WEBVTT - Inside the $2.6B investment that values the Yankees at $10B + PT postgame reax to Yanks taking down M’s 0:00:00.080 --> 0:00:00.880 Show me the money. 0:00:12.000 --> 0:00:14.960 Oh Hevanralik and his terrible mustache is joining us right 0:00:15.000 --> 0:00:18.920 now from the athletic Evan. Yeah, I guess that's surfer 0:00:18.960 --> 0:00:20.760 Die skater Die. I don't know what you're going for. 0:00:20.960 --> 0:00:25.960 It's not definitely not super Troopers. We'll just we'll say that, Okay. 0:00:26.680 --> 0:00:29.080 Yesterday it was announcing New York Yankees reached a deal 0:00:29.120 --> 0:00:33.360 with Apollo Sports Capital. We're investing two point six billion 0:00:33.960 --> 0:00:36.600 in the parent company the New York Yankees. What do 0:00:36.640 --> 0:00:37.880 you say on this, Evandralic? 0:00:37.920 --> 0:00:38.600 And does it how much? 0:00:38.640 --> 0:00:41.720 This means the Yankees are worth ten plus billion because 0:00:41.720 --> 0:00:44.560 they can only invest a certain amount right into a team. 0:00:45.240 --> 0:00:48.000 Yeah. Private equity groups are limited in how much they 0:00:48.000 --> 0:00:50.959 can invest into a single team. It's one group can 0:00:51.000 --> 0:00:54.040 have no more than fifteen percent of a single team, 0:00:54.320 --> 0:00:57.120 and you cannot have more than thirty percent between multiple 0:00:57.120 --> 0:01:01.160 firms for one team. This is a little bit complicated 0:01:01.200 --> 0:01:04.800 because the transaction, the two point six billion dollars is 0:01:04.840 --> 0:01:07.679 an investment in the parent company of the Yankees. It's 0:01:07.680 --> 0:01:11.440 called Yankee Global Enterprises, so that includes the Yankees, but 0:01:11.480 --> 0:01:13.760 it is not only the Yankees. That parent company has 0:01:13.800 --> 0:01:19.560 a slice in ac Milan NYCFC, another soccer team. They 0:01:19.560 --> 0:01:23.920 operate some of the Yes network. So what my reporting 0:01:24.000 --> 0:01:29.040 showed two sources who said this values the Yankees themselves 0:01:29.560 --> 0:01:32.360 at close to ten billion dollars. So that might ultimately 0:01:32.360 --> 0:01:36.119 be nine points something billion, which is somewhat in line 0:01:36.280 --> 0:01:39.400 with one of the public projections I think with Sportico 0:01:39.440 --> 0:01:42.520 in the spring peg the Yankees at nine point four billion. 0:01:42.560 --> 0:01:45.800 What's the bottom line here. It gives the Yankees some cash. 0:01:46.040 --> 0:01:48.800 It is an infusion of money for what is still 0:01:49.160 --> 0:01:52.720 ultimately a family run team. And a lot of times 0:01:52.760 --> 0:01:54.840 now these family run teams, the only place you can 0:01:54.920 --> 0:01:58.680 kind of turn is to what's called institutional investors, the 0:01:59.040 --> 0:02:02.280 private equity firm. And we're seeing it across baseball. We're 0:02:02.280 --> 0:02:06.600 seeing it across the other leagues, the continued interests that 0:02:06.640 --> 0:02:10.480 these private equity groups have in getting their hand into 0:02:10.520 --> 0:02:12.639 the pot that keeps growing in baseball. 0:02:13.639 --> 0:02:15.880 All right, stay with me here, we're gonna put on 0:02:15.919 --> 0:02:17.359 this We're gonna put on this hat. 0:02:18.560 --> 0:02:21.359 There was this idea. 0:02:21.600 --> 0:02:24.919 That when Trek Scuba went to the Dodgers across the 0:02:25.040 --> 0:02:28.440 league that a small market team like the Detroit Tigers 0:02:28.520 --> 0:02:31.520 are allowing the Dodgers to go out and win so 0:02:31.560 --> 0:02:33.840 they can hopefully get a lockout in a salary cap. 0:02:34.360 --> 0:02:36.399 Now you have a team like the New York Yankees, 0:02:37.120 --> 0:02:39.760 are they flexing on the other owners because there is 0:02:39.760 --> 0:02:42.680 this idea that the lockout is Yes, it's between the 0:02:42.680 --> 0:02:44.960 owners and the players, but there's a lot of different 0:02:45.040 --> 0:02:48.840 layers of ownership group somewhat the salary cap. Teams like 0:02:48.840 --> 0:02:50.880 the Yankees in a big market probably don't want the 0:02:50.919 --> 0:02:53.840 salary cap. Is this an idea of the Yankees flexing 0:02:53.880 --> 0:02:56.440 and being like, we don't want a salary cap? This 0:02:56.520 --> 0:02:58.720 is actually and they're kind of in order for a 0:02:58.760 --> 0:03:01.040 private equity team to invest in them, they have to 0:03:01.080 --> 0:03:03.400 open the books so they know this team is profitable. 0:03:04.720 --> 0:03:07.000 Yeah, how much they open the books is an interesting 0:03:07.080 --> 0:03:09.880 question because Rob Manford at the All Star Game you're 0:03:09.880 --> 0:03:12.200 talking to reporters said that they're very limited in the 0:03:12.240 --> 0:03:15.480 information they give. Obviously, there's got to be some information 0:03:15.520 --> 0:03:19.840 that flows, But to the larger question, is this flexing. 0:03:20.639 --> 0:03:22.960 I spent a lot of yesterday trying to sort through 0:03:23.919 --> 0:03:26.880 kind of the dueling narratives of this. On one side, 0:03:26.919 --> 0:03:29.720 you've got I talked to Joel Wolfe to Scott Boris, 0:03:29.760 --> 0:03:33.200 you to top agents who are saying, look, this shows 0:03:33.240 --> 0:03:35.520 the health of the business. If the Yankees are getting 0:03:35.520 --> 0:03:38.480 two point six billion dollars or the parent company the 0:03:38.560 --> 0:03:40.920 Yankees is getting that amount of money, things are going 0:03:41.000 --> 0:03:44.080 pretty good. It's hard to sneeze at that amount of money. 0:03:44.160 --> 0:03:46.640 And then on the other side you have people who 0:03:46.680 --> 0:03:49.400 will say, well, you know, the fact that they needed 0:03:49.840 --> 0:03:52.480 or wanted the cash at all, what does that tell you? 0:03:52.520 --> 0:03:55.480 And also if still if you look out a the 0:03:55.640 --> 0:03:59.520 NBA and the NFL, these franchises are valued higher. And 0:03:59.560 --> 0:04:03.880 then today we have news that the Lakers are being 0:04:03.880 --> 0:04:07.120 sold now for twelve billion, which is you know, the Lakers, 0:04:07.360 --> 0:04:10.520 I believe the highest valued franchise in the NBA. Could 0:04:10.520 --> 0:04:14.560 be wrong on that, and the Yankees still are the 0:04:14.600 --> 0:04:16.800 highest valued franchise in baseball. And so you have the 0:04:17.200 --> 0:04:21.240 basketball one trading at higher than the baseball one. It's 0:04:21.279 --> 0:04:24.520 a feeling on the ownership side that yeah, this is 0:04:24.600 --> 0:04:26.720 this is good, but it could be better. And that's 0:04:26.800 --> 0:04:30.599 the argument for a cap that they're making is not 0:04:30.640 --> 0:04:33.280 necessarily that it's bad, although some people do try to 0:04:33.320 --> 0:04:35.240 swing it that way, but that it could be a 0:04:35.279 --> 0:04:36.800 lot better. That if you look at the other leagues. 0:04:36.839 --> 0:04:40.359 It should it should be even more than this. And 0:04:40.400 --> 0:04:43.839 then on the player side, it's you guys are doing fine. 0:04:43.880 --> 0:04:47.080 What are you talking about? Your valuation is now close 0:04:47.080 --> 0:04:49.760 to ten billion dollars? What are you complaining about? 0:04:50.720 --> 0:04:52.480 Yeah, Evan, does this mean the Yankees are poor? 0:04:53.839 --> 0:04:54.000 Is it? 0:04:54.520 --> 0:04:54.800 I mean? 0:04:54.960 --> 0:04:55.320 I just? 0:04:56.000 --> 0:04:58.920 I mean? And what does what role does this change 0:04:58.960 --> 0:05:00.719 for the Steying in her family? 