WEBVTT - Dallas Mavericks CEO Rick Welts Talks New Arena

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News.

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<v Speaker 2>Well, four months after the Dallas Mavericks fans held a

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<v Speaker 2>mock funeral for the franchise outside it's arena following the

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<v Speaker 2>trade of star forward Luka Doncic, they rushed back to

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<v Speaker 2>the team's home court to celebrate what they hope will

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<v Speaker 2>be its rebirth. It happened just about a month ago

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<v Speaker 2>as about six thousand people watched from the stands of

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<v Speaker 2>the American Airline Center as the team selected Duke University's

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<v Speaker 2>Cooper Flag with the top pick in the NBA's draft. Well,

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<v Speaker 2>we've got a lot to talk about, and we've got

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<v Speaker 2>the perfect guest. Rick Welts is with us. He's the

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<v Speaker 2>CEO of the Dallas Mavericks, and we also have with

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<v Speaker 2>us Bloomberg News Texas bure chief Julie Fine, both of

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<v Speaker 2>them in our Dallas bureau. Julie, Rick, great to have

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<v Speaker 2>you here with Tim and myself. Rick got to start

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<v Speaker 2>with Cooper Flag. You were with them when he first

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<v Speaker 2>got to Dallas. The team at such a slim, slim

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<v Speaker 2>chance of getting that first draft pick. How has he

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<v Speaker 2>kind of melded into the organization.

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<v Speaker 3>Would you call a slim chance from one point eight

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<v Speaker 3>percent super slim, a chance.

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<v Speaker 4>Super slim. He's been great.

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<v Speaker 3>He arrived in town with his parents, his brother, grandparents.

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<v Speaker 3>You know, he's a testament to great parenting. I experienced

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<v Speaker 3>that at Golden State my last job with Steph Curry,

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<v Speaker 3>and what great parenting can mean. He's the most decorated

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<v Speaker 3>eighteen year old in the history of the game of

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<v Speaker 3>basketball at this point, coming in with incredibly high expectations,

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<v Speaker 3>but really everything you could see being around him for

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<v Speaker 3>a few days, from mindset, from attitude, from work ethic,

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<v Speaker 3>everything you can see gives you a lot of hope.

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<v Speaker 3>He's going to be everything that basketball fans expect him

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<v Speaker 3>to be and maybe a little more.

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<v Speaker 5>You know, Rick, he comes here to Dallas after a

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<v Speaker 5>pretty tumultuous time for the franchise at this point from

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<v Speaker 5>a business sense, are you doing okay? Did you lose

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<v Speaker 5>season ticket holders? How about sponsorships?

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<v Speaker 4>So I got here January first.

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<v Speaker 3>You know, I'm here because Dallas is such an amazing market.

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<v Speaker 3>The history of fans support here is just incredible. We

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<v Speaker 3>have an expression here mas fans for Life. And I

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<v Speaker 3>walked into that trying to, you know, just being thrilled

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<v Speaker 3>to represent the Mavericks in this market. But trading Luca,

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<v Speaker 3>which happened on February first, pretty much broke the internet.

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<v Speaker 3>And it was not something that our fans expected and

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<v Speaker 3>not certainly not something that they embraced, And so we

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<v Speaker 3>went through one hundred days of grieving, you know, with

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<v Speaker 3>our fan base understanding what this kid meant to Dallas.

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<v Speaker 3>But you know, now with Cooper here, I think the

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<v Speaker 3>focus again on the future. Sponsors are are probably ringing

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<v Speaker 3>our phone a little.

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<v Speaker 4>Bit more than we've ever had before.

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<v Speaker 3>Season ticket holders are back in greater numbers than they

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<v Speaker 3>were last season.

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<v Speaker 4>So so far, so good.

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<v Speaker 5>You know, we talked a little bit earlier about time

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<v Speaker 5>and forgiveness after something like that happens. I mean, now

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<v Speaker 5>when you look back a few months later and moving forward,

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<v Speaker 5>how do you feel feeling great?

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<v Speaker 3>You know, we're going to start the season with three

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<v Speaker 3>number one historic three number one picks Anthony Davis, Kyrie Irving,

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<v Speaker 3>and Cooper Flag all number one in the NBA draft.

