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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Hi everyone, welcome to the Deal.

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Speaker 3: I'm Jason Kelly alongside my partner Alex Rodriguez. Coming up

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Speaker 3: on the show this week, Tom Garfinkel. He runs basically

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Speaker 3: everything in Miami that you don't run. Alex, we're talking

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Speaker 3: about F one, We're talking about the Miami Dolphins, the

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Speaker 3: Miami Opened.

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Speaker 2: So much going on in his empire.

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Speaker 3: But first we got to talk about some really big

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Speaker 3: stories in the sports world this week starting. I have

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Speaker 3: to start here because this is one of those as

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Speaker 3: soon as this starts happening over the weekend, you're my

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Speaker 3: first call, You're my first text.

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Speaker 2: These bats man, What is going on with these bats?

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Speaker 4: These torpedo bats? I mean, what a story. People thought

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Speaker 4: that somehow the Yankees were cheating and that they were

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Speaker 4: using these like big alpha bats whatever with big heads

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Speaker 4: and it was helping, and you know, somehow the Yankees

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Speaker 4: were getting some type of an advance that wasn't quite kosher.

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Speaker 4: Well none of that is true. I mean basically, bats

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Speaker 4: they have a maximum kind of weight and maximum limb

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Speaker 4: They can't be longer than forty two inches, and how

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Speaker 4: you distribute that weight in a thirty four to thirty

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Speaker 4: five inch bat is totally up to you. So while

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Speaker 4: the Yankees are getting a lot of flak, the league

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Speaker 4: already came out and said bats are a okay.

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Speaker 3: So Aaron Leenhart is the guy. He used to work

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Speaker 3: for the Yankees. He now works, i believe for the

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Speaker 3: Miami Marlins. He's an MIT brainiac who loves baseball. He

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Speaker 3: came up with this concept. It's about redistributing the wood essentially, right,

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Speaker 3: But like, how does that make a difference for you

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Speaker 3: as a hitter.

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Speaker 4: Yeah, that's a great question. And then the question is

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Speaker 4: where do you take that weight from to add it

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Speaker 4: to more closer to the label. Now the label. As

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Speaker 4: for you know, fans at home that don't play baseball,

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Speaker 4: I've never used a wood bat. If the ball hits

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Speaker 4: near the label, which is kind of closer to your hands,

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Speaker 4: it's a broken bat and the ball is going to

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Speaker 4: go nowhere. And you've seen bats, you know, shatter all

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Speaker 4: over the place. Actually it's very dangerous. Yeah, there's two

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Speaker 4: ways to break a bat, either close to your hands

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Speaker 4: or at the very end. But what you've done is

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Speaker 4: you've redistributed the weight to the label, which means that

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Speaker 4: jam shot is no longer longer a jam shot. It

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Speaker 4: could be actually a home run, or it could be

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Speaker 4: a double in the gap because you have so much

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Speaker 4: more weight and meet there. So it's kind of a

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Speaker 4: clever way to hack the system because you're taking the

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Speaker 4: weight at the very end of the bat. It doesn't

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Speaker 4: matter if you have weight there or not. If you

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Speaker 4: hit it there, it's going to again a broken bat.

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Speaker 4: So you're basically taking the very weight of the end

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Speaker 4: and putting it closer to the label, which.

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Speaker 3: Helps your power. Okay, dumb question. How come somebody hasn't

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Speaker 3: done this before.

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Speaker 4: Because there's not a lot of Mit guys like this

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Speaker 4: gentleman Aaron walking around figuring this stuff out. Yeah, it's

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Speaker 4: a brilliant thing. Now. There's versions of this that have

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Speaker 4: been out there, not quite like this. I mean, when

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Speaker 4: you saw it on social media and Michael Kay mentioned

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Speaker 4: it like twitter it up, I have thirty people text

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Speaker 4: me and call me and like, what's going on with this?

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Speaker 4: Is crazy? The next controversy. But it was, you know,

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Speaker 4: nothing like that. But it does look very odd when

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Speaker 4: you look at pictures. It's a very strange looking bat,

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Speaker 4: that's for sure.

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Speaker 3: I mean it also is interesting. I mean, you know,

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Speaker 3: this is a business show. We think about deals, we

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Speaker 3: think about you know, transactions and people, you know, gravitating

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Speaker 3: to a product or not. I mean, what better advertisement

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Speaker 3: than three pitches, three home runs Opening Day Weekend by

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Speaker 3: the New York Yankees. I mean, seriously, you can't make

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Speaker 3: that up.

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Speaker 4: You can't make it up. And then the irony is

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Speaker 4: you have Aaron Judge who hits four home runs in

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Speaker 4: the course of two games, three in one game, but

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Speaker 4: he's not using the bat. So yeah, like, okay, which

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Speaker 4: one is it? Right? Yeah, that's right.

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Speaker 2: That's a really good point.

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Speaker 3: All right, So let's talk a little bit about Opening

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Speaker 3: Day Weekend. I mean, I can't even begin to tell

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Speaker 3: you how distraught I am, at least initially as a

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Speaker 3: Braves fan. They as we're recording this on Tuesday, they

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Speaker 3: haven't won. They've yet to win a game. This is

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Speaker 3: a great team. They just got rouped on the West coast,

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Speaker 3: first by the Padres, then by the Dodgers. Like, what

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Speaker 3: are the storylines that are emerging when it comes to

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Speaker 3: the smart deals that were made for players? What seems

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Speaker 3: to be paying off what may be tvd.

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Speaker 4: Well a few things. I think it's just from a

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Speaker 4: baseball centric comment, not to say the obvious, but the

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Speaker 4: Yankees are not going to go one sixty two and

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Speaker 4: zero and the Braves are not going to go oh

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Speaker 4: in one sixty two.

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Speaker 2: Okay, thank you for assuring me.

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Speaker 4: And while Aaron Dreds is on pace to hit three

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Speaker 4: hundred and eighty home runs, he's probably not going to

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Speaker 4: do that as even as great as he is. But

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Speaker 4: I think, Jason, the one thing you have to focus

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Speaker 4: on is the explosion and potential revenue for the Mets.

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Speaker 4: This is really has been so far a home run deal,

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Speaker 4: no pun intended for Steve Cohen, the owner of the

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Speaker 4: New York Mets, because if you look at Jersey sales, memorabilia,

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Speaker 4: ticket sales ratings are all going very very aggressively up

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Speaker 4: into the right.

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Speaker 2: That's the one Soto effect.

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Speaker 4: That's the Juan Soto effect exactly, and a very much

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Speaker 4: underrated move. Is also he also brought back Alonzo to

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Speaker 4: protect him. Yeah, Peter Alonzo, Yeah, yeah, Pee Alonzo. You

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Speaker 4: have Lindor, you have Soto, and you have Pee Alonzo,

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Speaker 4: which is really nice. I think the Braves are going

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Speaker 4: to be a juggernaut again. I think, you know, just patients,

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Speaker 4: it's always very difficult. And I've done this a couple

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Speaker 4: of times in my career. To have spring training for

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Speaker 4: six weeks in Florida and then be stuck with the

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Speaker 4: West Coast that that's a hell of a tough carry.

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Speaker 4: And I think they'll be fine. And I think overall,

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Speaker 4: we just got to keep watching, you know, the ratings,

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Speaker 4: and overall, I think there's more balance. I think the

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Speaker 4: Red Sox being good is a really good thing for baseball.

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Speaker 4: They've been non existing in the last few years. I

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Speaker 4: think watching the Yankees and how they react from Juan

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Speaker 4: Soto leaving them, I think they did a wonderful job

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Speaker 4: of deploying that capital they were going to use for

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Speaker 4: Juan Soto and using it brilliantly. And so far, so

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Speaker 4: good for the Yankees. And yeah, I'd like to see

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Speaker 4: what happened in the New York battle, right like whose

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Speaker 4: city is it? Is it the big app of the

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Speaker 4: Mets or is it the you know, the big bad

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Speaker 4: Yankees again?

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Speaker 3: I know, yeah, I mean, listen, two great teams in

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Speaker 3: New York is never a bad thing. With apologies to

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Speaker 3: all of our listeners, you know, in cities across the world.

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Speaker 3: But I mean, man, when baseball is really hitting in

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Speaker 3: New York, there's nothing better, all right, So let's shift

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Speaker 3: sports before we get onto Tom Garfinkel. And actually this

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Speaker 3: is Garfinkel adjacent at least, which is the NFL. I

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Speaker 3: mean talk about flexing, man, I mean, the NFL can

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Speaker 3: flex like nobody else, reports early this week saying that

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Speaker 3: the NFL looking across the media landscape, seeing what they

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Speaker 3: can command, and likely to opt out of their media

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Speaker 3: deals because they can get more money.

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Speaker 2: What do you make of that?

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Speaker 4: Well, the gifts keeps on giving for NFL owners. I

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Speaker 4: got to tell you, it's an incredible business, one that

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Speaker 4: other owners from other teams around the world are very

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Speaker 4: envious of. And look, out of the top was a

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Speaker 4: one hundred television you know broadcast. There were like, you know,

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Speaker 4: ninety five of the hundred, right, and the other college

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Speaker 4: football or something like that. So football is the king

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Speaker 4: of kings. And look, they're in a leverage position. Networks

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Speaker 4: can work without the NFL, the shoulder programming, the income

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Speaker 4: it makes, the amount of leverage and power they have,

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Speaker 4: and these networks are second to none, and they're going

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Speaker 4: to capitalize it and can't give Roger Goodell, the commissioner,

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Speaker 4: NFL commissioner enough credit for what he's done here the

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Speaker 4: last ten or twelve years.

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Speaker 2: Yeah, it's funny.

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Speaker 3: I was talking to a former media executive this morning

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Speaker 3: and she was saying to me, this is the nightmare

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Speaker 3: scenario if you are on the media side of the business,

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Speaker 3: because you don't want to give this right. You do

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Speaker 3: not want to give this clause to anyone. But if

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Speaker 3: you're dealing with the NFL, you have no choice because

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Speaker 3: to your point that they're in charge of everything. And

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Speaker 3: when you have what is it, you know, ninety four

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Speaker 3: ninety five of the top one hundred shows or NFL games,

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Speaker 3: When you have the most watched super Bowl ever in

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Speaker 3: twenty twenty five, like you're in position to call your

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Speaker 3: shot and do whatever you want.

