1 00:00:00,840 --> 00:00:03,000 Speaker 1: This is the Bloomberg Business of Sports Show, where we 2 00:00:03,040 --> 00:00:05,120 Speaker 1: explore the big money issues in the world of sports. 3 00:00:05,240 --> 00:00:07,760 Speaker 1: I'm Scarlet Foo and Don Damian SaaS Hour and I'm 4 00:00:07,840 --> 00:00:11,119 Speaker 1: Dan Schwartzman. Michael Barr is off today, but he's missing 5 00:00:11,119 --> 00:00:13,280 Speaker 1: a big one, so Michael will save some for you. 6 00:00:13,400 --> 00:00:16,000 Speaker 1: But we've got a big conversation coming up to you. 7 00:00:16,160 --> 00:00:18,720 Speaker 1: We kind of do. We are talking right now with 8 00:00:18,880 --> 00:00:23,439 Speaker 1: Hall of Fame NFL quarterback when Steve Young Young back 9 00:00:23,480 --> 00:00:26,239 Speaker 1: to thrall in trouble, He's gonna be a sack. Note 10 00:00:26,280 --> 00:00:29,280 Speaker 1: gets away, he runs, Get to way again, Go to 11 00:00:29,400 --> 00:00:32,600 Speaker 1: the party, Get to a way again. TiSER thirty five, 12 00:00:33,320 --> 00:00:38,560 Speaker 1: cut back at the thirty turner twenty fifty ten. Big 13 00:00:38,640 --> 00:00:44,599 Speaker 1: time to do, Steve, Welcome back to the Business and Sports. Well, 14 00:00:44,760 --> 00:00:47,640 Speaker 1: my pleasure. It's been I've been trying to merge the 15 00:00:47,680 --> 00:00:50,960 Speaker 1: two for you know, my whole life. So you just 16 00:00:51,200 --> 00:00:54,200 Speaker 1: you've just described my life in two words, Business of Sports. 17 00:00:54,240 --> 00:00:57,160 Speaker 1: I guess that's three words, Steve. Well, I mean, look, 18 00:00:57,200 --> 00:00:59,280 Speaker 1: you are in New York City. You are here in 19 00:00:59,320 --> 00:01:02,440 Speaker 1: downtown today for one reason, and one reason or a 20 00:01:02,520 --> 00:01:04,480 Speaker 1: loan to visit with us. No, I'm kidding you're here 21 00:01:04,600 --> 00:01:08,040 Speaker 1: because Mavella, a leader in movement digitization, is ringing the 22 00:01:08,040 --> 00:01:10,399 Speaker 1: bell of the NASDAC this morning and you rang the 23 00:01:10,440 --> 00:01:14,400 Speaker 1: opening bell. Congratulations. Incredible for anyone and our audience who 24 00:01:14,480 --> 00:01:18,440 Speaker 1: doesn't know. Mavella is a leader in dynamic visual graphics. 25 00:01:18,440 --> 00:01:20,640 Speaker 1: I mean Avengers, Man of Steel, Star Wars, Ted, Men 26 00:01:20,680 --> 00:01:24,240 Speaker 1: in Black. They've even done stuff from Ted Lasso, Mandalorian. 27 00:01:24,319 --> 00:01:28,120 Speaker 1: I mean, and there's between business and sports again, FIFA, Madden, 28 00:01:28,640 --> 00:01:32,360 Speaker 1: think about think about digitization of movement. They put the 29 00:01:32,400 --> 00:01:34,720 Speaker 1: suit on and they can make it, and they usually 30 00:01:34,720 --> 00:01:37,760 Speaker 1: have to have a very set of circumstances to get 31 00:01:37,800 --> 00:01:40,679 Speaker 1: the digitized movement. I put the suit on and I 32 00:01:40,760 --> 00:01:42,640 Speaker 1: ran around. I threw the ball and they and they 33 00:01:42,640 --> 00:01:44,800 Speaker 1: put the avatar of me throwing the ball and you 34 00:01:44,959 --> 00:01:47,400 Speaker 1: and I said to myself, that's me. And that's what's 35 00:01:47,400 --> 00:01:49,680 Speaker 1: really cool about it. It It captures your movement. And I 36 00:01:49,680 --> 00:01:51,600 Speaker 1: think it's gonna have something to do with you know, 37 00:01:51,640 --> 00:01:55,480 Speaker 1: Mavella is gonna You mentioned the movies in their entertainment 38 00:01:55,480 --> 00:01:58,360 Speaker 1: and emerging entertainment that's happening, that's their core business. You're 39 00:01:58,360 --> 00:02:00,760 Speaker 1: talking about what could happen out in the future, like 40 00:02:01,000 --> 00:02:04,160 Speaker 1: injury prevention. What's like they show me a niely that 41 00:02:04,360 --> 00:02:06,600 Speaker 1: is they could send to somebody. They show the movement 42 00:02:06,600 --> 00:02:08,480 Speaker 1: and it can see that your movement is going to 43 00:02:08,520 --> 00:02:10,400 Speaker 1: be a you're gonna have a knee problem in ten years, 44 00:02:10,560 --> 00:02:13,040 Speaker 1: and it's prevention. So there's all these other applications that 45 00:02:13,040 --> 00:02:15,200 Speaker 1: are kind of cool. So anyway, we've ring the bell 46 00:02:15,560 --> 00:02:18,000 Speaker 1: first time. For me, I was fired up. Is this 47 00:02:18,040 --> 00:02:25,680 Speaker 1: a metaverse play? Yes? With digital self? Well no, but exactly, 48 00:02:25,919 --> 00:02:28,679 Speaker 1: but think about it. I'm excited. What I'm gonna do 49 00:02:28,840 --> 00:02:30,760 Speaker 1: is I'm gonna get my buddy Jerry Rice. I'm gonna 50 00:02:30,760 --> 00:02:32,120 Speaker 1: get the forty nine ers. We're all gonna get in 51 00:02:32,160 --> 00:02:34,560 Speaker 1: the suit and we'll digitize their