0:05:00.839 --> 0:05:00.960 Right? 0:05:01.120 --> 0:05:01.200 Is? 0:05:01.240 --> 0:05:02.719 How does this change how's role? 0:05:03.000 --> 0:05:07.480 Does Apollo get any stake in making decisions? Or are 0:05:07.480 --> 0:05:10.000 they just investing cash to try to help the Yankees 0:05:10.040 --> 0:05:13.080 get out of debt so someone can go buy something 0:05:13.279 --> 0:05:15.960 a new jet or something. Right, Because I don't a 0:05:15.960 --> 0:05:18.320 lot of people, including myself, don't know enough about this 0:05:18.440 --> 0:05:21.560 to understand what this truly means. Can you explain it 0:05:21.960 --> 0:05:25.200 in you know, polish dumb people terms, please? 0:05:25.920 --> 0:05:28.360 Yeah. The most simple is they they now have more 0:05:28.400 --> 0:05:31.320 cash on hand. The question, the heart of it, what 0:05:31.360 --> 0:05:34.520 you're asking, is, well, what do they want that for? 0:05:34.680 --> 0:05:37.320 And that at this point is a little bit of 0:05:37.360 --> 0:05:41.760 informed speculation. I talked to some people who have some 0:05:41.920 --> 0:05:45.440 knowledge of the deal who said that this isn't because 0:05:45.440 --> 0:05:48.800 there's some big thing coming up, Although it was noted that, look, 0:05:48.800 --> 0:05:50.520 if you're going to go into a long lockout, doesn't 0:05:50.600 --> 0:05:53.040 hurt to have more cash on hand. The Yankees do 0:05:53.120 --> 0:05:56.719 have a lot of debt from the stadium construction, that's 0:05:56.760 --> 0:05:58.200 still a part of it, and a lot of teams 0:05:58.520 --> 0:06:01.400 have debt here, and so ultimately, you know, how the 0:06:01.400 --> 0:06:04.360 Steinbrenner family wants to use this money. Is this to 0:06:04.480 --> 0:06:09.760 satisfy demands or requests from other members of the family. 0:06:09.839 --> 0:06:14.080 Sometimes when you have family run teams, you end up 0:06:14.120 --> 0:06:18.040 with a lot of hands out basically, you know, and 0:06:18.240 --> 0:06:20.760 sometimes it can lead to teams being sold. Fully, I'm 0:06:20.760 --> 0:06:23.440 not saying that's going to happen here. There's a lot 0:06:23.480 --> 0:06:27.080 of reasons it could be, but it doesn't seem that 0:06:27.160 --> 0:06:29.479 the answer at this point. There's no evidence to this 0:06:29.520 --> 0:06:32.360 point that the answer is the Yankees are truly cash 0:06:32.440 --> 0:06:35.880 poor and absolutely needed a liquidity. It could be as 0:06:35.880 --> 0:06:40.320 simple as they liked the valuation they got. If somebody 0:06:40.360 --> 0:06:43.920 is willing to pay at your market rate or maybe 0:06:43.960 --> 0:06:46.000 a little bit above it. In the case of the Yankees, 0:06:46.040 --> 0:06:49.200 if you're approaching ten billion dollars, you might say, okay, 0:06:49.360 --> 0:06:53.040 come on in, we'll we'll take that money. Now. The 0:06:53.360 --> 0:06:56.280 interesting question a little bit is well, if the owners 0:06:56.320 --> 0:06:58.640 get a salary cap, those values are going to go up. 0:06:58.920 --> 0:07:01.720 And so if they waited a year year, maybe they 0:07:01.760 --> 0:07:04.479 could even get more if indeed the owner's got a cap. 0:07:04.480 --> 0:07:06.400 But that's no promise they get a cap. And part 0:07:06.400 --> 0:07:09.360 of the appeal right now, if you're a private equity 0:07:09.400 --> 0:07:13.080 group trying to get involved with baseball, is well, if 0:07:13.080 --> 0:07:16.000 they get a cap, my investment will go up right away. 0:07:15.840 --> 0:07:20.480 They they see the earning potential with a cap in 0:07:20.520 --> 0:07:23.840 