1 00:00:00,760 --> 00:00:04,400 Speaker 1: Hello, I'm Scott, I've been Novie Williams, and I'm Michael Barr. 2 00:00:04,519 --> 00:00:07,280 Speaker 1: And this is the Bloomberg Business of Sports podcast, where 3 00:00:07,440 --> 00:00:10,760 Speaker 1: we explore the big money issues in the world of 4 00:00:10,760 --> 00:00:14,239 Speaker 1: sports today. We begin with Jerry Jones. I thought you 5 00:00:14,280 --> 00:00:16,720 Speaker 1: were going to welcome our guests. Well we expand. No, 6 00:00:17,239 --> 00:00:20,400 Speaker 1: I do this every wee. You think you think I 7 00:00:20,480 --> 00:00:22,560 Speaker 1: forgot the people. No, I don't think I think you're 8 00:00:22,600 --> 00:00:26,040 Speaker 1: burying the lead. Okay, you're right, let me do this again. Okay. 9 00:00:26,239 --> 00:00:29,440 Speaker 1: Norwalk Community College students are here. They want to see 10 00:00:29,480 --> 00:00:32,839 Speaker 1: how the sausages made in the show. We welcome them, 11 00:00:32,840 --> 00:00:37,040 Speaker 1: and we're welcome them. Hello, everybody. Shanna not a sports fan, 12 00:00:37,120 --> 00:00:40,800 Speaker 1: but listening intently anyway, this is you know, don't don't 13 00:00:40,880 --> 00:00:43,080 Speaker 1: don't worry about it. It's we'll get you into sports. 14 00:00:43,120 --> 00:00:47,440 Speaker 1: Even a non sports fan like Shanna, well know of 15 00:00:47,440 --> 00:00:51,400 Speaker 1: the Dallas Cowboys and that they're big. They're America's team, 16 00:00:51,520 --> 00:00:53,880 Speaker 1: they like to call them. But how big are they? 17 00:00:54,040 --> 00:00:58,920 Speaker 1: But well, I think you know why they left in 18 00:00:58,960 --> 00:01:01,400 Speaker 1: the old Cowboys stadium bar. You know why they left 19 00:01:01,480 --> 00:01:04,840 Speaker 1: the roof open, by the way, true, Now, I my 20 00:01:05,200 --> 00:01:08,160 Speaker 1: the original one was simply just to get the effect 21 00:01:08,720 --> 00:01:11,920 Speaker 1: of playing in different kinds of inclement weather. But that's 22 00:01:11,959 --> 00:01:16,000 Speaker 1: not the case. So God could watch the Cowboys. So 23 00:01:16,040 --> 00:01:17,679 Speaker 1: if you want to think of yourself as important so 24 00:01:17,800 --> 00:01:20,400 Speaker 1: God can watch the Cowboys, you'll leave your stadium. I 25 00:01:20,480 --> 00:01:26,000 Speaker 1: won't say what I was gonna say. Speaking of Gerald Jones, Jerry, 26 00:01:26,280 --> 00:01:30,839 Speaker 1: he says Cowboys are worth ten billion dollars, but never, never, never, 27 00:01:30,880 --> 00:01:33,600 Speaker 1: never never never will he sell it first, never say never. 28 00:01:33,640 --> 00:01:35,360 Speaker 1: And I want to turn it over to Evan because 29 00:01:35,440 --> 00:01:39,240 Speaker 1: I love his reaction when he was like, Jerry, come on, yeah, 30 00:01:39,240 --> 00:01:44,120 Speaker 1: the spoiler alert. The Cowboys are not wars um. Yeah, 31 00:01:44,440 --> 00:01:47,200 Speaker 1: fair Evan. The Cowboys are worth what somebody's willing to pay. 32 00:01:47,240 --> 00:01:50,920 Speaker 1: So what the question we have to answer is open auction, global, 33 00:01:51,040 --> 00:01:54,520 Speaker 1: open auction. Who is willing to pay what for the Cowboy? Yeah, 34 00:01:54,640 --> 00:01:56,880 Speaker 1: and you would be you would have a better sense tonight. 