1 00:00:00,800 --> 00:00:04,080 Speaker 1: Hello, this is the Bloomberg Business of Sports show. We 2 00:00:04,200 --> 00:00:06,920 Speaker 1: explore the big money issues in the world of sports. 3 00:00:06,960 --> 00:00:09,799 Speaker 2: I'm Michae Labarne, I'm Scarlett Film, and I'm demiansas hour. 4 00:00:10,000 --> 00:00:12,280 Speaker 1: Coming up on the show, we talked with former NFL 5 00:00:12,360 --> 00:00:16,720 Speaker 1: linebacker Brandon Copeland about his new career in finance. 6 00:00:16,840 --> 00:00:19,400 Speaker 3: He has a consulting firm that helps pro athletes manage 7 00:00:19,440 --> 00:00:22,480 Speaker 3: their money and also helps college players navigate this new 8 00:00:22,480 --> 00:00:23,680 Speaker 3: world of nil. 9 00:00:23,880 --> 00:00:27,560 Speaker 4: Nil has just made athletes go pro earlier, right, and 10 00:00:27,640 --> 00:00:31,720 Speaker 4: so some of the things that have plagued myself and 11 00:00:31,800 --> 00:00:36,760 Speaker 4: my peers when it comes to the nature of being 12 00:00:36,800 --> 00:00:39,280 Speaker 4: a pro athlete, right, some of the yes, it's a 13 00:00:39,280 --> 00:00:42,280 Speaker 4: beautiful opportunity. You have an amazing platform, you can change the 14 00:00:42,280 --> 00:00:44,040 Speaker 4: world with it, but you also have a target on 15 00:00:44,080 --> 00:00:44,440 Speaker 4: your back. 16 00:00:44,600 --> 00:00:47,879 Speaker 1: Plus there's still more fallout in the sports world from 17 00:00:47,920 --> 00:00:51,720 Speaker 1: the collapse of FTX, lawsuits and now targeting F one 18 00:00:51,880 --> 00:00:55,320 Speaker 1: and Major League Baseball. Will get more on that up next, 19 00:00:55,520 --> 00:00:58,280 Speaker 1: but first, it looks like we're going to have a 20 00:00:58,280 --> 00:01:00,920 Speaker 1: big shake up in ownership for the Dallas Mavericks. 21 00:01:00,960 --> 00:01:03,200 Speaker 2: That's right, mister Barr. We learned this week that long 22 00:01:03,280 --> 00:01:06,720 Speaker 2: time majority owner Mark Cuban. I'm talking six point seven 23 00:01:06,880 --> 00:01:09,120 Speaker 2: billion dollar. Mark Cuban is in talks to sell the 24 00:01:09,160 --> 00:01:11,440 Speaker 2: majority Steak to the Adelson family. 25 00:01:11,760 --> 00:01:17,600 Speaker 1: What more on this we welcome Bloomberg Entertainment editor Chris 26 00:01:17,640 --> 00:01:20,040 Speaker 1: Paul Mary. Chris, thank you, sir for joining us on 27 00:01:20,040 --> 00:01:21,000 Speaker 1: the Bloomberg Business of. 28 00:01:21,000 --> 00:01:22,800 Speaker 5: Sports, No problem, thanks for having me. 29 00:01:23,319 --> 00:01:27,039 Speaker 1: I you know, Chris, I forgot Mark Cuban has been 30 00:01:27,120 --> 00:01:30,759 Speaker 1: so much the face of the Dallas Mavericks for so long. 31 00:01:30,880 --> 00:01:35,160 Speaker 1: I forgot that Mark Cuban bought the team from h 32 00:01:35,240 --> 00:01:39,160 Speaker 1: Ross Parole back around the early two thousands, right. 33 00:01:39,080 --> 00:01:42,640 Speaker 5: Paid two hundred and seventy million approximately, and that the 34 00:01:42,680 --> 00:01:45,959 Speaker 5: current valuation is three point five billion, So you know 35 00:01:46,040 --> 00:01:49,160 Speaker 5: that was that was a pretty good investment on Mark spart. 36 00:01:49,320 --> 00:01:53,840 Speaker 3: Yeah, reportedly equal to a one one hundred percent return. 37 00:01:55,080 --> 00:01:58,840 Speaker 3: So this was kind of a surprise, Chris. I mean, 38 00:01:58,920 --> 00:02:01,000 Speaker 3: it feels like it came from out of nowhere. Tell 39 00:02:01,080 --> 00:02:02,680 Speaker 3: us what we know totally. 40 00:02:02,720 --> 00:02:03,080 Speaker 4: I don't know. 41 00:02:03,360 --> 00:02:08,400 Speaker 5: I mean I saw finally by Las Vegas sans uh, 42 00:02:08,680 --> 00:02:10,800 Speaker 5: you know, they were selling two billion shares and then 43 00:02:10,840 --> 00:02:12,640 Speaker 5: buried in there was that they were going to buy 44 00:02:12,680 --> 00:02:17,079 Speaker 5: an unnamed sports franchise, which, of course sent us all scrambling, 45 00:02:17,639 --> 00:02:20,480 Speaker 5: and you know, first thought it was going to be 46 00:02:20,520 --> 00:02:22,880 Speaker 5: something in Las Vegas. There's you know, so much activity 47 00:02:22,880 --> 00:02:26,920 Speaker 5: about the NBA team there, potentially Oakland A's moving, so 48 00:02:28,120 --> 00:02:30,040 Speaker 5: you know that was our main focus, but you know, 49 00:02:30,200 --> 00:02:32,800 Speaker 5: ultimately figured out it was Dallas. It was a big surprise. 50 00:02:33,560 --> 00:02:34,359 Speaker 5: Now there is some. 51 00:02:34,240 --> 00:02:39,400 Speaker 6: Contexts which we reported later that they've been in talks 52 00:02:39,440 --> 00:02:42,000 Speaker 6: with Cuban Las Vegas. Sands has been trying to get 53 00:02:42,480 --> 00:02:47,640 Speaker 6: casino gambling legalized in Texas for years. Everybody has huge opposition. 54 00:02:47,840 --> 00:02:52,280 Speaker 6: Was two bills shot down again earlier this year, so uh, 55 00:02:52,440 --> 00:02:56,000 Speaker 6: not happening. But that was the genesis of this, that 56 00:02:56,080 --> 00:02:59,040 Speaker 6: they were going to build a new basketball arena in Dallas, 57 00:02:59,280 --> 00:03:01,760 Speaker 6: home to the Map, but also would would have a 58 00:03:01,760 --> 00:03:04,600 Speaker 6: casino in a resort. And that's what Sans does. You know, 59 00:03:04,639 --> 00:03:07,799 Speaker 6: their famous for the venation in Las Vegas, properties in 60 00:03:07,840 --> 00:03:10,960 Speaker 6: Singapore and Macau, and so you know that's what they 61 00:03:10,960 --> 00:03:13,839 Speaker 6: wanted to build a sort of global entertainment destination there. 62 00:03:14,040 --> 00:03:17,760 Speaker 6: And how it came exactly to this why Mark Cuban 63 00:03:17,880 --> 00:03:20,120 Speaker 6: selling is still a bit of victory here. He hasn't 64 00:03:20,160 --> 00:03:23,320 Speaker 6: really commented publicly on it. Very unusual for him, a 65 00:03:23,400 --> 00:03:27,440 Speaker 6: man who stays to comment all the time. So we're 66 00:03:27,480 --> 00:03:28,680 Speaker 6: all now trying to figure out. 67 00:03:29,240 --> 00:03:30,560 Speaker 7: Chris gone on Chris. 68 00:03:30,560 --> 00:03:33,440 Speaker 2: You know, in my day job, I run Emerging Market 69 00:03:33,480 --> 00:03:35,800 Speaker 2: Fix andcome research here for Bloomberg Intelligence. I also run 70 00:03:35,840 --> 00:03:37,880 Speaker 2: our global asset of location suite. But when I try 71 00:03:37,920 --> 00:03:40,280 Speaker 2: to explain to my wife's anything about finance or tell 72 00:03:40,280 --> 00:03:42,680 Speaker 2: her how we should invest our money, she doesn't listen 73 00:03:42,760 --> 00:03:44,800 Speaker 2: to me. But last night when I came home, she 74 00:03:44,880 --> 00:03:46,560 Speaker 2: told me we had to sell everything. And I'll tell 75 00:03:46,600 --> 00:03:48,760 Speaker 2: you why. It was because Mark Cuban is selling the Mavericks, 76 00:03:48,760 --> 00:03:52,040 Speaker 2: and because Mark Cuban always picks the top. I'm talking 77 00:03:52,080 --> 00:03:54,720 Speaker 2: broadcast dot Com, I'm talking Mom. 78 00:03:55,040 --> 00:03:55,840 Speaker 7: Talk to us about. 