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<v Speaker 3>A third another future Hall of Famer in addition to

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<v Speaker 3>Anthony and Kyrie is Clay Thompson. We're feeling great about

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<v Speaker 3>the team that we're going to feel next year and

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<v Speaker 3>we're feeling great about the momentum that Cooper has brought

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<v Speaker 3>to the Mavericks.

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<v Speaker 1>Rick Apart from winning, how else can you continue to

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<v Speaker 1>rebuild or redevelop that trust between the organization and the

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<v Speaker 1>fan base.

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<v Speaker 4>You know, I think that's a great question.

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<v Speaker 3>I think what I'm walking into is an organization that

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<v Speaker 3>probably has set the standard in terms of community engagement.

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<v Speaker 3>Not rehashing the past, but the Mavericks had a pretty

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<v Speaker 3>existential crisis six seven years ago when there were a

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<v Speaker 3>lot of media coverage of what was really a broken

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<v Speaker 3>culture here at the Mavericks. Sint Marshall came in as

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<v Speaker 3>chief executive officer at the time and spent the last

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<v Speaker 3>six seven years rebuilding the relationship between fans, civic organizations,

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<v Speaker 3>religious organizations, government organizations.

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<v Speaker 4>In Dallas and the Mavericks.

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<v Speaker 3>It became a point of pride again to be associated

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<v Speaker 3>with the Mavericks, so that reservoir of goodwill still exists.

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<v Speaker 3>We're going to combine that with that time tested formula

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<v Speaker 3>of time and winning, and I think it gives us

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<v Speaker 3>a reason to be super optimistic by the way out

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<v Speaker 3>of time when we're talking about building a brand new

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<v Speaker 3>arena and entertainment district in the city of Dallas that'll

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<v Speaker 3>be home for the Mavericks for decades to come, and.

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<v Speaker 2>Viock, we want to talk about the arena. I got

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<v Speaker 2>to go back though, to Luca, and I'm just curious,

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<v Speaker 2>like we've all done things where we're like, oh, if

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<v Speaker 2>I could do that over And you talked about one

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<v Speaker 2>hundred days of grieving. Do you have any regrets or

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<v Speaker 2>did you learn anything, especially you know, based on your

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<v Speaker 2>fan reaction. But first of all, any regrets in making

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<v Speaker 2>the trade.

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<v Speaker 3>You can't have fear or regrets in this business, right,

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<v Speaker 3>It's all about how you move forward, and you know,

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<v Speaker 3>so it doesn't really serve a purpose to have regrets.

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<v Speaker 3>What I will say I learned about the depth of

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<v Speaker 3>the connection between Mavericks fans and this team, and that

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<v Speaker 3>to me was glass half full because I knew we

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<v Speaker 3>could restore that over time. I didn't think it would

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<v Speaker 3>happen quite as quickly perhaps as this happened.

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<v Speaker 4>I would also say I'm.

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<v Speaker 3>Incredibly proud of how the organization presented itself for Luca's

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<v Speaker 3>first game back at American Airline Center when he was

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<v Speaker 3>a Los Angeles Laker. I think if you watch that game.

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<v Speaker 3>It was an opportunity for fans to say thank you.

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<v Speaker 3>I think you saw the emotion on Luca's face. You

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<v Speaker 3>saw the way that night unfolded and tributes to Luca.

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<v Speaker 3>I think he'll always be such a big part of

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<v Speaker 3>the history here.

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<v Speaker 4>And you know, we wish him nothing but.

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<v Speaker 3>Good luck, but we also hope we beat his team

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<v Speaker 3>every time we play him, so.

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<v Speaker 2>Do well, but not too well.

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<v Speaker 4>We get it.

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<v Speaker 5>You know, I want to touch back on the stadium.

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<v Speaker 5>Your current lease is up in twenty thirty, so I

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<v Speaker 5>know you're looking for new spaces. How committed are you

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<v Speaker 5>to doing it in the city of Dallas.

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<v Speaker 3>So we publicly said that we are going to exhaust

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<v Speaker 3>every opportunity to place the new Mavericks Arena in the

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<v Speaker 3>city limits of Dallas. That's one hundred percent of our

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<v Speaker 3>focus right now, working with the city manager's office and

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<v Speaker 3>the Mayor's office, identifying potential sites, evaluating those sites for

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<v Speaker 3>how they work for transportation, how they work for accessibility

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<v Speaker 3>to our season ticket. So we're in it all the

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<v Speaker 3>way with Dallas.

