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Speaker 1: The volume Callinn Coward podcasts presented by FanDuel Sports Book.

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Speaker 1: Please use the promo code Colin so they know we

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Speaker 1: sent you. Please use the promo code Collins c O

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Speaker 1: L I N FanDuel sports Book App sign up. You know,

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Speaker 1: one of the things when I looked over your bio,

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Speaker 1: and it probably speaks to a lot of who you

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Speaker 1: are because lots of people drop out of college and

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Speaker 1: they're called people who struggle with math. You dropped out

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Speaker 1: of college very quickly, so I think it takes you

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Speaker 1: know Bill Gates did it takes a certain amount of

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Speaker 1: independence and courage to do that. I couldn't have done that.

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Speaker 1: I didn't have enough confidence. If you could, Michael go

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Speaker 1: back that week or that moment. And I don't know

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Speaker 1: if it was epiphany, but did something frustrate you? Were there?

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Speaker 1: Caps were there where you did you feel like you

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Speaker 1: were being boxed in? You know? For me, I was

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Speaker 1: always a terrible student. I was always an awful athlete.

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Speaker 1: I was good at one thing. I always loved to work,

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Speaker 1: and any variation of business was like what I love

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Speaker 1: to do is well, right, that was the way I competed.

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Speaker 1: And so I actually only went to college because I

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Speaker 1: made a commitments to my mom and dad after I

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Speaker 1: nearly went bankrupt a couple of times in high school, right,

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Speaker 1: and my dad helped me once and said, look, I'll

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Speaker 1: do this, you have to go to college. So I

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Speaker 1: went to college problems. By the time I got there,

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Speaker 1: I was, you know, doing so well buying and selling

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Speaker 1: closeouts like yeah, this, this isn't for me. So you know,

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Speaker 1: I'm gonna give them the money back. I'm gonna go

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Speaker 1: full time in business. So you've expanded into spaces that

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Speaker 1: some are obvious, like from the sports apparel you moved

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Speaker 1: and then you recently said sports gambling, And I thought,

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Speaker 1: all right, how is he going to you know, synchronize

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Speaker 1: all these so take me to the thought. Because a

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Speaker 1: lot of your apparel stuff, you know, like lids, like

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Speaker 1: and different. You know, I've watched Amazon grow, like I

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Speaker 1: get it. When they went into the Washington Post. I

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Speaker 1: was like, that's kind of a left turn, isn't it. Now?

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Speaker 1: I get their strategy. So you go into gaming, how

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Speaker 1: does it fit? Yeah? So I really think about what's

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Speaker 1: a sports fan one? I think you really think about

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Speaker 1: everything through the lens of your customer, the sports fan.

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Speaker 1: What's in their best interest. I think there's really not

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Speaker 1: another company today who's working to build a really end

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Speaker 1: ended digital sports platform. So you, as a fan, want

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Speaker 1: to go to place, you know, can you one day

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Speaker 1: watch live games? Can you be in the games as

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Speaker 1: you're watching the games. Can you, you know, buy the

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Speaker 1: jersey the hat of the player you like? Can you

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Speaker 1: get a collect from that, you know, whether it's a

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Speaker 1: trading card, physical, digital ft you know, do you want

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Speaker 1: to get a ticket for an upcoming game? So we

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Speaker 1: really want to give the sports fan everything they want

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Speaker 1: digitally in one place. I think that's a massive opportunity.

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Speaker 1: We spent really the last ten years building i'd say

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Speaker 1: a really good experience for the sports fan with merchandise,

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Speaker 1: and we woke up. We said, wait a second. We

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Speaker 1: have close to one hundred million sports fans, and they

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Speaker 1: do a lot of other things digitally. How about if

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Speaker 1: we could give them everything in one place. And that's

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Speaker 1: where the desire we have is to give the sports

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Speaker 1: fan the ultimate digital sports experience for everything they want

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Speaker 1: in one place. There's a lot. I mean, it's not

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Speaker 1: legal to bet sports yet in California. That would obviously,

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Speaker 1: and there's political reasons, and you know, some conservative states

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Speaker 1: may not lean into it. California's more left leaning, but

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Speaker 1: there's some politics behind it. So when you look at

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Speaker 1: sports gaming, what inning timing is so violent, all this stuff?

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Speaker 1: What inning are we in? In your opinion? Very early?

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Speaker 1: I think we're in the second or third inning of

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Speaker 1: sports gambling. What does it look like to you? Because

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Speaker 1: in Europe halftime in stadium stuff, my mom European, I've

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Speaker 1: always kind of up it. Yeah, well, I just in

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Speaker 1: the culture, and the culture is you can drink with

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Speaker 1: your parents at dinner. My mom wasn't really beholden to

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Speaker 1: some of these sort of more rigid, sort of you know,

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Speaker 1: cultural American realities. So I look at gambling in a stadium,

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Speaker 1: and I'm like, well, they're doing it in England forever,

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Speaker 1: and those fans are crazy. I mean they call them

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Speaker 1: soccer hooligans. Our fans actually buy and large the nature

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Speaker 1: of our fans, the behavior is pretty good if you

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Speaker 1: look globally. So do you think we're it's going to

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Speaker 1: be that easy and accessible for fans in five years,

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Speaker 1: ten years? I think, you know, I think very long term.

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Speaker 1: I feel like, even though I'm getting on a Philip,

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Speaker 1: a young guy, my lens is, what's a fan want

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Speaker 1: ten years from now, twenty years from now, thirty years

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Speaker 1: from now. I think ten years from now sports gambling

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Speaker 1: is completely mainstream in most places in North America. I

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Speaker 1: think the experience wants to be to MA really better

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Speaker 1: and I think that's a great thing. And so for us,

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Speaker 1: you know, we don't worry about how things start. We

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Speaker 1: finished worry about how they finish. And this is you know,

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Speaker 1: this is a marathon, it's not a sprint. And we're

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Speaker 1: going to make sure to create the best product for

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Speaker 1: sports fans, the best experience, and we have, you know,

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Speaker 1: huge strategic advantages. Today we have more than one hundred

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Speaker 1: million fans to go to fanatics. You know, every year,

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Speaker 1: and to be able to take that hundred million fans

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Speaker 1: and not only service them with all their merchandise needs

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Speaker 1: and all of their collectible needs, but also with their

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Speaker 1: sports game needs is a big opportunity for us and

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Speaker 1: one that I think we can you know, service the

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Speaker 1: fan better, do things better for them, and at the

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Speaker 1: same time have a better business model. So you owned

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Speaker 1: a couple of sports franchises, you moved out of that space.

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Speaker 1: My guest was for the gaming purposes, am I right? Yeah,

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Speaker 1: it just got Look, it got too complicated, Like for

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Speaker 1: me when I you know, we bought the Sixers together

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Speaker 1: in two thousand and eleven, I was the third largest

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Speaker 1: sharehold of the team. It was a great experience, you know,

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Speaker 1: I was, you know, pretty involved in the last several years,

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Speaker 1: and I think as fanatics start getting much bigger, we

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Speaker 1: were two hundred fi million dollar company the year that

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Speaker 1: I bought into the six Ers together with Josh Harrison's

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Speaker 1: even Blitzer, who you were kind of the managing partners.

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Speaker 1: You know, this year, you know will be you know,

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Speaker 1: more than seven billion dollars in revenue. And it just

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Speaker 1: based on us now being in the collectible's business in

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Speaker 1: a big way where we have deals with individ with

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Speaker 1: thousands of individual athletes, with us starting to take beats

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Speaker 1: in the sixers by the end of this year. Neither

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Speaker 1: one of those business has really worked with being an

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Speaker 1: owner of sports. And you know, it was great when

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Speaker 1: it wasn't a conflict, and when I saw that it

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Speaker 1: was holding back Fanatics, it was immediately an easy decision

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Speaker 1: for me to reach people. You're I'm sure your cash fluid.

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Speaker 1: A lot of people would like to buy Fanatics and

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Speaker 1: you've held off on that. Are there almost DNA reasons?

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Speaker 1: Are there independent reasons? People that don't sell are often

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Speaker 1: people that want control don't want to answer them. Yeah, people,

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Speaker 1: why why haven't you? Because you would be in this

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Speaker 1: sports now is working the global money? Michael goes right.

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Speaker 1: Somebody once said to me, you know, the Red Sox

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Speaker 1: will be there in a hundred years Liverpool. You don't

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Speaker 1: know if a tech company is going to exist. Why

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Speaker 1: haven't you? Yeah? For me, it really gets down to

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Speaker 1: one thing. We're just getting started. Like even though we've

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Speaker 1: goron from two hundred fifty million dollar business to you know,

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Speaker 1: I think next year we could be approaching potentially ten

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Speaker 1: million dollars in revenue. We're just starting like this is

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Speaker 1: you know, you asked me what inning with sports gambling

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Speaker 1: in I'd say fanatics is. You know, we're in the

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Speaker 1: fresh quarter of the game. I think we have so

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Speaker 1: much potential ahead for us. There's so much to improve

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Speaker 1: how sports fans are kind of serviced by us. You know,

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Speaker 1: there's so many things we're doing. We're you know, we're

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Speaker 1: cutting the speed of deliveries in half in our merchandise business.

