1 00:00:02,480 --> 00:00:06,040 Speaker 1: Hello, I'm Michael, I'm Evan Novie Williams, and I'm Scott Sosnik. 2 00:00:06,120 --> 00:00:08,880 Speaker 1: Every week at this time, plus Mondays and Wednesdays, we 3 00:00:08,960 --> 00:00:11,160 Speaker 1: explore the big money issue in the world of courts. 4 00:00:11,200 --> 00:00:14,600 Speaker 1: Today we talk about the price of sports franchises with 5 00:00:14,680 --> 00:00:17,840 Speaker 1: Chuck Baker of Old Melbody. But first let's look at 6 00:00:17,880 --> 00:00:21,120 Speaker 1: the top stories of the week. Gentlemen, Let's start with 7 00:00:22,160 --> 00:00:26,800 Speaker 1: Tiger and Phil and the match play of match plays. 8 00:00:26,840 --> 00:00:29,640 Speaker 1: My my first thought and when I always thought about it, 9 00:00:29,680 --> 00:00:31,560 Speaker 1: is like, how in the world are you going to 10 00:00:31,680 --> 00:00:36,240 Speaker 1: make match play golf entertaining? Because you just got two 11 00:00:36,280 --> 00:00:39,159 Speaker 1: guys and that's it. And then he got them walking 12 00:00:39,200 --> 00:00:43,280 Speaker 1: up the fairway and wherever they're going, that's it. But 13 00:00:43,400 --> 00:00:45,680 Speaker 1: at least when you have a tournament, I can go here, 14 00:00:45,800 --> 00:00:47,680 Speaker 1: I can go there. It's like so and so, it 15 00:00:47,840 --> 00:00:50,200 Speaker 1: was on nine and this and that whatever. I'm gonna 16 00:00:50,280 --> 00:00:52,160 Speaker 1: let even handle most of it. But the two ways 17 00:00:52,159 --> 00:00:53,959 Speaker 1: I think they'll make this interesting is one we'll hear 18 00:00:53,960 --> 00:00:55,920 Speaker 1: what they have to say to each other, and two 19 00:00:56,280 --> 00:00:59,120 Speaker 1: they're gonna bet on almost everything, which we know they're 20 00:00:59,120 --> 00:01:01,360 Speaker 1: doing anyway. But the PJ jord never really wanted you 21 00:01:01,400 --> 00:01:03,400 Speaker 1: to know they were doing or forbid them from doing, 22 00:01:03,960 --> 00:01:06,800 Speaker 1: but now it seems that the betting is pretty integral 23 00:01:06,840 --> 00:01:09,520 Speaker 1: to the event. It's amazing that both these guys were 24 00:01:09,520 --> 00:01:13,039 Speaker 1: on Bloomberg TV before the event, and it struck me 25 00:01:13,080 --> 00:01:17,000 Speaker 1: how openly they were talking about gambling in golf, wagering 26 00:01:17,040 --> 00:01:19,679 Speaker 1: as part of what we do in the game of golf, 27 00:01:19,760 --> 00:01:23,480 Speaker 1: and it's just enough to make it uncomfortable or make 28 00:01:23,520 --> 00:01:26,200 Speaker 1: you think about it that one particular shot or the 29 00:01:26,280 --> 00:01:28,319 Speaker 1: next shot. It's an important part of the game too, 30 00:01:28,360 --> 00:01:32,040 Speaker 1: because it teaches us how to perform best under pressure. 31 00:01:32,640 --> 00:01:34,640 Speaker 1: It's clear that these guys have been doing this for 32 00:01:34,680 --> 00:01:37,720 Speaker 1: a long time, and part of the allure I think 33 00:01:37,760 --> 00:01:41,200 Speaker 1: of this pay per view showdown is the ability, as 34 00:01:41,200 --> 00:01:43,080 Speaker 1: Scott said, to hear these guys talking to each other 35 00:01:43,520 --> 00:01:47,320 Speaker 1: and also hopefully get a sense of what what what 36 00:01:47,360 --> 00:01:49,360 Speaker 1: a match play would be like if they were just 37 00:01:53,320 --> 00:01:56,640 Speaker 1: on the first hole exactly the first bet before the 38 00:01:56,640 --> 00:02:02,640 Speaker 1: thing started to two dollars unfilled to Bertie the first hole. Um, 39 00:02:02,720 --> 00:02:05,000 Speaker 1: I'm not sure if this is the future of of 40 00:02:05,080 --> 00:02:08,840 Speaker 1: golf telecast quite yet. That's something that Phil said before 41 00:02:08,840 --> 00:02:10,440 Speaker 1: the match as well, that he thought this was kind 42 00:02:10,440 --> 00:02:15,639 Speaker 1: of the future of how uh sports media is gonna look. Yeah, 43 00:02:15,840 --> 00:02:19,079 Speaker 1: we'll see, but it is shocking to me how quickly, 44 00:02:19,320 --> 00:02:22,720 Speaker 1: especially a sport like golf has moved to embrace gambling. 45 00:02:22,720 --> 00:02:25,360 Speaker 1: There's there's a lot the live odds up on on 46 00:02:25,440 --> 00:02:29,840 Speaker 1: the screen changing each hole. How quickly you know, golfers 47 00:02:29,880 --> 00:02:32,360 Speaker 1: and golf have moved to embrace this new industry. This 48 00:02:32,400 --> 00:02:35,080 Speaker 1: has been done for years and they said this during 49 00:02:35,080 --> 00:02:37,080 Speaker 1: the interview, is like, this is gonna be just like 50 00:02:37,240 --> 00:02:40,000 Speaker 1: back at the club, is like, all right, we're gonna 51 00:02:40,320 --> 00:02:43,520 Speaker 1: you get a foursome. We're gonna do with the skins 52 00:02:43,560 --> 00:02:46,320 Speaker 1: game and all this is going on. They have done 53 00:02:46,360 --> 00:02:49,200 Speaker 1: this for years, and golf lends itself very well to 54 00:02:49,639 --> 00:02:53,840 Speaker 1: especially the live betting. Yeah. Absolutely, if you're young, you 55 00:02:53,880 --> 00:02:56,440 Speaker 1: wanna get involved in golf. I mean this is like 56 00:02:56,520 --> 00:02:58,440 Speaker 1: the demo that thereafter and this is a way to 57 00:02:58,440 --> 00:03:01,320 Speaker 1: do it. Let folks beyond the core with their phones 58 00:03:01,480 --> 00:03:03,760 Speaker 1: betting as each shot is going in the water or 59 00:03:03,919 --> 00:03:07,440 Speaker 1: some guys on the green and want. Absolutely. The interesting 60 00:03:07,480 --> 00:03:11,280 Speaker 1: part to me, though, Evan, is that they could not 61 00:03:11,400 --> 00:03:14,120 Speaker 1: do this, meaning Tiger and Phil without approval from the 62 00:03:14,160 --> 00:03:16,800 Speaker 1: p G A like they had to get PG approval 63 00:03:16,840 --> 00:03:20,960 Speaker 1: to appear in an event. So the fact that the 64 00:03:21,040 --> 00:03:24,880 Speaker 1: p g A helped to shape this and you're seeing 65 00:03:24,919 --> 00:03:27,600 Speaker 1: any messaging coming out of it comes with the blessing 66 00:03:27,639 --> 00:03:30,320 Speaker 1: and the approval of the p g A. And as 67 00:03:30,320 --> 00:03:34,560 Speaker 1: we see, a lot of it is all about the wagering. Well, 68 00:03:34,760 --> 00:03:37,720 Speaker 1: that's a that's a big shift for I mean, we 69 00:03:37,720 --> 00:03:39,800 Speaker 1: we've seen Gary Betman do a U turn on gamble. 70 00:03:39,840 --> 00:03:42,680 Speaker 1: That's fine. But the p g A this this They 71 00:03:42,720 --> 00:03:45,400 Speaker 1: when they put out an RFP for gambling rights, they 72 00:03:45,400 --> 00:03:47,000 Speaker 1: were like, oh, we don't what anything. No, we don't 73 00:03:47,000 --> 00:03:49,280 Speaker 1: wan anybody talking about this. No, no, no, no, Now, 74 00:03:49,320 --> 00:03:52,440 Speaker 1: it's like, let's just put our arms around it. Welcome 75 00:03:52,520 --> 00:03:55,800 Speaker 1: the betting world and let's see if we can make 76 00:03:55,880 --> 00:03:57,760 Speaker 1: golf cool again. That she would have had make off 77 00:03:57,800 --> 00:04:01,720 Speaker 1: cool again. That was that's like, it's like it's it's 78 00:04:01,800 --> 00:04:05,360 Speaker 1: like the prompt bet version of Tiger and Phil. I 79 00:04:05,360 --> 00:04:08,240 Speaker 1: want to see this. Yeah. Absolutely, It's has been said 80 00:04:08,680 --> 00:04:12,640 Speaker 1: gambling is a huge part of this. Uh, Ticketmaster and Fanatics, 81 00:04:12,640 --> 00:04:15,760 Speaker 1: what's that all about? Yeah, to two companies that obviously 82 00:04:16,160 --> 00:04:19,400 Speaker 1: have a tremendous amount of knowledge and data about sports 83 00:04:19,400 --> 00:04:23,640 Speaker 1: fans and their affinities, are pairing up their integrating their marketplaces. 84 00:04:23,640 --> 00:04:27,719 Speaker 1: Ticketmaster obviously for tickets, Fanatics the leading seller of licensed 85 00:04:27,720 --> 00:04:30,960 Speaker 1: sports merchandise. UH. The idea here is obviously very simple. 