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<v Speaker 4>I expect we're going to be successful in finding that location.

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<v Speaker 5>When do you think you will have an announcement by

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<v Speaker 5>when we've located this. Are you putting a deadline in yourself.

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<v Speaker 4>Well, I know, six years sounds like a long time

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<v Speaker 4>in my view. We're on the clock.

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<v Speaker 3>It takes this long to build a project of the

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<v Speaker 3>magnitude that we're talking about building.

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<v Speaker 4>This isn't just an arena.

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<v Speaker 3>This is a thirty five to forty acre entertainment district.

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<v Speaker 3>It'll have hotels, it'll have all kinds of restaurant options,

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<v Speaker 3>it'll have other things that fans are going to do

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<v Speaker 3>when they attend a Mavericks game, and it'll be the

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<v Speaker 3>most amazing place ever to watch an NBA basketball game.

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<v Speaker 4>So we're on the clock.

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<v Speaker 3>We're hoping that by the end of this calendar year,

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<v Speaker 3>at the latest first quarter next year, that we'll be

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<v Speaker 3>able to have a flag in the ground, if you'll

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<v Speaker 3>excuse the expression of where the new Mavericks arena rick.

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<v Speaker 1>The building of stadiums throughout the country has been a

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<v Speaker 1>pretty fraud process over the last couple of decades. In Buffalo,

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<v Speaker 1>the state of New York kicked in funds for a

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<v Speaker 1>new stadium. Kansas City is working on state funding, But

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<v Speaker 1>in both instances, taxpayers had a lot to say about

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<v Speaker 1>billionaires getting their money. Is this stadium going to be

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<v Speaker 1>a private project.

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<v Speaker 4>Well, certainly the majority of it be a private project.

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<v Speaker 3>It depends on where we land, what the challenges are

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<v Speaker 3>going to be from a transportation and infrastructure standpoint.

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<v Speaker 4>I think one.

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<v Speaker 3>Very fair ask everywhere in projects like this is that

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<v Speaker 3>the city or whatever the governmental entity is assists in

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<v Speaker 3>helping fans get there and helping create an infrastructure that

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<v Speaker 3>works really well. But I don't expect the level of

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<v Speaker 3>funding that you've seen in some of the other projects,

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<v Speaker 3>and we're not asking for that. We actually haven't asked

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<v Speaker 3>for anything at this point. It's going to be very

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<v Speaker 3>site specific on the things that the city could do

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<v Speaker 3>or is prepared to do. It'll have to be something

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<v Speaker 3>that's very acceptable to the city government of Dallas.

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<v Speaker 4>Whatever that might be, all right, acceptable acceptable?

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<v Speaker 2>Excuse me? So do you think that they might change

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<v Speaker 2>the there the whole state, if you will, when it

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<v Speaker 2>comes to gambling. And I only bring that up because

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<v Speaker 2>Bloomberg News did talk with Patrick Dumont and when he

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<v Speaker 2>first bought the club, he wants to see gambling in

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<v Speaker 2>the state. They're spending money on lobbyists. We know gambling

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<v Speaker 2>is illegal in Texas. But you talked about this new stadium,

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<v Speaker 2>this new arena being an incredible entertainment space. Would gambling

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<v Speaker 2>Would you like to see gambling be a.

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<v Speaker 3>Part of it?

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<v Speaker 4>The two are absolutely not connected in any way.

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<v Speaker 3>This project going forward is one hundred percent focused on

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<v Speaker 3>creating a sports entertainment district that does not include a

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<v Speaker 3>casino or gambling component.

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<v Speaker 4>So we're we're full.

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<v Speaker 3>Speed ahead with that. That's the SAMs Corporation. This is

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<v Speaker 3>the Dallas Mavericks, and we have a project that we

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<v Speaker 3>envision that does not include any sort of gambling component.

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<v Speaker 5>You know, oftentimes when you talk about the NBA, then

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<v Speaker 5>you go to the WNBA, and I frequently hear people saying, Oh,

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<v Speaker 5>the WNBA is having a moment. The WNBA has been

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<v Speaker 5>around for a while, but now there's a lot of

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<v Speaker 5>new eyes on it. And of course Paige Beckers here

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<v Speaker 5>in Dallas along with Cooper Flag. But with your experience

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<v Speaker 5>working in the WNBA, what's your reaction to what we

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<v Speaker 5>are seeing now in terms of the growth.