79 00:03:55,880 --> 00:03:57,840 Speaker 2: What I mean is do you think he could possibly 80 00:03:57,840 --> 00:04:01,080 Speaker 2: be ill? Because he's also leaving at the same time. 81 00:04:01,120 --> 00:04:02,360 Speaker 2: I mean, what's going on here? 82 00:04:02,560 --> 00:04:05,440 Speaker 5: Yeah, you know, I feel really uneasy speculating. I mean, 83 00:04:05,480 --> 00:04:07,400 Speaker 5: that's one of the things that came up. You know, 84 00:04:07,520 --> 00:04:11,000 Speaker 5: her people suggest maybe he's getting divorce. I mean, we uh, 85 00:04:11,520 --> 00:04:13,840 Speaker 5: you know, we're just chronicling. We did a piece of 86 00:04:14,080 --> 00:04:19,240 Speaker 5: a business sports newsletter about you know, this is setting 87 00:04:19,240 --> 00:04:21,320 Speaker 5: itself up to kind of I think be a potential fight, 88 00:04:21,400 --> 00:04:24,760 Speaker 5: because a guy like him doesn't really totally give up, 89 00:04:24,880 --> 00:04:28,039 Speaker 5: and the sort of signaling from his side seems to 90 00:04:28,040 --> 00:04:32,039 Speaker 5: be that he's going to still control basketball operations. The 91 00:04:32,040 --> 00:04:34,560 Speaker 5: Addison family put out a statement nowhere the governor that 92 00:04:34,600 --> 00:04:40,000 Speaker 5: means we control the team. You know, you can't you 93 00:04:40,040 --> 00:04:43,719 Speaker 5: can't have you know, a majority owner that doesn't have 94 00:04:43,800 --> 00:04:45,680 Speaker 5: the ability to fire the cult or whatever. You know. 95 00:04:46,480 --> 00:04:49,320 Speaker 5: It's so I have a feeling that we're just seeing 96 00:04:49,320 --> 00:04:52,159 Speaker 5: the beginning of what's likely to be a soap opera here. 97 00:04:53,680 --> 00:04:57,560 Speaker 5: And you know, when I look back, I mentioned, you know, 98 00:04:57,760 --> 00:05:00,200 Speaker 5: all the millions of dollars he's been fined with the 99 00:05:00,279 --> 00:05:04,360 Speaker 5: years for comments gestures, I mean, seven hundred and fifty 100 00:05:04,400 --> 00:05:06,920 Speaker 5: thousand dollars fine earlier this year for tanking the game. 101 00:05:08,080 --> 00:05:11,920 Speaker 5: I almost wonder, I almost wonder if the league didn't 102 00:05:11,960 --> 00:05:14,120 Speaker 5: give him about push interesting. 103 00:05:14,720 --> 00:05:16,120 Speaker 2: Well, I tell you, you know, Chris, you know the 104 00:05:16,120 --> 00:05:17,839 Speaker 2: one thing that you know, you know, you mentioned it 105 00:05:17,880 --> 00:05:21,120 Speaker 2: about about you know, legalizing gambling in Texas and the 106 00:05:21,160 --> 00:05:25,080 Speaker 2: whole casino play by the Buddy by Miriam Mabelson. You know, 107 00:05:25,120 --> 00:05:28,920 Speaker 2: my question is this, you know, maybe possibly, I mean, 108 00:05:29,200 --> 00:05:30,880 Speaker 2: the answers right in front of us that Mark Cuban 109 00:05:31,000 --> 00:05:34,000 Speaker 2: just felt there was no way he alone could get 110 00:05:34,000 --> 00:05:36,560 Speaker 2: that done. I E. Stevie Cohen here in New York, right, 111 00:05:36,720 --> 00:05:38,640 Speaker 2: I E. You know, with the you know what the 112 00:05:38,640 --> 00:05:40,359 Speaker 2: Stands is trying to do out in Long Island, right, 113 00:05:40,360 --> 00:05:42,200 Speaker 2: They're trying to get a license there. So you know, 114 00:05:42,279 --> 00:05:45,320 Speaker 2: talk to us about the challenges that you know, I 115 00:05:45,360 --> 00:05:47,800 Speaker 2: guess any owner of the Mavericks is going to have 116 00:05:47,839 --> 00:05:49,279 Speaker 2: if they want to, you know, kind of build a 117 00:05:49,279 --> 00:05:51,920 Speaker 2: casino down there, hard rock sands, whatever you have. 118 00:05:52,880 --> 00:05:56,080 Speaker 5: Well, there's multiple challenges. One of them is the evolving 119 00:05:56,160 --> 00:06:02,480 Speaker 5: nature of sports betting and the rules. Now, initially there's 120 00:06:02,960 --> 00:06:07,200 Speaker 5: a very handful of people Gary Gilbert and Gilbert with 121 00:06:07,200 --> 00:06:10,920 Speaker 5: the Cavaliers and Tilma Fratida with the Rockets, most notably 122 00:06:11,080 --> 00:06:17,719 Speaker 5: of casino owners that own sports franchises, and you know, 123 00:06:18,120 --> 00:06:21,160 Speaker 5: you can't you can't bet on your own teams. I 124 00:06:21,240 --> 00:06:23,480 Speaker 5: mean just a stet beats on your own teams. It's 125 00:06:23,560 --> 00:06:26,800 Speaker 5: very awkward, and that that whole regulation of that is 126 00:06:26,839 --> 00:06:30,960 Speaker 5: evolving U. And so that's that's sort of issue number won. 127 00:06:32,279 --> 00:06:35,960 Speaker 5: And the issue number two is the big work that 128 00:06:36,080 --> 00:06:41,680 Speaker 5: involves legalizing casinos and winning licenses, and this is part 129 00:06:41,680 --> 00:06:43,920 Speaker 5: of the cost of doing business of your casino company. 130 00:06:44,400 --> 00:06:47,839 Speaker 5: You hire armies, lobbyists, and Santras has been working in 131 00:06:47,880 --> 00:06:52,280 Speaker 5: New York and Georgia and Texas and Florida, and they're 132 00:06:52,279 --> 00:06:56,279 Speaker 5: not alone. They all are and GM Caesars and you 133 00:06:56,320 --> 00:07:00,000 Speaker 5: know New York's case surviving for three downstate casino lives 134 00:07:00,200 --> 00:07:04,680 Speaker 5: is Hard Rock ultimately partnered with Steve Cohen and the 135 00:07:04,760 --> 00:07:07,479 Speaker 5: Mets fans, as you mentioned, has got a top of 136 00:07:07,520 --> 00:07:10,520 Speaker 5: the old Nassau Coliseum on Long Island they hope to develop. 137 00:07:11,280 --> 00:07:14,280 Speaker 5: There's really only one sort of free license, so a 138 00:07:14,320 --> 00:07:17,440 Speaker 5: dozen companies sliding over that. Texas a whole other story. 139 00:07:17,560 --> 00:07:22,120 Speaker 5: I mean, it's just really hard to get that casino 140 00:07:22,200 --> 00:07:26,960 Speaker 5: gambling build passed. Yeah, the legislature there, so these are 141 00:07:26,960 --> 00:07:29,360 Speaker 5: big obstacles to any operator. 142 00:07:30,640 --> 00:07:32,720 Speaker 3: So another possibility, and I'm just going to throw this 143 00:07:32,760 --> 00:07:36,160 Speaker 3: out there. There's lots of talk on the Internet that 144 00:07:36,240 --> 00:07:40,440 Speaker 3: Mark Cuban may be letting go of some assets as 145 00:07:40,440 --> 00:07:45,840 Speaker 3: he lines up some moves to potentially pursue his political 146 00:07:45,880 --> 00:07:49,040 Speaker 3: embassy next year as a presidential election year. So I'm 147 00:07:49,080 --> 00:07:51,240 Speaker 3: just throwing that out there. He has denied that that's 148 00:07:51,240 --> 00:07:54,040 Speaker 3: what he's going to do. But the speculation comes and 149 00:07:54,040 --> 00:07:57,640 Speaker 3: goes no matter what. But having said that, he's so 150 00:07:57,800 --> 00:08:00,800 Speaker 3: synonymous with the Mavericks, Chris, and you mentioned that he 151 00:08:00,840 --> 00:08:04,800 Speaker 3: will still have a stake in the company, in the team. 152 00:08:05,280 --> 00:08:08,000 Speaker 3: Is he going to continue, from what we understand to, 153 00:08:08,520 --> 00:08:11,000 Speaker 3: you know, continue to sit on the sidelines, you know, 154 00:08:11,320 --> 00:08:14,280 Speaker 3: right court side seats and be the booster that he 155 00:08:14,360 --> 00:08:16,200 Speaker 3: has been. Is there any indication that's changing? 156 00:08:16,400 --> 00:08:19,760 Speaker 5: Could we really have a billionaire reality TV star as president? 157 00:08:19,840 --> 00:08:20,320 Speaker 4: I don't know. 158 00:08:22,240 --> 00:08:22,560 Speaker 3: That is. 159 00:08:24,960 --> 00:08:27,560 Speaker 5: I have no idea about his presidential ambition. I just 160 00:08:27,920 --> 00:08:29,880 Speaker 5: I find it really hard to believe a guy like 161 00:08:29,880 --> 00:08:32,680 Speaker 5: that is going to give up this court side seat. 162 00:08:33,280 --> 00:08:33,400 Speaker 2: Uh. 163 00:08:33,640 --> 00:08:35,680 Speaker 5: In fact, you know, all indications are he does a 164 00:08:35,679 --> 00:08:38,200 Speaker 5: lot of these sort of seems to be wanting to 165 00:08:38,200 --> 00:08:42,360 Speaker 5: have it both ways. He's there this past week, were 166 00:08:43,360 --> 00:08:45,560 Speaker 5: right there, Chris. 167 00:08:45,600 --> 00:08:47,520 Speaker 2: One last question, why didn't Shark Tank get the first 168 00:08:47,520 --> 00:08:49,880 Speaker 2: look on the sale? I mean, why did Kevin the O'Leary, 169 00:08:50,040 --> 00:08:51,760 Speaker 2: I mean Barbara Parker and I mean why, I mean, 170 00:08:51,880 --> 00:08:55,040 Speaker 2: let's be real, doesn't have an obligation to his fans, 171 00:08:55,120 --> 00:08:55,800 Speaker 2: to the audience. 