movement. You know, we'll 52 00:02:34,560 --> 00:02:36,720 Speaker 1: get George Kiddo, We'll get Deebo, We'll get these guys 53 00:02:36,720 --> 00:02:40,120 Speaker 1: and then they'll see themselves and the avatar of them. 54 00:02:40,120 --> 00:02:42,359 Speaker 1: And when you can see, when you can see yourself 55 00:02:42,400 --> 00:02:44,920 Speaker 1: and your movement in the in the in the metaverse, 56 00:02:44,960 --> 00:02:47,000 Speaker 1: that's where it's kind of gets cool. It's like it's 57 00:02:47,080 --> 00:02:50,080 Speaker 1: immortal Your movement is now immortalized, and that's what's fun. 58 00:02:50,240 --> 00:02:52,280 Speaker 1: Steve had asked, because I will never ring the bell 59 00:02:52,440 --> 00:02:54,440 Speaker 1: unless Michael Bloomberg takes me up with them one day. 60 00:02:54,560 --> 00:02:56,560 Speaker 1: So when you're staying, I watch it and I'm always 61 00:02:56,600 --> 00:02:59,639 Speaker 1: amused because everybody's got a smile, good day or bad day. 62 00:02:59,639 --> 00:03:02,400 Speaker 1: Everybody's had a smile on their face, and they keep clapping. 63 00:03:02,639 --> 00:03:04,880 Speaker 1: Do you know when to stop? Like, like, when's the 64 00:03:04,960 --> 00:03:08,280 Speaker 1: measuring stick to stop clapping? Because I'm like when stack 65 00:03:08,440 --> 00:03:10,639 Speaker 1: I will tell you the NASDAC has a woman that 66 00:03:11,080 --> 00:03:14,120 Speaker 1: very much could go right to Disney World immediately and 67 00:03:14,240 --> 00:03:17,239 Speaker 1: just managed like whatever store show they've got gone. She's 68 00:03:17,400 --> 00:03:20,480 Speaker 1: very good and she's got and she just she preps you. 69 00:03:20,480 --> 00:03:23,079 Speaker 1: You warm up, You're like, okay, let's try, let's cheer, 70 00:03:23,160 --> 00:03:29,640 Speaker 1: and then there's stick not enough, you know thing. You know, Scarlett, 71 00:03:29,680 --> 00:03:31,720 Speaker 1: this is a little no fact about Steve Young. You 72 00:03:31,760 --> 00:03:34,440 Speaker 1: know Steve was born in Salt Lake City, Utah, played 73 00:03:34,480 --> 00:03:36,840 Speaker 1: for by U. While he was with BYU, he actually 74 00:03:36,840 --> 00:03:39,320 Speaker 1: replaced the legendary Jim McMahon. All this kind of good stuff, 75 00:03:39,360 --> 00:03:42,200 Speaker 1: But Steve played high school. Are you ready for this, Scarlett? 76 00:03:42,200 --> 00:03:46,640 Speaker 1: You'll love this Greenwich, Connecticut for our beloved Greenwich Cardinals, 77 00:03:46,720 --> 00:03:48,760 Speaker 1: right where he was an All state quarterback. Steve correct 78 00:03:48,760 --> 00:03:51,280 Speaker 1: me if I'm wrong. Steve even pitched a no hitter 79 00:03:51,400 --> 00:03:54,920 Speaker 1: his senior year against the dreaded New Canaan Rams. Now, 80 00:03:54,960 --> 00:03:56,680 Speaker 1: the reason I mentioned all this, Steve, is because our 81 00:03:56,680 --> 00:04:00,600 Speaker 1: audience quite quite a large percentage of Italy does hail 82 00:04:00,640 --> 00:04:03,480 Speaker 1: from Fairfield County. But you know, look, I'm talking about 83 00:04:03,640 --> 00:04:06,120 Speaker 1: our amateur athletes. Here, I'm talking about sports gambling. I'm 84 00:04:06,160 --> 00:04:08,200 Speaker 1: talking about NIL. I'm sure you saw, you know, the 85 00:04:08,240 --> 00:04:11,760 Speaker 1: latest kind of judgment with Michael Cloud and you yourself 86 00:04:11,800 --> 00:04:14,920 Speaker 1: your history, um, you know, with you know, our youth 87 00:04:14,960 --> 00:04:17,320 Speaker 1: and with developing these athletes. You know, how do you 88 00:04:17,360 --> 00:04:20,960 Speaker 1: think sports gambling and NIL and it's a rival, is 89 00:04:20,960 --> 00:04:24,120 Speaker 1: really impacting the future of these you know, these professional athletes. 90 00:04:24,440 --> 00:04:28,479 Speaker 1: It's a wild west, especially for young you know, sixteen, seventeen, 91 00:04:28,480 --> 00:04:31,400 Speaker 1: eighteen year old athletes. We've used to generally protect them 92 00:04:32,160 --> 00:04:34,560 Speaker 1: from the madness, and now the madness is you know, 93 00:04:34,640 --> 00:04:37,520 Speaker 1: upon them, and it's early and they're gonna have to 94 00:04:37,839 --> 00:04:39,440 Speaker 1: We're gonna have to figure it out with them, and 95 00:04:39,440 --> 00:04:41,000 Speaker 1: we'll have to give them the resources to try to 96 00:04:41,040 --> 00:04:43,880 Speaker 1: empower them in some way so they can make decent decisions. 