the near future. And so you know which of those 0:07:24.040 --> 0:07:27.960 forces really motivated the Yankees. We just aren't totally sure 0:07:28.000 --> 0:07:31.560 at this point. But it doesn't seem like they, you know, 0:07:31.880 --> 0:07:34.800 were unable to write checks or anything like that. Certainly 0:07:35.040 --> 0:07:36.080 certainly no evidence of. 0:07:36.000 --> 0:07:41.080 That science experiment. For the one minute, we have to 0:07:41.120 --> 0:07:45.000 tell you about why we love quints electrolytes including watermelon salt, 0:07:45.080 --> 0:07:48.240 raspberry salt. 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Is this great timing for 0:08:55.600 --> 0:08:56.640 the Players Association? 0:08:58.520 --> 0:09:04.239 I think it's it gives a compelling narrative talking point 0:09:04.400 --> 0:09:07.360 to look the Joe wolfsm Scott or so. I talked 0:09:07.360 --> 0:09:09.199 to you guys today, to Bruce Meyer, the head of 0:09:09.240 --> 0:09:12.240 the Union, and I think it should be eye opening 0:09:12.240 --> 0:09:16.800 to players that this amount of money and these valuations 0:09:17.280 --> 0:09:21.280 are coming in to club owners. It's kind of an 0:09:21.320 --> 0:09:26.240 incontrovertible fact that these franchises are worth a lot of money. 0:09:26.400 --> 0:09:30.120 It doesn't out of hand defeat an argument of well, 0:09:30.200 --> 0:09:35.520 could it be better? None of this conversation should be around. 0:09:36.000 --> 0:09:39.079 Is it truly bad? I think it's hard to argue 0:09:39.120 --> 0:09:42.360 anything that's selling in the billions is bad, even in 0:09:42.400 --> 0:09:48.120 a relative sense that the owner arguments center on it 0:09:48.120 --> 0:09:52.000 could be better. The other leagues are are making more. 0:09:52.679 --> 0:09:55.280 There's something called revenue multiple. So when the NBA and 0:09:55.400 --> 0:09:58.400 NFL franchises sell, they might sell for ten, eleven, twelve 0:09:58.440 --> 0:10:01.800 times what they bring in annually, and in baseball that's 0:10:02.000 --> 0:10:07.120 been six times seven times. And you got the small 0:10:07.160 --> 0:10:09.880 market owners who will go, well, all right, the Yankees 0:10:09.920 --> 0:10:12.240 got that, but what about us, you know, the Washington 0:10:12.360 --> 0:10:16.280 Nationals I believe in. You know, in recent years, their 0:10:16.400 --> 0:10:21.360 value has, according to the public lists like Forbes, appreciated 0:10:21.360 --> 0:10:23.200 the least. You know, So even if the Yankees and 0:10:23.200 --> 0:10:25.839 the Dodgers are doing well. It still kind of fits 0:10:25.840 --> 0:10:28.760 in with that narrative that they have of the haves 0:10:28.760 --> 0:10:31.839 and the have nots. But yeah, for the player purposes, 0:10:32.080 --> 0:10:35.360 for the union purposes to be able to say, there's 0:10:35.400 --> 0:10:38.120 a lot of money over there, what's the problem. There's 0:10:38.160 --> 0:10:39.800 certainly some validity to that argument. 0:10:40.800 --> 0:10:41.040 Heavan. 0:10:41.120 --> 0:10:45.160 Every sport has differences. The Lakers sold for twelve billion, Whoever, 0:10:45.200 --> 0:10:47.120 the next team in the NBA won't sell for that much. 0:10:47.160 --> 0:10:49.400 So it just depends the Cowboys are worth more than 0:10:49.440 --> 0:10:51.839 another team, and they're in salary cap leagues. So that 0:10:52.080 --> 0:10:54.000 that argument is is. 0:10:53.960 --> 0:10:54.400 What it is. 0:10:54.440 --> 0:10:57.720 It's going to be made repeatedly, repeatedly, repeatedly, whatever. But 0:10:57.800 --> 0:11:01.559 how much does this franchise of valuation? How much is 0:11:01.559 --> 0:11:03.280 that going to factor do you think into the CBA? 0:11:03.360 --> 0:11:05.280 You kind of hit on a little bit. But isn't 0:11:05.320 --> 0:11:07.120 this the biggest thing? Because if they do get a 0:11:07.160 --> 0:11:10.679 salary cap, it'll make their franchise values go more. Then 0:11:10.720 --> 0:11:13.720 they can borrow against the franchise values to do other things. 