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Speaker 1: We're doing so many things to improve the collectibles business

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Speaker 1: where we're going to mark at the category for the

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Speaker 1: first time. In gambling, I think we're going to create

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Speaker 1: a great experience for fans. So for me, it's not

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Speaker 1: like there's a little bit of unfinished business. There's so

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Speaker 1: much to do and that's a blast. Like I'm so lucky,

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Speaker 1: and I think our ten thousand plus associates, we're all

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Speaker 1: fort you to work in such a Iran industry. Sports

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Speaker 1: is a great you know industries. You said, it's a

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Speaker 1: global business, communities together, and why would I want to,

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Speaker 1: you know, kind of sell out when I'm you know,

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Speaker 1: in the beginning of the game. When you buy a company,

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Speaker 1: you do your due diligence yeah, but there's probably there's

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Speaker 1: a secret to every industry. Yeah, or you buy it

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Speaker 1: and six months later you're like, wow, collectibles, Yeah, what

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Speaker 1: was the first moment when you were in the business

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Speaker 1: and you went what that goes against my instincts. I

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Speaker 1: am surprised this is the business. Yeah, I'd say in

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Speaker 1: the collectibles business, there are a couple of things where

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Speaker 1: they just defy gravity and don't make sense today. The

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Speaker 1: first is, you know, tops Pininy upper Deck all really

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Speaker 1: good companies, all owned run by good people. You know,

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Speaker 1: we bought tops Are earlier this year. But like I

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Speaker 1: heard from so many customers about redemptions, like we hate

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Speaker 1: when we get a redeption. You buy a box of

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Speaker 1: cards and you get every redemption because you know, it

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Speaker 1: was too difficult to get the autograph on the car

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Speaker 1: at the time they made it. And so I think

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Speaker 1: the industry had worked that way. We're not looking at

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Speaker 1: this saying, you know, that's not acceptable, Like you know,

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Speaker 1: so many collectors they hate it. It's a practice that

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Speaker 1: or like so we're saying, like, how do we eliminate it?

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Speaker 1: And it's just like the mentality of like we need

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Speaker 1: to do better. You know. Another example would be marketing.

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Speaker 1: You know, the industry today spends less than one percent

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Speaker 1: of revenue in marketing. Like, there's so much we can

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Speaker 1: do to bring I couldn't say the last time I

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Speaker 1: saw a commercial. And by the way, whether it's a

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Speaker 1: commercial or whether it's more grassroots marketing, there's so little

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Speaker 1: done to promote the collectible's industry but has grown and

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Speaker 1: grown and grown. So like, I look and say, there's

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Speaker 1: so much opportunity to innovate the product. There's so much

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Speaker 1: opportunity to market the product. There's so much opportunity to

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Speaker 1: take better care of collectors and have the business done great.

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Speaker 1: So for me, it's like, if this business doing this well,

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Speaker 1: treating customers this way, you know, without innovating, without you know,

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Speaker 1: marketing the products, like the sky's the limit for what

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Speaker 1: we can do. So like, in a lot of ways,

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Speaker 1: I feel like the business I'm really well, you know,

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Speaker 1: in spite of not being like the companies haven't woken

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Speaker 1: up and said like we're gonna be Like you know,

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Speaker 1: Nike's a product of marketing company that you know, I

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Speaker 1: think we all look in respect, you know, I think

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Speaker 1: we take that same mentality into the collectible's industry as

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Speaker 1: a massive opportunity. It's interesting. Do you you know Starbucks

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Speaker 1: didn't do any advertising forever. It was just sort of

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Speaker 1: we do coffee or coffee shops are advertising. So as

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Speaker 1: you touch on that, is there a company that you

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Speaker 1: look at and you say to yourself, because there's different

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Speaker 1: ways to do it. Is there a company that, to you, Michael,

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Speaker 1: you ever look at and go they are really clever? Yeah? Well,

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Speaker 1: first of all, I study everything, like I'm a sponge.

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Speaker 1: Like I barely made out of high school. We just said,

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Speaker 1: I you know, I went to college for about six weeks.

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Speaker 1: I'm actually people people. Someone said to me last night,

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Speaker 1: do you speak in any other language of like I

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Speaker 1: barely speak English? Okay, but you know what, I have

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Speaker 1: a little bit of common sense, and so like I'm

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Speaker 1: a sponge, So I'm always looking at like what's Amazon doing,

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Speaker 1: you know how they pushing the envelope from a customer

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Speaker 1: experience perspective. What's Netflix doing, What's Apple doing, What's Google doing,

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Speaker 1: what's Nike doing? Like, you gotta look at great companies

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Speaker 1: and like get ideas. Like I mean, you don't need

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Speaker 1: to be the first creative thing. What you need to

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Speaker 1: do is figure out you know what I have is,

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Speaker 1: you know, we work with the best sports properties at

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Speaker 1: the world cluster thousand collegiate professional sports properties globally, and

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Speaker 1: we have this incredible ip that we're fortunate enough to

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Speaker 1: work with the people's service sports fans with. But we

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Speaker 1: got to do it better every day, Like we need

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Speaker 1: to go into this with the mentality like what we're

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Speaker 1: doing today it's not near good enough. How do we

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Speaker 1: get better? How do we do everything that we do

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Speaker 1: a lot better for the sports fan? And so there's

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Speaker 1: lots to do. When you buy, you create, or you

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Speaker 1: bought Fanatics, we really start. Really what happened was we

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Speaker 1: had we operated the five leagues e commerce businesses and

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Speaker 1: my old company of GSI and then and then we

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Speaker 1: bought Fanatics and kind of change the name of the

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Speaker 1: company in two thousand and eleven. Take me back to

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Speaker 1: the beginning of it. Was there epiphany is probably the

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Speaker 1: wrong word, but was there a moment when you said

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Speaker 1: to yourself, Wow, this is untapped like the IO. When

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Speaker 1: I read your story, I thought, man, I can't believe

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Speaker 1: there weren't thousands of business people going after this. Did

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Speaker 1: you think to yourself, man, this this business people just

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Speaker 1: don't understand. No, I had the opposite reaction, going to

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Speaker 1: be honest, in twenty eleven, when I sold Gussy Commerce,

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Speaker 1: which is my first company in the eBay and then

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Speaker 1: they said, hey, we don't want to be in the

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Speaker 1: owned inventory business, and we bought an axe back for them.

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Speaker 1: ACTS says, you know what, I just watched two little companies,

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Speaker 1: one in Seattle called Amazon, another in China called Ali Baba,

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Speaker 1: that have been literally decimating retail. I said, if I

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Speaker 1: don't completely reinvent this business, we won't be here, will

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Speaker 1: be irrelevant. So I actually had had the kind of

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Speaker 1: like the fear of death. By the way, the fear

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Speaker 1: of death, it's a great motivator to make you figure

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Speaker 1: out how to make things work right. And so we

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Speaker 1: did exactly that. We said, you know, how are we

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Speaker 1: going to make sure we have the best assortment, How

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Speaker 1: are we going to make sure that we give the

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Speaker 1: best experience to fans? How are we going to make

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Speaker 1: sure we do things other people can't do. How we're

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Speaker 1: going to make sure that we just keep innovating to

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Speaker 1: a way that you know, unlike most other retail categories

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Speaker 1: that have been look Amazonali Baba two. The best companies

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Speaker 1: of the world. Okay, and they do it because they're

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Speaker 1: they're they're doing things for their customers that others can't do.

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Speaker 1: We took the same Antitiy said, Look, if we get

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Speaker 1: laser focus in sports, that's a massive opportunity. Because it's

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Speaker 1: a complicated business. It's scut in tests. We can have

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Speaker 1: more than a million products today. When you focus on

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Speaker 1: one thing, you can do it really well. And again,

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Speaker 1: the great thing is ten years into it, I think

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Speaker 1: we're just getting started. Is the delivery system as difficult

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Speaker 1: as it feels to an outsider, you know, it's Look,

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Speaker 1: if you have more than a million products in our

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Speaker 1: core merchandise business, if you make you know, we're gonna

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Speaker 1: you know, we print billions of trading cards a year.

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Speaker 1: You know, it's pretty complex. But I'll tell you what

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Speaker 1: our focus, our tenacity that one business I think gives

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Speaker 1: us a chance to be really special and do things

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Speaker 1: for fans that others can't do. I'll tell you again,

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Speaker 1: if you just think about think about the first two

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Speaker 1: business we started, whether it's you know, our core e

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Speaker 1: commerce business, merchandise business. We're now going to cut the

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Speaker 1: delivery speed in half, more than half in the next

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Speaker 1: three years by replicating our inventory, by building spending hundreds

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Speaker 1: of millions of dollars to build out more distribution steps

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Speaker 1: because we want to get the merchandise to fans more

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Speaker 1: quickly and by the way, more cost effectively. That's how

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Speaker 1: we can do better for a fan in the collectible's business.

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Speaker 1: We're sitting here saying, you know what, how do we

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Speaker 1: eliminate redemptions? How do we mark at this industry for

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Speaker 1: the first time? How do we build more innovative products?

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Speaker 1: So everything we're doing, we're saying, how do we do

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Speaker 1: it better? What are we're doing? It's not near good enough.