86 00:04:31,000 --> 00:04:34,480 Speaker 1: If if if Fanatics sees that Michael Barr lives in 87 00:04:34,560 --> 00:04:38,040 Speaker 1: Pennsylvania and bought a Detroit Piston, I thought he was 88 00:04:38,080 --> 00:04:43,760 Speaker 1: gonna say, I was gonna jump all over, bought a 89 00:04:43,839 --> 00:04:47,479 Speaker 1: Detroit Pistons T shirt and hat uh that that that 90 00:04:47,520 --> 00:04:49,680 Speaker 1: Ticketmaster might might want to be able to tell you 91 00:04:49,720 --> 00:04:51,919 Speaker 1: when the Pistons are in New York playing the Knicks, 92 00:04:51,920 --> 00:04:54,720 Speaker 1: you know, or vice versa. If Michael Barr buys a 93 00:04:54,760 --> 00:04:57,719 Speaker 1: ticket to see the Pistons in in New York, you know, 94 00:04:57,839 --> 00:05:00,240 Speaker 1: he might want a Pistons jersey to wear during the game. 95 00:05:00,680 --> 00:05:02,919 Speaker 1: So it's a pretty natural partnership that the two groups 96 00:05:02,920 --> 00:05:04,960 Speaker 1: are going to share a little bit of information. You'll 97 00:05:05,000 --> 00:05:07,680 Speaker 1: be able to buy tickets directly through a link on 98 00:05:07,720 --> 00:05:11,200 Speaker 1: the Fanatics website. If you buy Ticketmaster seats, you'll get 99 00:05:11,279 --> 00:05:14,760 Speaker 1: cash to spend at Fanatics. It makes sense, by the way, 100 00:05:15,240 --> 00:05:19,279 Speaker 1: I did wear uh Detroit Pistons jersey when you let 101 00:05:19,360 --> 00:05:23,160 Speaker 1: to go see a New York No, I had Andre 102 00:05:23,279 --> 00:05:33,800 Speaker 1: Drummond current Day. Didn't see you, I guess would have 103 00:05:33,839 --> 00:05:42,160 Speaker 1: been Dave Binger, Rasheed Wallace, somebody from you know, the 104 00:05:42,200 --> 00:05:45,039 Speaker 1: Bad Boys. I'll tell you the quick story how I 105 00:05:45,040 --> 00:05:47,800 Speaker 1: got yelled at in Las Vegas during a poker tournament 106 00:05:47,800 --> 00:05:53,760 Speaker 1: one time while the Detroit Pistons were playing in the playoffs. 107 00:05:54,080 --> 00:05:58,000 Speaker 1: And this is when, uh, it was Tayshawn Prince. I'll 108 00:05:58,040 --> 00:06:00,440 Speaker 1: never forget this as long as I live. Made the 109 00:06:00,480 --> 00:06:02,720 Speaker 1: block of the center, came back in and pinned it 110 00:06:02,760 --> 00:06:06,480 Speaker 1: on the glass. Yeah, it was incredible, but I was. 111 00:06:06,760 --> 00:06:10,200 Speaker 1: But I was also it was playing James Woods was 112 00:06:10,200 --> 00:06:14,680 Speaker 1: there by the way, I was playing with him. Yeah, 113 00:06:15,320 --> 00:06:18,359 Speaker 1: we've morphed into a Seinfeld episode, but I mean Simpsons episode. 114 00:06:18,360 --> 00:06:20,160 Speaker 1: In the middle of the hand, I mean it's like, 115 00:06:20,240 --> 00:06:22,839 Speaker 1: you know, quiet and everything, believe it or not, all 116 00:06:22,880 --> 00:06:26,800 Speaker 1: of a sudden I went oh oh, and and they're 117 00:06:26,800 --> 00:06:28,760 Speaker 1: looking at me like, you know, what the hell is 118 00:06:28,800 --> 00:06:31,359 Speaker 1: wrong with you? And we're familiar with it, was like, 119 00:06:31,440 --> 00:06:35,200 Speaker 1: you know, can you play the hand? Can you play 120 00:06:35,279 --> 00:06:37,320 Speaker 1: the hand? I'm like, and I was trying to explain 121 00:06:37,360 --> 00:06:40,080 Speaker 1: about the tay Shaun Prince block, but everybody knows what 122 00:06:40,080 --> 00:06:43,279 Speaker 1: I'm talking about. Against Reggie Miller, that was. That was great. 123 00:06:43,400 --> 00:06:46,560 Speaker 1: I had I too, have an awful, awful story like that. 124 00:06:46,800 --> 00:06:51,560 Speaker 1: I made an exclamation, in audible exclamation in the venue 125 00:06:51,680 --> 00:06:53,920 Speaker 1: it happened to be when the Pacers came down to 126 00:06:53,960 --> 00:06:55,880 Speaker 1: beat the nixt with all the three pointers at the end. 127 00:06:56,720 --> 00:06:59,320 Speaker 1: I'm not going to tell you what venue, because I 128 00:06:59,400 --> 00:07:01,839 Speaker 1: mean it was terrible. But I was young. It was 129 00:07:01,920 --> 00:07:04,320 Speaker 1: just in the day you got scores on a beeper. 130 00:07:04,640 --> 00:07:07,080 Speaker 1: There were no mobile phones. We actually were like beta 131 00:07:07,120 --> 00:07:09,120 Speaker 1: testing it in the early days of Bloomberg Sports. They 132 00:07:09,120 --> 00:07:12,200 Speaker 1: sent us a deeper looking thing that sends sports scores. 133 00:07:12,320 --> 00:07:13,800 Speaker 1: So I saw the Knicks were up by a bunch 134 00:07:13,840 --> 00:07:16,240 Speaker 1: with twenty seconds to go okay, and then the next 135 00:07:16,280 --> 00:07:18,640 Speaker 1: time I checked the Knicks had lost. I was like, 136 00:07:18,720 --> 00:07:22,840 Speaker 1: oh my god, and off air. I'll tell you the venue. 137 00:07:23,480 --> 00:07:27,920 Speaker 1: But to this day I live in shame. If it 138 00:07:28,000 --> 00:07:31,880 Speaker 1: wasn't like I'm not saying you guys will not reveal 139 00:07:31,920 --> 00:07:36,160 Speaker 1: it after people can guess if they want. I'd have 140 00:07:36,200 --> 00:07:39,880 Speaker 1: been fine in the White House, That's all I'll say, Uh, 141 00:07:40,040 --> 00:07:43,280 Speaker 1: Yes Network, let's go. In fact, there are a lot 142 00:07:43,320 --> 00:07:45,720 Speaker 1: of people involved in this with the Yes Network. All 143 00:07:45,720 --> 00:07:50,640 Speaker 1: of a sudden, I see Ontario teachers involved Amazon. What's up? Well, 144 00:07:50,680 --> 00:07:53,040 Speaker 1: as we know, the Yankees have the option to take 145 00:07:53,040 --> 00:07:55,240 Speaker 1: back Yes Network as part of their deal when they 146 00:07:55,280 --> 00:07:57,280 Speaker 1: sold it to Fox, and now Fox is telling to Disney. 147 00:07:57,280 --> 00:08:00,480 Speaker 1: Disney has to events, but the Yankees have aready told 148 00:08:00,480 --> 00:08:02,160 Speaker 1: Disney and Fox they intend to take it back. The 149 00:08:02,200 --> 00:08:07,440 Speaker 1: interesting part here are the strategic partners, likely to be Amazon. 150 00:08:07,560 --> 00:08:11,920 Speaker 1: We know Amazon is interested. Um, that's your what would 151 00:08:11,920 --> 00:08:14,760 Speaker 1: be called your strategic partner, But the money partners Ontario 152 00:08:14,800 --> 00:08:17,760 Speaker 1: Teachers Pension Plan used to own Maple Leaf Sports and 153 00:08:17,840 --> 00:08:21,480 Speaker 1: the Maple Leaves and then kind of interesting, uh mubadala, 154 00:08:22,000 --> 00:08:23,720 Speaker 1: that's the Sovereign Wealth Fund of the U a E. 155 00:08:24,640 --> 00:08:30,360 Speaker 1: So global money coming into US sport and media and scale. 156 00:08:31,280 --> 00:08:34,720 Speaker 1: These are some very interesting partners if this deal comes 157 00:08:34,720 --> 00:08:37,120 Speaker 1: to fruition. Is the Ontario Teachers pension fund the same 158 00:08:37,160 --> 00:08:40,160 Speaker 1: pension fund that invested in the sport Radar or was 159 00:08:40,200 --> 00:08:45,079 Speaker 1: it sports Genius recently? No, it's a different different in 160 00:08:47,280 --> 00:08:50,640 Speaker 1: Ontario Teachers. But like Providence, equity always a lot around sports, 161 00:08:50,679 --> 00:08:53,719 Speaker 1: like especially the media side of things, because I mean, 162 00:08:53,760 --> 00:08:57,040 Speaker 1: look who wound up buying Mlissie with Rogers and Bell 163 00:08:57,320 --> 00:09:01,920 Speaker 1: total media play, so uh Yeah. You see these sort 164 00:09:01,920 --> 00:09:03,439 Speaker 1: of investments you want to like, well, is this where 165 00:09:03,480 --> 00:09:06,440 Speaker 1: they should be as your money safe? But historically if 166 00:09:06,480 --> 00:09:09,480 Speaker 1: you're sort of tracking, yeah, pro sports is a safe investment. 