172 00:08:55,840 --> 00:08:56,520 Speaker 7: No, I'm just kidding. 173 00:08:56,760 --> 00:09:00,480 Speaker 5: Well again, adding to the mystery of all this sort 174 00:09:00,480 --> 00:09:02,760 Speaker 5: of came out in the same week that he said 175 00:09:02,800 --> 00:09:04,719 Speaker 5: he was this was next season is going to be 176 00:09:04,760 --> 00:09:07,880 Speaker 5: his last one on the TV show. So it all 177 00:09:08,120 --> 00:09:10,120 Speaker 5: does tie into this. You know, why is he sort 178 00:09:10,160 --> 00:09:12,080 Speaker 5: of all of a sudden getting his affairs and owner here. 179 00:09:12,160 --> 00:09:14,160 Speaker 3: It's taking steps towards some three. 180 00:09:14,280 --> 00:09:16,240 Speaker 1: And it goes back to what Scarla was saying. He 181 00:09:16,360 --> 00:09:19,920 Speaker 1: paid in two thousand for the Mavericks two hundred and 182 00:09:19,920 --> 00:09:24,720 Speaker 1: eighty five million dollars and now the team is reportedly 183 00:09:25,080 --> 00:09:29,400 Speaker 1: worth three point five billion dollars. I just want to 184 00:09:29,400 --> 00:09:30,720 Speaker 1: put those numbers out there. 185 00:09:30,880 --> 00:09:32,520 Speaker 3: Yeah, And he's trying to find a way where he 186 00:09:32,559 --> 00:09:35,320 Speaker 3: can continue to sit courtside and be as involved in 187 00:09:35,320 --> 00:09:36,720 Speaker 3: the team as he ever has been, so. 188 00:09:36,720 --> 00:09:39,520 Speaker 2: Perhaps not pay taxes to the fullist extent of the 189 00:09:39,840 --> 00:09:40,080 Speaker 2: I'm just. 190 00:09:40,120 --> 00:09:45,199 Speaker 1: Kidding opinions express anyway. 191 00:09:45,120 --> 00:09:48,120 Speaker 3: But all speculation, none of it's not I mean, I 192 00:09:48,160 --> 00:09:49,199 Speaker 3: made it is all speculation. 193 00:09:49,240 --> 00:09:51,160 Speaker 2: I mean, we must admit, I mean, nobody knows anything 194 00:09:51,200 --> 00:09:53,280 Speaker 2: at this point. But it's just such a shock because 195 00:09:53,320 --> 00:09:55,600 Speaker 2: he's such a big Mavericks fan, such a big booster, 196 00:09:55,720 --> 00:09:57,920 Speaker 2: and he's really that vision of what you want an 197 00:09:57,920 --> 00:09:59,720 Speaker 2: owner to be. I think in not just the NBA, 198 00:09:59,800 --> 00:10:01,080 Speaker 2: but in major. 199 00:10:00,880 --> 00:10:04,400 Speaker 3: Sports, like Steve Baumber selling the Clippers, or Steve Cohen's 200 00:10:04,440 --> 00:10:05,120 Speaker 3: selling the Mets. 201 00:10:06,160 --> 00:10:10,240 Speaker 1: Oh, don't say that, or. 202 00:10:10,160 --> 00:10:14,600 Speaker 3: Those Steinbrunners are selling the Yankees. Call meh, I continue. 203 00:10:14,679 --> 00:10:19,160 Speaker 1: It is all screwed up here. Bloomberg Entertainment Editor Chris 204 00:10:19,200 --> 00:10:21,240 Speaker 1: Paul Mary, thank you save for joining us on the 205 00:10:21,240 --> 00:10:22,559 Speaker 1: Bloomberg Business of Sports. 206 00:10:22,880 --> 00:10:23,319 Speaker 5: Thank you. 207 00:10:24,480 --> 00:10:27,840 Speaker 1: Coming up next, we learn more about the legal fallout 208 00:10:27,880 --> 00:10:30,800 Speaker 1: in the sports world from the collapse of FTX. That 209 00:10:30,880 --> 00:10:33,560 Speaker 1: is straight ahead on the Bloomberg Business of Sports Bloomberg 210 00:10:33,679 --> 00:10:43,480 Speaker 1: Radio around the world. This is the Bloomberg Business of 211 00:10:43,520 --> 00:10:45,520 Speaker 1: Sports show, where we explored the big money issues in 212 00:10:45,520 --> 00:10:48,079 Speaker 1: the world of sports. I'm Michael bar for Scarlettfu and 213 00:10:48,320 --> 00:10:52,760 Speaker 1: Damien Sassaur. FTX investors have been taking legal action against 214 00:10:52,960 --> 00:10:56,360 Speaker 1: some of the celebrity promoters of the crypto Exchange, and 215 00:10:56,480 --> 00:10:59,360 Speaker 1: some of those promoters include big names in the sports world. 216 00:11:00,120 --> 00:11:03,400 Speaker 3: Investors are suing F one and Mercedes Benzes's racing team, 217 00:11:03,480 --> 00:11:06,760 Speaker 3: as well as Major League Baseball, accusing them of helping 218 00:11:06,880 --> 00:11:10,040 Speaker 3: FTX pull off its massive fraud with their involvement and 219 00:11:10,160 --> 00:11:10,600 Speaker 3: for more. 220 00:11:10,679 --> 00:11:14,160 Speaker 1: We welcome Bloomberg News a legal reporter Jeff Peeley. Jeff, 221 00:11:14,240 --> 00:11:16,480 Speaker 1: thank you, Sarah for joining us on the Bloomberg Business 222 00:11:16,480 --> 00:11:17,079 Speaker 1: of Sports. 223 00:11:17,200 --> 00:11:18,000 Speaker 5: Happy to be here. 224 00:11:18,559 --> 00:11:23,040 Speaker 1: We're talking about an eleven billion dollar fraud according to 225 00:11:23,160 --> 00:11:26,319 Speaker 1: what the FTX investors are saying. Can you take us 226 00:11:26,320 --> 00:11:27,439 Speaker 1: through what's happening. 227 00:11:27,559 --> 00:11:31,480 Speaker 8: Yeah, there's a class action down in Miami file by 228 00:11:31,640 --> 00:11:39,880 Speaker 8: fts investors investors against the celebrity promoters of ftx's products, 229 00:11:40,400 --> 00:11:46,440 Speaker 8: which they allege are the equivalent of unregistered securities. You know, 230 00:11:46,640 --> 00:11:51,040 Speaker 8: the cryptocurrency stuff has very little regulation at this point, 231 00:11:51,600 --> 00:11:55,160 Speaker 8: and the allegations are the big names like Tom Brady 232 00:11:55,280 --> 00:12:00,400 Speaker 8: and Shoey Otane and Shack and Steph Curry. We're out 233 00:12:00,520 --> 00:12:05,880 Speaker 8: chilling for FTX and tv ads and they had patches, 234 00:12:05,920 --> 00:12:09,880 Speaker 8: some of them had patches on their uniforms, and they 235 00:12:09,880 --> 00:12:12,880 Speaker 8: were out there encouraging people to buy you know, crypto 236 00:12:13,760 --> 00:12:20,320 Speaker 8: and that basically amounted to promotion to in effect, buy 237 00:12:20,360 --> 00:12:25,760 Speaker 8: an unregistered security. So with eleven billion in damages being claimed, 238 00:12:26,120 --> 00:12:28,480 Speaker 8: they're going after these folks trying to get some money, 239 00:12:28,640 --> 00:12:30,200 Speaker 8: you know, recover some money out of them. 240 00:12:30,559 --> 00:12:33,400 Speaker 3: So, Jeff, let me just understand when we say FTX 241 00:12:33,400 --> 00:12:38,679 Speaker 3: investors are these companies or individuals that back the platform 242 00:12:38,880 --> 00:12:41,120 Speaker 3: or are they people who had money and use the 243 00:12:41,160 --> 00:12:45,800 Speaker 3: platform and were investing in crypto through FTX both. 244 00:12:46,679 --> 00:12:50,239 Speaker 8: I think the answer is both. You have a situation 245 00:12:50,360 --> 00:12:53,920 Speaker 8: where you have people who are buyers and sellers, and 246 00:12:53,960 --> 00:12:56,840 Speaker 8: you have people who are holders, if you will, just 247 00:12:56,920 --> 00:13:00,920 Speaker 8: like stock, and you know all of them lost money. 248 00:13:01,040 --> 00:13:03,800 Speaker 8: You know, they're trying to recoup some of that money 249 00:13:03,800 --> 00:13:04,720 Speaker 8: from the promoters. 250 00:13:05,040 --> 00:13:07,760 Speaker 3: Everyone's mad no matter how they were involved with FTX. 251 00:13:07,760 --> 00:13:09,400 Speaker 3: In other words, yeah, there. 252 00:13:09,760 --> 00:13:13,400 Speaker 8: You know, there's nobody who came out of FTX smiling. 