35 00:01:57,160 --> 00:02:00,400 Speaker 1: I would assume somewhere between four and five billion dollars 36 00:02:00,480 --> 00:02:02,520 Speaker 1: roughly kind of right in there. It's by far the 37 00:02:02,800 --> 00:02:07,520 Speaker 1: most valuable NFL franchise, the probably the most valuable franchise 38 00:02:07,560 --> 00:02:09,480 Speaker 1: in the US. Maybe the Yankees are the only other 39 00:02:09,480 --> 00:02:13,720 Speaker 1: one that comes close. But ten ten billion dollars. That's 40 00:02:13,760 --> 00:02:15,640 Speaker 1: I mean, that's that's silly that you're throwing off crazy 41 00:02:15,680 --> 00:02:17,720 Speaker 1: multiples when you're saying ten. Yeah. And this is something 42 00:02:17,760 --> 00:02:20,200 Speaker 1: that he said to our colleagues here at Bloomberg you 43 00:02:20,240 --> 00:02:24,120 Speaker 1: know who, you know that they specialize in essentially evaluating 44 00:02:24,200 --> 00:02:26,840 Speaker 1: the richest people in the country, how how wealthy their 45 00:02:26,840 --> 00:02:29,520 Speaker 1: assets are. They put all of Jerry Jones assets at 46 00:02:29,520 --> 00:02:33,320 Speaker 1: about six billion, right, so yeah, six a little bit 47 00:02:33,360 --> 00:02:37,560 Speaker 1: less than ten. And in fairness to Jerry, it's unclear 48 00:02:37,600 --> 00:02:39,239 Speaker 1: if he was saying that he thinks they're worth ten 49 00:02:39,240 --> 00:02:43,160 Speaker 1: billion or he said he wouldn't even sell for ten billion, um. 50 00:02:43,240 --> 00:02:47,720 Speaker 1: But he did handle sort of the I'm just inflating 51 00:02:47,760 --> 00:02:50,000 Speaker 1: because I'm Jerry Jones aspect of it when he said, 52 00:02:50,639 --> 00:02:53,880 Speaker 1: I'm not just doing that. I I really believe that 53 00:02:53,960 --> 00:02:57,440 Speaker 1: it's worth ten billions. Yeah, I'll read the whole somebody 54 00:02:57,440 --> 00:02:58,960 Speaker 1: would pay it. I don't want to say at least 55 00:02:58,960 --> 00:03:01,080 Speaker 1: ten billion, but I certainly think you can justify a 56 00:03:01,080 --> 00:03:04,200 Speaker 1: ten billion dollar valuation. But economically, I'd rather have the 57 00:03:04,200 --> 00:03:06,640 Speaker 1: Cowboys than ten billion dollars. I'd rather have ten millions. 58 00:03:06,639 --> 00:03:10,280 Speaker 1: I'd much rather with ten billion dollars. You know, you 59 00:03:10,280 --> 00:03:12,240 Speaker 1: know how many jerseys I can buy with ten billion 60 00:03:12,240 --> 00:03:15,200 Speaker 1: dollars though with the cash that it spits off yea. 61 00:03:15,840 --> 00:03:20,399 Speaker 1: And because I are obviously revenue positive and the appreciation 62 00:03:20,480 --> 00:03:23,760 Speaker 1: of the asset, at what point, how far out down 63 00:03:23,840 --> 00:03:25,840 Speaker 1: the line do I need to look at before I say, 64 00:03:25,919 --> 00:03:28,840 Speaker 1: you know what, I think I might rather have the 65 00:03:28,840 --> 00:03:31,880 Speaker 1: Cowboys than the ten billion. Yeah, it's a question of 66 00:03:31,919 --> 00:03:35,839 Speaker 1: how the kind of the upswing in valuations that we've seen. 67 00:03:35,880 --> 00:03:37,840 Speaker 