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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: David Rubinstein joins us here.

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Speaker 3: He is a co founder and co chairman of the

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Speaker 3: Carlisle Group, an owner of the Baltimore Orioles as well

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Speaker 3: as Cal Ripkin Junior, talking about those O's Baseball Hall

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Speaker 3: of Famer, founder and partner of Ripken Baseball. Gentlemen, thanks

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Speaker 3: so much for joining us here. We've got a lot

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Speaker 3: of sports people running around. We were talking about women's basketball,

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Speaker 3: women's soccer. Let's talk a little bit of Major League baseball.

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Speaker 3: You guys are up a game in the win Colm

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Speaker 3: on my Yankees, and it's going to be a great

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Speaker 3: last few weeks of the year.

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Speaker 2: David, I want to start with you here. You own

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Speaker 2: the Orioles. Here, What are you doing? Why are you

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Speaker 2: buying a sports franchise?

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Speaker 4: Well, in this case, I grew up in Baltimore and

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Speaker 4: I wanted to give back to Baltimore a bit, and

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Speaker 4: I thought the team could maybe use rejuvenation in some way,

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Speaker 4: and it's part of rebirth of Baltimore. Baltimore is trying

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Speaker 4: to rebuild itself in many ways from some of the

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Speaker 4: struggles it's had. I thought a new ownership group would

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Speaker 4: probably be helpful. So I did it for that reason,

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Speaker 4: And obviously I hope to make my as well from

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Speaker 4: myself and my investors, but it's more of a philanthropic

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Speaker 4: thing on my part than anything else.

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Speaker 3: And Alex he's got a few partners there, including mister

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Speaker 3: Bloomberg who owns this radio program.

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Speaker 2: Ah, how about that? How about that? About secular for us?

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Speaker 3: The exact ca all comes back together. Cal talk to

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Speaker 3: us about the Orioles. Boy, Man, I'm a Yankee Finn

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Speaker 3: so I'm looking at them every day.

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Speaker 2: Man, they look good. Tell us about this team.

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Speaker 1: It's an exciting young team to watch, talent all over

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Speaker 1: the place. We've had little problems with injuries and our

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Speaker 1: pitching staff, but when you have a deeper minor league system,

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Speaker 1: sometimes when somebody gets hurt, you can it's an opportunity

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Speaker 1: for someone else. So they're playing really well. And it's

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Speaker 1: interesting when many owners come in to buy a team,

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Speaker 1: the thing they have to fix is what's happening on

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Speaker 1: the field. In our particular case, that's the best part

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Speaker 1: about the investment is that Michaelias has done a really

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Speaker 1: good job of creating an environment of culture that knows

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Speaker 1: how to win knows how to play, and he's put

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Speaker 1: talent in the system. So the good part is you

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Speaker 1: just take your hands off of and say just keep

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Speaker 1: going and hopefully the luck factor with David will in

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Speaker 1: the very first year will take that all the way

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Speaker 1: to the World Series.

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Speaker 5: That's a really dumb question. Yes, why is investing in

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Speaker 5: sports like a good business? And I say that because

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Speaker 5: at some point we're going to reach the top, right, Like,

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Speaker 5: there's so much money coming in.

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Speaker 2: How do you know that?

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Speaker 4: Well, over the last ten or fifteen years, it's been

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Speaker 4: very difficult for somebody to buy a major league professional

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Speaker 4: sport operation and lose money. People have made staggering sums. Now,

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Speaker 4: of course that tends to track more money, and as

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Speaker 4: you suggest, at some point there's always a peak. But

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Speaker 4: right now, the interest in sports is so dynamic that

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Speaker 4: the live television despite your view and my view that

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Speaker 4: live television should focus on interview shows, actually it focuses

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Speaker 4: on live sports, and live sports is what's keeping television

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Speaker 4: alive really. So if you take a look at the NFL,

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Speaker 4: for example, I think of the of the fifty most

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Speaker 4: watched television shows last year, forty five of them were

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Speaker 4: NFL games and now baseball sees a lot of people

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Speaker 4: as a lot of people watching as well, so there's

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Speaker 4: a view that the positive population increases and as other

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Speaker 4: things seem to be less attractive, sports is still very,

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Speaker 4: very attractive, and so the TV contracts are going up

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Speaker 4: and as a result, for example, the NBA just negotiated

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Speaker 4: seventy seven billion dollars worth of contracts. It's expected in

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Speaker 4: two years that the NFL will top that number. So

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Speaker 4: that's what is driving. And also it's a global phenomenon

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Speaker 4: that people now are buying sports teams, not only in

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Speaker 4: their own country but everywhere in the world, and so

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Speaker 4: it's really not just a US phenomenon.

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Speaker 1: So can I have a simple All you have to

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Speaker 1: do is to look at the health of sports is

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Speaker 1: to look at the salaries of the players. Yeah, and

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Speaker 1: I guess I'd become one of those players saying, man,

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Speaker 1: I wish I'd played in.

