1 00:00:01,000 --> 00:00:03,560 Speaker 1: This is Bloomberg Business of Sports. 2 00:00:03,760 --> 00:00:07,520 Speaker 2: Sports is business and whenever you are procuring talent, you 3 00:00:07,720 --> 00:00:10,760 Speaker 2: must start with the criteria. Being owners of this league 4 00:00:10,880 --> 00:00:12,680 Speaker 2: and wanting ourly to be the. 5 00:00:12,560 --> 00:00:14,600 Speaker 3: Best in the world. How do we make it better? 6 00:00:14,640 --> 00:00:16,680 Speaker 4: The valuations are getting so high, at the list of 7 00:00:16,680 --> 00:00:19,040 Speaker 4: people who could purchase a teams getting really short. 8 00:00:19,079 --> 00:00:20,960 Speaker 5: We have eight strategic investment areas. 9 00:00:20,960 --> 00:00:22,919 Speaker 3: When you look at the world of sports, the MBA's 10 00:00:22,920 --> 00:00:25,160 Speaker 3: already in two hundred and ten countries around the world. 11 00:00:25,280 --> 00:00:28,440 Speaker 6: NFL is an amazing thing for the sports betting industry. 12 00:00:28,560 --> 00:00:30,760 Speaker 2: We have the world's upcombing in twenty twenty six in 13 00:00:30,840 --> 00:00:31,560 Speaker 2: North America. 14 00:00:31,720 --> 00:00:33,280 Speaker 1: Hey, if I get a million dollars, we're going to 15 00:00:33,320 --> 00:00:36,800 Speaker 1: a school. Interesting. How be there? Bloomberg Business of Sports 16 00:00:36,840 --> 00:00:38,040 Speaker 1: from Bloomberg Radio. 17 00:00:39,800 --> 00:00:42,199 Speaker 7: This is the Bloomberg Business of Sports show. Well, we 18 00:00:42,240 --> 00:00:45,000 Speaker 7: explore the big money issues in the world of sports. 19 00:00:45,040 --> 00:00:46,800 Speaker 6: I'm Michael Barne, I'm Scarlet Fool. 20 00:00:46,640 --> 00:00:47,840 Speaker 5: And I'm Demian sas Hour. 21 00:00:48,000 --> 00:00:51,000 Speaker 7: Coming up today with the Super Bowl around the corner, 22 00:00:51,400 --> 00:00:55,360 Speaker 7: we talk big game betting action with the CEO of 23 00:00:55,680 --> 00:00:58,720 Speaker 7: bet mgm Adam green Blink. There is a. 24 00:00:58,800 --> 00:01:01,480 Speaker 3: Base level of the mom in the state of Nevada 25 00:01:01,520 --> 00:01:05,560 Speaker 3: for the product. What we are seeing is that with 26 00:01:05,720 --> 00:01:10,160 Speaker 3: the increase with the availability of regulated sports betting around 27 00:01:10,200 --> 00:01:14,440 Speaker 3: the country, the tide has risen across the board, which 28 00:01:14,440 --> 00:01:15,440 Speaker 3: includes Nevada. 29 00:01:15,560 --> 00:01:17,640 Speaker 6: We also check in on the NBA as we get 30 00:01:17,640 --> 00:01:20,200 Speaker 6: closer to All Star weekend, with the president of the 31 00:01:20,240 --> 00:01:23,119 Speaker 6: Milwaukee Bucks, Peter Fagan. He is fresh off his team's 32 00:01:23,120 --> 00:01:26,360 Speaker 6: decision to make an unexpected mid season coaching change. 33 00:01:26,440 --> 00:01:30,840 Speaker 2: You know, we announced Doc a few days ago and 34 00:01:31,720 --> 00:01:35,199 Speaker 2: had him march out in front of a Marquette game 35 00:01:35,280 --> 00:01:37,200 Speaker 2: in the crowd and kind of had a stand innovation 36 00:01:37,319 --> 00:01:38,080 Speaker 2: for a few minutes. 37 00:01:38,560 --> 00:01:41,240 Speaker 7: All that straight ahead on the Bloomberg Business of Sports, 38 00:01:41,280 --> 00:01:45,240 Speaker 7: but first we talked through a couple of big headlines 39 00:01:45,560 --> 00:01:46,679 Speaker 7: from this past week. 40 00:01:46,840 --> 00:01:50,240 Speaker 5: Big headlines indeed, Michael Barr, a group of big time 41 00:01:50,360 --> 00:01:55,040 Speaker 5: investors led by Carlisle Group co founder David Rubinstein, agreed 42 00:01:55,040 --> 00:01:59,280 Speaker 5: to buy a controlling stake in Major League Baseball's Baltimore. 43 00:01:58,760 --> 00:02:02,800 Speaker 6: Orioles and legend Cal Ripken Junior reportedly a part of 44 00:02:02,840 --> 00:02:04,960 Speaker 6: that group. Of course, Rubinstein is the host of the 45 00:02:05,000 --> 00:02:07,840 Speaker 6: David Rubinstein Show, Peer to Peer Conversations, which airs on 46 00:02:07,840 --> 00:02:09,240 Speaker 6: Bloomberg Radio and television. 47 00:02:09,520 --> 00:02:12,440 Speaker 7: This week, we also saw the PGA Tours strike a 48 00:02:12,480 --> 00:02:16,079 Speaker 7: deal that could be worth up to three billion dollars. 49 00:02:16,440 --> 00:02:18,960 Speaker 7: To take us through all those big money moves this 50 00:02:19,000 --> 00:02:23,920 Speaker 7: week and more, Welcome back Bloomberg, US sports business reporter 51 00:02:24,320 --> 00:02:28,600 Speaker 7: old friend of the show Randall Williams. Randall, welcome man 52 00:02:28,680 --> 00:02:33,679 Speaker 7: back to me. Yay, Well, let's start. First of all, 53 00:02:33,960 --> 00:02:37,280 Speaker 7: let's start with the deal here with Rubinstein agreeing to 54 00:02:37,320 --> 00:02:41,600 Speaker 7: buy the Orioles for one point seven billion dollars, at 55 00:02:41,760 --> 00:02:44,840 Speaker 7: which relatively that's cheap compared to of the team. 56 00:02:45,280 --> 00:02:45,520 Speaker 1: Yeah. 57 00:02:45,600 --> 00:02:47,400 Speaker 8: I mean, if you compare it to the Commanders or 58 00:02:47,440 --> 00:02:51,000 Speaker 8: the Broncos or even the Panthers, it's a little smaller, 59 00:02:51,040 --> 00:02:53,520 Speaker 8: and baseball teams are valued. Some of the baseball teams 60 00:02:53,520 --> 00:02:56,360 Speaker 8: are valued a little bit less. But I'd rather I'd 61 00:02:56,360 --> 00:02:58,040 Speaker 8: like one point seven billion dollars. 62 00:02:58,480 --> 00:03:01,600 Speaker 1: Oh yeah, one seventy dollars. 63 00:03:01,400 --> 00:03:06,040 Speaker 6: That's someone don't So you could argue that David Rubinstein 64 00:03:06,200 --> 00:03:09,320 Speaker 6: is getting a good deal. And it's not just Rubinstein either, 65 00:03:09,440 --> 00:03:12,959 Speaker 6: because it's a Rubinstein led group with some other big 66 00:03:13,040 --> 00:03:14,280 Speaker 6: names from the world of finance. 67 00:03:14,360 --> 00:03:16,880 Speaker 8: Right, yeah, I think so. I think that it will. 68 00:03:17,120 --> 00:03:19,000 Speaker 8: We'll have to see based on how the team performs. 69 00:03:19,040 --> 00:03:22,360 Speaker 8: Of course, sports valuations are rising. We'll see when they peak. 70 00:03:22,800 --> 00:03:24,320 Speaker 8: But this is a good deal for him. I think 71 00:03:24,360 --> 00:03:28,160 Speaker 8: if the team wins, then that Baltimore area is rabbit 72 00:03:28,200 --> 00:03:30,400 Speaker 8: about their sports team. So if he's able to win 73 00:03:30,480 --> 00:03:33,959 Speaker 8: and capitalize on that through marketing, through other things, then 74 00:03:34,120 --> 00:03:35,440 Speaker 8: then it's going to prove to be worth it. 75 00:03:35,520 --> 00:03:38,320 Speaker 6: Let me just jump in and mention that former New 76 00:03:38,400 --> 00:03:41,160 Speaker 6: York City Mayor Michael Bloomberg is part of the group 77 00:03:41,200 --> 00:03:44,040 Speaker 6: that is purchasing the Oreos, And of course Bloomberg is 78 00:03:44,040 --> 00:03:46,720 Speaker 6: the founder and majority owner of Bloomberg News parent Bloomberg LP. 79 00:03:46,960 --> 00:03:49,120 Speaker 5: Yes, Scarlett, but he doesn't care about the Orioles. This 80 00:03:49,160 --> 00:03:51,000 Speaker 5: is all about David Rubinstein. I mean, this is the 81 00:03:51,000 --> 00:03:54,160 Speaker 5: culmination of a long quest for him to land the Orioles. 82 00:03:54,200 --> 00:03:56,560 Speaker 5: I mean, he he's seventy four years old. He grew 83 00:03:56,640 --> 00:03:58,800 Speaker 5: up when he, you know, rooting for the Oreos, rooting 84 00:03:58,800 --> 00:04:00,920 Speaker 5: for Brooks Robinson. So this is really quite interesting, is 85 00:04:00,960 --> 00:04:01,520 Speaker 5: it not, Randall. 86 00:04:01,640 --> 00:04:01,839 Speaker 9: Yeah. 87 00:04:01,840 --> 00:04:06,320 Speaker 8: I think sports teams and sports leagues enjoy when they 88 00:04:06,360 --> 00:04:10,720 Speaker 8: get hometown hometown heroes acquire teams because they have in 89 00:04:11,000 --> 00:04:13,760 Speaker 8: a relationship with the community that's around them. And when 90 00:04:13,800 --> 00:04:15,600 Speaker 8: you have. Sometimes you have billionaires that coming in buy 91 00:04:15,640 --> 00:04:17,640 Speaker 8: these teams. They're hands on and hands off. I mean, 92 00:04:17,680 --> 00:04:19,880 Speaker 8: look at the boy the Panthers have been run. Imagine 93 00:04:19,880 --> 00:04:21,719 Speaker 8: if that person was a hometown hero, they might connect 94 00:04:21,720 --> 00:04:23,320 Speaker 8: with the community a little bit more. There might be 95 00:04:23,320 --> 00:04:25,479 Speaker 8: a little more patient. So this is great for him. 96 00:04:25,640 --> 00:04:28,640 Speaker 8: What's that old saying, when do you make money off 97 00:04:28,720 --> 00:04:32,080 Speaker 8: of your baseball team when you sell it? Because they're 98 00:04:32,120 --> 00:04:35,360 Speaker 8: buying it of the percentage right now from the Angelo's family, 99 00:04:35,839 --> 00:04:41,600 Speaker 8: and at the time Peter Angelo bought the team, not 100 00:04:41,680 --> 00:04:45,200 Speaker 8: even a tenth let's say, of what the going price 101 00:04:45,360 --> 00:04:46,720 Speaker 8: is now, it's going to be a round. 