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Speaker 4: And it's hard to believe that you have over one

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Speaker 4: hundred million people watching the super Bowl and some of

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Speaker 4: these forty or fifty million for some of these playoff games.

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Speaker 4: And they're still growing. And I think the reason they're

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Speaker 4: growing is they're just getting better at their craft. They're

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Speaker 4: getting better at television. They really think about being an

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Speaker 4: entertainment business first, not a foot football's just the mote.

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Speaker 4: But they're really the greatest media company in the world.

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Speaker 4: I had one high ranking officer about a year ago

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Speaker 4: tell me, if we do not get the NFL in

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Speaker 4: our program, there is a chance we can file bankruptcy.

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Speaker 4: Oh my gosh, that is how powerful the NFL is

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Speaker 4: to us. And to make no mistake, Jason, when Roger

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Speaker 4: Goodell sits across from you in a boardroom, whether you're

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Speaker 4: one of the big media companies, whether you're a big sponsor,

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Speaker 4: or whether you're a private equity group that wants to

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Speaker 4: get approved by Roger and the thirty two owners to

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Speaker 4: be able to invest in the NFL deals, the answer

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Speaker 4: is yes, sir, Yes, sir, yes, sir. Please please pick us,

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Speaker 4: Please pick.

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Speaker 3: Us, and we'll take a show whatever you want because

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Speaker 3: we know it's good for our business.

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Speaker 2: Well spe give watching programming.

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Speaker 3: Note for our listeners out there, you can now watch

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Speaker 3: us and see these two handsome faces just talking back

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Speaker 3: and forth with our guests. You can go to the

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Speaker 3: Bloomberg Podcast YouTube channel and watch this episode and coming

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Speaker 3: up Tom Garfinkel again. He is the king of Miami.

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Speaker 3: I mean, I guess the other king of Miami. Two

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Speaker 3: Kings of Miami on the upcoming episode. Tom Garfinkel, of

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Speaker 3: course the vice chairman of the Miami Dolphins organization and

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Speaker 3: has a lot to say about the business of football,

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Speaker 3: the business of racing, the business of tennis, and really

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Speaker 3: just the business of entertainment. So looking forward to that.

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Speaker 3: Check it out, all right, Joining us now, Tom Garfinkel.

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Speaker 3: He's the vice chairman the presidency of the Miami Dolphins

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Speaker 3: in hard Rock Stadium. Also the managing partner of the

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Speaker 3: Formula one Crypto dot Com Miami Grand Prix that's coming

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Speaker 3: up in just a couple months. Alex and I will

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Speaker 3: be there, Tom, So great to see you to the show.

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Speaker 5: Great to be here, Thanks, guys, appreciate you having me.

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Speaker 2: All right.

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Speaker 3: I was joking Alex that this guy is like the

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Speaker 3: hardest working man in Hollywood. But you know, Miami is

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Speaker 3: the new Hollywood. Everything's happening down there. You guys saw

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Speaker 3: it before before anybody else. I mean, Tom, give us

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Speaker 3: a sense of what's going on these days with you.

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Speaker 3: I mean, all year is your busy season, but this

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Speaker 3: is an especially busy season for you.

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Speaker 5: It is. Yeah, this is a very busy season.

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Speaker 1: Wrapped up the football season moved on to the College

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Speaker 1: football semi championship game. Then we have our big Dolphins

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Speaker 1: Cancer Challenge bike ride here. We raised over fifteen million

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Speaker 1: dollars this year to fight cancer. Then we prepare for

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Speaker 1: the Miami Open, and we have the Miami Open tennis

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Speaker 1: tournament going on right now, and then preparing for the

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Speaker 1: Formula One race in early May. Right after the race,

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Speaker 1: we'll have a Shakira concert and a Post Malone concert,

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Speaker 1: then Club World Cup.

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Speaker 5: So a lot going on here.

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Speaker 3: So Alex, I'm going to actually ask you a question

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Speaker 3: that I then wanted to turn to Tom, which is like,

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Speaker 3: what the hell is going on in Miami?

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Speaker 2: I think, how did this all happen?

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Speaker 3: You grew up there, You're the longest standing Miami resident

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Speaker 3: of any of us.

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Speaker 2: Like what happened down there?

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Speaker 4: You know, I'm not sure what the heck's happened down here?

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Speaker 4: But I had dinner with Tom a few years ago,

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Speaker 4: and a mutual friend hosted at a small private dinner.

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Speaker 4: And when I was hearing Tom explain all the things

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Speaker 4: that a he was working on, which was a lot,

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Speaker 4: but he gave us a little preview of what was

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Speaker 4: in the pipeline, and not only was it true? But

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Speaker 4: he actually undershold it, and that's hard to do because

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Speaker 4: what you know, Tom and Steve Ross have built down

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Speaker 4: here is really nothing short of spectacular and he's made

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Speaker 4: our city better. But he was also ahead of the curve.

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Speaker 4: Remember he was doing this before this explosion that's happened

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Speaker 4: here in the last two or three years. So it's

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Speaker 4: been a perfect formula. And Tom, My question to you is,

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Speaker 4: when you think about your schedule, you just kind of

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Speaker 4: gave us a little blip. How do you divide if

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Speaker 4: it was a pie percentage wise? Is it Shakiro? Is

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Speaker 4: f one? Is a cancer? Dolphins? Where are you with that?

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Speaker 5: Well, we have a lot going on.

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Speaker 1: But you know, we had about twenty seventeen eighteen, we

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Speaker 1: had about twenty six major events we do here at

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Speaker 1: the stadium, about a million one point four people that

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Speaker 1: would come through here. Now we're doing i know, forty

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Speaker 1: eight major events two point three million people, so the

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Speaker 1: calendar is pretty full, you know, all of them. I

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Speaker 1: think I think tennis formula one.

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Speaker 5: Obviously.

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Speaker 1: The most important thing we do here is the Dolphins

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Speaker 1: football season. We host the Miami Hurricanes for their home games,

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Speaker 1: their college football games.

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Speaker 5: We have the Orange Bowl.

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Speaker 1: Here, we have the semi this year, we have the

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Speaker 1: National Championship coming in twenty twenty six, the Club World

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Speaker 1: Cup this year, the FIFA World Cup hosting seven matches

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Speaker 1: next summer.

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Speaker 5: So you had a fun never stops here.

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Speaker 1: I like to say it's maybe the only place in

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Speaker 1: the world where, you.

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Speaker 5: Know, we try to create something.

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Speaker 1: Steve and I have this vision for global entertainment destination

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Speaker 1: and trying to create something where the most talented people

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Speaker 1: in the world could all come to perform.

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Speaker 5: And when you think about, you.

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Speaker 1: Know, Roger Federer, Serena Williams, Messi and neymar Lewis Hamilton

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Speaker 1: and Max Verstappen, your greatest players in the NFL, college

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Speaker 1: football artists like Shakira or jay z and Beyonce et cetera,

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Speaker 1: et cetera, have all performed here.

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Speaker 5: Taylor Swift this past fall.

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Speaker 1: It's a very unique thing that all of those people

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Speaker 1: have been on our site in one place, and I

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Speaker 1: think we may be the only place in the world

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Speaker 1: where that's the case.

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Speaker 2: Tom.

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Speaker 3: I know Alex is going to want to talk in

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Speaker 3: a few minutes a bit about your work in baseball,

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Speaker 3: but before we go back there, we're always interested in

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Speaker 3: sort of like that initial deal. You know when you

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Speaker 3: and Steven Ross get together and you know, you sort

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Speaker 3: of circle around each other, and you know, you're a

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Speaker 3: big hire, he's a big name. Like, how does that

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Speaker 3: deal happen? How does that come about that you guys

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Speaker 3: formed this partnership.

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Speaker 5: Well, Steve and I actually met first.

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Speaker 1: I interviewed for the job in two thousand and nine

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Speaker 1: and I was with the Arizona Diamondbacks at the time,

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Speaker 1: and we were introduced, and it's kind of a longer story,

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Speaker 1: but one thing led to another, and I actually we

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Speaker 1: pulled out of the process and went to the San

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Speaker 1: Diego Padres. At the Padres, I had three owners in

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Speaker 1: four and a half years. There was an interesting situation there.

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Speaker 1: I learned a lot, had a great experience, and then

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Speaker 1: was fortunate enough to reconnect with Steve and come here

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Speaker 1: at the end of twenty thirteen. And you know, Steve

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Speaker 1: and I a very close relationship. None of this is

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Speaker 1: possible without it. And in fact, the other day I

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Speaker 1: had a just an overwhelming moment of gratitude. I was

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Speaker 1: sitting with someone in the soccer business who works with

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Speaker 1: players like Paul Ba and Messi and these different folks,

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Speaker 1: and he just said, you know, you guys are the

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Speaker 1: best of what you do in the world. And I

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Speaker 1: had it just a moment of none of this is

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Speaker 1: possible unless Steve, you know, gives us sort of the

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Speaker 1: autonomy and the resources and supports us with the ideas

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Speaker 1: that we have and also contributes to those ideas and

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Speaker 1: has a vision with us.

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Speaker 5: So that's kind of where it all started. We met,

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Speaker 5: we kept a relationship.

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Speaker 1: I came to work with them, and we just sat

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Speaker 1: down and started collaborating and both share this desire to

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Speaker 1: do things differently, to think big, and fortunately he's allowed.

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Speaker 5: Us to do it.

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Speaker 4: Yeah. So Tom, following up on Jason's question, I mean,

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Speaker 4: we love great partnerships here and this seems like a

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Speaker 4: match made in heaven. When you think about Steve Ross,

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Speaker 4: is his background over fifty years in real estate, a

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Speaker 4: true savant, as blue chip as they come. And then

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Speaker 4: with your background, with your global experience on sports, media, entertainment,

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Speaker 4: building these great platforms. How is that conversation? Is that

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Speaker 4: a weekly conversation? Do you ask it for advice? Does

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Speaker 4: he ask you for advice?

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Speaker 5: Yeah? A little bit of both. At Ebbs and Flows.

