1 00:00:00,640 --> 00:00:03,199 Speaker 1: This is Bloomberg Business of Sports. 2 00:00:03,360 --> 00:00:06,200 Speaker 2: Business of sports can be intimidating for hard for a 3 00:00:06,240 --> 00:00:07,160 Speaker 2: start to break into. 4 00:00:07,280 --> 00:00:10,160 Speaker 3: We really appreciate what our owners are actually there, you 5 00:00:10,160 --> 00:00:11,360 Speaker 3: know with us through the journey. 6 00:00:11,480 --> 00:00:15,000 Speaker 4: Teams ours especially have been very intentional to diversify at 7 00:00:15,000 --> 00:00:16,079 Speaker 4: all levels of the unfinished. 8 00:00:16,079 --> 00:00:18,200 Speaker 5: I think we're in the golden years for the NFL 9 00:00:18,400 --> 00:00:19,320 Speaker 5: and college football. 10 00:00:19,360 --> 00:00:22,440 Speaker 6: Our demographic reach has continued to expande. 11 00:00:22,520 --> 00:00:26,120 Speaker 4: This is going to be really unlocking the streaming platform 12 00:00:26,200 --> 00:00:27,160 Speaker 4: for sports fans. 13 00:00:27,240 --> 00:00:29,720 Speaker 5: Sports valuations arising, we'll see when they peak. 14 00:00:29,760 --> 00:00:32,320 Speaker 3: You don't have to be the best in your sport 15 00:00:32,400 --> 00:00:35,280 Speaker 3: to make a whole ton of money. 16 00:00:35,320 --> 00:00:38,560 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio. 17 00:00:39,920 --> 00:00:42,479 Speaker 5: This is the Bloomberg Business of Sports, where we explore 18 00:00:42,520 --> 00:00:45,200 Speaker 5: the big money issues in the world of sports. I'm 19 00:00:45,280 --> 00:00:50,000 Speaker 5: Damian sas Hour along with my colleagues scarlettfu and Vanessa Perdomo. 20 00:00:50,680 --> 00:00:54,280 Speaker 5: Later in the show, Bloomberg Originals Chief correspondent Jason Kelly 21 00:00:54,560 --> 00:00:57,279 Speaker 5: will be joining us as well, and Michael Barr, our 22 00:00:57,320 --> 00:01:00,680 Speaker 5: good friend. We'll be back next week. Up we check 23 00:01:00,720 --> 00:01:02,600 Speaker 5: in on the NFL season as we get closer to 24 00:01:02,640 --> 00:01:06,880 Speaker 5: the postseason. Former Super Bowl winning NFL head coach and 25 00:01:07,040 --> 00:01:09,880 Speaker 5: NFL Network analyst Brian Billick joins us. 26 00:01:10,120 --> 00:01:12,759 Speaker 2: You know, I love the fact that it is so competitive, 27 00:01:12,800 --> 00:01:15,479 Speaker 2: particularly on the AFC side. Obviously in the NFC, it's 28 00:01:15,560 --> 00:01:19,440 Speaker 2: kind of focusing in on the Philadelphia Eagles and the 29 00:01:19,480 --> 00:01:21,920 Speaker 2: Minnesota Vikings and just how great they have played. 30 00:01:22,040 --> 00:01:25,360 Speaker 5: We'll also here a special conversation from our own Jason 31 00:01:25,400 --> 00:01:29,840 Speaker 5: Kelly that he had with former NBA All Star Jamal Mashburn. 32 00:01:29,720 --> 00:01:33,240 Speaker 3: After my sophomore year, after that game against the Christian Latner, 33 00:01:33,440 --> 00:01:36,080 Speaker 3: I got invited to play against the first stream team. 34 00:01:36,640 --> 00:01:39,440 Speaker 3: That was Magic Johnson, Larry Bird, Michael Jordan. 35 00:01:39,840 --> 00:01:42,280 Speaker 5: All that and more is straight ahead on the Bloomberg 36 00:01:42,319 --> 00:01:45,680 Speaker 5: Business of Sports. But first we talk golf. We've been 37 00:01:45,720 --> 00:01:48,760 Speaker 5: following the ongoing push and pull between the PGA and 38 00:01:48,880 --> 00:01:52,560 Speaker 5: Live Golf. Bloomberg opinion columnist Adam Minterter is out with 39 00:01:52,600 --> 00:01:56,360 Speaker 5: a new piece on how Saudi backs Live forced the 40 00:01:56,400 --> 00:01:59,440 Speaker 5: PGA to pay more to golfers. Thank you so much 41 00:01:59,440 --> 00:02:01,080 Speaker 5: for joining us. You're on the show, Adam. 42 00:02:01,080 --> 00:02:03,640 Speaker 4: Before we dig into that, just give us the state 43 00:02:03,680 --> 00:02:06,680 Speaker 4: of play right now between Live Golf and PGA. Because 44 00:02:06,720 --> 00:02:09,919 Speaker 4: they were rivals and they decided to merge although that's 45 00:02:09,960 --> 00:02:13,280 Speaker 4: an oversimplification of what they agreed to, and then things 46 00:02:13,360 --> 00:02:15,240 Speaker 4: were kind of on hold for it felt like a 47 00:02:15,280 --> 00:02:17,399 Speaker 4: couple of years. Where are we now. 48 00:02:18,480 --> 00:02:21,360 Speaker 6: Well exactly things have been on hold, but they seem 49 00:02:21,440 --> 00:02:24,400 Speaker 6: to have started to thought in the last few weeks, 50 00:02:24,600 --> 00:02:29,360 Speaker 6: and last week Bloomberg News actually reported that Live is 51 00:02:29,400 --> 00:02:34,120 Speaker 6: looking at making an investment into the PGA's commercial arm 52 00:02:34,680 --> 00:02:38,000 Speaker 6: about it'll own about six percent of it and that 53 00:02:38,080 --> 00:02:41,679 Speaker 6: will bring the valuation up to about twelve billion dollars. 54 00:02:42,520 --> 00:02:45,280 Speaker 6: That investment is not the merger, which seems to be 55 00:02:45,320 --> 00:02:48,880 Speaker 6: off the table, but it should settle the litigation between 56 00:02:48,960 --> 00:02:53,959 Speaker 6: the two leagues the two tours, presuming that it gets 57 00:02:54,040 --> 00:02:56,799 Speaker 6: approved during the Trump administration, which is likely. 58 00:02:57,320 --> 00:03:01,320 Speaker 5: So, Adam, let's be clear. The PIF who owns Live, 59 00:03:01,440 --> 00:03:03,880 Speaker 5: the soudiast they basically have I think the first season 60 00:03:03,880 --> 00:03:06,240 Speaker 5: of Live it was over a billion, the second season 61 00:03:06,360 --> 00:03:08,560 Speaker 5: over a billion. I mean, so they're in now for 62 00:03:08,600 --> 00:03:10,160 Speaker 5: a couple billion. What do they get to get six 63 00:03:10,160 --> 00:03:14,800 Speaker 5: percent stake in the pg's commercial arm PGA Tour Enterprises. Now, 64 00:03:14,840 --> 00:03:17,640 Speaker 5: what is that arm really responsible for? I mean, is 65 00:03:17,639 --> 00:03:19,680 Speaker 5: that just an op goo? Is that a hold co? 66 00:03:19,840 --> 00:03:21,440 Speaker 5: I mean, I mean what is that exactly. 67 00:03:22,360 --> 00:03:24,960 Speaker 6: Well, that's a great question and it's something that a 68 00:03:24,960 --> 00:03:27,000 Speaker 6: lot of people are asking about. But in a sense, 69 00:03:27,120 --> 00:03:32,520 Speaker 6: it holds all of the PGA tours commercial entities specifically, 70 00:03:32,560 --> 00:03:36,480 Speaker 6: and most importantly, it owns the media rights. So the 71 00:03:36,520 --> 00:03:39,680 Speaker 6: revenues that come in for media rights, which you know, 72 00:03:39,840 --> 00:03:43,960 Speaker 6: over you know, every year, total over a billion dollars. 73 00:03:44,000 --> 00:03:48,440 Speaker 6: So it's a significant sum of money and in theory 74 00:03:48,480 --> 00:03:51,440 Speaker 6: at least it should be growing as the PGA grows. 75 00:03:51,480 --> 00:03:55,120 Speaker 6: So that's what they are essentially buying is a chunk 76 00:03:55,400 --> 00:03:57,560 Speaker 6: of the PGA's media revenues. 77 00:03:57,640 --> 00:03:58,120 Speaker 7: But does this. 78 00:03:58,120 --> 00:03:59,960 Speaker 8: Six percent, like I mean you said kind of said 79 00:04:00,080 --> 00:04:02,840 Speaker 8: how maybe the merger is kind of dead at this point. 80 00:04:02,840 --> 00:04:05,560 Speaker 8: So is this six percent almost a good faith for 81 00:04:05,800 --> 00:04:08,400 Speaker 8: the leagues to be working, for the tours to be 82 00:04:08,440 --> 00:04:09,080 Speaker 8: working together. 83 00:04:09,880 --> 00:04:13,320 Speaker 6: Yes, exactly, I mean, you know, for this to get approved. 84 00:04:13,320 --> 00:04:16,000 Speaker 6: And there have been all kinds of antitrust concerns about 85 00:04:16,040 --> 00:04:19,720 Speaker 6: this deal from the moment the merger was announced. This 86 00:04:19,720 --> 00:04:21,880 Speaker 6: this particular deal wasn't part of that, you know. Uh, 87 00:04:22,320 --> 00:04:25,320 Speaker 6: the Justice Department indicated that they would take a very. 88 00:04:26,240 --> 00:04:28,000 Speaker 7: Critical eye to the deal. 89 00:04:29,000 --> 00:04:30,960 Speaker 6: There is the hope that once this investment has made 90 00:04:31,000 --> 00:04:34,520 Speaker 6: that there can be some kind of collaboration and hopefully 91 00:04:34,560 --> 00:04:36,840 Speaker 6: some kind of expansion. I mean, we're sort of seeing 92 00:04:36,920 --> 00:04:40,440 Speaker 6: hints of it. Uh, you know, just this week, you know, 93 00:04:40,520 --> 00:04:43,360 Speaker 6: the uh, there's going to be this made for TV 94 00:04:43,480 --> 00:04:47,159 Speaker 6: golf event between l I v's Bryson de Chambeau and 95 00:04:47,200 --> 00:04:50,680 Speaker 6: Brooks Koepka and PGAs Scotti. 96 00:04:50,400 --> 00:04:52,640 Speaker 7: Scheffler and Royal McElroy in Las Vegas. 