WEBVTT - US Alpine Ski Team Chasing Records

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<v Speaker 1>This is the Bloomberg Business of Sports show. We explored

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<v Speaker 1>the big money issues in the world of sports on

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<v Speaker 1>Michael Barn I'm Scarlett fou on the show. Today we

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<v Speaker 1>welcome Ron Kruschowski. He is chairman and CEO of ste

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<v Speaker 1>Full Financial Corporation, which late last year became the title

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<v Speaker 1>sponsor of the US Alpine Ski team. And turns out

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<v Speaker 1>they struck that deal right on time because the team

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<v Speaker 1>is led by Michaela Schiffrin, who recently broke the record

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<v Speaker 1>for most World Cup wins by a woman with three.

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<v Speaker 1>There it is the final guft but let you get

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<v Speaker 1>that Kaela Schiffred victory number eighty three. That was Schiffen's

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<v Speaker 1>when captured by a very excited NBC Sports. Steples deal

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<v Speaker 1>with the US Alpine Ski team includes a special financial

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<v Speaker 1>education program for the athletes as well, and we'll dive

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<v Speaker 1>into all of that and more with Ron Schukovsky. He

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<v Speaker 1>is with the show right now with the Bloomberg Business

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<v Speaker 1>of Sports Round. Welcome to the show. I'm pleased to

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<v Speaker 1>join you. We got to bring this up, Tom Brady.

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<v Speaker 1>We talked about a guy who's made a fistfull of cash. Uh.

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<v Speaker 1>He is officially retiring and he says this time is yeah,

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<v Speaker 1>it says this is for good this time now this

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<v Speaker 1>is According to the database spot track, Brady has earned

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<v Speaker 1>more than three two million dollars twenty three seasons in

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<v Speaker 1>the NFL. He has endorsement deals with under Armor and

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<v Speaker 1>Hurts among other big brands. Forgot. I mean, it's huge.

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<v Speaker 1>So so when can the skiers get in on all

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<v Speaker 1>this and get all this endorsement stuff? You know that

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<v Speaker 1>That's a great question. And I think that what it

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<v Speaker 1>comes to is at the United States, one of the

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<v Speaker 1>obviously the biggest market in the world and one of

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<v Speaker 1>the biggest sports markets in the world, um comes to

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<v Speaker 1>understand and appreciate the alpine skiing, uh, you know, as

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<v Speaker 1>they that they do football. Maybe not quite that. I'll

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<v Speaker 1>give you an example of World Championships are gonna be

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<v Speaker 1>starting in Courseable France, and I was looking at some

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<v Speaker 1>numbers you don't talk the business of sports, and approximately

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<v Speaker 1>the estimates are about four million Americans will watch it, uh,

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<v Speaker 1>you know, and delayed or or streaming uh in Germany

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<v Speaker 1>ten times that amount ten times. So I think that

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<v Speaker 1>when your listeners understand and maybe some of them do them,

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<v Speaker 1>some of them, don't MICHAELA Shipwrin is the goat. The goat.

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<v Speaker 1>She is one win away from the all time record,

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<v Speaker 1>which you think of our stem mark of eighties six

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<v Speaker 1>wins and she's twenty seven years old. It's incredible. And

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<v Speaker 1>and for us talk about catching lightning in a bottle.

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<v Speaker 1>We we signed the steal last year. No one thought

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<v Speaker 1>she'd have this kind of year. Maybe I did, but

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<v Speaker 1>maybe that's about it. Pretty incredible timing um definitely given

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<v Speaker 1>uh what she has been able to do, not just

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<v Speaker 1>of late, but throughout her career. And Stephile also has

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<v Speaker 1>sponsorship agreements with the St. Louis Blues, which of course

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<v Speaker 1>plays in your hometown. Uh there, you're the official jersey

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<v Speaker 1>sponsor and several PJA golfers, and are also the presenting

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<v Speaker 1>sponsor of the Hoskins and Antako Awards, which recognize the

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<v Speaker 1>USS top collegiate golfers. Can you talk a little bit

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<v Speaker 1>overall about the strategy behind why steeple is aligning so