97 00:04:44,960 --> 00:04:47,400 Speaker 1: It's all the madness that you could expect and the 98 00:04:47,480 --> 00:04:50,800 Speaker 1: difficulties in this and the look look at gambling like 99 00:04:50,880 --> 00:04:53,680 Speaker 1: it's in it it. Look there's gamblers anonymous like gambling, 100 00:04:53,680 --> 00:04:56,800 Speaker 1: it can be an addictive thing. And so for kids 101 00:04:57,760 --> 00:05:00,320 Speaker 1: who are not fully formed, their brains are not fully form. 102 00:05:00,360 --> 00:05:02,839 Speaker 1: I mean, it's a very very dangerous world right now. 103 00:05:02,920 --> 00:05:05,760 Speaker 1: We always look technology has done that way. There's a 104 00:05:05,800 --> 00:05:07,080 Speaker 1: lot of danger out in the world. We just got 105 00:05:07,080 --> 00:05:09,760 Speaker 1: to figure out how to empower people to make good decisions. 106 00:05:09,800 --> 00:05:11,840 Speaker 1: And now we have to do it for sixteen, seventeen, 107 00:05:11,839 --> 00:05:14,680 Speaker 1: eighteen year olds, even fifteen fourteen year olds who are 108 00:05:14,880 --> 00:05:18,040 Speaker 1: you know, showing incredible talent. They're going to get recruited 109 00:05:18,080 --> 00:05:19,920 Speaker 1: there because there me money floating around. There's going to 110 00:05:20,000 --> 00:05:22,920 Speaker 1: be stuff that you know, just now because it's the 111 00:05:22,960 --> 00:05:25,920 Speaker 1: Wild West, there's no one. The NCAA can't do anything 112 00:05:25,920 --> 00:05:29,240 Speaker 1: about it anymore. In that way, you just it's going 113 00:05:29,279 --> 00:05:31,760 Speaker 1: to be who has the most money and who you know, 114 00:05:32,120 --> 00:05:34,520 Speaker 1: and all the parts of it, the nefarious parts of it, 115 00:05:34,680 --> 00:05:37,279 Speaker 1: all the negative parts of it are coming and those 116 00:05:37,279 --> 00:05:39,360 Speaker 1: stories will be hard to watch and it's going to 117 00:05:39,400 --> 00:05:42,239 Speaker 1: be messy for a long time before there's a shakeout. Steve, 118 00:05:42,480 --> 00:05:44,520 Speaker 1: I want to talk a little bit about your post 119 00:05:44,600 --> 00:05:47,479 Speaker 1: NFL career in finance, because, as you've pointed out to 120 00:05:47,560 --> 00:05:49,640 Speaker 1: us in the past, you've had a career that's in 121 00:05:49,720 --> 00:05:53,880 Speaker 1: finance that's now longer than your playing career, and so 122 00:05:54,320 --> 00:05:57,240 Speaker 1: really you're a veteran of the finance world. And this 123 00:05:57,279 --> 00:05:59,920 Speaker 1: week we got news that Serena Williams is joining up 124 00:06:00,040 --> 00:06:03,120 Speaker 1: the firm. There's a definite trend of former pro athletes 125 00:06:03,200 --> 00:06:07,719 Speaker 1: moving into this particular corner of finance, private equity. Serena 126 00:06:07,720 --> 00:06:11,279 Speaker 1: Williams eli manning you, of course, with founding HDGC in 127 00:06:11,320 --> 00:06:13,840 Speaker 1: two thousand and seven with Rich Lawson. What is it 128 00:06:13,920 --> 00:06:16,679 Speaker 1: about private equity, this part of high finance that taps 129 00:06:16,680 --> 00:06:19,359 Speaker 1: into the strengths, the network and the skill set of 130 00:06:19,400 --> 00:06:22,599 Speaker 1: former athletes. Yeah, it's funny. I was playing for the 131 00:06:22,640 --> 00:06:25,120 Speaker 1: forty nine ers and power Bar was a business that 132 00:06:25,200 --> 00:06:28,440 Speaker 1: had been started by Brian Maxwell in Berkeley, California. It 133 00:06:28,480 --> 00:06:30,440 Speaker 1: was essentially you know, you know power bars Now it 134 00:06:31,200 --> 00:06:33,480 Speaker 1: was for marathon ors to eat while they were trying 135 00:06:33,480 --> 00:06:36,680 Speaker 1: to run, and I use it for meal replacement. And 136 00:06:36,720 --> 00:06:38,039 Speaker 1: he put me on the board, and on the board 137 00:06:38,160 --> 00:06:42,920 Speaker 1: was Warren Hellman and Larry Sancini, two Titans of Silicon Valley, 138 00:06:43,000 --> 00:06:46,440 Speaker 1: and that's where I left the law because I'd been 139 00:06:46,440 --> 00:06:48,640 Speaker 1: to law school. I thought I'd be a lawyer post 140 00:06:48,640 --> 00:06:51,560 Speaker 1: career and went into business and that's where I learned, 141 00:06:51,640 --> 00:06:55,120 Speaker 1: and those guys really encouraged me. And private equity was 142 00:06:55,160 --> 00:06:58,440 Speaker 1: the equity was a place that really resonated with the 143 00:06:58,560 --> 00:07:00,240 Speaker 1: same kind of things that I was dealing with on 144 00:07:00,279 --> 00:07:02,440 Speaker 1: the field and trying to get people to, you know, 145 00:07:02,680 --> 00:07:04,840 Speaker 1: across the goal and all the metaphors that you hear 146 00:07:05,320 --> 00:07:08,560 Speaker 1: the locker room and everything else felt like this similar 147 00:07:08,640 --> 00:07:12,720 Speaker 1: in private equity that challenges how difficult the people's centric 148 00:07:12,840 --> 00:07:16,559 Speaker 1: nature of it. And my friend Bob gave at being capital, 149 00:07:16,640 --> 00:07:19,120 Speaker 1: gave me the opportunity to transition. And now I'm on 150 00:07:19,200 --> 00:07:22,400 Speaker 1: my sixth fund and we've got seven billion dollars into 151 00:07:22,440 --> 00:07:24,440 Speaker 1: management and we've been at it for a long time, 152 00:07:24,800 --> 00:07:26,640 Speaker 1: like you mentioned, more than longer than I played. And 153 00:07:26,640 --> 00:07:29,680 Speaker 1: I'm just grateful for those guys that just the titans 154 00:07:29,680 --> 00:07:33,440 Speaker 1: that turned me towards this. It was Roger Stauback, my hero, 155 00:07:33,640 --> 00:07:35,680 Speaker 1: told me. You know, I said, what's the advice Roger? 