97 00:04:53,600 --> 00:04:56,320 Speaker 6: You know, that wasn't going to happen before this deal 98 00:04:56,480 --> 00:04:59,560 Speaker 6: was was likely to happen. I mean, so there seems 99 00:04:59,560 --> 00:05:01,760 Speaker 6: to be you know, and you know, we'll just have 100 00:05:01,800 --> 00:05:04,560 Speaker 6: to see what happens again after the deal's finalized and 101 00:05:04,600 --> 00:05:06,960 Speaker 6: after it has regulatory approval, which is likely under the 102 00:05:07,000 --> 00:05:09,840 Speaker 6: Trump administration. But I you know, ideally, from the point 103 00:05:09,839 --> 00:05:12,000 Speaker 6: of view of Pith and l I V, there's actually 104 00:05:12,040 --> 00:05:14,200 Speaker 6: gonna be more collaboration down the line. 105 00:05:14,279 --> 00:05:17,520 Speaker 4: Okay, so collaboration at the very least, they can coexist 106 00:05:17,640 --> 00:05:21,360 Speaker 4: without descending into LUO fights Constantine. 107 00:05:21,360 --> 00:05:22,760 Speaker 7: They'll stop suing each other. 108 00:05:22,800 --> 00:05:26,400 Speaker 4: Okay, which the PGA can't really afford, while Live has 109 00:05:27,080 --> 00:05:30,360 Speaker 4: kind of an unlimited purse here. So talk about what 110 00:05:30,440 --> 00:05:32,919 Speaker 4: this looks like then with the two of them coexisting 111 00:05:32,960 --> 00:05:37,040 Speaker 4: and maybe collaborating. What does this presence of Saudi money 112 00:05:37,080 --> 00:05:41,960 Speaker 4: mean in pg tour enterprises mean for the top golfers 113 00:05:42,000 --> 00:05:44,240 Speaker 4: on the PGA Tour who are not employees of the 114 00:05:44,240 --> 00:05:46,880 Speaker 4: tour but are independent contractors, right. 115 00:05:46,720 --> 00:05:49,160 Speaker 6: And that's I think the most interesting side of this is, 116 00:05:49,240 --> 00:05:51,800 Speaker 6: you know, love it or hate it, l I V 117 00:05:52,440 --> 00:05:57,760 Speaker 6: has is responsible for really jacking up what golfers in 118 00:05:57,920 --> 00:06:00,760 Speaker 6: both tours are being paid. Came in with a lot 119 00:06:00,800 --> 00:06:03,440 Speaker 6: of money and the PGA had to respond by paying 120 00:06:03,560 --> 00:06:05,279 Speaker 6: its golfers more. 121 00:06:05,640 --> 00:06:07,360 Speaker 7: And now that this is. 122 00:06:07,560 --> 00:06:10,640 Speaker 6: Being tied up, the endgame for the PGA is to 123 00:06:10,640 --> 00:06:13,760 Speaker 6: do something that very few professional leagues or tours have 124 00:06:13,760 --> 00:06:16,040 Speaker 6: have ever done, and that is to give its top 125 00:06:16,080 --> 00:06:19,240 Speaker 6: professionals they're starting out with one hundred ninety three golfers, 126 00:06:19,680 --> 00:06:23,520 Speaker 6: start giving them equity in the league. Specifically, they're giving 127 00:06:23,560 --> 00:06:27,320 Speaker 6: them equity, and PGA tour enterprises the same thing that 128 00:06:27,360 --> 00:06:28,479 Speaker 6: the Saudis. 129 00:06:28,040 --> 00:06:31,479 Speaker 7: Are buying into. So the idea here is a couple fold. 130 00:06:31,560 --> 00:06:35,120 Speaker 6: I mean one, you know, they want the loyalty of 131 00:06:35,200 --> 00:06:40,120 Speaker 6: the golfers and they're not going to outspend PIF on golfers. 132 00:06:40,160 --> 00:06:44,919 Speaker 6: I mean John Rams famously allegedly got three hundred million 133 00:06:44,960 --> 00:06:48,559 Speaker 6: dollars to go play for l I v PGA Tour 134 00:06:48,680 --> 00:06:51,240 Speaker 6: has made it clear that it just can't keep up 135 00:06:51,279 --> 00:06:54,480 Speaker 6: with that, but it can grant equity, and the idea 136 00:06:54,520 --> 00:06:56,520 Speaker 6: being that this is a better way to ensure the 137 00:06:56,520 --> 00:06:59,200 Speaker 6: loyalty of golfers, maybe to ensure that they that they 138 00:06:59,240 --> 00:07:02,160 Speaker 6: don't defect to arrival leagues down the line. 139 00:07:02,200 --> 00:07:03,720 Speaker 7: So's it's really a. 140 00:07:03,640 --> 00:07:05,800 Speaker 6: Big step forward, and it's kind of I mean, it's 141 00:07:05,800 --> 00:07:08,160 Speaker 6: not just you know, something that's happening in golf. I mean, 142 00:07:08,200 --> 00:07:10,880 Speaker 6: this is to some extent, you know, sort of the 143 00:07:10,960 --> 00:07:14,920 Speaker 6: compensation package of the future in professional sports, unrivaled the 144 00:07:14,920 --> 00:07:18,640 Speaker 6: three on three women's league that's opening up early next year. 145 00:07:19,160 --> 00:07:22,000 Speaker 6: One of the ways they're compensating their players is with equity. 146 00:07:22,200 --> 00:07:24,080 Speaker 6: So this is sort of this is you know, the 147 00:07:24,080 --> 00:07:26,800 Speaker 6: PJA isn't completely alone and doing this. They're certainly alone 148 00:07:26,840 --> 00:07:29,320 Speaker 6: and doing it in golf. But it seems to be 149 00:07:29,360 --> 00:07:31,960 Speaker 6: a trend that these leagues are starting to jump on 150 00:07:32,680 --> 00:07:35,960 Speaker 6: as they as players rally for a bigger piece of 151 00:07:35,960 --> 00:07:36,520 Speaker 6: the pie. 152 00:07:36,760 --> 00:07:38,880 Speaker 5: Okay, Adam, So here's where my brain goes, what on 153 00:07:38,960 --> 00:07:41,880 Speaker 5: earth does this mean to that ridiculous team oriented twenty 154 00:07:41,920 --> 00:07:44,640 Speaker 5: player format that Live had been kind of going around 155 00:07:44,640 --> 00:07:46,840 Speaker 5: and playing these matches in these far off places. I mean, 156 00:07:47,000 --> 00:07:49,840 Speaker 5: once this deal happens, do those go away and look 157 00:07:49,880 --> 00:07:51,920 Speaker 5: at all the money the three hundred fifty million that 158 00:07:52,000 --> 00:07:54,239 Speaker 5: was paid to John to Rom to play in those tournaments, 159 00:07:54,280 --> 00:07:56,920 Speaker 5: and yeah, I mean what happened to those contracts? Did 160 00:07:57,000 --> 00:07:59,320 Speaker 5: Rom get all this money? I mean, is he paid out? 161 00:07:59,360 --> 00:08:01,000 Speaker 5: Is he even a good place if this all goes 162 00:08:01,040 --> 00:08:03,840 Speaker 5: back to, you know, the old format. I mean, I'm 163 00:08:03,840 --> 00:08:07,320 Speaker 5: trying to better understand, like what golf will look like 164 00:08:07,440 --> 00:08:09,080 Speaker 5: in twenty twenty five. Any color on that. 165 00:08:10,120 --> 00:08:12,360 Speaker 6: Well, I think the Team Golf l IV is is 166 00:08:12,440 --> 00:08:14,880 Speaker 6: quite clear that it wants to continue with Team Golf, 167 00:08:14,880 --> 00:08:17,600 Speaker 6: and in fact, the l IV is kind of offering 168 00:08:17,640 --> 00:08:19,240 Speaker 6: its own equity deal. 169 00:08:19,320 --> 00:08:23,360 Speaker 7: I mean the teams, the Team Golf, you know, in. 170 00:08:23,320 --> 00:08:26,239 Speaker 6: Theory you're going these players have been have been told 171 00:08:26,240 --> 00:08:28,920 Speaker 6: that they are going to be able to buy these teams, 172 00:08:28,920 --> 00:08:31,280 Speaker 6: that they are going to you know, marketize these things, 173 00:08:31,320 --> 00:08:34,320 Speaker 6: and folks can buy an l IV team just like 174 00:08:34,559 --> 00:08:36,480 Speaker 6: if you have the money, you can go and buy yeah, 175 00:08:36,640 --> 00:08:38,360 Speaker 6: f one, you know, So is. 176 00:08:38,360 --> 00:08:40,319 Speaker 5: That really what you're talking about like twenty teams, right, 177 00:08:40,360 --> 00:08:42,720 Speaker 5: so forty players, you know, like they basically come together 178 00:08:42,800 --> 00:08:44,640 Speaker 5: and they come under a brand, and people of equity 179 00:08:44,640 --> 00:08:46,480 Speaker 5: in these sounds a sort of I see where you're 180 00:08:46,480 --> 00:08:47,880 Speaker 5: going there, and that's an interesting format. 181 00:08:48,080 --> 00:08:49,679 Speaker 7: Yeah, I think that's where it is. Now. 182 00:08:49,800 --> 00:08:53,000 Speaker 6: Whether fans want to watch it is enough question, and 183 00:08:53,040 --> 00:08:55,120 Speaker 6: that's that's the thing. It's it's great to have equity, 184 00:08:55,120 --> 00:08:57,400 Speaker 6: but if it's equity and something that nobody wants to watch, 185 00:08:58,160 --> 00:09:01,000 Speaker 6: that's not great equity. So we'll see. But the other 186 00:09:01,040 --> 00:09:02,360 Speaker 6: side of it that you brought up that I think 187 00:09:02,400 --> 00:09:06,280 Speaker 6: is really important and really interesting is this international side 188 00:09:06,280 --> 00:09:08,240 Speaker 6: of it. You know, I think a lot of people 189 00:09:08,280 --> 00:09:11,400 Speaker 6: have sort of sniffed at the idea of these golfers 190 00:09:11,440 --> 00:09:14,120 Speaker 6: going around the world into these markets that haven't typically 191 00:09:14,160 --> 00:09:18,280 Speaker 6: seen PGA tour or even you know, exhibition type, high 192 00:09:18,320 --> 00:09:21,840 Speaker 6: value exhibition type golf going in and playing a tour 193 00:09:21,880 --> 00:09:24,040 Speaker 6: in them. The bet is that there is a global 194 00:09:24,160 --> 00:09:27,280 Speaker 6: market for golf, and that bet has been out there 195 00:09:27,280 --> 00:09:28,240 Speaker 6: for three decades. 