WEBVTT - PGA Tour CEO Brian Rolapp Ends Talks Golf

0:00:02.480 --> 0:00:12.600
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

0:00:13.720 --> 0:00:14.240
<v Speaker 2>Bloomberg.

0:00:14.240 --> 0:00:16.320
<v Speaker 3>Money is about making and investing your money, but it's

0:00:16.320 --> 0:00:18.520
<v Speaker 3>also about spending it, and a lot of people like

0:00:18.560 --> 0:00:21.520
<v Speaker 3>spending it on golf, both watching and playing it. Professional

0:00:21.560 --> 0:00:24.239
<v Speaker 3>golf only caught the attention of golfers for decades, but

0:00:24.320 --> 0:00:26.520
<v Speaker 3>over the last five years it's become kind of a

0:00:26.560 --> 0:00:29.720
<v Speaker 3>soap opera. Bloomberg Senior Business of Sports reporter Randall Williams

0:00:29.960 --> 0:00:32.080
<v Speaker 3>joins us Now and Randall, I go to the idea

0:00:32.159 --> 0:00:35.840
<v Speaker 3>that for people in the US, professional golf was equal

0:00:35.880 --> 0:00:37.720
<v Speaker 3>to the PGA Tour, But then you had Live Golf,

0:00:37.760 --> 0:00:40.599
<v Speaker 3>which was funded by the Saudi Arabians, popping up as

0:00:40.600 --> 0:00:43.440
<v Speaker 3>a competitor. And then at some point the two decided

0:00:43.479 --> 0:00:46.200
<v Speaker 3>on a merger. But then I don't think anything happened.

0:00:46.360 --> 0:00:48.120
<v Speaker 3>What's the latest or what has happened.

0:00:48.440 --> 0:00:51.920
<v Speaker 4>Well, it's been on an indefinite pause, but the PGA

0:00:52.000 --> 0:00:55.080
<v Speaker 4>Tour has evolved since then. Of course Livgolf entered. It

0:00:55.120 --> 0:00:57.000
<v Speaker 4>caused a lot of chaos. But then you had the

0:00:57.000 --> 0:01:00.240
<v Speaker 4>Strategic Sports Group that's backed by Fenway's Sports Group is

0:01:00.280 --> 0:01:02.480
<v Speaker 4>backed by Steve Cohen, who's the Mets owner. And then

0:01:02.480 --> 0:01:04.399
<v Speaker 4>you have Arthur Blank who's the Falcon's owner. Them and

0:01:04.440 --> 0:01:07.480
<v Speaker 4>a lot more people put up to three billion dollars

0:01:07.480 --> 0:01:10.000
<v Speaker 4>into the PGA Tour, which created a for profit arm

0:01:10.040 --> 0:01:13.560
<v Speaker 4>called the PGA Tour Enterprises. Since then, the PGA Tour

0:01:13.600 --> 0:01:17.560
<v Speaker 4>has been slowly trying to i'd say, recalibrate itself, to

0:01:17.600 --> 0:01:21.000
<v Speaker 4>get on the right track, to evolve, to fill in

0:01:21.040 --> 0:01:23.039
<v Speaker 4>some of the holes that maybe live golf exposed.

0:01:23.959 --> 0:01:25.760
<v Speaker 3>What were some of the holes that live golf exposed,

0:01:25.760 --> 0:01:28.920
<v Speaker 3>Because golf had a bit of a renaissance during the pandemic.

0:01:29.040 --> 0:01:31.000
<v Speaker 3>Up until that point, a lot of people criticize it

0:01:31.000 --> 0:01:34.559
<v Speaker 3>for being hard, elitist, expensive, but then golf like found

0:01:34.560 --> 0:01:35.760
<v Speaker 3>itself during the pandemic.

0:01:35.800 --> 0:01:38.280
<v Speaker 4>Well, I'd say that golf is very a traditionalist sport,

0:01:38.400 --> 0:01:42.360
<v Speaker 4>and so with tradition, there's always tradition versus innovation. And

0:01:42.440 --> 0:01:44.679
<v Speaker 4>so of course you had some people complaining about player

0:01:44.720 --> 0:01:48.120
<v Speaker 4>of pay, you had people complaining about the tournament schedule.

0:01:48.240 --> 0:01:50.840
<v Speaker 4>And so now we have a bunch of innovations that

0:01:50.880 --> 0:01:54.440
<v Speaker 4>are happening in regards to the system of golfer. Is

0:01:54.480 --> 0:01:57.160
<v Speaker 4>going to be a championship series and then a challenger series,

0:01:57.200 --> 0:01:59.400
<v Speaker 4>and that's how the changes have come.

