Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Welcome back to the Deal.
Speaker 3: I'm your host, Jason Kelly alongside my partner Alex Rodriguez.
Speaker 3: All right, Alex, you are in Los Angeles. We're recording
Speaker 3: this on Tuesday. You've got a massive game coming up,
Speaker 3: so by the time people hear this, you will either
Speaker 3: be onto the next round or you're gonna have another
Speaker 3: big game coming up. But I have to do a
Speaker 3: beat with you about this game. Over the weekend, I
Speaker 3: watched every minute of it on TV. You were obviously
Speaker 3: there in Minnesota. I gotta say I was watching a
Speaker 3: lot of basketball this weekend. I don't think there was
Speaker 3: an arena that had anything like the.
Speaker 2: Energy that the Target Center did.
Speaker 4: It was a wild weekend in Minnesota, I gotta tell you.
Speaker 4: And our fan base just showed up in the biggest
Speaker 4: way for the biggest games. I mean, back to back.
Speaker 4: It was so fun Friday and Sunday. And I'm not
Speaker 4: saying that just because we won. I mean both games
Speaker 4: honestly could have gone either way. We could be down
Speaker 4: three to one, just like we're up three to one.
Speaker 4: So exciting and a lot of interests in Minnesota.
Speaker 3: Yeah, and so tell me about that interest, because obviously,
Speaker 3: you know, a lot of it is about the matchups.
Speaker 3: People are tuning in in a really meaningful way.
Speaker 2: It sounds like they are.
Speaker 4: And Jason, the thing that jumped off the page for
Speaker 4: me is I had a friend who flew in from
Speaker 4: New York and he needed tickets and there was no
Speaker 4: floor tickets available. He ended up buying one ticket for
Speaker 4: seventeen thousand, five hundred, and then he cut a deal
Speaker 4: with a broker and he got thirty thousand for two games,
Speaker 4: so he paid fifteen for each. And I said, my goodness,
Speaker 4: that's insane.
Speaker 2: In Minneapolis, Minnesota.
Speaker 4: In Minneapolis, yes, they love their basketball and they're hungry.
Speaker 4: And we have a team that's now been together. You know,
Speaker 4: the thing that I've learned in sports is one of
Speaker 4: the most powerful arbitrages is youth and experience with talent.
Speaker 4: And we have three guys that were drafted five years
Speaker 4: ago together in nas reed Jada McDaniels and Anthony Edwards.
Speaker 4: And Anthony Edwards is growing up right in front of America.
Speaker 4: I mean, we've known this in Minneapolis. I think the
Speaker 4: world is getting to see how special this young man is.
Speaker 3: Yeah, it's a big moment for the NBA. I feel
Speaker 3: like these playoffs are just electric if you look across everything.
Speaker 3: I know, we talk about it every week on the show,
Speaker 3: but it continues to be true. All right, So you're
Speaker 3: going to be there. Then you and I are going
Speaker 3: to link up in Miami. We've got a huge week
Speaker 3: coming up for the deal. We are tying it very
Speaker 3: directly to I mean, you live there. I mean you're
Speaker 3: there some of the time. I feel like you're everywhere
Speaker 3: these days. But I spent a lot of time in
Speaker 3: Miami too. But I'm coming down F one weekend. This
Speaker 3: has become something that people just pin on their calendars.
Speaker 3: We're going to catch up with Susie Wolf. She is
Speaker 3: the managing director of F one Academy. She's a force
Speaker 3: to be reckoned with. This is the all female racing
Speaker 3: circuit within F one. Miami is one of the places
Speaker 3: where they run the F one Academy races. There's a
Speaker 3: lot of excitement around that they're premiering a new Netflix
Speaker 3: series all about F one Academy. So I'm just I'm
Speaker 3: so psyched to talk to her.
Speaker 2: And she's really exciting.
Speaker 4: I mean, she's got an incredible story her father was
Speaker 4: in the auto business as well. She recently told me,
Speaker 4: and I know you spent some time with her as well,
Speaker 4: that the first time she got behind the wheel, she
Speaker 4: was two years old.
Speaker 2: Yeah, and at ten she was starting to.
Speaker 4: Kind of drive the gold carts around and she was
Speaker 4: always the only female. And I think you'll hear from
Speaker 4: her like, what are those numbers back then when she
Speaker 4: was ten versus now when she's forty two.
Speaker 3: Yeah, So really excited for that conversation that'll come up
Speaker 3: in a few weeks on your feed, So stay tuned
Speaker 3: for that. The other person we're catching up with down
Speaker 3: to Miami, he lives down there now, Josh Harris.
Speaker 2: What a time to catch up with this.
Speaker 3: Guy, because probably one of the biggest single deals in
Speaker 3: the sports world that's happened in a long time, a
Speaker 3: much anticipated deal for a new stadium in Washington, DC
Speaker 3: announced this week. Josh Harris. I read someone said, Josh
Speaker 3: Harris got done in a very short amount of time.