156 00:07:35,680 --> 00:07:38,320 Speaker 1: He had been a very successful post career, and he said, 157 00:07:38,400 --> 00:07:41,000 Speaker 1: run just run away. Don't hold on to it. They'll 158 00:07:41,080 --> 00:07:43,920 Speaker 1: you'll always be you know, the NFL will always follow 159 00:07:43,920 --> 00:07:45,320 Speaker 1: you around you have to worry about. But you run 160 00:07:45,360 --> 00:07:47,840 Speaker 1: away and try to create something else because the fact 161 00:07:47,920 --> 00:07:50,320 Speaker 1: is when you retire the next day, you're not good 162 00:07:50,320 --> 00:07:53,160 Speaker 1: in anything else. So you have to do the work 163 00:07:53,200 --> 00:07:54,960 Speaker 1: to be humble enough to say, look, I'm going to 164 00:07:55,000 --> 00:07:57,480 Speaker 1: start over. And I did that. I started over now, 165 00:07:57,560 --> 00:08:00,160 Speaker 1: you know, twenty two years in private equity. If you 166 00:08:00,240 --> 00:08:02,320 Speaker 1: are a success story, if somebody that had a great 167 00:08:02,360 --> 00:08:04,280 Speaker 1: playing career, but then also of course has had a 168 00:08:04,320 --> 00:08:07,760 Speaker 1: successful career post playing. You hear so many horror stories though, 169 00:08:07,760 --> 00:08:10,000 Speaker 1: of guys playing in the NFL making money then ending 170 00:08:10,080 --> 00:08:13,320 Speaker 1: up bankrupt. A large percentage sadly do lose their money. 171 00:08:13,640 --> 00:08:17,360 Speaker 1: Who do you think is, besides individual responsibility, should kind 172 00:08:17,360 --> 00:08:19,680 Speaker 1: of pick up that mantle of trying to teach these 173 00:08:19,720 --> 00:08:22,800 Speaker 1: guys about investing in this and that because so few 174 00:08:22,880 --> 00:08:25,119 Speaker 1: guys coming out of I think professional sports in general 175 00:08:25,200 --> 00:08:27,480 Speaker 1: have a clue and again they end up with nothing. 176 00:08:27,560 --> 00:08:31,200 Speaker 1: So is it the players Association, the leagues, guys like yourself, 177 00:08:31,200 --> 00:08:33,559 Speaker 1: retired guys who have been successful. Who do you think 178 00:08:33,559 --> 00:08:36,120 Speaker 1: should maybe try to pick these guys up and say, look, 179 00:08:36,280 --> 00:08:38,960 Speaker 1: don't get a restaurant. Don't do this, you know, be 180 00:08:39,000 --> 00:08:41,959 Speaker 1: smart with your money, Dan, Damien Scarlett, You guys got 181 00:08:41,960 --> 00:08:44,400 Speaker 1: to keep asking this question. This is a vital question 182 00:08:44,440 --> 00:08:46,760 Speaker 1: for people that are playing the game today to how 183 00:08:46,800 --> 00:08:50,960 Speaker 1: to transition. A Look, it's a nasan idea for me. 184 00:08:51,040 --> 00:08:53,199 Speaker 1: I'm starting a fellowship and what I'm going to do 185 00:08:53,320 --> 00:08:56,440 Speaker 1: is build a repository of everyone's story that I can 186 00:08:56,480 --> 00:08:58,480 Speaker 1: get a hold of transition. I don't care what it 187 00:08:58,559 --> 00:09:02,200 Speaker 1: is success, failure, because the guy's playing today need to 188 00:09:02,320 --> 00:09:05,400 Speaker 1: hear what happens, What did you do? What? What are 189 00:09:05,400 --> 00:09:07,719 Speaker 1: the risks, what are the failures? What? How do we 190 00:09:07,760 --> 00:09:10,600 Speaker 1: get through it? It's a I describe it as a death. 191 00:09:11,520 --> 00:09:13,679 Speaker 1: When you're one of the best in the world, it's something, 192 00:09:13,679 --> 00:09:14,880 Speaker 1: and then you have to give it up in your 193 00:09:14,920 --> 00:09:17,680 Speaker 1: mid thirties or late late twenties or even mid twenties, 194 00:09:18,080 --> 00:09:20,079 Speaker 1: and you have the rest of your life and you've 195 00:09:20,120 --> 00:09:22,520 Speaker 1: been successful, and you've been to the top of the 196 00:09:22,559 --> 00:09:24,240 Speaker 1: mountain and you want to go there again. But you 197 00:09:24,280 --> 00:09:27,480 Speaker 1: don't have any expertise. You've just described it. It's a 198 00:09:27,640 --> 00:09:30,480 Speaker 1: it's a mess, it's a it's a it's a either 199 00:09:30,520 --> 00:09:32,680 Speaker 1: it's like a bunch of bones at the bottom of 200 00:09:32,679 --> 00:09:35,959 Speaker 1: a cliff when people retire, and we've got to empower 201 00:09:36,000 --> 00:09:39,200 Speaker 1: financial literacy. We've got to you know, I know Goldman's 202 00:09:39,240 --> 00:09:42,480 Speaker 1: trying to