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Speaker 1: This is the business of sports. Should Major League Baseball

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Speaker 1: shorten up the season? How do we present football to

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Speaker 1: the audience of the future. I don't think that most

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Speaker 1: players understand the power that they have. The future of

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Speaker 1: IndyCar racing is looking bright. Scott Sashnik very basic math here,

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Speaker 1: more bidders means more money. Evan Nobody Williams. The team

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Speaker 1: value has essentially quadrupled. And the leaders in the sports

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Speaker 1: industry time to bring an our guest, Hal stood Runner,

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Speaker 1: National Hockey League Commissioner Gary Betman, Atlanta Braves president Derek Schiller,

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Speaker 1: Patriots President Jonathan Kraft. Bloomberg Business of Sports from Bloomberg Radio. Hello,

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Speaker 1: I'm Scott Eben, Novie Williams, and this is the Bloomberg

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Speaker 1: Business of Sports podcast where we have been and I

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Speaker 1: because Michael Barr is on vacation. This week explore the

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Speaker 1: world of money in sports, and today we begin with

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Speaker 1: Evan Mark Stevens, part owner of the Golden State Warriors.

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Speaker 1: We know the story by now. He pushed Kyle Lowry.

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Speaker 1: He has been banned for a year, five thousand dollar fine.

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Speaker 1: Not all that big deal. He's worth two points something

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Speaker 1: billion dollars. The question moving forward is ken Mark Stevens

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Speaker 1: continue to own his stake in the team. We heard

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Speaker 1: Adam Silver talk about this last week. I don't have

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Speaker 1: the right to require him to sell his ownership stake.

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Speaker 1: That can only be done by a three quarters vote

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Speaker 1: of our border governor. So that wasn't on the table.

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Speaker 1: I thought, in terms of the year suspension or ban

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Speaker 1: and the five thousand dollar fine, that under the circumstances

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Speaker 1: it was appropriate. Adam said he was contrite. He's never

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Speaker 1: had any problems in the past, so he thought it's

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Speaker 1: an appropriate punishment. That's all well and good, But this

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Speaker 1: is a team moving into a new building. Can he

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Speaker 1: do the other partners, led by Joe Lacob, get together

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Speaker 1: and say Mark, you know, we just don't think that

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Speaker 1: you can be a part of this anymore, especially at

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Speaker 1: a time where the Years Association has made a big

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Speaker 1: deal about how players are treated in this league by fans.

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Speaker 1: You can't you know the things that are said to

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Speaker 1: them if anybody puts their their hands on them. This

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Speaker 1: is not a fan. This is somebody whom players suggest,

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Speaker 1: some have suggested, should be held to a higher standard. Yeah,

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Speaker 1: so I think that last point is is critical because

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Speaker 1: you know the this is a problem the NBA has.

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Speaker 1: It's an increasing problem. We've talked about it a lot.

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Speaker 1: You know, SERTs like Russell Westbrook especially gets into these

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Speaker 1: things with fans. Uh. The ability for fans, because of

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Speaker 1: the way basketball is laid out, the ability for them

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Speaker 1: to interact with players and touch players is a problem

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Speaker 1: that the NBA needs to address. I think that it's

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Speaker 1: absolutely how do you address that? They're right? I mean,

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Speaker 1: you're right there. Yeah, so so maybe the addressing is

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Speaker 1: ramping up the punishment. Um. But that said, and I've

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Speaker 1: I don't want to get myself into hot water here.

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Speaker 1: I think the idea of him having to sell his

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Speaker 1: stake in the Warriors because he lightly pushed Kyle Lowry

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Speaker 1: is fairly ridiculous. And I say that knowing that he

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Speaker 1: should not have done it. And I also say that

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Speaker 1: knowing that this is a problem that the NBA has. Um.

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Speaker 1: But outside of those two things, UM, I just don't

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Speaker 1: see this that's a huge, huge cost to him, right,

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Speaker 1: I mean, this is a franchise will make money. Punishment, certainly,

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Speaker 1: but but this team we're assuming is gonna make more,

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Speaker 1: is gonna become more valuable moving forward in evaluation did.

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Speaker 1: But further on there at what three point seven billion.