102 00:04:46,560 --> 00:04:48,680 Speaker 5: In nineteen ninety three, yeah the bar. I mean, so 103 00:04:48,720 --> 00:04:50,240 Speaker 5: he's held it for quite a while. I mean, have 104 00:04:50,320 --> 00:04:52,480 Speaker 5: they won any World Series in that time? I mean, 105 00:04:52,520 --> 00:04:52,919 Speaker 5: correct me? 106 00:04:53,000 --> 00:04:57,000 Speaker 1: I I can't don't think so, thang Man, why you 107 00:04:57,000 --> 00:04:58,839 Speaker 1: want to go in thereat. 108 00:05:00,160 --> 00:05:02,320 Speaker 6: When it comes to the Oreos? What is the state 109 00:05:02,320 --> 00:05:04,920 Speaker 6: of play when it comes to broadcast rights for this team, 110 00:05:05,040 --> 00:05:08,200 Speaker 6: because there's a there's some confusion, or maybe confusion is 111 00:05:08,240 --> 00:05:10,359 Speaker 6: not the right word. There was a lot of moving 112 00:05:10,440 --> 00:05:14,440 Speaker 6: parts when the Nationals moved over to the DC area, 113 00:05:14,880 --> 00:05:18,159 Speaker 6: And I'm not clear on who owns what and what 114 00:05:18,279 --> 00:05:19,760 Speaker 6: ruben Stein is getting in this. 115 00:05:20,040 --> 00:05:23,359 Speaker 8: So as far as the RSNS, I'm not clear either 116 00:05:23,560 --> 00:05:25,920 Speaker 8: just yet, just because there are some who have great 117 00:05:26,000 --> 00:05:29,839 Speaker 8: RSNS deal, just like the Dodgers, who I mean, quite frankly, 118 00:05:29,960 --> 00:05:32,920 Speaker 8: there are a Sun deal allowed them to acquire Shohio 119 00:05:33,040 --> 00:05:35,160 Speaker 8: Tani and some of the big contracts that they signed 120 00:05:35,160 --> 00:05:38,839 Speaker 8: this year with them. Specifically, I'd have to fect check. 121 00:05:39,320 --> 00:05:41,320 Speaker 5: Well, Randall, you know, I mean, I'm sure you're aware. 122 00:05:41,640 --> 00:05:43,320 Speaker 5: Last week I was traveling. I was traveling in the 123 00:05:43,320 --> 00:05:45,000 Speaker 5: Middle East. You know, I went to DOHI, I went 124 00:05:45,040 --> 00:05:47,040 Speaker 5: to buy. One place they didn't go was Read. And 125 00:05:47,160 --> 00:05:48,919 Speaker 5: I'm wondering if you could tell me a little bit 126 00:05:49,000 --> 00:05:52,520 Speaker 5: about what moynihan was doing in Read last week. Why 127 00:05:52,600 --> 00:05:55,280 Speaker 5: wasn't he meeting with me? I mean, what's going on 128 00:05:55,320 --> 00:05:57,640 Speaker 5: with liv what's going on with you know this new 129 00:05:57,680 --> 00:05:59,920 Speaker 5: contingent of US investors who were taking a stake in 130 00:05:59,920 --> 00:06:01,440 Speaker 5: the PGA three billion dollars. 131 00:06:01,480 --> 00:06:02,039 Speaker 9: What's it for? 132 00:06:02,839 --> 00:06:05,480 Speaker 8: Well, this is their new for profit arm called PGA 133 00:06:05,520 --> 00:06:10,320 Speaker 8: Tour Enterprises, And so upfront the players get equity through 134 00:06:10,360 --> 00:06:13,240 Speaker 8: one point five billion dollars and the rest of it 135 00:06:13,279 --> 00:06:16,480 Speaker 8: will come in a little later. But this was thought 136 00:06:16,520 --> 00:06:19,240 Speaker 8: to be needed by a number of people that Bloomberg 137 00:06:19,279 --> 00:06:21,960 Speaker 8: has spoken to that hey, they need American investors for 138 00:06:22,000 --> 00:06:25,520 Speaker 8: a potential PGA and Live merger. It's across the finish line. 139 00:06:25,560 --> 00:06:28,600 Speaker 8: This is allegedly going to help with that. 140 00:06:29,160 --> 00:06:31,880 Speaker 7: Well, and part of the problem that has been created 141 00:06:31,960 --> 00:06:35,800 Speaker 7: now and any major golf fan knows where I'm going 142 00:06:35,839 --> 00:06:38,960 Speaker 7: with this. You've split up the talent now it's with 143 00:06:39,120 --> 00:06:44,640 Speaker 7: Live with PGA, and right now you divided that whole 144 00:06:44,680 --> 00:06:47,400 Speaker 7: pool out there, and I wonder if it's weak in 145 00:06:47,480 --> 00:06:48,839 Speaker 7: both proNT well. 146 00:06:49,120 --> 00:06:51,040 Speaker 8: I think it will depend on if Live decides they 147 00:06:51,040 --> 00:06:53,559 Speaker 8: want to throw another three hundred four hundred billion dollars 148 00:06:53,560 --> 00:06:56,080 Speaker 8: at another premier golfer. I mean that is exactly what 149 00:06:56,120 --> 00:06:58,279 Speaker 8: they did towards the end of last year. And I 150 00:06:58,320 --> 00:07:01,080 Speaker 8: think the longer that this goes more dicey it gets. 151 00:07:01,160 --> 00:07:04,560 Speaker 8: So does this help one hundred percent? But this Live 152 00:07:05,120 --> 00:07:07,800 Speaker 8: say hey we want ex golfer now, because this is 153 00:07:08,120 --> 00:07:10,200 Speaker 8: you know, let's just say it goes into may Well Randll. 154 00:07:10,240 --> 00:07:12,560 Speaker 5: What is unprecedented here is the fact that the US 155 00:07:12,600 --> 00:07:15,400 Speaker 5: Centate Panel is investigating all the discussions that went on 156 00:07:15,480 --> 00:07:18,600 Speaker 5: with the PJ and Live and interestingly enough, when they 157 00:07:18,640 --> 00:07:21,400 Speaker 5: subpoena I believe it's Yaser al Ramayan, who's the Saudi 158 00:07:21,480 --> 00:07:24,840 Speaker 5: wealth on PIFs, had really spearheaded this whole endeavor. 159 00:07:25,560 --> 00:07:26,760 Speaker 1: He refused to show up. 160 00:07:26,680 --> 00:07:31,280 Speaker 5: And so it started an interesting subcommittee inquiry. If i'm 161 00:07:31,440 --> 00:07:32,520 Speaker 5: I wonder if you could te us a little bit 162 00:07:32,560 --> 00:07:34,480 Speaker 5: about because I think it boiled to a head yesterday 163 00:07:34,800 --> 00:07:37,320 Speaker 5: and it sounds like the PIF is actually trying to 164 00:07:37,480 --> 00:07:41,040 Speaker 5: sue McKinsey and some others to prevent them from releasing information. 165 00:07:41,120 --> 00:07:41,600 Speaker 1: Is that right? 166 00:07:42,280 --> 00:07:45,200 Speaker 8: They want us to proceed as quickly and as quietly 167 00:07:45,240 --> 00:07:48,320 Speaker 8: as possible. Right, So this the news that broke yesterday 168 00:07:48,800 --> 00:07:52,360 Speaker 8: is needed. But any further conversation or investigation I think 169 00:07:52,440 --> 00:07:54,840 Speaker 8: all parties want to stay out of. They're just like, hey, 170 00:07:55,040 --> 00:07:56,880 Speaker 8: can we get everybody back together? Can we make as 171 00:07:56,960 --> 00:07:59,440 Speaker 8: much money as possible so that we can stop losing 172 00:07:59,480 --> 00:08:02,000 Speaker 8: money and just bring everyone together, Because at the end 173 00:08:02,040 --> 00:08:03,840 Speaker 8: of the day, it's like Michael was saying, when the 174 00:08:03,920 --> 00:08:06,160 Speaker 8: talent pool is divided, it's almost like the AFL and 175 00:08:06,320 --> 00:08:09,240 Speaker 8: NFL you had to choose which one you're going to watch, 176 00:08:09,280 --> 00:08:12,200 Speaker 8: and right now, Live doesn't really have a good way 177 00:08:12,280 --> 00:08:15,200 Speaker 8: for American viewers to watch their product right now, if 178 00:08:15,200 --> 00:08:17,200 Speaker 8: you bring everyone together, you don't have that issue. 