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Speaker 1: I mean, we'll have a week where we talk three

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Speaker 1: times a day, and then maybe we don't talk for

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Speaker 1: a week.

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Speaker 5: Steve is a visionary.

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Speaker 1: He's first of all, I think Steve's just a really

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Speaker 1: good guy. Like he's the kind of person you enjoy

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Speaker 1: going to dinner with, you enjoy spending time with.

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Speaker 5: He makes you laugh, You want to spend time with him.

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Speaker 5: He's a good person. He treats people well.

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Speaker 1: So I think it all starts there, and then we

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Speaker 1: just kind of enjoy each other's company, you know. And

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Speaker 1: he allows me to argue with him and fight with

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Speaker 1: him a little bit and debate because we're always just

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Speaker 1: trying to get to the right conclusion of things for

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Speaker 1: the business and to grow things. But yeah, it ebs

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Speaker 1: and flows in terms of how much time we spend together.

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Speaker 1: Steve is just changing the landscape of South Florida, and

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Speaker 1: not just here with the stadium and all the private

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Speaker 1: investment he's put into this, but also what he's doing

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Speaker 1: in West Palm Beach right now is incredible. What he's

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Speaker 1: doing there to create a vision that he has to

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Speaker 1: create the best most livable place to live, work and play.

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Speaker 5: In the country. He's all in on it. It's quite

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Speaker 5: a thing to watch. It's amazing. He's doing incredible things.

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Speaker 3: So let's talk about that for a second. I'm glad

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Speaker 3: you went there, Tom, because I sort of joked about

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Speaker 3: this at the top. But there has been I mean,

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Speaker 3: this has been well documented by Bloomberg and everyone, this

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Speaker 3: massive economic boom in South Florida that you just described,

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Speaker 3: and Steven Ross has obviously been at the white hot

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Speaker 3: center of it, as have you, as says Alex. For

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Speaker 3: that matter, help us understand how sports and what you're

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Speaker 3: doing fits into that, like how does each feed the other,

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Speaker 3: you know, and what has that boom done to either

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Speaker 3: enhance to make more challenging sort of your broader business,

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Speaker 3: Like how does that all fit together?

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Speaker 1: You know, when we think about this place again being

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Speaker 1: a global entertainment destination, what we do is so much

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Speaker 1: more than selling tickets.

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Speaker 5: We really focus on impacting people's lives. You know.

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Speaker 1: I think when the pandemic first happened, Steve called and

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Speaker 1: he said, you know, so.

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Speaker 5: Many people are going to be hungry there.

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Speaker 1: We need to put, you know, a food program together,

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Speaker 1: and we need to feed people. And we went and

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Speaker 1: we got local restaurants who would have went out of

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Speaker 1: business and kept them in business with over three million

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Speaker 1: dollars from Steve personally and from the Lennard Foundation where

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Speaker 1: we went and bought meals and did a thousand meals

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Speaker 1: a day initially intended to be for three months and

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Speaker 1: we ended up doing it for over a year for

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Speaker 1: local residents in Miami Gardens.

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Speaker 5: And that was really Steve's initiative.

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Speaker 1: So there's so many things that we do here to

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Speaker 1: try to help people's That are the fifteen million dollars

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Speaker 1: to fight cancer. Just this year now almost one hundred

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Speaker 1: million dollars we've raised for Sylvester Cancer Center at the

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Speaker 1: Versus to Miami through the community of people that participate

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Speaker 1: in that, and so that's a big part of what

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Speaker 1: we do. I think what we do is put on

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Speaker 1: events that in today's world, that is, you know, people

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Speaker 1: are isolated, people are lonely, people are stuck on their phones,

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Speaker 1: particularly post pandemic. We bring people together to experience life.

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Speaker 1: I communicate that often to our team. We've got an

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Speaker 1: amazing team of people here do great things and work

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Speaker 1: really hard, and they need to know that what they

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Speaker 1: do has purpose, it has value. And when we do

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Speaker 1: something like bring the Formula one race to Miami. It

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Speaker 1: doesn't just have the economic benefit locally here of having

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Speaker 1: a Super Bowl every year. Basically, I have this vision

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Speaker 1: where I'd like to see young kids that grew up

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Speaker 1: here in Miami gardens that ten twenty years from now

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Speaker 1: are working in Formula one as PR people, marketing, people, engineers,

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Speaker 1: whatever the case may be, because they came out and

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Speaker 1: were inspired by what we're doing here and by a

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Speaker 1: sport that they may not have had, you know.

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Speaker 5: Exposure to otherwise.

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Speaker 1: And so we do things with STEM programs and with

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Speaker 1: community ticket program and everything else to keep the community involved.

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Speaker 1: But the culture migration here, what's happened in Miami, I

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Speaker 1: say it's a curator of culture really for the rest

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Speaker 1: of the country in some ways the rest of the world.

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Speaker 1: You think about sports, but music, fashion, art, the hospitality industry.

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Speaker 1: It's a center of culture really for the rest of

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Speaker 1: the country now. And so we try to bring that

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Speaker 1: all here to the campus and do that in different

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Speaker 1: ways and show that off to the world in different ways.

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Speaker 4: So Tom, obviously our viewers know a lot more about

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Speaker 4: the NFL and the Miami Dolphins obviously one of the

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Speaker 4: one thirty two blue chip franchise in sports, around the world.

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Speaker 4: My question to you is, you've had multiple years where

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Speaker 4: you've broken records in revenue, whether it's ticket sales or

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Speaker 4: team revenue. But for listeners and viewers at home, you

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Speaker 4: have this F one week. How would you compare, say,

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Speaker 4: nine to ten weeks for the Dolphins total revenue in

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Speaker 4: comparison to one week of revenue that you can create

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Speaker 4: for the F one.

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Speaker 1: To answer your question directly, Alex, every year, really for

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Speaker 1: the past several years has been a new record in

439
00:20:04,080 --> 00:20:06,879
Speaker 1: terms of ticket revenue thanks to our great fan base

440
00:20:06,920 --> 00:20:08,880
Speaker 1: and the renovation of the stadium and all the things

441
00:20:08,920 --> 00:20:11,120
Speaker 1: that we've done. So this year was the most we've

442
00:20:11,160 --> 00:20:13,480
Speaker 1: ever done. I think we were a third in the NFL. Actually,

443
00:20:13,640 --> 00:20:17,879
Speaker 1: it grows ticket revenue this year and the weekend of

444
00:20:17,920 --> 00:20:20,720
Speaker 1: the race, the ticket revenue is more than the entire

445
00:20:20,720 --> 00:20:21,480
Speaker 1: Dolphin season.

446
00:20:21,600 --> 00:20:22,760
Speaker 5: Just to put it in perspective.

447
00:20:23,000 --> 00:20:24,880
Speaker 4: Wow, my god.

448
00:20:25,400 --> 00:20:27,480
Speaker 5: Wow, it's quite an incredible thing.

449
00:20:27,640 --> 00:20:30,960
Speaker 1: And you know, Formula one has just continues continues to

450
00:20:31,000 --> 00:20:32,159
Speaker 1: grow here in the United States.

451
00:20:32,560 --> 00:20:33,880
Speaker 5: Now, I'm not suggesting it's a.

452
00:20:33,800 --> 00:20:36,359
Speaker 1: Bigger business than the NFL by any means, or the

453
00:20:36,480 --> 00:20:40,680
Speaker 1: NFL is the most relevant, most important, maybe cultural phenomenon

454
00:20:40,720 --> 00:20:43,760
Speaker 1: in the country, even beyond sports. That's not what I'm

455
00:20:43,760 --> 00:20:46,239
Speaker 1: suggesting by any means, but I do think that you know,

456
00:20:46,600 --> 00:20:51,280
Speaker 1: Formula one racing here in Miami and International City, bringing

457
00:20:51,320 --> 00:20:53,520
Speaker 1: it here to the United States. You know, people come

458
00:20:53,560 --> 00:20:56,199
Speaker 1: out to the race for a great event, and then

459
00:20:56,240 --> 00:20:57,960
Speaker 1: they fall in love with the racing and then they

460
00:20:58,080 --> 00:20:59,119
Speaker 1: become fans of racing.

461
00:20:59,440 --> 00:21:01,720
Speaker 3: Tell us at a little bit about that decision and

462
00:21:01,760 --> 00:21:05,520
Speaker 3: that deal, Tom, because becoming a promoter for a Formula

463
00:21:05,520 --> 00:21:08,399
Speaker 3: one race is not something anyone takes lightly. It's a

464
00:21:08,440 --> 00:21:10,879
Speaker 3: huge commitment. It's a you know, ten year commitment. I

465
00:21:10,880 --> 00:21:13,960
Speaker 3: believe in your case, you got to build some infrastructure.

466
00:21:14,680 --> 00:21:18,600
Speaker 3: You have to have this partnership with Formula one and

467
00:21:18,680 --> 00:21:21,520
Speaker 3: the FIA to sort of do all this. Talk to

468
00:21:21,600 --> 00:21:24,600
Speaker 3: us a little bit about those conversations between you and

469
00:21:24,640 --> 00:21:27,359
Speaker 3: Steven when you're like, okay.

470
00:21:27,400 --> 00:21:28,199
Speaker 2: Like we're going to do this.

471
00:21:28,359 --> 00:21:30,520
Speaker 3: Was it a hard decision? Did it feel risky? Like

472
00:21:30,560 --> 00:21:33,040
Speaker 3: what was the sort of the tenor of that at

473
00:21:33,040 --> 00:21:33,440
Speaker 3: the moment.

474
00:21:34,480 --> 00:21:37,680
Speaker 1: Well, Steve is first of all, he's just he's amazing,

475
00:21:37,720 --> 00:21:40,439
Speaker 1: because I'm not sure he really even understood what it

476
00:21:40,560 --> 00:21:43,359
Speaker 1: was when it first the process first started it's like,

477
00:21:43,440 --> 00:21:44,800
Speaker 1: let's bring a Formula one race.

478
00:21:45,000 --> 00:21:47,560
Speaker 5: That's great. Maybe let's do it, you know. So and

479
00:21:47,600 --> 00:21:49,119
Speaker 5: then we went to the race in Montreal.