253 00:13:13,760 --> 00:13:16,120 Speaker 2: Having followed bertny Madoff and other frauds in the past, 254 00:13:16,120 --> 00:13:18,040 Speaker 2: you know very closely. I just want to ask this 255 00:13:18,120 --> 00:13:21,679 Speaker 2: one simple question in this particular class action run out 256 00:13:21,960 --> 00:13:25,200 Speaker 2: out of Miami. I mean, are they alleging that Tom 257 00:13:25,240 --> 00:13:29,040 Speaker 2: Brady forced them to buy crypto or that he forced 258 00:13:29,080 --> 00:13:31,480 Speaker 2: them to house their crypto holdings at FTX. 259 00:13:31,880 --> 00:13:37,240 Speaker 8: Now, the allegation is that tom Brady duped people into 260 00:13:37,360 --> 00:13:43,040 Speaker 8: thinking that FTX was a legit operation and that crypto 261 00:13:43,880 --> 00:13:48,679 Speaker 8: was a legit investment. That's the extent. Nobody there's no 262 00:13:48,720 --> 00:13:50,719 Speaker 8: allegation of forcing anybody. 263 00:13:51,120 --> 00:13:51,959 Speaker 7: But you get my point. 264 00:13:52,000 --> 00:13:55,720 Speaker 2: I mean, there's a big distinction between convincing them or 265 00:13:55,840 --> 00:14:00,000 Speaker 2: or sort of marketing the beauty of cryptocurrencies written large 266 00:14:00,040 --> 00:14:03,959 Speaker 2: as opposed to marketing ft X because it's a credible 267 00:14:04,000 --> 00:14:06,360 Speaker 2: institution and a place that your money is safe at, 268 00:14:06,600 --> 00:14:07,880 Speaker 2: or your crypto holdings are safe at. 269 00:14:07,920 --> 00:14:08,480 Speaker 5: How are you want to ask? 270 00:14:09,040 --> 00:14:11,680 Speaker 8: Yeah, the allegations cover both, right, I mean, you know 271 00:14:11,760 --> 00:14:14,520 Speaker 8: it's both the broader and then air and it is 272 00:14:14,679 --> 00:14:18,920 Speaker 8: a you mentioned Bernie made off with my money. It 273 00:14:18,960 --> 00:14:24,520 Speaker 8: is very similar because Bernie basically was working on his 274 00:14:24,640 --> 00:14:28,040 Speaker 8: reputation as well on Wall Street and people thought he 275 00:14:28,080 --> 00:14:30,640 Speaker 8: was a safe and a good and a decent guy 276 00:14:31,120 --> 00:14:34,040 Speaker 8: and they invested on that basis. It's the same allegation. 277 00:14:34,640 --> 00:14:35,800 Speaker 7: So looking just. 278 00:14:35,720 --> 00:14:37,360 Speaker 2: To finish off here, I mean you look at Trevor 279 00:14:37,400 --> 00:14:39,600 Speaker 2: Lawrence and some of these other athletes who are settling 280 00:14:39,960 --> 00:14:42,400 Speaker 2: some of these settlements. You know what, you know, what 281 00:14:42,480 --> 00:14:44,800 Speaker 2: are the plaintiffs? What are they hoping to get out 282 00:14:44,800 --> 00:14:46,360 Speaker 2: of this? I mean are they going to get some 283 00:14:46,400 --> 00:14:47,400 Speaker 2: sort of recovery here? 284 00:14:47,680 --> 00:14:50,960 Speaker 8: Yes, they're hoping to get money, and they're going to 285 00:14:51,040 --> 00:14:52,920 Speaker 8: get money. Question is how much? 286 00:14:53,840 --> 00:14:54,120 Speaker 5: Okay? 287 00:14:54,240 --> 00:14:58,240 Speaker 8: These you know, these settlements, these early settlements, I'm still 288 00:14:58,240 --> 00:15:01,280 Speaker 8: trying to get numbers, but they're low. They're not anything big. 289 00:15:01,680 --> 00:15:04,800 Speaker 8: When you start talking about Major League Baseball, yeah, and 290 00:15:05,000 --> 00:15:10,240 Speaker 8: Formula one. Those are businesses that and the Mercedes racing team, 291 00:15:10,680 --> 00:15:14,080 Speaker 8: you know, pass through the Mercedes. Those are businesses that 292 00:15:14,240 --> 00:15:18,680 Speaker 8: have potentially billions in assets, and you know, if they 293 00:15:18,720 --> 00:15:24,359 Speaker 8: are found to be civilly liable, you know, for promoting 294 00:15:25,120 --> 00:15:29,000 Speaker 8: unregistered securities, then they are you know, at risk for 295 00:15:29,120 --> 00:15:31,880 Speaker 8: having to pay. And it's just always a question of 296 00:15:31,920 --> 00:15:33,880 Speaker 8: how much the same thing is made off. 297 00:15:34,120 --> 00:15:37,520 Speaker 3: So the idea that someone like Tom Brady is liable 298 00:15:37,680 --> 00:15:40,320 Speaker 3: for the amount that he got paid by FTX to 299 00:15:40,400 --> 00:15:44,000 Speaker 3: serve as a celebrity endorser. You know, let's just say 300 00:15:44,000 --> 00:15:45,960 Speaker 3: you got paid ten millions. So that's the amount that 301 00:15:45,960 --> 00:15:49,520 Speaker 3: he'd be responsible for paying out to these plaintiffs. 302 00:15:50,080 --> 00:15:52,920 Speaker 8: Not all that's there's no bar on that. Yes, that 303 00:15:52,960 --> 00:15:55,480 Speaker 8: would be one metric that they would look at in 304 00:15:55,600 --> 00:15:58,760 Speaker 8: terms of how much you seek to recover. But you 305 00:15:58,960 --> 00:16:03,520 Speaker 8: promoted to potentially an illegal investment, which means you have 306 00:16:04,040 --> 00:16:08,640 Speaker 8: liability into whatever a jury or a judgment decide. 307 00:16:09,280 --> 00:16:11,000 Speaker 2: So, Jeff, what it seems like is this is the 308 00:16:11,480 --> 00:16:15,400 Speaker 2: the Irving Picard grab for JP Morgan, Right, I mean, 309 00:16:15,440 --> 00:16:17,880 Speaker 2: that's kind of what it sounds like to me analogy. 310 00:16:18,520 --> 00:16:21,480 Speaker 8: Correct, that's exactly right. Except the difference here is this 311 00:16:21,600 --> 00:16:24,520 Speaker 8: is not a trustee. There is an FDx trustee. 312 00:16:24,720 --> 00:16:25,800 Speaker 5: You realize that, right. 313 00:16:26,040 --> 00:16:30,120 Speaker 8: FDx is in bankruptcy in Delaware, the company itself, and 314 00:16:30,160 --> 00:16:35,120 Speaker 8: there is a trustee attempting to recover assets as that. 315 00:16:35,520 --> 00:16:39,240 Speaker 8: The reason that this class action can go separately is 316 00:16:39,280 --> 00:16:44,920 Speaker 8: that those promoters are not FTX employees. They are contractors, 317 00:16:45,120 --> 00:16:48,080 Speaker 8: if you will, so they aren't covered by the bankruptcy. 318 00:16:48,720 --> 00:16:51,920 Speaker 1: Now here's something that's a little different from the celebrity 319 00:16:52,080 --> 00:16:55,520 Speaker 1: endorsers compared to Major League Baseball, and I forgot about 320 00:16:55,560 --> 00:16:59,760 Speaker 1: this is that at one point the MLB umpires wore 321 00:16:59,840 --> 00:17:03,960 Speaker 1: the FTX patches on their sleeves, and it seems like 322 00:17:04,040 --> 00:17:10,400 Speaker 1: this lawsuit is more toward MLB itself instead of individual 323 00:17:10,480 --> 00:17:11,440 Speaker 1: celebrity endorses. 324 00:17:11,760 --> 00:17:18,080 Speaker 8: That is correct. They're basically making MLB and Formula One 325 00:17:18,200 --> 00:17:22,160 Speaker 8: and the Mercedes Racing team into the equivalent of Tom Brady, 326 00:17:22,440 --> 00:17:28,880 Speaker 8: Shaquille O'Neil snoe Otane. They are organizations that promoted FTX 327 00:17:29,280 --> 00:17:30,359 Speaker 8: as opposed to people. 328 00:17:30,720 --> 00:17:34,879 Speaker 1: This brings also the problem. It's not just FTX, but 329 00:17:35,000 --> 00:17:41,200 Speaker 1: any celebrity that endorses a product. The celebrities, by the way, 330 00:17:41,240 --> 00:17:44,399 Speaker 1: are saying, hey, wait a minute, this is meritless because 331 00:17:45,480 --> 00:17:51,320 Speaker 1: the advertisements and sponsorships. We didn't specifically encourage anyone to 332 00:17:51,359 --> 00:17:56,560 Speaker 1: deposit money in FTX accounts. But if you see somebody's 333 00:17:56,920 --> 00:18:02,199 Speaker 1: celebrity face on a product, whatever, the whole point of 334 00:18:02,200 --> 00:18:06,200 Speaker 1: why they're there is because they're there for an endorsement. 