167 00:09:09,480 --> 00:09:13,079 Speaker 1: And we talked about Amazon's interest and and early bid 168 00:09:13,120 --> 00:09:16,280 Speaker 1: for the all the other rs n's as well. Um, 169 00:09:16,640 --> 00:09:19,040 Speaker 1: just show you know, this shows how how adamant and 170 00:09:19,040 --> 00:09:21,720 Speaker 1: how interested they are, right if the other bidding is 171 00:09:21,760 --> 00:09:24,559 Speaker 1: for the twenty one not including yes, they obviously want 172 00:09:24,559 --> 00:09:26,240 Speaker 1: to want the Crown Jewel, want to be involved in 173 00:09:26,280 --> 00:09:28,480 Speaker 1: the Crown Jewel R ascent as well, um, and this 174 00:09:28,520 --> 00:09:30,079 Speaker 1: is a way to do that as well. Now I'm 175 00:09:30,080 --> 00:09:32,920 Speaker 1: going to bring up the Newsy part of it here, uh, 176 00:09:33,160 --> 00:09:35,920 Speaker 1: because we have the U A E involved in this, 177 00:09:36,559 --> 00:09:39,080 Speaker 1: and in fact, it just happened a few days ago, 178 00:09:40,040 --> 00:09:47,600 Speaker 1: uh that a British student who was in the in Dubai. 179 00:09:47,679 --> 00:09:51,080 Speaker 1: He was held and he's been there since May. Well 180 00:09:51,120 --> 00:09:55,520 Speaker 1: now they've convicted him of spying and it's a life sentence. 181 00:09:55,520 --> 00:09:58,200 Speaker 1: So I bring this up. Is that are there any 182 00:09:58,240 --> 00:10:01,040 Speaker 1: political implications because the way he is involved in this, 183 00:10:01,559 --> 00:10:04,600 Speaker 1: not that I have heard of. You you can envision 184 00:10:04,640 --> 00:10:07,480 Speaker 1: the future in which there might be but in the 185 00:10:07,520 --> 00:10:10,640 Speaker 1: same way that. You know, a lot of businesses that 186 00:10:10,679 --> 00:10:13,080 Speaker 1: were associated with Saudi money in the past couple of 187 00:10:13,120 --> 00:10:15,400 Speaker 1: months have have have had the call of and and 188 00:10:15,440 --> 00:10:19,040 Speaker 1: publicly answer for those relationships. But right now I'm not 189 00:10:19,080 --> 00:10:25,040 Speaker 1: aware of any meaning it was. But I mean, but 190 00:10:25,240 --> 00:10:27,319 Speaker 1: but it's a part of it. So but anyway, now 191 00:10:27,400 --> 00:10:30,400 Speaker 1: let's get to this week's interview with Chuck Baker from Melanie. 192 00:10:30,520 --> 00:10:33,360 Speaker 1: Chuck has been involved on the legal side, advising some 193 00:10:33,360 --> 00:10:35,720 Speaker 1: of the biggest names, richest folks looking to buy teams, 194 00:10:35,760 --> 00:10:38,360 Speaker 1: and a good majority of our listeners out there. Chuck 195 00:10:38,400 --> 00:10:41,160 Speaker 1: has been involved in business dealings with with your favorite 196 00:10:41,160 --> 00:10:43,200 Speaker 1: team more likely than not, I feel like, but most 197 00:10:43,240 --> 00:10:46,640 Speaker 1: recently David Tepper and the Carolina Panthers. All right, so 198 00:10:46,800 --> 00:10:49,920 Speaker 1: Mr Chuck, there's your bio. Why don't we start with this. 199 00:10:50,240 --> 00:10:54,240 Speaker 1: What's the difference in your job now and let's say 200 00:10:54,280 --> 00:10:58,319 Speaker 1: a decade ago. That's a good question, Scott. So, for one, um, 201 00:10:58,400 --> 00:11:02,040 Speaker 1: you know, the sports business wasn't really a business, uh, 202 00:11:02,240 --> 00:11:05,200 Speaker 1: not to the extent it is now. You had, you know, 203 00:11:05,320 --> 00:11:09,640 Speaker 1: teams trading occasionally, but you didn't read too much about 204 00:11:09,640 --> 00:11:14,880 Speaker 1: it because they tended to be passed down across generations. Uh, 205 00:11:14,880 --> 00:11:20,400 Speaker 1: and you didn't have these um, exciting auction transactions in 206 00:11:20,440 --> 00:11:23,800 Speaker 1: the sports space. You didn't have the the NBA team's 207 00:11:23,920 --> 00:11:27,200 Speaker 1: you know trading hands or any of the sports leagues 208 00:11:27,240 --> 00:11:29,320 Speaker 1: as frequently as they do now, and you didn't have 209 00:11:29,400 --> 00:11:34,040 Speaker 1: such exciting, you know, financially driven buyers like we do now. 210 00:11:34,080 --> 00:11:37,000 Speaker 1: So it's really become pretty exciting industry. Do you find 211 00:11:37,000 --> 00:11:39,360 Speaker 1: that the buyer is a decade ago wanted a team 212 00:11:39,360 --> 00:11:42,439 Speaker 1: because they wanted a team, and now the due diligence 213 00:11:42,520 --> 00:11:45,120 Speaker 1: is on things like, well, what's the real estate opportunity, 214 00:11:45,160 --> 00:11:48,080 Speaker 1: what's the media opportunity, what are the other opportunities that 215 00:11:48,120 --> 00:11:51,559 Speaker 1: it can't just be about the team anymore? Yeah, I do. 216 00:11:51,640 --> 00:11:54,839 Speaker 1: I think I think teams will always be a a 217 00:11:54,880 --> 00:11:59,680 Speaker 1: trophy property. Uh. When you own a lot of other things, um, 218 00:12:00,040 --> 00:12:03,600 Speaker 1: oftentimes the one thing left is a professional sports team. Um. 219 00:12:03,640 --> 00:12:08,280 Speaker 1: But the revenue and earnings potential of a lot of 220 00:12:08,280 --> 00:12:11,160 Speaker 1: these assets has come through the roof, and so uh, 221 00:12:11,440 --> 00:12:14,600 Speaker 1: smart investors, hedge fund, private equity, real estate are looking 222 00:12:14,640 --> 00:12:18,680 Speaker 1: at the media and real estate opportunities around their venues 223 00:12:18,720 --> 00:12:23,440 Speaker 1: to try to extract additional revenue opportunities. So it's really 224 00:12:23,920 --> 00:12:26,960 Speaker 1: it's really a change change game. You reminded me about 225 00:12:27,040 --> 00:12:30,200 Speaker 1: Dallas Cowboys owner Jerry Jones when he bought the team, 226 00:12:30,240 --> 00:12:33,240 Speaker 1: if my memory is right, back in eighty nine, he 227 00:12:33,320 --> 00:12:35,600 Speaker 1: bought it for a hundred fifty million dollars, which was 228 00:12:35,640 --> 00:12:40,000 Speaker 1: a record then, and now he has told Bloomberg that 229 00:12:40,280 --> 00:12:44,200 Speaker 1: it is worth about ten billion dollars? Can can you 230 00:12:44,280 --> 00:12:48,640 Speaker 1: expand on just how sports franchises have exploded? So I 231 00:12:48,640 --> 00:12:51,440 Speaker 1: guess it's worth what anybody will pay for it, right? 232 00:12:51,559 --> 00:12:53,960 Speaker 1: And I didn't invent that. I think you Scott invented 233 00:12:54,000 --> 00:12:59,080 Speaker 1: that that. I'm not taking credit for that. I use 234 00:12:59,160 --> 00:13:01,880 Speaker 1: it a lot, but I said, I think I invented. Well, 235 00:13:02,080 --> 00:13:05,880 Speaker 1: if Mr Jones can get ten billion dollars, I'd probably 236 00:13:06,000 --> 00:13:10,120 Speaker 1: encourage him to do that. But that's a nice way 237 00:13:10,160 --> 00:13:13,200 Speaker 1: of saying it's not worth ten billion dollars. Oh, well, 238 00:13:13,240 --> 00:13:16,520 Speaker 1: I'm bullish on the NFL and the other U has 239 00:13:16,600 --> 00:13:18,719 Speaker 1: professional leagues. Can I jump in? Let me let me 240 00:13:18,800 --> 00:13:20,360 Speaker 1: jump in for one second though, Yeah, why are you 241 00:13:20,360 --> 00:13:22,440 Speaker 1: bullish on the NFL at a time when so many 242 00:13:22,520 --> 00:13:26,439 Speaker 1: people see so many headwinds? The NFL is riding high 243 00:13:26,679 --> 00:13:31,760 Speaker 1: with a terrific uh set of media agreements. As you 244 00:13:31,800 --> 00:13:35,360 Speaker 1: guys know, media has been the fuel that has driven 245 00:13:35,400 --> 00:13:39,520 Speaker 1: these escalating franchise values over the last five and ten years. 