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Speaker 1: Now the new stadium opens, they may eclipse four, which

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Speaker 1: is where the Knicks are right now. UM, I don't

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Speaker 1: look to me. It's maybe worth making an example of

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Speaker 1: him because it's a problem. Let's just talk the mechanics

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Speaker 1: of it, though, beyond the punishment. Is it right or wrong?

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Speaker 1: I got your point, Okay, let's just talk the mechanics

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Speaker 1: of it. A stake in the Warriors comes to market,

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Speaker 1: do you think it actually ever gets out for full auction?

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Speaker 1: Because there are tons of lpis aches and many many

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Speaker 1: teams NFL MLB. There's tons of stakes out there. They're

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Speaker 1: getting increasingly difficult to unload because usually LPs come with

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Speaker 1: no say, no governance, they don't come with anything. But

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Speaker 1: they're so expensive now because the valuations are high. So

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Speaker 1: do you think it goes to market or do you

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Speaker 1: think the other partners get together Peter Goober Joel Lacom

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Speaker 1: and say you know what we'll buy you out? Well,

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Speaker 1: you would, you would know better than me. I know

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Speaker 1: that some of these deals, and maybe it's all of them.

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Speaker 1: When A when a minority states first YEA, some they

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Speaker 1: have to approve something they have right of first refusal. Yeah. Yeah,

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Speaker 1: So I mean I would think that this might get

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Speaker 1: this would probably get absorbed, right, I would get given

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Speaker 1: the way this this franchisees is going. Um. But I

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Speaker 1: mean again that that's a that's kind of a question

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Speaker 1: for for the individual kind of terms in his in

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Speaker 1: his minority ownership deal, and you get the LP discount

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Speaker 1: a fourth sale no no saying governance, so you get

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Speaker 1: your haircuts right there too. But he's still gonna make

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Speaker 1: money because you got it. It's still gonna make a

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Speaker 1: ton of money, absolutely, um, in the way it is

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Speaker 1: right now, he's losing five thousand dollars. He's not gonna

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Speaker 1: be able to go to games for a year, which

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Speaker 1: if you're a minority, that's pretty much the only obvious

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Speaker 1: why why you're doing it, right, Um, But it does.

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Speaker 1: I mean, I think there's an interesting conversation to have

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Speaker 1: here regarding you know, another high profile sidelines center in

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Speaker 1: the NBA Finals, Drake, you know who wanders onto the court,

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Speaker 1: occasionally touches players, gives back of the franchise, and I

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Speaker 1: would argue that Drake is a more high profile representative

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Speaker 1: of the Toronto Raptors than Mark Stevens, who is a

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Speaker 1: well known name in business. I guess Sequoia Capital is

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Speaker 1: a you know, a giant in the VC world, but

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Speaker 1: Mark Stevens. Nobody knows Mark Stevens in a Golden State

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Speaker 1: Warriors capacity. It didn't even come out that he was

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Speaker 1: an owner until almost twenty four hours later, right the

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Speaker 1: Silver turn off your podcast. I wasn't watching the game

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Speaker 1: at the time. Had I seen it, I would have

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Speaker 1: been like, that's Mark Stevens. You are didn't your high

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Speaker 1: You're not your average fan. But again, I would argue

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Speaker 1: that Drake is both a higher profile representative of the

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Speaker 1: team than Mark Stevens is for the Warriors, and be

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Speaker 1: that Drake is a more blatant violator of the fourth

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Speaker 1: whatever you want to call it, that that wall that

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Speaker 1: should exist between fans and players. He is a more

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Speaker 1: blatant violator of that than I. Just like that. You

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Speaker 1: now have sort of this category, the high profile, high

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Speaker 1: profile sidelines sitter. I like it. You've got us a

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Speaker 1: new category, all encompassing rights. Let's stick around the West

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Speaker 1: Coast and lots of money packed twelve, it is said,

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Speaker 1: has received multiple bids of seven hundred and fifty million

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Speaker 1: that's with an M seven fifty million dollars from would

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Speaker 1: be equity investors. Now we know they're selling a piece

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Speaker 1: of their new media company Nuco UM who is pointing

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Speaker 1: up seven fifty for this slice of the new business. Yeah,

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Speaker 1: this one. I'm sure this one turned heads when it

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Speaker 1: was reported last week across college sports because this, you know, this,

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Speaker 1: this sale equity stake in in Pact twelve Media UM