0:01:59.360 --> 0:02:01.520
<v Speaker 5>What do you be doing here? I mean, the Master's

0:02:01.600 --> 0:02:04.000
<v Speaker 5>is iconic and all that, but in terms of the

0:02:04.160 --> 0:02:06.840
<v Speaker 5>entertainment TV streaming battle, are they going to be a

0:02:06.920 --> 0:02:08.680
<v Speaker 5>huge bidding warm from where you said.

0:02:08.480 --> 0:02:08.920
<v Speaker 2>I think so.

0:02:09.160 --> 0:02:10.920
<v Speaker 4>I think we're a couple of years away from that.

0:02:11.080 --> 0:02:13.160
<v Speaker 4>But media rights are of course a huge part of

0:02:13.200 --> 0:02:15.040
<v Speaker 4>the sports business, and if you're not in the media

0:02:15.080 --> 0:02:17.079
<v Speaker 4>rights business, then your sport probably isn't going to last

0:02:17.200 --> 0:02:20.000
<v Speaker 4>very long. And the PGA Tour is still the dominant

0:02:20.000 --> 0:02:22.480
<v Speaker 4>presence in golf. I think live. The threat of Live

0:02:22.560 --> 0:02:25.840
<v Speaker 4>came from the Saudi's who had seemingly limitless pockets.

0:02:26.160 --> 0:02:27.240
<v Speaker 2>Now that that is not.

0:02:27.440 --> 0:02:30.600
<v Speaker 4>In existence anymore, the PGA Tours again once again the

0:02:30.639 --> 0:02:33.160
<v Speaker 4>dominant franchise that I think broadcasters are going to be

0:02:33.160 --> 0:02:33.560
<v Speaker 4>bidding up.

0:02:33.600 --> 0:02:35.959
<v Speaker 3>Yeah, with Saudi Arabia pulling is funding from that other

0:02:36.200 --> 0:02:38.959
<v Speaker 3>golf league. Thank you so much, Bloomberg Sior Business of

0:02:39.000 --> 0:02:42.400
<v Speaker 3>Sports reporter Randall Williams joining us now, I'm pleased to say,

0:02:42.480 --> 0:02:44.839
<v Speaker 3>is the CEO the new CEO of the PGA Tour,

0:02:45.160 --> 0:02:46.520
<v Speaker 3>Brian roll up, Brian.

0:02:46.280 --> 0:02:47.799
<v Speaker 2>Great to see you here. Great to see you.

0:02:47.880 --> 0:02:50.360
<v Speaker 3>So we've just talked about how golf is for the traditionalists.

0:02:50.840 --> 0:02:52.400
<v Speaker 3>A lot of people like to say it's the sport

0:02:52.480 --> 0:02:55.720
<v Speaker 3>most like life because it's hard, but it's also kind

0:02:55.720 --> 0:02:58.880
<v Speaker 3>of elitist and kind of expensive. Coming from the NFL,

0:02:58.960 --> 0:03:01.560
<v Speaker 3>do you see those as features to be protected or

0:03:01.720 --> 0:03:04.399
<v Speaker 3>barriers to growth that should be challenged.

0:03:04.800 --> 0:03:09.440
<v Speaker 6>Well, I think any sport, professional sport that's worth its

0:03:09.480 --> 0:03:11.080
<v Speaker 6>salt will always.

0:03:10.680 --> 0:03:12.360
<v Speaker 2>Sort of challenge where it is.

0:03:12.400 --> 0:03:13.840
<v Speaker 6>And I think there's one thing I learned at the

0:03:13.960 --> 0:03:16.519
<v Speaker 6>NFL over two decades is you know, if you're not

0:03:16.560 --> 0:03:18.600
<v Speaker 6>going forwards, you're going backwards in innovation matter.

0:03:18.720 --> 0:03:19.560
<v Speaker 2>So when I first.

0:03:19.400 --> 0:03:21.240
<v Speaker 6>Took the job, I was very clear that we're going

0:03:21.320 --> 0:03:22.720
<v Speaker 6>to honor tradition, but we're not going.

0:03:22.639 --> 0:03:23.760
<v Speaker 2>To be overly bound by it.