246 00:13:40,080 --> 00:13:43,480 Speaker 1: So the media deals in the NFL are exceedingly strong 247 00:13:43,600 --> 00:13:47,080 Speaker 1: right now. We have labor piece, Um, we have a 248 00:13:47,320 --> 00:13:51,600 Speaker 1: strong US and a generally strong global economy. Uh, the 249 00:13:51,679 --> 00:13:55,680 Speaker 1: sponsor economics are very strong right now, and the ratings 250 00:13:55,920 --> 00:13:59,400 Speaker 1: decline of the last two years has softened a bit. 251 00:13:59,600 --> 00:14:03,240 Speaker 1: So I think, uh, there's every reason to be optimistic. Uh. 252 00:14:03,280 --> 00:14:07,800 Speaker 1: The NFL tried to have another game in Mexico. Um, 253 00:14:07,840 --> 00:14:10,920 Speaker 1: it didn't happen, but there will be another one there soon. 254 00:14:11,040 --> 00:14:13,320 Speaker 1: And so I think for all of the leads, all 255 00:14:13,400 --> 00:14:17,720 Speaker 1: five of the major US leagues, international expansion is still 256 00:14:17,800 --> 00:14:20,520 Speaker 1: on the horizon. And so when you combine that with 257 00:14:21,240 --> 00:14:24,960 Speaker 1: some of the other metrics I just mentioned, um, there's 258 00:14:25,000 --> 00:14:27,280 Speaker 1: no reason not to be bullish. So given all of that, 259 00:14:27,320 --> 00:14:28,840 Speaker 1: and I want to go back to Jerry Jones for 260 00:14:28,840 --> 00:14:34,480 Speaker 1: a second, how crazy is his ten billion dollar assertion? Well, look, 261 00:14:34,760 --> 00:14:38,200 Speaker 1: I don't want to call Mr Jones crazy. I don't 262 00:14:38,240 --> 00:14:40,520 Speaker 1: even want to call the assertion crazy. But when you 263 00:14:40,520 --> 00:14:44,000 Speaker 1: look at a number like that, uh, the revenue and 264 00:14:44,120 --> 00:14:48,600 Speaker 1: earnings multiples are very very high. There are very very 265 00:14:48,680 --> 00:14:54,040 Speaker 1: few industries, you know, maybe maybe cannabis, uh, maybe gaming 266 00:14:54,120 --> 00:14:58,680 Speaker 1: or crypto today though doubtful that can claim multiples like that. 267 00:14:58,800 --> 00:15:02,640 Speaker 1: So I think you know some point, uh notwithstanding her 268 00:15:02,720 --> 00:15:06,000 Speaker 1: creating values in the league, it's it's hard to justify 269 00:15:06,480 --> 00:15:09,480 Speaker 1: certain multiples unless you're a very, very long term investor. 270 00:15:09,920 --> 00:15:12,000 Speaker 1: We are chatting with Chuck Baker. He's the co chair 271 00:15:12,040 --> 00:15:14,760 Speaker 1: of the Sports Industry group at OLDMVNY and Chuck, So, 272 00:15:14,760 --> 00:15:16,480 Speaker 1: if a client comes to you and says, I want 273 00:15:16,520 --> 00:15:19,600 Speaker 1: to be involved in pro sports, and of course I 274 00:15:19,600 --> 00:15:21,080 Speaker 1: think your first question is, well, how much you have 275 00:15:21,160 --> 00:15:25,480 Speaker 1: to spend? Do you warn them about anything? Do you dissuade? 276 00:15:25,640 --> 00:15:28,760 Speaker 1: Tell me about that conversation, because obviously these are very 277 00:15:28,840 --> 00:15:31,640 Speaker 1: high net worth individuals that that show up at your 278 00:15:31,760 --> 00:15:34,240 Speaker 1: your desk. What do you say to them? What's that 279 00:15:34,320 --> 00:15:38,120 Speaker 1: conversation like? So a few things, Scott, it's a great question. So, yeah, 280 00:15:38,160 --> 00:15:39,680 Speaker 1: how much do you want to spend is a great 281 00:15:40,120 --> 00:15:43,880 Speaker 1: starting point um, and how much can you spend is 282 00:15:43,920 --> 00:15:50,480 Speaker 1: another um. Most of the opportunities today are you won't 283 00:15:50,520 --> 00:15:55,080 Speaker 1: read about or hear about on Bloomberg because their minority trade. 284 00:15:55,240 --> 00:15:59,560 Speaker 1: So three of an mls team, you know, six of 285 00:15:59,640 --> 00:16:03,720 Speaker 1: an Melby team, and we have lots of those in 286 00:16:03,800 --> 00:16:08,720 Speaker 1: the office now, uh, several on my desk as we speak. UH. 287 00:16:08,760 --> 00:16:12,440 Speaker 1: And so you know, one recommendation to somebody who hasn't 288 00:16:12,440 --> 00:16:16,440 Speaker 1: owned a team before is to start as a minority investor. Um. 289 00:16:16,480 --> 00:16:18,800 Speaker 1: Because at the end of the day, you know, owning 290 00:16:18,840 --> 00:16:23,000 Speaker 1: a team, it's a business, uh, and it's a scrutinized business. 291 00:16:23,000 --> 00:16:26,960 Speaker 1: Being in a control position, UH can be can be challenging, 292 00:16:27,040 --> 00:16:32,760 Speaker 1: it's it's certainly exciting, but there's a there's reason to 293 00:16:33,320 --> 00:16:38,000 Speaker 1: approach prudently and to uh invest as a minority, learn 294 00:16:38,000 --> 00:16:40,840 Speaker 1: a bit more about the business, and uh, you know, 295 00:16:40,920 --> 00:16:43,360 Speaker 1: keep keep your eyes open for opportunities down the road. 296 00:16:43,600 --> 00:16:46,320 Speaker 1: So I've actually always kind of wondered about a lot 297 00:16:46,360 --> 00:16:50,000 Speaker 1: of these minorities stake sales. You know, I totally understand 298 00:16:50,040 --> 00:16:52,280 Speaker 1: if you want to get vetted by a league and 299 00:16:52,480 --> 00:16:54,600 Speaker 1: kind of dip your toe in. I understand if there's 300 00:16:54,600 --> 00:16:57,600 Speaker 1: a path to ownership or a board seat, UM. But 301 00:16:57,680 --> 00:17:00,440 Speaker 1: it certainly seems as though we consistently see a lot 302 00:17:00,440 --> 00:17:03,160 Speaker 1: of minority stakes go for sale to people that don't 303 00:17:03,160 --> 00:17:05,640 Speaker 1: have their designs on on owning. You know, a much 304 00:17:05,640 --> 00:17:08,240 Speaker 1: bigger piece of the team. UM. And and that's not 305 00:17:08,320 --> 00:17:11,040 Speaker 1: clear to me exactly what they're getting by buying three 306 00:17:11,440 --> 00:17:14,560 Speaker 1: of a baseball team. UM. It's a good question, Evan. 307 00:17:14,840 --> 00:17:17,680 Speaker 1: And some would say, you know, buying season tickets is 308 00:17:17,720 --> 00:17:20,000 Speaker 1: a lot cheaper if that's what you're really after that 309 00:17:20,320 --> 00:17:23,159 Speaker 1: Micropoli said. When remember when the Mets were selling their stakes, 310 00:17:23,320 --> 00:17:26,119 Speaker 1: Micropoli was obviously one of the guys who was looked at. 311 00:17:26,359 --> 00:17:28,560 Speaker 1: He said, I'd rather just have season tickets with no headache, 312 00:17:28,560 --> 00:17:30,840 Speaker 1: and I get as much access as I want. But 313 00:17:30,960 --> 00:17:34,920 Speaker 1: you can't have Mr met come to your weab. You're 314 00:17:34,920 --> 00:17:38,280 Speaker 1: missing something at the bar mits, that's for sure. So 315 00:17:38,680 --> 00:17:40,600 Speaker 1: it's a good it's a great question, Evan. UM. I 316 00:17:40,640 --> 00:17:43,600 Speaker 1: think you know, there are often parks that come with ownership, 317 00:17:43,680 --> 00:17:45,960 Speaker 1: even of very small pieces, whether it's you know, Mr 318 00:17:46,000 --> 00:17:49,920 Speaker 1: mettic departments or seriously, you know, access to the players, 319 00:17:50,000 --> 00:17:53,879 Speaker 1: to the team plane, to special media events UH and 320 00:17:54,000 --> 00:17:56,760 Speaker 1: things of that sort. But I think more importantly, UM, 321 00:17:56,800 --> 00:17:59,880 Speaker 1: we just talked about the sort of ever a creed 322 00:18:00,600 --> 00:18:03,879 Speaker 1: value of these UH franchises, and so if you're looking 323 00:18:03,960 --> 00:18:08,400 Speaker 1: for a place to invest, UH, it makes a lot 324 00:18:08,400 --> 00:18:11,200 Speaker 1: of sense. You know, the compound annual growth rate UH 325 00:18:11,240 --> 00:18:16,120 Speaker 1: in all five leagues exceeds the SMP and nasdak UM 326 00:18:16,240 --> 00:18:19,080 Speaker 1: by multipules over the last five tenants twenty years. So 327 00:18:19,400 --> 00:18:23,840 Speaker 1: it's actually a super smart investment. It has proven to 328 00:18:23,880 --> 00:18:25,920 Speaker 1: be that. And so I think you know more than 329 00:18:25,960 --> 00:18:29,159 Speaker 1: your seats, UH, You're you're investing in a in a 330 00:18:29,280 --> 00:18:32,919 Speaker 1: high growth, UM solid opportunity. I want to expand on 331 00:18:33,000 --> 00:18:35,159 Speaker 1: something that Scott and Devon we're talking about. And you 332 00:18:35,200 --> 00:18:38,479 Speaker 1: mentioned that if someone comes in and they want to 333 00:18:38,520 --> 00:18:40,560 Speaker 1: buy a franchise, you say, well, how much are you 334 00:18:40,640 --> 00:18:44,520 Speaker 1: willing to spend? Well, how many players are in this pool? 335 00:18:44,520 --> 00:18:47,119 Speaker 1: Because if you have people like Jack Mass saying, hey, hey, 336 00:18:47,119 --> 00:18:50,520 Speaker 1: whoa this this might be too much? How many players 337 00:18:50,520 --> 00:18:54,040 Speaker 1: are left? Well, you know, the NV the NFL rather 338 00:18:54,480 --> 00:18:59,159 Speaker 1: recently UH relaxed its cross ownership rules to try to, 339 00:18:59,480 --> 00:19:04,080 Speaker 1: among other of things, expand the pool of potential