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Speaker 1: We've gotta keep doing better. College football is back, baby,

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Speaker 1: and Fan Duel is putting you in the middle of

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Speaker 1: the action. Right now, all customers all get a no

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Speaker 1: sweat bet for Week one that means free bets back

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Speaker 1: So many different ways to bet on college football, same

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Speaker 1: game parlays, or bet on who you think will win

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Speaker 1: it all in the National Championship. College Football Week one

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Speaker 1: bet I like Utah minus two and a half to

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Speaker 1: beat Florida and to cover. I don't see the playmakers

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Speaker 1: for the Gators. I think they're fairly pedestrian at quarterback

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Speaker 1: Billy Napiers first year, and the Utes bring back several

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Speaker 1: All conference linemen on both sides of the ball. I

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Speaker 1: think they control the line of scrimmage and control of

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Speaker 1: the game. Take the Utes to win by about a touchdown.

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Speaker 1: If you've been thinking about joining FanDuel, now is the

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Speaker 1: Kick off the college football season, have some fun. I

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Speaker 1: love it. Download the FanDuel apps sign up. The promo

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Speaker 1: people on your team to help your small business fire

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Speaker 1: on all cylinders. LinkedIn Jobs is here to make it

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Speaker 1: minutes on LinkedIn jobs to reach your network and beyond

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Speaker 1: that you're hiring, so your network can help you find

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Speaker 1: the right people to hire. Simple tools like screening questions

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Speaker 1: make it easy to focus on candidates with just the

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Speaker 1: right skills and experience, so you can quickly prioritize who

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Speaker 1: you'd like to interview and hire. It's why small business

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Speaker 1: rates LinkedIn jobs number one in delivering quality hires versus

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Speaker 1: leading competitors. LinkedIn Jobs helps you find the candidates you

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Speaker 1: want to talk to faster. Did you know every week,

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Speaker 1: nearly forty million job seekers visit LinkedIn. Forty million post

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Speaker 1: your job for free at LinkedIn dot com. I'm slash

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Speaker 1: colin LinkedIn dot com slash colin post your job for free.

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Speaker 1: Terms and conditions apply. I, along with a couple other people,

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Speaker 1: created the volume about eighteen months ago. And I think

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Speaker 1: I'm pretty good at delegating. I'm not a control freak,

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Speaker 1: and I think a lot of it is. I know

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Speaker 1: I'm not really gifted in many areas I'm I talk

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Speaker 1: so I might takeaways, hire good people and get out

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Speaker 1: of their way. You have a lot more mitstake than

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Speaker 1: I do. Is it hard to delegate for you. So

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Speaker 1: I gotta say, first of all, your concept of hiring

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Speaker 1: great people and get out of the way, it's generally

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Speaker 1: a very good concept, okay. And you're for me, like,

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Speaker 1: I think what's important for a CEO to knows what

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Speaker 1: are you good at? What you're not? You sat and

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Speaker 1: you told me like, hey, I'm good at speaking. I'm

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Speaker 1: also good at picking great people and getting out of

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Speaker 1: the way. That's a pretty successful manchum business. For me.

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Speaker 1: What I know is like, there's areas that I'm really stronger,

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Speaker 1: and there's areas I sucking. Okays, as I sucking. I

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Speaker 1: don't get near when you say to me, like, we

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Speaker 1: have thousands of people that work in technology in my company,

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Speaker 1: I don't spend any time because all I would do

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Speaker 1: is confuse myself and confuse them. Okay, I don't spend

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Speaker 1: time figuring out how to deliver you know, um, you

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Speaker 1: know how to make the films has work better? But

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Speaker 1: I could say, you know, what we need to deliver

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Speaker 1: much more quickly to the the customer, and how are we

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Speaker 1: going to compensate And if you pick the right people,

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Speaker 1: then you figure that out together. And so you know,

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Speaker 1: for me, I think we have, you know, some of

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Speaker 1: the best talent in the world. We focus day and

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Speaker 1: night about how do we get the best people around,

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Speaker 1: how do we keep growing the talent we have, how

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Speaker 1: do we keep bringing great talent from the outside in.

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Speaker 1: I think at the end of the day, like like,

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Speaker 1: let's keep this world. We're not like we're not curing cancer.

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Speaker 1: Facts like we're building you know, great products for the

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Speaker 1: digital sports fans. So it's all about the people that

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Speaker 1: we have. And for me, I'd say I am a

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Speaker 1: you know, I think I'm a pretty decent leader at

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Speaker 1: knowing you know, we're to spend my time and we're

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Speaker 1: to not spend my time. And you know what, if

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Speaker 1: it's an area like you know, strategy, I feel like

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Speaker 1: I'm pretty good. I'll dig in and I'll peel the

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Speaker 1: layers back and keep asking questions and I could be

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Speaker 1: annoying and just be unrelenting, and if it's an error,

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Speaker 1: I can add value. I'm never gonna get in the way.

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Speaker 1: But I won't even ask you a question. I just

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Speaker 1: get the right leaders, they say, people who are on

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Speaker 1: the spectrum. And I think I'm certainly not Dustin Hoffman

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Speaker 1: and rain Man, but I'm probably on it to some degree,

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Speaker 1: and when you speak and say that, it makes me

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Speaker 1: feel like that you're probably on the low end. You

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Speaker 1: are strategic. They always say strategy is for those who

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Speaker 1: feel they have a weakness, and so those people. I

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Speaker 1: think I'm good at strategy because I know I'm not

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Speaker 1: often great at details. So I don't know your personality

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Speaker 1: and I'm not here to make any genetic guesses. But

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Speaker 1: when I hear you talk, strategy feels like a big

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Speaker 1: component to you. Like you like it. You acknowledge tech.

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Speaker 1: Most people don't want to acknowledge of a weakness or

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Speaker 1: a liability. You are well first of all. I love

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Speaker 1: to acknowledge all the things I suck at. That's fun

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Speaker 1: for me. I'm like, my person now is to be

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Speaker 1: self deprecating, to make fun of myself. If listen, if

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Speaker 1: you look at my phone right now, I'm sure that

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Speaker 1: my friends and I were, like, we're beating each other

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Speaker 1: every day, like just making fun of you do. Let's

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Speaker 1: start personalities, like we're all self deprecating. Like you know,

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Speaker 1: for me, by the way, there's a lot to make

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Speaker 1: fun of. There's a lot of easy things to give

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Speaker 1: myself a hard time about. But look you gotta know

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Speaker 1: what you're good at, what you're not good at, and

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Speaker 1: you know you gotta, you know, build organizations around what

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Speaker 1: are you not strong at. Like you know, for me,

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Speaker 1: if I try to get people to do exactly what

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Speaker 1: I do, but I'm good at that, then we're like

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Speaker 1: in the way of each other. Conversely, like if I

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Speaker 1: don't have people who do all the things I stick at,

426
00:20:27,840 --> 00:20:30,399
Speaker 1: then we're never going to be successful. TV ratings for

427
00:20:30,680 --> 00:20:34,560
Speaker 1: pro teams. NFL is better than college. Yeah, NBA's generally

428
00:20:34,600 --> 00:20:40,080
Speaker 1: better than college, NHL better than the college equivalent. So

429
00:20:40,119 --> 00:20:43,879
Speaker 1: that would lead me to believe with fanatics or a

430
00:20:43,880 --> 00:20:48,400
Speaker 1: company like LEGI but that the pro sales are much

431
00:20:48,440 --> 00:20:52,120
Speaker 1: greater than college. But you get these tribal fan bases,

432
00:20:52,119 --> 00:20:56,920
Speaker 1: for instance in the South Alabama, Georgia. Would I ever

433
00:20:57,000 --> 00:21:02,120
Speaker 1: be surprised, how does call ledge of merchandise sell compared

434
00:21:02,160 --> 00:21:04,919
Speaker 1: to pro merchandise, you'd be surprised. So college is the

435
00:21:05,000 --> 00:21:09,240
Speaker 1: second biggest business, So NFL is one. Colleges to college

436
00:21:09,240 --> 00:21:12,439
Speaker 1: football or basketball or both just college together would be two.

437
00:21:12,520 --> 00:21:14,600
Speaker 1: Because you know, we're not looking as you know, even

438
00:21:14,600 --> 00:21:17,679
Speaker 1: though you might say, hey, Alabama is obviously a football school,

439
00:21:17,960 --> 00:21:19,840
Speaker 1: you know, we're looking at the sales of you know,

440
00:21:19,920 --> 00:21:22,399
Speaker 1: a university, you know, for the university, not kind of

441
00:21:22,400 --> 00:21:25,119
Speaker 1: pro sport basis. Obviously we know what rives what. But

442
00:21:25,160 --> 00:21:28,639
Speaker 1: I'll tell you college is our second largest business and

443
00:21:28,800 --> 00:21:31,199
Speaker 1: is growing like crazy. It's the fastest growing business that

444
00:21:31,200 --> 00:21:33,600
Speaker 1: we had. Why do you think that is? Because it

445
00:21:33,640 --> 00:21:35,600
Speaker 1: wasn't where we started. We started in the pro business,

446
00:21:35,640 --> 00:21:37,560
Speaker 1: so I think we made more progress than pro sports

447
00:21:37,600 --> 00:21:40,400
Speaker 1: early and we kind of playing catch up in soccer

448
00:21:40,600 --> 00:21:43,879
Speaker 1: and college today. To be honest, the biggest support is

449
00:21:43,880 --> 00:21:47,600
Speaker 1: actually soccer. Second biggest sport for US would be the NFL.