179 00:08:17,200 --> 00:08:19,600 Speaker 5: Well, I think the fundamental thing here, just to expand 180 00:08:19,640 --> 00:08:22,120 Speaker 5: on it, is this goes hand in hand with why 181 00:08:22,360 --> 00:08:26,000 Speaker 5: foreign investors aren't able to buy stakes in NFL football 182 00:08:26,000 --> 00:08:28,880 Speaker 5: teams right because the disclosure, the burden that's placed on 183 00:08:28,920 --> 00:08:31,760 Speaker 5: them to disclose their own information, their own financials. And 184 00:08:31,840 --> 00:08:34,600 Speaker 5: apparently the argument made by PIF in this case why 185 00:08:34,640 --> 00:08:37,640 Speaker 5: they aren't submitting information is because it would violate Saudi 186 00:08:37,720 --> 00:08:40,679 Speaker 5: law whatever that means. Interesting, So now there is indeed 187 00:08:40,760 --> 00:08:43,880 Speaker 5: a legal conflict of interest. So it's just difficult. It 188 00:08:43,920 --> 00:08:46,120 Speaker 5: doesn't matter how much money is residing offshore and some 189 00:08:46,160 --> 00:08:49,160 Speaker 5: of these sovereign wealth funds pools of wealth, you know, 190 00:08:49,600 --> 00:08:52,640 Speaker 5: for them to invest in the United States, the disclosures, 191 00:08:52,679 --> 00:08:55,000 Speaker 5: the transparency that's required, it just might be a bridge 192 00:08:55,040 --> 00:08:55,559 Speaker 5: too far. 193 00:08:55,760 --> 00:08:59,319 Speaker 8: No, Well, in reference to your NFL comment, the NFL 194 00:08:59,320 --> 00:09:02,240 Speaker 8: doesn't need it, Well, you could argue the NFL does, 195 00:09:02,240 --> 00:09:04,880 Speaker 8: and there's some working on something in secession right now, 196 00:09:04,920 --> 00:09:07,240 Speaker 8: but they have. If the NFL were to allow something, 197 00:09:07,320 --> 00:09:08,640 Speaker 8: I think that they would lean a little bit more 198 00:09:08,640 --> 00:09:11,360 Speaker 8: private equity before looking to sovereign wealth. Now, the NBA 199 00:09:11,559 --> 00:09:14,319 Speaker 8: has an opportunity for it. But we saw what happened 200 00:09:14,640 --> 00:09:18,320 Speaker 8: when the Washington Wizards allowed Katari to come in and 201 00:09:18,360 --> 00:09:21,720 Speaker 8: then the Israel Hamas thing breaks out, And those are 202 00:09:21,760 --> 00:09:24,800 Speaker 8: two completely sides of the world. And if I believe 203 00:09:24,840 --> 00:09:27,400 Speaker 8: they own five or six percent, maybe it's four or 204 00:09:27,400 --> 00:09:29,600 Speaker 8: five or six percent that the Katari Wealth Fund owns 205 00:09:29,600 --> 00:09:32,480 Speaker 8: of the Wizards. And it just creates this conflict like 206 00:09:32,520 --> 00:09:35,400 Speaker 8: you're speaking of, where if you don't clear your books, 207 00:09:35,400 --> 00:09:36,800 Speaker 8: you're not willing to say, hey, this is how I 208 00:09:36,840 --> 00:09:39,560 Speaker 8: make my money. Then a lot of these American leaguers 209 00:09:39,600 --> 00:09:42,640 Speaker 8: are like, we don't want your money. Yeah, and so well, 210 00:09:43,000 --> 00:09:46,000 Speaker 8: I think as these valuations rise, and as people get 211 00:09:46,040 --> 00:09:49,240 Speaker 8: older and team sales happen, the pool of people who 212 00:09:49,280 --> 00:09:51,960 Speaker 8: can buy these sports franchises get smaller and smaller. So 213 00:09:52,000 --> 00:09:56,240 Speaker 8: you either change the ownership rules to allow a larger group, 214 00:09:56,760 --> 00:10:00,240 Speaker 8: or you just allow super duper big billionaires to come 215 00:10:00,240 --> 00:10:02,720 Speaker 8: in from all over the world and purchase them. 216 00:10:02,840 --> 00:10:04,480 Speaker 6: So when it comes to the NFL, though, it's really 217 00:10:04,520 --> 00:10:09,200 Speaker 6: about the other NFL owners agreeing to what they want 218 00:10:09,200 --> 00:10:11,600 Speaker 6: to see from the potential buyers, right, I mean, there's 219 00:10:11,600 --> 00:10:14,840 Speaker 6: no other entity. It's this cabal of guys saying, yeah, 220 00:10:14,840 --> 00:10:15,520 Speaker 6: we're okay with that. 221 00:10:15,600 --> 00:10:18,199 Speaker 8: No, we don't want that exactly exactly. So there's they 222 00:10:18,240 --> 00:10:22,280 Speaker 8: have an ownership committee that reviews some of this stuff, 223 00:10:22,600 --> 00:10:24,880 Speaker 8: and the thing is they have to approve of it. 224 00:10:25,000 --> 00:10:28,040 Speaker 8: So think about Josh Harris. I think that deal took 225 00:10:28,120 --> 00:10:31,000 Speaker 8: around two months, just because there's so many people involved 226 00:10:31,200 --> 00:10:33,760 Speaker 8: as they're verifying these books and making sure they have 227 00:10:33,880 --> 00:10:35,880 Speaker 8: the right person, because I mean, look at the previous 228 00:10:35,920 --> 00:10:38,560 Speaker 8: owner of the Commanders, look at how that went. I mean, 229 00:10:38,640 --> 00:10:41,920 Speaker 8: Snyder was involved in a lot of stuff that had 230 00:10:41,960 --> 00:10:44,160 Speaker 8: a lot of people shaking in their boots. So if 231 00:10:44,160 --> 00:10:46,360 Speaker 8: you bring an international owner in and no one is 232 00:10:46,400 --> 00:10:48,640 Speaker 8: familiar with him, and you have all these American guys, 233 00:10:48,760 --> 00:10:51,000 Speaker 8: it's like a cousin you haven't seen in twenty years 234 00:10:51,000 --> 00:10:52,319 Speaker 8: showing up at the family reunion. 235 00:10:52,400 --> 00:10:54,000 Speaker 5: Well, Randall, you make a good point about the private 236 00:10:54,000 --> 00:10:56,320 Speaker 5: equity model for investing in sports teams, and I wonder 237 00:10:56,640 --> 00:10:59,960 Speaker 5: this SSG Consortium Investors that's taking a stake in the PGA. 238 00:11:00,120 --> 00:11:03,040 Speaker 5: I wonder if that's not a vehicle that's being formed 239 00:11:03,080 --> 00:11:06,600 Speaker 5: that's perhaps more palatable to the governments in terms of 240 00:11:06,640 --> 00:11:10,480 Speaker 5: allowing the PIF to invest through that vehicle into the PGA. 241 00:11:10,480 --> 00:11:11,840 Speaker 5: I don't know if this is the beginning of that 242 00:11:11,880 --> 00:11:12,840 Speaker 5: type of conversation. 243 00:11:13,080 --> 00:11:16,360 Speaker 8: I spoke with sources yesterday and they said that any 244 00:11:16,600 --> 00:11:20,079 Speaker 8: PITH investment would be very small, so minority within the 245 00:11:20,679 --> 00:11:24,120 Speaker 8: PGA tool enterprises the for profit arm Now whether so 246 00:11:24,200 --> 00:11:27,959 Speaker 8: that doesn't really affect this thing, but the merger itself, 247 00:11:28,000 --> 00:11:31,040 Speaker 8: I mean, who knows how much money that they could invest. 248 00:11:31,120 --> 00:11:34,080 Speaker 8: We've seen three hundred four hundred, five hundred million dollars 249 00:11:34,160 --> 00:11:37,440 Speaker 8: go to players. This thing is worth three billion. Yeah, 250 00:11:37,600 --> 00:11:40,959 Speaker 8: they've offered golfers ten percent of that. Imagine how much 251 00:11:41,000 --> 00:11:43,960 Speaker 8: they could buy if the deal just keeps going on 252 00:11:44,040 --> 00:11:44,600 Speaker 8: and on and on. 253 00:11:45,200 --> 00:11:47,080 Speaker 6: I want to go back to something Michael Barr pointed out, 254 00:11:47,120 --> 00:11:50,959 Speaker 6: which is this is dividing the players themselves. Once upon 255 00:11:51,000 --> 00:11:53,800 Speaker 6: a time, before the announcement that the two were looking 256 00:11:53,840 --> 00:11:56,800 Speaker 6: to merge or do some kind of combination, you were 257 00:11:56,840 --> 00:11:59,760 Speaker 6: either on TEAMPGA or Team Live and never the twin 258 00:11:59,760 --> 00:12:01,840 Speaker 6: shall me. But now this has all been mixed up. 259 00:12:01,880 --> 00:12:03,719 Speaker 6: I mean, no one has to really decide one way 260 00:12:03,760 --> 00:12:05,840 Speaker 6: or another. You could do both, or you just it's 261 00:12:05,840 --> 00:12:07,080 Speaker 6: a grab bag out there, isn't it. 262 00:12:07,720 --> 00:12:10,040 Speaker 8: Yeah, You're you're ultimately having to make a decision. Do 263 00:12:10,080 --> 00:12:14,319 Speaker 8: you pick generational wealth three hundred Not every deals three 264 00:12:14,360 --> 00:12:17,000 Speaker 8: hundred million dollars. I've heard twenty five million and fifty, 265 00:12:17,600 --> 00:12:20,120 Speaker 8: but let's talk about the ones that are three hundred 266 00:12:20,320 --> 00:12:22,800 Speaker 8: over one hundred million dollars. You're having to decide, Hey, 267 00:12:23,120 --> 00:12:25,000 Speaker 8: go and make this hundred million dollars that could set 268 00:12:25,040 --> 00:12:28,280 Speaker 8: up my family for generations, or stay loyal with an 269 00:12:28,360 --> 00:12:29,719 Speaker 8: organization that you started with. 270 00:12:29,760 --> 00:12:31,640 Speaker 1: And it's it's really up to them. 271 00:12:31,800 --> 00:12:33,600 Speaker 7: Well for a group of folks that wanted to keep 272 00:12:33,600 --> 00:12:37,600 Speaker 7: it quiet, who glad we just kept it quiet, raging 273 00:12:37,640 --> 00:12:41,959 Speaker 7: to Williams Bloomberg, US sports business reporter. Up next, we 274 00:12:42,040 --> 00:12:46,200 Speaker 7: turned to basketball with Milwaukee Bucks president Peter Fagan. Hey, 275 00:12:46,360 --> 00:12:49,480 Speaker 7: listening to the Bloomberg Business of Sports from Bloomberg Radio. 276 00:12:49,720 --> 00:12:50,720 Speaker 7: Around the world. 277 00:12:55,840 --> 00:13:01,880 Speaker 1: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 278 00:13:02,760 --> 00:13:05,160 Speaker 7: This is the Bloomberg Business of Sports show, but we 279 00:13:05,200 --> 00:13:07,360 Speaker 7: explored the big money issues in the world of sports. 