buyers. UM. 340 00:19:04,200 --> 00:19:06,560 Speaker 1: You know, as the prices continue to climb, I think 341 00:19:06,560 --> 00:19:09,639 Speaker 1: it's going to become more and more challenging to find 342 00:19:09,880 --> 00:19:14,720 Speaker 1: qualified liquid buyers. But um, look, there's there's only you know, 343 00:19:14,840 --> 00:19:17,439 Speaker 1: thirty or so teams in each of the four or 344 00:19:17,480 --> 00:19:21,320 Speaker 1: five major leagues here. There continues to be a scarcity value, 345 00:19:21,359 --> 00:19:24,199 Speaker 1: and I think for some time now will continue to 346 00:19:24,240 --> 00:19:29,240 Speaker 1: be a lot more buyers than there are opportunities to invest. So, UM, 347 00:19:29,440 --> 00:19:32,479 Speaker 1: I still think we've got a healthy market for our 348 00:19:32,520 --> 00:19:34,600 Speaker 1: listeners out there who might not know. Can you kind 349 00:19:34,600 --> 00:19:36,800 Speaker 1: of give a quick rundown of what that change was 350 00:19:36,880 --> 00:19:39,880 Speaker 1: for cross ownership and how effective you think it might 351 00:19:39,920 --> 00:19:43,080 Speaker 1: be and actually broadening the list of people out there 352 00:19:43,080 --> 00:19:46,159 Speaker 1: who may be interested in NFL teams in the future. Sure. So, 353 00:19:46,200 --> 00:19:50,880 Speaker 1: the NFL cross ownership rules prohibited the owner of a 354 00:19:50,920 --> 00:19:56,240 Speaker 1: team in another league from buying an NFL team, UH 355 00:19:56,320 --> 00:20:00,280 Speaker 1: if they were in a city that competes UH if 356 00:20:00,320 --> 00:20:03,000 Speaker 1: there are other professional sport team. UH was in a 357 00:20:03,040 --> 00:20:09,280 Speaker 1: city that competes with the NFL Soaks, for example, UH, 358 00:20:09,320 --> 00:20:13,760 Speaker 1: he could not because UM right, because of the cross 359 00:20:13,760 --> 00:20:20,080 Speaker 1: ownership rules, and UH importantly he owns the Clippers. Uh. 360 00:20:20,119 --> 00:20:22,359 Speaker 1: The NFL obviously has a team or two in l A. 361 00:20:22,760 --> 00:20:28,320 Speaker 1: And it's that conflict the competition for UH seats in 362 00:20:28,400 --> 00:20:32,600 Speaker 1: the l A market that prevented UH someone like Steve 363 00:20:32,640 --> 00:20:36,960 Speaker 1: Bomber from from buying an NFL team. By eliminating that rule, 364 00:20:37,200 --> 00:20:41,440 Speaker 1: it now opens the door to NBA and other professional 365 00:20:41,480 --> 00:20:45,040 Speaker 1: team owners UH to invest in the NFL regardless of 366 00:20:45,040 --> 00:20:48,640 Speaker 1: where their other teams may play. Where the real opportunities check. 367 00:20:48,880 --> 00:20:50,880 Speaker 1: Someone comes to you says, I've got some money, I've 368 00:20:50,880 --> 00:20:53,959 Speaker 1: got decent money. Where are the best opportunities? I mean, 369 00:20:53,960 --> 00:20:57,760 Speaker 1: when you take into account the buying number, the future 370 00:20:57,800 --> 00:21:01,200 Speaker 1: revenue possibilities, how much money we talking here, Well, let's 371 00:21:01,280 --> 00:21:03,480 Speaker 1: let's say had Let's say I had a billion, let 372 00:21:03,920 --> 00:21:07,639 Speaker 1: a billion dollars. We can't even buy it. Where do 373 00:21:07,720 --> 00:21:11,920 Speaker 1: you say, Well, for these reasons, I suggest we look 374 00:21:12,040 --> 00:21:13,800 Speaker 1: at X Y and it doesn't even have to be 375 00:21:13,840 --> 00:21:15,960 Speaker 1: a US league, could be international, could be small, could 376 00:21:15,960 --> 00:21:19,200 Speaker 1: be Niche you tell me what do you like? You know, 377 00:21:19,359 --> 00:21:21,639 Speaker 1: like any investment, Scott, it depends what you're looking for. 378 00:21:21,800 --> 00:21:24,800 Speaker 1: If you're looking for a solid, you know, give it 379 00:21:24,880 --> 00:21:29,199 Speaker 1: end paying stock. The NFL has certainly been proven to 380 00:21:29,280 --> 00:21:33,320 Speaker 1: be very, very solid and will continue to be. The 381 00:21:33,359 --> 00:21:35,760 Speaker 1: other leagues continue to move in that direction. If you're 382 00:21:35,760 --> 00:21:41,919 Speaker 1: looking for a growth stock. UH. Certainly MLS has increased astronomically. 383 00:21:42,480 --> 00:21:45,640 Speaker 1: UH the expansion fees as well as the secondary prices 384 00:21:45,680 --> 00:21:49,600 Speaker 1: for teams have created faster than the other five leagues 385 00:21:49,640 --> 00:21:53,080 Speaker 1: over the last ten years. So obviously the admission price 386 00:21:53,720 --> 00:21:57,040 Speaker 1: for MLS is a lot less than it is for 387 00:21:57,080 --> 00:22:00,439 Speaker 1: the NFL. But if you had a billion dollars, you know, 388 00:22:00,560 --> 00:22:04,800 Speaker 1: you can't go wrong in my view, investing in the NFL. 389 00:22:05,320 --> 00:22:09,080 Speaker 1: And you know there's speculation about a few teams that 390 00:22:09,160 --> 00:22:12,640 Speaker 1: may come on the market soon. Everybody has looked at 391 00:22:12,800 --> 00:22:16,160 Speaker 1: and you guys have written and spoken about the opportunity 392 00:22:16,200 --> 00:22:20,200 Speaker 1: in Seattle with Paul Allen's passing, so folks are looking 393 00:22:20,200 --> 00:22:23,560 Speaker 1: there closely, and you know, we'll see what happens. So 394 00:22:23,600 --> 00:22:26,040 Speaker 1: I think it depends on what you're looking for with 395 00:22:26,080 --> 00:22:29,440 Speaker 1: the investment, and you know where you want to be. UM. 396 00:22:29,480 --> 00:22:31,520 Speaker 1: You know, we'll Seattle attract a lot of folks on 397 00:22:31,560 --> 00:22:36,520 Speaker 1: the East coast, maybe likely not UM and so uh 398 00:22:37,040 --> 00:22:40,520 Speaker 1: GEO specific as well. I remember one owner we can 399 00:22:40,520 --> 00:22:42,560 Speaker 1: say it was Mark last week told me when he 400 00:22:42,600 --> 00:22:45,320 Speaker 1: was looking at a team, the criteria he used was 401 00:22:45,720 --> 00:22:48,159 Speaker 1: when the game's over, can I hop on a plane 402 00:22:48,400 --> 00:22:50,880 Speaker 1: and be sleeping on my pillow if it was too 403 00:22:50,880 --> 00:22:54,000 Speaker 1: far for that, he wasn't very interested. I can't tell 404 00:22:54,080 --> 00:22:57,359 Speaker 1: you how many meetings I've sat in where uh, somebody 405 00:22:57,440 --> 00:22:59,600 Speaker 1: draws a circle if they had those things called pro 406 00:22:59,680 --> 00:23:02,640 Speaker 1: tract They might might use one of those and they'll 407 00:23:02,720 --> 00:23:06,760 Speaker 1: drop a circle around their home base. Uh and uh 408 00:23:06,840 --> 00:23:10,040 Speaker 1: it may extend out two and a half hours by 409 00:23:10,040 --> 00:23:13,280 Speaker 1: by air. And those are the cities that come into play. 410 00:23:13,320 --> 00:23:15,480 Speaker 1: And so you know, there's a lot to be said 411 00:23:15,520 --> 00:23:18,840 Speaker 1: for being able to go, uh and visit your asset. Right. Yeah, 412 00:23:18,960 --> 00:23:21,000 Speaker 1: it was that a protractor? Is that a compass? Which 413 00:23:21,000 --> 00:23:23,679 Speaker 1: one of the which you could use either you can 414 00:23:23,720 --> 00:23:26,600 Speaker 1: probably use. It's been a long time. And by the way, 415 00:23:26,640 --> 00:23:28,360 Speaker 1: Chuck your laugh, I was. I was helping my son 416 00:23:28,440 --> 00:23:30,680 Speaker 1: with his homework last night, and I used helping very 417 00:23:30,720 --> 00:23:34,119 Speaker 1: liberally because I just couldn't do it. He's in fourth grade. 