Speaker 3: What it took in twenty four months, basically what in
Speaker 3: Snyder couldn't get done in twenty four years, which is
Speaker 3: a new stadium for the Washington Commanders.
Speaker 2: This is a massive deal it's a massive deal.
Speaker 4: And that's why these owners are so important, right because
Speaker 4: Josh Harris, who has over three and a half decades
Speaker 4: in private equity with Apollo. You know, the way he
Speaker 4: bought the Sixers deal was a corporate carve out, just
Speaker 4: like his LBO days, and he bought it from Comcast
Speaker 4: at Snyder, who's you know, the legendary at Snyder. And
Speaker 4: you've seen what he's done, such a great job with
Speaker 4: the Sixers and how he's transformed that you know, trust
Speaker 4: the process or it has worked. And now with the Commanders.
Speaker 4: I mean you know this, you went to school right
Speaker 4: down the street, and the political landscape that you have
Speaker 4: to navigate, it takes someone like Josh Harris and his
Speaker 4: ownership group to do such great work in such a
Speaker 4: short period of time.
Speaker 3: Yeah, it's amazing too, and we're going to talk to
Speaker 3: him about this again. That's an episode that'll come up
Speaker 3: in the next few weeks, talk about the fact that
Speaker 3: DC has done two massive deals for stadiums, one with
Speaker 3: Josh Harrison, one with a previous guest on the show,
Speaker 3: Ted Leonsis. So that's what we've got going on this week.
Speaker 3: Coming out today, another really interesting deal maker a new
Speaker 3: team and altogether new team coming onto the scene, Boston Legacy,
Speaker 3: that of course is one of the newest teams coming
Speaker 3: onto the pitch next year for the National Women Soccer League.
Speaker 3: We catch up with the controlling owner there, Jennifer Epstein,
Speaker 3: her family, of course, part of the group that just
Speaker 3: sold the Boston Celtics for a record six point one
Speaker 3: billion dollars. We talked to her about that and about
Speaker 3: what the Legacy is going to mean for one of
Speaker 3: the biggest sports cities in the world.
Speaker 2: That's coming up.
Speaker 3: Hi, everyone, welcome back to the Deal. I'm your host,
Speaker 3: Jason Kelly, alongside my co host and partner Alex Rodriguez.
Speaker 3: So excited to be here today with Jennifer Epstein, the
Speaker 3: controlling owner of the Boston Legacy football Club. She's got
Speaker 3: a long history in sports and we're so excited to
Speaker 3: get into all of it.
Speaker 2: Jennifer, great to be with you.
Speaker 1: Thanks so much for having me. Jason, great to be here,
Speaker 1: Thank you, Alex.
Speaker 2: So we have a lot to talk about.
Speaker 3: We want to talk a little lot about soccer, but
Speaker 3: let's first talk about that banner that is right behind you.
Speaker 3: Twenty twenty four World champion Boston Celtics. It's a moment
Speaker 3: we all remember. Your family was part of the ownership
Speaker 3: group of the Boston Celtics, going back to that two
Speaker 3: thousand and two purchase for what seemed like a crazy
Speaker 3: amount of money at the time three hundred and sixty
Speaker 3: million dollars and obviously the more recent transaction sold for
Speaker 3: six point one billion dollars, a record across the board.
Speaker 3: Tell us about that journey, like what was it like
Speaker 3: to be sort of in it two championships over the
Speaker 3: course of ownership, Like what do you take away from
Speaker 3: that experience.
Speaker 1: I just feel like it was such an honor and
Speaker 1: privilege to be involved with that organization.
Speaker 5: I mean, it starts out.
Speaker 1: I'm a diehard Boston sports fan, grew up in Boston,
Speaker 1: had a real intergenerational connection with my father around sports.
Speaker 5: He's a huge.
Speaker 1: Lover of the game, but is only five foot eight,
Speaker 1: so a career as a player.
Speaker 5: Was not going to happen.
Speaker 1: But in two thousand and two he filled a lifelong
Speaker 1: dream and became a managing partner of the Celtics. And
Speaker 1: Wick Grossbeck, who has led that team, has really just
Speaker 1: built an extraordinary organization.
Speaker 5: You mentioned two championships.
Speaker 1: They've made an incredible impact on and off the court
Speaker 1: and as you said, driven the valuation of that team
Speaker 1: over the past twenty three years, you know, seventeen X
Speaker 1: to you know, an upcoming biggest sports team sale in
Speaker 1: North American history. So there's lots to be inspired by
Speaker 1: in that model. From my vantage point, i'd say, you know,
Speaker 1: it's an organization where from the players and everyone evolved.
Speaker 1: They have bought into this idea that it's team before
Speaker 1: self and you're not always going to win championships, but
Speaker 1: you're going to compete for championships always. And you know,
Speaker 1: it's a team that has always recognized the responsibility to
Speaker 1: have impact both on and off the court. And so
Speaker 1: you know, that's what we're trying to do at Boston Legacy.