do some things there. There's people around that. 203 00:09:42,640 --> 00:09:45,520 Speaker 1: I asked me a very emotional question that I've been 204 00:09:45,520 --> 00:09:47,880 Speaker 1: trying to answer and try to answer effectively, and I'm 205 00:09:47,920 --> 00:09:50,400 Speaker 1: on my way to doing it, trying to get people 206 00:09:50,440 --> 00:09:52,240 Speaker 1: around me to help me, you know, so that we 207 00:09:52,280 --> 00:09:57,360 Speaker 1: can be you know, there's great I was at a 208 00:09:57,400 --> 00:09:59,520 Speaker 1: gathering of old forty nine ers the other day and 209 00:09:59,640 --> 00:10:02,960 Speaker 1: Kirk's s Grafford played tackle for the San Francisco forty 210 00:10:03,000 --> 00:10:04,760 Speaker 1: nine ars. You didn't know that. And he's a guy 211 00:10:04,760 --> 00:10:07,199 Speaker 1: from University of Montana and I ran him in a 212 00:10:07,280 --> 00:10:08,480 Speaker 1: Kirk and I'm like, what are you doing? He goes, 213 00:10:08,520 --> 00:10:10,520 Speaker 1: I'm in Guatemala and I'm like, what are you doing? 214 00:10:10,520 --> 00:10:12,960 Speaker 1: On there? I started some ice cream stores and he's like, 215 00:10:13,000 --> 00:10:14,839 Speaker 1: he's doing it. He's making a living, he's doing it. 216 00:10:15,360 --> 00:10:17,920 Speaker 1: And it's like that's the kind of so he's my story. 217 00:10:17,920 --> 00:10:21,120 Speaker 1: I want Kirk Scrafford's story. So then people couldn't hear 218 00:10:21,320 --> 00:10:23,040 Speaker 1: why did you do it? What were you thinking about 219 00:10:23,080 --> 00:10:25,560 Speaker 1: when you were playing? And so we're gonna we're on 220 00:10:25,600 --> 00:10:28,320 Speaker 1: our way here. I'm announcing something and I'm very nascent, 221 00:10:28,360 --> 00:10:30,280 Speaker 1: but that's what we've got to do so that we 222 00:10:30,320 --> 00:10:32,600 Speaker 1: can empower some of these so all of these young 223 00:10:32,679 --> 00:10:36,120 Speaker 1: players and young men and women to just so they 224 00:10:36,120 --> 00:10:38,480 Speaker 1: can hear it because they're scared. They don't know, they're 225 00:10:38,520 --> 00:10:41,400 Speaker 1: not the financial world. It seems like a black hole, 226 00:10:41,520 --> 00:10:43,600 Speaker 1: like they're just scared, like why do I do? And 227 00:10:43,640 --> 00:10:46,320 Speaker 1: then then of course nefarious behaviors come in and I'm like, 228 00:10:46,440 --> 00:10:48,760 Speaker 1: there's a cat farm in Mexico. That'll be perfect, that'll 229 00:10:48,800 --> 00:10:50,839 Speaker 1: be great, Like, no, don't do it. You know. It's 230 00:10:50,880 --> 00:10:52,960 Speaker 1: like I use that metaphor because that happened to me 231 00:10:52,960 --> 00:10:55,920 Speaker 1: when I retire. Wow, Steve, Steve, you know, it's difficult 232 00:10:56,000 --> 00:10:58,440 Speaker 1: enough for you know, players in there post you know, 233 00:10:58,440 --> 00:11:01,400 Speaker 1: post playing career, you know, retirement, you know, to make 234 00:11:01,400 --> 00:11:03,440 Speaker 1: it in professional you know, in the professional world. But 235 00:11:03,480 --> 00:11:07,000 Speaker 1: you know it's difficult enough without you know, being plagued 236 00:11:07,000 --> 00:11:08,920 Speaker 1: by something like a concussion, you know, and you played 237 00:11:08,920 --> 00:11:11,440 Speaker 1: with them throughout your career and I will never forget 238 00:11:11,440 --> 00:11:13,200 Speaker 1: that vicious hit you took on the third week of 239 00:11:13,240 --> 00:11:15,200 Speaker 1: the nineteen ninety nine season. I think that was the 240 00:11:15,280 --> 00:11:18,640 Speaker 1: last play you had in the NFL. Yeah, that was it. Yeah, 241 00:11:18,760 --> 00:11:21,640 Speaker 1: and that was a final. Look, it's a violent sport. 242 00:11:21,920 --> 00:11:23,960 Speaker 1: I think that the league has tried to make it 243 00:11:24,000 --> 00:11:27,120 Speaker 1: safer for I think a good solid fifteen twenty years 244 00:11:27,160 --> 00:11:30,360 Speaker 1: they've been trying to make it safer. It's changed the game. Uh, 245 00:11:30,640 --> 00:11:34,360 Speaker 1: it's more wide open and uh less. Uh. You know, 246 00:11:34,400 --> 00:11:36,680 Speaker 1: it's a quarterback. I would love to play today, to 247 00:11:36,800 --> 00:11:39,679 Speaker 1: be wonderful, but the injuries are real. Injuries are real 248 00:11:39,679 --> 00:11:42,839 Speaker 1: in high school, for soccer, for hockey, for any sports. 