280 00:13:07,559 --> 00:13:10,760 Speaker 7: I'm Michael Barr along with Scarlett fu and Damian Sasawur. 281 00:13:11,120 --> 00:13:13,559 Speaker 7: The Milwaukee Bucks are in the middle of another winning 282 00:13:13,600 --> 00:13:17,680 Speaker 7: season led by superstar janas Ante Compo. 283 00:13:17,440 --> 00:13:22,000 Speaker 4: Yannis the long tooth against the long arm of Wibin 284 00:13:22,080 --> 00:13:25,960 Speaker 4: yama yanis alone again. Can he do it twice? Yes, 285 00:13:26,080 --> 00:13:30,720 Speaker 4: Sir Yannis, back to back farms. He has put the 286 00:13:30,800 --> 00:13:34,559 Speaker 4: Bucks ahead by three with two twenty one four to go. 287 00:13:34,760 --> 00:13:38,160 Speaker 4: Here in the fourth quarter, back to Yannis left wing 288 00:13:38,240 --> 00:13:41,600 Speaker 4: ty game fifty six seconds to go. Yannis with a 289 00:13:41,760 --> 00:13:46,199 Speaker 4: ferocious slam right in the face of Calton Johnson with 290 00:13:46,400 --> 00:13:49,240 Speaker 4: a fowl as a cherry on top. 291 00:13:49,840 --> 00:13:52,120 Speaker 6: But despite being one of the league's best teams, they 292 00:13:52,280 --> 00:13:55,319 Speaker 6: just made a pretty surprising coaching change. 293 00:13:55,559 --> 00:13:58,480 Speaker 7: Oh yeah, and here now to talk with us is 294 00:13:58,559 --> 00:14:02,520 Speaker 7: Milwaukee Bucks president Peter Fagott. Hello, sir, welcome to the 295 00:14:02,520 --> 00:14:04,040 Speaker 7: Bloomberg Business of Sports. 296 00:14:04,280 --> 00:14:05,120 Speaker 2: Thanks for having us. 297 00:14:05,640 --> 00:14:10,040 Speaker 7: Well, okay, I got to ask everybody wants the elephant 298 00:14:10,040 --> 00:14:12,640 Speaker 7: in the room. And I know, and you know, don't 299 00:14:12,679 --> 00:14:16,240 Speaker 7: hang up on me. But if you guys made a 300 00:14:16,280 --> 00:14:20,280 Speaker 7: surprise coaching change, you guys got Doc Rivers, who takes 301 00:14:20,320 --> 00:14:24,520 Speaker 7: over for Adrian Griffin. What was the reaction inside the 302 00:14:24,680 --> 00:14:26,720 Speaker 7: organization about this move? 303 00:14:27,120 --> 00:14:30,000 Speaker 2: You know, almost one hundred percent positive. I think, you know, 304 00:14:30,240 --> 00:14:33,920 Speaker 2: certainly some empathy and kind of when you make any 305 00:14:33,960 --> 00:14:36,760 Speaker 2: type of pivot like this, like changing we you know, 306 00:14:36,840 --> 00:14:39,280 Speaker 2: Adrian Griffin as a person is kind of off the 307 00:14:39,480 --> 00:14:42,800 Speaker 2: chart to total pro been great. I just think for 308 00:14:43,040 --> 00:14:45,760 Speaker 2: the organization and you know, to make a pivot and 309 00:14:45,800 --> 00:14:49,280 Speaker 2: to really think we need to accelerate directionally, kind of 310 00:14:49,360 --> 00:14:53,400 Speaker 2: change our direction and our approach was the key. And 311 00:14:53,840 --> 00:14:59,320 Speaker 2: you know we announced Doc, had him march out in 312 00:14:59,360 --> 00:15:01,560 Speaker 2: front of a Mark game in the crowd and kind 313 00:15:01,560 --> 00:15:03,600 Speaker 2: of had a stand innovation for a few minutes. And 314 00:15:03,640 --> 00:15:06,320 Speaker 2: it's kind of it's stocks locally a homecoming and that 315 00:15:06,440 --> 00:15:09,440 Speaker 2: he's a guy who played for Marquette. And I think 316 00:15:09,480 --> 00:15:14,160 Speaker 2: it's been overwhelmingly like seamless and positive kind of internally 317 00:15:14,160 --> 00:15:17,160 Speaker 2: and externally as good as we can hope. 318 00:15:17,440 --> 00:15:17,680 Speaker 1: Peter. 319 00:15:17,720 --> 00:15:19,880 Speaker 5: I want to ask you all about, you know, Marquette. 320 00:15:19,920 --> 00:15:21,800 Speaker 5: I want to ask you about the year district. I 321 00:15:21,840 --> 00:15:23,640 Speaker 5: want to ask you about the Bucks heading for their 322 00:15:23,680 --> 00:15:26,000 Speaker 5: second championship as long as you've been president within the 323 00:15:26,080 --> 00:15:28,440 Speaker 5: last nine years. But before I do all that, I 324 00:15:28,480 --> 00:15:30,560 Speaker 5: want you to take me back to your role from 325 00:15:30,640 --> 00:15:32,800 Speaker 5: ninety eight to four when you're working for the Knicks. 326 00:15:33,000 --> 00:15:35,880 Speaker 5: I imagine you cross passed with Jesse Hitzler because after 327 00:15:35,920 --> 00:15:38,040 Speaker 5: that you were a CEO of Marquis Jet. Talk to 328 00:15:38,080 --> 00:15:40,480 Speaker 5: me about working with Jesse with Kenny. Talk to us 329 00:15:40,520 --> 00:15:43,440 Speaker 5: about how you arrived in Milwaukee as president of the Bucks. 330 00:15:43,760 --> 00:15:46,000 Speaker 2: Yeah, well, I mean I had a career out of 331 00:15:46,000 --> 00:15:48,360 Speaker 2: college at six Flags Theme Parks, kind of learned the 332 00:15:48,480 --> 00:15:51,600 Speaker 2: entertainment retail business and kind of in a fun way 333 00:15:51,640 --> 00:15:55,840 Speaker 2: when Time Warner ran six Flags and then move the 334 00:15:56,120 --> 00:15:59,160 Speaker 2: moved to the Garden and kind of ran our partnerships 335 00:15:59,160 --> 00:16:01,960 Speaker 2: and our marketing for the next and I mean, Jesse y, 336 00:16:01,960 --> 00:16:04,000 Speaker 2: It's was the greatest story. I sat down one day 337 00:16:04,040 --> 00:16:06,800 Speaker 2: across these two guys who I thought were clinically insane, 338 00:16:07,400 --> 00:16:11,480 Speaker 2: and they had they had authored and produced Go New 339 00:16:11,560 --> 00:16:14,200 Speaker 2: York Go, which was the theme song, and they had 340 00:16:14,280 --> 00:16:17,240 Speaker 2: kind of scaled two or three entrepreneurial businesses that I 341 00:16:17,360 --> 00:16:19,440 Speaker 2: just couldn't imagine, and they kind of blew me away. 342 00:16:20,160 --> 00:16:22,040 Speaker 2: And maybe like a couple of years later, we were just 343 00:16:22,080 --> 00:16:24,360 Speaker 2: talking and they were talking about scaling this business and 344 00:16:24,440 --> 00:16:29,360 Speaker 2: private aviation associated with Berkshire Hathway. And I would never 345 00:16:29,520 --> 00:16:31,360 Speaker 2: have thought in my life that I would be kind 346 00:16:31,400 --> 00:16:34,440 Speaker 2: of intrigued and kind of go there. And that was 347 00:16:35,120 --> 00:16:37,800 Speaker 2: that turned into like a neat transition of ten years 348 00:16:37,840 --> 00:16:40,200 Speaker 2: of my life, you know, running Marqui Jet, which was 349 00:16:40,200 --> 00:16:43,160 Speaker 2: then acquired by net Jets, and then kind of running 350 00:16:43,160 --> 00:16:45,400 Speaker 2: part of net Jets business for a little while. So 351 00:16:45,480 --> 00:16:49,160 Speaker 2: it's kind of how the world goes, like funny, amazing, 352 00:16:49,280 --> 00:16:52,200 Speaker 2: funny instances and kind of sitting down across people. So 353 00:16:52,320 --> 00:16:54,960 Speaker 2: now Jesse owns a piece of Atlanta Hawks, and. 354 00:16:55,240 --> 00:16:56,880 Speaker 5: I was just going to ask that, do you guys 355 00:16:56,880 --> 00:16:57,560 Speaker 5: talking around? 356 00:16:57,680 --> 00:17:00,720 Speaker 2: Yeah all the time, right, Yeah, you know, we talked around. 357 00:17:00,720 --> 00:17:02,480 Speaker 2: It's a great position for me because, as you know, 358 00:17:02,520 --> 00:17:05,560 Speaker 2: the Hawks really haven't won anything lately, like in a while. 359 00:17:05,600 --> 00:17:07,480 Speaker 2: So it's a fun conversation. 