Speaker 1: You know, we realize that we have to be fielding
Speaker 1: a team that is competing for championships all the time,
Speaker 1: and you know, we are really also, i think, setting
Speaker 1: a new standard for how sports franchises can connect to
Speaker 1: their community by redefining what a team's commitment to social
Speaker 1: impact really can be. And that's through our public private
Speaker 1: partnership with the City of Boston and the Boston Public
Speaker 1: schools as we renovate a stadium.
Speaker 5: To be our home pitch.
Speaker 4: I guess my question goes back to the Boston Celtics.
Speaker 4: You guys have been part of his ownership now for
Speaker 4: over two decades. When you can receive that call, is
Speaker 4: is there a little bittersweetness? Is it like, eya, we're
Speaker 4: going to make a great return, or is it like, oh,
Speaker 4: we really enjoyed this investment and to be here.
Speaker 2: How do you feel about it?
Speaker 5: So bittersweet?
Speaker 1: At my heart, I'm a fan and I still will
Speaker 1: always be a fan, and I will look forward to,
Speaker 1: you know, going to games for the rest of my life.
Speaker 1: I may not have quite as good seats, but there'll
Speaker 1: be an adjustment just because you.
Speaker 5: Know, I'm a fan.
Speaker 1: But it's also I have relationships with a lot of
Speaker 1: people within that organization and a real respect for them,
Speaker 1: and you know, it will change and I won't have
Speaker 1: that same window to kind of the inner workings of
Speaker 1: that organization.
Speaker 5: So yes, it'll be bittersweet.
Speaker 1: But it's been a phenomenal twenty three years and it's
Speaker 1: taking me to places that I didn't anticipate. I would,
Speaker 1: you know, necessarily go riding the duck boats down Boyleston
Speaker 1: Street with two million fans cheering for the Celtics, I mean,
Speaker 1: you know, and and really helped position me to now
Speaker 1: launch this Club Boston legacy that I hope I will
Speaker 1: also be writing down the Duck Boats celebrating a championship
Speaker 1: with two million fans, where you know there are female
Speaker 1: athletes who are the focus of the celebration.
Speaker 4: So, Jennifer, you mentioned Vick, who's a controlling partner of
Speaker 4: the Boston Celtics and has really done a phenomenal job.
Speaker 4: If you go just fifty thousand feet, what he's done
Speaker 4: with that franchise for over twenty years, two tighters, all
Speaker 4: of that is pretty incredible. But I guess he's also
Speaker 4: one of the most respected governors and revered governors in
Speaker 4: the NBA board, which tells you a lot about who
Speaker 4: he is a character. What lessons can you take for
Speaker 4: him as you embark in your controlling governor in the
Speaker 4: world of soccer.
Speaker 1: I mean, I think he's always had a real respect
Speaker 1: for his partners and a real respect for his players,
Speaker 1: and you know, a real respect for the community and
Speaker 1: his fans, and just you know, everything that he's done
Speaker 1: has really honored that respect. And commitment to the city
Speaker 1: of Boston. In Boston, you know there's a lot of
Speaker 1: pressure here too. We have such a legacy of championships.
Speaker 5: Here in our city.
Speaker 1: How do we show that respect where the stewards really
Speaker 1: have a public asset right as owners of a sports team.
Speaker 1: If we do this correctly, you know, we don't know
Speaker 1: the team. The whole city owns the team, right. And
Speaker 1: these are some of the lessons that I've I take,
Speaker 1: by example, from from Wick.
Speaker 3: You led me exactly where I was hoping we would go, Jennifer,
Speaker 3: which is the Boston of it all. You know, I'm
Speaker 3: here in New York, and you know, I'm sitting virtually
Speaker 3: alongside a New York Yankee, former New York Yankee, who
Speaker 3: may have his own feelings about your sports teams and
Speaker 3: sort of what they've done to other teams over the
Speaker 3: course of the last twenty five years. Especially, you know,
Speaker 3: I mean, I'm watching this, you know, great documentary about
Speaker 3: the Celtics, this great docuseries that Bill Simmons produced.
Speaker 2: It's unbelievable, you know, the history.
Speaker 3: I mean, every time you turn around, there's like this
Speaker 3: other name where you think, even beyond the people that
Speaker 3: we obviously associate with the Celtics. You know, they're more
Speaker 3: who are just so tied to that franchise then, you know,
Speaker 3: than the Patriots, than the Bruins, than the Red Sox.
Speaker 2: Sorry Alex, but like, what is it about the fans?
Speaker 3: What is it about the city that is unique when
Speaker 3: it comes to sports.
Speaker 1: I mean, I love Boston sports fans. I really feel
Speaker 1: like we have the best fans in the country, the
Speaker 1: most passionate. You know, we are we are die hard.
Speaker 1: But what that means is, you know, we are loyal
Speaker 1: I think above all else. So we criticize. I mean,
Speaker 1: we are not always nice. We are not happy when
Speaker 1: the team's not playing well. I mean, you know, but
Speaker 1: but we show up. You know, we show up when
Speaker 1: we're winning, we show up when we're losing, and we
Speaker 1: show up when we're rebuilding.