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<v Speaker 1>closely with athletes and with sports. Well, first of all,

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<v Speaker 1>I give my own little bit of marketing line here

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<v Speaker 1>with steeple Um. What we say is that we're an

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<v Speaker 1>organization where success meets success. So if UM we want,

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<v Speaker 1>we want to be aligned with successful people, and athletes

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<v Speaker 1>are the you know, the most obvious example of success,

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<v Speaker 1>whether whether you're Tom Brady or MICHAELA Schiffrin or frankly

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<v Speaker 1>a young collegiate golfer that's gonna be the next Tiger

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<v Speaker 1>Woods or you know, the next athlete. So we see

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<v Speaker 1>UH sports and especially individual sports like golf and skiing

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<v Speaker 1>as epitomizing the values and core beliefs that we embrace

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<v Speaker 1>as a as a company. So it's rather it's a

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<v Speaker 1>rather easy um uh connection for us. But it's interesting

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<v Speaker 1>that you say individual athletes as opposed to team sports.

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<v Speaker 1>Can you expand on that? Well, I think, look, there's

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<v Speaker 1>no Eyeon team as as people like to say, and

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<v Speaker 1>U we UH team sports do not have from a

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<v Speaker 1>from a marketing perspective, UH necessarily the same ability to

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<v Speaker 1>identify with success or even success and failure. You know,

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<v Speaker 1>one of the great stories about MICHAELA, even though she's

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<v Speaker 1>the greatest of all time, where she did not have

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<v Speaker 1>UM a stellar Olympics to say the least. And I've

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<v Speaker 1>talked to her about that and and how what she

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<v Speaker 1>talks about in a view listen to her, you will

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<v Speaker 1>see that even the greatest have failures. Um, and you

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<v Speaker 1>know Michael Jordan's said, you know how many shots he

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<v Speaker 1>missed in his career, and yet you know he always

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<v Speaker 1>wanted to have the last shot. And I'm sure Tom

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<v Speaker 1>Brady you know, has stories of his failures. Uh. So

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<v Speaker 1>individuals are easier to relate to. Teams are important, but

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<v Speaker 1>don't have an individual component that we that we value.

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<v Speaker 1>That said, we're a big sponsor of the Blues as

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<v Speaker 1>a team. You mentioned that you need to have the

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<v Speaker 1>skills and traits required to be a top athlete, and

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<v Speaker 1>it has to mirror what it takes to be a

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<v Speaker 1>successful investor. In other words, to coin my father's words,

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<v Speaker 1>don't be a knucklehead? What do you do to to

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<v Speaker 1>what are what are the skills to be a top

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<v Speaker 1>investor if you are a top athlete, Well, you know,

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<v Speaker 1>look it's it's uh, it's skill. You need perseverance, you know,

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<v Speaker 1>especially in investing. If you if you just become emotional

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<v Speaker 1>with the markets, you're you're gonna what your dad say,

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<v Speaker 1>be a knucklehead. You'll be You'll be a knucklehead if

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<v Speaker 1>if you do that and and uh of course, what

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<v Speaker 1>we what we do, and every great athlete you know,

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<v Speaker 1>has a support system, and what we want to do

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<v Speaker 1>for our clients has provide a support system, you know,

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<v Speaker 1>not necessarily for athletic prownness, but for savings and retirement

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<v Speaker 1>and financial advice, prounness, and so the qualities that it

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<v Speaker 1>takes skill, dedication, perseverance to be a great athlete, we

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<v Speaker 1>believe those skills are needed to be a great investor

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<v Speaker 1>and not be a knucklehead. I like that, actually, I

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<v Speaker 1>like your dad. So talk a little bit about what

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<v Speaker 1>your strategy or what you're thinking is in terms of

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<v Speaker 1>further expanding into the sports world. You articulated, um, the

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<v Speaker 1>value of individual athletes as opposed to an entire team.

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<v Speaker 1>Really looking to identify the traits and individuals that your customers,

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<v Speaker 1>that your customer based UH might be able to relate to.