450
00:21:47,840 --> 00:21:49,680
Speaker 1: The third biggest sport would be college. Kind of long

451
00:21:49,760 --> 00:21:53,040
Speaker 1: term today it's still NFL one, College two. But I

452
00:21:53,040 --> 00:21:54,840
Speaker 1: think long term for US, soccer should be our our

453
00:21:54,880 --> 00:21:58,800
Speaker 1: biggest business. Internationally, Are there things that sell here and

454
00:21:58,920 --> 00:22:01,920
Speaker 1: not other places? Like? Is there something in Europe that's

455
00:22:01,960 --> 00:22:04,640
Speaker 1: stylistically this doesn't work here? I'll tell you something. Right now,

456
00:22:05,000 --> 00:22:08,199
Speaker 1: Lids is opening hundreds of stores in Europe for the

457
00:22:08,200 --> 00:22:12,280
Speaker 1: first time, and there's so many fans of the product

458
00:22:12,359 --> 00:22:14,639
Speaker 1: we sell. You know, we sell so much. You know,

459
00:22:14,880 --> 00:22:17,440
Speaker 1: baseball caps in Europe, they're not fans of the teams

460
00:22:17,480 --> 00:22:19,280
Speaker 1: the fans of the product. And so that's a great

461
00:22:19,320 --> 00:22:21,040
Speaker 1: opportunity for us. You're talking about like, you know, if

462
00:22:21,080 --> 00:22:22,960
Speaker 1: you go if you said outside of lid store and saying, hey,

463
00:22:23,000 --> 00:22:25,160
Speaker 1: why are you buying that, and be like, because that's

464
00:22:25,160 --> 00:22:27,560
Speaker 1: a cool product. I like that product. It's fashionable. I

465
00:22:27,640 --> 00:22:30,159
Speaker 1: enjoy wearing it. It's not because hey, I'm a diehard

466
00:22:30,200 --> 00:22:33,120
Speaker 1: fan of the you know, Saint Louis Cardinals as an example.

467
00:22:33,240 --> 00:22:35,880
Speaker 1: The great thing about our business is things change every

468
00:22:35,960 --> 00:22:38,159
Speaker 1: day based on how does the player perform, how does

469
00:22:38,200 --> 00:22:40,560
Speaker 1: a team perform. If I looked at today's sales, you'd

470
00:22:40,560 --> 00:22:43,800
Speaker 1: see there's always things emerging, always things falling apart. I

471
00:22:43,840 --> 00:22:46,160
Speaker 1: guarantee you when Kevin Durant came back and said, hey,

472
00:22:46,160 --> 00:22:47,719
Speaker 1: you know what, I'm gonna stick with the nets. I'm

473
00:22:47,720 --> 00:22:50,200
Speaker 1: gonna make this work, his jersey sales would have immediately

474
00:22:50,600 --> 00:22:53,119
Speaker 1: blown up, okay, and leading into that, they would have

475
00:22:53,119 --> 00:22:55,040
Speaker 1: done poorly because people like, hey, this kid, you're gonna

476
00:22:55,040 --> 00:22:57,080
Speaker 1: play in the nets or not. And so that's the

477
00:22:57,080 --> 00:23:00,400
Speaker 1: great thing about this business. You know, great moments, bad moments,

478
00:23:00,800 --> 00:23:04,560
Speaker 1: great wins, bad losses. That drives the whole business. I

479
00:23:04,720 --> 00:23:08,520
Speaker 1: tried to years ago buy into an MLS team, and

480
00:23:08,560 --> 00:23:10,960
Speaker 1: I just couldn't afford it, and I tried LAFC, but

481
00:23:11,000 --> 00:23:12,840
Speaker 1: it was Tony Robbins and Magic and all that kind

482
00:23:12,840 --> 00:23:15,600
Speaker 1: of stuff. It was interesting you owned a hockey team

483
00:23:15,600 --> 00:23:19,480
Speaker 1: at NBA. The NBA is a very unique business where

484
00:23:19,840 --> 00:23:21,879
Speaker 1: there are a handful of agents and a handful of

485
00:23:21,880 --> 00:23:24,600
Speaker 1: star players that really run the league. The NFL is

486
00:23:24,640 --> 00:23:27,720
Speaker 1: about the shield. Tom Bradio retired tomorrow. The ratings will

487
00:23:27,760 --> 00:23:30,320
Speaker 1: go up. We watch it, we gamble on it. Basketball

488
00:23:30,480 --> 00:23:35,400
Speaker 1: has always been player driven. Hockey isn't necessarily the NA

489
00:23:35,440 --> 00:23:38,320
Speaker 1: Baseball is a front office driven when you own that

490
00:23:38,560 --> 00:23:43,159
Speaker 1: NBA team, because I've always thought they report a lot

491
00:23:43,200 --> 00:23:45,639
Speaker 1: of NBA teams don't make money, and it's when you

492
00:23:45,720 --> 00:23:48,479
Speaker 1: buy and the stars you have. If you looked at

493
00:23:48,520 --> 00:23:51,840
Speaker 1: the NBA when you were an owner and said, hey,

494
00:23:51,880 --> 00:23:54,320
Speaker 1: I would tweak this. I would tweak that if I

495
00:23:54,359 --> 00:23:56,480
Speaker 1: was Adam Silver, was there anything as an owner you

496
00:23:56,520 --> 00:24:00,399
Speaker 1: were ever frustrated with? So, first of a tell you,

497
00:24:00,880 --> 00:24:07,120
Speaker 1: I believe the NBA is incredibly well positioned, strategically, very

498
00:24:07,160 --> 00:24:09,840
Speaker 1: global business. You know when you talk about kind of

499
00:24:10,200 --> 00:24:11,760
Speaker 1: you know, it's kind of run by stars. I don't

500
00:24:11,760 --> 00:24:13,560
Speaker 1: look at it that way. The way I look at

501
00:24:13,560 --> 00:24:16,040
Speaker 1: it is I love to have a partnership in whatever

502
00:24:16,080 --> 00:24:17,800
Speaker 1: we do, and whether it's with the ten thousand plus

503
00:24:17,800 --> 00:24:21,120
Speaker 1: associates at fanatics, whether it's you know when we were

504
00:24:21,440 --> 00:24:23,760
Speaker 1: up until recently when I was, you know, an owner

505
00:24:23,760 --> 00:24:26,879
Speaker 1: of the Sixers. Yeah, you're in partnerships with you know,

506
00:24:27,000 --> 00:24:29,000
Speaker 1: the people who you know play the game. It's the

507
00:24:29,000 --> 00:24:30,800
Speaker 1: same thing in the NFL. I think that's a healthy

508
00:24:30,840 --> 00:24:33,200
Speaker 1: mentality to say, you know what, I usually respect ambiration

509
00:24:33,280 --> 00:24:35,479
Speaker 1: for my players. I want to work with them. I

510
00:24:35,520 --> 00:24:37,200
Speaker 1: want to have a great relationship with them. I think

511
00:24:37,200 --> 00:24:39,000
Speaker 1: it was an edge like to me, I look and say,

512
00:24:39,000 --> 00:24:41,120
Speaker 1: look at you know, our best two players today, Joel

513
00:24:41,119 --> 00:24:43,000
Speaker 1: and Beat and James Harden. You know our team has

514
00:24:43,040 --> 00:24:45,520
Speaker 1: a great relationship with those players. I have a great

515
00:24:45,520 --> 00:24:48,120
Speaker 1: relationship with those players. I think those players have done

516
00:24:48,359 --> 00:24:51,000
Speaker 1: a lot to help the Sixers position as well as possible.

517
00:24:51,040 --> 00:24:53,720
Speaker 1: Look at James Harden, who just played for fourteen million

518
00:24:53,720 --> 00:24:55,879
Speaker 1: dollars less because he wants to figure out how to

519
00:24:55,880 --> 00:24:58,359
Speaker 1: win a championship in Philadelphi. He didn't come to us

520
00:24:58,359 --> 00:25:00,480
Speaker 1: and leverages. He came down and said, hey, I want

521
00:25:00,480 --> 00:25:02,239
Speaker 1: to take money off of my contract so I can

522
00:25:02,280 --> 00:25:03,960
Speaker 1: get better teammates around me, so we can have the

523
00:25:03,960 --> 00:25:06,520
Speaker 1: best odds to in a championship this year. So to me,

524
00:25:06,840 --> 00:25:08,480
Speaker 1: if you have the right mentality, you know how to

525
00:25:08,520 --> 00:25:10,359
Speaker 1: work with people, how to work together with people. I

526
00:25:10,400 --> 00:25:12,840
Speaker 1: think that's an advantage. You know, some people may say, hey,

527
00:25:12,880 --> 00:25:14,520
Speaker 1: you know they don't like the people have so much power.