Speaker 5: You know, it's just you know, for me, you know,
Speaker 5: the joy.
Speaker 1: Of sports is this way that sports can connect communities.
Speaker 1: And that's you know, the athletes on the court, are
Speaker 1: on the field, and it's the fans in the stands.
Speaker 5: You know, you all come from where you come from.
Speaker 1: But you show up and you live and share this
Speaker 1: experience together and then it doesn't really matter so much
Speaker 1: from where you came from. You can just connect and
Speaker 1: you know, I think there's a real appreciation for that
Speaker 1: here in Boston. But there's a real appreciation for winning.
Speaker 1: So pressure's on.
Speaker 4: You are Massachusetts, Boston is basically championship town. I mean,
Speaker 4: you look at the Bruins of Celtics, the Red Sox
Speaker 4: and Patriots. My question, Jennifer is I count around fifty
Speaker 4: five titles somewhere around there, plus or minus. How do
Speaker 4: you cut through that noise now with Boston legacy, Like,
Speaker 4: how do you jump out.
Speaker 2: Of the page.
Speaker 1: So you know, I think our name honors and recognizes
Speaker 1: that legacy that's here in Boston. It's the DNA of
Speaker 1: our club, and we aspire to the standard that other
Speaker 1: Boston teams have set. But we start out, and we've
Speaker 1: talked about some of this already, but we start out
Speaker 1: gathering a lot of information about our fan base. So
Speaker 1: you know, we do have to make our mark, and
Speaker 1: so we do have to have an extremely compelling, exciting
Speaker 1: fan experience. But I think we have the opportunity to capture,
Speaker 1: you know, some fans that haven't necessarily felt included in
Speaker 1: all of our spaces right now in.
Speaker 5: In sports here in Boston.
Speaker 1: So we have the opportunity to get the fans that
Speaker 1: are already going and then some and I really look
Speaker 1: forward to sort of expanding that fan base. But you know,
Speaker 1: Boston fans, they do have a high performance standard and
Speaker 1: we're going to have to meet it from our very
Speaker 1: first kick. Bostonians appreciate great sports, and so we're going
Speaker 1: to have to be relentless competitors in every aspect of
Speaker 1: how we build the club. And I think you know,
Speaker 1: you can see that in our first hire and the
Speaker 1: sporting side of our GM Domeguash from FC Barcelona, one
Speaker 1: of the best women's clubs you know in the world,
Speaker 1: that we are ensuring that we can recruit a highly
Speaker 1: competitive roster. And it's pressure, but we're ready to try
Speaker 1: and meet those expectations and actually maybe turn that pressure
Speaker 1: into really a privilege, right, It's a privilege that we
Speaker 1: can be here in Boston and use the performance of
Speaker 1: our other teams here as an inspiration.
Speaker 2: So, Jennifer, you have a law degree.
Speaker 4: I think that's always a great competitive advantage for someone
Speaker 4: in the position that you're going to embark as controlling
Speaker 4: partner governor. But when it comes to Boston, you also
Speaker 4: have to think about there's a different element, and it's
Speaker 4: harder in Boston.
Speaker 2: It's harder in New York.
Speaker 4: I do believe it's harder in LA in these primary
Speaker 4: markets where the media has such a loud voice and
Speaker 4: such a rabbit fan base. How do you think about
Speaker 4: your role and responsibilities dealing with the media from your position.
Speaker 1: Now, Well, I didn't have a lot of experience, honestly,
Speaker 1: dealing with the media prior to this role. So it's
Speaker 1: new and I'm learning, getting more comfortable appreciating it more.
Speaker 1: When we are launching and announcing the club. In September
Speaker 1: twenty two, twenty three, I had the good fortune to
Speaker 1: sit down with the Boston Globe, you know, a bunch
Speaker 1: of reporters from there, and they asked me, you know,
Speaker 1: we're we want to support women's sports.
Speaker 5: You know what can we do?
Speaker 1: And you know, one of the things I said is, well,
Speaker 1: once we start to play, you're going to have a
Speaker 1: beat reporter at our games, just in the same ways
Speaker 1: that you have one at you know, at the Celtics,
Speaker 1: at the Red Sox, et cetera, et cetera.
Speaker 5: So I think it's building.
Speaker 1: Relationships with the media and you know, making sure that
Speaker 1: they cover the women's teams and the way they cover
Speaker 1: the men's teams. Right, you're seeing such tremendous growth in
Speaker 1: women's sports, and that's partly because of this increase in
Speaker 1: visibility the leagues. In year two of a new media deal,
Speaker 1: we're on four different networks. You know, the value is
Speaker 1: forty x higher. People are starting to actually see the games.
Speaker 1: You know, the product has always been exceptional, but it
Speaker 1: was just hard to find. So I guess it's you know,
Speaker 1: it's our responsibility to make sure that the.
Speaker 5: Media recognizes fans are interested.