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Speaker 1: has been watched very closely. Has been ridiculed a bit

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Speaker 1: across college sports. UM. So was the Dodgers purchase. So

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Speaker 1: it's right. I really do marvel that so many people

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Speaker 1: get so much of this role. Yeah, And and we

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Speaker 1: don't know enough yet to really know, I mean, without

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Speaker 1: knowing the terms of this seven fifty right there there,

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Speaker 1: what their exit plan is when these investors get paid,

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Speaker 1: whether they've become priority over the conference that there's so

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Speaker 1: much about that seven fifty that we need to know

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Speaker 1: more about before we can say. However, Yeah, on its face,

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Speaker 1: the fact that there are multiple bidders out there, and

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Speaker 1: I assume these are strategic media partners, either in the

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Speaker 1: television side or on the digital side, should we have

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Speaker 1: asked David Ripley of Claire, Hey, wait a minute, are

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Speaker 1: you doing this too? Yeah, I mean it might it

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Speaker 1: might fit for them. I mean the Pact twelve network

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Speaker 1: right now are regional sports networks and there in their

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Speaker 1: own right. Um. But yes, this is obviously a good

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Speaker 1: indicator in some capacity for the league and and and

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Speaker 1: and as Larry Scott told us, you know when we

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Speaker 1: talked to him, this isn't a definite thing that it's

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Speaker 1: not it's not a slam dunk that they're gonna take

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Speaker 1: this money. Um, but the PAC twelve definitely trails behind you. Yeah.

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Speaker 1: So so in terms of I mean, the main way

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Speaker 1: that a lot of these conferences may make more money

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Speaker 1: obviously as media, they distribute that to their individual schools. Uh.

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Speaker 1: Schools in the Big ten you know, this is the

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Speaker 1: biggest one. They get fifty million dollars a year from

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Speaker 1: their media rights. Schools in the SEC forty three million

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Speaker 1: dollars a year. Um. You know, both of those are

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Speaker 1: big numbers. As the Pack twelve is in third, but

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Speaker 1: a distant third there around thirty million. Um. And then

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Speaker 1: you have the the A C C uh and and uh.

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Speaker 1: And the final one, which is it's giving my mind

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Speaker 1: right now, is also they're about or twenty three million

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Speaker 1: or so, right, So, so there's a big gap there

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Speaker 1: sec the eight. The Pack twelve is in third, but

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Speaker 1: a distant third. And by the way, it's starting to

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Speaker 1: affect the play on the field to that's that they're

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Speaker 1: not winning football games. They're not. It's been one of

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Speaker 1: basketball and football for the Pack twelve. Um, I don't

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Speaker 1: see the money being made up in the Olympics sports.

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Speaker 1: Even in an O t t were diving and swimming.

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Speaker 1: And if the plan here is to take this seven million,

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Speaker 1: divvy it up by all the all twelve schools, and

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Speaker 1: then you know, pay it out over the next five years,

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Speaker 1: that can help close the gap over the next five years. However,

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Speaker 1: you know when those five years are up and then

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Speaker 1: you end up not owning your only of your of

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Speaker 1: your media, right, so so you're you're hamstringing the long

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Speaker 1: term future there, right. So if this is just kind

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Speaker 1: of a bid to get up front capital now to

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Speaker 1: maybe help bridge the gap until this next round of

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Speaker 1: media comes up in the PAC twelve. As you know,

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Speaker 1: they're very bullish on what's going to happen in this

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Speaker 1: next I mean that's the fact that we have aggregated

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Speaker 1: all the rights, it's ours, which for any other Power

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Speaker 1: five conference. Um So if they are right in that,

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Speaker 1: and and this is essentially just a bid to kind

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Speaker 1: of bridge the gap until they get to that point,

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Speaker 1: then maybe this ends up being model and a much

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Speaker 1: bigger payment next time. And we'll see if this goes well.

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Speaker 1: Whose other other conferences, maybe not even our five conferences,

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Speaker 1: might think about going this routing. I'm gonna guess it works.

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Speaker 1: I am just I don't see the value of the

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Speaker 1: sports rights going down anytime. It's not soon enough for this,

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Speaker 1: I think I think should be okay. And the other

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Speaker 1: thing we we we should discuss real quick. They're depending

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Speaker 1: on who they partner with, who this money comes from.