1: I think in the NFL, what your average franchise is 68 00:03:37,840 --> 00:03:40,160 Speaker 1: worth twice as much as it was ten fifteen years ago. 69 00:03:40,760 --> 00:03:43,760 Speaker 1: Is that a continuous trajectory or at some point do 70 00:03:43,800 --> 00:03:46,360 Speaker 1: these things start to level off or god forbid, start 71 00:03:46,400 --> 00:03:47,920 Speaker 1: to go the other way. Well, everything that we're doing 72 00:03:47,960 --> 00:03:49,840 Speaker 1: we're gonna talk about today and we've talked about throughout 73 00:03:49,880 --> 00:03:52,600 Speaker 1: the season. The media is the main component. Dallas has 74 00:03:52,600 --> 00:03:54,760 Speaker 1: a real estate play as well at first go, but 75 00:03:54,880 --> 00:03:58,120 Speaker 1: the media component. Talk to me after two when these 76 00:03:58,160 --> 00:03:59,800 Speaker 1: media deals come up and we see what people are 77 00:03:59,800 --> 00:04:03,320 Speaker 1: willing to pay for these rights right now at least 78 00:04:03,400 --> 00:04:06,880 Speaker 1: in that short term, and whether the fangs are going 79 00:04:06,920 --> 00:04:09,400 Speaker 1: to start bidding or not, you'd have to say you're 80 00:04:09,400 --> 00:04:12,560 Speaker 1: going to get a nice bump in your media contract 81 00:04:12,560 --> 00:04:14,360 Speaker 1: in the NFL, which of course is the king of 82 00:04:14,360 --> 00:04:17,600 Speaker 1: the hill here in the US, if they can grow internationally. 83 00:04:19,080 --> 00:04:21,239 Speaker 1: I'm just saying that there are arguments to be made 84 00:04:21,320 --> 00:04:25,800 Speaker 1: five ten years out that that number could be realistic. 85 00:04:26,160 --> 00:04:30,560 Speaker 1: Let me ask a unicorn, what if what if the 86 00:04:30,680 --> 00:04:38,000 Speaker 1: NFL expanded two more teams? Then? First of all, would 87 00:04:38,040 --> 00:04:40,520 Speaker 1: that ever happen? And then with the evaluation of all 88 00:04:40,520 --> 00:04:41,719 Speaker 1: the other teams go up? And I know when I 89 00:04:41,720 --> 00:04:43,400 Speaker 1: say that, you're gonna be like, yeah, but you watered 90 00:04:43,440 --> 00:04:45,799 Speaker 1: down the other teams. No, because if two more teams 91 00:04:45,839 --> 00:04:48,320 Speaker 1: want to get in nameless faces, forget the water down 92 00:04:48,360 --> 00:04:50,560 Speaker 1: because they're nameless, faceless guys. Answer the question is, at 93 00:04:50,560 --> 00:04:53,360 Speaker 1: what point is it worth the dilution of the money 94 00:04:53,400 --> 00:04:55,359 Speaker 1: that's all because you share the national money with a 95 00:04:55,400 --> 00:04:59,000 Speaker 1: hefty expansion fee. Yeah, what's the expansion fee which doesn't 96 00:04:59,000 --> 00:05:01,200 Speaker 1: share with players, goes right the owner's pockets. At what 97 00:05:01,240 --> 00:05:03,120 Speaker 1: point did they say, yeah, it's worth it to us 98 00:05:03,120 --> 00:05:05,880 Speaker 1: to take the check right now and dilute over time 99 00:05:05,920 --> 00:05:08,680 Speaker 1: because you don't share equally right away. Usually expansion teams 100 00:05:08,720 --> 00:05:12,039 Speaker 1: are brought in over time. It's that's just simple math. 101 00:05:12,240 --> 00:05:13,920 Speaker 