Speaker 1: This is world class sports that you're seeing out there,
Speaker 1: and please make sure and cover it.
Speaker 5: And you I don't need to cover it with.
Speaker 1: With kid gloves or like be gentle, you know, cover
Speaker 1: it in the same way, which means critique and promote
Speaker 1: do it all right?
Speaker 3: Well, speaking of critique, there was a lot of criticism
Speaker 3: when you first came out with the original name bost
Speaker 3: Nation and a marketing campaign that many people reacted negatively to.
Speaker 2: To be fair, there were a lot of people who
Speaker 2: liked it.
Speaker 3: As well and loved the cheekiness of saying too many
Speaker 3: balls you ultimately decide to change the name. Take us
Speaker 3: into that process, because that's a deal in its own
Speaker 3: right of making a decision, you know, admitting that, you know,
Speaker 3: maybe you misstep originally, like take us inside those conversations
Speaker 3: with you and your partners.
Speaker 1: So you know, certainly there was a lot of work
Speaker 1: and a lot of excitement before we launched the original name,
Speaker 1: and it was incredibly disappointing because we realized we had
Speaker 1: missed the mark and our biggest error was that in
Speaker 1: our effort to sort of think about the broader Boston ecosystem,
Speaker 1: we had alienated, you know, some of our core fan base.
Speaker 1: That's one of the worst things you could do, right,
Speaker 1: And you know, that process, we had done some testing.
Speaker 5: But we had kept it tighter.
Speaker 1: We were probably overly concerned with confidentiality and trademark issues.
Speaker 1: And so with that hiccup, I will say, well, the
Speaker 1: positive part of that, of course, is that we learned
Speaker 1: how much passion people have for this club.
Speaker 5: Okay, so there was a positive.
Speaker 1: It was a lot of criticism, but there was a
Speaker 1: lot of passion and support. Really, there was support that
Speaker 1: you know, you got to get this right and we're
Speaker 1: going to be there for you. And so we went
Speaker 1: back and we enlarged our testing to encompass you know,
Speaker 1: a much broader base, and you know, we really gathered
Speaker 1: a lot of information about our existing very invested women's
Speaker 1: soccer fan base, the potential fans that will come from
Speaker 1: all over Boston. You know, people knew to women's sports,
Speaker 1: LGBTQ community, Hispanic audiences, and we had all those perspectives
Speaker 1: that we brought together in both you know, with a
Speaker 1: brand advisory group, and we went out and did more
Speaker 1: market research and we tested names and you know, really
Speaker 1: it was the same vision, this vision of championships and
Speaker 1: impact and innovation through soccer through this club in the
Speaker 1: heart of Boston. It was the same vision, but it
Speaker 1: ultimately led to a much better execution and we learned
Speaker 1: a lot.
Speaker 2: Yeah, how did it feel in that moment?
Speaker 3: I mean, were you because as you said, you know,
Speaker 3: you're a person who's been highly successful behind the scenes.
Speaker 3: You're a successful investor, you're a successful entrepreneur. And Alex
Speaker 3: and I were actually talking about this offline that you know,
Speaker 3: being a sports team owner is a different level of scrutiny,
Speaker 3: in a different level of sort of being a public figure.
Speaker 2: So I wonder how you sort of go about adjusting
Speaker 2: to that.
Speaker 1: It's a new experience for me. It is different running
Speaker 1: a sports organization. You know, you said it, there's a
Speaker 1: much higher level of public scrutiny because sports teams at
Speaker 1: their core are community assets, right, so to have people
Speaker 1: criticize it, it means that they're invested in what you
Speaker 1: were doing right And you know, we really truly do
Speaker 1: want to build this club within the fabric of our community,
Speaker 1: but that's hard, and we need to think really hard
Speaker 1: about what makes up our community and be appreciative and
Speaker 1: realize when we make mistakes. So it was incredibly disappointing.
Speaker 1: But you know, you mentioned also that I'm an investor,
Speaker 1: which I am, and one of the things that I
Speaker 1: look for in a founder because you know, I haven't
Speaker 1: done very precede you know, early stage investing, and it's
Speaker 1: hard to really make some of those decisions based on
Speaker 1: a lot of metrics, a lot of data, because it's
Speaker 1: not really there yet. But what I really love to
Speaker 1: see and invest is an investor who's nimble because you're
Speaker 1: going to.
Speaker 5: Face obstacles and you're going to make mistakes.
Speaker 1: And that's what happened to us, and as long as
Speaker 1: you're able to react and pivot, that's when you really learn,
Speaker 1: and that's when you are on the path to greater success.
Speaker 5: You know.
Speaker 2: It's interesting, Jennifer.
Speaker 3: You know I got a chance to meet to you
Speaker 3: when you guys are first launching this and alongside your
Speaker 3: partner Stephanie Conneton, Amy Danoff and Anna Palmer. It's such
Speaker 3: a fascinating group of people who sort of came together
Speaker 3: from different parts of the business and investing world. I
Speaker 3: want you to talk a little bit about them and
Speaker 3: sort of how you guys came together, and then I
Speaker 3: would love to talk a little bit about even what's
Speaker 3: happened in those intervening couple of years when it comes
Speaker 3: to the business of soccer. But tell us a little
Speaker 3: bit about how the four of you came together.