0:11:13.960 --> 0:11:17.120 So how important is this franchise evaluation? And now with 0:11:17.200 --> 0:11:21.320 the Yankees setting the bar at I guess ten billion ish, 0:11:21.480 --> 0:11:23.920 you know whatever. However, you want to play with the numbers, right, 0:11:24.120 --> 0:11:25.960 So how much does this matter in the CBA. 0:11:26.920 --> 0:11:31.520 Well, you know, just to your first point real quick there, Aja, Yeah, 0:11:31.760 --> 0:11:33.640 you can make an argument that, well, if you wanted 0:11:33.679 --> 0:11:37.080 a basketball or hockey or basketball or football type of valuation, 0:11:37.320 --> 0:11:40.800 you should have bought a basketball or football franchise, right, true, 0:11:41.120 --> 0:11:45.160 And I think there is some tension around even inside 0:11:45.160 --> 0:11:47.400 of baseball the big markets in the small markets, where 0:11:47.720 --> 0:11:50.400 when you buy a big market franchise, you are buying 0:11:50.960 --> 0:11:53.000 the set of rights and grants that come with that 0:11:53.040 --> 0:11:56.120 big market. And you know this evening of the playing 0:11:56.200 --> 0:11:59.839 field idea, well Scott wors talks about it a lot, 0:11:59.840 --> 0:12:03.640 but there's some validity to it. You know, you want 0:12:03.640 --> 0:12:06.520 to let your best owners run free and have the 0:12:06.559 --> 0:12:10.760 ability to separate themselves to some degree. But that said, 0:12:10.840 --> 0:12:14.760 in a cap system, all of the franchises would benefit. 0:12:15.040 --> 0:12:17.000 And that gets to what you're asking about with with 0:12:17.080 --> 0:12:20.240 franchise values. If you have fixed labor costs, if you know, 0:12:20.360 --> 0:12:23.559 going in every year, how much money you're going to 0:12:23.600 --> 0:12:28.280 spend on labor, and by the league argument, if things 0:12:28.280 --> 0:12:30.840 are just a little bit more equal and the small 0:12:30.880 --> 0:12:34.160 markets are kind of propped up a bit. Well, then 0:12:34.840 --> 0:12:38.520 you know it lifts all the boats. All the franchise 0:12:38.600 --> 0:12:42.120 values go up. Here when you're talking about a workstoppage 0:12:42.160 --> 0:12:45.400 and you're talking about potentially missing billions of dollars, you 0:12:45.400 --> 0:12:48.120 don't miss billions of dollars in revenue unless you think 0:12:48.160 --> 0:12:50.600 in the long run it will make you billions of 0:12:50.640 --> 0:12:54.880 dollars and some x number more. And so as much 0:12:54.920 --> 0:12:57.800 as the league frames everything around competitive balance, it is 0:12:57.840 --> 0:13:00.800 about money. And if you at a cap, if you're 0:13:00.840 --> 0:13:05.360 the owners, you make your franchises instantly more valuable. But 0:13:05.600 --> 0:13:07.400 it's not the easiest thing to say we're going to 0:13:07.440 --> 0:13:11.400 sacrifice the short term for the long term. Everybody can 0:13:11.480 --> 0:13:14.320 kind of think that's a nice idea, but there's a 0:13:14.320 --> 0:13:16.800 lot of pain that it would take to go through 0:13:16.800 --> 0:13:22.000 with that. But yeah, the franchise values are a central 0:13:22.040 --> 0:13:25.319 piece of all this. If you remember four five years ago, 0:13:25.400 --> 0:13:29.280 right after the last CBA, Manford convened this group called 0:13:29.280 --> 0:13:32.760 the Economic Reform Committee, And what he said last year 0:13:33.760 --> 0:13:37.520 at a Brave Public Investor invent was that the purpose 0:13:37.559 --> 0:13:41.079 of that was to look at franchise values. And so 0:13:41.320 --> 0:13:44.880 it is a like he's the CEO of Baseball, Rob 0:13:44.920 --> 0:13:47.560 Manford if you're the CEO of baseball, one of your, 0:13:47.920 --> 0:13:50.800 if not the top concern is what is the worth 0:13:50.840 --> 0:13:54.960 of the company of the assets, its shareholder value? You 0:13:55.000 --> 0:13:58.480 know it is. I don't think it's a stretch to 0:13:58.520 --> 0:13:59.679 say the most important thing. 0:14:00.679 --> 0:14:02.440 All right, I got one final question for you, and 0:14:02.480 --> 0:14:07.079 to forgive my being naive on this topic, how long 0:14:07.120 --> 0:14:10.439 has private equity been in the game of baseball? And 0:14:10.640 --> 0:14:14.960 do you see more teams taking loans from private equity 0:14:15.080 --> 0:14:18.480 selling shares of private equity? And would it be a 0:14:18.520 --> 0:14:21.760 bad idea for a small quote unquote small market team 0:14:22.200 --> 0:14:24.560 to take money from a private equity team, because then 0:14:24.600 --> 0:14:27.160 we would actually really know what the franchise value is. 0:14:29.320 --> 0:14:31.680 I believe the first year this was allowed in baseball 0:14:31.800 --> 0:14:33.760 was twenty nineteen. It might have been twenty eighteen, but 0:14:33.800 --> 0:14:35.920 it was right before the start of the pandemic that 0:14:35.960 --> 0:14:39.720 Baseball and then the other leagues started to allow private 0:14:39.720 --> 0:14:42.400 equity in. And you know, they put this cap on 0:14:42.480 --> 0:14:46.920 it so that they don't theoretically have a lot of 0:14:47.000 --> 0:14:51.640 sway over or ideally any sway over the ultimate decision making. Right, 0:14:51.840 --> 0:14:56.160 the pe firm cannot be the controlling partner, you know, 0:14:56.440 --> 0:14:59.000 the one person vote when they have all the you know, 0:14:59.040 --> 0:15:03.360 an all thirty club vote. But what could happen over 0:15:03.400 --> 0:15:06.760 time here is that the leagues could change their rules 0:15:06.760 --> 0:15:09.840 and say, okay, we'll let somebody in at a higher percentage. 0:15:10.400 --> 0:15:14.720 Even at this percentage, I think there's some background concern of, well, 0:15:15.280 --> 0:15:18.960 how will this affect the operation of teams long term? 0:15:19.400 --> 0:15:23.600 PE gets involved to eventually make money there is there's 0:15:23.640 --> 0:15:25.840 also some glamour with it. You know, it's kind of 0:15:25.840 --> 0:15:30.080 a trophy asset for your for your fund if you're 0:15:30.280 --> 0:15:33.680 involved in it. So it's not apples to apples with 0:15:33.720 --> 0:15:37.040 everything else that private equity gets involved with. But at 0:15:37.040 --> 0:15:39.320 some point they're going to want to return, and so 0:15:39.400 --> 0:15:42.200 that puts pressure on the league to do things like 0:15:42.600 --> 0:15:46.080 get a salary cap and whatever other ways. You know 0:15:46.160 --> 0:15:48.520 that the PE firm might say, hey, could we try 0:15:48.520 --> 0:15:51.080 to make some more money here? You know, should should 0:15:51.120 --> 0:15:55.840 teams take it? Well? Teams love to make money, uh, 0:15:56.080 --> 0:15:58.600 and if you can get a cash infusion from an 0:15:58.680 --> 0:16:01.240 institutional investor, a lot of them are going to go, 0:16:01.560 --> 0:16:05.080 well why not? This might raise our franchise values. And 0:16:05.120 --> 0:16:07.720 in a lot of cases now the teams sell for 0:16:07.800 --> 0:16:10.400 so much that it's not super easy, or as easy 0:16:10.400 --> 0:16:12.600 as it might have once been, to find