196 00:09:28,840 --> 00:09:32,000 Speaker 7: You know. Greg Norman, who you know is was the 197 00:09:32,000 --> 00:09:33,599 Speaker 7: face is the face of l I V. 198 00:09:34,360 --> 00:09:36,880 Speaker 6: He's wanted to do something like this since nineteen ninety 199 00:09:36,880 --> 00:09:40,359 Speaker 6: four when he proposed something called the World Golf Championships, 200 00:09:40,360 --> 00:09:43,520 Speaker 6: which was a limited field, you know, high value purses, 201 00:09:44,520 --> 00:09:47,840 Speaker 6: and Jack Nicholas and Arhold Palmer in nineteen ninety four 202 00:09:48,120 --> 00:09:50,800 Speaker 6: put the kabash on it. But there has been this 203 00:09:51,480 --> 00:09:54,360 Speaker 6: tacit belief for several decades that there's a lot more 204 00:09:54,400 --> 00:09:58,680 Speaker 6: money to be earned by taking the tour, the PGA 205 00:09:58,760 --> 00:10:03,720 Speaker 6: tour specifically Global and l IV, you know, with Norman 206 00:10:03,920 --> 00:10:06,319 Speaker 6: at its head, sort of grasped onto that idea and 207 00:10:06,360 --> 00:10:08,120 Speaker 6: said let's give it a go. And so I think 208 00:10:08,240 --> 00:10:11,360 Speaker 6: one of the things we may see, and I'm just 209 00:10:11,559 --> 00:10:15,920 Speaker 6: totally speculating here, is is more international play and perhaps 210 00:10:15,920 --> 00:10:18,600 Speaker 6: some collaboration on the part of PGA and l IV 211 00:10:18,720 --> 00:10:21,600 Speaker 6: into these markets like Southeast Asia, places like Hong Kong 212 00:10:21,800 --> 00:10:26,079 Speaker 6: that haven't been real destinations for high level golf historically. 213 00:10:26,320 --> 00:10:28,640 Speaker 8: You know, it's really interesting that you say that, Adam, 214 00:10:28,679 --> 00:10:31,480 Speaker 8: because obviously the PGA has been around for a very 215 00:10:31,480 --> 00:10:35,480 Speaker 8: long time, and you can imagine that how long they've 216 00:10:35,480 --> 00:10:37,400 Speaker 8: been around for that they would they would have tried 217 00:10:37,440 --> 00:10:40,360 Speaker 8: new things, or obviously they already have a very large 218 00:10:40,840 --> 00:10:44,240 Speaker 8: revenue stream, so you know, but everyone's trying to make 219 00:10:44,240 --> 00:10:44,640 Speaker 8: more money. 220 00:10:44,679 --> 00:10:45,120 Speaker 7: Obviously. 221 00:10:45,360 --> 00:10:47,319 Speaker 8: One of the things that I found really interesting when 222 00:10:47,320 --> 00:10:50,680 Speaker 8: you're talking about giving you know, the players equity or 223 00:10:50,720 --> 00:10:53,680 Speaker 8: the golfer's equity, you know, and you brought in unrivaled. 224 00:10:53,840 --> 00:10:55,640 Speaker 7: I mean that's a new league though, right. 225 00:10:55,520 --> 00:10:58,760 Speaker 8: And there's only thirty three players in that league to 226 00:10:58,800 --> 00:11:00,559 Speaker 8: give equity to. It's a brand new leagues, and maybe 227 00:11:00,559 --> 00:11:02,319 Speaker 8: you wouldn't do it every year. Obviously they're going to 228 00:11:02,360 --> 00:11:04,440 Speaker 8: see how it plays out. But how do you do 229 00:11:04,480 --> 00:11:08,920 Speaker 8: that in something that's so established one and ninety three golfers. 230 00:11:09,480 --> 00:11:13,920 Speaker 6: Yeah, yeah, So the the Tour has you know, said 231 00:11:13,920 --> 00:11:16,560 Speaker 6: that they're going to initially give out nine hundred and 232 00:11:16,600 --> 00:11:19,599 Speaker 6: thirty million dollars in equity grants to one hundred and 233 00:11:19,679 --> 00:11:22,959 Speaker 6: ninety three players, and they've got a lot of criteria 234 00:11:23,040 --> 00:11:26,840 Speaker 6: in groups that they're going to uh, they're doing this 235 00:11:26,920 --> 00:11:29,280 Speaker 6: with you know, I mean, you'll get a grant, You'll 236 00:11:29,280 --> 00:11:31,400 Speaker 6: get grants based on your years as a tour member, 237 00:11:31,679 --> 00:11:33,680 Speaker 6: you know, the number of times you've earned a spot 238 00:11:33,720 --> 00:11:38,240 Speaker 6: and tour championship. You know, career earnings will play into 239 00:11:38,320 --> 00:11:42,480 Speaker 6: all of these things, and there will even be there 240 00:11:42,520 --> 00:11:45,480 Speaker 6: are some grants that are reserved for what they're calling 241 00:11:45,559 --> 00:11:49,479 Speaker 6: tour legends. So it's a very complicated set of criteria 242 00:11:49,800 --> 00:11:52,600 Speaker 6: and on top of it, an eight year vesting period. 243 00:11:53,640 --> 00:11:57,080 Speaker 6: You know what this looks like, you know, you know 244 00:11:57,160 --> 00:11:59,400 Speaker 6: after that eight years, are you know our player is 245 00:11:59,440 --> 00:12:02,040 Speaker 6: going to be selling their stakes? Will they have appreciated? 246 00:12:02,360 --> 00:12:04,960 Speaker 6: Will there be more? You know, will there be you 247 00:12:05,000 --> 00:12:07,600 Speaker 6: know more? I don't know what you would call public offerings, 248 00:12:07,600 --> 00:12:09,440 Speaker 6: you know, where they're going to issue more equity in 249 00:12:09,440 --> 00:12:13,120 Speaker 6: these leagues. Hard to say, but initially you know it's 250 00:12:13,160 --> 00:12:16,440 Speaker 6: it's going to be I guess you would say merit 251 00:12:16,440 --> 00:12:19,240 Speaker 6: based in the sense that you know they have these 252 00:12:19,240 --> 00:12:21,920 Speaker 6: criteria that are merit based. You know, yours is a 253 00:12:21,920 --> 00:12:24,840 Speaker 6: tour member and that's and that's although distribute that cash. 254 00:12:25,000 --> 00:12:27,600 Speaker 4: Adam, fantastic to get your perspective on this, and it 255 00:12:27,640 --> 00:12:30,320 Speaker 4: was a really really interesting column. Adam Minterter is a 256 00:12:30,320 --> 00:12:33,680 Speaker 4: Bloomberg opinion columnist covering the business of sports, talking about 257 00:12:33,800 --> 00:12:36,520 Speaker 4: the Saudi Batch Live Golf forcing the PGA to pay 258 00:12:36,600 --> 00:12:37,560 Speaker 4: up in many ways. 259 00:12:37,960 --> 00:12:40,520 Speaker 5: Up next on the show, we hear a special conversation 260 00:12:40,600 --> 00:12:44,760 Speaker 5: with former NBA All Star Jamal Mashburn for my colleagues 261 00:12:44,880 --> 00:12:49,320 Speaker 5: scarlettfu and Bloomberg Original Sports correspondent Vanessa Perdomo. I'm Damian 262 00:12:49,400 --> 00:12:51,960 Speaker 5: sas Hour and you're listening to the Bloomberg Business of 263 00:12:51,960 --> 00:13:00,280 Speaker 5: Sports from Bloomberg Radio. Around the world, you're listening to 264 00:13:00,400 --> 00:13:05,439 Speaker 5: Bloomberg Business of Sports from Bloomberg Radio. This is the 265 00:13:05,480 --> 00:13:08,600 Speaker 5: Bloomberg Business of Sports, where we explore the big money 266 00:13:08,600 --> 00:13:11,560 Speaker 5: issues in the world of sports. I'm Damian Sasaw along 267 00:13:11,600 --> 00:13:16,520 Speaker 5: with my colleagues Scarlett Thu and Vanessa Perdomo. Michael Barr 268 00:13:16,520 --> 00:13:20,760 Speaker 5: will be back next week. Recently, Bloomberg Original's Chief correspondent 269 00:13:20,920 --> 00:13:23,800 Speaker 5: Jason Kelly got a chance to speak with former NBA 270 00:13:23,920 --> 00:13:27,320 Speaker 5: All Star Jamal Mashburn at American University in Washington, DC 271 00:13:27,840 --> 00:13:30,960 Speaker 5: about Mashburn's career and pivot from the court to the 272 00:13:31,000 --> 00:13:33,719 Speaker 5: world of business. Let's listen in on a portion of 273 00:13:33,760 --> 00:13:36,760 Speaker 5: their conversation, recorded live in front of an audience. 274 00:13:37,559 --> 00:13:39,960 Speaker 3: As we were chatting back in the green room there, 275 00:13:40,520 --> 00:13:43,760 Speaker 3: and we were talking about different perceptions of and we 276 00:13:43,760 --> 00:13:47,640 Speaker 3: were having a conversation about as you get older, you 277 00:13:47,720 --> 00:13:50,480 Speaker 3: remember how you were as a kid and how your 278 00:13:50,520 --> 00:13:53,120 Speaker 3: parents chatted with you, and then you move into their 279 00:13:53,200 --> 00:13:56,360 Speaker 3: position and now you're chatting with your kid the same 280 00:13:56,400 --> 00:13:59,640 Speaker 3: way with the same fears that your parents had. So 281 00:13:59,679 --> 00:14:02,880 Speaker 3: to me, it's all the same. And when my mom 282 00:14:02,960 --> 00:14:05,880 Speaker 3: and dad separated, my mom just sat there and just 283 00:14:06,240 --> 00:14:08,800 Speaker 3: told me cold and sat me at the dinner table 284 00:14:08,840 --> 00:14:10,440 Speaker 3: and said, I could no longer talk to you as 285 00:14:10,480 --> 00:14:14,640 Speaker 3: a young kid. I just can't because she's a single parent. 286 00:14:15,200 --> 00:14:18,440 Speaker 3: We're in Harlem. When I walk out, my I lived 287 00:14:18,440 --> 00:14:20,480 Speaker 3: on the eighth floor. When I walk out, you can 288 00:14:20,520 --> 00:14:24,400 Speaker 3: smell marijuana. It wasn't legal back then. You can smell 289 00:14:24,600 --> 00:14:28,640 Speaker 3: people in the hallways. You can just a distinct smell concrete. 