335 00:18:06,840 --> 00:18:10,520 Speaker 8: That's correct, That's right. I mean, the whole idea of 336 00:18:10,760 --> 00:18:17,800 Speaker 8: having Shaquille O'Neill, or Tom Brady or Larry David appear 337 00:18:17,920 --> 00:18:22,520 Speaker 8: in an ad which Larry David appeared an actor appeared 338 00:18:22,560 --> 00:18:27,960 Speaker 8: in a very famous Super Bowl ad for FTX. The 339 00:18:28,080 --> 00:18:31,600 Speaker 8: idea is that people recognize them, they know who they are. 340 00:18:32,040 --> 00:18:36,000 Speaker 8: There's a level of trust if you can, you know, 341 00:18:37,240 --> 00:18:40,600 Speaker 8: make any level of trust of anybody today. You know, 342 00:18:40,960 --> 00:18:45,680 Speaker 8: celebrities like Tom Brady and Shaquille O'Neill, they're very common 343 00:18:45,720 --> 00:18:49,080 Speaker 8: on TV and they have created a brand for themselves 344 00:18:49,160 --> 00:18:52,640 Speaker 8: and a bit of trust. And people see Tom Brady 345 00:18:52,680 --> 00:18:55,720 Speaker 8: investing in crypto and they think, well, hell, it's good 346 00:18:55,840 --> 00:18:57,359 Speaker 8: enough for Tom, it's good enough for me. 347 00:18:57,720 --> 00:18:59,479 Speaker 3: I'm glad you bring up Larry David though, because his 348 00:18:59,520 --> 00:19:02,359 Speaker 3: ad was how he wasn't convinced about crypto, that he 349 00:19:02,440 --> 00:19:05,159 Speaker 3: thought it was a terrible place to be, and so 350 00:19:05,480 --> 00:19:07,440 Speaker 3: he might actually be when it comes out looking better 351 00:19:07,440 --> 00:19:07,879 Speaker 3: in all of this. 352 00:19:08,000 --> 00:19:10,439 Speaker 8: Now, I'm sorry I beg to differ on that. I 353 00:19:10,600 --> 00:19:15,080 Speaker 8: believe that Larry David was doing his contrarian act there 354 00:19:15,880 --> 00:19:20,440 Speaker 8: that was, in effect a here's a crusty old guy 355 00:19:20,480 --> 00:19:23,280 Speaker 8: playing a crusty old guy who says, don't invest in crypto, 356 00:19:23,920 --> 00:19:26,480 Speaker 8: don't be like Larry and get left behind. 357 00:19:26,800 --> 00:19:30,520 Speaker 1: Amazing quote unquote Bloomberg News legal reporter Jeff Peely. Thank 358 00:19:30,560 --> 00:19:32,159 Speaker 1: you so much, sir. Of course, we're going to be 359 00:19:32,160 --> 00:19:34,680 Speaker 1: following this story closely as it develops. Thank you again 360 00:19:34,720 --> 00:19:36,639 Speaker 1: for joining us on the Bloomberg Business was. 361 00:19:36,640 --> 00:19:38,240 Speaker 8: Sports, No problem, guys, see you. 362 00:19:38,880 --> 00:19:42,320 Speaker 1: Up next on the show. We have a former NFL 363 00:19:42,400 --> 00:19:46,320 Speaker 1: pro who's helping pro and college athletes better understand their 364 00:19:46,359 --> 00:19:49,000 Speaker 1: finances at a straight ahead on the Bloomberg Business of 365 00:19:49,040 --> 00:19:59,160 Speaker 1: Sports from Bloomberg Radio around the world. Thanks for joining 366 00:19:59,200 --> 00:20:01,159 Speaker 1: us on the Bloomberg Buiusiness of Sports show. But we 367 00:20:01,200 --> 00:20:03,200 Speaker 1: explored the big money issues in the world of sports. 368 00:20:03,240 --> 00:20:06,879 Speaker 1: I'm michae Le Barr, along with Scarlettfu and Damian Sasaur. 369 00:20:07,240 --> 00:20:12,120 Speaker 1: Former NFL linebacker Brandon Copeland has a new career in finance. 370 00:20:12,200 --> 00:20:12,800 Speaker 7: Yes he does. 371 00:20:12,880 --> 00:20:16,080 Speaker 2: Mister Barr's got a new consulting firm called Copeland Media 372 00:20:16,119 --> 00:20:21,240 Speaker 2: and co foundedathletes dot Org. His focus helping the pro 373 00:20:21,359 --> 00:20:24,080 Speaker 2: football player understand their money and college boys as well 374 00:20:24,160 --> 00:20:25,560 Speaker 2: navigate the new world of NIL. 375 00:20:26,000 --> 00:20:28,720 Speaker 1: And here to talk with us about his commitment to 376 00:20:29,000 --> 00:20:32,240 Speaker 1: helping college and pro players with money management is the 377 00:20:32,280 --> 00:20:36,200 Speaker 1: man himself, Brandon Copeland. Brandon, welcome Sara to the Bloomberg 378 00:20:36,240 --> 00:20:37,360 Speaker 1: Business of Sports. 379 00:20:37,880 --> 00:20:39,720 Speaker 4: Thanks for having me, Thanks for having me. 380 00:20:39,760 --> 00:20:42,560 Speaker 1: How you guys doing, Oh we're doing great, but not 381 00:20:42,680 --> 00:20:44,840 Speaker 1: as well as you are. It's like, you know, you've 382 00:20:44,840 --> 00:20:49,080 Speaker 1: got this business that you got going here proud to 383 00:20:49,680 --> 00:20:52,280 Speaker 1: mention it. It's I guess the best way I can 384 00:20:52,320 --> 00:20:58,399 Speaker 1: describe it. NIL has changed everything when it comes to 385 00:20:58,840 --> 00:21:04,760 Speaker 1: finances and giving advice to young athletes. Yes, yeah, I mean. 386 00:21:06,240 --> 00:21:09,919 Speaker 4: NIL has just made athletes go pro earlier, right, and 387 00:21:10,000 --> 00:21:14,080 Speaker 4: so some of the things that have plagued myself and 388 00:21:14,160 --> 00:21:19,120 Speaker 4: my peers when it comes to the nature of being 389 00:21:19,160 --> 00:21:21,639 Speaker 4: a pro athlete, right, some of the yes, it's a 390 00:21:21,640 --> 00:21:24,600 Speaker 4: beautiful opportunity. You have an amazing platform, you can change the 391 00:21:24,640 --> 00:21:26,439 Speaker 4: world with it, but you also have a target on 392 00:21:26,480 --> 00:21:28,919 Speaker 4: your back and there's a lot of mistakes that you 393 00:21:28,960 --> 00:21:33,480 Speaker 4: can make from bad people, bad actors, and fraudulent individuals. 394 00:21:33,560 --> 00:21:38,400 Speaker 4: And coupling that with not only trying to be the 395 00:21:38,440 --> 00:21:41,600 Speaker 4: greatest you can be at your particular profession, but now 396 00:21:42,040 --> 00:21:45,679 Speaker 4: this pressure to also be an amazing business person, entrepreneur, 397 00:21:47,400 --> 00:21:50,600 Speaker 4: investor when you know, all of us are just growing 398 00:21:50,600 --> 00:21:54,520 Speaker 4: and evolving. And so with athletes dot Org, we created 399 00:21:54,680 --> 00:21:58,200 Speaker 4: a one stop shop for athletes so that they can 400 00:21:58,240 --> 00:22:00,920 Speaker 4: get on demand support whenever they need it. They can 401 00:22:01,080 --> 00:22:04,520 Speaker 4: find legal experts to get free contract review, they can 402 00:22:04,560 --> 00:22:07,359 Speaker 4: get free second medical opinions, they get free background checks 403 00:22:07,440 --> 00:22:09,959 Speaker 4: right so they don't have to guess these things when 404 00:22:10,000 --> 00:22:13,360 Speaker 4: it comes to business. They also for college athletes in particular, 405 00:22:13,440 --> 00:22:15,679 Speaker 4: they also have a voice. Also, there are a lot 406 00:22:15,760 --> 00:22:19,080 Speaker 4: of decisions being made in college athletics about athletes without 407 00:22:19,320 --> 00:22:23,000 Speaker 4: their opinions being heard. So we actually give them their 408 00:22:23,160 --> 00:22:26,640 Speaker 4: opinion and get them to the table with college athletics 409 00:22:26,720 --> 00:22:29,600 Speaker 4: leaders so that their voices can be heard. And finally, 410 00:22:29,720 --> 00:22:33,040 Speaker 4: our goal we will earn the right to make them 411 00:22:33,119 --> 00:22:35,520 Speaker 4: more money. My goal has always been, hey, how can 412 00:22:35,560 --> 00:22:37,800 Speaker 4: I make more millionaires? And then how can I make 413 00:22:37,840 --> 00:22:41,480 Speaker 4: that a generational wealth thing? And so by providing the support, 414 00:22:41,720 --> 00:22:44,240 Speaker 4: by giving them a voice, and by going out and 415 00:22:44,280 --> 00:22:46,680 Speaker 4: making them money. Now when they do make this money, 416 00:22:46,720 --> 00:22:50,240 Speaker 4: they actually know and have options and resources of things 417 00:22:50,280 --> 00:22:52,480 Speaker 4: that they can actually do with it. So it's a 418 00:22:52,520 --> 00:22:56,600 Speaker 4: life changing platform. It's a life changing vehicle. 