0:03:23.880 --> 0:03:25.760
<v Speaker 6>And you look at some of the trends of the

0:03:25.760 --> 0:03:28.080
<v Speaker 6>game of golf, well, as you say, maybe it has

0:03:28.120 --> 0:03:30.880
<v Speaker 6>this reputation as elitist. If you look at the growth

0:03:30.919 --> 0:03:34.760
<v Speaker 6>since COVID, participation in golf in this country has grown

0:03:34.800 --> 0:03:37.560
<v Speaker 6>thirty nine percent since COVID. Now you don't have to

0:03:38.560 --> 0:03:40.880
<v Speaker 6>play a sport to watch it on television, but sure helps.

0:03:41.080 --> 0:03:42.640
<v Speaker 2>Half of that growth is under the age of twenty

0:03:42.880 --> 0:03:44.160
<v Speaker 2>or thirty five, the.

0:03:44.120 --> 0:03:47.520
<v Speaker 6>Average age of a professional tour telecast inclusive of the majors,

0:03:47.520 --> 0:03:50.000
<v Speaker 6>is sixty six years old, So there is a disconnect

0:03:50.240 --> 0:03:52.280
<v Speaker 6>between where the sport is going and what professional has

0:03:52.320 --> 0:03:54.160
<v Speaker 6>been able to do. We are closing that gap in

0:03:54.200 --> 0:03:56.120
<v Speaker 6>significant ways, and if you just close that gap to

0:03:56.160 --> 0:03:58.240
<v Speaker 6>a minimum, you've got a bit of a rocket ship.

0:03:58.640 --> 0:04:00.920
<v Speaker 3>You've talked about how Live Golf helped expose some of

0:04:00.920 --> 0:04:04.280
<v Speaker 3>the weaknesses of the tour was the biggest lessons about

0:04:04.320 --> 0:04:08.120
<v Speaker 3>the economics of professional golf. About the product itself.

0:04:08.000 --> 0:04:09.000
<v Speaker 2>I think it's the product.

0:04:09.200 --> 0:04:12.760
<v Speaker 6>I think, listen, there's something about the sports industry I

0:04:12.800 --> 0:04:15.720
<v Speaker 6>don't understand. If you look at the history. Huge innovation

0:04:15.920 --> 0:04:18.080
<v Speaker 6>usually doesn't happen without a crisis. It could be a

0:04:18.120 --> 0:04:21.000
<v Speaker 6>labor dispute with a collective Borrodi agreement. Back in my

0:04:21.080 --> 0:04:23.720
<v Speaker 6>old job, the USFL or the AFL NFL. When I

0:04:23.720 --> 0:04:26.080
<v Speaker 6>looked at this opportunity, I just saw the AFL NFL,

0:04:26.320 --> 0:04:29.279
<v Speaker 6>which essentially created a lot of systemic changes in professional

0:04:29.279 --> 0:04:31.840
<v Speaker 6>football that started to accelerate the growth.

0:04:32.080 --> 0:04:33.320
<v Speaker 2>I think we've had that moment here.

0:04:33.360 --> 0:04:37.880
<v Speaker 6>So I think a lot of perhaps shortcomings in professional

0:04:38.000 --> 0:04:40.599
<v Speaker 6>golf came with a little bit of competition where all

0:04:40.640 --> 0:04:42.120
<v Speaker 6>Americans competition is a good thing.

0:04:42.440 --> 0:04:43.159
<v Speaker 2>So I think.

0:04:43.000 --> 0:04:45.440
<v Speaker 6>We've seen that and we're trying to build something that

0:04:45.600 --> 0:04:46.440
<v Speaker 6>outlives all of us.

0:04:46.440 --> 0:04:46.600
<v Speaker 2>Here.

0:04:46.640 --> 0:04:48.200
<v Speaker 5>What did you learn from Pete Rosell? I mean it

0:04:48.240 --> 0:04:50.839
<v Speaker 5>was before your time. If we say Pete Rosell invented

0:04:50.880 --> 0:04:54.159
<v Speaker 5>all of this really best practices as well. What is

0:04:54.839 --> 0:04:57.200
<v Speaker 5>if you're the Pete Rosell of golf, what do you

0:04:57.279 --> 0:04:58.839
<v Speaker 5>need to do to really jump start.

0:04:58.680 --> 0:05:00.240
<v Speaker 2>It's a really good question. Pete Rosell.

0:05:00.320 --> 0:05:02.520
<v Speaker 6>I think one thing he got I mean was he

0:05:02.560 --> 0:05:04.080
<v Speaker 6>was thirty four years old when he took a job,

0:05:04.120 --> 0:05:06.560
<v Speaker 6>and I don't think people realized that, but he he

0:05:06.720 --> 0:05:06.960
<v Speaker 6>was the.