290 00:14:29,200 --> 00:14:33,360 Speaker 3: It's just a distinct dingy smell that you smelling the 291 00:14:33,360 --> 00:14:36,160 Speaker 3: smell and felt, and she was worried. 292 00:14:35,920 --> 00:14:37,680 Speaker 1: About my safety essentially. 293 00:14:38,200 --> 00:14:42,360 Speaker 3: You know, my father was a professional boxer, but he 294 00:14:42,480 --> 00:14:46,640 Speaker 3: transitioned to being an NYPD officer and living in the projects. 295 00:14:46,840 --> 00:14:49,520 Speaker 3: If your dad is an NYPD officer, a lot of 296 00:14:49,560 --> 00:14:52,080 Speaker 3: people don't mess with you for a lot of different 297 00:14:52,080 --> 00:14:53,400 Speaker 3: reasons because he's a cop. 298 00:14:53,960 --> 00:14:56,520 Speaker 1: When he leaves the house, now you're in your own right. 299 00:14:56,800 --> 00:15:01,240 Speaker 3: So my mom really taught me about out and chatted 300 00:15:01,280 --> 00:15:04,520 Speaker 3: with me about real world things. She took me out 301 00:15:04,520 --> 00:15:08,480 Speaker 3: of Harlem and exposed me to museums, She would take 302 00:15:08,520 --> 00:15:12,120 Speaker 3: me to restaurants, white tablecloth restaurants, and she couldn't afford 303 00:15:12,120 --> 00:15:14,760 Speaker 3: to order, but she would allow me to order, so 304 00:15:14,800 --> 00:15:17,920 Speaker 3: I wouldn't be afraid to order off a menu, right. 305 00:15:18,720 --> 00:15:21,280 Speaker 3: And you would be surprised how many kids and some 306 00:15:21,360 --> 00:15:24,600 Speaker 3: things that we take for granted as adults that other 307 00:15:24,680 --> 00:15:27,280 Speaker 3: kids don't have an opportunity to be exposed to. 308 00:15:28,240 --> 00:15:28,480 Speaker 1: You know. 309 00:15:28,640 --> 00:15:31,600 Speaker 3: So my mom always chatted with me as an adult. 310 00:15:31,800 --> 00:15:35,320 Speaker 3: So my language and diet for what I was want 311 00:15:35,400 --> 00:15:40,120 Speaker 3: to receive or wanted to participate and changed completely. It's 312 00:15:39,600 --> 00:15:42,320 Speaker 3: just I no longer I read comic books, but I 313 00:15:42,320 --> 00:15:45,200 Speaker 3: read them differently, you know, not just looking at the 314 00:15:45,200 --> 00:15:49,440 Speaker 3: pictures and imagining something, but actually reading the words and 315 00:15:49,440 --> 00:15:52,080 Speaker 3: then interpreting what it actually was dating, you know. 316 00:15:52,760 --> 00:15:55,600 Speaker 1: So that really shaped. 317 00:15:55,280 --> 00:15:57,720 Speaker 3: Me to dream bigger. 318 00:15:58,040 --> 00:15:58,440 Speaker 1: Yeah. 319 00:15:58,920 --> 00:16:00,920 Speaker 3: And also one of the things that she taught me 320 00:16:01,200 --> 00:16:04,680 Speaker 3: was have courage. That's one of my core values. I'm unafraid, 321 00:16:05,320 --> 00:16:08,080 Speaker 3: you know, I couldn't make it to the NBA if 322 00:16:08,080 --> 00:16:11,080 Speaker 3: I was afraid. You know, there's a certain level of 323 00:16:11,120 --> 00:16:14,560 Speaker 3: fear as you're going after something that you have to overcome. 324 00:16:15,320 --> 00:16:18,360 Speaker 3: And you know, nobody in my neighborhood was ever a 325 00:16:18,360 --> 00:16:22,080 Speaker 3: professional basketball player. Didn't know many professional athletes. I knew 326 00:16:22,120 --> 00:16:25,320 Speaker 3: my father as a mid level boxer or something like that, 327 00:16:25,400 --> 00:16:28,440 Speaker 3: but I had no bootprint. So my mom was the 328 00:16:28,440 --> 00:16:30,920 Speaker 3: bootprint and give me those core values to be courageous 329 00:16:30,920 --> 00:16:31,680 Speaker 3: to go after it. 330 00:16:32,360 --> 00:16:34,640 Speaker 9: And so that clearly sets you up to make a 331 00:16:34,760 --> 00:16:39,240 Speaker 9: different series of decisions, not just going into college, but 332 00:16:39,240 --> 00:16:42,280 Speaker 9: but coming out. Yeah, so you hire your first agent 333 00:16:42,600 --> 00:16:46,240 Speaker 9: who and I did a little prop with your wife, 334 00:16:47,080 --> 00:16:50,160 Speaker 9: who totally set me up for this question. So thank you, 335 00:16:51,560 --> 00:16:57,240 Speaker 9: of course, which is listen, you got to report. 336 00:16:57,360 --> 00:16:58,320 Speaker 2: I gotta figure it out. 337 00:17:00,000 --> 00:17:02,600 Speaker 9: But that's a key decision because this is a guy 338 00:17:02,640 --> 00:17:05,880 Speaker 9: who is not the traditional NBA agent, right, So tell 339 00:17:05,960 --> 00:17:08,760 Speaker 9: us about that, because you know everybody in this room 340 00:17:08,800 --> 00:17:11,280 Speaker 9: has had to hire someone or work with someone to 341 00:17:11,280 --> 00:17:12,240 Speaker 9: help them do something. 342 00:17:12,760 --> 00:17:14,800 Speaker 1: You hired him for a very specific reason. Tell us 343 00:17:14,840 --> 00:17:15,159 Speaker 1: about that. 344 00:17:15,359 --> 00:17:21,080 Speaker 3: Yeah, So it goes back to Rick Patino. They've mentioned 345 00:17:21,119 --> 00:17:23,880 Speaker 3: a basketball game I played in the Kentucky against Duke. 346 00:17:24,359 --> 00:17:26,880 Speaker 3: People regard that as probably one of the best college 347 00:17:26,920 --> 00:17:29,119 Speaker 3: games ever put on what. 348 00:17:29,160 --> 00:17:30,119 Speaker 1: Side of the table you sit on? 349 00:17:30,200 --> 00:17:34,360 Speaker 9: Yeah, but I believe your buddy Grant Hill through the end. 350 00:17:34,320 --> 00:17:36,760 Speaker 3: Of Yeah, I would consider he thinks it's a great game, 351 00:17:36,880 --> 00:17:40,560 Speaker 3: you know, but no, in all seriousness, we learned a 352 00:17:40,600 --> 00:17:43,359 Speaker 3: lot because that was the first time Kentucky could be 353 00:17:43,520 --> 00:17:47,520 Speaker 3: back in the NCAA tournament and we went that far. 354 00:17:47,440 --> 00:17:48,240 Speaker 1: To the Elite eight. 355 00:17:48,680 --> 00:17:51,679 Speaker 3: The following year we went to the Final four and 356 00:17:51,720 --> 00:17:56,440 Speaker 3: we lost to the Michigan Fab Five. So Coach Patino 357 00:17:56,600 --> 00:18:01,480 Speaker 3: was honest with me. And after my sophomore year, after 358 00:18:01,520 --> 00:18:04,800 Speaker 3: that game against the Christian Latner, I got invited to 359 00:18:04,800 --> 00:18:08,160 Speaker 3: play against the first Dream Team. That was Magic Johnson, 360 00:18:08,480 --> 00:18:14,240 Speaker 3: Larry Bird, Michael Jordan. We were part of select eight 361 00:18:14,280 --> 00:18:17,880 Speaker 3: of us myself, Grant Hill, Penny Hardaway, just to name 362 00:18:17,920 --> 00:18:19,720 Speaker 3: a few, and we beat them on the first day 363 00:18:20,440 --> 00:18:22,280 Speaker 3: and we were the only team to beat them, even 364 00:18:22,320 --> 00:18:24,920 Speaker 3: though they don't want to give us credit for it. 365 00:18:26,000 --> 00:18:29,679 Speaker 3: And Coach Patino came back and he was like, I 366 00:18:29,720 --> 00:18:33,639 Speaker 3: was taking summer school courses probably about this is probably 367 00:18:33,640 --> 00:18:36,840 Speaker 3: about I want to say, and maybe July or something 368 00:18:36,920 --> 00:18:39,000 Speaker 3: like that. And so he pulled me in to office 369 00:18:39,040 --> 00:18:41,240 Speaker 3: after that week spending out there with l Joya san 370 00:18:41,280 --> 00:18:43,520 Speaker 3: Diego with the Dream Team, and he said, remember when 371 00:18:43,560 --> 00:18:45,080 Speaker 3: I recruited you and you told me to be honest 372 00:18:45,080 --> 00:18:45,400 Speaker 3: with you. 373 00:18:46,000 --> 00:18:46,560 Speaker 1: I said yeah. 374 00:18:47,359 --> 00:18:49,919 Speaker 3: He said, well, today we're going to announce that's your 375 00:18:49,960 --> 00:18:54,880 Speaker 3: turning pro before your junior year starts. Wow, And after 376 00:18:54,920 --> 00:18:57,240 Speaker 3: the season is over, depending on how far we go, 377 00:18:57,280 --> 00:18:59,359 Speaker 3: hopefully go to a championship, we're going to hire an 378 00:18:59,359 --> 00:19:00,640 Speaker 3: agent in a business manager. 379 00:19:02,320 --> 00:19:04,800 Speaker 1: I said, can I call my mother? And he said yeah, 380 00:19:05,000 --> 00:19:05,199 Speaker 1: you know. 381 00:19:05,320 --> 00:19:09,000 Speaker 3: And then that next hour you just denounced it. And 382 00:19:09,040 --> 00:19:13,960 Speaker 3: his strategy on that was let's announce it and control 383 00:19:14,280 --> 00:19:17,240 Speaker 3: control it rather than other people throughout the whole season 384 00:19:17,400 --> 00:19:20,000 Speaker 3: kind of always asking the question or you turning pro? 385 00:19:20,320 --> 00:19:20,439 Speaker 7: Right? 386 00:19:20,800 --> 00:19:24,000 Speaker 3: So, long story short, we lose to the Fab five 387 00:19:24,720 --> 00:19:29,760 Speaker 3: and hire an agent, and then there's four other people 388 00:19:29,760 --> 00:19:32,679 Speaker 3: that come into the office at Coach Patino's office and 389 00:19:32,720 --> 00:19:36,359 Speaker 3: they're business managers. Three of the four never listen to 390 00:19:36,760 --> 00:19:38,840 Speaker 3: what I want. I'm nineteen years old at the time, 391 00:19:39,560 --> 00:19:43,440 Speaker 3: and what I wanted was I want to retire after 392 00:19:43,480 --> 00:19:47,360 Speaker 3: my first contract and step into a live, active business. 