Speaker 1: I'm glad you mentioned my co founders because this is
Speaker 1: a collective vision. It's certainly not a vision of just
Speaker 1: my own, and I would not be here speaking to
Speaker 1: you without the support of all of my partners behind
Speaker 1: I mean, but particularly my three co founders. We didn't
Speaker 1: all know each other really well before we came together
Speaker 1: for this project, but we were all investing. We had
Speaker 1: a connection around investing in female founders and diverse founding teams,
Speaker 1: sort of recognizing that, you know, a plurality of voices
Speaker 1: around the table is really what leads to long term ROI.
Speaker 5: You know, it's not just the right.
Speaker 1: Way to do business, it leads to better business. And
Speaker 1: you know, we were all sports fans. My partner and
Speaker 1: I was a diehard soccer fan. She's a venture capitalist,
Speaker 1: but she's from the supporter culture. And my partner, Amy,
Speaker 1: who runs the Women's Foundation of Boston, has been you know,
Speaker 1: thinking about women and girls in the city of Boston
Speaker 1: and how to you know, how ventures can really impact
Speaker 1: and promote growth there. And my partner Stephanie is a marketer,
Speaker 1: so she was at Gillette, one of the real brains
Speaker 1: behind the venus or so it was thinking about how
Speaker 1: you can take a product and market you know, it's
Speaker 1: really pretty much the same product, right, but to a
Speaker 1: corror demographic. So we all brought experience in different relevant sectors.
Speaker 1: We see this as not just an opportunity to have
Speaker 1: generational impact in the city of Boston, but we see
Speaker 1: this as a good investment.
Speaker 5: You know, we're pursuing this for both reasons.
Speaker 1: I think we all learned of the opportunity and barely
Speaker 1: skipped to Pete before we just jumped in, you know,
Speaker 1: recognizing this was this was the moment to enter women's sports.
Speaker 3: I mean, Jennifer, one of the most interesting things when
Speaker 3: you think about your founding team as investors is how
Speaker 3: good an investment this already is when you look at
Speaker 3: where valuations have gone. So walk us through where soccer was,
Speaker 3: where women's soccer was, where it was when you came in,
Speaker 3: and now where it is today.
Speaker 1: You know, when we were pitching this to our partners
Speaker 1: into the league, it was twenty twenty two, so the
Speaker 1: league was looking ahead towards their next media deal, which
Speaker 1: you know now is forty x higher and you know,
Speaker 1: on four different networks. But there was a lot of
Speaker 1: optimism around that. Angel City and San Diego Wave had
Speaker 1: just begun play. San Diego Wave brought in thirty two
Speaker 1: thousand people to their home opener, and Angel City was
Speaker 1: consistently selling out Bemost Stadium at nineteen thousand fans, and
Speaker 1: CPKC had just announced they were going to build the
Speaker 1: first purpose built stadium for a pro women's team in
Speaker 1: the world. So you know what you were seeing is
Speaker 1: that fans were showing up, and there was optimism around
Speaker 1: potential for new media deal to broad invisibility, and owners
Speaker 1: were investing in their clubs. These metrics were giving them
Speaker 1: confidence to do so, and when we jumped in, it
Speaker 1: was I mean, what a time to jump in. Expansion
Speaker 1: fees prior to us were two to five million dollars.
Speaker 1: We got in at the same time as the Bay
Speaker 1: We paid fifty three and now Denver has just entered
Speaker 1: the league and they paid one hundred and ten. So
Speaker 1: I think we were correct in assessing the opportunity.
Speaker 5: I mean, it's a long game.
Speaker 1: We're in it for the long game, but it's an
Speaker 1: upward trajectory on the rise.
Speaker 5: We're excited.
Speaker 4: So, Jennifer, that is tremendous growth in a very short
Speaker 4: period of time, within five years, to go from two
Speaker 4: to five to fifty three to now Denver.
Speaker 2: One to ten.
Speaker 4: I'm just curious because when you talk to some of
Speaker 4: your limited partners and you say the number is going
Speaker 4: to be fifty three, I'm sure there's a few that go, oh,
Speaker 4: that's so expensive, Jennifer, is not two to five a
Speaker 4: win a bubble? And then my question is that that happened,
Speaker 4: and the follow up is when Denver happens at one ten,
Speaker 4: do you pick up the phone and say, I told
Speaker 4: you we bought a good price. How does that go?
Speaker 4: It certainly has to make you feel good. That is
Speaker 4: two x in less than two years.
Speaker 1: It feels good, But it's really premature to take a
Speaker 1: victory lap.
Speaker 5: I think, you know, it certainly was what we hope
Speaker 5: to see.