0:05:06.920 --> 0:05:08.279
<v Speaker 2>First one who figured out media.

0:05:08.400 --> 0:05:11.000
<v Speaker 6>I think when it came to so the modern media

0:05:11.080 --> 0:05:12.960
<v Speaker 6>model that I think you see in the NFL that

0:05:13.000 --> 0:05:14.920
<v Speaker 6>I was a part of, but then I think other

0:05:14.920 --> 0:05:18.880
<v Speaker 6>sports have adopted, is if you get your media model right,

0:05:18.920 --> 0:05:20.960
<v Speaker 6>you can build a sport. So when he started the NFL,

0:05:21.000 --> 0:05:22.679
<v Speaker 6>we he started working in the NFL, it was probably

0:05:22.680 --> 0:05:25.479
<v Speaker 6>the third most popular sport in the country, behind professional

0:05:25.560 --> 0:05:28.760
<v Speaker 6>baseball and college football. But because of a reach model

0:05:28.839 --> 0:05:31.640
<v Speaker 6>using network television, he built the sport and told the stories.

0:05:31.680 --> 0:05:34.000
<v Speaker 6>And so I think that's one thing I've learned is

0:05:34.000 --> 0:05:36.080
<v Speaker 6>how you know we're concentrated. How do you increase the

0:05:36.120 --> 0:05:37.599
<v Speaker 6>reach of the PGA Tour and how do you tell

0:05:37.680 --> 0:05:39.680
<v Speaker 6>more stories about the athlete to play it.

0:05:39.760 --> 0:05:42.000
<v Speaker 5>Okay, so you got Ernie from l Twon in Pennsylvania

0:05:42.160 --> 0:05:44.480
<v Speaker 5>coming up the course, lightening it up decades and decades

0:05:44.520 --> 0:05:48.520
<v Speaker 5>decades ago. I was at Rochester in nineteen sixty eight

0:05:48.520 --> 0:05:52.960
<v Speaker 5>when Lee Trevino turned your sport upside down. Who's your

0:05:53.000 --> 0:05:53.880
<v Speaker 5>new Lee Trevino?

0:05:54.880 --> 0:05:57.279
<v Speaker 2>Well, listen, I think we have a lot of stars.

0:05:57.320 --> 0:06:01.760
<v Speaker 6>I think there's a misconception about professional golf that a

0:06:01.839 --> 0:06:04.640
<v Speaker 6>given competition or given tournament only matters if one or

0:06:04.640 --> 0:06:07.080
<v Speaker 6>two golfers are in it. When you actually look at

0:06:07.120 --> 0:06:11.080
<v Speaker 6>professional golf, the difference in winning a tournament and losing

0:06:11.160 --> 0:06:12.800
<v Speaker 6>tournament is one stroke over four days.

0:06:13.120 --> 0:06:13.720
<v Speaker 2>That type of.

0:06:13.680 --> 0:06:16.840
<v Speaker 6>Competitive parody, it's that tight. The only other place I've

0:06:16.839 --> 0:06:19.600
<v Speaker 6>seen that as in professional football. So the reality is

0:06:19.600 --> 0:06:22.360
<v Speaker 6>is we have a collection of some pretty amazing golfers.

0:06:22.400 --> 0:06:25.760
<v Speaker 6>Whether you take the established guys like scottis Shefflin, Rory McIlroy,

0:06:26.240 --> 0:06:28.760
<v Speaker 6>or you look at the Coyven kid who's just coming

0:06:28.800 --> 0:06:31.240
<v Speaker 6>out of Auburn and some of these younger guys who

0:06:31.240 --> 0:06:34.600
<v Speaker 6>are just really performing well. I think we have an

0:06:34.600 --> 0:06:38.200
<v Speaker 6>amazing roster of veterans and young guys who are really,

0:06:38.240 --> 0:06:39.039
<v Speaker 6>really competitive.

0:06:39.160 --> 0:06:41.119
<v Speaker 2>It's our job to actually showcase them better.