393 00:19:47,520 --> 00:19:50,879 Speaker 3: But at nineteen you have no you know, grasp of 394 00:19:50,960 --> 00:19:53,360 Speaker 3: that concept. I know what the big idea is, don't 395 00:19:53,400 --> 00:19:57,280 Speaker 3: know how to execute it. Three of the four never listen. 396 00:19:57,680 --> 00:20:00,639 Speaker 3: They chatted about their portfolio and what turns they were 397 00:20:00,640 --> 00:20:02,840 Speaker 3: getting for their clients and different things like that. There 398 00:20:02,880 --> 00:20:06,320 Speaker 3: were Morgan Stanley, this and that. One guy walks in. 399 00:20:06,600 --> 00:20:09,600 Speaker 3: His name is Rick Abar and he's thirty three years old. 400 00:20:10,160 --> 00:20:11,520 Speaker 3: He says, I don't know what I'm doing here. 401 00:20:12,880 --> 00:20:16,000 Speaker 1: Interesting, it's a hell of an introduction. 402 00:20:16,200 --> 00:20:20,040 Speaker 3: Yeah, great introduction, and he goes, Coach G wanted me 403 00:20:20,119 --> 00:20:22,080 Speaker 3: to meet with you and different things like that and 404 00:20:22,200 --> 00:20:25,840 Speaker 3: discuss possibilities of working for you and with you as 405 00:20:25,880 --> 00:20:28,600 Speaker 3: you move forward. And he says, what do you want 406 00:20:28,640 --> 00:20:31,240 Speaker 3: to accomplish? And I said, I want to step into 407 00:20:31,280 --> 00:20:34,679 Speaker 3: a live, active business. He sat back and he was like, okay, 408 00:20:34,920 --> 00:20:37,080 Speaker 3: you know what does that look like? And I said, 409 00:20:37,119 --> 00:20:39,960 Speaker 3: I really don't know at this particular time. And then 410 00:20:40,040 --> 00:20:43,359 Speaker 3: I said, looked at his resume. He had his master's 411 00:20:43,400 --> 00:20:46,840 Speaker 3: in finance and he was also a CPA as well, 412 00:20:47,880 --> 00:20:50,880 Speaker 3: and he told me everything that he couldn't do, and 413 00:20:51,400 --> 00:20:55,320 Speaker 3: I said, that's interesting. Hired him on the spot. And 414 00:20:55,840 --> 00:20:58,320 Speaker 3: why I hired him the spot because first of all, 415 00:20:58,400 --> 00:21:01,800 Speaker 3: my core value is honesty. That's my first thing. If 416 00:21:01,840 --> 00:21:04,199 Speaker 3: you can't be honest with me, then we can't work together. 417 00:21:04,600 --> 00:21:06,199 Speaker 3: I don't care if we're going to be successful or 418 00:21:06,240 --> 00:21:07,879 Speaker 3: fail or whatever it is. I'm just not going to 419 00:21:07,880 --> 00:21:11,439 Speaker 3: be able to participate. And I said to him, and 420 00:21:11,640 --> 00:21:14,760 Speaker 3: one thing he was willing to do that the others 421 00:21:15,119 --> 00:21:17,399 Speaker 3: didn't have the capacity or didn't get a chance for 422 00:21:17,440 --> 00:21:20,240 Speaker 3: me to get to that particular point. Teach me everything 423 00:21:20,280 --> 00:21:26,120 Speaker 3: you know about finance. And he said interesting and he said, 424 00:21:26,119 --> 00:21:28,080 Speaker 3: I said, can you do that? He said yeah, I 425 00:21:28,080 --> 00:21:31,160 Speaker 3: said what about accounty said yeah, no problem. So when 426 00:21:31,200 --> 00:21:34,360 Speaker 3: I hired him, we learned on my own cash flow statement, 427 00:21:34,480 --> 00:21:37,320 Speaker 3: balance sheet and that's how I learned. And I learned 428 00:21:37,320 --> 00:21:41,080 Speaker 3: through real life deals, right, you know. My first investment 429 00:21:41,160 --> 00:21:45,000 Speaker 3: was Outback Steakhouse and that was through a relationship through 430 00:21:45,160 --> 00:21:48,880 Speaker 3: Chris Sullivan and he went to University of Kentucky University 431 00:21:48,880 --> 00:21:50,560 Speaker 3: of Florida as well, and he got win that I 432 00:21:50,600 --> 00:21:52,800 Speaker 3: wanted to participate in business. So I became an LP 433 00:21:52,960 --> 00:21:55,520 Speaker 3: and Outback Steakhouse and we opened up thirty four stores. 434 00:21:55,920 --> 00:21:59,040 Speaker 3: Eventually sold that, but it was the relationship. 435 00:21:59,520 --> 00:22:02,440 Speaker 9: It was some sorry did you say thirty four Outback Steakhouse. 436 00:22:02,640 --> 00:22:03,880 Speaker 9: That's a lot about back steakhouts. 437 00:22:03,920 --> 00:22:05,480 Speaker 3: Yeah, there's a lot of bloomin onions, a lot of 438 00:22:05,520 --> 00:22:07,199 Speaker 3: bloom uns. Yeah, a lot of But if you know, 439 00:22:07,280 --> 00:22:08,360 Speaker 3: doing business in California. 440 00:22:08,359 --> 00:22:09,560 Speaker 1: You know, you are, you gotta go, you know. 441 00:22:09,920 --> 00:22:13,400 Speaker 3: But at the end of the day, that's how it started. 442 00:22:13,400 --> 00:22:16,439 Speaker 3: It started with that transparency and that honesty and really 443 00:22:16,520 --> 00:22:20,600 Speaker 3: telling him what I didn't know rather than what I 444 00:22:20,680 --> 00:22:23,840 Speaker 3: do know, and vice versa for him as well. And 445 00:22:24,520 --> 00:22:25,520 Speaker 3: that's where it started. 446 00:22:25,640 --> 00:22:28,480 Speaker 9: And it seems like that that is a theme that 447 00:22:28,520 --> 00:22:32,480 Speaker 9: you've had throughout your career too. And this notion which 448 00:22:32,480 --> 00:22:35,040 Speaker 9: I think has as I alluded to at the beginning, 449 00:22:35,160 --> 00:22:37,800 Speaker 9: sort of come into vogue but was not obvious then, 450 00:22:37,880 --> 00:22:40,840 Speaker 9: which is this notion of being a partner and a 451 00:22:40,920 --> 00:22:45,280 Speaker 9: principle rather than just an asset and rather than someone 452 00:22:45,359 --> 00:22:48,400 Speaker 9: who's like, yeah, I'll slap my name on that, this 453 00:22:48,520 --> 00:22:52,600 Speaker 9: notion of being not just engaged but invested. 454 00:22:53,119 --> 00:22:53,320 Speaker 2: Yeah. 455 00:22:53,359 --> 00:22:55,080 Speaker 1: And I think sometimes there's a. 456 00:22:57,640 --> 00:22:59,480 Speaker 3: If we go back in time and look at the 457 00:22:59,520 --> 00:23:02,520 Speaker 3: athlete a lot of times, and I was sharing this 458 00:23:02,600 --> 00:23:05,280 Speaker 3: with them at the other event that we were at earlier, 459 00:23:06,240 --> 00:23:08,840 Speaker 3: people don't necessarily look at the athlete as a human 460 00:23:08,880 --> 00:23:09,680 Speaker 3: being anymore. 461 00:23:11,080 --> 00:23:12,720 Speaker 1: They look at them as a dollar sign. 462 00:23:12,600 --> 00:23:15,760 Speaker 3: Or something that they couldn't attempt to do, or they 463 00:23:15,800 --> 00:23:18,480 Speaker 3: see life through their eyes, or whatever it may be. 464 00:23:19,359 --> 00:23:22,520 Speaker 3: But the realization of it is is that overnight for 465 00:23:22,560 --> 00:23:25,560 Speaker 3: an athlete once they get drafted, well, once they signed 466 00:23:25,600 --> 00:23:28,040 Speaker 3: their marketing deal before they get drafted, which I did 467 00:23:28,080 --> 00:23:33,080 Speaker 3: with Fela, was you instantly become the patriarch of the family. 468 00:23:34,240 --> 00:23:39,959 Speaker 3: Not that you've earned it financially. You're the guy that 469 00:23:40,040 --> 00:23:43,359 Speaker 3: everybody comes to, and for a twenty year old kid 470 00:23:43,400 --> 00:23:47,639 Speaker 3: who hasn't got their life in order, it's a very 471 00:23:47,680 --> 00:23:50,919 Speaker 3: difficult position to be in. You become the savior of 472 00:23:50,960 --> 00:23:54,840 Speaker 3: not only your family, but your whole community essentially, and 473 00:23:54,880 --> 00:23:56,520 Speaker 3: that's where a lot of guys go wrong and they 474 00:23:56,520 --> 00:23:59,680 Speaker 3: try to save everybody. My mom told me something one day. 475 00:24:00,359 --> 00:24:03,280 Speaker 3: It rained true throughout the course of time. She's like, 476 00:24:03,680 --> 00:24:05,480 Speaker 3: have you ever been on a plane? She knew I've 477 00:24:05,520 --> 00:24:07,000 Speaker 3: been on a plane, but she was just using that 478 00:24:07,040 --> 00:24:07,920 Speaker 3: just as a setup. 479 00:24:08,560 --> 00:24:10,720 Speaker 1: You know, you can only carry one carry on bag. 480 00:24:11,760 --> 00:24:13,680 Speaker 1: I was like, yeah. She said, why are you trying 481 00:24:13,680 --> 00:24:15,160 Speaker 1: to carry all your friends with you then? 482 00:24:17,760 --> 00:24:23,720 Speaker 3: And I said, huh, that's a great base. And then 483 00:24:23,800 --> 00:24:25,480 Speaker 3: she went on and she said, you know, at the 484 00:24:25,520 --> 00:24:27,720 Speaker 3: end of the day, if somebody's going to sit next 485 00:24:27,720 --> 00:24:30,359 Speaker 3: to you, and we expanded on it, they have to 486 00:24:30,359 --> 00:24:31,640 Speaker 3: add value and be able to. 487 00:24:31,560 --> 00:24:35,359 Speaker 1: Pay for their own seat on the plane. That's how 488 00:24:35,359 --> 00:24:36,119 Speaker 1: I've I looked at it. 489 00:24:36,200 --> 00:24:39,280 Speaker 3: So then as I started to look around and building 490 00:24:39,359 --> 00:24:42,439 Speaker 3: teams and adding people to an organization, I started to 491 00:24:42,520 --> 00:24:45,160 Speaker 3: assess what value do they bring to the table? Things 492 00:24:45,160 --> 00:24:47,639 Speaker 3: that I can't see and things that I can see 493 00:24:47,640 --> 00:24:52,399 Speaker 3: intrinsic intrinsic value basically, And that's how I've just operated 494 00:24:53,200 --> 00:24:54,720 Speaker 3: on that particular plane. 