480
00:21:49,240 --> 00:21:51,560
Speaker 1: This was back in I think twenty eighteen, and we

481
00:21:51,560 --> 00:21:54,119
Speaker 1: were driving a hawk away from the racetrack afterwards, and

482
00:21:54,160 --> 00:21:57,000
Speaker 1: he looked at me in the car he said, I

483
00:21:57,040 --> 00:21:58,520
Speaker 1: had no idea how big a deal.

484
00:21:58,440 --> 00:21:59,879
Speaker 5: This is, Like, are you sure you can do this?

485
00:22:00,280 --> 00:22:00,800
Speaker 4: Wow?

486
00:22:01,280 --> 00:22:03,040
Speaker 5: And I looked at him and I said, yeah, yeah,

487
00:22:03,080 --> 00:22:05,520
Speaker 5: we can do it. We can do it. He said okay,

488
00:22:05,680 --> 00:22:07,320
Speaker 5: And he said okay. And that was it.

489
00:22:07,400 --> 00:22:09,600
Speaker 3: And why did you think it was a good business?

490
00:22:09,760 --> 00:22:12,520
Speaker 3: I had worked in most Yeah, you had worked in motorsport, yeah.

491
00:22:12,200 --> 00:22:14,560
Speaker 5: Previously in my career, and I knew what Formula one was.

492
00:22:14,600 --> 00:22:15,520
Speaker 5: I knew a lot about it.

493
00:22:15,600 --> 00:22:19,840
Speaker 1: I had relationships and things throughout motorsports. And I actually

494
00:22:19,840 --> 00:22:21,800
Speaker 1: when I first got here in twenty thirteen, I drove

495
00:22:21,840 --> 00:22:23,639
Speaker 1: my car out one hundred and ninety ninth Street, out

496
00:22:23,640 --> 00:22:25,439
Speaker 1: in front of the stadium, and I thought to myself, well,

497
00:22:25,480 --> 00:22:28,760
Speaker 1: this is a racetrack, you know. And I had always

498
00:22:29,040 --> 00:22:31,960
Speaker 1: had this idea to want to build a racetrack around

499
00:22:32,000 --> 00:22:34,640
Speaker 1: a stadium. I don't think street races in the United

500
00:22:34,680 --> 00:22:37,080
Speaker 1: States worked particularly well. I was on the board of

501
00:22:37,119 --> 00:22:40,240
Speaker 1: the Houston Grand Prix when I worked with Texaco way

502
00:22:40,240 --> 00:22:43,160
Speaker 1: back in nineteen ninety eight, and I learned a lot

503
00:22:43,160 --> 00:22:45,960
Speaker 1: in that process about, you know, the business interruption and

504
00:22:46,000 --> 00:22:49,600
Speaker 1: what happens you're interrupting residences, businesses, and not just for

505
00:22:49,640 --> 00:22:53,040
Speaker 1: the three days, for three months leading up, a month afterwards,

506
00:22:53,040 --> 00:22:56,120
Speaker 1: et cetera. And on this site, we have a contained environment.

507
00:22:56,119 --> 00:22:59,000
Speaker 1: We're only interrupting ourselves, right. We have to put on

508
00:22:59,080 --> 00:22:59,960
Speaker 1: all these other events.

509
00:23:00,359 --> 00:23:02,480
Speaker 5: We're getting ready for a race and building a racetrack

510
00:23:02,520 --> 00:23:03,320
Speaker 5: and everything.

511
00:23:02,960 --> 00:23:05,439
Speaker 1: Else, and we can control that and contain that, but

512
00:23:05,480 --> 00:23:08,520
Speaker 1: when you're doing it in city streets, it's very difficult

513
00:23:08,560 --> 00:23:10,840
Speaker 1: to do. And so I knew putting it around a

514
00:23:10,880 --> 00:23:12,679
Speaker 1: stadium made a lot of sense in a lot of

515
00:23:12,680 --> 00:23:15,600
Speaker 1: different ways, and had a vision for that. I think

516
00:23:15,640 --> 00:23:18,840
Speaker 1: Formula one we first met within seventeen eighteen ish.

517
00:23:18,880 --> 00:23:21,920
Speaker 5: And they wanted to put it downtown Miami.

518
00:23:22,080 --> 00:23:24,560
Speaker 1: They wanted the blimp shots of the yachts and these things,

519
00:23:24,600 --> 00:23:26,240
Speaker 1: and the TV.

520
00:23:25,920 --> 00:23:28,600
Speaker 5: Shots, and you know, there's a lot of challenges.

521
00:23:28,640 --> 00:23:31,000
Speaker 1: I mean, you get twenty thousand people in and out

522
00:23:31,040 --> 00:23:33,040
Speaker 1: of there for a heat game and there's traffic, and

523
00:23:34,080 --> 00:23:35,040
Speaker 1: so I don't know how we're going to get one

524
00:23:35,080 --> 00:23:37,160
Speaker 1: hundred thousand people in and out of here. You're disrupting

525
00:23:37,160 --> 00:23:39,680
Speaker 1: all these businesses. You have to take things, put them

526
00:23:39,720 --> 00:23:41,720
Speaker 1: back up. You've got the heat, you've got the port,

527
00:23:41,760 --> 00:23:43,760
Speaker 1: you've got residences, you get all these things where you're

528
00:23:43,800 --> 00:23:46,280
Speaker 1: really disrupting them. And I finally was able to kind

529
00:23:46,320 --> 00:23:49,720
Speaker 1: of convince Chase carry of that through the diligence process,

530
00:23:49,760 --> 00:23:51,520
Speaker 1: who was at Formula one at the time, and then

531
00:23:51,880 --> 00:23:54,800
Speaker 1: brought him out here to the stadium, put cones out

532
00:23:54,800 --> 00:23:57,400
Speaker 1: in the parking lot where the racetrack would go, took

533
00:23:57,480 --> 00:23:59,080
Speaker 1: him out on the top of the stadium, walked them

534
00:23:59,119 --> 00:24:00,720
Speaker 1: around and said, we're gonna have views.

535
00:24:00,520 --> 00:24:02,080
Speaker 5: That no other racetrack has.

536
00:24:02,280 --> 00:24:04,720
Speaker 1: And by then we had in twenty nineteen, we had

537
00:24:04,720 --> 00:24:07,359
Speaker 1: done the tennis tournament for the first time, so we

538
00:24:07,400 --> 00:24:11,359
Speaker 1: had kind of proven we could create this oasis that

539
00:24:11,680 --> 00:24:14,639
Speaker 1: wasn't a parking lot anymore. And I think their biggest

540
00:24:14,640 --> 00:24:16,440
Speaker 1: concern was, we don't want to have a race and

541
00:24:16,520 --> 00:24:18,760
Speaker 1: a parking lot. And so once they understood that we

542
00:24:18,760 --> 00:24:22,399
Speaker 1: were going to create something really unique and different, they.

543
00:24:22,240 --> 00:24:22,800
Speaker 5: Got on board.

544
00:24:22,840 --> 00:24:25,520
Speaker 1: And then we were negotiating, and then COVID hit and

545
00:24:25,520 --> 00:24:28,400
Speaker 1: then that delayed it, so it really took four four

546
00:24:28,440 --> 00:24:30,280
Speaker 1: and a half years to get the deal done. When

547
00:24:30,320 --> 00:24:33,080
Speaker 1: Stefano came on board Stefano dominic Aale the CEO of

548
00:24:33,119 --> 00:24:38,400
Speaker 1: Formula one in January of twenty twenty one, we got

549
00:24:38,440 --> 00:24:40,159
Speaker 1: on a couple of zoom calls and hammered out a

550
00:24:40,160 --> 00:24:43,320
Speaker 1: deal actually pretty quickly, and by April of twenty one

551
00:24:43,359 --> 00:24:46,000
Speaker 1: we had it signed and the first race was in

552
00:24:46,040 --> 00:24:48,359
Speaker 1: May of twenty two, so that was an eleven month

553
00:24:48,480 --> 00:24:51,440
Speaker 1: thrash by the time we had it signed and started moving.

554
00:24:51,920 --> 00:24:55,560
Speaker 1: But I really credit Chase and Stefano wouldn't have gotten

555
00:24:55,560 --> 00:24:58,320
Speaker 1: done without them. And then obviously Steve, I mean his

556
00:24:58,520 --> 00:25:01,920
Speaker 1: commitment and willingness to say, hey, I trust you, like

557
00:25:02,000 --> 00:25:02,720
Speaker 1: let's go do this.

558
00:25:17,040 --> 00:25:19,920
Speaker 4: So Tom, you have this incredible platform you and Steve

559
00:25:19,960 --> 00:25:23,880
Speaker 4: have built. And when you think about just zoom out

560
00:25:23,920 --> 00:25:25,680
Speaker 4: and look at the hold Coe, and you look at

561
00:25:25,680 --> 00:25:28,639
Speaker 4: Team Cod Dolphins, and then you look at real estate code,

562
00:25:29,000 --> 00:25:32,639
Speaker 4: how beneficial has it been to be able to control

563
00:25:32,840 --> 00:25:36,640
Speaker 4: own or control the site as almost a blank canvas

564
00:25:36,680 --> 00:25:39,520
Speaker 4: as you're talking about cones and this versus if you

565
00:25:39,560 --> 00:25:42,280
Speaker 4: didn't have control of the real estate. How much smaller

566
00:25:42,359 --> 00:25:45,280
Speaker 4: or how much bigger is your business Because you control

567
00:25:45,280 --> 00:25:46,080
Speaker 4: the real estate.

568
00:25:46,600 --> 00:25:48,879
Speaker 5: It's significantly bigger. That's a great question, Alex.

569
00:25:49,160 --> 00:25:52,400
Speaker 1: You know, having worked at other stadium environments, fall park

570
00:25:52,480 --> 00:25:55,919
Speaker 1: environments where it's owned by a municipality, you have a

571
00:25:55,920 --> 00:25:58,199
Speaker 1: lot more constraints, you have a lot more restrictions, you

572
00:25:58,240 --> 00:26:00,159
Speaker 1: have a lot more process to go through the get

573
00:26:00,160 --> 00:26:03,600
Speaker 1: things done, and so owning the site, owning the stadium

574
00:26:03,800 --> 00:26:07,240
Speaker 1: is a big difference maker. But because we own it

575
00:26:07,280 --> 00:26:09,000
Speaker 1: means we can do a lot of you know, just

576
00:26:09,080 --> 00:26:12,119
Speaker 1: permitting processes and things. But you know, it's really just

577
00:26:12,160 --> 00:26:14,119
Speaker 1: going to Steve and saying, hey, can we do this,

578
00:26:14,440 --> 00:26:16,960
Speaker 1: And that's a lot different than going through you know,

579
00:26:17,600 --> 00:26:21,080
Speaker 1: a civic you know sort of organization or municipality for sure.