360 00:17:07,920 --> 00:17:09,920 Speaker 6: I want to ask about, you know, just kind of 361 00:17:09,920 --> 00:17:13,240 Speaker 6: piggybacking off of what Damien was asking about. Sports Franchises 362 00:17:13,280 --> 00:17:15,199 Speaker 6: are brands, and when you worked for the Knicks, that 363 00:17:15,359 --> 00:17:17,719 Speaker 6: was a huge brand. It's known all over the country, 364 00:17:17,800 --> 00:17:20,639 Speaker 6: all over the world. You could argue now you're selling 365 00:17:20,720 --> 00:17:23,560 Speaker 6: a smaller brand just as passionate a fan base. But 366 00:17:23,640 --> 00:17:26,760 Speaker 6: the Milwaukee Bucks, you know, you can't really compare that 367 00:17:26,800 --> 00:17:28,760 Speaker 6: to the New York Knicks. Tell me a little bit 368 00:17:28,800 --> 00:17:31,480 Speaker 6: about what the brand represented when you first arrived at 369 00:17:31,480 --> 00:17:33,560 Speaker 6: the Bucks, organization and what you've built it into. 370 00:17:33,600 --> 00:17:36,840 Speaker 2: Now, yeah, I would say, like absolutely, I disagree with you. 371 00:17:36,920 --> 00:17:40,359 Speaker 2: We were kind of purchased by three New York City 372 00:17:40,960 --> 00:17:44,760 Speaker 2: financiers who kind of had grown up with NIX season tickets, 373 00:17:45,160 --> 00:17:47,480 Speaker 2: and when we started this journey, you know, and kind 374 00:17:47,480 --> 00:17:51,919 Speaker 2: of acquired what was really kind of quantitatively and qualitatively 375 00:17:52,080 --> 00:17:55,159 Speaker 2: probably one of the most distressed brands in sports, you know, 376 00:17:55,440 --> 00:17:58,800 Speaker 2: just by every number you can imagine the Bucks had lost, 377 00:17:58,960 --> 00:18:01,840 Speaker 2: you know, had only one fifteen games that year. We 378 00:18:02,160 --> 00:18:05,040 Speaker 2: kind of like in revenue to ticket price, to attendance 379 00:18:05,119 --> 00:18:08,240 Speaker 2: to per caps, you know, we're kind of either twenty 380 00:18:08,320 --> 00:18:11,320 Speaker 2: ninth or thirtieth and a thirty league. Our owners made 381 00:18:11,320 --> 00:18:14,199 Speaker 2: it really clear like we are going to we are 382 00:18:14,240 --> 00:18:16,800 Speaker 2: going to redefine a small market, and we're going to 383 00:18:16,880 --> 00:18:20,200 Speaker 2: treat this, you know, and we're going to build a foundation, 384 00:18:20,240 --> 00:18:22,360 Speaker 2: and we're going to build process and run a business 385 00:18:22,760 --> 00:18:25,359 Speaker 2: as if we are the market like in the NBA 386 00:18:25,520 --> 00:18:27,720 Speaker 2: and kind of take the gold standard. And the fun 387 00:18:28,280 --> 00:18:30,639 Speaker 2: thing for me personally and professionally is I had kind 388 00:18:30,680 --> 00:18:32,919 Speaker 2: of done that, you know, from New York City and 389 00:18:32,960 --> 00:18:36,040 Speaker 2: from Madison Square Garden and kind of had realized you know, 390 00:18:36,400 --> 00:18:40,919 Speaker 2: very early, you know, the gold standard of resourcing a team, 391 00:18:41,119 --> 00:18:44,640 Speaker 2: a company, a brand at the highest level. So it 392 00:18:44,680 --> 00:18:48,120 Speaker 2: was kind of incredible experience to have and to put 393 00:18:48,160 --> 00:18:50,600 Speaker 2: against like what these owners were really looking for, Like 394 00:18:50,680 --> 00:18:53,840 Speaker 2: we wanted to redefine what a small market meant, what 395 00:18:53,880 --> 00:18:57,280 Speaker 2: the bucks meant, what it meant to our audience. I mean, 396 00:18:57,480 --> 00:18:59,479 Speaker 2: the most interesting thing here is, like you know, if 397 00:18:59,520 --> 00:19:01,520 Speaker 2: you told nine years ago, I would tell you like, 398 00:19:02,000 --> 00:19:04,439 Speaker 2: oh god, we've got to capture the Milwaukee audience. Then 399 00:19:04,440 --> 00:19:07,240 Speaker 2: there was Tompson audience and the regionals, then the national 400 00:19:08,119 --> 00:19:10,919 Speaker 2: come to really think about the funnel really is you 401 00:19:10,960 --> 00:19:14,840 Speaker 2: know global, you know, is primary, the national secondary? And 402 00:19:14,880 --> 00:19:17,919 Speaker 2: then it really becomes localized in a big way. And 403 00:19:18,000 --> 00:19:21,560 Speaker 2: part of that is the honest effect. Yes, yes, I'm 404 00:19:21,560 --> 00:19:22,760 Speaker 2: sure we'll talk about. 405 00:19:22,680 --> 00:19:24,280 Speaker 6: Which we will, but I want to jump on what 406 00:19:24,320 --> 00:19:26,240 Speaker 6: you said a little bit earlier, which is you had 407 00:19:26,680 --> 00:19:29,639 Speaker 6: finance guys from New York, Mark Lazri among them. But 408 00:19:29,720 --> 00:19:32,760 Speaker 6: he did sell his twenty five percent team ownership stake 409 00:19:32,840 --> 00:19:36,040 Speaker 6: to Jimmy Haslan, the Cleveland Browns owner and the Howssel 410 00:19:36,119 --> 00:19:40,520 Speaker 6: Sports Group back in April. How has that changed things? How? 411 00:19:41,280 --> 00:19:44,000 Speaker 6: What's the hostile effect now on the Bucks now that 412 00:19:44,040 --> 00:19:45,000 Speaker 6: Mark Lazri is out. 413 00:19:46,240 --> 00:19:49,080 Speaker 2: So it's an awesome infusion because all of a sudden 414 00:19:49,160 --> 00:19:54,520 Speaker 2: we had Wes Eden's another primary owner owns aston Villa 415 00:19:54,680 --> 00:19:57,800 Speaker 2: kind of has the Premier League as a compare and contrast, 416 00:19:57,840 --> 00:20:01,119 Speaker 2: which is really interesting, Like on a global base, Jimmy 417 00:20:01,359 --> 00:20:04,199 Speaker 2: and de has them bring in the Cleveland Browns and 418 00:20:04,240 --> 00:20:08,040 Speaker 2: bring in MLS's the Columbus Crew. And when you're running 419 00:20:08,080 --> 00:20:10,359 Speaker 2: an operation like this, I mean, when you're thinking about 420 00:20:10,720 --> 00:20:12,720 Speaker 2: kind of what are the best practices, how do you 421 00:20:12,760 --> 00:20:15,600 Speaker 2: aggregate you know, kind of the best talent, and really 422 00:20:15,640 --> 00:20:18,359 Speaker 2: think about the businesses on a much larger level, it 423 00:20:18,400 --> 00:20:21,160 Speaker 2: gives you a huge advantage, especially now that we've got 424 00:20:21,240 --> 00:20:23,840 Speaker 2: kind of the reference of an NFL team and kind 425 00:20:23,880 --> 00:20:27,560 Speaker 2: of how they think about position and monetize. So it's 426 00:20:27,560 --> 00:20:30,000 Speaker 2: been awesome, Like it's it's it's kind of like a 427 00:20:30,040 --> 00:20:32,960 Speaker 2: real infusion of growth for us in different way of 428 00:20:33,000 --> 00:20:37,800 Speaker 2: thinking to have an owner who actually owns other franchises 429 00:20:37,840 --> 00:20:38,560 Speaker 2: in other leagues. 430 00:20:38,920 --> 00:20:42,280 Speaker 1: Well, yeah, we got to talk about Jannis leadonnas. 431 00:20:41,760 --> 00:20:45,159 Speaker 4: Am, Thomas circles It down Load challenges, Giannis Walk the 432 00:20:45,200 --> 00:20:48,080 Speaker 4: shot rebound, Get's hold by the Great break. He's been 433 00:20:48,119 --> 00:20:51,159 Speaker 4: on both sides of the court, dominating. Here are the 434 00:20:51,200 --> 00:20:54,600 Speaker 4: fourth quarter, and Milwaukee's gonna have it with a foul 435 00:20:54,680 --> 00:20:57,880 Speaker 4: call going the other way with twelve point two seconds 436 00:20:57,920 --> 00:20:58,399 Speaker 4: to go. 437 00:21:00,040 --> 00:21:01,880 Speaker 1: At the Lillard, He'll feed the Yani. 438 00:21:01,840 --> 00:21:06,639 Speaker 4: Yanna spins through everybody and plunges it down. Oh baby, 439 00:21:06,680 --> 00:21:09,639 Speaker 4: what a plane. The Greek freak taking charge here. A 440 00:21:09,720 --> 00:21:11,520 Speaker 4: lady's got eleven points here on the ford. 441 00:21:12,080 --> 00:21:15,280 Speaker 7: When it comes to marketing, to quote a phrase from 442 00:21:15,359 --> 00:21:21,399 Speaker 7: my beautiful late grandmama, Lord, where's my first child? Because 443 00:21:21,560 --> 00:21:24,520 Speaker 7: this man brings in a lot of money for your 444 00:21:24,600 --> 00:21:25,320 Speaker 7: marketing wise. 445 00:21:25,640 --> 00:21:28,520 Speaker 2: Yeah, I mean, I think he's redefined the international you know, 446 00:21:28,560 --> 00:21:30,640 Speaker 2: player and market. The league has been, you know, kind 447 00:21:30,640 --> 00:21:33,560 Speaker 2: of growing to like a large percent of twenty twenty 448 00:21:33,560 --> 00:21:36,400 Speaker 2: five percent of players in international. But but Yiannis really 449 00:21:36,480 --> 00:21:39,080 Speaker 2: kind of helped redefine you know, where he was. He 450 00:21:39,160 --> 00:21:41,720 Speaker 2: kind of he kind of came out of nowhere. I 451 00:21:41,800 --> 00:21:44,160 Speaker 2: keep I keep telling him that, you know, when he 452 00:21:44,240 --> 00:21:46,479 Speaker 2: when he came here, he was not Giannis, you know, 453 00:21:46,600 --> 00:21:49,800 Speaker 2: and and kind of how he grew and his background 454 00:21:49,800 --> 00:21:53,120 Speaker 2: of both Nigeria and Greek to kind of have two 455 00:21:53,240 --> 00:21:57,200 Speaker 2: continents of connection. And he has redefined, you know, kind 456 00:21:57,240 --> 00:21:59,320 Speaker 2: of the NBA and what a small market can do 457 00:21:59,440 --> 00:22:02,520 Speaker 2: on a globe basis. You know, the Bucks are broadcast 458 00:22:02,600 --> 00:22:05,520 Speaker 2: in two hundred and fifteen countries were kind of maxed 459 00:22:05,520 --> 00:22:09,119 Speaker 2: out on national TV broadcasts. We've got the exposure you 460 00:22:09,160 --> 00:22:12,960 Speaker 2: can't imagine, you know, across across the world, and that 461 00:22:13,080 --> 00:22:16,760 Speaker 2: certainly helps your platform when you're when you're positioning a 462 00:22:16,840 --> 00:22:19,439 Speaker 2: brand and a team and its players and trying to 463 00:22:19,480 --> 00:22:21,600 Speaker 2: grow it on a on a P and L basis. 