495 00:24:54,880 --> 00:24:57,000 Speaker 1: We all have to be valuable in. 496 00:24:56,960 --> 00:24:59,520 Speaker 3: An asset to the particular team. 497 00:25:00,000 --> 00:25:04,399 Speaker 5: Bloomberg Originals Chief correspondent Jason Kelly speaking with former NBA 498 00:25:04,480 --> 00:25:07,160 Speaker 5: All Star Jamal Mashburn in a special conversation in front 499 00:25:07,160 --> 00:25:10,480 Speaker 5: of a live audience at American University in Washington, d 500 00:25:10,640 --> 00:25:13,879 Speaker 5: c up. Next, we turn to the NFL with former 501 00:25:14,080 --> 00:25:17,199 Speaker 5: Super Bowl champion head coach Brian Billick. 502 00:25:17,280 --> 00:25:20,199 Speaker 2: Bill Belichick is going to take over the entire organization. 503 00:25:20,280 --> 00:25:22,240 Speaker 2: It's going to run it like a pro franchise, and 504 00:25:22,280 --> 00:25:25,640 Speaker 2: it's all about what d nil and acquiring players for. 505 00:25:25,680 --> 00:25:29,160 Speaker 5: My colleague Scarlett Food, Vanessa Perdomo, and Jason Kelly. I'm 506 00:25:29,240 --> 00:25:32,320 Speaker 5: Damian Sasaur, and you're listening to the Bloomberg Business of 507 00:25:32,359 --> 00:25:35,439 Speaker 5: Sports from Bloomberg Radio around the world. 508 00:25:48,720 --> 00:25:52,840 Speaker 2: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 509 00:25:54,000 --> 00:25:56,280 Speaker 5: Thanks for joining us on the Bloomberg Business of Sports, 510 00:25:56,280 --> 00:25:58,120 Speaker 5: where we explore the big money issues in the world 511 00:25:58,200 --> 00:26:00,399 Speaker 5: of sports. I'm Damian SaaS hour a Law with my 512 00:26:00,520 --> 00:26:05,160 Speaker 5: colleagues Bloomberg Originals Chief Corresponding Jason Kelly and Bloomberg Originals 513 00:26:05,200 --> 00:26:10,040 Speaker 5: Sports Correspondent Vanessa Perdomo. Michael Barr will be back next week. 514 00:26:10,480 --> 00:26:13,320 Speaker 5: We've got the NFL season heating up as we get 515 00:26:13,320 --> 00:26:15,680 Speaker 5: closer to the playoffs, we figured it'd be a good 516 00:26:15,720 --> 00:26:18,560 Speaker 5: time to check in with friend of the show, former 517 00:26:18,760 --> 00:26:23,240 Speaker 5: Super Bowl winning head coach and NFL Network analyst Brian Billick. 518 00:26:23,520 --> 00:26:27,560 Speaker 5: Welcome back, Brian, Welcome back Coach Billick to the Bloomberg 519 00:26:27,640 --> 00:26:28,639 Speaker 5: Business of Sports. 520 00:26:29,040 --> 00:26:30,840 Speaker 2: Thank you Merry Christmas, and for. 521 00:26:30,840 --> 00:26:33,320 Speaker 5: Our audience, we should know that Coach Billick has just 522 00:26:34,240 --> 00:26:37,800 Speaker 5: announced that he has a third grandchild. He's in the 523 00:26:37,800 --> 00:26:41,440 Speaker 5: hospital calling in, so welcome back, and you know, talk 524 00:26:41,440 --> 00:26:43,160 Speaker 5: to us a little bit about the NFL season, talk 525 00:26:43,160 --> 00:26:45,440 Speaker 5: to us a little bit about the playoffs are almost 526 00:26:45,520 --> 00:26:48,760 Speaker 5: upon us. Talked about your Baltimore Ravens. I mean they're 527 00:26:48,800 --> 00:26:51,440 Speaker 5: looking pretty good, but they've got Pittsburgh this weekend. What's 528 00:26:51,480 --> 00:26:51,840 Speaker 5: your take? 529 00:26:52,600 --> 00:26:55,399 Speaker 2: Yeah, fighting seasons. You know, I love the fact that 530 00:26:55,520 --> 00:26:58,600 Speaker 2: it is so competitive, particularly on the AFC side. Obviously 531 00:26:58,640 --> 00:27:01,560 Speaker 2: in the NFC, it's kind of focusing in on the 532 00:27:01,560 --> 00:27:05,520 Speaker 2: Philadelphia Eagles and the Minnesota Vikings and just how great 533 00:27:05,560 --> 00:27:09,440 Speaker 2: they have played in Philadelphia. Just boy, just looks overpowering 534 00:27:09,520 --> 00:27:12,320 Speaker 2: right now. And it's amazing too. What four weeks into 535 00:27:12,359 --> 00:27:15,800 Speaker 2: the season, it was like, boy, what's wrong with Philadelphia? 536 00:27:15,840 --> 00:27:18,280 Speaker 2: Where are they going? They just don't seem like they're 537 00:27:18,320 --> 00:27:20,879 Speaker 2: having fun. They don't look like they believe in themselves 538 00:27:21,040 --> 00:27:24,520 Speaker 2: and have been on an incredible run on the AFC side, 539 00:27:24,520 --> 00:27:26,280 Speaker 2: And yeah, the Ravens are in the thick of it, 540 00:27:26,320 --> 00:27:29,159 Speaker 2: as is Pittsburgh. Great weekend. I mean, I still I 541 00:27:29,160 --> 00:27:32,040 Speaker 2: am biased, but I think the Pittsburgh get a Baltimore 542 00:27:32,080 --> 00:27:35,640 Speaker 2: weekend anytime they play. It's the best rivalry in the football, 543 00:27:35,720 --> 00:27:39,000 Speaker 2: It's most physical rivalry in football. But Daniel, of course, 544 00:27:39,040 --> 00:27:42,320 Speaker 2: you've got the Kansas City Chiefs who just seem to 545 00:27:42,600 --> 00:27:45,760 Speaker 2: just kind of get it done. Certainly, the injury to 546 00:27:45,800 --> 00:27:48,440 Speaker 2: Patrick Mahomes is going to be a factor, and then 547 00:27:48,760 --> 00:27:51,720 Speaker 2: I think everybody's favored the Buffalo Bills in the year 548 00:27:51,920 --> 00:27:55,159 Speaker 2: that Josh Allen's having. There's some late motion fakes. 549 00:27:55,200 --> 00:27:57,399 Speaker 5: The throw alan going to step up in the pocket. 550 00:27:57,640 --> 00:27:59,480 Speaker 2: Now he's going to take it a run, and he's got. 551 00:27:59,320 --> 00:28:03,600 Speaker 10: The first out of ten five and muscles his way 552 00:28:04,000 --> 00:28:09,080 Speaker 10: into the end zone for an unbelievable twenty six yard 553 00:28:09,560 --> 00:28:12,760 Speaker 10: touchdown run. Are you kidding me? 554 00:28:13,400 --> 00:28:14,480 Speaker 2: Just just incredible. 555 00:28:15,040 --> 00:28:17,359 Speaker 9: And so you know, coach Billick, we look at a 556 00:28:17,359 --> 00:28:20,280 Speaker 9: season like this and it's funny sort of coming off 557 00:28:20,320 --> 00:28:24,080 Speaker 9: of the Major League Baseball season where it just felt like, 558 00:28:24,160 --> 00:28:25,919 Speaker 9: you know, one of those seasons was that was like 559 00:28:26,200 --> 00:28:27,680 Speaker 9: good for the business of baseball. 560 00:28:27,880 --> 00:28:30,520 Speaker 1: Feels similarly here with football. 561 00:28:30,560 --> 00:28:33,280 Speaker 9: You've got some great rivalries, you've got some traditional ones, 562 00:28:33,320 --> 00:28:36,080 Speaker 9: some new ones coming up. You know, you're someone who 563 00:28:36,200 --> 00:28:39,400 Speaker 9: really understands the nuts and bolts of this business well 564 00:28:39,480 --> 00:28:43,040 Speaker 9: from lots of different angles, how would you describe sort 565 00:28:43,080 --> 00:28:44,880 Speaker 9: of the health of the business of football, you know, 566 00:28:45,200 --> 00:28:46,080 Speaker 9: in a season. 567 00:28:45,880 --> 00:28:48,520 Speaker 2: Like this, Well, I see, you're exactly right, and it 568 00:28:48,560 --> 00:28:51,400 Speaker 2: couldn't be better. And there seems to be an insatiable 569 00:28:51,560 --> 00:28:54,920 Speaker 2: interest in the National Football League, and I think it's 570 00:28:54,960 --> 00:28:57,360 Speaker 2: great that obviously coming in the story was all about 571 00:28:57,360 --> 00:29:00,640 Speaker 2: the Kansas City Chiefs. Can they three feet obviously nominal team, 572 00:29:00,680 --> 00:29:03,840 Speaker 2: phenomenal talent and Patrick Mahomes and I think it's been 573 00:29:03,920 --> 00:29:05,760 Speaker 2: good for the league the fact that they have and 574 00:29:05,880 --> 00:29:07,920 Speaker 2: I say struggle. I mean, they're sitting here with only 575 00:29:07,960 --> 00:29:11,360 Speaker 2: one loss, but it's all a three point win, four 576 00:29:11,400 --> 00:29:15,080 Speaker 2: point win. They haven't been as dominant, so that kind of, 577 00:29:15,160 --> 00:29:18,040 Speaker 2: you know, they've kind of reached the level of you know, 578 00:29:18,080 --> 00:29:21,600 Speaker 2: everybody hates the Yankee you know, because well it was, 579 00:29:21,960 --> 00:29:25,120 Speaker 2: they're envious and you know, anybody but Kansas City. And 580 00:29:25,160 --> 00:29:28,320 Speaker 2: the fact that they have kept such close margins means 581 00:29:28,320 --> 00:29:31,160 Speaker 2: that everybody's in it. And that's great for the league 582 00:29:31,160 --> 00:29:33,920 Speaker 2: because that means across the board, like we