528
00:25:14,680 --> 00:25:16,760
Speaker 1: I do with powerful people every day, and you know

529
00:25:16,960 --> 00:25:18,760
Speaker 1: my jobs. Have a great relaship with those powerful people,

530
00:25:18,760 --> 00:25:20,159
Speaker 1: and figure out how to work, whether they play it

531
00:25:20,200 --> 00:25:22,360
Speaker 1: on the court, whether they're partners of ours, whether they're

532
00:25:22,359 --> 00:25:25,000
Speaker 1: owners of ours, whether they're commissioners, whether there are fans.

533
00:25:25,040 --> 00:25:26,520
Speaker 1: I mean, you got treat everyody of the right way,

534
00:25:26,520 --> 00:25:28,679
Speaker 1: and then you get a good outcome. When you do

535
00:25:28,800 --> 00:25:31,879
Speaker 1: acquire a company and you know it's it's labyrinth of

536
00:25:32,119 --> 00:25:36,320
Speaker 1: attorneys and accountants, you seem more of a buyer than

537
00:25:36,359 --> 00:25:39,280
Speaker 1: a seller. To me, you feel like I don't always

538
00:25:39,280 --> 00:25:43,399
Speaker 1: sell anything. Yeah, you feel like a builder and a buyer. Again,

539
00:25:43,440 --> 00:25:46,359
Speaker 1: it's a personality thing. Have you ever sold anything and

540
00:25:46,400 --> 00:25:50,840
Speaker 1: regretted it? Even a car? I had an old BMW

541
00:25:50,880 --> 00:25:53,760
Speaker 1: I sold it, I regretted in an hour later. First

542
00:25:53,760 --> 00:25:55,840
Speaker 1: of all, I don't have the personality to ever look back,

543
00:25:55,880 --> 00:25:57,200
Speaker 1: and like, the only thing I want to do when

544
00:25:57,200 --> 00:25:59,160
Speaker 1: I look back is learned to get better. I don't

545
00:25:59,160 --> 00:26:01,080
Speaker 1: like what's done done. Like, by the way, if I

546
00:26:01,119 --> 00:26:02,640
Speaker 1: go out and I screw something up, all I want

547
00:26:02,640 --> 00:26:04,520
Speaker 1: to do is learn from that. L Okay, I don't

548
00:26:04,560 --> 00:26:06,440
Speaker 1: want to go back and say, like, oh my god,

549
00:26:06,560 --> 00:26:07,959
Speaker 1: this is going to eat me up. At first of all,

550
00:26:08,080 --> 00:26:10,080
Speaker 1: I'm trying to think. I think of one thing that

551
00:26:10,160 --> 00:26:12,879
Speaker 1: I sold that I regret, and I literally do not

552
00:26:12,960 --> 00:26:14,960
Speaker 1: have one example of it. Okay, by the way, I

553
00:26:15,040 --> 00:26:17,000
Speaker 1: suld things like I had a you know, I'm one

554
00:26:17,080 --> 00:26:19,520
Speaker 1: hundred percent locked in building fanatics right now. So I

555
00:26:19,560 --> 00:26:21,359
Speaker 1: had business shop runer that we sold in Fanacs a

556
00:26:21,359 --> 00:26:23,080
Speaker 1: couple of years ago. I felt great about it because

557
00:26:23,119 --> 00:26:25,760
Speaker 1: it allowed me to focus more of my energy on Fanatics.

558
00:26:26,240 --> 00:26:28,600
Speaker 1: I'd love to build, Like I'm a true entrepreneur at heart.

559
00:26:28,640 --> 00:26:30,720
Speaker 1: It's fun, it's support for me again. I remember I

560
00:26:30,720 --> 00:26:33,560
Speaker 1: started by telling you I sucked at sports, I sucked

561
00:26:33,600 --> 00:26:35,720
Speaker 1: at school. What was I good at? I was good

562
00:26:35,720 --> 00:26:37,560
Speaker 1: at building, and so you got to gravitate to what

563
00:26:37,600 --> 00:26:39,480
Speaker 1: you're good at. So like, you know, the only time

564
00:26:39,480 --> 00:26:41,399
Speaker 1: I would sell something if I thought, like, you know,

565
00:26:41,440 --> 00:26:44,120
Speaker 1: I got it wrong. It wasn't working. I sold GSI

566
00:26:44,119 --> 00:26:47,080
Speaker 1: Commerce for two at billion dollars to eBay in twenty eleven,

567
00:26:47,080 --> 00:26:49,520
Speaker 1: which is the first company I started, because I felt

568
00:26:49,520 --> 00:26:51,760
Speaker 1: that was the best thing for the company. And I

569
00:26:51,800 --> 00:26:54,399
Speaker 1: really thought that I had a massive opportunity if I

570
00:26:54,560 --> 00:26:57,359
Speaker 1: reinvented Fanatics, which was this little business that they didn't want,

571
00:26:57,720 --> 00:26:59,480
Speaker 1: And it was great for me that I was able

572
00:26:59,480 --> 00:27:01,520
Speaker 1: to day on the business and said, hey, Michael, would

573
00:27:01,560 --> 00:27:02,679
Speaker 1: you be willing to buy this? And I had this

574
00:27:02,720 --> 00:27:04,919
Speaker 1: big vision. It was completely different for what it was.

575
00:27:05,440 --> 00:27:08,280
Speaker 1: But you know, I guess there's sellers and there's builders.

576
00:27:08,320 --> 00:27:14,120
Speaker 1: I'm a builder. The sports uniforms, I like the Dodgers

577
00:27:14,160 --> 00:27:18,040
Speaker 1: home uniform clean. I like the next home uniform with

578
00:27:18,200 --> 00:27:21,680
Speaker 1: the piping, the orange and blue. It's clean. My least

579
00:27:21,680 --> 00:27:24,960
Speaker 1: favorite uniform ever was the mid eighties. The Vancouver Canucks

580
00:27:25,000 --> 00:27:28,000
Speaker 1: wore something that was black with a V. It looked

581
00:27:28,040 --> 00:27:31,480
Speaker 1: like something your grandpa would wear to Thanksgiving and people

582
00:27:31,480 --> 00:27:33,359
Speaker 1: would talk about it for like two hours, like he

583
00:27:33,400 --> 00:27:37,120
Speaker 1: picked the wrong slaughter. Are there things ever? In the

584
00:27:37,160 --> 00:27:40,200
Speaker 1: merchandise business you're like, how does that sell? It goes

585
00:27:40,240 --> 00:27:44,920
Speaker 1: against your instincts. Definitely, I like clean, not like every year,

586
00:27:45,040 --> 00:27:46,719
Speaker 1: like every month, I'll look at something and be like,

587
00:27:47,280 --> 00:27:49,520
Speaker 1: this isn't good enough. We need to do better. I'll

588
00:27:49,520 --> 00:27:51,760
Speaker 1: give you an example right now, and I'll look at

589
00:27:51,800 --> 00:27:53,600
Speaker 1: some of the championship products that will make I'll be like,

590
00:27:54,440 --> 00:27:56,800
Speaker 1: this is the same ship we've been doing for dozens

591
00:27:56,800 --> 00:27:59,119
Speaker 1: of years. Like, no, we have to do better, but

592
00:27:59,240 --> 00:28:01,440
Speaker 1: you know what, that's our job. Like right now, we've

593
00:28:01,520 --> 00:28:04,600
Speaker 1: kind of we've made the experience better, but we haven't.

594
00:28:04,600 --> 00:28:06,199
Speaker 1: Like we're not good enough, Like we need to make

595
00:28:06,440 --> 00:28:11,280
Speaker 1: better product, faster delivery, more innovation, more breath Like, yeah,

596
00:28:11,280 --> 00:28:12,600
Speaker 1: I look at all I look at stuff all the time.

597
00:28:12,640 --> 00:28:14,840
Speaker 1: We'd be like it's not near good enough. Yeah, I

598
00:28:14,920 --> 00:28:19,400
Speaker 1: like I think the Baltimore Ravens. That uniform feels like Baltimore.

599
00:28:20,280 --> 00:28:22,920
Speaker 1: It feels like it's got a little chip on it shoulder.

600
00:28:23,080 --> 00:28:24,800
Speaker 1: Who was your when you were a kid? Who was

601
00:28:24,840 --> 00:28:28,240
Speaker 1: your favorite team? Definitely the Sixers, not even a question,

602
00:28:28,600 --> 00:28:31,400
Speaker 1: so you buy your favorite team? Yeah, look I was Porch.

603
00:28:31,440 --> 00:28:32,840
Speaker 1: I grew up in It's actually a great story. I

604
00:28:32,840 --> 00:28:35,360
Speaker 1: don't think I've ever told the story before. But so

605
00:28:35,480 --> 00:28:37,840
Speaker 1: I grew up in Philadelphia, born and raised. Lived my

606
00:28:37,920 --> 00:28:41,760
Speaker 1: entire life there, including the still now and the guy

607
00:28:41,800 --> 00:28:45,280
Speaker 1: that owned the Philadelphia Sixers was my next door neighbor,

608
00:28:45,400 --> 00:28:48,200
Speaker 1: Ed Snyder. I lived on a lives in Mona now. Yeah,

609
00:28:48,200 --> 00:28:49,800
Speaker 1: he lived in Mona Ceda until I passed away few

610
00:28:49,840 --> 00:28:52,600
Speaker 1: years ago. It's great, great, great, great man. And in

611
00:28:52,600 --> 00:28:55,280
Speaker 1: two thousand eleven I sold Fanatics. I think it was

612
00:28:55,320 --> 00:28:59,120
Speaker 1: March twenty eight to twenty eleven and Ed Snyder called me.