0:06:41.760 --> 0:06:44.920
<v Speaker 3>Randa was talking to us about the PGA Tour Enterprises,

0:06:45.040 --> 0:06:47.960
<v Speaker 3>this commercial arm. Of course, FIFA wanted to follow the

0:06:48.000 --> 0:06:51.240
<v Speaker 3>tour's lead and spin off its own business and seek

0:06:51.279 --> 0:06:54.280
<v Speaker 3>outside investors. That ended up failing. I'm curious to hear

0:06:54.279 --> 0:06:56.919
<v Speaker 3>more about the pg tor Enterprises and the role of

0:06:56.960 --> 0:06:59.800
<v Speaker 3>it in the PGA Tour overall. Is this something that

0:06:59.839 --> 0:07:02.159
<v Speaker 3>the players feel and experience, this is something that the

0:07:02.200 --> 0:07:03.440
<v Speaker 3>fans feel and experience.

0:07:03.640 --> 0:07:06.120
<v Speaker 2>Yeah, I think the answers both of them will. I

0:07:06.120 --> 0:07:07.520
<v Speaker 2>think the players experience it.

0:07:07.520 --> 0:07:10.160
<v Speaker 6>Where what PGA Tour Enterprises has allowed us to do

0:07:10.280 --> 0:07:13.320
<v Speaker 6>is to evolve the PGA Tour where most.

0:07:13.080 --> 0:07:14.600
<v Speaker 2>Professional sports have gotten.

0:07:15.040 --> 0:07:18.360
<v Speaker 6>We've actually capitalized it and turned it into a commercial business.

0:07:18.720 --> 0:07:22.040
<v Speaker 6>And the strength of that commercial business funds innovation, it

0:07:22.080 --> 0:07:25.040
<v Speaker 6>funds player persons and funds everything. I think the PGA

0:07:25.080 --> 0:07:27.560
<v Speaker 6>Tour was locked in a bit of a legacy governance model.

0:07:28.360 --> 0:07:30.920
<v Speaker 6>Now that the mission is clear, and now that we're capitalized,

0:07:30.960 --> 0:07:32.920
<v Speaker 6>we can do that. So I think the players will

0:07:32.920 --> 0:07:35.360
<v Speaker 6>feel it and that you look at the new competitive

0:07:35.400 --> 0:07:38.160
<v Speaker 6>model that we've announced. There's healthy persons across the board,

0:07:38.480 --> 0:07:40.680
<v Speaker 6>and they can actually earn equity in the tour. This

0:07:40.760 --> 0:07:42.640
<v Speaker 6>is the only professional tour of scale that I can

0:07:42.640 --> 0:07:45.960
<v Speaker 6>think of. Players can actually earn equity, which is a

0:07:46.040 --> 0:07:50.760
<v Speaker 6>huge opportunity and also aligns investors, management and players like

0:07:50.800 --> 0:07:52.720
<v Speaker 6>no other sport in the world. I think the fans

0:07:52.760 --> 0:07:56.640
<v Speaker 6>will feel it be because of that commercial change to

0:07:56.720 --> 0:07:59.080
<v Speaker 6>the tour. We have investment dollars to make the fan

0:07:59.160 --> 0:08:01.760
<v Speaker 6>experience better, to make the competitive product better, to make

0:08:01.800 --> 0:08:05.080
<v Speaker 6>the media product better. So I think that is and

0:08:05.120 --> 0:08:06.560
<v Speaker 6>I think it's one thing that came out of this,

0:08:06.840 --> 0:08:10.400
<v Speaker 6>this this live competition of crisis, is we got focused,

0:08:10.400 --> 0:08:12.240
<v Speaker 6>we got capitalized. Now we know what the mission is

0:08:12.480 --> 0:08:14.280
<v Speaker 6>and I think fans and players are going to win.

0:08:14.320 --> 0:08:16.720
<v Speaker 5>Because what are you personally to do about slow play?

0:08:16.880 --> 0:08:19.000
<v Speaker 5>There's no other mean, Meredith Whitney was just done with

0:08:19.080 --> 0:08:21.240
<v Speaker 5>us and she's stand on the golf course lining up

0:08:21.240 --> 0:08:23.400
<v Speaker 5>a five foot putt for twenty minutes. Yeah, and the

0:08:23.440 --> 0:08:27.640
<v Speaker 5>answer is slow. I mean the retires, we do personal finance, retirement,

0:08:27.680 --> 0:08:30.760
<v Speaker 5>wealth management. Everybody in retirement wants to play your sport

0:08:30.840 --> 0:08:33.760
<v Speaker 5>four days a week, but they can't because a stupid

0:08:33.800 --> 0:08:34.360
<v Speaker 5>slow play.

0:08:34.360 --> 0:08:35.280
<v Speaker 2>What do you do well?