580
00:26:21,520 --> 00:26:23,760
Speaker 2: So let's talk a little bit about football if we can.

581
00:26:23,800 --> 00:26:26,680
Speaker 3: That is the crown jewel the Dolphins obviously one of

582
00:26:26,680 --> 00:26:30,200
Speaker 3: the most storied franchises in the National Football League, which,

583
00:26:30,240 --> 00:26:32,440
Speaker 3: as you rightly said, Tom, is like it's the big

584
00:26:32,520 --> 00:26:34,200
Speaker 3: cahuna of global sports.

585
00:26:34,240 --> 00:26:34,920
Speaker 2: You know, it is the.

586
00:26:34,960 --> 00:26:38,800
Speaker 3: Envy of every league that's out there. Talk about what's

587
00:26:38,840 --> 00:26:44,160
Speaker 3: happened in that business. Lately and specifically around ownership and

588
00:26:44,240 --> 00:26:46,560
Speaker 3: the decision to sell a stake to be one of

589
00:26:46,600 --> 00:26:49,919
Speaker 3: the first to participate in this you know, new institutional

590
00:26:49,920 --> 00:26:50,760
Speaker 3: capital program.

591
00:26:50,800 --> 00:26:51,720
Speaker 2: How does that come about?

592
00:26:51,760 --> 00:26:51,960
Speaker 4: What?

593
00:26:51,960 --> 00:26:53,000
Speaker 2: What's that process like?

594
00:26:53,760 --> 00:26:56,000
Speaker 5: Well, I think that's been a longish process as well,

595
00:26:56,040 --> 00:26:56,159
Speaker 5: you know.

596
00:26:56,200 --> 00:26:59,040
Speaker 1: I think the NFL, Roger and then all the owners

597
00:26:59,119 --> 00:27:03,560
Speaker 1: membership are very deliberate, very thoughtful about these types of things.

598
00:27:03,680 --> 00:27:07,879
Speaker 1: They take their time wisely so, and I think structured

599
00:27:07,960 --> 00:27:10,520
Speaker 1: over a period of time a very smart sort of

600
00:27:11,760 --> 00:27:15,480
Speaker 1: you know, way to start that process. And so there's

601
00:27:15,520 --> 00:27:19,040
Speaker 1: sometimes unintended consequences with these types of big decisions, and

602
00:27:19,440 --> 00:27:21,800
Speaker 1: I can assure you that group of people has tried to,

603
00:27:21,880 --> 00:27:25,080
Speaker 1: you know, think through all of them before doing something,

604
00:27:25,160 --> 00:27:26,280
Speaker 1: and I think that's wise.

605
00:27:26,680 --> 00:27:29,000
Speaker 5: The process itself, you know, was pretty easy.

606
00:27:29,160 --> 00:27:31,159
Speaker 1: I don't want to speak for Steve, but having you know,

607
00:27:31,240 --> 00:27:33,360
Speaker 1: been along the process with him, I mean again, he's

608
00:27:33,960 --> 00:27:34,680
Speaker 1: he's very.

609
00:27:34,520 --> 00:27:36,640
Speaker 5: Passionate about what he's doing in West Palm Beach. He's

610
00:27:36,720 --> 00:27:38,320
Speaker 5: changing lives, he's changing a city.

611
00:27:38,960 --> 00:27:41,639
Speaker 1: And the evaluation was high, certainly a lot higher than

612
00:27:41,680 --> 00:27:44,800
Speaker 1: he paid for it. And so the opportunity to generate

613
00:27:44,840 --> 00:27:48,280
Speaker 1: some liquidity when debt markets are expensive to generate some

614
00:27:48,359 --> 00:27:52,000
Speaker 1: cash flow to both invest into West Palm Beach and

615
00:27:52,160 --> 00:27:55,240
Speaker 1: to potentially invest in more sports assets.

616
00:27:54,920 --> 00:27:56,800
Speaker 5: Moving forward as well and grow.

617
00:27:56,440 --> 00:27:59,760
Speaker 1: The sports assets here in South Florida and other places,

618
00:28:00,119 --> 00:28:02,320
Speaker 1: something that he was trying to do. And look again,

619
00:28:02,359 --> 00:28:04,320
Speaker 1: what he's doing in West Palm Beach is he's trying

620
00:28:04,359 --> 00:28:07,920
Speaker 1: to really create the most livable city in the country.

621
00:28:08,320 --> 00:28:10,280
Speaker 1: And I don't think he's very concerned at the stage

622
00:28:10,280 --> 00:28:12,160
Speaker 1: of his life about the.

623
00:28:12,119 --> 00:28:15,479
Speaker 5: Profitability of it. He's genuinely just not.

624
00:28:15,560 --> 00:28:17,760
Speaker 1: Unlike the tennis tournament here when he called me and

625
00:28:17,800 --> 00:28:20,440
Speaker 1: said the tennis tournament might be leaving Miami, let's let's

626
00:28:20,480 --> 00:28:22,440
Speaker 1: keep it here and do it at the stadium, he's

627
00:28:22,480 --> 00:28:24,239
Speaker 1: trying to do the same in West Palm Beach. So

628
00:28:24,640 --> 00:28:26,560
Speaker 1: I think pulling some money off the table was really

629
00:28:26,640 --> 00:28:29,880
Speaker 1: about having that liquidity to reinvest back into these types

630
00:28:29,920 --> 00:28:30,600
Speaker 1: of products.

631
00:28:30,800 --> 00:28:33,920
Speaker 4: So, Tom, a lot of our listeners and viewers are

632
00:28:34,440 --> 00:28:37,560
Speaker 4: enormous sports fans. Some of them would love to be

633
00:28:37,760 --> 00:28:40,200
Speaker 4: LPs to an NFL team, whether you know some of

634
00:28:40,240 --> 00:28:42,760
Speaker 4: the new volleyball leagues or you know, you name it.

635
00:28:44,200 --> 00:28:46,600
Speaker 4: There's a lot of people saying that there is a

636
00:28:46,640 --> 00:28:50,280
Speaker 4: bubble in sports in valuations. Where do you stand in

637
00:28:50,320 --> 00:28:53,440
Speaker 4: that is it? And why or is not? And why

638
00:28:54,040 --> 00:28:54,440
Speaker 4: why not?

639
00:28:54,840 --> 00:28:57,000
Speaker 5: I don't believe there is. And the reason is that

640
00:28:58,120 --> 00:28:59,840
Speaker 5: it's simple supply and demand, alex.

641
00:29:00,000 --> 00:29:04,040
Speaker 1: I mean, there's constraints, supplies, scarcity, principal thing. These are

642
00:29:04,160 --> 00:29:07,959
Speaker 1: very desirable assets, the NFL especially, and when you have

643
00:29:08,040 --> 00:29:10,240
Speaker 1: more people that want to buy them than there are

644
00:29:10,280 --> 00:29:14,160
Speaker 1: assets available, the price goes up. And you know, when

645
00:29:14,200 --> 00:29:16,480
Speaker 1: you think about you know what's happening in the world

646
00:29:16,480 --> 00:29:20,360
Speaker 1: today and the availability of the number of people that

647
00:29:20,440 --> 00:29:23,520
Speaker 1: have the ability to purchase one of these teams, and

648
00:29:23,560 --> 00:29:26,760
Speaker 1: then you know the scarcity of the teams available to purchase,

649
00:29:27,360 --> 00:29:28,960
Speaker 1: that's going to suggest that the price is going to

650
00:29:29,000 --> 00:29:31,960
Speaker 1: continue to go up. I think again, the NFL, in

651
00:29:32,000 --> 00:29:34,440
Speaker 1: particular to speaking for that league or in terms of

652
00:29:34,480 --> 00:29:38,000
Speaker 1: that league rather is again I believe, the biggest cultural

653
00:29:38,040 --> 00:29:39,880
Speaker 1: phenomenon in the United States. What is it? You know,

654
00:29:39,960 --> 00:29:42,080
Speaker 1: ninety four of the top one hundred television programs or

655
00:29:42,160 --> 00:29:45,280
Speaker 1: NFL programs, I think three of the other four college

656
00:29:45,280 --> 00:29:48,080
Speaker 1: football programs. So you know, you're talking about something that

657
00:29:48,240 --> 00:29:52,440
Speaker 1: is iconic, systemic to what our culture is, what our

658
00:29:52,480 --> 00:29:56,360
Speaker 1: society is how we live every day. It's a sport

659
00:29:56,440 --> 00:29:59,280
Speaker 1: that for me, you know, I tell people high school

660
00:29:59,280 --> 00:30:00,920
Speaker 1: football has more to do with who I am as

661
00:30:00,920 --> 00:30:03,160
Speaker 1: a man than anything except maybe my mom and dad.

662
00:30:03,640 --> 00:30:06,280
Speaker 1: It teaches you, maybe not unlike baseball and some other

663
00:30:06,280 --> 00:30:10,760
Speaker 1: great sports, but teaches you character development, team work, hard work, discipline,

664
00:30:10,800 --> 00:30:16,440
Speaker 1: physical mental toughness, overcoming adversity, competitiveness, things that are important

665
00:30:16,440 --> 00:30:19,440
Speaker 1: in life. And I think it's a million high school

666
00:30:19,440 --> 00:30:21,680
Speaker 1: football players are so a year. I think about seven

667
00:30:21,720 --> 00:30:24,239
Speaker 1: percent of them play college football and maybe you know,

668
00:30:24,520 --> 00:30:26,640
Speaker 1: I don't know the exact number, called three hundred of

669
00:30:26,640 --> 00:30:29,640
Speaker 1: them get drafted roughly, you know, But all those other

670
00:30:29,680 --> 00:30:32,120
Speaker 1: ones that play go on to do things in life

671
00:30:32,160 --> 00:30:36,400
Speaker 1: and the lessons they learn playing football or baseball or

672
00:30:37,040 --> 00:30:39,640
Speaker 1: you know, hockey or basketball, whatever the case may be.