613
00:28:59,440 --> 00:29:01,440
Speaker 1: He said, hey, I want to come over, and came

614
00:29:01,480 --> 00:29:04,480
Speaker 1: over the bottle of champagne. He said to me, hey, Michael,

615
00:29:04,520 --> 00:29:07,040
Speaker 1: you know what you know first congratulation and selling a company.

616
00:29:07,240 --> 00:29:09,320
Speaker 1: He said, you know you should buy the six Ers

617
00:29:09,520 --> 00:29:11,920
Speaker 1: from me. He said, you know I'm selling the team.

618
00:29:12,040 --> 00:29:14,239
Speaker 1: I said, you know what, This team loses a lot

619
00:29:14,280 --> 00:29:17,000
Speaker 1: of money. You know, I'm like focused on Fanatics. You know,

620
00:29:17,000 --> 00:29:18,280
Speaker 1: I don't want to spend my time this. I thought

621
00:29:18,280 --> 00:29:20,080
Speaker 1: they were gonna sell the team for four hundred million dollars,

622
00:29:20,080 --> 00:29:21,520
Speaker 1: and you know you had to come with four undred

623
00:29:21,560 --> 00:29:23,720
Speaker 1: million dollars. I was losing thirty forty million dollars a year.

624
00:29:23,920 --> 00:29:26,080
Speaker 1: I didn't do any work. I said. Now I'm not interesting.

625
00:29:26,080 --> 00:29:27,320
Speaker 1: He says, you know, I don't, you know, I like

626
00:29:27,400 --> 00:29:30,360
Speaker 1: you too much. I don't want you to buy the team. Okay.

627
00:29:30,720 --> 00:29:32,920
Speaker 1: Then Josh Harris and Dave Blitz about the team and

628
00:29:32,920 --> 00:29:35,280
Speaker 1: they were looking for a local partner, and that's when

629
00:29:35,320 --> 00:29:37,400
Speaker 1: I met them and I realized they didn't actually pay

630
00:29:37,400 --> 00:29:39,240
Speaker 1: four hundred million dollars. They bought it for two hundred

631
00:29:39,240 --> 00:29:41,040
Speaker 1: and eighty million dollars. And by the way, they were

632
00:29:41,040 --> 00:29:43,120
Speaker 1: able to borrow whenever it was one hundred and thirty

633
00:29:43,120 --> 00:29:44,680
Speaker 1: five million dollars. It was like instead of being a

634
00:29:44,680 --> 00:29:46,640
Speaker 1: four dred million dollars check, it was like maybe one

635
00:29:46,720 --> 00:29:48,600
Speaker 1: hundred and thirty or one hundred and fifty million dollars check.

636
00:29:48,760 --> 00:29:50,960
Speaker 1: And in addition to that, the team wasn't actually gonna

637
00:29:51,000 --> 00:29:53,200
Speaker 1: lose forty or fifty million dollars in anymore. It was

638
00:29:53,200 --> 00:29:55,440
Speaker 1: actually on the path to making money. And I realized,

639
00:29:55,480 --> 00:29:58,000
Speaker 1: you don't. I wasn't educated. But for me it was fine.

640
00:29:58,040 --> 00:30:01,160
Speaker 1: It was Josh and David, we're incredible partners. I was

641
00:30:01,200 --> 00:30:04,600
Speaker 1: fortunate to work with them, and for me, it adds

642
00:30:04,680 --> 00:30:06,680
Speaker 1: is the massive opportunity, and it's a company today that

643
00:30:06,760 --> 00:30:09,520
Speaker 1: I think can be, you know, potentially the most valuable

644
00:30:09,560 --> 00:30:12,320
Speaker 1: company in sports. One of the most valuable companies in technology.

645
00:30:12,480 --> 00:30:14,000
Speaker 1: As I said, I feel like when the fresh quarter

646
00:30:14,000 --> 00:30:15,800
Speaker 1: of the game, it's like I am locked in the

647
00:30:15,880 --> 00:30:18,240
Speaker 1: laser focus, Like I'm working at this, you know, sixteen

648
00:30:18,280 --> 00:30:20,520
Speaker 1: eighteen hours a day, seven days a week, you know,

649
00:30:20,680 --> 00:30:23,680
Speaker 1: probably fifty one weeks a year. When I look at fanatics,

650
00:30:23,800 --> 00:30:29,000
Speaker 1: I say to myself, Man, this is wow gaming merchandise,

651
00:30:29,360 --> 00:30:31,640
Speaker 1: because I believe this to be true. When I was

652
00:30:31,640 --> 00:30:35,480
Speaker 1: a kid watching television, I didn't understand how everybody didn't

653
00:30:35,520 --> 00:30:39,240
Speaker 1: like sports. Everything was scripted. I don't say that at all. Exports.

654
00:30:39,240 --> 00:30:43,240
Speaker 1: I don't understand it, like it's the only thing. It's incredible.

655
00:30:43,360 --> 00:30:45,680
Speaker 1: How do you take your ownership of a sports team?

656
00:30:46,200 --> 00:30:49,760
Speaker 1: Can you transfer it and go? Man? This is something

657
00:30:49,800 --> 00:30:52,560
Speaker 1: I learned from the NBA. Do you take lessons from

658
00:30:52,560 --> 00:30:55,960
Speaker 1: businesses or do stuff not crossover? A lot? It absolutely

659
00:30:55,960 --> 00:31:00,880
Speaker 1: crosses over, you know. I think my entreprene neural mentality,

660
00:31:00,960 --> 00:31:03,840
Speaker 1: my kind of pretty like, you know, kind of down

661
00:31:03,840 --> 00:31:06,400
Speaker 1: to earth, relatable personality by the way, that relates well

662
00:31:06,480 --> 00:31:09,360
Speaker 1: to players. Everywhere I go, I'm you know, seeing people

663
00:31:09,360 --> 00:31:11,280
Speaker 1: and you know, we're all helping each other building. I

664
00:31:11,320 --> 00:31:15,040
Speaker 1: think it's like like the same mentality I use in

665
00:31:15,120 --> 00:31:17,680
Speaker 1: sports with the Sixers, it was the same mentality. I

666
00:31:17,760 --> 00:31:20,320
Speaker 1: use business and fanatics and vice the verse. And by

667
00:31:20,360 --> 00:31:22,959
Speaker 1: the way, I learn all the time from each business.

668
00:31:23,160 --> 00:31:26,360
Speaker 1: I'll learn about players who were calling up and say, hey, Rube,

669
00:31:26,400 --> 00:31:27,880
Speaker 1: how do I get on the home page of Fanatics

670
00:31:27,920 --> 00:31:29,720
Speaker 1: or how can we do things together with fanatics because

671
00:31:29,720 --> 00:31:31,560
Speaker 1: they're interested, they want to build their brands. I'll learn

672
00:31:31,600 --> 00:31:33,520
Speaker 1: other people who aren't a nursing. You'll see who are

673
00:31:33,520 --> 00:31:35,840
Speaker 1: the hard workers, who are the lazy people who have

674
00:31:35,880 --> 00:31:38,240
Speaker 1: certain priorities, who don't care about things. You learn so

675
00:31:38,360 --> 00:31:40,200
Speaker 1: much from from each of the businesses, and I think

676
00:31:40,400 --> 00:31:42,480
Speaker 1: for me it was a you know, being part of

677
00:31:42,480 --> 00:31:45,760
Speaker 1: the six Ers for eleven years, it was a great education.

678
00:31:45,840 --> 00:31:48,360
Speaker 1: It was great experience. The only regret I have is

679
00:31:48,800 --> 00:31:50,600
Speaker 1: we haven't won yet, and that's a failure. Like every

680
00:31:50,680 --> 00:31:52,160
Speaker 1: year you own a sports team, if you don't win

681
00:31:52,200 --> 00:31:54,200
Speaker 1: the championship, you failed And if you look at it

682
00:31:54,240 --> 00:31:56,760
Speaker 1: any other way, you're a bad owner. Okay, like literally,

683
00:31:57,080 --> 00:31:58,760
Speaker 1: you have a three percent chance to win a championship

684
00:31:58,880 --> 00:32:00,800
Speaker 1: and that's your job. If you don't do that job,

685
00:32:01,360 --> 00:32:03,479
Speaker 1: you're not doing your job. You've failed and sour prosessly

686
00:32:03,480 --> 00:32:05,720
Speaker 1: eleven years we didn't win, and that's something like I think, Look,

687
00:32:05,760 --> 00:32:08,360
Speaker 1: we have a championship contending team today, we were on one.

688
00:32:08,440 --> 00:32:12,160
Speaker 1: Yet what crushes you more? A bad earnings reported fanatics

689
00:32:13,000 --> 00:32:16,800
Speaker 1: or a playoff elimination game in the NBA? Which one

690
00:32:16,840 --> 00:32:21,920
Speaker 1: do you? That's a great question. Um, both a crushing

691
00:32:22,960 --> 00:32:24,800
Speaker 1: I mean, I don't like. I don't like to lose.