419 00:22:57,200 --> 00:22:59,320 Speaker 3: Brandon, In many ways, it feels like you were born 420 00:22:59,400 --> 00:23:01,639 Speaker 3: to do this. You were a three time IVY Link 421 00:23:01,720 --> 00:23:04,960 Speaker 3: football champion playing for Penn. You graduated with a degree 422 00:23:04,960 --> 00:23:08,600 Speaker 3: in management and entrepreneurship from Wharton, and I believe you 423 00:23:08,800 --> 00:23:13,439 Speaker 3: saved ninety percent of your salary when you were working 424 00:23:13,600 --> 00:23:18,000 Speaker 3: in the NFL. So I'm curious as to how early 425 00:23:18,080 --> 00:23:21,200 Speaker 3: were you thinking about an organization like athletes dot org 426 00:23:21,320 --> 00:23:25,280 Speaker 3: and how has it changed since those first ideas kind 427 00:23:25,280 --> 00:23:26,200 Speaker 3: of popped up in your head. 428 00:23:27,000 --> 00:23:30,160 Speaker 4: Yeah, I think, as you mentioned, it's like there's different 429 00:23:30,200 --> 00:23:34,359 Speaker 4: experiences that I've had, whether that's teaching at ten and 430 00:23:34,760 --> 00:23:39,199 Speaker 4: while playing and talking and doing classes around financial education, 431 00:23:39,320 --> 00:23:40,720 Speaker 4: how to buy a house, how to buy a car, 432 00:23:41,080 --> 00:23:43,440 Speaker 4: what's your credit score? Why does it matter? Or being 433 00:23:43,480 --> 00:23:46,560 Speaker 4: on CNBC's Financial Wellness Counsel, and I know that's a 434 00:23:46,600 --> 00:23:49,760 Speaker 4: competitor here, so you know, let's not talk too much 435 00:23:49,760 --> 00:23:53,800 Speaker 4: about CMBC on Bloomberg. I can't get that right. But ultimately, 436 00:23:53,840 --> 00:23:56,119 Speaker 4: as you mentioned, right, like, we're all just products of 437 00:23:56,119 --> 00:23:58,600 Speaker 4: our experiences, and I'm a product of the things that 438 00:23:58,640 --> 00:24:03,320 Speaker 4: I didn't know. I just I've been fortunate and blessed 439 00:24:03,359 --> 00:24:07,159 Speaker 4: to have lived my dream ten times over, and I 440 00:24:07,800 --> 00:24:10,000 Speaker 4: want to see other people live their dreams. I want 441 00:24:10,000 --> 00:24:12,159 Speaker 4: to see other people have that experience. And so you know, 442 00:24:12,240 --> 00:24:14,720 Speaker 4: we've been working on athletes dot org for over a 443 00:24:14,800 --> 00:24:19,000 Speaker 4: year now, and really it's the culmination of all of 444 00:24:19,040 --> 00:24:23,240 Speaker 4: these different things that I wish I could have done 445 00:24:23,800 --> 00:24:26,560 Speaker 4: and different things that I wish I had, and now 446 00:24:26,600 --> 00:24:30,000 Speaker 4: we're bringing it together in the form of our platform, 447 00:24:30,400 --> 00:24:34,440 Speaker 4: and it's been phenomenal. And I think the simplest way 448 00:24:34,440 --> 00:24:40,120 Speaker 4: to frame it is, you know, a lot of times 449 00:24:40,160 --> 00:24:43,880 Speaker 4: when I stand up talking to people about financial education 450 00:24:44,240 --> 00:24:46,560 Speaker 4: or how to buy a house or whatever, you know, investing, 451 00:24:47,080 --> 00:24:50,600 Speaker 4: one of the main things people ask is like, well, 452 00:24:50,600 --> 00:24:53,320 Speaker 4: what should I invest in? Or how can I get 453 00:24:53,359 --> 00:24:56,560 Speaker 4: started or all these things, and you have to always say, hey, 454 00:24:56,640 --> 00:25:01,080 Speaker 4: like I can't tell you that stuff. To seek professional 455 00:25:01,119 --> 00:25:04,840 Speaker 4: advice with athletes. Dot org is it's a directory of 456 00:25:04,920 --> 00:25:08,720 Speaker 4: all of these different professionals that are willing to invest 457 00:25:08,720 --> 00:25:13,080 Speaker 4: in these athletes and give them pro bono services to start. 458 00:25:13,960 --> 00:25:16,680 Speaker 4: So now they actually are paired with people that can 459 00:25:16,720 --> 00:25:18,480 Speaker 4: help them do so. 460 00:25:18,600 --> 00:25:22,160 Speaker 7: They be's saying say it again, vetted. 461 00:25:23,080 --> 00:25:26,040 Speaker 4: Yep, they're vetted. There, they go through an intake form, 462 00:25:26,080 --> 00:25:30,280 Speaker 4: they're verified by us, and it's it's a registry, it's 463 00:25:30,320 --> 00:25:35,480 Speaker 4: a it's a process. But ultimately all of these people 464 00:25:35,520 --> 00:25:39,320 Speaker 4: have also we've negotiated on behalf of the athletes to say, hey, 465 00:25:39,320 --> 00:25:42,639 Speaker 4: before you have to write a check to these folks, 466 00:25:43,359 --> 00:25:46,040 Speaker 4: why don't you prove to the athletes what you can do. 467 00:25:46,560 --> 00:25:50,040 Speaker 4: So a woman's rower right now at you know, the 468 00:25:50,200 --> 00:25:56,840 Speaker 4: University of Omaha, Nebraska, the third string rower right she 469 00:25:57,040 --> 00:26:01,560 Speaker 4: can come to our platform and get a contract reviewed 470 00:26:01,600 --> 00:26:02,280 Speaker 4: for free. 471 00:26:02,760 --> 00:26:03,320 Speaker 7: Wow, that's a. 472 00:26:03,359 --> 00:26:05,920 Speaker 4: Background track for free, the same thing that a first 473 00:26:06,000 --> 00:26:08,520 Speaker 4: round draft pick could potentially get. So we've been able 474 00:26:08,560 --> 00:26:10,760 Speaker 4: to digitize this and offer it a scale so that 475 00:26:10,920 --> 00:26:13,000 Speaker 4: we can stop hearing some of the horror stories. 476 00:26:13,080 --> 00:26:14,919 Speaker 2: So Brandon, you know, I just want to go back 477 00:26:14,960 --> 00:26:17,800 Speaker 2: a second. You know, you say that a lot of athletes, 478 00:26:18,000 --> 00:26:20,199 Speaker 2: you know, they surround themselves with bad actors. And you know, 479 00:26:20,240 --> 00:26:22,000 Speaker 2: you played for the New York Jets back in twenty 480 00:26:22,080 --> 00:26:23,840 Speaker 2: nineteen for Adam Gay, So he's the first guy who 481 00:26:23,880 --> 00:26:26,240 Speaker 2: comes to my mind. But no, seriously, I mean, how 482 00:26:26,280 --> 00:26:29,240 Speaker 2: do you differentiate between people like Sam Bankman Freed and 483 00:26:29,359 --> 00:26:31,800 Speaker 2: FTX and Crypto? I mean even Tom Brady and Steph 484 00:26:31,800 --> 00:26:34,359 Speaker 2: Curry couldn't you know, they couldn't tell the difference. So, 485 00:26:34,800 --> 00:26:36,919 Speaker 2: you know, giving them the names of these people and 486 00:26:36,960 --> 00:26:39,800 Speaker 2: actually being able to kind of differentiate between something quite 487 00:26:39,840 --> 00:26:42,479 Speaker 2: honestly that it's just so hard to do, you know, 488 00:26:42,560 --> 00:26:43,720 Speaker 2: doesn't that put you a little. 489 00:26:43,520 --> 00:26:44,000 Speaker 7: Bit at risk. 490 00:26:45,000 --> 00:26:49,159 Speaker 4: Yeah, we don't claim to be perfect. And we also 491 00:26:49,240 --> 00:26:53,480 Speaker 4: are not taking on the role of like, hey, stamping 492 00:26:53,960 --> 00:26:56,919 Speaker 4: these different people within the directory. What we're doing is 493 00:26:56,920 --> 00:26:59,879 Speaker 4: we're screening them, we are verifying them. But we're not 494 00:27:00,080 --> 00:27:02,760 Speaker 4: saying we know this person, we go at home with 495 00:27:02,840 --> 00:27:04,880 Speaker 4: them at night and we see all the different things 496 00:27:04,920 --> 00:27:07,520 Speaker 4: that we're doing. We're saying that they have cleared a 497 00:27:07,560 --> 00:27:11,040 Speaker 4: certain hurdle to at least prove to you that they're 498 00:27:11,080 --> 00:27:15,680 Speaker 4: willing to invest in you, right, and that right there alone. 