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<v Speaker 1>Where do you see CELS involvement in the sports world

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<v Speaker 1>expanding to Well, you know, I think my board probably

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<v Speaker 1>thinks I've done a fair amount here. I'm not. I mean,

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<v Speaker 1>you know again, we do. We're involved in college golf, UM,

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<v Speaker 1>we're involved on the on the pro level of golf.

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<v Speaker 1>Were involved with hockey, UM, we we do UM, you know,

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<v Speaker 1>we do the l A Bowl. Um, that's more branding

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<v Speaker 1>for us, and of course, UM, the USK team uh

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<v Speaker 1>and the individuals on the USK team. So at this point,

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<v Speaker 1>you know, I know this is the you know, the

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<v Speaker 1>business of sports here. I think I think my plates

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<v Speaker 1>kind of full right now in terms of what we're doing. Now,

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<v Speaker 1>I'm gonna ask a silly question because you mentioned about golfers, uh,

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<v Speaker 1>and you are the presenting sponsor of the Haskins and

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<v Speaker 1>Anika Awards. If I'm saying that right, I'm assuming we're

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<v Speaker 1>talking about Annika Sorenstam. Absolutely, the Haskins Award is for

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<v Speaker 1>the best male collegiate golfer voted by their peers and coaches,

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<v Speaker 1>and the Anika is the is the correlation for the women.

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<v Speaker 1>What does it take? Because you got your your hands

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<v Speaker 1>in a lot here, a lot of great sports. It

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<v Speaker 1>you must be stretched to the limit because you know,

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<v Speaker 1>you've got top athletes all over the place, UH, and

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<v Speaker 1>you've got you've got a good map of what it

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<v Speaker 1>takes to help these athletes bring in sponsorships and bring

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<v Speaker 1>in more sponsorships and more sponsorships. What do you tell them? Yeah,

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<v Speaker 1>you know that the athletes we want to be themselves. Okay,

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<v Speaker 1>we like, uh, you know, we obviously want them to

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<v Speaker 1>be good, you know, citizens and good good for their community.

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<v Speaker 1>What then they are, you know, and that's that's what

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<v Speaker 1>we we want to see. Take college golf for example,

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<v Speaker 1>Just think about it. You've got kids that carry their

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<v Speaker 1>own bags. You know, they're they're not making the money

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<v Speaker 1>yet they golf, the sport where you keep your own score,

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<v Speaker 1>your call, your penalties on yourself. You know, all of

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<v Speaker 1>these moral um qualities that we value. So they you know,

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<v Speaker 1>they always say to me, you know, what do you

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<v Speaker 1>want me to do to UM, to sponsor or to

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<v Speaker 1>promote stiful And my answer is, I will just be

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<v Speaker 1>in your back light. You be good, and I get

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<v Speaker 1>to associate with you, and when you're good, I get

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<v Speaker 1>the I get the back light, which I like the

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<v Speaker 1>halo effect. Right there you go, Ron, I want to

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<v Speaker 1>we can't let you go without getting your take on

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<v Speaker 1>the overall economy. But I want to hear about your

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<v Speaker 1>view on the overall economy through the prism of what's

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<v Speaker 1>going on in sports and sports rights. UM. People talk

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<v Speaker 1>about live sports as its own asset class, or at

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<v Speaker 1>least sports adjacent assets as their own asset class, because

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<v Speaker 1>it's not correlated with the equity market the bond market

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<v Speaker 1>in the same way that other traditional securities are. We've

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<v Speaker 1>seen how sports rights values have just continued to climb,

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<v Speaker 1>and the NBA TV rights, I'm sure we'll fetch a

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<v Speaker 1>record amounts of money after the um current contract ends.

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<v Speaker 1>How do you look at, uh, these values of teams,

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<v Speaker 1>evaluations of teams and the sports rights in the current environment,

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<v Speaker 1>when we are facing a slowing economy, possibly a recession,

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<v Speaker 1>certainly tough times for the rest of this year, maybe

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<v Speaker 1>into next year. That's a great question, and you know

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<v Speaker 1>you got it. Let's go back a few years to

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<v Speaker 1>try to answer the question, because um, you obviously could.