418 00:23:34,560 --> 00:23:36,560 Speaker 1: It was like, what if what is one quarter of 419 00:23:36,680 --> 00:23:40,000 Speaker 1: five ninths of seven sixteenth and they suggested four minutes 420 00:23:40,040 --> 00:23:44,520 Speaker 1: for the problem. I gave up after two. I thought 421 00:23:44,600 --> 00:23:47,240 Speaker 1: you had more declarity with your slide role than that. Yeah, 422 00:23:47,400 --> 00:23:51,359 Speaker 1: I wish I did the advocus broke didn't fingers toes 423 00:23:51,440 --> 00:23:53,760 Speaker 1: and advocus. I was out. We're speaking with Chuck Baker, 424 00:23:53,800 --> 00:23:56,240 Speaker 1: co chair of the Sports Industry Group at o' melviny 425 00:23:56,480 --> 00:23:58,720 Speaker 1: and Chuck. In the past couple of years, you've wrapped 426 00:23:59,320 --> 00:24:02,359 Speaker 1: a big end. A team that's sold on the buy side, 427 00:24:02,400 --> 00:24:05,879 Speaker 1: the the Atlanta Hawks, you were in on the NFL 428 00:24:05,960 --> 00:24:09,840 Speaker 1: deal most recent, you know, the Carolina Panthers. Um. Going 429 00:24:09,880 --> 00:24:13,000 Speaker 1: through both of those processes, do you have any is 430 00:24:13,000 --> 00:24:15,359 Speaker 1: there a difference between kind of the outlook or the 431 00:24:15,400 --> 00:24:17,639 Speaker 1: types of buyers that you think are interested in NBA 432 00:24:17,720 --> 00:24:21,200 Speaker 1: teams versus NFL teams. There's a lot of talk about 433 00:24:21,240 --> 00:24:24,080 Speaker 1: maybe the NBA and and maybe taking market position from 434 00:24:24,119 --> 00:24:27,199 Speaker 1: the NFL from a dollar and cent standpoint. So the 435 00:24:27,320 --> 00:24:32,880 Speaker 1: NBA is a fantastic global property. UM. I can't speak 436 00:24:32,920 --> 00:24:35,760 Speaker 1: highly enough about the job that they've done. Uh, the 437 00:24:35,880 --> 00:24:39,800 Speaker 1: NBA stars or you know many of them individually developing 438 00:24:39,840 --> 00:24:43,480 Speaker 1: their own brand. Um, they wear shorts and and uh 439 00:24:43,960 --> 00:24:46,160 Speaker 1: uh and you can see them, you can see them 440 00:24:46,200 --> 00:24:50,080 Speaker 1: on the court, their media stars and the stories are legends. 441 00:24:50,080 --> 00:24:52,280 Speaker 1: So the NBA is a great property. And you know, 442 00:24:52,320 --> 00:24:54,520 Speaker 1: we can see the values of NBA teams with the 443 00:24:54,520 --> 00:24:57,880 Speaker 1: most recent sale, the Houston Rockets, you know, creeping up 444 00:24:58,359 --> 00:25:02,440 Speaker 1: uh into into NFL zones and so UM, I think 445 00:25:02,520 --> 00:25:05,600 Speaker 1: you're gonna you're gonna see similar buyers for each of 446 00:25:05,600 --> 00:25:09,320 Speaker 1: the assets. Um. You know, some people love football, some 447 00:25:09,400 --> 00:25:13,160 Speaker 1: basketball on some boat. But I think both represent tremendous 448 00:25:13,160 --> 00:25:17,679 Speaker 1: opportunities um for long term appreciation. Uh. And most of 449 00:25:17,720 --> 00:25:20,359 Speaker 1: these teams are cash flowing and making money as well. 450 00:25:20,840 --> 00:25:23,720 Speaker 1: Both sports are looking to be more international. Uh. N 451 00:25:23,760 --> 00:25:25,560 Speaker 1: b A is probably a bit ahead of the NFL 452 00:25:25,600 --> 00:25:30,440 Speaker 1: in that regard because basketball is obviously followed abroad more 453 00:25:30,480 --> 00:25:33,639 Speaker 1: closely and played abroad more so than football. But I 454 00:25:33,720 --> 00:25:36,600 Speaker 1: think both have great prospects now. And you mentioned Paul 455 00:25:36,640 --> 00:25:39,840 Speaker 1: Allen a little while ago, obviously the owner of the 456 00:25:40,000 --> 00:25:44,560 Speaker 1: Seahawks and the Trailblazers combined worth probably over three billion 457 00:25:44,640 --> 00:25:47,440 Speaker 1: dollars um. He passed away unfortunately, about a month ago 458 00:25:47,840 --> 00:25:51,240 Speaker 1: about with cancer. When when something like that happens, and 459 00:25:51,359 --> 00:25:54,000 Speaker 1: you know, there's suddenly a lot of speculation about multiple 460 00:25:54,040 --> 00:25:57,160 Speaker 1: teams that may be hitting the market. Uh, he didn't 461 00:25:57,200 --> 00:25:59,960 Speaker 1: have a wife for your children, there wasn't an immediate succession, 462 00:26:00,040 --> 00:26:03,920 Speaker 1: and that was obvious. Um. Do you how quickly do 463 00:26:03,920 --> 00:26:06,560 Speaker 1: do sports bankers think about, you know, reaching out to 464 00:26:06,600 --> 00:26:09,399 Speaker 1: the estate. Do you wait until they make a public statement? 465 00:26:09,400 --> 00:26:11,959 Speaker 1: How does that process work when suddenly a team might 466 00:26:11,960 --> 00:26:14,920 Speaker 1: be on the market. Well, you'd like to hope everybody 467 00:26:15,000 --> 00:26:19,560 Speaker 1: is respectful. Um, you know, bankers and I should say 468 00:26:19,640 --> 00:26:23,240 Speaker 1: lawyers can be a hungry bunch, but it's nice to 469 00:26:23,280 --> 00:26:27,240 Speaker 1: show proper respect. I think the will has been made 470 00:26:27,280 --> 00:26:31,399 Speaker 1: public on certain media outlets, and it's clear that his 471 00:26:31,480 --> 00:26:35,200 Speaker 1: sister Jody is the administrator for the estate, and so, UM, 472 00:26:35,640 --> 00:26:40,760 Speaker 1: we'll see in time. But UM two suggest that we've 473 00:26:40,840 --> 00:26:44,600 Speaker 1: not been you know, taking calls or having meetings. Um, 474 00:26:44,640 --> 00:26:47,000 Speaker 1: you know, with respect to folks that may be interested 475 00:26:47,040 --> 00:26:50,680 Speaker 1: in in the assets. Um, would not be true. So 476 00:26:50,720 --> 00:26:55,280 Speaker 1: it's look, these there is still a scarcity value. Um, 477 00:26:55,320 --> 00:26:58,720 Speaker 1: it's a great, great run franchise, and um, people are 478 00:26:58,760 --> 00:27:02,000 Speaker 1: still interested in Ish as we heard Mr Jones a 479 00:27:02,000 --> 00:27:05,680 Speaker 1: few days ago about the league, and so yeah, people 480 00:27:05,720 --> 00:27:08,600 Speaker 1: are interested in having this this opportunity. And do you 481 00:27:08,640 --> 00:27:12,119 Speaker 1: think those assets self for more combined if they're separate 482 00:27:12,200 --> 00:27:17,800 Speaker 1: or together. It's a really good question. UM. You know, personally, 483 00:27:18,560 --> 00:27:24,000 Speaker 1: I don't necessarily uh see the creative value or synergy 484 00:27:24,480 --> 00:27:28,600 Speaker 1: they're in there in different cities, uh to be sold together. 485 00:27:28,960 --> 00:27:31,680 Speaker 1: I think the class of buyers who could afford both 486 00:27:31,760 --> 00:27:35,720 Speaker 1: is very, very limited. My instinct is that they will 487 00:27:35,720 --> 00:27:39,440 Speaker 1: sell separately, and that assuming they both sell, the estate 488 00:27:39,520 --> 00:27:44,840 Speaker 1: would get more uh doing it that way, but again, 489 00:27:45,480 --> 00:27:48,760 Speaker 1: uh just remains to be seen and if the teams 490 00:27:48,760 --> 00:27:51,560 Speaker 1: are even even sold. Now we knew you as Charles 491 00:27:51,560 --> 00:27:54,400 Speaker 1: Baker super dude, but we also want to present you 492 00:27:54,720 --> 00:27:58,119 Speaker 1: as Charles Baker overall good guy because I want to 493 00:27:58,119 --> 00:28:00,280 Speaker 1: talk about You're on the board with the Arch of 494 00:28:00,359 --> 00:28:04,520 Speaker 1: Dimes and you also worked with the Leukemia and Lupoma Society. 495 00:28:04,680 --> 00:28:06,920 Speaker 1: Can you tell us about that experience and what it's 496 00:28:06,920 --> 00:28:11,800 Speaker 1: all about? Sure, I mean we all have different resume 497 00:28:11,920 --> 00:28:16,480 Speaker 1: and and in eulogy values. I've really enjoyed the time 498 00:28:16,560 --> 00:28:19,919 Speaker 1: with the March of Dimes, sitting with Sean McManus and 499 00:28:20,040 --> 00:28:24,879 Speaker 1: some other terrific industry leaders putting on the March of 500 00:28:24,960 --> 00:28:28,960 Speaker 1: Dimes Sports Luncheon, which is actually uh next week in 501 00:28:29,000 --> 00:28:32,560 Speaker 1: New York City. You will be honoring, among others, legendary 502 00:28:32,680 --> 00:28:36,920 Speaker 1: Joe Willie Namath. I've got his picture on the wall 503 00:28:36,960 --> 00:28:41,400 Speaker 1: behind my desk, signed from probably nineteen sixty seven. It's 504 00:28:41,600 --> 00:28:44,440 Speaker 1: uh keepsake, I'll always treasure. Do you want my best 505 00:28:44,520 --> 00:28:48,400 Speaker 1: Joe Nameth? You want my best Joe namoth impersonation? Check absolutely? 506 00:28:48,760 --> 00:28:51,320 Speaker 1: Mr Son of Werblin, Mr Son of Werblin understood the 507 00:28:51,400 --> 00:28:58,000 Speaker 1: entertainment value. That's all I got. That's Mr Sonny Werblin. 