499 00:27:16,200 --> 00:27:19,120 Speaker 4: You know, we launched in August, we were doing it live, 500 00:27:19,200 --> 00:27:22,919 Speaker 4: we're doing it now. That right there alone is a 501 00:27:23,000 --> 00:27:26,960 Speaker 4: start where we want to go and really prove out 502 00:27:27,000 --> 00:27:31,439 Speaker 4: in the future. We have some different ideas and things 503 00:27:31,480 --> 00:27:34,520 Speaker 4: that will help push bad actors out of the space 504 00:27:34,960 --> 00:27:39,840 Speaker 4: that allow athletes to give ratings and reviews for the 505 00:27:39,920 --> 00:27:43,359 Speaker 4: different professionals that have worked with them. I will not 506 00:27:43,560 --> 00:27:46,280 Speaker 4: sit up here and claim we're going to be completely 507 00:27:46,359 --> 00:27:50,000 Speaker 4: perfect and we're going to know everything and everybody, because again, 508 00:27:50,040 --> 00:27:55,199 Speaker 4: as you said, there's people who literally do this, you know, 509 00:27:55,240 --> 00:27:59,520 Speaker 4: the Tom Brady's, the hedge fund investors that. 510 00:28:00,119 --> 00:28:02,360 Speaker 2: Have smart money guys out there. It's very hard to Yeah, 511 00:28:02,440 --> 00:28:04,800 Speaker 2: I mean, yeah exactly, and you know exactly. Well, look, 512 00:28:04,840 --> 00:28:06,040 Speaker 2: I mean I have to ask him question. I have 513 00:28:06,040 --> 00:28:08,800 Speaker 2: to ask it on behalf of my colleague, Michael Barr. 514 00:28:08,920 --> 00:28:12,119 Speaker 2: You know, you know, your your your father, former Colts 515 00:28:12,160 --> 00:28:15,680 Speaker 2: defensive end Roy Hilton. You know, I mean the Ravens 516 00:28:15,720 --> 00:28:18,840 Speaker 2: now Baltimore, that's where you're based. Plus six hundred to 517 00:28:18,840 --> 00:28:20,320 Speaker 2: win the Super Bowl. I mean, who do you really 518 00:28:20,520 --> 00:28:22,160 Speaker 2: I mean, is it gonna be the Niners, the Chiefs? 519 00:28:22,160 --> 00:28:24,159 Speaker 2: Who do you really like out there? You know? I 520 00:28:24,359 --> 00:28:26,359 Speaker 2: could see. I could see Michael, you know, he's opening 521 00:28:26,440 --> 00:28:29,520 Speaker 2: up his wallet. You know what, what do you like 522 00:28:29,560 --> 00:28:31,400 Speaker 2: this year? I mean it's gonna be it's a lot 523 00:28:31,440 --> 00:28:32,359 Speaker 2: of parody out there. 524 00:28:33,119 --> 00:28:35,120 Speaker 4: Yeah. Man, it's a lot of parody out there, which 525 00:28:35,160 --> 00:28:39,760 Speaker 4: is what makes the NFL beautiful. I think for me, Baltimore, 526 00:28:40,160 --> 00:28:41,160 Speaker 4: I love Baltimore. 527 00:28:41,280 --> 00:28:42,800 Speaker 1: Do they do? They do? 528 00:28:42,840 --> 00:28:47,360 Speaker 4: They have the stamina it takes to get all the 529 00:28:47,360 --> 00:28:50,760 Speaker 4: way through. I would never bet against UH coach Harbaugh, 530 00:28:51,040 --> 00:28:53,240 Speaker 4: but I would love to see them win. But you 531 00:28:53,600 --> 00:28:57,320 Speaker 4: can't ever count out Kansas City. And I think we 532 00:28:57,400 --> 00:29:00,480 Speaker 4: might end up seeing a repeat matchup from last year 533 00:29:01,400 --> 00:29:05,080 Speaker 4: in the Super Bowl. And so I'm gonna go ahead 534 00:29:05,080 --> 00:29:07,920 Speaker 4: and I'm gonna put Kansas City up there. I think 535 00:29:08,000 --> 00:29:11,200 Speaker 4: if if we do see that that match up again though, 536 00:29:11,480 --> 00:29:15,200 Speaker 4: I think that you know, Jalen Hurts and them, we'll 537 00:29:15,640 --> 00:29:17,960 Speaker 4: do someilar last year and take it toe to toe 538 00:29:18,000 --> 00:29:22,479 Speaker 4: to the end, and hopefully they're able to pull it 539 00:29:22,480 --> 00:29:24,640 Speaker 4: out this year. You know, because I always like to 540 00:29:24,640 --> 00:29:26,680 Speaker 4: see the quote unquote underdog win. I like to see 541 00:29:26,720 --> 00:29:30,560 Speaker 4: new folks and new faces hoist the trophy. But I'm 542 00:29:30,600 --> 00:29:34,800 Speaker 4: never gonna I think Pat Mahomes and you know the 543 00:29:34,880 --> 00:29:36,200 Speaker 4: Eagles will be back there again. 544 00:29:36,680 --> 00:29:39,280 Speaker 1: I want to go back to something that Scarlett said 545 00:29:39,280 --> 00:29:42,880 Speaker 1: that you saved ninety of the money that you made 546 00:29:42,880 --> 00:29:45,600 Speaker 1: in the NFL. Now, I'm going to make a statement 547 00:29:45,920 --> 00:29:48,760 Speaker 1: and it's going to get me in the doghouse with 548 00:29:48,840 --> 00:29:53,440 Speaker 1: my wife. This was an actual sentence as we're talking, 549 00:29:53,760 --> 00:29:57,280 Speaker 1: and she said, we're going to throw away a Christmas party, 550 00:29:57,440 --> 00:29:59,520 Speaker 1: so we got to get a new couch. I'm like, wait, wait, wait, 551 00:29:59,360 --> 00:30:03,320 Speaker 1: w wait, wait whoa. It's like, now, now, granted we 552 00:30:03,360 --> 00:30:04,120 Speaker 1: do need. 553 00:30:03,920 --> 00:30:05,920 Speaker 7: A new counts man, because that's the point. 554 00:30:06,200 --> 00:30:08,200 Speaker 1: That's the point. But now I can sit on like 555 00:30:08,240 --> 00:30:12,560 Speaker 1: a used tire. So my point is, so, you know, 556 00:30:13,480 --> 00:30:18,560 Speaker 1: that's admirable for ninety percent for the average household. How 557 00:30:18,600 --> 00:30:20,400 Speaker 1: do you how do you do that? How do you 558 00:30:20,640 --> 00:30:22,760 Speaker 1: get that savings up there? 559 00:30:23,200 --> 00:30:23,400 Speaker 7: Yeah? 560 00:30:23,400 --> 00:30:25,840 Speaker 4: I think one it's it's yeah, like you said, first 561 00:30:25,880 --> 00:30:30,040 Speaker 4: and foremost, being on an NFL salary, it's one understanding 562 00:30:30,080 --> 00:30:33,120 Speaker 4: what you need right and what you really what really 563 00:30:33,120 --> 00:30:35,959 Speaker 4: makes you tick right? And so for me, you know, 564 00:30:37,560 --> 00:30:43,440 Speaker 4: I only spent money on the things that I needed. 565 00:30:44,680 --> 00:30:49,640 Speaker 4: Investments in my body training, things like that, obviously, investments 566 00:30:49,640 --> 00:30:51,640 Speaker 4: and putting a roof over my head in season and 567 00:30:51,960 --> 00:30:55,520 Speaker 4: obviously in the off season. But I was not making 568 00:30:55,760 --> 00:31:00,520 Speaker 4: purchases that I could potentially look back on a year 569 00:31:00,640 --> 00:31:02,160 Speaker 4: or two from now and be like, why the heck 570 00:31:02,240 --> 00:31:03,840 Speaker 4: did I buy that car. I don't even really like 571 00:31:03,920 --> 00:31:05,920 Speaker 4: that car. I don't even really like that color, you know. 572 00:31:06,000 --> 00:31:09,320 Speaker 4: And so for me, I just was really really conscious 573 00:31:09,360 --> 00:31:13,040 Speaker 4: of like, this could end tomorrow. So I'm just saving 574 00:31:13,080 --> 00:31:17,680 Speaker 4: as much as possible. For the average household, I think 575 00:31:17,720 --> 00:31:20,680 Speaker 4: you still take on that mentality, but you're not necessarily 576 00:31:20,680 --> 00:31:23,360 Speaker 4: trying to save ninety percent unless your income allows you 577 00:31:23,440 --> 00:31:26,080 Speaker 4: to do that. It is really just stripping out all 578 00:31:26,120 --> 00:31:28,840 Speaker 4: the fat and all the things that you do and 579 00:31:28,880 --> 00:31:32,160 Speaker 4: your purchases to make sure that you are purchasing things 580 00:31:32,240 --> 00:31:35,560 Speaker 4: that you need and you enjoy it. So like, hey, 581 00:31:36,000 --> 00:31:38,280 Speaker 4: you know, do we need a new couch? Like you said, 582 00:31:38,320 --> 00:31:40,440 Speaker 4: we might need a new couch, so hey, we might 583 00:31:40,480 --> 00:31:42,720 Speaker 4: as well go ahead and buy the Christmas parties coming up. 584 00:31:42,800 --> 00:31:44,840 Speaker 4: Let's go ahead and do it. But are we buying 585 00:31:44,840 --> 00:31:49,240 Speaker 4: that couch for the keep up with the Joneses or 586 00:31:49,240 --> 00:31:52,479 Speaker 4: for our friends or we really actually value that couch? 587 00:31:52,680 --> 00:31:52,880 Speaker 1: Right? 588 00:31:52,960 --> 00:31:56,280 Speaker 4: And so again, whether it's ninety percent, fifty forty percent. 