673
00:30:40,080 --> 00:30:43,080
Speaker 1: Men and women, it teaches you things that you take

674
00:30:43,120 --> 00:30:45,320
Speaker 1: with you as you go into life and helps you

675
00:30:45,360 --> 00:30:49,160
Speaker 1: become a high character, harder working, better person.

676
00:30:49,560 --> 00:30:52,200
Speaker 3: And so Tom just just back briefly to sort of

677
00:30:52,200 --> 00:30:56,640
Speaker 3: the transactional nature of the sport. You know, this notion

678
00:30:56,680 --> 00:31:00,040
Speaker 3: of institutional capital coming in. You're very familiar with that

679
00:31:00,040 --> 00:31:02,640
Speaker 3: at You've seen the sports world from so many different angles.

680
00:31:03,320 --> 00:31:06,640
Speaker 3: Ares Capital Management, I believe is one of your partners. Now,

681
00:31:07,160 --> 00:31:09,200
Speaker 3: what does that look like, because you guys are one

682
00:31:09,240 --> 00:31:11,640
Speaker 3: of your one of only two teams so far who

683
00:31:11,680 --> 00:31:13,960
Speaker 3: have done those sorts of transactions. What does it feel

684
00:31:14,000 --> 00:31:16,160
Speaker 3: like sort of in the day to day Is it

685
00:31:16,200 --> 00:31:16,920
Speaker 3: at all different?

686
00:31:17,080 --> 00:31:19,400
Speaker 2: Like? What role has this played for you so far?

687
00:31:19,880 --> 00:31:22,080
Speaker 5: Well, We're very lucky. Areas has been fantastic.

688
00:31:22,200 --> 00:31:23,920
Speaker 1: I mean, you know, the folks at Areas that we

689
00:31:24,000 --> 00:31:26,720
Speaker 1: work with are a part of discussions that we have

690
00:31:26,920 --> 00:31:29,880
Speaker 1: about growing the business and growing the enterprise, and so

691
00:31:30,560 --> 00:31:33,480
Speaker 1: you know, they're very collaborative partners. You know, this isn't

692
00:31:33,480 --> 00:31:35,840
Speaker 1: how you think about private equity. This isn't you know,

693
00:31:35,880 --> 00:31:38,680
Speaker 1: they come in and buy something and then you cut

694
00:31:38,720 --> 00:31:40,600
Speaker 1: the number of pencils you have in have cut all

695
00:31:40,600 --> 00:31:42,440
Speaker 1: the costs, and then flip it in seven years for

696
00:31:42,520 --> 00:31:43,080
Speaker 1: more money.

697
00:31:43,320 --> 00:31:45,840
Speaker 5: It couldn't be further from from that stereotype.

698
00:31:45,960 --> 00:31:48,959
Speaker 1: I think, you know, these are people that are interested

699
00:31:48,960 --> 00:31:51,560
Speaker 1: in growth. I think they see that the NFL is

700
00:31:52,280 --> 00:31:54,680
Speaker 1: you know, maybe the safest asset class you know in

701
00:31:54,720 --> 00:31:57,920
Speaker 1: the world in terms of the likelihood that it's going

702
00:31:57,960 --> 00:32:01,080
Speaker 1: to go down is probably smaller than any other investment

703
00:32:01,120 --> 00:32:01,520
Speaker 1: you can.

704
00:32:01,440 --> 00:32:05,160
Speaker 5: Make and so they understand that, they see the upside.

705
00:32:05,320 --> 00:32:06,720
Speaker 5: And then they've seen.

706
00:32:06,600 --> 00:32:09,880
Speaker 1: Sort of the management discipline we employ and the consistent

707
00:32:09,920 --> 00:32:12,920
Speaker 1: growth we've had in both revenue and profitability, you know,

708
00:32:13,000 --> 00:32:16,280
Speaker 1: every year for the last decade, regardless of other things

709
00:32:16,280 --> 00:32:18,520
Speaker 1: that have happened in the world. So they saw that,

710
00:32:18,560 --> 00:32:21,040
Speaker 1: they invested in that, and they've just been fantastic partners.

711
00:32:21,320 --> 00:32:23,080
Speaker 5: Do they have tremendous access to capital.

712
00:32:23,120 --> 00:32:26,640
Speaker 1: Obviously we have conversations with them as partners about potentially

713
00:32:27,040 --> 00:32:27,640
Speaker 1: doing more things.

714
00:32:28,280 --> 00:32:29,959
Speaker 4: So, Jason, I got to tell you the first time

715
00:32:30,000 --> 00:32:33,320
Speaker 4: I heard about Tom was through a mutual friend that

716
00:32:33,440 --> 00:32:35,240
Speaker 4: Tom and I have a gentleman by the name of

717
00:32:35,320 --> 00:32:38,880
Speaker 4: Jeff Morad. So it's Scott Boris, and then it was

718
00:32:38,920 --> 00:32:41,280
Speaker 4: Jeff Mooread in the World sports as an agent, and

719
00:32:41,320 --> 00:32:43,240
Speaker 4: then he crossed over to the dark side and became

720
00:32:43,280 --> 00:32:47,640
Speaker 4: an owner with the Padres in Arizona, and about.

721
00:32:47,400 --> 00:32:52,040
Speaker 5: Two d went he went to the good side, the.

722
00:32:51,960 --> 00:32:55,240
Speaker 4: Bright side, the bright side. You know what's interesting is

723
00:32:55,240 --> 00:32:59,239
Speaker 4: that on twenty twelve or so or thirteen, maybe you know,

724
00:32:59,320 --> 00:33:02,520
Speaker 4: Jeff says to me, the most talented guy out there

725
00:33:03,000 --> 00:33:06,320
Speaker 4: is Tom. And he's a young guy. He's up and coming,

726
00:33:06,680 --> 00:33:08,400
Speaker 4: but trust me, this guy's going to take over the world.

727
00:33:08,440 --> 00:33:10,760
Speaker 4: And I was like, okay, whatever, whatever. You know, Tom's

728
00:33:10,760 --> 00:33:12,640
Speaker 4: still a young guy and he's you know, kind of

729
00:33:12,720 --> 00:33:15,080
Speaker 4: you know, still cutting his teeth a little bit. But boy,

730
00:33:15,120 --> 00:33:17,400
Speaker 4: I mean, Jeff is a great scout. And you know

731
00:33:17,480 --> 00:33:20,040
Speaker 4: you worked with Jeff for a minute, Tom, what were

732
00:33:20,080 --> 00:33:22,920
Speaker 4: some of the lessons you learned? And I guess the

733
00:33:22,960 --> 00:33:25,680
Speaker 4: part you enjoyed the most about working with Jeff Morad Well.

734
00:33:26,040 --> 00:33:29,520
Speaker 1: Jeff, you know, Jeff's a great guy, and he was

735
00:33:29,560 --> 00:33:31,320
Speaker 1: one of the first ones to see what was happening

736
00:33:31,360 --> 00:33:34,560
Speaker 1: in Formula one and made a big investment in McLaren Racing, right,

737
00:33:34,640 --> 00:33:36,600
Speaker 1: you know, back maybe four or five years.

738
00:33:36,440 --> 00:33:40,440
Speaker 5: Ago, which was a very wise decision at the time.

739
00:33:40,600 --> 00:33:42,600
Speaker 2: Defending champion McLaren right, and.

740
00:33:42,600 --> 00:33:44,280
Speaker 5: They just won one of the first two races of

741
00:33:44,280 --> 00:33:44,600
Speaker 5: the years.

742
00:33:44,760 --> 00:33:47,120
Speaker 2: Yeah, exactly, and current leader and constructors.

743
00:33:47,160 --> 00:33:49,320
Speaker 5: Yeah, that's right. I learned a lot from Jeff.

744
00:33:49,320 --> 00:33:52,240
Speaker 1: But I learned you know, negotiation is sort of Jeff's

745
00:33:52,280 --> 00:33:58,160
Speaker 1: strong suit, and so participating in several negotiations with him,

746
00:33:58,440 --> 00:34:01,640
Speaker 1: how he's able to position deal. You know, I would

747
00:34:01,640 --> 00:34:04,320
Speaker 1: come with sort of a strategic analysis of a situation,

748
00:34:04,440 --> 00:34:05,960
Speaker 1: Here's what I think it's going to be, Here's where

749
00:34:05,960 --> 00:34:08,319
Speaker 1: I think it's going, Here's what I think we should do.

750
00:34:09,120 --> 00:34:11,960
Speaker 1: And he said, well, what do you think is you

751
00:34:12,000 --> 00:34:13,280
Speaker 1: know what's the right number?

752
00:34:13,400 --> 00:34:15,400
Speaker 5: And then I tell the number and tell them why,

753
00:34:15,520 --> 00:34:15,879
Speaker 5: and he.

754
00:34:17,480 --> 00:34:20,399
Speaker 1: Then and then he would go and negotiate the deal,

755
00:34:20,440 --> 00:34:22,200
Speaker 1: and I'd write along with him sometimes.

756
00:34:22,360 --> 00:34:24,719
Speaker 5: But I learned a lot in terms of, you know,

757
00:34:24,840 --> 00:34:26,560
Speaker 5: listening first.

758
00:34:26,760 --> 00:34:29,319
Speaker 1: You know, if you listen during a negotiation, you're going

759
00:34:29,400 --> 00:34:31,640
Speaker 1: to find out a lot people tend to want to talk,

760
00:34:32,400 --> 00:34:35,800
Speaker 1: and I think if you listen first, that's that's hugely important.

761
00:34:35,400 --> 00:34:38,919
Speaker 5: And just not you know, being careful with your word choice.

762
00:34:38,560 --> 00:34:41,439
Speaker 1: And careful with your body language and got everything you're doing.