people who 0:16:12.680 --> 0:16:16.360 can afford to buy into these teams as individuals. You know, 0:16:16.640 --> 0:16:21.360 it almost takes a group of people these days, or 0:16:21.360 --> 0:16:24.360 at least kind of the help of an institution, to 0:16:24.400 --> 0:16:26.040 be able to get these deals done. As these things 0:16:26.120 --> 0:16:28.760 keep climbing and climbing. So yeah, if you want your 0:16:28.760 --> 0:16:31.480 franchise values to climb, you can. If you can find 0:16:31.480 --> 0:16:34.800 a PE firm that'll buy it by a slice of 0:16:34.840 --> 0:16:37.560 your team at a higher rate than you might have 0:16:37.600 --> 0:16:40.360 otherwise thought you could get, you're probably gonna do it 0:16:41.480 --> 0:16:41.880 all right. 0:16:41.920 --> 0:16:44.640 Well perfect, we're gonna get Pe to invest in Foul Territory. 0:16:44.680 --> 0:16:46.080 I heard they're going to put it give us about 0:16:46.120 --> 0:16:47.600 a billion, Evan, So. 0:16:48.000 --> 0:16:50.280 We're all set. Thanks a, Paula. We love you, guys. 0:16:51.080 --> 0:16:52.240 We'll talk to you soon. Devan. 0:16:52.400 --> 0:16:54.880 Thank you, Evan, seriously check out more of his work 0:16:54.880 --> 0:16:57.800 at the Athletic if you want business, baseball, sports, whatever 0:16:57.840 --> 0:16:58.120 it is. 0:16:58.440 --> 0:16:59.760 And but bad mustaches. 0:16:59.760 --> 0:17:01.320 I don't know who told you to do that, Evan, 0:17:01.360 --> 0:17:03.800 but next time we see you, I'm hoping that it's gone. 0:17:03.880 --> 0:17:04.520 So thanks Evan. 0:17:04.600 --> 0:17:06.959 I live in California now, baby, What else can I tell? 0:17:07.000 --> 0:17:11.520 You perfect, perfect, perfect, Thanks Evan, we'll talk to you soon. 0:17:13.440 --> 0:17:17.800 Let's talk Fabletics, shall we. They have apparel for every season. 0:17:18.000 --> 0:17:20.399 We're wearing it as we talk about it. It's soft, 0:17:20.440 --> 0:17:22.960 it's comfortable. I wear it on the show sometimes on FT. 0:17:23.359 --> 0:17:24.399 What else do you love about it? 0:17:24.480 --> 0:17:25.160 Krats? 0:17:25.440 --> 0:17:27.680 Well, I have it on right now and I'm all 0:17:27.720 --> 0:17:30.960 about quality. But you know what, you know how good 0:17:31.040 --> 0:17:33.919 your clothes are when you're a parent and your kids 0:17:34.119 --> 0:17:37.560 keep stealing all of it. My daughter stole the sweatshirt, 0:17:37.680 --> 0:17:40.320 my son sole one of my t shirts. So it's 0:17:40.359 --> 0:17:41.280 got to be nice looking. 0:17:41.720 --> 0:17:44.400 And if it gets a little bit chillier then it's 0:17:44.560 --> 0:17:48.080 layering season and they've got layers for the fall. Shop 0:17:48.160 --> 0:17:51.440 now at fabletics dot com slash foul to get seventy 0:17:51.520 --> 0:17:54.199 to eighty percent off everything when you sign up as 0:17:54.240 --> 0:17:56.600 a new VIP. Take a quick style quiz and be 0:17:56.640 --> 0:18:00.560 sure to select foul when prompted to unlock this offer. 0:18:00.800 --> 0:18:03.600 This is a limited time offer, so do not wait again. 0:18:03.840 --> 0:18:09.040 That's fabletics dot Com slash foul for seventy to eighty 0:18:09.080 --> 0:18:11.440 percent off everything as a new VIP. 0:18:13.920 --> 0:18:15.600 Just wanted to pull up captroll. 0:18:18.200 --> 0:18:22.520 All right, boy? We needed that one. That was a 0:18:22.520 --> 0:18:26.320 good game. Welcome back, everybody. Game one hundred and twenty 0:18:26.520 --> 0:18:28.679 is in the books. The Yankees win this one with 0:18:28.760 --> 0:18:32.440 an offensive outburst like we have not seen from them 0:18:32.480 --> 0:18:35.520 in quite a while. Ten runs. They win this one, 0:18:35.600 --> 0:18:38.560 ten to five. There's a lot of action in this game. 0:18:38.600 --> 0:18:40.840 This felt like an actual baseball game and not like 0:18:40.840 --> 0:18:44.840 a soccer match. Pretty fun game. I love the way 0:18:45.200 --> 0:18:47.560 ESPN was mixing the sound tonight. Normally I'm not an 0:18:47.800 --> 0:18:51.760 ESPN fan, but the way they put the emphasis in 0:18:51.840 --> 0:18:57.280 the sound mixing on the bat contact, that was awesome. 