508 00:28:58,920 --> 00:29:02,360 Speaker 1: That sounded more like I didn't say it was good. 509 00:29:02,400 --> 00:29:05,160 Speaker 1: I said it was my best. I didn't say it 510 00:29:05,200 --> 00:29:07,560 Speaker 1: was good. Sorry, And I'll be at your table, Chuck, 511 00:29:07,560 --> 00:29:10,880 Speaker 1: thank you very much. Yeah, looking forward to having you. 512 00:29:10,960 --> 00:29:12,760 Speaker 1: That was the price I had to pay to get 513 00:29:12,800 --> 00:29:16,719 Speaker 1: on your podcast. Never Never, the invitation has always been out. 514 00:29:17,040 --> 00:29:18,520 Speaker 1: I'm just sorry we couldn't do it on a week 515 00:29:18,560 --> 00:29:24,360 Speaker 1: when bar was out. Jack, let me ask you know, 516 00:29:24,480 --> 00:29:26,240 Speaker 1: it gives me a lot of a lot of a 517 00:29:26,320 --> 00:29:29,640 Speaker 1: lot of gratification, and it's a terrific cause. Likewise, the 518 00:29:29,720 --> 00:29:33,840 Speaker 1: Leukemia Society, where we've you know, hosted the New York 519 00:29:33,840 --> 00:29:37,760 Speaker 1: Mets Welcome Home dinner every year, UH with the generosity 520 00:29:37,800 --> 00:29:40,600 Speaker 1: the New York Mets UH and their ownership group has 521 00:29:40,640 --> 00:29:43,560 Speaker 1: also been a tremendous event. So they're both both terrific 522 00:29:43,600 --> 00:29:47,719 Speaker 1: ways of giving back. UH supporting two tremendous causes and 523 00:29:47,760 --> 00:29:51,200 Speaker 1: things that you know that make it all worthwhile. And 524 00:29:51,280 --> 00:29:53,480 Speaker 1: Chuck the benefit of being at a big firm after 525 00:29:53,520 --> 00:29:56,600 Speaker 1: these transactions, whether it be David Tepper and the Panthers 526 00:29:56,680 --> 00:29:58,400 Speaker 1: or some of the others. The firm puts out of 527 00:29:58,440 --> 00:30:00,720 Speaker 1: press release and says your is a top you know, 528 00:30:00,800 --> 00:30:04,920 Speaker 1: Chuck Baker lad the lead the drill. However, I'm assuming 529 00:30:04,960 --> 00:30:07,640 Speaker 1: that there's also folks from the tax department, the wills 530 00:30:07,640 --> 00:30:10,520 Speaker 1: in the state's department, perhaps like this really is, these 531 00:30:10,560 --> 00:30:14,560 Speaker 1: are all encompassing transactions. It's it's not just you absolutely 532 00:30:14,600 --> 00:30:17,400 Speaker 1: couldn't couldn't do it on my own without the support 533 00:30:17,440 --> 00:30:21,360 Speaker 1: of a big firm. Uh, thirty two colleagues across across 534 00:30:21,440 --> 00:30:24,080 Speaker 1: the country on that most recent transaction. But that's not 535 00:30:24,160 --> 00:30:27,920 Speaker 1: a typical UM. You know, pitching in in various ways 536 00:30:28,560 --> 00:30:33,880 Speaker 1: across practice groups, whether it's tax, employment, employee benefits, UM, 537 00:30:34,120 --> 00:30:37,480 Speaker 1: capital markets, litigation, all of those are brought to bear 538 00:30:37,560 --> 00:30:40,640 Speaker 1: on a deal. And importantly going forward, UM, you know, 539 00:30:40,720 --> 00:30:42,760 Speaker 1: you just don't sit owning a team. You look at 540 00:30:42,760 --> 00:30:47,720 Speaker 1: other opportunities, as we talked about earlier, whether it's real estate, media, 541 00:30:47,960 --> 00:30:53,120 Speaker 1: e sports, sports, technology, gaming, UM, there are all these 542 00:30:53,160 --> 00:30:58,320 Speaker 1: opportunities to monetize your asset, and so there's a lot 543 00:30:58,320 --> 00:31:00,800 Speaker 1: of expertise that gets brought to bear on that. And 544 00:31:00,840 --> 00:31:05,960 Speaker 1: so having a an all encompassing practice group is important 545 00:31:06,080 --> 00:31:09,840 Speaker 1: to the team buyers and sellers and I'm delighted that 546 00:31:09,880 --> 00:31:13,960 Speaker 1: I'm able to call upon those resources at OL. Melvany Chuck. 547 00:31:14,000 --> 00:31:16,160 Speaker 1: Before we let you go, let's go back to the 548 00:31:16,480 --> 00:31:18,640 Speaker 1: way beginning of your career for a second. You worked 549 00:31:18,680 --> 00:31:21,800 Speaker 1: in Senator Bill Bradley's office. Is that right? I did? 550 00:31:21,960 --> 00:31:24,880 Speaker 1: That was before I stories out there? What did you 551 00:31:24,960 --> 00:31:29,760 Speaker 1: learn from that experience? Um? Bill was a remarkable, remarkable guy. 552 00:31:30,000 --> 00:31:32,760 Speaker 1: It said about a lot of people, but he's uh 553 00:31:33,040 --> 00:31:36,160 Speaker 1: one of those guys who made you feel like you're 554 00:31:36,200 --> 00:31:40,280 Speaker 1: the only person in the room. Uh. Super smart, super focus, 555 00:31:40,560 --> 00:31:45,000 Speaker 1: super kind, a charitable guy. Wrote a book years back 556 00:31:45,040 --> 00:31:47,160 Speaker 1: that's still sits on one of my coffee tables called 557 00:31:47,280 --> 00:31:50,160 Speaker 1: Values of the Game, where he analogizes some of the 558 00:31:50,240 --> 00:31:53,360 Speaker 1: things he learned in sports, uh with some of his 559 00:31:53,520 --> 00:31:57,000 Speaker 1: values in life. And it's a it's a terrific read. Um. 560 00:31:57,000 --> 00:32:01,360 Speaker 1: But really a remarkable guy who, um, you know, piqued 561 00:32:01,440 --> 00:32:05,040 Speaker 1: my interest in sports. I went to work with him 562 00:32:05,040 --> 00:32:07,520 Speaker 1: in the Senate. Uh. Well, primarily because I was a 563 00:32:07,600 --> 00:32:10,440 Speaker 1: Knicks fan, because I was a more of a student. Um, 564 00:32:10,520 --> 00:32:14,040 Speaker 1: but who's a tremendous learning experience and uh, you know, 565 00:32:14,360 --> 00:32:15,959 Speaker 1: like many I wish I wish he would have been 566 00:32:15,960 --> 00:32:18,440 Speaker 1: our president at some point, would you imagine could you 567 00:32:18,440 --> 00:32:22,280 Speaker 1: imagine Chuck hanging in the locker room Frazier Bradley Jackson 568 00:32:22,320 --> 00:32:28,120 Speaker 1: to Busher read Monroe. It was an unbelievable squad. How 569 00:32:28,160 --> 00:32:31,719 Speaker 1: exciting would that have been? I missed she would uh 570 00:32:31,800 --> 00:32:34,720 Speaker 1: would would like to see it these days? Oh yeah, 571 00:32:35,440 --> 00:32:38,640 Speaker 1: Chuck Baker, the co chair of the Sports Industry Practice 572 00:32:38,680 --> 00:32:40,840 Speaker 1: at MVNY, thank you so much for taking some time 573 00:32:40,920 --> 00:32:44,440 Speaker 1: enjoy the holiday. Yeah, you tube guys, thanks so much. 574 00:32:44,680 --> 00:32:48,280 Speaker 1: Takeaways were there so many of them? It's never mind. 575 00:32:48,720 --> 00:32:53,520 Speaker 1: And I was joking around with Chuck calling him super dude, 576 00:32:53,920 --> 00:32:58,120 Speaker 1: but I really enjoy the stuff that he also does 577 00:32:58,360 --> 00:33:00,600 Speaker 1: on the sign and being, especially with the march of times. 578 00:33:01,160 --> 00:33:04,720 Speaker 1: I mean, it's here's a guy who is literally a 579 00:33:05,120 --> 00:33:08,200 Speaker 1: mover and shaker. I know that's an overworked phrase, and 580 00:33:08,240 --> 00:33:10,880 Speaker 1: he takes the time out to uh to help others, 581 00:33:10,920 --> 00:33:13,480 Speaker 1: and I'm impressed about that. Yeah. I'm always struck with 582 00:33:13,520 --> 00:33:16,160 Speaker 1: what these teams are these days as global entities, and 583 00:33:16,160 --> 00:33:19,840 Speaker 1: how complicated these transactions are. You know, in the journalism field, 584 00:33:19,840 --> 00:33:21,600 Speaker 1: we always just want to report the now, now, now, now, 585 00:33:21,640 --> 00:33:24,160 Speaker 1: what's happening with and sometimes you need to take a 586 00:33:24,160 --> 00:33:26,400 Speaker 1: minute and say well, this isn't signed and this wording 587 00:33:26,440 --> 00:33:28,800 Speaker 1: isn't right, and they do fight over words. I mean, 588 00:33:29,280 --> 00:33:32,160 Speaker 1: right there, they're they're scratching off words up until deals 589 00:33:32,160 --> 00:33:35,400 Speaker 1: are signed at the last second. And the fact that 590 00:33:35,440 --> 00:33:40,120 Speaker 1: it takes a firm like o' melviny all of its departments, 591 