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Speaker 2: This always goes up.

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Speaker 3: I mean, I'm like everybody else. It's got to top

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Speaker 3: out somewhere, Yet it just keeps going higher. Cal How

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Speaker 3: has the game on the field changed the kids today

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Speaker 3: that you watch at Canbin Yard. Still, by the way,

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Speaker 3: I would argue one of the best parts in Major

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Speaker 3: League Baseball twenty five years on.

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Speaker 2: But how's the game changed today versus when when you

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Speaker 2: played well?

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Speaker 1: I mean, the analytics have taken over and all the

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Speaker 1: data and all the information. And I was an analytical

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Speaker 1: player and I took the data from but there's no

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Speaker 1: way that I was getting all the sort of data

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Speaker 1: that you can get now. And the trick is, and

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Speaker 1: this is the fun part about learning the game hasn't

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Speaker 1: changed much because the diamonds the same, the bases are

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Speaker 1: the same, the mounds the same, The game is played

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Speaker 1: the same way. But with all this influx of new data,

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Speaker 1: teams feel that they have an advantage when they extract

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Speaker 1: some of the data and then use that to help

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Speaker 1: them play in the game. But the secret is how

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Speaker 1: do you give the data to a player to make

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Speaker 1: them a better player. And that's the part that I'm

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Speaker 1: having fun with is learning what the data affects the

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Speaker 1: philosophy of how you play the game, and that's changed,

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Speaker 1: and positioning on the field, you know, different old philosophies

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Speaker 1: have kind of gone out the window because they've been

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Speaker 1: proven not to be effective. So it's interesting to watch

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Speaker 1: the game from that perspective. But it is all about

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Speaker 1: the data, the numbers, they track everything that moves on

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Speaker 1: that field.

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Speaker 2: It's amazing and that's AI.

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Speaker 3: That's big data coming into sports and ouse I'm sure

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Speaker 3: you know this, but I mean, just cal has he

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Speaker 3: has a little record out there.

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Speaker 2: He played a lot of games in a row.

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Speaker 3: He never took a day off, and that's that is

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Speaker 3: something that just it'll never be broken up.

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Speaker 1: I wish I was wearing probes or something that could

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Speaker 1: figure out how I could do that, because I'm asking

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Speaker 1: all the time, how in the world you play all

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Speaker 1: those games in a row, and I don't know.

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Speaker 3: Well, I guess my question would be with the analytics,

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Speaker 3: that's never going to happen again, not even close.

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Speaker 1: Well, I think they're predicting now, at least in a

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Speaker 1: medical sort of way, when that you might be inclined

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Speaker 1: to have an injury, you know, and so if they

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Speaker 1: start to think that you might have an injury, then

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Speaker 1: they put you on the list a little early, the

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Speaker 1: injury list a little early, and they're they're looking at

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Speaker 1: the long term as a the short term.

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Speaker 5: But I don't know if that's a good thing or

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Speaker 5: a bad thing.

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Speaker 1: There's the one thing that's hard to measure is what's

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Speaker 1: inside your heart, your guts, and how you go out

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Speaker 1: about playing a game, how you compete. That's not measurable

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Speaker 1: right now. And I think that's what drove me is

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Speaker 1: when you're an everyday player. The definition of an everyday

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Speaker 1: player when I played was every day. I had the

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Speaker 1: body type in which to do it. I healed really

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Speaker 1: well and I could play through pain. And when you

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Speaker 1: find out that you can play through being less than

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Speaker 1: one hundred percent, because I would argue that even if

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Speaker 1: you play one hundred and forty games, you're still playing

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Speaker 1: at less than one hundred percent. Maybe the only time

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Speaker 1: you're one hundred percent is the first day of spring

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Speaker 1: training and then you end up moving towards the year.

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Speaker 1: So that's the hard part where that's not measurable.

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Speaker 2: Yep.

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Speaker 1: And I like to see players that push through and

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Speaker 1: force themselves to play every game to see too.

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Speaker 3: You don't see that too much anymore, hey, David. And

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Speaker 3: aside from the Orioles, you've got a day job here

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Speaker 3: co founder, co chairman of the Carlisle Group. Perfect time

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Speaker 3: to ask you this question. I know you bought the

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Speaker 3: Orioles as an individual's part of a partnership right now,

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Speaker 3: private equity. The NFL has allowed of it equity. That's

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Speaker 3: mean as part ownership. What do you think about that?

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Speaker 4: Well, Carlisle is one of the groups that's permitted, so

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Speaker 4: I make it for it. Yes, I think that it

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Speaker 4: was inevitable because the price of NFL teams are going

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Speaker 4: up so much that it's very difficult to find somebody

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Speaker 4: by himself or herself who can buy a team anymore longer.

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Speaker 4: The last team that was sold, the Washington Commanders, went

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Speaker 4: for six billion dollars. It's a large amount of amount of money.

