00:38:45,840 Speaker 2: I'm just kidding, but you know, actually talk to us 757 00:38:45,840 --> 00:38:47,960 Speaker 2: a little bit about sports gambling. How is that changing 758 00:38:47,960 --> 00:38:50,040 Speaker 2: the game? I mean, you talked to us about audience 759 00:38:50,120 --> 00:38:52,440 Speaker 2: numbers going up, and obviously that has to do with performance. 760 00:38:52,480 --> 00:38:54,480 Speaker 2: But I'm just curious to hear your thoughts on sports 761 00:38:54,520 --> 00:38:56,359 Speaker 2: gambling and what you're you know, how you think that's 762 00:38:56,400 --> 00:38:57,160 Speaker 2: changing the game here. 763 00:38:57,400 --> 00:39:01,840 Speaker 4: Well, I've been trying to advocate for Jora to legalize 764 00:39:01,840 --> 00:39:04,719 Speaker 4: some form of sports gambling for the better past four 765 00:39:04,800 --> 00:39:09,319 Speaker 4: or five years. Georgia is now i think one of 766 00:39:09,360 --> 00:39:13,160 Speaker 4: the last states to not have legalized sports gambling in 767 00:39:13,200 --> 00:39:16,600 Speaker 4: some form. Correct, there's thirty eight thirty nine states something 768 00:39:16,680 --> 00:39:20,040 Speaker 4: like that that have it. There's a variety of reasons 769 00:39:20,080 --> 00:39:23,680 Speaker 4: why that is in the state of Georgia. Part of 770 00:39:23,719 --> 00:39:26,480 Speaker 4: it is there's no casino gaming in Georgia, and so 771 00:39:26,880 --> 00:39:30,160 Speaker 4: there's also a desire to get casino gaming legalized as well. 772 00:39:31,280 --> 00:39:33,959 Speaker 4: I still believe there's a pathway for us to get 773 00:39:34,440 --> 00:39:40,120 Speaker 4: a neuro sports betting arrangement legalized in Georgia, and we 774 00:39:40,200 --> 00:39:43,800 Speaker 4: support that. We support it for a few fundamental reasons. 775 00:39:43,880 --> 00:39:47,920 Speaker 4: The first is, as you've seen from wherever this has 776 00:39:48,200 --> 00:39:52,839 Speaker 4: been instituted. It creates a further connection and further engagement 777 00:39:52,920 --> 00:39:56,000 Speaker 4: for fans when they're watching their team, and in fact, 778 00:39:56,480 --> 00:39:59,040 Speaker 4: they may not watch their team. It just creates a 779 00:39:59,080 --> 00:40:01,920 Speaker 4: connection between whatever they bet and whatever it might be 780 00:40:01,960 --> 00:40:06,600 Speaker 4: on TV. So that's great increases sports fandom. The second 781 00:40:06,719 --> 00:40:10,920 Speaker 4: is and I'm getting a little bit biased here, is 782 00:40:10,960 --> 00:40:13,560 Speaker 4: that when it comes to Georgia, we want to have 783 00:40:13,600 --> 00:40:15,360 Speaker 4: a piece of that. Now we're not going to be 784 00:40:15,400 --> 00:40:17,799 Speaker 4: the person that places the bets or takes the bets 785 00:40:17,840 --> 00:40:21,279 Speaker 4: or anything, but we have to make sure that it's 786 00:40:21,280 --> 00:40:24,520 Speaker 4: done in the right way and inserting ourselves into that process. 787 00:40:24,880 --> 00:40:27,279 Speaker 4: We think there's some opportunities for us and we want 788 00:40:27,280 --> 00:40:30,239 Speaker 4: to take advantage of those. So that's something that we're 789 00:40:30,280 --> 00:40:32,560 Speaker 4: trying to get done as well. And you know, we've 790 00:40:32,560 --> 00:40:34,640 Speaker 4: got those thirty eight other states that we can draw 791 00:40:34,719 --> 00:40:37,040 Speaker 4: from and learn from where it worked well, where it didn't. 792 00:40:37,360 --> 00:40:41,040 Speaker 4: So I'm at it every day and hopeful that we 793 00:40:41,040 --> 00:40:43,240 Speaker 4: can get it done in this legislative session. 