763
00:34:41,440 --> 00:34:45,240
Speaker 1: And the negotiation is telling the other side something I personally,

764
00:34:45,239 --> 00:34:48,600
Speaker 1: I'm sort of a I believe in when when deals

765
00:34:48,600 --> 00:34:50,520
Speaker 1: work out the best and if you do those things

766
00:34:50,560 --> 00:34:53,360
Speaker 1: over a period of time, you're able to do more deals,

767
00:34:53,400 --> 00:34:56,120
Speaker 1: develop a better reputation. Trying to win a deal is

768
00:34:56,160 --> 00:34:58,799
Speaker 1: probably a bad idea from my perspective. I think you

769
00:34:58,880 --> 00:35:02,080
Speaker 1: really want to create situations, be as well informed as

770
00:35:02,080 --> 00:35:05,200
Speaker 1: you can, and for me, being willing to walk away

771
00:35:05,800 --> 00:35:08,520
Speaker 1: the formula one deal took four to half years basically,

772
00:35:08,560 --> 00:35:10,840
Speaker 1: and I was negotiating with probably.

773
00:35:12,000 --> 00:35:13,879
Speaker 5: Three different parties throughout that.

774
00:35:14,160 --> 00:35:15,880
Speaker 1: You know, at one point it was one person and

775
00:35:15,960 --> 00:35:18,520
Speaker 1: another point it was another person. In the end it

776
00:35:18,560 --> 00:35:21,799
Speaker 1: was Stefano and and there was different models that were

777
00:35:21,800 --> 00:35:23,840
Speaker 1: being used, you know, for us to be a promoter.

778
00:35:23,960 --> 00:35:26,120
Speaker 5: There were different financial models.

779
00:35:26,120 --> 00:35:29,200
Speaker 1: There's different ideas about downtown or here, there was different

780
00:35:29,200 --> 00:35:30,080
Speaker 1: ideas about.

781
00:35:29,880 --> 00:35:31,400
Speaker 5: What it could generate or not generate.

782
00:35:32,040 --> 00:35:35,319
Speaker 1: And so I think being consistent throughout that process, and

783
00:35:35,360 --> 00:35:37,040
Speaker 1: I did walk away a couple of times. You know,

784
00:35:37,080 --> 00:35:38,600
Speaker 1: it's kind of what that deal doesn't work for us,

785
00:35:38,640 --> 00:35:40,440
Speaker 1: We're not going to do that. There have been deals

786
00:35:40,440 --> 00:35:42,879
Speaker 1: that I've gotten excited about, worked hard on for a year,

787
00:35:43,040 --> 00:35:45,719
Speaker 1: done the diligence, gone through the process, and in the

788
00:35:45,840 --> 00:35:49,000
Speaker 1: end the deal wasn't the right deal. And so you know,

789
00:35:49,000 --> 00:35:52,040
Speaker 1: I'd tell Steve or you know whatever, like this isn't

790
00:35:52,040 --> 00:35:53,960
Speaker 1: the right deal, we just need to walk away and

791
00:35:54,200 --> 00:35:57,040
Speaker 1: the deal goes to someone else. And you have to

792
00:35:57,160 --> 00:36:00,520
Speaker 1: kind of know what makes sense for you, not just

793
00:36:00,560 --> 00:36:02,360
Speaker 1: in terms of a price, but in terms of the

794
00:36:02,360 --> 00:36:05,160
Speaker 1: amount of control and who you're partnering with and what

795
00:36:05,200 --> 00:36:07,879
Speaker 1: you're willing to accept or not accept and think long

796
00:36:08,000 --> 00:36:10,160
Speaker 1: term about it. From my perspective, if it's going to

797
00:36:10,200 --> 00:36:11,799
Speaker 1: work out and you're going to be able to operate it,

798
00:36:11,960 --> 00:36:14,000
Speaker 1: you know, to become a success.

799
00:36:14,480 --> 00:36:17,320
Speaker 2: And so Tom, you know, we mentioned baseball.

800
00:36:17,040 --> 00:36:19,520
Speaker 3: And your experience there, and you guys talked about it

801
00:36:19,800 --> 00:36:22,399
Speaker 3: a little bit. You know, I do wonder as someone

802
00:36:22,400 --> 00:36:25,080
Speaker 3: who has this pretty broad portfolio in sports, it's like,

803
00:36:25,480 --> 00:36:28,960
Speaker 3: do you guys think about, you know, investing in different sports?

804
00:36:29,320 --> 00:36:31,560
Speaker 3: You know, does baseball make sense? Or there are challenger

805
00:36:31,640 --> 00:36:35,880
Speaker 3: leagues out there? I mean, you you have been you know, fortunate,

806
00:36:35,960 --> 00:36:38,239
Speaker 3: and this is not an accident that you're in some

807
00:36:38,360 --> 00:36:41,319
Speaker 3: very high growth, very valuable sports already. Like what do

808
00:36:41,400 --> 00:36:44,160
Speaker 3: you look at out there that that piques your interest?

809
00:36:44,239 --> 00:36:44,719
Speaker 4: Sometimes?

810
00:36:44,880 --> 00:36:47,879
Speaker 1: Yeah, we're looking. We're looking at all kinds of different opportunities.

811
00:36:47,960 --> 00:36:52,840
Speaker 1: I think it's less about specifically. I mean the sport matters, obviously,

812
00:36:53,040 --> 00:36:56,279
Speaker 1: but I think you know, the market matters, The geography,

813
00:36:56,640 --> 00:37:00,680
Speaker 1: the context of the situation, the brand, what you're walking into,

814
00:37:01,239 --> 00:37:05,080
Speaker 1: the control, the degree of control anyway, all of those

815
00:37:05,120 --> 00:37:08,000
Speaker 1: things matter a lot. So I don't know that we're

816
00:37:08,560 --> 00:37:12,080
Speaker 1: you know, desperate to get into a specific you know,

817
00:37:12,239 --> 00:37:15,480
Speaker 1: and other sports specifically, as as much as we are saying,

818
00:37:16,320 --> 00:37:18,640
Speaker 1: you know, trying to be a little bit opportunistic about

819
00:37:19,480 --> 00:37:22,200
Speaker 1: is it synergistic with and strategic with other things we're

820
00:37:22,239 --> 00:37:24,719
Speaker 1: trying to do. So, for example, you know, we're going

821
00:37:24,800 --> 00:37:27,120
Speaker 1: to play a game in Madrid this year through the

822
00:37:27,120 --> 00:37:30,400
Speaker 1: Global Markets program with the NFL the Dolphins.

823
00:37:30,400 --> 00:37:31,760
Speaker 4: Are you talking about the Dolphins?

824
00:37:32,400 --> 00:37:38,240
Speaker 1: We have Mexico, Brazil, Spain, Columbia, Argentina as our global

825
00:37:38,239 --> 00:37:41,640
Speaker 1: markets in this Global markets program. Well, you know, we

826
00:37:41,760 --> 00:37:45,399
Speaker 1: have a Brazilian tennis player out here today Fonseca.

827
00:37:45,440 --> 00:37:47,360
Speaker 5: We've had Alcoraz out here from Spain.

828
00:37:47,840 --> 00:37:51,359
Speaker 1: We've got you know, Carlos Signs driving in Formula One.

829
00:37:51,680 --> 00:37:55,799
Speaker 1: We've got you know, La Liga matches, We've got World Cup,

830
00:37:55,840 --> 00:37:59,360
Speaker 1: FIFA World Cup. We've got like I mentioned, Shakira, Carol

831
00:37:59,440 --> 00:38:01,680
Speaker 1: g Bunny play of concerts here.

832
00:38:01,960 --> 00:38:03,800
Speaker 5: And so we've really expanded our data.

833
00:38:03,600 --> 00:38:06,880
Speaker 1: Capabilities and our data initiative to collect data on all

834
00:38:06,920 --> 00:38:09,279
Speaker 1: the individuals that buy tickets from us and come here

835
00:38:09,320 --> 00:38:11,239
Speaker 1: and where they live and what they do and what

836
00:38:11,280 --> 00:38:14,000
Speaker 1: they like. And so I think there's more a more

837
00:38:14,040 --> 00:38:16,920
Speaker 1: strategic relevance to what we're trying to build than just

838
00:38:17,560 --> 00:38:20,319
Speaker 1: here's an opportunity, let's buy into this this team or

839
00:38:20,320 --> 00:38:21,319
Speaker 1: that team in this board.

840
00:38:21,480 --> 00:38:22,239
Speaker 5: That's what I think.

841
00:38:22,280 --> 00:38:25,360
Speaker 1: It's how does it tie into what we're trying to

842
00:38:25,400 --> 00:38:27,839
Speaker 1: do with the rest of the enterprise and how we're

843
00:38:27,840 --> 00:38:30,800
Speaker 1: developing and growing people, and how we're developing and growing

844
00:38:30,840 --> 00:38:35,280
Speaker 1: certain capabilities, whether that's you know, stadium designed for revenue

845
00:38:35,480 --> 00:38:39,480
Speaker 1: and fan experience versus you know, to win design awards,

846
00:38:39,480 --> 00:38:44,000
Speaker 1: whether that's operationally what we do with taking up and

847
00:38:44,040 --> 00:38:46,839
Speaker 1: down tennis and Formula one, and what we do on

848
00:38:46,880 --> 00:38:51,360
Speaker 1: this campus which is pretty complex, whether it's sponsorship sales,

849
00:38:51,440 --> 00:38:54,920
Speaker 1: are ticketing sales capability, and analytics capability. So it's how

850
00:38:54,960 --> 00:38:56,680
Speaker 1: do we how do we take advantage of all of

851
00:38:56,680 --> 00:38:59,799
Speaker 1: those things, and what are the opportunities to invest in

852
00:39:00,000 --> 00:39:02,240
Speaker 1: a strategic that can take advantage.