249 00:11:42,880 --> 00:11:44,640 Speaker 1: Do you think the NFL is doing enough? I mean 250 00:11:44,640 --> 00:11:46,360 Speaker 1: there's a lot. I know what you want to say, 251 00:11:46,360 --> 00:11:48,040 Speaker 1: and I think I know, I know. I mean I 252 00:11:48,080 --> 00:11:50,880 Speaker 1: have to ask it, you know a year the only line. Yeah, 253 00:11:50,920 --> 00:11:53,600 Speaker 1: I look, the NFL is work. It's on their mind. 254 00:11:53,760 --> 00:11:59,280 Speaker 1: There's no question it's a focus. Yet I I I 255 00:11:59,360 --> 00:12:02,959 Speaker 1: see doctors who runs the NFL's kind of health and wellness, 256 00:12:03,080 --> 00:12:06,280 Speaker 1: and I'm like, there's there's objective testing for head injuries 257 00:12:06,280 --> 00:12:07,800 Speaker 1: that we've got to get on the sidelines in the 258 00:12:07,800 --> 00:12:11,160 Speaker 1: blue tent so that there it's out there, it's being used, 259 00:12:11,160 --> 00:12:13,400 Speaker 1: it's being used in college, and we need to have. 260 00:12:13,840 --> 00:12:15,840 Speaker 1: And it's scary because if you take the test and 261 00:12:15,840 --> 00:12:17,880 Speaker 1: fail it and you tell everyone you still feel fine 262 00:12:18,120 --> 00:12:19,400 Speaker 1: and you're out of the game, and now you can't 263 00:12:19,400 --> 00:12:22,599 Speaker 1: get back until you can pass it, your career you 264 00:12:22,679 --> 00:12:25,480 Speaker 1: are objective testing we have to have. We have to 265 00:12:25,520 --> 00:12:27,640 Speaker 1: think about is empowering the players because as much as 266 00:12:27,640 --> 00:12:31,440 Speaker 1: we have you know, neurologists, world famous neurologists on the sideline, 267 00:12:31,480 --> 00:12:34,760 Speaker 1: it's still subjective and the brain is it's impossible to 268 00:12:34,760 --> 00:12:37,360 Speaker 1: see inside the brain. But we have objective testing people 269 00:12:37,360 --> 00:12:38,800 Speaker 1: to do it. We've got to put it in the 270 00:12:38,800 --> 00:12:42,959 Speaker 1: blue tent. So I wonder if the makeup of ownership 271 00:12:43,080 --> 00:12:46,520 Speaker 1: might contribute to movement on that, a sense of urgency 272 00:12:46,559 --> 00:12:48,800 Speaker 1: on that. And I bring this up because I noticed 273 00:12:48,800 --> 00:12:52,680 Speaker 1: the NBA's allowing institutional investors, sovereign wealth funds, pensions, endowments, 274 00:12:52,720 --> 00:12:55,520 Speaker 1: and PE firms to build passive stakes and teams. And 275 00:12:55,559 --> 00:12:57,520 Speaker 1: we know PE firms have a well established role in 276 00:12:57,559 --> 00:13:00,520 Speaker 1: European sports, but the NFL is an outlier. It pretty 277 00:13:00,600 --> 00:13:05,520 Speaker 1: much is family right, family owned. What needs to happen 278 00:13:05,520 --> 00:13:07,839 Speaker 1: for the ownership there to consider letting big funds invest 279 00:13:07,880 --> 00:13:10,360 Speaker 1: in its teams and that changed the way that they 280 00:13:10,480 --> 00:13:13,640 Speaker 1: responded things like you were just talking about Scarlett. You've 281 00:13:13,640 --> 00:13:15,800 Speaker 1: seen them. You see some of funds emerge for some 282 00:13:15,920 --> 00:13:19,400 Speaker 1: minority stakes in NFL teams. So the NFL is allowing 283 00:13:19,440 --> 00:13:22,360 Speaker 1: that they haven't allowed kind of the traditional private equity 284 00:13:22,400 --> 00:13:24,960 Speaker 1: to get involved. I think it's inevitable. I think the 285 00:13:25,000 --> 00:13:28,920 Speaker 1: market's been made and owners are getting aware, and I 286 00:13:28,960 --> 00:13:32,640 Speaker 1: think that the league is obviously in control of you know, 287 00:13:32,679 --> 00:13:36,080 Speaker 1: the the the big the big game in town, and 288 00:13:36,120 --> 00:13:38,280 Speaker 1: so I think but I think in as as a 289 00:13:38,360 --> 00:13:42,240 Speaker 1: controlled market gets set, I think they're going to open 290 00:13:42,240 --> 00:13:44,920 Speaker 1: it up. I think it's inevitable. Is this two year things. 291 00:13:44,920 --> 00:13:46,640 Speaker 1: I don't think it would change management. I don't think. 292 00:13:46,920 --> 00:13:49,600 Speaker 1: I don't Management of the teams won't change because of this. 293 00:13:49,679 --> 00:13:51,840 Speaker 1: It's going to be everything that happens in a minority position. 294 00:13:52,840 --> 00:13:55,800 Speaker 1: As you can see that, it's it's the American royalty 295 00:13:55,840 --> 00:13:58,360 Speaker 1: to own a football team in the NFL, and I 296 00:13:58,360 --> 00:14:00,439 Speaker 1: think that's going to be generational. I think very few 297 00:14:00,440 --> 00:14:02,640 Speaker 1: will change hands. As you've seen over the last ten 298 00:14:02,720 --> 00:14:04,920 Speaker 1: fifteen years, one or two Greg Penners now running the 299 00:14:05,080 --> 00:14:11,439 Speaker 1: Denver Broncos from the Bowling family, that happens. That'll happen periodically, 300 00:14:11,440 --> 00:14:14,120 Speaker 1: but very very rarely. And you can see the transactions 301 00:14:14,120 --> 00:14:16,439 Speaker 1: are now at five to six seven, maybe even ten 302 00:14:16,480 --> 00:14:19,320 Speaker 1: billion dollars soon and the people that can make those transactions, 303 00:14:19,320 --> 00:14:21,560 Speaker 1: you get that. But the minority stakes, I think it's 304 00:14:21,560 --> 00:14:23,680 Speaker 1: gonna be a real market for you know a thing 305 00:14:23,760 --> 00:14:26,280 Speaker 1: or two about playing the position of quarterback in I'm 306 00:14:26,280 --> 00:14:29,160 Speaker 1: a struggling Jet fan, forty four years old, hair is dark, 307 00:14:29,240 --> 00:14:32,640 Speaker 1: he is getting a little great. Here's the thing I 308 00:14:32,680 --> 00:14:34,320 Speaker 1: have to ask you, because you do have a connection 309 00:14:34,360 --> 00:14:36,800 Speaker 1: with a young quarterback named Zach Wilson. You're both by 310 00:14:36,840 --> 00:14:39,080 Speaker 1: U products. I know you know him on a personal level. 