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<v Speaker 1>I I would sit there and go it's crazy. I mean,

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<v Speaker 1>we look at what the sports franchise are trading for,

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<v Speaker 1>whether it was Phoenix or Denver in football or basketball

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<v Speaker 1>in the television rights, and you would sit there and say,

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<v Speaker 1>this is crazy. But ten years ago I said it

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<v Speaker 1>was crazy, you know when they when you would see

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<v Speaker 1>what franchises are these rights would trade for. I think

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<v Speaker 1>what it is is the reason that we are in

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<v Speaker 1>the business of of associating with sports, and that is

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<v Speaker 1>it is you know, it's American, it's competitiveness, and the

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<v Speaker 1>consumer likes that they like watching these athletes, they relate,

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<v Speaker 1>and therefore the value just skyrockets. And I think the

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<v Speaker 1>pandemic actually, you know, increase the value because it's just um,

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<v Speaker 1>it's it's what people like to do and it makes

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<v Speaker 1>it makes you feel good. Uh. And so any any

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<v Speaker 1>business that you do where you were, you know, the

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<v Speaker 1>clients or the consumer walks out feeling good, that's a

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<v Speaker 1>valuable business. That's what's going on in sports. I want

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<v Speaker 1>to brag on you before we let you go, if

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<v Speaker 1>you want. In twenty nineteen, the Horatio Algier Award UH

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<v Speaker 1>selected for membership in the Algier Association of Distinguished Americans,

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<v Speaker 1>which honors individuals who have overcome adversity to achieve success

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<v Speaker 1>and who have demonstrated commitment to higher education and charitable endeavors.

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<v Speaker 1>Can you tell us about the adversity you had to

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<v Speaker 1>go through to win that award? You know, first of all,

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<v Speaker 1>that was very nice of you to mention that it

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<v Speaker 1>was one of the greatest honors of my life, let

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<v Speaker 1>alone career. UM. Yet in some ways, my adversity, which

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<v Speaker 1>was simply, you know, coming from a family where I

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<v Speaker 1>was the first to go to college and uh and

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<v Speaker 1>you know then in the university if you will, about

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<v Speaker 1>you know, climbing through that today you know, having the

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<v Speaker 1>fortunate being the CEO of a great public company. UM.

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<v Speaker 1>But I have to say, when you look at Horatial

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<v Speaker 1>Alger and you talk about real adversity, which is broken families,

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<v Speaker 1>potential of drugs, I don't hold a candle to that. Not.

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<v Speaker 1>I just want to say that, I mean I do

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<v Speaker 1>feel that, you know, I'm maybe a pretty good success story. UM.

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<v Speaker 1>And I appreciate you bringing that up. But some of

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<v Speaker 1>these stories are amazing and and to to my fellow

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<v Speaker 1>Horatial Alger and what we support is education to help

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<v Speaker 1>people achieve success. So I got a lot of future

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<v Speaker 1>clients that are that are in the educational system for

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<v Speaker 1>Horacial Alger and that that kind of warms my heart.

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<v Speaker 1>Ron Kaschowski, I know him now. He's the chairman and

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<v Speaker 1>CEO of Stephile Financial Corporation. You are so kind to

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<v Speaker 1>join us, Ron, thank you for so much for joining

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<v Speaker 1>us here on the Bloomberry Business of sports. My pleasure,

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<v Speaker 1>my pleasure, thank you. This is the business of sports podcast.

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<v Speaker 1>I'm Michael Barr, along with Scarlet Food By the Way,

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<v Speaker 1>We miss You, Nami and Sassaur Got You is here

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<v Speaker 1>each and every Monday, Wednesday and Thursday exploring the world

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<v Speaker 1>of money in sports and catch me on Twitter at

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<v Speaker 1>Big Bar Sports. I don't think Damien misses us. He's

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<v Speaker 1>somewhere warm and sunny by the beach for for work

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<v Speaker 1>on assignment, on assignment, so he says. I'm reachable on

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<v Speaker 1>Twitter at Scarlett f. You're listening to Bloomberg Business of

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<v Speaker 1>Sports on Bloomberg Radio around the world.