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Speaker 1: They could also be getting a strong strategic partner to

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Speaker 1: help them wade through this next round of negotia. Interesting

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Speaker 1: part is this is being handled by Joe Ravage over

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Speaker 1: at Rain. Rain often does business in Asia. Very interested

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Speaker 1: to see the Pac twelve has made a concerted effort

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Speaker 1: to create its brand and grow its brand in Asia.

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Speaker 1: Very interesting if we get some money out of Asia

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Speaker 1: as part of this investment. The Big twelve is the

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Speaker 1: fifth Power of five conference. Yes, it is I knew

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Speaker 1: you've been everyone listening to everybody has been under the

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Speaker 1: whether we we We mentioned that last time. He can't

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Speaker 1: go to party to his reunions like he used to

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Speaker 1: and stay healthy. So he's on the men though, just

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Speaker 1: a little all right, Live sports on Twitter. They should

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Speaker 1: not surprise anybody. Guess who's not going to be bidding

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Speaker 1: on big time sports rights? Twitter? I should. I started

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Speaker 1: with Twitter, but we talked about the fangs. You know,

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Speaker 1: there's no tea in fangs. So it's not a surprise

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Speaker 1: that Twitter. But two ways to have to have it,

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Speaker 1: to have an executive come out and say no, no, no,

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Speaker 1: no this, we're not going to be doing this. What

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Speaker 1: we're gonna look to do is partner with rights holders.

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Speaker 1: They're all about Twitters about amplification, is about how do

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Speaker 1: we help you amplify your message. We're not going to

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Speaker 1: be out there bidding opposite Fox and ESPN for big

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Speaker 1: time rights. Unlike let's see the facebooks, the Google, let's

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Speaker 1: see the YouTube, let's see where they are. Yeah. This

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Speaker 1: is an interview that Kamadatti, Twitter's vice president and global

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Speaker 1: head of Content Partnerships, gave the Australian Financial Review. I

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Speaker 1: think the direct quote in there, Um don't want to

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Speaker 1: be a linear television broadcaster. So, as you said, Twitter

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Speaker 1: certainly thinking about their platform a little differently than maybe

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Speaker 1: some other of the digital ones are where they do

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Speaker 1: kind of envision themselves broadcasting full length games, which Twitter

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Speaker 1: has done in the past. I mean, the the NFL

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Speaker 1: had had a partnership with Twitter in there. Um they've

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Speaker 1: played around with I believe baseball games as well maybe

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Speaker 1: a few other kind of bigger content things. Um, but

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Speaker 1: you're right. I think Twitter sees their role here as

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Speaker 1: fast highlights, you know, quick videos you can follow along

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Speaker 1: a game on your Twitter feed. You're just getting the

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Speaker 1: highlights a couple But I don't know. I used to

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Speaker 1: switch around, you know, on TV box picture and picture

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Speaker 1: this and that. I don't anymore. I just look at

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Speaker 1: the Twitter feed and community tells me when I need

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Speaker 1: to turn the channel. Totally. That's that's an easier way

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Speaker 1: for me to follow it. Yeah. I will offer one

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Speaker 1: kind of little word of caution. Mark Zuckerberg said something

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Speaker 1: almost identical to this to two or three years ago,

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Speaker 1: and then shortly afterwards Twitter kind of started dipping into Facebook,

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Speaker 1: started dipping into live rights and I think that you,

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Speaker 1: like me, assume that moving forward, Facebook could very well

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Speaker 1: be a bitter for for for live right, But it's

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Speaker 1: not quarter what. I don't think the number will be

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Speaker 1: expansive for them because it's not quarter of what they do.

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Speaker 1: Fox better get some You better have the NFL that

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Speaker 1: they're willing to pay whatever it is. They need to

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Speaker 1: have it. Absolutely, ESPN needs to have it. Yeah. I

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Speaker 1: guess my point is that just because an executive says, well,

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Speaker 1: you should in this in two thousand nineteen, does not

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Speaker 1: mean that come uh, they won't be opening the opening

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Speaker 1: the checkbook for it. Well, let's see who's beening on

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Speaker 1: the pack twelve. All right, this is the Bloomberg Business

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Speaker 1: of Sports podcast. I'm Scott Sasnik along with emand W. W W. Williams.

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Speaker 1: with the biggest and brightest in the sports business industry.

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