464 00:22:22,040 --> 00:22:24,679 Speaker 5: Peter Michael likes to talk about his league grandmama. But 465 00:22:24,840 --> 00:22:26,560 Speaker 5: you know what I really would like to know in 466 00:22:26,600 --> 00:22:29,760 Speaker 5: all seriousness, is about is about your mother, About being 467 00:22:29,800 --> 00:22:33,000 Speaker 5: Barber's son. I mean Barbara, you know, survivor of Nazi Germany, 468 00:22:33,119 --> 00:22:35,560 Speaker 5: just wrote a best selling book, you know, a defining 469 00:22:35,600 --> 00:22:38,280 Speaker 5: figure at Gray Advertising. Talk to us about growing up 470 00:22:38,280 --> 00:22:40,600 Speaker 5: with your two brothers in that household in New York 471 00:22:40,640 --> 00:22:42,760 Speaker 5: City and what you took away from that and how 472 00:22:42,760 --> 00:22:43,840 Speaker 5: that's helped you in your career. 473 00:22:45,200 --> 00:22:47,359 Speaker 2: Yeah, you don't know until you know. So, you know, 474 00:22:47,440 --> 00:22:50,119 Speaker 2: I thought I was leading a normal life with like 475 00:22:50,160 --> 00:22:52,239 Speaker 2: two parents and kind of what you grew up in 476 00:22:52,320 --> 00:22:55,320 Speaker 2: two professionals and then you kind of come to realize 477 00:22:55,359 --> 00:22:57,679 Speaker 2: that you're you know, you're sitting at the dinner table 478 00:22:57,800 --> 00:23:01,080 Speaker 2: and kind of hanging out with one of the pioneers 479 00:23:01,080 --> 00:23:05,040 Speaker 2: in advertising and kind of through osmosis and direct contact 480 00:23:05,119 --> 00:23:08,639 Speaker 2: kind of learning about branding, learning about business processes at 481 00:23:08,680 --> 00:23:11,080 Speaker 2: the kitchen table. So you think about one of the 482 00:23:11,119 --> 00:23:13,760 Speaker 2: greatest advantages, like in the history of the world, which 483 00:23:13,760 --> 00:23:16,239 Speaker 2: we always say kind of an education, is like how 484 00:23:16,280 --> 00:23:18,240 Speaker 2: do we learn how do we get the parents involved 485 00:23:18,240 --> 00:23:21,879 Speaker 2: that you know, I had that on steroids to really 486 00:23:21,920 --> 00:23:25,800 Speaker 2: have this distinct advantage of of you know, this, this 487 00:23:25,800 --> 00:23:28,760 Speaker 2: this mother and this parental unit who kind of were 488 00:23:28,800 --> 00:23:32,239 Speaker 2: professionals in the in what I became interested in at 489 00:23:32,280 --> 00:23:37,119 Speaker 2: the highest level and can just kind of learn and absorb, 490 00:23:37,280 --> 00:23:38,200 Speaker 2: you know, from the best. 491 00:23:39,080 --> 00:23:40,960 Speaker 5: So, you know, Peter, now that we've had that, you know, 492 00:23:41,119 --> 00:23:43,040 Speaker 5: serious question out of the way, I'm wondering. You know, 493 00:23:43,040 --> 00:23:44,840 Speaker 5: my daughter is a big fan of chicken tenders, and 494 00:23:44,880 --> 00:23:47,520 Speaker 5: I've heard the best chicken tenders this side of the 495 00:23:47,560 --> 00:23:50,560 Speaker 5: Mississippi River is Cream City Coluckery. Talk to us about 496 00:23:50,560 --> 00:23:52,800 Speaker 5: the Deer District, Talk to us about what's going on 497 00:23:52,880 --> 00:23:56,679 Speaker 5: in Milwaukee. How you've changed the game on the graph 498 00:23:56,760 --> 00:23:59,480 Speaker 5: what was the Cream City clutter. 499 00:24:00,960 --> 00:24:03,760 Speaker 2: Well, I mean like a really fun, you know, crazy story. 500 00:24:03,800 --> 00:24:06,280 Speaker 2: You know, when the when COVID took over and we 501 00:24:06,280 --> 00:24:08,800 Speaker 2: were kind of thinking about what to do, we happened 502 00:24:08,800 --> 00:24:10,920 Speaker 2: to realize that we had the largest kitchen in the 503 00:24:10,960 --> 00:24:14,240 Speaker 2: state of Wisconsin, you know, advisor forum and how could 504 00:24:14,240 --> 00:24:16,960 Speaker 2: we activated. It was kind of the time when ghost 505 00:24:17,040 --> 00:24:21,040 Speaker 2: kitchens like really became you know, kind of interesting and doing. 506 00:24:21,119 --> 00:24:24,960 Speaker 2: And we branded a food, we customized it, we cooked 507 00:24:25,000 --> 00:24:27,960 Speaker 2: at the highest level, and we started to successfully become 508 00:24:28,080 --> 00:24:31,440 Speaker 2: like one of the larger takeout and brick and mortar 509 00:24:31,520 --> 00:24:35,199 Speaker 2: chicken places like during it and kind of extended it 510 00:24:35,240 --> 00:24:37,560 Speaker 2: through as it's one of our key offerings. Like in 511 00:24:37,600 --> 00:24:40,879 Speaker 2: the arena itself. It's still a big takeout business and 512 00:24:40,920 --> 00:24:43,760 Speaker 2: it's kind of like one of those fun extensions and 513 00:24:43,800 --> 00:24:46,080 Speaker 2: it's one of the great things when you work for 514 00:24:47,520 --> 00:24:50,399 Speaker 2: you know, these people who were private equity investment and 515 00:24:50,600 --> 00:24:54,680 Speaker 2: entrepreneur people. You know, they are very open to kind 516 00:24:54,720 --> 00:24:58,000 Speaker 2: of try new things and having some fun. And that's 517 00:24:58,080 --> 00:24:59,960 Speaker 2: kind of you know, when you have a strong brea 518 00:25:00,080 --> 00:25:02,320 Speaker 2: and you're growing, kind of some of the neat, fun 519 00:25:02,359 --> 00:25:03,080 Speaker 2: things you can do. 520 00:25:03,600 --> 00:25:06,359 Speaker 7: Our thanks to Peter Fagan for joining us. He is 521 00:25:06,440 --> 00:25:09,199 Speaker 7: the president of the Milwaukee Bucks. Up next, we take 522 00:25:09,240 --> 00:25:12,800 Speaker 7: a look at the betting world heading into the NFL's 523 00:25:12,880 --> 00:25:17,240 Speaker 7: big Game with bet MGM CEO Adam green Black. 524 00:25:17,440 --> 00:25:21,560 Speaker 3: I absolutely love the NFL, I love the FADAS. The 525 00:25:21,600 --> 00:25:25,280 Speaker 3: momentum of a game can change on a dime. It's tremendous. 526 00:25:25,320 --> 00:25:27,680 Speaker 3: It's such beautiful entertainment. 527 00:25:27,400 --> 00:25:29,760 Speaker 7: That is straight ahead on the Bloomberg Business of Sports 528 00:25:29,760 --> 00:25:31,280 Speaker 7: from Bloomberg Radio. 529 00:25:31,440 --> 00:25:46,560 Speaker 9: Around the world, you're listening to Bloomberg Business of Sports 530 00:25:46,760 --> 00:25:49,000 Speaker 9: from Bloomberg Radio. 531 00:25:49,880 --> 00:25:52,440 Speaker 7: Thanks for joining us on the Bloomberg Business of Sports show, 532 00:25:52,560 --> 00:25:54,720 Speaker 7: where we explore the big money issues in the world 533 00:25:54,720 --> 00:25:57,159 Speaker 7: of sports. I'm Michael Barr, along with Scarlett Food and 534 00:25:57,200 --> 00:26:00,880 Speaker 7: Damian Sasaur. The Super Bowl you've heard it is one 535 00:26:00,880 --> 00:26:04,439 Speaker 7: of the biggest sporting events on the calendar and one 536 00:26:04,480 --> 00:26:07,840 Speaker 7: of the biggest moments for the sports betting industry. And 537 00:26:07,960 --> 00:26:10,520 Speaker 7: with the game just around the corner, we wanted to 538 00:26:10,600 --> 00:26:14,520 Speaker 7: check in on the sports betting landscape with Adam green Blat. 539 00:26:14,720 --> 00:26:19,840 Speaker 7: He's the CEO at bet MGM, a market leading sports 540 00:26:19,880 --> 00:26:23,720 Speaker 7: betting and gaming entertainment company. In case you don't bet online, 541 00:26:23,760 --> 00:26:27,040 Speaker 7: Adam welcome to the Bloomberg Business of Sports. 542 00:26:27,280 --> 00:26:29,200 Speaker 3: Well, thank you for having me. I'm very happy to 543 00:26:29,240 --> 00:26:29,520 Speaker 3: be here. 544 00:26:29,600 --> 00:26:31,680 Speaker 7: Well, we were just just before we went on the air. 545 00:26:31,960 --> 00:26:35,160 Speaker 7: We were talking about Scarlett being a die hard forty 546 00:26:35,240 --> 00:26:38,280 Speaker 7: nine Ers fan along with my wife, a die hard 547 00:26:38,320 --> 00:26:43,400 Speaker 7: forty nine Ers fan, and MOI die hard Lions fan. 548 00:26:43,560 --> 00:26:46,800 Speaker 7: And right now we are, yeah, we're we're taking some 549 00:26:46,920 --> 00:26:50,440 Speaker 7: ropotest and now even over here. But you said something, 550 00:26:50,480 --> 00:26:55,760 Speaker 7: and you're exactly right. The conversations we're having with especially 551 00:26:55,800 --> 00:26:59,040 Speaker 7: with the NFC Championship game in the rearview mirror now 552 00:26:59,359 --> 00:27:01,720 Speaker 7: are the conversations many gamblers have been having. 553 00:27:02,560 --> 00:27:06,760 Speaker 3: Absolutely it's a conversation I think that will be echoed 554 00:27:06,880 --> 00:27:11,200 Speaker 3: in millions of households around America. And frankly, this adds 555 00:27:11,640 --> 00:27:14,960 Speaker 3: a flavor, a dimension, a richness to the business of 556 00:27:15,080 --> 00:27:20,479 Speaker 3: fandom and those NFL focused conversations. I think it's I 557 00:27:20,600 --> 00:27:24,080 Speaker 3: love the drama because that's what our product is about. 