say, even 583 00:29:33,960 --> 00:29:36,640 Speaker 2: particularly in the AFC and even in the NFC, there's 584 00:29:36,680 --> 00:29:39,080 Speaker 2: going to be a surprise team when we get into 585 00:29:39,120 --> 00:29:42,520 Speaker 2: the playoffs that has a little momentum that right now 586 00:29:42,600 --> 00:29:44,200 Speaker 2: you kind of go, well, I don't know if they 587 00:29:44,240 --> 00:29:46,520 Speaker 2: have this or that, and how deep will they go 588 00:29:46,560 --> 00:29:48,840 Speaker 2: into the playoffs, But all of a sudden they step 589 00:29:48,920 --> 00:29:51,720 Speaker 2: in and and and they're a factor, and they will 590 00:29:51,760 --> 00:29:55,200 Speaker 2: climb their way up. So the interest obviously in the 591 00:29:55,280 --> 00:29:58,400 Speaker 2: league right now is we get into the expanded format 592 00:29:58,920 --> 00:30:00,920 Speaker 2: of the playoffs and hitting to our super Bowl with 593 00:30:01,080 --> 00:30:05,120 Speaker 2: so many great storylines, can Kansas City repeats? Is Philadelphia 594 00:30:05,240 --> 00:30:07,520 Speaker 2: going to continue on now and pick up that mantle 595 00:30:07,520 --> 00:30:10,320 Speaker 2: of being the dominant team that they are? Is this 596 00:30:10,400 --> 00:30:13,600 Speaker 2: a special season for a guy a great storyline like 597 00:30:13,680 --> 00:30:16,920 Speaker 2: Sam Donald in Minnesota, you know, coming forwhere he came from. 598 00:30:16,960 --> 00:30:20,000 Speaker 2: So there's some great storylines that are really captivating the 599 00:30:20,040 --> 00:30:20,840 Speaker 2: country right now. 600 00:30:20,920 --> 00:30:23,520 Speaker 9: And so to that point, Coach, I mean, it's interesting 601 00:30:23,600 --> 00:30:26,120 Speaker 9: because when you do have these resurgent careers. 602 00:30:26,120 --> 00:30:27,520 Speaker 1: I'm glad you mentioned Sam Donald. 603 00:30:27,520 --> 00:30:29,880 Speaker 9: You look across the league a lot of quarterbacks who've 604 00:30:29,880 --> 00:30:32,240 Speaker 9: sort of found a second or a third life, you know, 605 00:30:32,280 --> 00:30:35,320 Speaker 9: whether it's Geno Smith, whether it's I'm an Atlanta guy. 606 00:30:35,400 --> 00:30:39,880 Speaker 9: Kirk Cousins will see that. That's an entirely different podcast. 607 00:30:40,080 --> 00:30:43,120 Speaker 9: But it does make me think, you know, again, as 608 00:30:43,160 --> 00:30:49,240 Speaker 9: someone who's been a decision maker in these teams, if 609 00:30:49,240 --> 00:30:51,240 Speaker 9: you're still in it, you have to sort of make 610 00:30:51,280 --> 00:30:53,880 Speaker 9: different decisions than you would if you were out of it. 611 00:30:54,320 --> 00:30:56,720 Speaker 9: And you know, obviously here in the New York area, 612 00:30:56,880 --> 00:30:58,600 Speaker 9: Giants and the Jets they don't have to worry about 613 00:30:58,600 --> 00:31:00,280 Speaker 9: making the playoffs. But there are a lot of teams 614 00:31:00,280 --> 00:31:03,400 Speaker 9: who are probably having to manage themselves, manage their personnel, 615 00:31:03,720 --> 00:31:06,800 Speaker 9: even manage to know some of their coaching situations a 616 00:31:06,880 --> 00:31:09,400 Speaker 9: little bit differently because they're still hanging around. 617 00:31:09,520 --> 00:31:10,840 Speaker 1: Is that fair? Oh? 618 00:31:10,920 --> 00:31:13,200 Speaker 2: Absolutely. I mean those that are out of it are 619 00:31:13,200 --> 00:31:15,920 Speaker 2: making those decisions more long term. They're going to start 620 00:31:15,920 --> 00:31:18,920 Speaker 2: playing players, putting people in a position to go, okay, 621 00:31:18,920 --> 00:31:21,320 Speaker 2: well we need to find out about player A, player B, 622 00:31:21,520 --> 00:31:24,400 Speaker 2: player C, so it'll help guide our decisions in the 623 00:31:24,440 --> 00:31:27,760 Speaker 2: off season. So you see that rotation of personnel in 624 00:31:27,760 --> 00:31:30,360 Speaker 2: in the way that they're playing those and obviously the 625 00:31:30,400 --> 00:31:31,880 Speaker 2: ones that are on the top of the league, they're 626 00:31:31,920 --> 00:31:34,120 Speaker 2: just all focused on can we win in the super Bowl? 627 00:31:34,320 --> 00:31:37,120 Speaker 2: But then those that are in the margins that are close. 628 00:31:37,200 --> 00:31:39,840 Speaker 2: Let's take a team like the Los Angeles Rams that 629 00:31:39,960 --> 00:31:43,680 Speaker 2: obviously have the pedigree, but they have to play in 630 00:31:43,720 --> 00:31:46,760 Speaker 2: a way that says, look, we can be that surprise team. 631 00:31:47,080 --> 00:31:49,640 Speaker 2: So they have to push the margins that way with 632 00:31:49,720 --> 00:31:53,360 Speaker 2: the players and who they're going to play, and obviously 633 00:31:53,400 --> 00:31:55,160 Speaker 2: not the least of which is the health of the team. 634 00:31:55,200 --> 00:31:56,640 Speaker 2: In a couple of weeks, we're going to be talking 635 00:31:56,680 --> 00:32:00,600 Speaker 2: about teams that have their playoff positions secured. So how 636 00:32:00,720 --> 00:32:03,040 Speaker 2: much do we play our starters? How do we rest them? 637 00:32:03,080 --> 00:32:06,360 Speaker 2: You know, the rest or russsion discussion we always have 638 00:32:06,840 --> 00:32:09,360 Speaker 2: laid in the season versus those teams that have to 639 00:32:09,560 --> 00:32:13,800 Speaker 2: literally play their way in and extend their season even 640 00:32:13,840 --> 00:32:16,840 Speaker 2: though they're just on the cusp right now. And a 641 00:32:16,880 --> 00:32:21,560 Speaker 2: team like the Minnesota Vikings is fascinating circumstance in terms 642 00:32:21,600 --> 00:32:24,560 Speaker 2: of here they draft JJ McCarthy and he's going to 643 00:32:24,640 --> 00:32:26,240 Speaker 2: be their guy, and he gets hurt, and now you 644 00:32:26,320 --> 00:32:28,920 Speaker 2: got Sam Donald. They're going to extend Sam Donald and 645 00:32:28,960 --> 00:32:31,400 Speaker 2: what does that mean for JJ McCarthy going forward? So 646 00:32:31,440 --> 00:32:34,960 Speaker 2: the Minnesota Vikings are an interest position, interesting position in 647 00:32:35,040 --> 00:32:39,120 Speaker 2: terms of making legitimate Super Bowl run, but obviously have 648 00:32:39,240 --> 00:32:41,240 Speaker 2: personnel decisions that are more long term. 649 00:32:41,400 --> 00:32:43,920 Speaker 5: Then Vanessa, listen to coach Bill talking about the Vikings. 650 00:32:43,920 --> 00:32:46,000 Speaker 5: You're right, the Vikings look great. But I mean, Vanessa, 651 00:32:46,240 --> 00:32:48,120 Speaker 5: there's a lot more going on in the NFL right now, 652 00:32:48,160 --> 00:32:49,680 Speaker 5: from NAL to sports betting. 653 00:32:50,400 --> 00:32:52,520 Speaker 11: Yeah, I mean, you know, one of the things that's 654 00:32:52,640 --> 00:32:56,520 Speaker 11: really fascinating is when we're talking about personnel coaching decisions, 655 00:32:56,560 --> 00:32:58,800 Speaker 11: and then you look at college football nil and then 656 00:32:58,840 --> 00:33:01,760 Speaker 11: you look at what Bill Belichick just did jumping over 657 00:33:01,800 --> 00:33:03,160 Speaker 11: to college football. 658 00:33:03,360 --> 00:33:04,160 Speaker 7: What are your thoughts there? 659 00:33:04,240 --> 00:33:07,040 Speaker 2: Run, Well, Bill Belichick, I think they'll do a phenomenal job. 660 00:33:07,240 --> 00:33:09,800 Speaker 2: You know, it's interesting, it's typical Bill Belichick. This is 661 00:33:09,840 --> 00:33:12,960 Speaker 2: a guy where everybody where, most coaches are bailing out 662 00:33:13,040 --> 00:33:16,479 Speaker 2: of college football, and for good reason, because it's a mess. 663 00:33:16,800 --> 00:33:20,720 Speaker 2: The NIL, the portal, the NCUBA is feckless in terms 664 00:33:20,760 --> 00:33:23,120 Speaker 2: of the direction that they're giving that will eventually get 665 00:33:23,160 --> 00:33:26,120 Speaker 2: to in college football. And here Bill Belichick goes back 666 00:33:26,160 --> 00:33:28,920 Speaker 2: and he has an assentity for North Carolina. People say, well, 667 00:33:28,920 --> 00:33:30,760 Speaker 2: why would he do that? And is he going to 668 00:33:30,760 --> 00:33:32,560 Speaker 2: be any good? I think he's going to be phenomenal 669 00:33:32,760 --> 00:33:35,680 Speaker 2: because he's going to bring that level of expertise. Bill 670 00:33:35,680 --> 00:33:38,600 Speaker 2: Belichick is going to take over the entire organization. It's 671 00:33:38,600 --> 00:33:40,600 Speaker 2: going to run it like a pro franchise. And it's 672 00:33:40,600 --> 00:33:44,400 Speaker 2: all about what the NIL and acquiring players and Bill Belichick, 673 00:33:44,400 --> 00:33:47,440 Speaker 2: who's very tied into the agent community, because that's who's 674 00:33:47,520 --> 00:33:51,240 Speaker 2: running college football right now. The presidents the NCUBA are 675 00:33:51,320 --> 00:33:55,560 Speaker 2: absolutely useless right now. Is and that's got to come back. 676 00:33:55,720 --> 00:33:57,920 Speaker 2: They've got to put a structure in to where they 677 00:33:58,000 --> 00:34:01,440 Speaker 2: bring some structure to it. Bill Belichick has got it 678 00:34:01,480 --> 00:34:03,200 Speaker 2: sized up very well, and I think he's going to 679 00:34:03,200 --> 00:34:05,920 Speaker 2: do very well at North Carolina. 