Speaker 1: But you know, we got a lot to do before
Speaker 1: we get out for our first game. So you know,
Speaker 1: we have to finish the rejuvenation of White Stadium. We're
Speaker 1: building a elite performance facility for our club with the
Speaker 1: hope that in a second phase it'll grow to be
Speaker 1: a sports hub for youth sports. We got to build
Speaker 1: a roster. We have a lot to do. We got
Speaker 1: to finish rounding out the brand. We're launching our Crests
Speaker 1: in early summer. So it's too early for a victory lap,
Speaker 1: but we were certainly excited to see that growth in
Speaker 1: that short of a period of time, and we expected
Speaker 1: to continue as the league continues to expand.
Speaker 4: Yeah, I think that's a little bit of an untold
Speaker 4: tale on you know, once you get the keys handed
Speaker 4: to you, how much work there is under that hood
Speaker 4: and its three sixty five twenty four seven, and the
Speaker 4: busiest time is probably your off season.
Speaker 2: I'm sure you've seen that.
Speaker 4: But when you say there's a lot of work to do,
Speaker 4: what are maybe one or two things you can share
Speaker 4: with us that keep you up at night.
Speaker 1: I don't sleep really well these days. There's there's a
Speaker 1: lot that keeps me up at night that makes me excited. Yeah,
Speaker 1: I am really excited, But there is you know, there's
Speaker 1: stressing the amount that we have to accomplish to do
Speaker 1: this really well and have a really successful launch. And
Speaker 1: I believe we have you know, all the reasons that
Speaker 1: we can do that, and you know, all the ingredients
Speaker 1: are there, but we still have some key senior hires
Speaker 1: to make We have some phenomenal people. We've recently, in
Speaker 1: the past couple of months, hired our Chief revenue Officer,
Speaker 1: Amina Bowman. She came from the Commanders, it was in
Speaker 1: the NFL, and she's recently hired our VP of Ticketing,
Speaker 1: who also comes from the NFL. My chief of staff,
Speaker 1: my chief legal counselor. She's been with me since virtually
Speaker 1: day one. Kim Minor, she came from Baseball, actually worked
Speaker 1: for the Red Sox and then helped launch the Woo
Speaker 1: Socks and build Polar Park in Worcester.
Speaker 5: We've just hired ahead of people. We've just hired a
Speaker 5: creative director.
Speaker 1: You know, every day there's a new hire because you know,
Speaker 1: we're going to require exceptional talent to launch this club
Speaker 1: in the way that we want to do that. And then,
Speaker 1: of course it'll be the really exciting part when we
Speaker 1: actually get to announce players and they're interviewing final rounds
Speaker 1: for head coach and have a lot of interest with
Speaker 1: respect to players, and I expect some announcements there really
Speaker 1: soon as well.
Speaker 5: So these are the things that keep me up at night.
Speaker 5: But these are the.
Speaker 1: Things that are you know, all really exciting, and just
Speaker 1: the to do list is long.
Speaker 3: One thing that I did want to ask you, Jennifer
Speaker 3: before we got to that is, you know, we've had
Speaker 3: Jessica Berman, the and WSL commissioner on this show.
Speaker 2: Just recently. Brandy Chastain has been on the show.
Speaker 3: We've got an upcoming episode with Melody Hobson. Jess Gelman
Speaker 3: has been on this program. Carolyn Tish Blodgett was also
Speaker 3: in the show. So We've talked to a lot of
Speaker 3: folks who've been involved in this sport. One of the
Speaker 3: things that strikes me is is, you know, without guessing
Speaker 3: everybody up too much, it's really interesting to see the
Speaker 3: level of expertise and the level candidly of intensity that's
Speaker 3: happening on this board of governors.
Speaker 2: So what is that board like and how would you
Speaker 2: characterize it?
Speaker 3: Again as someone who you know, you've been on investment committees,
Speaker 3: you've been an investor, You've been involved in you know,
Speaker 3: philanthropic work and entrepreneurial work, Like, what's the tone right
Speaker 3: now among the governors?
Speaker 5: You know, there are a lot of new owners.
Speaker 1: There's a lot of savvy investors who've recognized that the NWSL,
Speaker 1: should we be strategic, you know, has every ability to
Speaker 1: be the best league in the world in the sport.
Speaker 1: We have owners that have come from Major League Baseball,
Speaker 1: from the NFL, will Obey and Bob Iger from Disney
Speaker 1: just you know, in the past year or so acquired
Speaker 1: the controller stake in Angel City. We have the Bethal
Speaker 1: family who comes, you know, also from the NBA and
Speaker 1: not only purchase the Thorns, but recently expanded into the
Speaker 1: WNBA as well. So we have a lot of investors
Speaker 1: that recognize the potential for growth in the NWSL specifically,
Speaker 1: And I mean, this is what it's exciting to be
Speaker 1: on that board right now, because we are building the
Speaker 1: plane as we fly it in many respects, and it
Speaker 1: is still a relatively young league. We have a strong
Speaker 1: commissioner in Jessica Berman, but it's going to require, you know,
Speaker 1: the right decisions to retain and attract the world's best
Speaker 1: players here in our country and to keep having the
Speaker 1: fans show up. I mean, there are some stadiums that
Speaker 1: are selling out and there's some stadiums that aren't doing
Speaker 1: as well. So, you know, how do we make sure
Speaker 1: that fans understand the exceptional product that is out in
Speaker 1: the field. How do we market the brand, how do
Speaker 1: we you know, get the media properties to continue to
Speaker 1: be alongside us and in the next two years, actually
Speaker 1: grow that media deal to take us to the next chapter.