558 00:27:24,160 --> 00:27:28,240 Speaker 3: It amplifies the way we feel about our teams, about 559 00:27:28,240 --> 00:27:28,720 Speaker 3: our journey. 560 00:27:28,960 --> 00:27:33,080 Speaker 6: So I'm curious whether the venue of the Super Bowl 561 00:27:33,160 --> 00:27:36,880 Speaker 6: twenty twenty four being in Las Vegas changes the dynamics 562 00:27:36,960 --> 00:27:41,399 Speaker 6: or the volume of game betting that you anticipate for 563 00:27:41,440 --> 00:27:42,119 Speaker 6: this big event. 564 00:27:42,760 --> 00:27:45,439 Speaker 3: Well, it's an interesting one. As you may well know, 565 00:27:45,560 --> 00:27:48,000 Speaker 3: many of your viewers will know the or listeners will 566 00:27:48,000 --> 00:27:53,120 Speaker 3: know the Nevada has had sports wagering for longer than 567 00:27:53,280 --> 00:27:58,240 Speaker 3: any other state. Nevada was grandfathered in as a provider 568 00:27:58,560 --> 00:28:03,560 Speaker 3: of sports betting opportunity for players, even during the dark 569 00:28:03,640 --> 00:28:06,600 Speaker 3: years of PASPA, which as we know, were overturned in 570 00:28:06,600 --> 00:28:12,880 Speaker 3: twenty eighteen. So there is a base level of demand 571 00:28:12,960 --> 00:28:15,960 Speaker 3: in the state of Nevada for the product. What we 572 00:28:16,119 --> 00:28:20,080 Speaker 3: are seeing is that with the increase with the availability 573 00:28:20,119 --> 00:28:25,400 Speaker 3: of regulated sports spilling around the country, the tide has 574 00:28:25,560 --> 00:28:30,040 Speaker 3: risen across the board, which includes Nevada. There was an expectation, 575 00:28:30,160 --> 00:28:34,840 Speaker 3: a thought, a fear perhaps that we would see declining 576 00:28:35,640 --> 00:28:39,360 Speaker 3: demand for sports wagering in Nevada as a result of 577 00:28:39,360 --> 00:28:42,360 Speaker 3: the availability elsewhere. We've not seen that at all. It's 578 00:28:42,400 --> 00:28:43,680 Speaker 3: gone from strength to strength. 579 00:28:43,800 --> 00:28:45,640 Speaker 5: Adam, I just need to ask you this one question. 580 00:28:45,640 --> 00:28:48,240 Speaker 5: It's an important question. You know, the NFL, the Super Bowl, 581 00:28:48,280 --> 00:28:50,960 Speaker 5: I mean, it is the mecca of sports gambling at 582 00:28:51,040 --> 00:28:53,920 Speaker 5: least here in the US. Yet University of Kate Down, 583 00:28:53,920 --> 00:28:55,560 Speaker 5: I mean, you didn't even go to vits man. I mean, 584 00:28:55,560 --> 00:28:58,040 Speaker 5: you're a rugby fan from South Africa, What on earth 585 00:28:58,040 --> 00:28:59,840 Speaker 5: do you know about gambling? 586 00:29:00,200 --> 00:29:02,400 Speaker 1: Super Bowl? Now, I'm just kidding. 587 00:29:02,040 --> 00:29:05,000 Speaker 5: Though, seriously, times what Las Vegas has in store for us? 588 00:29:05,040 --> 00:29:06,520 Speaker 5: I mean what sort of events? I mean you do 589 00:29:06,720 --> 00:29:10,440 Speaker 5: have the Bilagio, the MGM brand, I mean, what's in store? 590 00:29:11,160 --> 00:29:14,040 Speaker 3: Well, first first comment I would make is that you're 591 00:29:14,080 --> 00:29:17,360 Speaker 3: absolutely right. What is this random South African doing talking 592 00:29:17,400 --> 00:29:19,000 Speaker 3: to me about the sport that. 593 00:29:18,960 --> 00:29:20,360 Speaker 1: I'm going to talk about? The Springbok. 594 00:29:22,720 --> 00:29:27,200 Speaker 3: But I must tell you I'm a convert. I absolutely 595 00:29:27,600 --> 00:29:30,640 Speaker 3: love the NFL. I love the fact that the momentum 596 00:29:30,720 --> 00:29:33,760 Speaker 3: of a game can change on a dime. It's it's tremendous. 597 00:29:33,840 --> 00:29:37,560 Speaker 3: It's such beautiful entertainment and great hearing. Anyway, that Aside 598 00:29:38,520 --> 00:29:40,640 Speaker 3: has been preparing for the big game for months now, 599 00:29:41,560 --> 00:29:47,080 Speaker 3: and prior to the season, we delivered significant upgrades to 600 00:29:47,200 --> 00:29:51,000 Speaker 3: our product, our sports book product, back end functionality, front 601 00:29:51,080 --> 00:29:54,800 Speaker 3: end experience, a real focus on speed, ease of use, 602 00:29:54,920 --> 00:29:59,000 Speaker 3: product range and in fact, over the last six months alone, 603 00:29:59,040 --> 00:30:03,000 Speaker 3: we've improved this be of our product by over twenty 604 00:30:03,000 --> 00:30:06,080 Speaker 3: five percent in terms of what our players are going 605 00:30:06,080 --> 00:30:10,560 Speaker 3: to experience a lot of exciting, really engaging product experiences 606 00:30:10,760 --> 00:30:13,480 Speaker 3: there today. Now, in terms of the Big Game activations, 607 00:30:14,080 --> 00:30:16,720 Speaker 3: we've been running teases for our first ever Super Bowl 608 00:30:16,760 --> 00:30:19,960 Speaker 3: ad in some what I think are some really creative 609 00:30:20,000 --> 00:30:23,080 Speaker 3: social campaigns. We've got our Big Game Bash at a 610 00:30:23,080 --> 00:30:27,160 Speaker 3: two part event, beginning with a private Bill Burgh comedy 611 00:30:27,200 --> 00:30:30,880 Speaker 3: show on Friday night, February ninth, and then following night 612 00:30:30,960 --> 00:30:34,400 Speaker 3: We've got the headliner of Luke Comb's at the Cosmopolitan 613 00:30:34,800 --> 00:30:38,720 Speaker 3: on Saturday nights, and then of course the grand finale of. 614 00:30:41,280 --> 00:30:45,800 Speaker 1: Vince Vaughan, Tom Brady, Wayne Rang. 615 00:30:47,200 --> 00:30:49,120 Speaker 3: Can you believe that you talk about this random South 616 00:30:49,160 --> 00:30:54,520 Speaker 3: African from Cape Town. This is the biggest names on 617 00:30:54,640 --> 00:30:59,440 Speaker 3: the biggest stage in Vegas, our home turf. I mean, 618 00:30:59,600 --> 00:31:00,920 Speaker 3: it couldn't be more exciting. 619 00:31:01,040 --> 00:31:02,880 Speaker 5: And that's what Michael Barr wants to know. He wants 620 00:31:02,880 --> 00:31:05,520 Speaker 5: to know will Tom Brady, Wing Gretzky and Vince Land 621 00:31:05,560 --> 00:31:07,760 Speaker 5: be at Luke Combe's show, because you know he was 622 00:31:07,800 --> 00:31:11,280 Speaker 5: thinking about purchasing tickets. I think they're available. I'm not 623 00:31:11,320 --> 00:31:14,200 Speaker 5: mistaken now, I'm just kidding talk to us about that ad. 624 00:31:14,240 --> 00:31:16,840 Speaker 5: I mean, look, I mean those are just icons of 625 00:31:16,880 --> 00:31:20,520 Speaker 5: the industry, and you know, how involved are they in 626 00:31:20,560 --> 00:31:22,520 Speaker 5: this year's Super Bowl? Are they going to be in attendance? 627 00:31:22,600 --> 00:31:24,600 Speaker 5: I mean what sort of I mean outside of obviously 628 00:31:24,600 --> 00:31:26,640 Speaker 5: some of the events you have planned in Las Vegas. 629 00:31:26,960 --> 00:31:29,280 Speaker 5: Are they going to be more visible for the bet 630 00:31:29,360 --> 00:31:30,720 Speaker 5: MGM brand going forward? 631 00:31:31,640 --> 00:31:36,760 Speaker 3: So they will be to they are doing a special 632 00:31:36,800 --> 00:31:41,240 Speaker 3: event for for bet MGM's VIPs. We're having an event 633 00:31:41,320 --> 00:31:44,920 Speaker 3: with the three of them and just seventy of bet 634 00:31:45,000 --> 00:31:49,440 Speaker 3: MGM's VIPs, which is meet and greed question that Q 635 00:31:49,560 --> 00:31:53,280 Speaker 3: and a real intimate we think coming for for these 636 00:31:53,720 --> 00:31:57,560 Speaker 3: global superstars are really intimate gathering. I mean, it's another 637 00:31:57,560 --> 00:31:59,960 Speaker 3: one of the reasons why being a VIP at Better 638 00:32:00,120 --> 00:32:04,600 Speaker 3: Gym is a premium place to be an aspirational obviously 639 00:32:04,680 --> 00:32:08,000 Speaker 3: in a very competitive landscape. But more than that, I 640 00:32:08,040 --> 00:32:09,600 Speaker 3: can't say. I'm afraid I. 641 00:32:09,520 --> 00:32:11,880 Speaker 7: Wanted to go back to something you said earlier because Nevada, 642 00:32:12,040 --> 00:32:17,239 Speaker 7: the state there, has obviously the mobile and when they 643 00:32:17,240 --> 00:32:21,040 Speaker 7: see retail is obviously you can bet at the casino MGM, 644 00:32:21,120 --> 00:32:25,040 Speaker 7: of course, and I remember when this first happened, when 645 00:32:25,200 --> 00:32:28,560 Speaker 7: the mobile sites came out and Nevada kind of turned 646 00:32:28,560 --> 00:32:30,479 Speaker 7: their nose up at first. It's like we don't want that. 647 00:32:30,520 --> 00:32:33,680 Speaker 7: Why do we want to hurt our