853
00:39:01,880 --> 00:39:05,359
Speaker 3: Of those things. It is interesting to think about, and Tom,

854
00:39:05,400 --> 00:39:07,120
Speaker 3: you and I got to visit a few weeks ago

855
00:39:07,160 --> 00:39:10,520
Speaker 3: in Miami, and I was intrigued by this idea, This

856
00:39:10,680 --> 00:39:14,960
Speaker 3: notion of you know, this very diverse demographic that you

857
00:39:15,000 --> 00:39:17,960
Speaker 3: guys probably have a not just a window into, but

858
00:39:18,040 --> 00:39:22,320
Speaker 3: like really hard data about that is probably the envy

859
00:39:22,360 --> 00:39:24,640
Speaker 3: of a lot of other organizations in terms of being

860
00:39:24,719 --> 00:39:28,239
Speaker 3: able to cater to them, you know, not just in

861
00:39:28,280 --> 00:39:31,000
Speaker 3: an individual sport or an individual artist, but you know,

862
00:39:31,080 --> 00:39:33,959
Speaker 3: across to your point music entertainment and sort of takes

863
00:39:34,000 --> 00:39:35,920
Speaker 3: us back to where we started in terms of the

864
00:39:35,920 --> 00:39:40,760
Speaker 3: cultural relevance of Miami, especially as a gateway to Latin

865
00:39:41,000 --> 00:39:43,680
Speaker 3: and South America. And you think about the messy effect

866
00:39:44,120 --> 00:39:45,719
Speaker 3: you know there in South Florida. You think about the

867
00:39:45,719 --> 00:39:48,240
Speaker 3: World Cup, the Club World Cup, all of those things

868
00:39:48,320 --> 00:39:53,759
Speaker 3: do it does seem to create this momentum around a

869
00:39:53,800 --> 00:39:57,160
Speaker 3: real business case that is probably very distinct from any

870
00:39:57,200 --> 00:39:58,839
Speaker 3: other sort of sports empire out there.

871
00:39:58,880 --> 00:39:59,359
Speaker 2: Is that fair?

872
00:40:00,520 --> 00:40:01,359
Speaker 5: I think it's very fair.

873
00:40:01,440 --> 00:40:03,840
Speaker 1: You know, it's the fastest growing segment of the population

874
00:40:03,960 --> 00:40:06,560
Speaker 1: in the United States. You know, the world is shrinking,

875
00:40:06,600 --> 00:40:09,520
Speaker 1: So from a global perspective, I think there are people

876
00:40:09,600 --> 00:40:12,200
Speaker 1: that live in Latin America that may have a place

877
00:40:12,239 --> 00:40:15,880
Speaker 1: in Miami or a place in Madrid or both. And

878
00:40:15,920 --> 00:40:20,000
Speaker 1: so Madrid in Miami are very kindred, you know, cities

879
00:40:20,000 --> 00:40:20,760
Speaker 1: in a lot of ways.

880
00:40:20,760 --> 00:40:23,880
Speaker 5: I was just there a couple of weeks ago, and

881
00:40:24,080 --> 00:40:24,640
Speaker 5: you know, there's.

882
00:40:24,480 --> 00:40:27,120
Speaker 1: A lot of things happening in Madrid is a vibrant,

883
00:40:27,560 --> 00:40:28,640
Speaker 1: booming city as well.

884
00:40:28,640 --> 00:40:31,840
Speaker 5: It's beautiful, it's clean, it's a fantastic place.

885
00:40:31,920 --> 00:40:35,680
Speaker 1: And so when you think about the synergies between cities

886
00:40:35,719 --> 00:40:39,520
Speaker 1: like that, and then you think about Sampaulo or Mexico City,

887
00:40:39,600 --> 00:40:44,320
Speaker 1: and you start tying these things together through sports, entertainment, hospitality,

888
00:40:44,480 --> 00:40:46,520
Speaker 1: you know, and how we bring people together, I think

889
00:40:46,560 --> 00:40:48,840
Speaker 1: it starts to become an interesting business.

890
00:41:00,080 --> 00:41:01,879
Speaker 3: All right, So we're going to wrap up with our

891
00:41:02,000 --> 00:41:04,320
Speaker 3: lightning round. This is our favorite part. We get to

892
00:41:04,320 --> 00:41:07,480
Speaker 3: ask you five questions. We go back and forth really fast,

893
00:41:07,560 --> 00:41:09,960
Speaker 3: and so just you know, drop the first thing that

894
00:41:10,040 --> 00:41:11,880
Speaker 3: comes to your mind. I'll start, Alex, then you can

895
00:41:11,920 --> 00:41:15,759
Speaker 3: pick up. All right, Tom Garfinkel, what's the best piece

896
00:41:15,760 --> 00:41:18,440
Speaker 3: of advice you've ever received on deal making or business?

897
00:41:19,080 --> 00:41:21,440
Speaker 1: On business, I'd say it's, you know, always be learning,

898
00:41:21,640 --> 00:41:24,000
Speaker 1: always be learning and growing and never thinking.

899
00:41:24,080 --> 00:41:30,360
Speaker 4: Who's your dream deal maker? Not named Steve Bross, it

900
00:41:30,440 --> 00:41:30,759
Speaker 4: would have.

901
00:41:30,760 --> 00:41:31,440
Speaker 5: Been Steve.

902
00:41:32,680 --> 00:41:33,920
Speaker 2: Alex, I love it.

903
00:41:34,360 --> 00:41:34,640
Speaker 5: Man.

904
00:41:34,760 --> 00:41:36,880
Speaker 1: You know, there's a person named Kevin Copton who have

905
00:41:37,000 --> 00:41:40,640
Speaker 1: tremendous respect for Kevin was an original partner Cline Perkins

906
00:41:40,760 --> 00:41:43,600
Speaker 1: and has become a friend and mentor. He's the kind

907
00:41:43,640 --> 00:41:45,160
Speaker 1: of person that if I had him sitting next to

908
00:41:45,200 --> 00:41:46,520
Speaker 1: me and to her deals. I know we're going to

909
00:41:46,719 --> 00:41:47,440
Speaker 1: make good deals.

910
00:41:47,840 --> 00:41:48,600
Speaker 4: That's a good one.

911
00:41:48,760 --> 00:41:50,399
Speaker 2: What's the most nervous you've ever been?

912
00:41:51,040 --> 00:41:53,919
Speaker 1: Probably fifth grade when this kid challenged me to fight

913
00:41:53,960 --> 00:41:55,919
Speaker 1: after school, and the whole day I had to wait

914
00:41:55,960 --> 00:41:57,719
Speaker 1: and know that I had to go after school and

915
00:41:57,719 --> 00:41:58,640
Speaker 1: the whole schools.

916
00:41:58,280 --> 00:41:59,560
Speaker 5: Gouldn't be there, and I had to get in a fight.

917
00:42:00,600 --> 00:42:01,240
Speaker 2: What happened?

918
00:42:01,719 --> 00:42:03,959
Speaker 1: He punched me in the face, and then my lips

919
00:42:03,960 --> 00:42:07,640
Speaker 1: started bleeding, and then I wasn't nervous anymore, and I

920
00:42:07,719 --> 00:42:08,560
Speaker 1: did Okay.

921
00:42:08,440 --> 00:42:09,920
Speaker 2: You took care of business. I like it.

922
00:42:10,880 --> 00:42:14,279
Speaker 4: Speaking of fighting, what's your hype song before you go

923
00:42:14,320 --> 00:42:16,080
Speaker 4: into a big meeting or negotiation?

924
00:42:16,560 --> 00:42:19,120
Speaker 5: That would be Tupac when we write.

925
00:42:19,520 --> 00:42:20,440
Speaker 4: Oh, good one.

926
00:42:20,840 --> 00:42:23,240
Speaker 3: What's your advice for someone listening who wants a career

927
00:42:23,320 --> 00:42:24,120
Speaker 3: like yours?

928
00:42:25,960 --> 00:42:29,480
Speaker 1: Be willing to make sacrifices, work really hard, you know,

929
00:42:29,600 --> 00:42:33,560
Speaker 1: always be learning and create value. You know, you get started.

930
00:42:33,600 --> 00:42:35,680
Speaker 1: First of all, there's no perfect job. But when you do,

931
00:42:35,800 --> 00:42:37,880
Speaker 1: you're gonna have to make sacrifices. You're gonna have to

932
00:42:37,920 --> 00:42:38,440
Speaker 1: work hard.

933
00:42:39,320 --> 00:42:42,400
Speaker 3: That's really really good advice, all right, Tom Garfinkel, great

934
00:42:42,440 --> 00:42:45,240
Speaker 3: to chop it up with you, Vice Chairman, President CEO

935
00:42:45,400 --> 00:42:49,040
Speaker 3: of Miami Dolphins, hard Rock Stadium, managing partner of Formula One,

936
00:42:49,200 --> 00:42:53,200
Speaker 3: Crypto dot Com, Miami Grand Prix. He's got his fingers

937
00:42:53,200 --> 00:42:55,919
Speaker 3: a lot of pies. Alex Rodriguez, your neighbor. You guys

938
00:42:56,000 --> 00:42:57,800
Speaker 3: are making it all happen down in South Florida.

939
00:42:58,120 --> 00:42:59,640
Speaker 5: Great to be with you, guys. Thank you very much

940
00:42:59,640 --> 00:42:59,960
Speaker 5: for having me.

941
00:43:00,360 --> 00:43:09,320
Speaker 4: Thank you, Tom.

942
00:43:09,520 --> 00:43:12,240
Speaker 3: The Deal is hosted by Alex Rodriguez and me Jason Kelly.

943
00:43:12,719 --> 00:43:16,840
Speaker 3: This episode was made by Anamazarakus, Stacy Wong, and Lizzie Phillip.

944
00:43:17,360 --> 00:43:20,120
Speaker 3: Amy Keen is our editor and Will Connelly is our

945
00:43:20,200 --> 00:43:23,400
Speaker 3: video editor. Our theme music is made by Blake Maples.

946
00:43:23,760 --> 00:43:27,480
Speaker 3: Our executive producers are Kelly Leferrier, Ashley Hoenig, and Brendan

947
00:43:27,560 --> 00:43:31,560
Speaker 3: neonham Sage Bauman is the head of Bloomberg Podcast. Additional

948
00:43:31,560 --> 00:43:35,200
Speaker 3: support from Rachel Carnivale and Elena Los Angeles. Thanks so

949
00:43:35,280 --> 00:43:37,800
Speaker 3: much for listening to the Deal. If you have a minute, subscribe,

950
00:43:37,840 --> 00:43:40,839
Speaker 3: rate and review our show. It'll help other listeners find us.

951
00:43:41,080 --> 00:43:41,960
Speaker 3: I'm Jason Kelly.

952
00:43:42,120 --> 00:43:42,960
Speaker 2: See you next week.