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<v Speaker 3>You know, I'm smiling because I can't you know how

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<v Speaker 3>I feel about the WNBA. I was at the NBA

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<v Speaker 3>League Office and was critical part of launching the WNBA.

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<v Speaker 3>I love everything that's happening right now. I will say,

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<v Speaker 3>you know, taking a step back, this is a twenty

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<v Speaker 3>eight year overnight success. Okay, this isn't something that just happened.

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<v Speaker 3>And I'm so happy for the players, the executives, the

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<v Speaker 3>coaches that over the last twenty eight years have built

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<v Speaker 3>a foundation that has allowed Caitlin Clark and a Page

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<v Speaker 3>Beckers to come in now and ignite the kind of

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<v Speaker 3>interest and enthusiasm there is around the WNBA.

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<v Speaker 5>You know, we're seeing now with all leagues media rights

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<v Speaker 5>in the way of the future. I mean the MAVs.

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<v Speaker 5>You have a local you show the game's locally, but

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<v Speaker 5>you also have MAVs TV. What do you envision the

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<v Speaker 5>future of media being for basketball?

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<v Speaker 3>Well, if Julie, you're hitting on the biggest local issue

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<v Speaker 3>that we have right now in the economics of the NBA.

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<v Speaker 3>That said, we're also next year launching a brand new

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<v Speaker 3>national television agreement that more than triples the rights fees

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<v Speaker 3>that that teams will receive based on the new partnerships

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<v Speaker 3>we have at the NBA. But at the national level,

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<v Speaker 3>but locally, the model's broken. The regional sports network model

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<v Speaker 3>is broken, and whether you're in baseball, hockey, or basketball,

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<v Speaker 3>every team right now is trying to find a way

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<v Speaker 3>to replicate kind of economics and take those valuable local broadcasts.

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<v Speaker 4>We haven't done it yet. We know at the Mavericks we.

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<v Speaker 3>Have a director consumer offering MAVs TV, which has more

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<v Speaker 3>subscribers than any other comparable system in the NBA. We

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<v Speaker 3>also have two over the air broad casters, but it

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<v Speaker 3>doesn't begin to replicate the economics. It does for reach,

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<v Speaker 3>which is great. We got to figure it out, and

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<v Speaker 3>we haven't figured it out yet.

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<v Speaker 1>Hey, Rick, before we let you go, we touched on media.

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<v Speaker 1>Just now, we've touched on the new stadium, and we've

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<v Speaker 1>touched on, of course the players. What else is the

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<v Speaker 1>organization and what are you doing at the organization to

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<v Speaker 1>raise your valuation and to grow the business.

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<v Speaker 3>Very briefly, well, I think a lot of that is

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<v Speaker 3>frankly top down.

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<v Speaker 4>I think the NBA is the best.

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<v Speaker 3>Managed league in sports with Adam Silver and Mark Tatum.

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<v Speaker 3>I think our players Association is the most progressive with

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<v Speaker 3>Andrea Goadala David Kelly running that, And a lot of

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<v Speaker 3>evaluation is really driven by what the NBA is as

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<v Speaker 3>a league, and I think I've never been more excited.

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<v Speaker 3>This is my forty seventh year of involvement in the NBA.

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<v Speaker 3>What's happening internationally with the NBA right now is just

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<v Speaker 3>different than the opportunity that any of the other traditional

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<v Speaker 3>American sports have.

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<v Speaker 4>And I'm so excited.

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<v Speaker 3>That our league is focused on growing, the growing the

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<v Speaker 3>sport of basketball and the business of the NBA internationally.

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<v Speaker 3>Those things that tripling of national television revenue, those are

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<v Speaker 3>the things that that are big, big components of driving

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<v Speaker 3>valuations that you know are eye popping these days.

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<v Speaker 2>Well, good luck with the season, Rick, Thank you so

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<v Speaker 2>much for finding so much time for us on this Monday.

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<v Speaker 2>Rick Wildt, CEO of the Dallas Mavericks, joining our Bloomberg

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<v Speaker 2>News Texas buer chief Julie Fine. They are both in Dallas,

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<v Speaker 2>and Tim and I back here at Bloomberg headquarters in

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<v Speaker 2>New York City. Rick, be well, thank you, thank you,