00:33:40,120 --> 00:33:42,040 Speaker 1: and he named the whole. But it can be tax 592 00:33:42,160 --> 00:33:44,480 Speaker 1: it can be financing at whatever, it can be wills 593 00:33:44,480 --> 00:33:47,040 Speaker 1: in the states, that this is not a one man operation, 594 00:33:47,120 --> 00:33:51,800 Speaker 1: and that these these teams have become such big entities 595 00:33:52,440 --> 00:33:55,800 Speaker 1: that these are no longer mom and pop simple let's 596 00:33:56,080 --> 00:33:57,560 Speaker 1: drop a contract on the back of a napt and 597 00:33:57,600 --> 00:33:59,920 Speaker 1: don't work that way anymore. Yeah, I appreciated his answer 598 00:34:00,040 --> 00:34:03,200 Speaker 1: about minority steak sales, and that's obviously a big part 599 00:34:03,200 --> 00:34:05,880 Speaker 1: of his job. But it's easy to look at a 600 00:34:05,960 --> 00:34:09,840 Speaker 1: three percent steak being sold to somebody and wonder why 601 00:34:09,920 --> 00:34:13,040 Speaker 1: you're paying an extraordinary amount of money for what essentially 602 00:34:13,040 --> 00:34:15,920 Speaker 1: amounts to h to season tickets. But but but the 603 00:34:15,960 --> 00:34:17,920 Speaker 1: truth is that you know there's there's some other value 604 00:34:17,960 --> 00:34:21,040 Speaker 1: in that, and depending on the franchise and depending on 605 00:34:21,080 --> 00:34:23,719 Speaker 1: the pressure paying, it also might just be a good investment. 606 00:34:24,120 --> 00:34:27,520 Speaker 1: Um and and I appreciated him talking. I wrote years ago, 607 00:34:27,520 --> 00:34:29,200 Speaker 1: I wrote a story about why people invest in those 608 00:34:29,239 --> 00:34:32,280 Speaker 1: small steaks, and Peter Norston told me a great story. 609 00:34:32,440 --> 00:34:34,920 Speaker 1: His dad ow the Seahawks and when they made a 610 00:34:34,920 --> 00:34:37,040 Speaker 1: move that was unpopular with the team, wasn't good, they 611 00:34:37,040 --> 00:34:40,399 Speaker 1: would get Nordstrom credit cards cut up back in the mail. 612 00:34:41,520 --> 00:34:45,359 Speaker 1: And the Corps family invested in the Rockies. They really 613 00:34:45,400 --> 00:34:48,319 Speaker 1: weren't interested in the team. You know why they did 614 00:34:48,400 --> 00:34:52,040 Speaker 1: it because they did want the naming rights, and of 615 00:34:52,080 --> 00:34:54,520 Speaker 1: course being a part owner the team helped them get that. 616 00:34:54,920 --> 00:34:57,920 Speaker 1: So you're really never sure what the motivation is because 617 00:34:58,320 --> 00:35:00,720 Speaker 1: some for some it's as simple as in core business. 618 00:35:01,000 --> 00:35:04,480 Speaker 1: They can actually bring a proposed partner in a in 619 00:35:04,520 --> 00:35:06,799 Speaker 1: a deal to the field or to the locker room, 620 00:35:07,000 --> 00:35:09,000 Speaker 1: and that's something that nobody else can offer and it 621 00:35:09,000 --> 00:35:11,400 Speaker 1: could seal the deal. It was really that was a 622 00:35:11,400 --> 00:35:14,960 Speaker 1: really fun story to report because nobody had the same motivation, 623 00:35:15,200 --> 00:35:17,120 Speaker 1: and there were things that I hadn't thought of, like 624 00:35:17,120 --> 00:35:20,120 Speaker 1: like Nordstrom, like Corps. So it was it was fun 625 00:35:20,120 --> 00:35:25,200 Speaker 1: to hear those folks tell their stories. It feels better 626 00:35:25,239 --> 00:35:26,960 Speaker 1: to be number one than number five. I'll wear a 627 00:35:27,040 --> 00:35:28,759 Speaker 1: number because of Mike, we have a chance to go 628 00:35:28,800 --> 00:35:30,640 Speaker 1: for three in a row. Good numbers in a good time. 629 00:35:30,680 --> 00:35:32,759 Speaker 1: And I first started wearing the number, I would just 630 00:35:32,800 --> 00:35:37,200 Speaker 1: have the Bloomberg business of sports, the number of the week. Time. 631 00:35:37,280 --> 00:35:41,080 Speaker 1: Now for the number of the week, and this one, 632 00:35:41,120 --> 00:35:43,279 Speaker 1: I get excited. Number of letters enjoy look on his names. 633 00:35:45,560 --> 00:35:48,239 Speaker 1: I almost I almost put up twenty two, but that's 634 00:35:48,280 --> 00:35:50,719 Speaker 1: not that's not what it was gonna be. But thank 635 00:35:50,760 --> 00:35:54,120 Speaker 1: you Joey. Congratulations again by the way for winning the championship. 636 00:35:54,440 --> 00:35:59,640 Speaker 1: But this number is one hundred five. One hundred five 637 00:36:01,160 --> 00:36:03,719 Speaker 1: been one of the weeks we did not discuss the 638 00:36:03,800 --> 00:36:07,640 Speaker 1: number I I I hit on the radar gun at 639 00:36:07,719 --> 00:36:13,560 Speaker 1: softball this weekend. Yeah, I wish the number of points 640 00:36:13,560 --> 00:36:21,000 Speaker 1: scored in the Monday night game. See my goodness, the 641 00:36:21,160 --> 00:36:24,920 Speaker 1: Rams fifty four, the Chiefs fifty one. You put up 642 00:36:24,960 --> 00:36:29,080 Speaker 1: fifty one points and you lose. How does that happen 643 00:36:29,360 --> 00:36:34,360 Speaker 1: that team scores more? Thank you, very thank you, Captain Avocus. 644 00:36:34,440 --> 00:36:38,239 Speaker 1: We appreciate that very much. But I mean, you know, 645 00:36:38,719 --> 00:36:41,840 Speaker 1: it's it was a game for the ages, and I 646 00:36:42,360 --> 00:36:45,880 Speaker 1: loved it, and it's of course being a fantasy player, 647 00:36:45,960 --> 00:36:48,279 Speaker 1: I loved it because it was just gold for all 648 00:36:48,320 --> 00:36:51,520 Speaker 1: the points that was scored. But if you I think 649 00:36:51,880 --> 00:36:54,000 Speaker 1: Scott Van Pelt said it the best. If you didn't 650 00:36:54,000 --> 00:36:55,520 Speaker 1: like that game, you just want to be angry for 651 00:36:55,520 --> 00:36:58,120 Speaker 1: the rest of your love. We're recording this about a 652 00:36:58,160 --> 00:37:00,359 Speaker 1: mile away from NFL headquarters, and I think I can 653 00:37:00,360 --> 00:37:05,560 Speaker 1: see Roger Goodell smile from people who are angry Mexico City. 654 00:37:05,640 --> 00:37:08,440 Speaker 1: There you go. Yeah, the folks who had tickets in 655 00:37:08,560 --> 00:37:10,880 Speaker 1: Mexico City. They're angry because they would have had one 656 00:37:10,920 --> 00:37:12,520 Speaker 1: heck of a game. Yeah, and we talked about this 657 00:37:12,600 --> 00:37:15,319 Speaker 1: last week. This was matchup wise, was probably the most 658 00:37:15,440 --> 00:37:17,960 Speaker 1: enticing matchup the NFL could have, and the fact that 659 00:37:18,000 --> 00:37:20,440 Speaker 1: it lived up to its billing exceeded. I think it 660 00:37:20,520 --> 00:37:23,080 Speaker 1: was the most watched Monday night game in in four 661 00:37:23,160 --> 00:37:26,040 Speaker 1: or five years. Uh, that's great for the NFL and 662 00:37:26,120 --> 00:37:31,640 Speaker 1: NFL ratings in trouble you've been listening to now, that 663 00:37:31,840 --> 00:37:36,200 Speaker 1: was great Saracts even listening to the Bloomberg Business of Sports. 664 00:37:36,440 --> 00:37:38,360 Speaker 1: And we are here each and every week at the 665 00:37:38,360 --> 00:37:42,400 Speaker 1: same time, plus online as a podcast. We're available. You 666 00:37:42,440 --> 00:37:46,480 Speaker 1: can catch that Monday's, Wednesdays and Thursdays. I'm Michael bar 667 00:37:46,600 --> 00:37:49,080 Speaker 1: on Twitter at big bar Sports and I'm Scott Sashnik. 668 00:37:49,160 --> 00:37:51,800 Speaker 1: You can follow me on Twitter at and I'm Eben 669 00:37:51,840 --> 00:37:55,680 Speaker 1: Novie Williams on Twitter at nov Underscore Williams. Happy Thanksgiving 670 00:37:55,680 --> 00:37:57,239 Speaker 1: and thanks for joining us. Please too it in next 671 00:37:57,280 --> 00:37:59,319 Speaker 1: week when we continue to speak with the biggest and 672 00:37:59,360 --> 00:38:02,520 Speaker 1: brightest in the sports business industry. I am ten pounds. 673 00:38:02,560 --> 00:38:05,520 Speaker 1: However you're now, you're listening to Bloomberg Business of Sports 674 00:38:05,640 --> 00:38:09,399 Speaker 1: from Bloomberg Radio around the world and online where our 675 00:38:09,520 --> 00:38:10,799 Speaker 1: podcast is available.