692
00:32:25,000 --> 00:32:26,560
Speaker 1: But the good thing with me, you lose all the time.

693
00:32:26,560 --> 00:32:28,560
Speaker 1: When you lose, I pick up and I'm like, that

694
00:32:28,640 --> 00:32:30,680
Speaker 1: was Jesse's news. Let's go. You know, I don't. I'm

695
00:32:30,680 --> 00:32:32,080
Speaker 1: not looking back. I'm all they saying, how do we

696
00:32:32,120 --> 00:32:34,160
Speaker 1: get better? How do we go for it? But I've

697
00:32:34,200 --> 00:32:38,520
Speaker 1: had I've had many of both. So fanatics is B

698
00:32:38,560 --> 00:32:41,920
Speaker 1: two C. It's a business two consumer business, okay, And

699
00:32:41,960 --> 00:32:43,560
Speaker 1: we don't want to do anything we said. People call

700
00:32:43,600 --> 00:32:44,719
Speaker 1: us all the time and say, hey, do you want

701
00:32:44,760 --> 00:32:46,520
Speaker 1: to buy this business? Is B to B the business like, No,

702
00:32:46,960 --> 00:32:49,800
Speaker 1: we are a business to consumer digital company. If it's

703
00:32:49,840 --> 00:32:52,560
Speaker 1: not digital, if it's not consumer, we have no interesting

704
00:32:52,600 --> 00:32:56,000
Speaker 1: all right, gaming is business to consumer? Yeah? Why does

705
00:32:56,120 --> 00:32:58,440
Speaker 1: that attract you? Why does B two C attract you? Yeah?

706
00:32:58,480 --> 00:33:00,360
Speaker 1: You know, for me, it's really about being able to

707
00:33:00,400 --> 00:33:02,360
Speaker 1: service the digital sports fan wherever they want to be.

708
00:33:02,400 --> 00:33:04,959
Speaker 1: Service to euro fan. Yeah, for me, I gotta tell

709
00:33:04,960 --> 00:33:06,640
Speaker 1: you when I think about Vanax in the future and

710
00:33:06,640 --> 00:33:11,760
Speaker 1: I could potentially watch live sports bet on them, get

711
00:33:11,760 --> 00:33:14,120
Speaker 1: the jersey from the player, I like, get the training

712
00:33:14,120 --> 00:33:16,400
Speaker 1: card to the digital an FT, get a ticket to

713
00:33:16,400 --> 00:33:19,560
Speaker 1: an event on one place. That's like an incredible experience.

714
00:33:19,600 --> 00:33:23,080
Speaker 1: So for me, what we have is one brand and

715
00:33:23,280 --> 00:33:25,920
Speaker 1: one fan base that we can do so many different

716
00:33:25,920 --> 00:33:28,080
Speaker 1: things digitally with them. But the most important thing we

717
00:33:28,080 --> 00:33:29,760
Speaker 1: need to do every day is say, how do we

718
00:33:29,800 --> 00:33:32,239
Speaker 1: do it better? It's not good what we're doing. How

719
00:33:32,280 --> 00:33:34,880
Speaker 1: do we improve? How do we innovate? Because you know,

720
00:33:35,040 --> 00:33:37,040
Speaker 1: I still say like, yeah, we've met a lot of progress,

721
00:33:37,040 --> 00:33:39,080
Speaker 1: and you know, two hundred fifty million dollars last year.

722
00:33:39,080 --> 00:33:40,880
Speaker 1: I think we could be, you know, approaching ten million

723
00:33:40,920 --> 00:33:43,640
Speaker 1: dollars next year. It's not you know, it's not good enough.

724
00:33:43,960 --> 00:33:46,960
Speaker 1: What keeps you up at night? I'm the worst sleep

725
00:33:46,960 --> 00:33:48,880
Speaker 1: in the planet. I said to my girlfriend this morning,

726
00:33:48,920 --> 00:33:51,880
Speaker 1: like I literally need a sleep doctor. Like I could

727
00:33:51,880 --> 00:33:53,920
Speaker 1: sleep three hours and then I wake up and no

728
00:33:53,960 --> 00:33:55,920
Speaker 1: matter how many times they say, don't look at your phone.

729
00:33:56,080 --> 00:33:58,720
Speaker 1: I look at my phone, I start responding to text messages,

730
00:33:58,800 --> 00:34:01,920
Speaker 1: responding to emails that I look at news. What's going

731
00:34:01,960 --> 00:34:03,640
Speaker 1: on in this world? You can obviously tell me a

732
00:34:03,640 --> 00:34:05,600
Speaker 1: pretty competitive human being, you'd like to win. I don't

733
00:34:05,600 --> 00:34:07,400
Speaker 1: really believe in losing, even though it happens to the

734
00:34:07,400 --> 00:34:09,480
Speaker 1: best of us. So you know, for me, what keeps

735
00:34:09,480 --> 00:34:11,359
Speaker 1: me up at night is we're growing quick, not having

736
00:34:11,360 --> 00:34:13,640
Speaker 1: the wheels come off the bus, not doing you know,

737
00:34:13,760 --> 00:34:16,560
Speaker 1: dumb things, self inflicted things. You know, I want to

738
00:34:16,600 --> 00:34:19,000
Speaker 1: make sure you're making the big decisions that look, we're

739
00:34:19,000 --> 00:34:20,719
Speaker 1: gonna fail. You have lots of failures every day, and

740
00:34:20,719 --> 00:34:22,880
Speaker 1: a compy you fail. I want to fail fast, like

741
00:34:22,960 --> 00:34:24,640
Speaker 1: you know for me, and I'm gonna fail, Let's do

742
00:34:24,680 --> 00:34:26,200
Speaker 1: it fast and move on. Let's not have a slow

743
00:34:26,200 --> 00:34:28,160
Speaker 1: pain for failure. Let's do it fast and get it

744
00:34:28,160 --> 00:34:31,920
Speaker 1: out of the way. One of don't the vagaries or

745
00:34:31,920 --> 00:34:35,400
Speaker 1: one of the problems with being rich and powerful is

746
00:34:35,440 --> 00:34:38,960
Speaker 1: that people are often afraid to confront you or disagree

747
00:34:39,040 --> 00:34:42,279
Speaker 1: with you. How do you ensure that when you walk

748
00:34:42,320 --> 00:34:45,760
Speaker 1: into a room. Yeah, your lieutenants are willing to say, Michael,

749
00:34:45,960 --> 00:34:48,319
Speaker 1: I think you're completely wrong on this. Yeah, So first

750
00:34:48,360 --> 00:34:51,200
Speaker 1: of all, I love that, and I create that culture.

751
00:34:51,480 --> 00:34:54,080
Speaker 1: That's a bad leader. Who doesn't, you know, create the

752
00:34:54,160 --> 00:34:56,440
Speaker 1: relationships with their with their leaders where they know they

753
00:34:56,440 --> 00:34:58,000
Speaker 1: have to come and say, Like people come and say

754
00:34:58,480 --> 00:35:00,359
Speaker 1: this is the dumbest idea I've ever heard. I'll come

755
00:35:00,400 --> 00:35:02,440
Speaker 1: up and say, I got a great idea and one

756
00:35:02,480 --> 00:35:04,080
Speaker 1: of my If any of my trust people who know

757
00:35:04,120 --> 00:35:05,680
Speaker 1: me work with me, if they can't sit by me,

758
00:35:05,760 --> 00:35:07,720
Speaker 1: if someone's a yes man, they're out, Like I've no interest.

759
00:35:07,719 --> 00:35:09,480
Speaker 1: You talk about somebody, I've no interest been working with

760
00:35:09,480 --> 00:35:11,200
Speaker 1: this yes people. I want people who going to make

761
00:35:11,280 --> 00:35:13,840
Speaker 1: us better, challenge us and I every day, you know,

762
00:35:13,880 --> 00:35:16,440
Speaker 1: we debate stuff. That's like, that's our life. Whether I'm

763
00:35:16,480 --> 00:35:19,120
Speaker 1: you know, banching with my friends, banching with executives, that's

764
00:35:19,120 --> 00:35:21,239
Speaker 1: who I am. It's also my personality pretty, you know,

765
00:35:21,480 --> 00:35:23,960
Speaker 1: I'm like pretty, you know, down to earth broads into

766
00:35:24,040 --> 00:35:26,560
Speaker 1: a you know, guys build a decent sized business. Yeah.