0:08:35.320 --> 0:08:37.920
<v Speaker 6>I don't stay up at night worrying about slow play

0:08:37.920 --> 0:08:39.400
<v Speaker 6>among amateurs at their country club.

0:08:39.440 --> 0:08:40.600
<v Speaker 2>I actually don't think about that.

0:08:41.040 --> 0:08:44.240
<v Speaker 6>I only when I think about the PGA Tour professional golf.

0:08:46.000 --> 0:08:48.800
<v Speaker 6>I think it depends when we're talking about who you're

0:08:48.800 --> 0:08:50.960
<v Speaker 6>talking to when you talk about slow play on a

0:08:51.000 --> 0:08:53.360
<v Speaker 6>Thursday or Friday round before the cut, when we have

0:08:53.360 --> 0:08:55.640
<v Speaker 6>one hundred and forty four players and it's early in

0:08:55.679 --> 0:08:57.680
<v Speaker 6>the year and we're racing against daylight. To keep this

0:08:57.760 --> 0:09:01.360
<v Speaker 6>on television, we need to speak fascinating when you're talking

0:09:01.400 --> 0:09:05.360
<v Speaker 6>about a Sunday round or a playoff and someone's taken

0:09:05.400 --> 0:09:07.080
<v Speaker 6>extra un out of your line up a shot because

0:09:07.120 --> 0:09:09.280
<v Speaker 6>it's the shot of their life that's different. So I

0:09:09.320 --> 0:09:11.840
<v Speaker 6>think context matters here. I also think it's about how

0:09:11.880 --> 0:09:14.600
<v Speaker 6>we produce the sport. So if you're watching on television

0:09:14.679 --> 0:09:17.560
<v Speaker 6>and somebody is actually standing over a putt a little longer,

0:09:17.679 --> 0:09:19.800
<v Speaker 6>there's a thousand other shots going on on the golf course.

0:09:19.840 --> 0:09:22.280
<v Speaker 6>It's our job, and our broadcast partners produce it better.

0:09:22.480 --> 0:09:24.200
<v Speaker 6>I come from the NFL, where we produce the Red

0:09:24.280 --> 0:09:27.080
<v Speaker 6>zone channel, the red zone channel moved around. The fact

0:09:27.120 --> 0:09:28.640
<v Speaker 6>of the matter is is half the time when you

0:09:28.640 --> 0:09:30.280
<v Speaker 6>go in to look at a Cleveland game.

0:09:30.160 --> 0:09:32.000
<v Speaker 2>It's not live. It already happened. Roll it back.

0:09:32.040 --> 0:09:34.240
<v Speaker 6>I think we can produce it better and actually tell

0:09:34.280 --> 0:09:36.880
<v Speaker 6>a better story. So it's a complex issue. But I'm

0:09:36.920 --> 0:09:39.040
<v Speaker 6>not really focused on your local club. That's the local

0:09:39.080 --> 0:09:41.120
<v Speaker 6>club's problem. I'm really focused on the PGA Tour.

0:09:41.200 --> 0:09:42.959
<v Speaker 3>Can you do a red zone version of the PGA Tour?

0:09:43.200 --> 0:09:45.520
<v Speaker 6>I think I think we're talking about a lot of innovation,

0:09:45.559 --> 0:09:47.240
<v Speaker 6>but if you think about how golf is produced already,

0:09:47.240 --> 0:09:48.400
<v Speaker 6>it is a little bit of red zone.

0:09:48.440 --> 0:09:50.360
<v Speaker 2>Here Scarlett on the eighteenth Green, let's take a look.

0:09:50.440 --> 0:09:53.400
<v Speaker 2>Let's go over here, ask do you need a hydration break?

0:09:54.920 --> 0:09:57.640
<v Speaker 5>I mean, please tell me. I mean it's the ninth

0:09:57.679 --> 0:09:59.880
<v Speaker 5>hole of hydration break was a Jenny kream.

0:09:59.720 --> 0:10:01.480
<v Speaker 2>Alb that's the story here.

0:10:01.600 --> 0:10:03.360
<v Speaker 5>What are you going to do about a hydration break

0:10:03.360 --> 0:10:04.720
<v Speaker 5>to bring in a marginal million?

0:10:04.880 --> 0:10:08.440
<v Speaker 2>Well, no comment on that. I'll ask the FIFA guys

0:10:08.480 --> 0:10:09.920
<v Speaker 2>on that. I don't have a view on that. Well.