Speaker 1: I mean, it's one of the you know, exciting things
Speaker 1: I think about Boston joining the league. You know, we
Speaker 1: are also a top ten media market. We're a city
Speaker 1: of champions, and you know, I like to say there's
Speaker 1: no league complete without Boston, and I think, and I
Speaker 1: hope that's what they recognize when they decided to believe
Speaker 1: in our vision.
Speaker 2: I do think to editorialize.
Speaker 3: I mean, this is one of the most interesting spaces
Speaker 3: in sports right now because of all the things we've
Speaker 3: been talking about, all the new entrants, all the investment.
Speaker 3: The growth rate that we're seeing, I think is really
Speaker 3: interesting general. So let's go to the lightning round really quick.
Speaker 3: I'm going to start.
Speaker 5: You know, I don't know if I'm good at a
Speaker 5: lightning round.
Speaker 2: You're gonna do great, You're gonna do great. All right,
Speaker 2: here we go.
Speaker 3: What's the best piece of advice you been given on
Speaker 3: deal making your business?
Speaker 5: Don't be afraid to go after opportunity.
Speaker 2: Who's your dream deal making partner?
Speaker 1: I mean, how can I not say my three co founders,
Speaker 1: Amy Kwan, dan Off, Stephanie Connatton, and Anna Palmer.
Speaker 2: All right, what's the most nervous you've ever been?
Speaker 4: Now?
Speaker 5: Going there?
Speaker 1: I'm right, I mean, now when I'm in a lightning
Speaker 1: rod with Jason and Alex Rodriguez, and I don't have
Speaker 1: the right answer to the question. No, I'd probably say,
Speaker 1: you know, when we traveled to New York and we
Speaker 1: went in front of of the League and the expansion
Speaker 1: committee to show them what.
Speaker 5: Our vision was in Boston and pitch our bid.
Speaker 4: What's your hype song before a big meeting or negotiation?
Speaker 5: Beyonce, who Run the World?
Speaker 2: I love it all right?
Speaker 3: What's your advice for someone listening who what's a career
Speaker 3: like yours?
Speaker 1: Recognize that it's often a long game, and that there
Speaker 1: are different chapters to a career, and they all lead
Speaker 1: to something, and each chapter may not be as fulfilling
Speaker 1: as the one that comes after it. But if you
Speaker 1: work really hard and you recognize and take advantage of
Speaker 1: every opportunity that comes your way, you know you're gonna
Speaker 1: achieve what you want to achieve.
Speaker 5: I mean, honestly, I actually.
Speaker 1: If you had asked me when I was in my
Speaker 1: twenties if I was going to be where I am
Speaker 1: right now, I would never have been able to tell
Speaker 1: you that. I have had different chapters of my career.
Speaker 1: I was a lawyer, I launched a hospitality business and
Speaker 1: open restaurants in the Boston area. I'm an investor, and
Speaker 1: now I'm doing something that I think I have never
Speaker 1: been more passionate about. So stay the course. They'll get there.
Speaker 2: All right, Well, that was great. Thank you so much,
Speaker 2: Jennifer Epstein.
Speaker 3: She is the controlling manager of the Boston Legacy Football
Speaker 3: Club and WSL team taking the pitch next season. A
Speaker 3: lot of work to do, as she said, doing now
Speaker 3: and then. Really fun to spend some time with you.
Speaker 3: Thank you so much, Thank you, Jennifer, Thank you.
Speaker 1: So much for having me. It was lots of fun.
Speaker 1: Thank you very much.
Speaker 2: Good luck.
Speaker 3: The Deal is hosted by Alex Rodriguez and me Jason Kelly.
Speaker 3: This episode was made by Anamazarakus, Stacey Wong, and Lizzie Phillip.
Speaker 3: Amy Keen is our editor and Will Connelly is our
Speaker 3: video editor. Our theme music is made by Blake Maples.
Speaker 3: Our executive producers are Kelly Leferrier, Ashley Hoenig, and Brendan
Speaker 3: neonham Sage Bauman is the head of Bloomberg Podcast. Additional
Speaker 3: support from Rachel Carnivale and Elena Los Angeles. Thanks so
Speaker 3: much for listening to the Deal. If you have a minute, subscribe,
Speaker 3: rate and review our show. It'll help other listeners find us.
Speaker 3: I'm Jason Kelly.
Speaker 2: See you next week.