680 00:34:05,200 --> 00:34:06,960 Speaker 5: Coach Bilic, I wonder if you have any thoughts here 681 00:34:07,040 --> 00:34:09,440 Speaker 5: on the world private equity might play in the valuations 682 00:34:09,440 --> 00:34:11,360 Speaker 5: of a lot of these sports franchises. I mean, we 683 00:34:11,440 --> 00:34:13,359 Speaker 5: know that they're involved, and we know they're coming in 684 00:34:13,400 --> 00:34:15,680 Speaker 5: with the Dolphins and the Bills just announcing. I mean, 685 00:34:16,080 --> 00:34:17,760 Speaker 5: how do you think that's going to change the game? 686 00:34:18,360 --> 00:34:20,879 Speaker 2: Interesting because what I'm interested to see is how the 687 00:34:21,000 --> 00:34:24,640 Speaker 2: NFL handles that in terms of from the overall standpoint, 688 00:34:24,680 --> 00:34:28,239 Speaker 2: because the NFL has obviously been very protective that ownership 689 00:34:28,280 --> 00:34:32,359 Speaker 2: has to have majority. They don't have group ownerships because 690 00:34:32,360 --> 00:34:34,719 Speaker 2: they wanted to have a singular voice. They wanted each 691 00:34:34,760 --> 00:34:37,719 Speaker 2: franchise to be run by a singular person, whatever is 692 00:34:37,719 --> 00:34:40,840 Speaker 2: of the structure underneath that person. And now to insert 693 00:34:40,880 --> 00:34:43,120 Speaker 2: this kind of private equity that's going to have a 694 00:34:43,239 --> 00:34:46,000 Speaker 2: larger stake in it, I for one, and I don't 695 00:34:46,040 --> 00:34:48,439 Speaker 2: know how that's going to play out. Clearly it's going 696 00:34:48,520 --> 00:34:50,359 Speaker 2: to come because it's all about the money. I mean, 697 00:34:50,360 --> 00:34:52,640 Speaker 2: at the end of the day, people want to speak 698 00:34:52,760 --> 00:34:54,920 Speaker 2: speak to groups in general and talk about we'll tell 699 00:34:55,000 --> 00:34:56,839 Speaker 2: us about the NFL as well. At first, you've got 700 00:34:56,840 --> 00:35:00,600 Speaker 2: to understand the NFL sell stuff. That's job one. That's 701 00:35:00,600 --> 00:35:03,120 Speaker 2: what you know. They sell succeat licenses, they sell tickets, 702 00:35:03,160 --> 00:35:06,799 Speaker 2: they see streaming rights. It's all about making money. And 703 00:35:06,880 --> 00:35:08,920 Speaker 2: so now I'm going to be interested to see how, 704 00:35:09,080 --> 00:35:11,319 Speaker 2: obviously what is going to happen in terms of this 705 00:35:11,400 --> 00:35:14,960 Speaker 2: private equity coming into it, how the league regulates that 706 00:35:15,080 --> 00:35:17,759 Speaker 2: to make sure that they still have control and that 707 00:35:17,840 --> 00:35:21,200 Speaker 2: there's still that singular ownership at the top of the franchises. 708 00:35:21,800 --> 00:35:23,840 Speaker 9: And so coach, you know one of the things, and 709 00:35:23,880 --> 00:35:26,520 Speaker 9: I know you do some work with X Tech shoulder pads, 710 00:35:26,560 --> 00:35:29,319 Speaker 9: and look very closely at sort of the technology of 711 00:35:29,320 --> 00:35:33,560 Speaker 9: the game. That plays into safety, that plays into the 712 00:35:33,680 --> 00:35:36,680 Speaker 9: rule making, and some of the revisions to the rules 713 00:35:36,680 --> 00:35:39,600 Speaker 9: that we've seen happen at the NFL. They want to 714 00:35:39,680 --> 00:35:41,960 Speaker 9: keep the audience coming, the audience they have, they want 715 00:35:42,000 --> 00:35:44,680 Speaker 9: to keep growing the audience. What's your take on, you know, 716 00:35:44,719 --> 00:35:48,480 Speaker 9: some of the rule changes, especially kickoffs, which seems like 717 00:35:48,960 --> 00:35:52,319 Speaker 9: it's been pretty successful in terms of making the game 718 00:35:52,360 --> 00:35:55,080 Speaker 9: more exciting. Because I loved what you said, this is 719 00:35:55,120 --> 00:35:57,840 Speaker 9: ultimately all about selling stuff. This is about keeping eyeballs 720 00:35:57,880 --> 00:36:00,360 Speaker 9: on it. So what do you make of of that 721 00:36:00,400 --> 00:36:01,759 Speaker 9: broader ecosystem right now? 722 00:36:02,120 --> 00:36:05,759 Speaker 2: Well, I think people need to recognize because obviously ownership 723 00:36:05,800 --> 00:36:09,000 Speaker 2: in the NFL as a whole sometimes is criticized as well, 724 00:36:09,040 --> 00:36:12,719 Speaker 2: you really don't care about the players. They're just you know, 725 00:36:13,480 --> 00:36:17,279 Speaker 2: facilitate the profit for you. But the league just from 726 00:36:17,320 --> 00:36:19,640 Speaker 2: a business forget the moral and ethical aspect of the 727 00:36:19,719 --> 00:36:21,960 Speaker 2: league wanting to do what's best for the players. Just 728 00:36:22,000 --> 00:36:24,880 Speaker 2: looking from a business standpoint, this is an incredible asset. 729 00:36:25,040 --> 00:36:27,160 Speaker 2: They're going to take care of that asset. So they're 730 00:36:27,160 --> 00:36:29,880 Speaker 2: going to make sure that the rules and that the 731 00:36:29,920 --> 00:36:32,880 Speaker 2: way that these players are protected because they want those 732 00:36:33,120 --> 00:36:36,680 Speaker 2: assets to perform for as long and as effectively as 733 00:36:36,719 --> 00:36:39,839 Speaker 2: they possibly can. So the league is very focused on that. 734 00:36:39,880 --> 00:36:42,360 Speaker 2: You talk, whether it's the helmets that they're doing. Everybody 735 00:36:42,400 --> 00:36:46,359 Speaker 2: seeing now the different variations of helmets technologically that are 736 00:36:46,360 --> 00:36:49,000 Speaker 2: coming in to protect the players. X tech Pads is 737 00:36:49,040 --> 00:36:51,839 Speaker 2: the forefront of the shoulder pads. You take the head 738 00:36:51,840 --> 00:36:55,040 Speaker 2: out of the game, obviously the shoulder pads become more important. 739 00:36:55,160 --> 00:36:57,719 Speaker 2: The advances that X tech Pads has done is their 740 00:36:57,800 --> 00:37:02,000 Speaker 2: number one pad in all of football because it's another 741 00:37:02,200 --> 00:37:05,239 Speaker 2: layer and bringing the technological advances that we have to 742 00:37:05,280 --> 00:37:08,600 Speaker 2: the forefront to protect the players. So yeah, it's all 743 00:37:08,719 --> 00:37:11,399 Speaker 2: very much about that. The possible expansion of the league, 744 00:37:11,400 --> 00:37:13,120 Speaker 2: although I don't know that that's going to happen in 745 00:37:13,160 --> 00:37:15,360 Speaker 2: Europe the way we're seeing it, they're going to expand 746 00:37:15,400 --> 00:37:18,239 Speaker 2: their market and selling stuff certainly, so they're going to 747 00:37:18,280 --> 00:37:22,080 Speaker 2: continue to tap into that. I don't know, it's above 748 00:37:22,120 --> 00:37:24,520 Speaker 2: my pay grade to understand how a team would actually 749 00:37:24,560 --> 00:37:27,320 Speaker 2: function maybe in Europe in terms of the way it 750 00:37:27,320 --> 00:37:30,560 Speaker 2: would get integrated in the league. So everything about it says, yes, 751 00:37:30,960 --> 00:37:34,799 Speaker 2: this is an unbelievable, unsatiable desire for the game. We're 752 00:37:34,800 --> 00:37:36,440 Speaker 2: going to press the limits of it. We're going to 753 00:37:36,440 --> 00:37:39,120 Speaker 2: put it on as much as we possibly can. We're 754 00:37:39,120 --> 00:37:41,960 Speaker 2: going to maximize the dollars and cents from it in 755 00:37:42,000 --> 00:37:43,080 Speaker 2: a lot of different ways. 756 00:37:44,040 --> 00:37:48,200 Speaker 5: Coach Brian Billick, NFL Network analyst, former Super Bowl winning 757 00:37:48,400 --> 00:37:51,719 Speaker 5: NFL head coach, and friend of the show. Thank you 758 00:37:51,800 --> 00:37:54,280 Speaker 5: for taking time away from the birth of your third 759 00:37:54,360 --> 00:37:57,480 Speaker 5: grandson to be with us here today. A real privilege 760 00:37:57,480 --> 00:37:58,719 Speaker 5: to have you, sir. Thank you so much. 761 00:37:58,760 --> 00:37:59,960 Speaker 1: Coach glad to do it. 762 00:38:00,160 --> 00:38:01,879 Speaker 2: Thank you and thank you for. 763 00:38:01,840 --> 00:38:04,960 Speaker 5: Joining us on this edition of The Bloomberg Business of Sports. 764 00:38:05,000 --> 00:38:08,560 Speaker 5: For my colleagues Scarlet Fu, Jason Kelly, and Vanessa Perdomo, 765 00:38:08,719 --> 00:38:11,719 Speaker 5: I'm Damien Sassaur. Tune in again next week for the 766 00:38:11,760 --> 00:38:14,520 Speaker 5: latest on the stories moving big money in the world 767 00:38:14,520 --> 00:38:17,520 Speaker 5: of sports, and don't forget to catch our podcast on 768 00:38:17,600 --> 00:38:21,720 Speaker 5: all your podcast platforms. You're listening to The Bloomberg Business 769 00:38:21,760 --> 00:38:25,480 Speaker 5: of Sports from Bloomberg Radio around the world.