794 00:40:44,440 --> 00:40:48,239 Speaker 1: There's a lot of money in the online gambling Glen. 795 00:40:48,360 --> 00:40:50,800 Speaker 1: Like you said, the thirty eight or so other states 796 00:40:50,920 --> 00:40:54,640 Speaker 1: that have it, they have raked it pretty much in 797 00:40:55,040 --> 00:40:59,959 Speaker 1: and which brings me to the next point. That's something 798 00:41:00,280 --> 00:41:04,280 Speaker 1: where maybe you could talk to like a fan duel 799 00:41:04,400 --> 00:41:07,000 Speaker 1: or something like that, whatever, because like you said, it's 800 00:41:07,040 --> 00:41:12,239 Speaker 1: going to take a campaign to get online gambling in Georgia. 801 00:41:12,440 --> 00:41:16,239 Speaker 4: Yeah, there are a lot of different interests in this situation. 802 00:41:17,440 --> 00:41:21,480 Speaker 4: Their interests that are differing amongst the sports betting operators, 803 00:41:21,960 --> 00:41:25,160 Speaker 4: their interests that are different amongst the politicians. I know, 804 00:41:25,440 --> 00:41:28,960 Speaker 4: I'm saying something really crazy right there, and then their 805 00:41:29,000 --> 00:41:32,560 Speaker 4: interests that are different amongst the public. And so what 806 00:41:32,600 --> 00:41:34,560 Speaker 4: we're trying to do is thread the needle across all 807 00:41:34,640 --> 00:41:37,280 Speaker 4: of those and hopefully find something that works as a solution. 808 00:41:38,000 --> 00:41:39,680 Speaker 4: The fact of the matter, though, is in states like 809 00:41:39,719 --> 00:41:43,400 Speaker 4: Georgia and maybe even especially Jordan, with the amount of 810 00:41:43,400 --> 00:41:46,120 Speaker 4: sports that are played in Georgia and then just the 811 00:41:46,160 --> 00:41:49,719 Speaker 4: fandom that exists there, betting sports betting is going on 812 00:41:50,080 --> 00:41:52,480 Speaker 4: in the state of Georgia in a massive way, and 813 00:41:52,520 --> 00:41:56,440 Speaker 4: so the thing that's happening here it is being untaxed, unregulated, 814 00:41:56,880 --> 00:41:59,080 Speaker 4: and so there's problems that could come from that, and 815 00:41:59,120 --> 00:42:01,040 Speaker 4: the money that is really resulting from that is not 816 00:42:01,120 --> 00:42:03,520 Speaker 4: going to inure to the benefit of the state or 817 00:42:03,560 --> 00:42:07,160 Speaker 4: wherever the state wants to put that that seems like 818 00:42:07,160 --> 00:42:07,800 Speaker 4: a miss. 819 00:42:08,480 --> 00:42:11,640 Speaker 1: Well for what it's worth, Yes, I was born and 820 00:42:11,719 --> 00:42:15,400 Speaker 1: raised in Detroit and a Tigers fan, but I'm interested 821 00:42:15,440 --> 00:42:19,399 Speaker 1: in this looking at the Atlanta Braves getting a piece 822 00:42:19,400 --> 00:42:21,880 Speaker 1: of it. As for the Packers, I'm alliance fan. No, no, no, 823 00:42:22,040 --> 00:42:26,360 Speaker 1: I can't do that, No way they can't have gentlemen. 824 00:42:26,400 --> 00:42:29,160 Speaker 1: Thank you so much, Atlanta Brave CEO Derek Schiller and 825 00:42:29,239 --> 00:42:33,080 Speaker 1: Liberty Media CEO Greg Matthey. I am so happy that 826 00:42:33,120 --> 00:42:35,719 Speaker 1: you can join us for the Bloomberg Business of Sports 827 00:42:35,840 --> 00:42:37,719 Speaker 1: and we are honored to have you both. Thank you 828 00:42:37,840 --> 00:42:41,760 Speaker 1: very much, Thank you. This has been the Bloomberg Business 829 00:42:41,760 --> 00:42:44,239 Speaker 1: of Sports podcast. We explore the big money issues in 830 00:42:44,239 --> 00:42:46,600 Speaker 1: the world of sports on Michael Barr. You can follow 831 00:42:46,640 --> 00:42:48,760 Speaker 1: me on Twitter. Well, I don't even call it Twitter anymore. 832 00:42:48,760 --> 00:42:52,200 Speaker 1: I guess it's x whatever big bar sports dot. 833 00:42:52,040 --> 00:42:55,960 Speaker 5: Com and I'm on Twitter slash x at Scarlett Foo. 834 00:42:57,320 --> 00:42:59,480 Speaker 2: And I guess I'm on ex also at Deep SaaS Hour. 835 00:43:00,080 --> 00:43:02,960 Speaker 1: Hey, by the way, if you hear this on a podcast, 836 00:43:03,000 --> 00:43:05,600 Speaker 1: download it wherever you get your podcasts.