311 00:14:39,920 --> 00:14:42,120 Speaker 1: What has to happen? There all the talent in the world, 312 00:14:42,200 --> 00:14:45,160 Speaker 1: but he struggled in two years of Jets seemingly going 313 00:14:45,160 --> 00:14:48,240 Speaker 1: for a veteran this offseason. Derek Carr, Aaron Rodgers fill 314 00:14:48,280 --> 00:14:50,960 Speaker 1: in the blank. What do you think for all the 315 00:14:51,040 --> 00:14:53,560 Speaker 1: Jet fans out there that have this question? Has to 316 00:14:53,560 --> 00:14:55,400 Speaker 1: happen for Zach Wilson to be able to, I guess, 317 00:14:55,880 --> 00:14:58,960 Speaker 1: figure out the talent to succeed in this league. First 318 00:14:58,960 --> 00:15:01,640 Speaker 1: of all, one of my main man at ESPN, Seth Markman, 319 00:15:01,800 --> 00:15:04,560 Speaker 1: is a lifelong Jets fan, and I've kind of lived 320 00:15:04,600 --> 00:15:07,040 Speaker 1: through him the last twenty years that we've been together. 321 00:15:07,120 --> 00:15:11,080 Speaker 1: And I didn't realize how much damage emotionally that the 322 00:15:11,200 --> 00:15:13,280 Speaker 1: Jets have done to their through the fan base. I 323 00:15:13,320 --> 00:15:15,400 Speaker 1: got to believe the Jets. I think that, I think 324 00:15:15,440 --> 00:15:19,760 Speaker 1: the Jets that underwrite therapy all Jets fan it's terrible. 325 00:15:20,000 --> 00:15:22,920 Speaker 1: It can't tell you. I've lived it through. And I'm like, oh, 326 00:15:22,920 --> 00:15:27,480 Speaker 1: this is really, this is real. This is not it's 327 00:15:27,480 --> 00:15:30,080 Speaker 1: a new level of like anxiety and it's just stress 328 00:15:30,120 --> 00:15:33,160 Speaker 1: and PTSD and know, oh, I feel terrible for you. 329 00:15:33,360 --> 00:15:37,040 Speaker 1: And Zach's not helping exactly with Zach, you know, like 330 00:15:37,200 --> 00:15:40,800 Speaker 1: he really did struggle, but I can all everybody needs help, 331 00:15:41,280 --> 00:15:43,800 Speaker 1: and uh and I don't know that they they're making 332 00:15:43,800 --> 00:15:45,480 Speaker 1: the changes. It's kind of help, but he needs to 333 00:15:45,520 --> 00:15:49,280 Speaker 1: figure out how to, you know, just have that confidence 334 00:15:49,520 --> 00:15:50,720 Speaker 1: that you have to have in the in the in 335 00:15:50,840 --> 00:15:53,320 Speaker 1: the playing field, the NFL. It's like it's not college anymore. 336 00:15:53,560 --> 00:15:56,960 Speaker 1: And he's gone through some tough kind of emotional stresses 337 00:15:57,240 --> 00:15:58,800 Speaker 1: and I think he's I think he's gonna by the 338 00:15:58,840 --> 00:16:01,760 Speaker 1: other side because you know how talent it is. But 339 00:16:01,840 --> 00:16:07,080 Speaker 1: he's got to figure out how to manage all the 340 00:16:06,840 --> 00:16:09,840 Speaker 1: you know, the expectations, I'll say, and that's a transition. 341 00:16:09,840 --> 00:16:12,200 Speaker 1: Some people make it real easy. Patrick Mahomes, he came 342 00:16:12,200 --> 00:16:14,800 Speaker 1: into the league, it was like, didn't even blink. Other 343 00:16:14,840 --> 00:16:17,880 Speaker 1: people take some time, and Zach's going to be the 344 00:16:17,880 --> 00:16:19,560 Speaker 1: guy that's going to take some time. But then the 345 00:16:19,560 --> 00:16:21,440 Speaker 1: hope is that that all that talent can come out 346 00:16:21,840 --> 00:16:25,200 Speaker 1: when things get settled down. So I know, the Jet fans, 347 00:16:25,240 --> 00:16:28,640 Speaker 1: I don't blame you for the disappointment, but I have 348 00:16:28,720 --> 00:16:30,520 Speaker 1: high hopes that he can kind of get figured out. 349 00:16:30,720 --> 00:16:32,640 Speaker 1: I think they're getting the people around him to do that, 350 00:16:33,120 --> 00:16:35,880 Speaker 1: and I suspect they'll probably bring in a veteran quarterback 351 00:16:35,880 --> 00:16:38,280 Speaker 1: to help that situation as well. But Zach's got a 352 00:16:38,320 --> 00:16:39,720 Speaker 1: clause way out of it. No one's going to help 353 00:16:39,800 --> 00:16:41,520 Speaker 1: him do it. He's got to do it himself. Steve, 354 00:16:41,600 --> 00:16:44,400 Speaker 1: last question for me, and you talk about the NFL 355 