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Speaker 4: Very few people can buy that by themselves. You need

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Speaker 4: to have consortium of people to do this, and private

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Speaker 4: equity is a big pot of capital sitting there. But

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Speaker 4: the deals are ones where you have to be ten percent,

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Speaker 4: no involvement in the day to day management, and you

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Speaker 4: have to hold for at least six years. So NFL's experimenting.

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Speaker 4: We'll see how it goes.

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Speaker 5: So Cal you have had minor league investments, but this

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Speaker 5: is the first time that both of you have had

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Speaker 5: major league investments. How did this come about? Like, how

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Speaker 5: did the partnership come about? Has it going there?

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Speaker 4: Well, the owner of the team for the last thirty

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Speaker 4: years was the Angelo's family. I had talked to them

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Speaker 4: over last summer about a possible sale and it came

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Speaker 4: to be. But I wanted to have people in the

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Speaker 4: consortium that were more connected to Baltimore and baseball than

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Speaker 4: maybe I was. I haven't grown up in Baltimore, but

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Speaker 4: I haven't lived there for a while. So I talked

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Speaker 4: to a number of people in Baltimore and some of

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Speaker 4: the people who are also connected with the Oriols, and

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Speaker 4: obviously the first call I made was cal Ripken. They

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Speaker 4: said he would like to invest and also help us

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Speaker 4: in other ways what he's doing. So I think it's

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Speaker 4: worked out quite well and win win for Baltimore and

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Speaker 4: for for that.

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Speaker 5: Was like no brainer for you, Yeah.

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Speaker 1: Absolutely, absolutely no brainer. I felt like I've been an

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Speaker 1: oriole through and through my whole life. I mean, I

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Speaker 1: grew up in and around the Baltimore area. My dad

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Speaker 1: was in with the Orioles the first fourteen years of

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Speaker 1: my life. He was a minor league manager. And then

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Speaker 1: you have a dream to be a player, you get

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Speaker 1: drafted by the team you want to get drafted by,

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Speaker 1: you play your whole career with that team. So I

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Speaker 1: know that I went off for a little while, and

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Speaker 1: you know, you buy minor league teams, you learn about

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Speaker 1: business in other ways. You put your head down, you

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Speaker 1: don't pay much attention to what's happening at the Oriols. Though,

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Speaker 1: when David called, it was an opportunity to get back in,

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Speaker 1: to look at it from the inside looking out, And

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Speaker 1: I'm really surprised that I'm way into it now. I

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Speaker 1: used to think the whole world revolved around baseball, and

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Speaker 1: then you get out and you realize it doesn't. But

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Speaker 1: then now it seems like the world revolves around baseball again.

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Speaker 4: Of course, And to put it in context for those

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Speaker 4: who don't know the record, Lou Garrick played in one

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Speaker 4: and thirty consecutive games. People thought that was the unbreakable record.

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Speaker 4: Cal Ripkin did twy six hundred and thirty two games

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Speaker 4: over seventeen years, not missing one day. And all of

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Speaker 4: us who work day to day for living in non

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Speaker 4: athletic things, can you imagine going to work seventeen days

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Speaker 4: and or seventeen years I rope without missing Oh.

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Speaker 2: Totally exactly, Cal.

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Speaker 3: What do you think the Oils need to work on

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Speaker 3: over the next couple of years? Here again, I'm looking

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Speaker 3: at the record. Your record is great. What do you

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Speaker 3: think they need to work on? Is it minor league?

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Speaker 4: Is it?

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Speaker 1: No? No, we have a minor league that's stocked with talent,

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Speaker 1: and you can only I mean, if you develop three

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Speaker 1: shortstops in the minor leagues, you can only play one

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Speaker 1: of them.

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Speaker 2: Yep.

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Speaker 1: So many times the talent that you have in the

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Speaker 1: minor leagues is used to trade to get to get

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Speaker 1: the pieces that you need at the big league level.

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Speaker 1: And the Ools are in good position for that. They

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Speaker 1: have young players that are going to be superstars, that

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Speaker 1: are already superstars, and maybe the biggest challenge in the

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Speaker 1: future is how do you keep them?

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Speaker 2: Yeah, yeah, exactly. I mean no salary cap here, so

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Speaker 2: tough to keep the star players.

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Speaker 4: Right, Yes, Unlike football or basketball, there's no salary cap

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Speaker 4: in professional baseball, so you can get contracts that are

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Speaker 4: as high as seven hundred million dollars, and so it's

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Speaker 4: hard for smaller cities to compete in that domain. Somewhat.

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Speaker 3: All right, Well, have to see how that plays. I

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Speaker 3: really appreciate you too, gentlemen. Stopping by David Rubenstein. He's

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Speaker 3: a co founder and co chairman of the Carlisle Group.

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Speaker 3: He's now the owner of the Baltimore Oils and Cal

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Speaker 3: Ripken Junior D Cal Ripken Junior Baseball Hall of Famer,

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Speaker 3: founder and partner of Ripken Baseball