767
00:35:26,680 --> 00:35:29,160
Speaker 1: So the best ideas I get are being in groups

768
00:35:29,160 --> 00:35:32,040
Speaker 1: of people and listening and kind of sponging it. Where

769
00:35:32,040 --> 00:35:34,360
Speaker 1: do your best ideas come from? We must be like

770
00:35:34,440 --> 00:35:36,920
Speaker 1: kindred spirits, because I would have given you exactly the

771
00:35:36,960 --> 00:35:39,400
Speaker 1: same answer I would have told you. It's from getting

772
00:35:39,440 --> 00:35:42,000
Speaker 1: really smart people of different backgrounds around me and then

773
00:35:42,040 --> 00:35:44,120
Speaker 1: being a sponge, and I'll contribute and we can all

774
00:35:44,200 --> 00:35:46,160
Speaker 1: learn from each other. So people said to me all

775
00:35:46,200 --> 00:35:48,000
Speaker 1: the way, Like someone just said to me last night,

776
00:35:48,080 --> 00:35:50,200
Speaker 1: like you seem comfortable anywhere. I'm like, I could go

777
00:35:50,239 --> 00:35:52,799
Speaker 1: in the roughest neighborhood in the world and enjoy talking

778
00:35:52,800 --> 00:35:54,839
Speaker 1: to people and asking questions and learning, by the way,

779
00:35:54,960 --> 00:35:57,240
Speaker 1: watching what the where and what fashion trends are developing.

780
00:35:57,600 --> 00:35:59,759
Speaker 1: You know, what do they want, what do they need?

781
00:36:00,600 --> 00:36:02,359
Speaker 1: How can I help them? How can they help me

782
00:36:02,719 --> 00:36:05,799
Speaker 1: to being you know and you know, and with any

783
00:36:05,800 --> 00:36:08,919
Speaker 1: type of sports fan like that. That's that's how I learned.

784
00:36:09,000 --> 00:36:11,600
Speaker 1: Like I'm a sponge. That's literally I said, if you

785
00:36:11,680 --> 00:36:14,399
Speaker 1: watch anything I've ever said, I'm a sponge. My first

786
00:36:14,440 --> 00:36:17,319
Speaker 1: impression when you walked in is you dressed like a

787
00:36:17,360 --> 00:36:21,759
Speaker 1: young fan and you're fifty and so that's impressive to

788
00:36:21,800 --> 00:36:24,680
Speaker 1: me because I believe in your business you have to

789
00:36:24,719 --> 00:36:28,799
Speaker 1: relate to these guys. Yeah, okay, not me as much. Right,

790
00:36:29,200 --> 00:36:32,759
Speaker 1: So you dress as a billionaire, you dressed like a fan.

791
00:36:33,880 --> 00:36:36,560
Speaker 1: I don't know if you ever thought about that. You're

792
00:36:36,640 --> 00:36:40,279
Speaker 1: in young businesses. You know, seventy five year old guys

793
00:36:40,320 --> 00:36:42,600
Speaker 1: don't wear as many baseball hats. You go to a

794
00:36:42,680 --> 00:36:46,400
Speaker 1: Mets game, everybody's got one on. So do you force

795
00:36:46,440 --> 00:36:50,920
Speaker 1: yourself tech music people? How do you stay young and

796
00:36:51,080 --> 00:36:54,800
Speaker 1: twitchy with culture? Because the world living now, it's so fluid, Michael,

797
00:36:54,840 --> 00:36:57,439
Speaker 1: Like every fifteen minutes there's new tech. Yeah. So first

798
00:36:57,440 --> 00:36:59,160
Speaker 1: of all, I think you need to be authentic to yourself.

799
00:36:59,200 --> 00:37:00,960
Speaker 1: Like I dressed the way I want and by the way,

800
00:37:00,960 --> 00:37:02,719
Speaker 1: when someone will say, hey, you have to wear this

801
00:37:02,760 --> 00:37:04,319
Speaker 1: to this, I'm just like, I am who I am.

802
00:37:04,800 --> 00:37:06,680
Speaker 1: I don't give a shit yea, And you know if

803
00:37:06,680 --> 00:37:08,360
Speaker 1: someone doesn't like me, you know what I just you

804
00:37:08,400 --> 00:37:10,760
Speaker 1: gotta be authentic, gotta be who you are. The biggest

805
00:37:10,760 --> 00:37:14,240
Speaker 1: thing I like. I do love having all different backgrounds

806
00:37:14,280 --> 00:37:16,480
Speaker 1: around me because that gives us an opportunity to learn

807
00:37:16,480 --> 00:37:19,360
Speaker 1: from different people and take different perspectives. But look, I

808
00:37:19,360 --> 00:37:22,680
Speaker 1: have a young mentality, like I don't like I generally

809
00:37:22,719 --> 00:37:26,040
Speaker 1: will say as a stereotype, and I probably feel bad

810
00:37:26,080 --> 00:37:28,239
Speaker 1: saying I don't like being about old people in general

811
00:37:28,280 --> 00:37:30,440
Speaker 1: because it makes me feel old, Versus I like to

812
00:37:30,440 --> 00:37:33,120
Speaker 1: be around young people that can learn from growth from

813
00:37:33,160 --> 00:37:35,200
Speaker 1: I won't go to Palm Springs because of that. Yeah,

814
00:37:35,239 --> 00:37:38,279
Speaker 1: I feel old. Park City people ski and everybody in

815
00:37:38,360 --> 00:37:40,760
Speaker 1: LA loves Palm Springs, and I'm like, I don't play bridge,

816
00:37:41,440 --> 00:37:43,560
Speaker 1: it's old. I go, I want to hear from Conchella.

817
00:37:44,000 --> 00:37:47,920
Speaker 1: Well that's young. Sorry, nobody in the Rady's there. No,

818
00:37:48,000 --> 00:37:49,279
Speaker 1: I think that's a really could have been the most

819
00:37:49,320 --> 00:37:53,799
Speaker 1: person in Cachella. Finally, I remember interviewing full Night one

820
00:37:53,800 --> 00:37:55,920
Speaker 1: time and I asked this question. My producers like, that

821
00:37:56,040 --> 00:37:58,480
Speaker 1: is such a pithy, silly question. But when you can

822
00:37:58,560 --> 00:38:01,160
Speaker 1: have anything, you know the old saying, oh, what do

823
00:38:01,200 --> 00:38:03,439
Speaker 1: you get somebody that has everything? You could have any

824
00:38:03,440 --> 00:38:07,040
Speaker 1: piece of sports memorabilia you've wanted. I'm not a sports

825
00:38:07,120 --> 00:38:09,680
Speaker 1: memorabilia collector. I don't have a press pass i've ever had.

826
00:38:09,920 --> 00:38:12,960
Speaker 1: But is there anything like if somebody told me what

827
00:38:13,000 --> 00:38:15,040
Speaker 1: could I have? I say, give me Muhammad all these

828
00:38:15,040 --> 00:38:18,920
Speaker 1: gloves against Foreman and Zaire. That to me was the

829
00:38:19,040 --> 00:38:20,480
Speaker 1: one of the first moments as a kid. I was

830
00:38:20,520 --> 00:38:24,080
Speaker 1: watching a JP patch's morning show. The product that I

831
00:38:24,160 --> 00:38:27,480
Speaker 1: don't have, this is something you don't have. It's my

832
00:38:27,560 --> 00:38:31,400
Speaker 1: first memory of me knowing sports is a cartoon on

833
00:38:31,440 --> 00:38:34,839
Speaker 1: a Saturday morning, breaking in and said, Muhammad Ali's beat

834
00:38:34,840 --> 00:38:38,040
Speaker 1: George Foreman, this is a cartoon show in Seattle. And

835
00:38:38,400 --> 00:38:39,880
Speaker 1: to me it was the first moment I was a

836
00:38:39,960 --> 00:38:43,520
Speaker 1: huge Ali fan. It was the first sports moment. I

837
00:38:43,640 --> 00:38:46,239
Speaker 1: was like, well, I'm really into this. I did a

838
00:38:46,239 --> 00:38:50,719
Speaker 1: book cover mimicking a Muhammad Ali shoot, so that to

839
00:38:50,800 --> 00:38:53,600
Speaker 1: me would be the sports thing. Do you have one?

840
00:38:54,640 --> 00:38:57,919
Speaker 1: I'll have you don't have? Yes? What is it? This

841
00:38:57,960 --> 00:39:00,439
Speaker 1: is so easy? What do you think I want? Okay,

842
00:39:00,480 --> 00:39:05,319
Speaker 1: let me guess doctor Jay's the uniform when he did

843
00:39:05,400 --> 00:39:08,520
Speaker 1: the dunk over Michael Cooper or the that's a good

844
00:39:08,600 --> 00:39:13,240
Speaker 1: guess for you're off by about thirty or forty years.

845
00:39:13,440 --> 00:39:16,080
Speaker 1: I want a two thousand and twenty two two thousand

846
00:39:16,080 --> 00:39:20,040
Speaker 1: and twenty three six ers Championship ring. Those are hard

847
00:39:20,080 --> 00:39:22,760
Speaker 1: to get, you know. That's why I want it, because

848
00:39:22,760 --> 00:39:24,520
Speaker 1: you don't want the ship that's hard to get, because

849
00:39:24,520 --> 00:39:26,360
Speaker 1: that's what makes it interesting. You can't even find that

850
00:39:26,440 --> 00:39:28,879
Speaker 1: on an eBay. It's not currently available on the market.

851
00:39:28,920 --> 00:39:30,279
Speaker 1: You know what, you asked me what I want? That's

852
00:39:30,320 --> 00:39:32,440
Speaker 1: what I want. Well, it's been great for me, Thank

853
00:39:32,480 --> 00:39:35,000
Speaker 1: you so much. I learned a lot of it was

854
00:39:35,040 --> 00:40:16,400
Speaker 1: fun for me. The volume