00:16:44,440 --> 00:16:46,760 Speaker 1: and the franchise values, and one of the most valuable 356 00:16:46,800 --> 00:16:49,760 Speaker 1: franchises is the Washington Commanders, and there's a lot of 357 00:16:50,040 --> 00:16:52,760 Speaker 1: turmoil right now with ownership with Dan Snyder. Some believe 358 00:16:52,760 --> 00:16:55,000 Speaker 1: that the NFL owners may do the unthinkable and actually 359 00:16:55,040 --> 00:16:58,080 Speaker 1: vote him out. What has to happen there? In your opinion, Steve, 360 00:16:58,080 --> 00:17:00,960 Speaker 1: you're an opinionated guy in terms of helping the league, 361 00:17:00,960 --> 00:17:03,240 Speaker 1: helping one of the storied franchises with the loyal fan 362 00:17:03,320 --> 00:17:06,879 Speaker 1: base with Dan Snyder, does he have to go? Well, 363 00:17:06,960 --> 00:17:10,880 Speaker 1: it's going to be really these are this is first 364 00:17:10,920 --> 00:17:12,560 Speaker 1: of all, it's going to be a legal issue, right, 365 00:17:12,600 --> 00:17:15,520 Speaker 1: I mean it's going to be And well, if you 366 00:17:15,560 --> 00:17:18,520 Speaker 1: think about the kind of the public perception, the league 367 00:17:18,560 --> 00:17:20,840 Speaker 1: is very focused on that as well. And so it 368 00:17:20,880 --> 00:17:24,480 Speaker 1: really is can can Daniel Snyder fight his way out 369 00:17:24,600 --> 00:17:28,399 Speaker 1: of a really bad situation with a perception problem? And 370 00:17:28,440 --> 00:17:30,080 Speaker 1: then with the league and with the owners, I think 371 00:17:30,119 --> 00:17:33,160 Speaker 1: it's all headed in the wrong direction. And I think 372 00:17:33,160 --> 00:17:37,360 Speaker 1: that they've I think everybody wants it to transition, and 373 00:17:37,359 --> 00:17:39,160 Speaker 1: they've got to figure out how to get it done, 374 00:17:39,440 --> 00:17:41,280 Speaker 1: and I don't know that they can. I think that's 375 00:17:41,320 --> 00:17:44,680 Speaker 1: why these are these are big legal questions. I think 376 00:17:44,680 --> 00:17:47,920 Speaker 1: everybody would like, you know, ownership transition at the at 377 00:17:47,920 --> 00:17:51,000 Speaker 1: the commanders, but I don't know they're going to get 378 00:17:51,040 --> 00:17:53,920 Speaker 1: in and uh, well we'll watch that closely. But it's 379 00:17:53,960 --> 00:17:57,040 Speaker 1: been a mess. It's been at mess since John Bruden situation. 380 00:17:57,160 --> 00:17:59,800 Speaker 1: It's been a mess, and it's been authored by the 381 00:18:00,000 --> 00:18:03,480 Speaker 1: owner and he needs to stand for it. And I 382 00:18:03,520 --> 00:18:05,919 Speaker 1: don't know if that's ever that that that Dave reckoning. 383 00:18:06,000 --> 00:18:09,600 Speaker 1: I don't will overcome, Steve. Thank you so much, Steve, 384 00:18:09,880 --> 00:18:12,560 Speaker 1: Steve Young for sharing your thoughts, being opinionated, giving us 385 00:18:12,840 --> 00:18:16,440 Speaker 1: your insight. I'm crying inside, Steve after those comments in 386 00:18:16,480 --> 00:18:18,840 Speaker 1: the jam here with you. He's there with you, Damian, 387 00:18:18,880 --> 00:18:21,720 Speaker 1: he feels you. I know, that's why. That's why I'm crying. 388 00:18:21,760 --> 00:18:25,520 Speaker 1: And help him, Steve, help him. I can tell you 389 00:18:25,359 --> 00:18:30,359 Speaker 1: you just you should be uh Jet sponsored therapy. They 390 00:18:30,800 --> 00:18:34,240 Speaker 1: should put they should put some money out into Harvard 391 00:18:34,240 --> 00:18:38,159 Speaker 1: Business School study here body Johnson has got the funds. Yes, exactly. 392 00:18:38,480 --> 00:18:40,919 Speaker 1: It should be done by the team. They've authored it. 393 00:18:41,560 --> 00:18:45,800 Speaker 1: Steve Young, chairman of HGGC and of course former San 394 00:18:45,840 --> 00:18:49,160 Speaker 1: Francisco forty nine ers quarterback NFL Hall of Famer eternally, 395 00:18:49,320 --> 00:18:51,280 Speaker 1: thank you so much. All right, thanks Scarlett, take care 396 00:18:51,280 --> 00:18:53,920 Speaker 1: you guys. This is the Bloomberg Business of Sports podcast. 397 00:18:53,960 --> 00:18:56,720 Speaker 1: I'm Scarlett Food along with Damian Sasar and Dan Schwartzman. 398 00:18:56,840 --> 00:18:59,280 Speaker 1: Michael Barr will be back soon, but be sure to 399 00:18:59,280 --> 00:19:01,960 Speaker 1: catch us here each and every Monday, Wednesday and Thursday, 400 00:19:02,000 --> 00:19:04,320 Speaker 1: where we explore the big money issues in the world 401 00:19:04,320 --> 00:19:07,200 Speaker 1: of sports, and of course follow us on Twitter. I'm 402 00:19:07,240 --> 00:19:09,760 Speaker 1: at Scarlet Fu, and I'm on Twitter at d sass 403 00:19:09,800 --> 00:19:13,080 Speaker 1: Hour and i am at Dan Underscore Schwartzman. You're listening 404 00:19:13,119 --> 00:19:16,399 Speaker 1: to Bloomberg Business of Sports on Bloomberg Radio around the world.