1: How much are they going to get and what will 102 00:05:13,920 --> 00:05:16,719 Speaker 1: it cost them the dilution? So right now, nobody has 103 00:05:16,720 --> 00:05:19,039 Speaker 1: said they were seeking to do that other than maybe 104 00:05:19,040 --> 00:05:22,840 Speaker 1: a team in London in Mexico City if they yeah, 105 00:05:22,839 --> 00:05:24,760 Speaker 1: And I think the NFL also kind of needs to 106 00:05:25,240 --> 00:05:28,160 Speaker 1: figure out what the newest markets look like. What what 107 00:05:28,200 --> 00:05:30,320 Speaker 1: does l A look like with two teams, because you know, 108 00:05:30,640 --> 00:05:33,400 Speaker 1: to be honest, right now, it looks like you're going 109 00:05:33,440 --> 00:05:36,560 Speaker 1: to have in you know, the business doesn't look you know, 110 00:05:36,720 --> 00:05:39,640 Speaker 1: gangbusters at this moment um. And what does Vegas look like? 111 00:05:39,680 --> 00:05:41,480 Speaker 1: You know, it's gonna be a couple of years before 112 00:05:41,880 --> 00:05:44,200 Speaker 1: the Raiders actually make that move. But the NFL is 113 00:05:44,200 --> 00:05:47,680 Speaker 1: is currently exploring new venues that they've already picked new 114 00:05:47,720 --> 00:05:49,480 Speaker 1: cities that that they do need to kind of file 115 00:05:49,520 --> 00:05:52,120 Speaker 1: bar if they can find more places like Vegas, which 116 00:05:52,160 --> 00:05:53,920 Speaker 1: is a unique situation. But if they can find more 117 00:05:53,920 --> 00:05:56,800 Speaker 1: places like Vegas where the taxpayers are willing to fork 118 00:05:56,880 --> 00:06:01,159 Speaker 1: over seven plus million dollars, guess what will say, Okay, 119 00:06:00,720 --> 00:06:03,080 Speaker 1: we would you pay to see a team if kinda 120 00:06:03,120 --> 00:06:06,000 Speaker 1: Leeza Rice was a coach? I would I wouldn't pay 121 00:06:06,040 --> 00:06:08,920 Speaker 1: to see any coach, I mean, Conda or not. I mean, 122 00:06:08,960 --> 00:06:10,880 Speaker 1: but I don't know. I just we weren't sure if 123 00:06:10,880 --> 00:06:12,400 Speaker 1: we wanted to discuss this or not, because like, it 124 00:06:12,520 --> 00:06:14,520 Speaker 1: just seemed like the whole story was ridiculous. Well it 125 00:06:15,000 --> 00:06:17,159 Speaker 1: at first thought it was fake too, but she knocked 126 00:06:17,160 --> 00:06:18,599 Speaker 1: that down by the way. YEA, well that's what I 127 00:06:18,600 --> 00:06:21,560 Speaker 1: mean I'm saying. So anyway, let's move along. Let's talk 128 00:06:21,560 --> 00:06:25,040 Speaker 1: about Major League Baseball. Two major things in Major League Baseball. 129 00:06:25,080 --> 00:06:28,320 Speaker 1: Let's start with the Fox extension. First. Yeah, Fox signed 130 00:06:28,320 --> 00:06:31,480 Speaker 1: a seven year extension to their to their major you know, 131 00:06:31,560 --> 00:06:37,160 Speaker 1: TV Baseball Rights extends it through pretty hefty rights increased 132 00:06:37,160 --> 00:06:43,920 Speaker 1: scott As you reported about a thirty six percent increase overall. Um, say, 133 00:06:44,560 --> 00:06:47,119 Speaker 1: I'm looking at the terms here, looks like they currently 134 00:06:47,160 --> 00:06:51,040 Speaker 1: pay seven five million dollars a