0:10:09.920 --> 0:10:11.880
<v Speaker 3>Having said that, I mean, I'm sure you watch the

0:10:11.880 --> 0:10:14.360
<v Speaker 3>World Cup. Are there any learnings from the World Cup,

0:10:14.400 --> 0:10:16.440
<v Speaker 3>the spectacle that was the World Cup that you can

0:10:16.480 --> 0:10:17.560
<v Speaker 3>apply to pro golf.

0:10:17.840 --> 0:10:22.719
<v Speaker 6>I just think in general, I think the World Cup,

0:10:22.800 --> 0:10:25.440
<v Speaker 6>or what we're doing, whether sports are doing, it's a

0:10:25.480 --> 0:10:29.960
<v Speaker 6>reminder that the value of sports is increasing in a

0:10:30.040 --> 0:10:34.079
<v Speaker 6>world that is continually fragmented, whether it's by media so

0:10:34.200 --> 0:10:36.840
<v Speaker 6>much competition for your attention. There's a handful of things

0:10:36.880 --> 0:10:39.200
<v Speaker 6>that are standing out that can aggregate tens of millions

0:10:39.240 --> 0:10:41.920
<v Speaker 6>of people at one time doing one thing, and I

0:10:41.960 --> 0:10:45.760
<v Speaker 6>think it's sports and maybe some news. So I think

0:10:46.320 --> 0:10:49.880
<v Speaker 6>that is encouraging. If you're in the sports business now,

0:10:50.240 --> 0:10:52.280
<v Speaker 6>you know, it doesn't mean you can rest on your laurels.

0:10:52.280 --> 0:10:53.640
<v Speaker 6>It means you need to innovate and keep up with

0:10:53.679 --> 0:10:56.600
<v Speaker 6>the chaming demographics of the sports fan. But I think

0:10:56.640 --> 0:10:58.200
<v Speaker 6>if the World Cup or anything has taught us is

0:10:58.200 --> 0:11:00.000
<v Speaker 6>that sports is a pretty strong investment class.

0:11:00.040 --> 0:11:03.240
<v Speaker 3>Yes, okay, when you innovate, especially when it comes to

0:11:03.240 --> 0:11:06.160
<v Speaker 3>media distribution. You guess the point where fans are left confused.

0:11:06.760 --> 0:11:08.600
<v Speaker 3>We have a Bloomberg New story about how sports fans

0:11:08.600 --> 0:11:10.720
<v Speaker 3>are looking at two thousand dollars streaming bills in order

0:11:10.760 --> 0:11:13.120
<v Speaker 3>to follow their favorite team. Has it gone too far

0:11:13.520 --> 0:11:16.079
<v Speaker 3>to the point where fans will start rebelling and it

0:11:16.120 --> 0:11:18.160
<v Speaker 3>won't work anymore, and we have to kind of rethink this.

0:11:18.440 --> 0:11:22.080
<v Speaker 6>Well, if fans are rebelling in sports, we haven't seen

0:11:22.080 --> 0:11:24.880
<v Speaker 6>it yet. But I think the larger question is, while

0:11:24.920 --> 0:11:27.880
<v Speaker 6>I'm a big believer that in order to build a

0:11:27.920 --> 0:11:31.080
<v Speaker 6>sport and the value proposition of sports and media is reach,

0:11:31.520 --> 0:11:33.800
<v Speaker 6>how many people can you reach? How can you aggregate audience?

0:11:34.200 --> 0:11:36.640
<v Speaker 6>That is still true. Pete Rosell got that right, That

0:11:36.720 --> 0:11:39.320
<v Speaker 6>is still the case. The difference is reach is much

0:11:39.320 --> 0:11:41.400
<v Speaker 6>more complicated because of where the media world is.

0:11:41.480 --> 0:11:43.199
<v Speaker 5>I got to slip this in. You have a gift

0:11:43.360 --> 0:11:45.719
<v Speaker 5>used to get Florida State. I think he's fourteen. I

0:11:45.760 --> 0:11:48.680
<v Speaker 5>don't think you can drive a car, Miles Russell. Okay,

0:11:48.840 --> 0:11:51.040
<v Speaker 5>what do you do with the property? Like Miles Russell

0:11:51.040 --> 0:11:53.720
<v Speaker 5>who's fifteen, I think fifteen to sixteen years old.