businesses that make 648 00:32:33,800 --> 00:32:37,200 Speaker 7: money if you go to a physical casino and bring 649 00:32:37,240 --> 00:32:41,200 Speaker 7: it in. But like you said, everything changed, and you know, 650 00:32:41,920 --> 00:32:44,760 Speaker 7: Nevada is seeing the same, not even a drop off, 651 00:32:44,800 --> 00:32:45,280 Speaker 7: like you said. 652 00:32:45,480 --> 00:32:49,080 Speaker 3: As much as the incumbents in any sector, as much 653 00:32:49,080 --> 00:32:51,320 Speaker 3: as the incumbents would like to hold onto the way 654 00:32:51,360 --> 00:32:57,800 Speaker 3: it was, technology disrupts and sports betting is in no 655 00:32:57,920 --> 00:33:04,000 Speaker 3: way insulated from that. And frankly, MGM, who are really savvy, 656 00:33:05,200 --> 00:33:09,080 Speaker 3: really savvy decision makers, SAVY organization have recognized that and 657 00:33:09,200 --> 00:33:12,760 Speaker 3: embraced it. And in fact, what they've done, what Nevada 658 00:33:12,760 --> 00:33:17,840 Speaker 3: and Las Vegas have done, is reinvent themselves again, reinvent 659 00:33:17,880 --> 00:33:21,920 Speaker 3: themselves this time as the center of the sports universe, 660 00:33:22,560 --> 00:33:25,120 Speaker 3: and the Las Vegas really has become that. You know, 661 00:33:25,680 --> 00:33:29,360 Speaker 3: Vegas has been on an upbridge trajectory with the Vegas 662 00:33:29,400 --> 00:33:32,760 Speaker 3: Golden Knights that has happened to be in Vegas. 663 00:33:33,080 --> 00:33:35,080 Speaker 1: The tup's gonna stay at Vegas. 664 00:33:35,640 --> 00:33:39,800 Speaker 4: After the first time, the Golden Knights are standing. 665 00:33:39,880 --> 00:33:47,320 Speaker 3: Up aces Formula one. Now with the Oakland A's on 666 00:33:47,400 --> 00:33:50,640 Speaker 3: their way, it's on the biggest stage. Vegas is going 667 00:33:50,680 --> 00:33:54,160 Speaker 3: to show the world. How they blend sports and entertainment together. 668 00:33:54,440 --> 00:33:57,160 Speaker 3: It's ushering in a new in my view, ushering in 669 00:33:57,240 --> 00:34:00,880 Speaker 3: a new era in sports as they just becomes the 670 00:34:00,920 --> 00:34:06,320 Speaker 3: destination for marquee event and Frankie Betmgym's ideally positioned to capitalize, 671 00:34:06,360 --> 00:34:09,360 Speaker 3: as I said, two for two reasons. One because of 672 00:34:09,520 --> 00:34:13,160 Speaker 3: our omni channel advantage. This is how we meld together 673 00:34:13,440 --> 00:34:16,359 Speaker 3: retail and digital into a seamless experience for our for 674 00:34:16,400 --> 00:34:19,239 Speaker 3: our players, but also it's our home field. Anyone who 675 00:34:19,239 --> 00:34:21,960 Speaker 3: goes will be who will be in Vegas for the 676 00:34:22,120 --> 00:34:24,399 Speaker 3: for the super Bowl, for the Big Game. We'll see 677 00:34:24,400 --> 00:34:29,200 Speaker 3: the strength and muscle right of MGM Resorts and BEDMGM. 678 00:34:29,280 --> 00:34:33,200 Speaker 6: And you'll be painting Las Vegas golden black with outdoor, indoor, 679 00:34:33,239 --> 00:34:36,520 Speaker 6: digital and special advertising. That will you know Bombard fans 680 00:34:36,560 --> 00:34:38,919 Speaker 6: a minute they get off the plane. Black and gold 681 00:34:38,920 --> 00:34:41,600 Speaker 6: of course the color of the Las Vegas Golden Knights 682 00:34:41,640 --> 00:34:45,160 Speaker 6: as well. You had mentioned Wayne Gretzky, you mentioned Tom Brady, 683 00:34:45,880 --> 00:34:49,439 Speaker 6: you mentioned Vince Vaughan, Vegas, Baby Vegas. All of that 684 00:34:50,200 --> 00:34:52,800 Speaker 6: is amazing, especially for gen xers like Damian and myself. 685 00:34:52,800 --> 00:34:53,160 Speaker 2: That's right. 686 00:34:53,480 --> 00:34:57,200 Speaker 6: I'm curious though you did not bag the most important celebrity, 687 00:34:57,239 --> 00:34:59,440 Speaker 6: which is Taylor Swift. She may or may not be 688 00:34:59,480 --> 00:35:02,799 Speaker 6: in town and you missed out on that opportunity or 689 00:35:02,840 --> 00:35:03,600 Speaker 6: is there still time. 690 00:35:04,680 --> 00:35:09,040 Speaker 3: Well, I believe she's there's an open question, a hanging question, 691 00:35:09,080 --> 00:35:12,600 Speaker 3: whether she'll be able to get from Japan to the game. So, 692 00:35:12,880 --> 00:35:17,920 Speaker 3: you know, according to the Swifties who really focus on 693 00:35:17,960 --> 00:35:20,560 Speaker 3: this question, there is a chance that if she gets 694 00:35:20,560 --> 00:35:22,760 Speaker 3: on the plane immediately, she'll be there the night before. 695 00:35:23,000 --> 00:35:27,640 Speaker 3: So we're hoping, I think for all of America and 696 00:35:27,719 --> 00:35:31,120 Speaker 3: for the NFL and for viewership, we're very much hoping 697 00:35:31,120 --> 00:35:33,919 Speaker 3: and doing anything we can to support that. If we right, 698 00:35:34,040 --> 00:35:35,319 Speaker 3: we can, would be great to have. 699 00:35:35,320 --> 00:35:35,759 Speaker 1: Her in town. 700 00:35:36,200 --> 00:35:40,520 Speaker 6: I do wonder, though, when it comes to investing celebrity spokespeople, 701 00:35:40,960 --> 00:35:44,040 Speaker 6: there is some risk to it now that didn't really 702 00:35:44,600 --> 00:35:46,759 Speaker 6: wasn't really a parent a few years ago. You think 703 00:35:46,800 --> 00:35:49,839 Speaker 6: about Tom Brady and his association with FTX, the way 704 00:35:49,880 --> 00:35:52,879 Speaker 6: that Taylor Swift is being weaponized by the far right 705 00:35:52,960 --> 00:35:57,160 Speaker 6: and conspiracy theorists about you know, her appearance being evidence 706 00:35:57,320 --> 00:35:59,600 Speaker 6: of the Super Bowl being rigged, the NFL being rigged, 707 00:36:00,320 --> 00:36:04,080 Speaker 6: being rigged. Would it not make more sense to start 708 00:36:04,120 --> 00:36:08,799 Speaker 6: considering steering away from celebrities spokespeople who can be as 709 00:36:08,880 --> 00:36:11,920 Speaker 6: polarizing as anything else in our culture, and maybe stick 710 00:36:11,960 --> 00:36:14,319 Speaker 6: with someone like Michael Barr for your next ad. 711 00:36:15,000 --> 00:36:17,759 Speaker 7: Yeah, yeah, you'll draw a lot of them to get 712 00:36:17,760 --> 00:36:18,279 Speaker 7: me in there. 713 00:36:18,320 --> 00:36:21,080 Speaker 6: You Well, what I mean is regular people who are 714 00:36:21,520 --> 00:36:23,000 Speaker 6: passionate about sports betting. 715 00:36:23,200 --> 00:36:27,400 Speaker 3: Oh, that is a really complex, multi dimensional question, if 716 00:36:27,440 --> 00:36:35,160 Speaker 3: I may justice. The reality is we have to navigate 717 00:36:35,680 --> 00:36:41,239 Speaker 3: the tricky intersection between impact and reach and risk and 718 00:36:41,280 --> 00:36:45,160 Speaker 3: the role of social media as a polarizing medium. I 719 00:36:45,160 --> 00:36:49,400 Speaker 3: don't think that's going away. And so what we have 720 00:36:49,760 --> 00:36:54,399 Speaker 3: been really thoughtful about is aligning ourselves with those who 721 00:36:54,440 --> 00:36:59,800 Speaker 3: we believe to be consistent with our brand values and 722 00:37:01,440 --> 00:37:05,040 Speaker 3: less polarizing. And of course everybody has a history, but 723 00:37:05,200 --> 00:37:09,920 Speaker 3: you know, we are very thoughtful in how we manage 724 00:37:09,920 --> 00:37:11,120 Speaker 3: those associations. 725 00:37:11,960 --> 00:37:12,440 Speaker 1: But you're right. 726 00:37:12,480 --> 00:37:17,640 Speaker 3: Look in Canada they've for different reasons, by the way, 727 00:37:17,360 --> 00:37:23,880 Speaker 3: they have now required that no existing or former sports 728 00:37:23,920 --> 00:37:27,960 Speaker 3: celebrities are able to be ambassadors now. So the lens 729 00:37:28,000 --> 00:37:32,320 Speaker 3: through which they're interpreting that is one of responsible gambling 730 00:37:32,920 --> 00:37:42,320 Speaker 3: and likelihood of underage viewers being attracted to the category power. 731 00:37:42,120 --> 00:37:45,640 Speaker 7: Thanks to bet MGM CEO Adam green Blat for joining 732 00:37:45,680 --> 00:37:49,600 Speaker 7: us on the show today. This is the Bloomberg Business 733 00:37:49,600 --> 00:37:52,120 Speaker 7: of Sports show we hear each and every week at 734 00:37:52,160 --> 00:37:55,920 Speaker 7: the same time for my colleagues Scarlett Fou and Damien Sasaur. 735 00:37:56,000 --> 00:37:58,000 Speaker 1: I'm Michael Barr. Tune in again. 736 00:37:57,719 --> 00:38:01,359 Speaker 7: Next week for the latest on the stories moving big 737 00:38:01,400 --> 00:38:04,000 Speaker 7: old money in the world of sports. You're listening to 738 00:38:04,360 --> 00:38:08,760 Speaker 7: Bloomberg Business of Sports from Bloomberg Radio around the world.