589 00:31:56,600 --> 00:31:58,560 Speaker 4: I really just try to say, strip out the fat 590 00:31:58,600 --> 00:32:01,280 Speaker 4: and purchase things that you should be using five years 591 00:32:01,320 --> 00:32:04,240 Speaker 4: from now, or be proud of proud that you purchased 592 00:32:04,240 --> 00:32:05,040 Speaker 4: five years from now. 593 00:32:05,440 --> 00:32:09,240 Speaker 1: I get and Scarlett Damian Brandon. I'm sure Linda's listening 594 00:32:09,240 --> 00:32:12,440 Speaker 1: in at home saying, well, maybe if you quit going 595 00:32:12,560 --> 00:32:16,640 Speaker 1: online and playing poker, maybe we could save some money too. 596 00:32:16,960 --> 00:32:20,480 Speaker 7: I'm sorry, so super Bowl, Yeah, yeah, in February. 597 00:32:20,960 --> 00:32:21,200 Speaker 1: Sure. 598 00:32:22,600 --> 00:32:24,000 Speaker 7: You know, you know, Brandon, I have to ask you 599 00:32:24,040 --> 00:32:24,360 Speaker 7: one thing. 600 00:32:24,400 --> 00:32:28,120 Speaker 2: You played for, you know, six different NFL franchises in 601 00:32:28,120 --> 00:32:30,840 Speaker 2: what ten years, right, so you have a very interesting 602 00:32:31,120 --> 00:32:34,880 Speaker 2: kind of outlook on what it costs to be that 603 00:32:34,920 --> 00:32:37,240 Speaker 2: type of player, you know, you know who's you know, 604 00:32:37,400 --> 00:32:40,040 Speaker 2: kind of moving around a lot. You know, like you know, 605 00:32:40,440 --> 00:32:42,520 Speaker 2: talk to me about you know, comp today in the 606 00:32:42,600 --> 00:32:45,000 Speaker 2: NFL and that type of a lifestyle that you had 607 00:32:45,000 --> 00:32:47,080 Speaker 2: to lead. I mean, are there a lot of you know, 608 00:32:47,120 --> 00:32:49,120 Speaker 2: players out there that are kind of you know, that 609 00:32:49,200 --> 00:32:51,800 Speaker 2: are just middling, that are having difficulty making ends meet? 610 00:32:52,000 --> 00:32:54,080 Speaker 7: Or are they on the other side of that fence. 611 00:32:54,080 --> 00:32:55,760 Speaker 2: They're making a lot of money, they're able to save it, 612 00:32:55,800 --> 00:32:57,280 Speaker 2: and you're able to help them put it to work. 613 00:32:58,680 --> 00:33:00,920 Speaker 4: Yeah, I think that, you know, there's definitely players that 614 00:33:01,320 --> 00:33:04,280 Speaker 4: I don't know if you wouldn't necessarily say that having 615 00:33:04,440 --> 00:33:07,400 Speaker 4: difficulty making ends meet, but there are players that have 616 00:33:07,440 --> 00:33:10,400 Speaker 4: made you know, listen, you know, my second season in 617 00:33:10,400 --> 00:33:14,480 Speaker 4: the NFL, I made eight grand and then was cut 618 00:33:14,720 --> 00:33:17,440 Speaker 4: for the whole season, right, you know. And then I 619 00:33:17,640 --> 00:33:20,760 Speaker 4: was fortunate to stick on and keep believing in myself 620 00:33:20,760 --> 00:33:23,120 Speaker 4: and came back in twenty fifteen, my third season, and 621 00:33:23,160 --> 00:33:27,760 Speaker 4: then I finally really unlocked my real quote unquote NFL career. 622 00:33:28,000 --> 00:33:31,560 Speaker 4: So there's a number of guys who were literally, you know, 623 00:33:31,640 --> 00:33:35,640 Speaker 4: probably you know, hundreds in the bank account or overdrafting 624 00:33:35,680 --> 00:33:39,320 Speaker 4: the bank account to try to chase their NFL dream, 625 00:33:39,440 --> 00:33:45,960 Speaker 4: so to speak. The biggest thing that that's something that 626 00:33:46,000 --> 00:33:50,880 Speaker 4: you have to navigate as a player is not getting 627 00:33:51,760 --> 00:33:55,120 Speaker 4: too comfortable. And what I mean when I say too comfortable, 628 00:33:55,280 --> 00:34:00,080 Speaker 4: I've seen guys my rookie year, for example, guys that 629 00:34:00,200 --> 00:34:03,120 Speaker 4: had been cut or released from another team and had 630 00:34:03,120 --> 00:34:06,880 Speaker 4: a twelve month lease in San Francisco, came to Tennessee 631 00:34:07,320 --> 00:34:10,280 Speaker 4: because he had a newborn, wanted again another twelve monthly 632 00:34:10,640 --> 00:34:14,960 Speaker 4: another apartment with his wife and child. Gets cut again 633 00:34:15,080 --> 00:34:17,640 Speaker 4: three weeks later then goes to Indy now has to 634 00:34:17,680 --> 00:34:20,319 Speaker 4: pay for another place. And you know, you can look 635 00:34:20,440 --> 00:34:23,600 Speaker 4: up and they've seen guys who've had three different places 636 00:34:24,200 --> 00:34:28,279 Speaker 4: and they're living in obviously one. So that taught me, hey, 637 00:34:28,320 --> 00:34:30,120 Speaker 4: I'm getting a short term lease as soon as the 638 00:34:30,120 --> 00:34:33,720 Speaker 4: season ends, my money. I'm not putting any more money 639 00:34:33,719 --> 00:34:36,200 Speaker 4: into this apartment or place that I'm moving away from. 640 00:34:36,440 --> 00:34:39,160 Speaker 4: So like details like that that I've been fortunate to 641 00:34:39,200 --> 00:34:42,040 Speaker 4: see are also going to the reasons why I was 642 00:34:42,239 --> 00:34:46,240 Speaker 4: really conscious of my money. And also, as you mentioned, 643 00:34:46,239 --> 00:34:48,919 Speaker 4: my grandfather played eleven years in the NFL. I knew 644 00:34:48,960 --> 00:34:51,160 Speaker 4: this was going to end, right Like, I know this 645 00:34:51,200 --> 00:34:53,520 Speaker 4: is over at some point, and I want to keep 646 00:34:53,560 --> 00:34:55,120 Speaker 4: as much of it as possible and put it to 647 00:34:55,160 --> 00:34:58,520 Speaker 4: work for me, so to Again, hopefully I'm answering your 648 00:34:58,560 --> 00:35:02,120 Speaker 4: question directly their guy who are navigating it as they go, 649 00:35:02,719 --> 00:35:05,680 Speaker 4: But there are definitely some guys on the fringe who 650 00:35:05,800 --> 00:35:09,799 Speaker 4: are probably you know, they're betting on themselves right now. 651 00:35:09,880 --> 00:35:12,520 Speaker 4: They're hoping that they can get a chance to see 652 00:35:13,520 --> 00:35:17,560 Speaker 4: that that second light at the end of the tunnel 653 00:35:17,600 --> 00:35:19,680 Speaker 4: in their career. And the final thing, I'll say, I 654 00:35:19,760 --> 00:35:22,040 Speaker 4: got down to two hundred and forty three bucks in 655 00:35:22,120 --> 00:35:25,840 Speaker 4: my bank account after year or two, you know. And fortunately, 656 00:35:26,440 --> 00:35:29,080 Speaker 4: like I said, got a chance year three with the 657 00:35:29,080 --> 00:35:31,920 Speaker 4: Detroit Lions and the rest was quote unquote history. But 658 00:35:32,480 --> 00:35:35,759 Speaker 4: you know, I never wanted to see my number get 659 00:35:35,800 --> 00:35:37,759 Speaker 4: that low on that bank account ever again, which is 660 00:35:37,800 --> 00:35:40,960 Speaker 4: another reason why I was so aggressive with my saving. 661 00:35:41,640 --> 00:35:45,600 Speaker 1: That's right, took the Detroit Lions and hello, man, I'm sorry, 662 00:35:45,600 --> 00:35:49,160 Speaker 1: that's a Lions fan talking. I'm saying. Brandon Copeland, founder 663 00:35:49,400 --> 00:35:53,080 Speaker 1: Copeland Media, also co founder of athletes dot Org. Brandon, 664 00:35:53,160 --> 00:35:54,920 Speaker 1: you were so kind to talk with us on the 665 00:35:54,960 --> 00:35:57,879 Speaker 1: Bloomberg Business of Sports. We really do appreciate it. Thank you, sir, 666 00:35:58,719 --> 00:35:59,680 Speaker 1: Thank you for having me. 667 00:36:00,120 --> 00:36:00,680 Speaker 4: Shit you all. 668 00:36:00,960 --> 00:36:03,360 Speaker 1: This has been the Bloomberg Business of Sports podcast. If 669 00:36:03,400 --> 00:36:05,240 Speaker 1: we explore the big money issues in the world of sports. 670 00:36:05,280 --> 00:36:07,919 Speaker 1: I'm Michael Barr. Follow me on X at. 671 00:36:07,800 --> 00:36:10,279 Speaker 3: Big Bar Sports, and I can be found on X 672 00:36:10,320 --> 00:36:11,360 Speaker 3: at Scarlet. 673 00:36:10,920 --> 00:36:13,720 Speaker 7: Foo and I'm on ex at t sasol And hey 674 00:36:14,760 --> 00:36:18,240 Speaker 1: You can download this show wherever you get your podcast.