0:11:53.760 --> 0:11:55.800
<v Speaker 6>Well, I think what you're going to see is when

0:11:55.840 --> 0:11:59.400
<v Speaker 6>we announce our new competitive model, which if you study

0:11:59.480 --> 0:12:01.680
<v Speaker 6>what we've done as we've opened up the meritocracy of

0:12:01.679 --> 0:12:04.720
<v Speaker 6>the PGA Tour. We've created a championship series which is

0:12:04.760 --> 0:12:07.360
<v Speaker 6>the top twenty three events or so, where the top

0:12:07.400 --> 0:12:09.360
<v Speaker 6>one hundred and twenty golfers are going to compete together

0:12:09.440 --> 0:12:12.360
<v Speaker 6>weekend and week out. They can't play down into the

0:12:12.440 --> 0:12:15.280
<v Speaker 6>Challenger Series, which is for everybody else. They will compete

0:12:15.320 --> 0:12:19.560
<v Speaker 6>for a regular season title that will be the most precious,

0:12:19.679 --> 0:12:22.920
<v Speaker 6>prestigious thing in golf. They'll also be promotion relegation, so

0:12:22.960 --> 0:12:24.880
<v Speaker 6>at the end of that you're going to be relegated down.

0:12:25.160 --> 0:12:28.000
<v Speaker 6>My point is we've opened up the meritocracy, so if

0:12:28.000 --> 0:12:30.680
<v Speaker 6>he's that good, we have now created a system where

0:12:30.679 --> 0:12:34.360
<v Speaker 6>he will work his way in to be into the top.

0:12:34.600 --> 0:12:36.880
<v Speaker 6>No more sponsor exemptions, no one of the stuff that

0:12:36.960 --> 0:12:39.760
<v Speaker 6>hid in the meritocracy. Where you play is based on

0:12:39.800 --> 0:12:41.360
<v Speaker 6>how you earned it in the play, so I think.

0:12:41.160 --> 0:12:42.320
<v Speaker 2>That's important, Brian.

0:12:42.360 --> 0:12:44.400
<v Speaker 3>At some point Lebron James will have a lot of

0:12:44.400 --> 0:12:46.679
<v Speaker 3>free time, and we know that he's been playing a

0:12:46.679 --> 0:12:48.640
<v Speaker 3>lot of golf and he is an investor in PJ

0:12:48.720 --> 0:12:51.480
<v Speaker 3>Tour enterprises. Have you talked to mister James about some

0:12:51.600 --> 0:12:53.680
<v Speaker 3>kind of role for him in professional golf. I don't know,

0:12:53.760 --> 0:12:55.240
<v Speaker 3>some kind of ambassadorial role.

0:12:55.160 --> 0:12:58.920
<v Speaker 6>No, I haven't, but I think Lebron James is an

0:12:58.920 --> 0:13:02.720
<v Speaker 6>example of the growth of the sport. Like when people

0:13:02.720 --> 0:13:06.880
<v Speaker 6>get the bug, they get the bug and and it's

0:13:06.880 --> 0:13:08.959
<v Speaker 6>a great competitive sport to play but also to watch,

0:13:09.080 --> 0:13:10.280
<v Speaker 6>and so we love.

0:13:10.240 --> 0:13:11.240
<v Speaker 2>Lebron to be more involved.

0:13:11.240 --> 0:13:13.439
<v Speaker 6>We love everyone to be more involved, and I think

0:13:13.440 --> 0:13:14.839
<v Speaker 6>you're going to see more of that over time.

0:13:15.120 --> 0:13:16.959
<v Speaker 3>Brian, thank you so much for your time today. Thank

0:13:17.000 --> 0:13:19.360
<v Speaker 3>you great to have you in with us. Brian roll up,

0:13:19.400 --> 0:13:21.000
<v Speaker 3>the new CEO of the PGA Tour.

0:13:21.080 --> 0:13:23.840
<v Speaker 5>Should you see Lebron in the sandtrap and nobody else

0:13:23.880 --> 0:13:26.400
<v Speaker 5>had seen the tea and he's just looking right.

0:13:26.280 --> 0:13:30.280
<v Speaker 6>Over it and those deep bunkers on the links course,

0:13:30.480 --> 0:13:32.120
<v Speaker 6>and see what's goods an advantage?

0:13:32.120 --> 0:13:34.760
<v Speaker 3>It's very cool to say that would make a very

0:13:34.760 --> 0:13:36.880
<v Speaker 3>interesting bread Zone version of PJ Tour if you put

0:13:36.960 --> 0:13:37.520
<v Speaker 3>that all together.