0:18:57.800 --> 0:19:00.119 I mean that was awesome tonight. Just a kudo to 0:19:00.160 --> 0:19:03.840 their production team. Great night for Spencer Jones, who had, 0:19:03.960 --> 0:19:07.399 in my opinion, his best night in the Major League 0:19:07.440 --> 0:19:10.399 so far. He had a really good at pat to 0:19:11.960 --> 0:19:14.760 before lining a double off the left field wall. He 0:19:14.800 --> 0:19:18.919 had two hits tonight, two doubles and three RBI, so 0:19:19.119 --> 0:19:22.680 a very good night for Spencer Jones. Getting more comfortable. 0:19:23.040 --> 0:19:27.560 We had two home runs tonight from mister Trent Grisham, 0:19:27.720 --> 0:19:32.200 who is beginning to heat up. I mentioned it before 0:19:32.240 --> 0:19:34.439 the series that he was hitting the ball harder last night. 0:19:34.480 --> 0:19:37.000 I mentioned the contact from him has been louder and tonight, 0:19:37.040 --> 0:19:40.479 the contact was really loud, even with the ESPN cameras 0:19:40.520 --> 0:19:43.440 boosting it a little bit. Three for five, two home runs, 0:19:43.440 --> 0:19:46.600 four RBIs, three runs scored, got the average up to 0:19:46.600 --> 0:19:49.440 two twenty two to fifteen home runs and fifty RBIs. 0:19:49.480 --> 0:19:56.480 Now for the mustachioed one, however, I will say there 0:19:56.520 --> 0:19:58.600 was a pop up to center field, and I don't 0:19:58.600 --> 0:20:00.239 know what was going on. I don't know if he 0:20:00.240 --> 0:20:02.600 was finishing a game of words with friends or something 0:20:02.640 --> 0:20:06.679 like that, but he took forever to charge in on 0:20:06.760 --> 0:20:09.520 a routine pop up that he should have been camped under, 0:20:09.960 --> 0:20:12.199 and it did not look like Will Warren appreciated it 0:20:12.359 --> 0:20:16.720 very much. He also had a double, go ahead double, 0:20:16.760 --> 0:20:20.000 So good night for him, Rocky night for Will Warren. 0:20:20.040 --> 0:20:21.040 What can you say about him? 0:20:21.280 --> 0:20:23.680 Time to stop throwing these game. 0:20:24.040 --> 0:20:28.840 Bars, five runs, four walks and three home runs for 0:20:29.119 --> 0:20:31.879 Will Warren, who was probably moving to the bullpen in 0:20:31.920 --> 0:20:36.520 the pretty near future. But we had the first major 0:20:36.600 --> 0:20:40.040 league error from George Lombard Junior. But he also had 0:20:40.080 --> 0:20:44.679 a couple of rope absolute line drive singles. As he 0:20:44.720 --> 0:20:48.320 continues to impress every single day. Even when he makes 0:20:48.320 --> 0:20:51.520 an error, he does something impressive multi hit game. Now 0:20:51.520 --> 0:20:55.639 in his limited major league duty, hitting three twenty with 0:20:55.720 --> 0:20:58.040 two home runs, two RBIs in a one to sixty 0:20:58.080 --> 0:21:01.360 six WRC plus, he has struck out of the time, 0:21:01.400 --> 0:21:04.240 still looking for that first double, that first triple, and 0:21:04.320 --> 0:21:07.040 that first stolen base. Three ninety three on base percentage. 0:21:07.040 --> 0:21:10.560 He's shown a really patient eye, and aside from the air, 0:21:10.680 --> 0:21:14.040 he's looked fantastic at shortstop. But errors happen. Everybody's gonna 0:21:14.040 --> 0:21:16.680 make airrors. Don't worry about it. You had a number 0:21:16.720 --> 0:21:19.760