year. That's obviously going up, 135 00:06:51,080 --> 00:06:54,520 Speaker 1: you know, into the seven hundreds. How do you see 136 00:06:54,520 --> 00:06:57,360 Speaker 1: this from baseball? People don't want to uncertainty. That's also 137 00:06:57,560 --> 00:06:59,719 Speaker 1: let's take it from each side. Major League Baseball gets 138 00:06:59,720 --> 00:07:02,320 Speaker 1: the game guaranteed money. They're happy with that, and they'll 139 00:07:02,320 --> 00:07:04,400 Speaker 1: see what the new world order looks like. And there's 140 00:07:04,440 --> 00:07:07,039 Speaker 1: plenty of inventory to carve up later on down the road. 141 00:07:07,400 --> 00:07:09,440 Speaker 1: So digital right, things like that that you know, they're 142 00:07:09,520 --> 00:07:11,560 Speaker 1: very interesting to see what happens with the digital because 143 00:07:11,560 --> 00:07:13,960 Speaker 1: they were not included in this deal. That's important that 144 00:07:14,000 --> 00:07:15,880 Speaker 1: the clubs are probably gonna take back their digital rights 145 00:07:15,880 --> 00:07:18,680 Speaker 1: as will not be including digital. And then you look 146 00:07:18,680 --> 00:07:21,040 Speaker 1: at it from the broadcaster side, we know what Fox 147 00:07:21,120 --> 00:07:23,880 Speaker 1: is going on with the Disney asset sale. Uh new 148 00:07:23,920 --> 00:07:26,080 Speaker 1: Fox is going to focus on news and sports, a 149 00:07:26,120 --> 00:07:29,080 Speaker 1: lot of content with baseball. You continue your solid playing 150 00:07:29,200 --> 00:07:31,400 Speaker 1: baseball is one of your cornerstones on Fox New Fox. 151 00:07:31,920 --> 00:07:34,080 Speaker 1: Everybody sort of gets what they need here, but it 152 00:07:34,120 --> 00:07:35,760 Speaker 1: was just a matter of how much are we willing 153 00:07:35,760 --> 00:07:38,360 Speaker 1: to pay what makes sense. They found a happy meeting 154 00:07:38,400 --> 00:07:41,160 Speaker 1: where everybody seemed to sign off on it. Worth mentioning 155 00:07:41,200 --> 00:07:43,800 Speaker 1: that the the other parts of the baseball TV deals, 156 00:07:43,840 --> 00:07:47,120 Speaker 1: the Turner portion, the ESPN portion, have not been extended 157 00:07:47,120 --> 00:07:49,520 Speaker 1: at least not yet. Um, but this is at least 158 00:07:49,520 --> 00:07:52,360 Speaker 1: the first, the first league that had a major TV 159 00:07:52,520 --> 00:07:55,880 Speaker 1: rights deal that was gonna be up in this window 160 00:07:55,920 --> 00:07:59,400 Speaker 1: that we always talk about that elected not to get 161 00:07:59,440 --> 00:08:02,559 Speaker 1: to that point, elected to do the extension. Now gotta 162 00:08:02,680 --> 00:08:04,960 Speaker 1: rights increase. You know, we can debate whether or not 163 00:08:05,000 --> 00:08:07,200 Speaker 1: that's a big one or a little one, but they 164 00:08:07,280 --> 00:08:11,000 Speaker 1: got a big rights gotta rights increase um is that? 165 00:08:11,400 --> 00:08:13,560 Speaker 1: What do you think about that strategy? Getting away from 166 00:08:13,640 --> 00:08:15,960 Speaker 1: that that time when everything's gonna some certainty. I think 167 00:08:15,960 --> 00:08:18,360 Speaker 1: there as long as you're not selling everything, you have 168 00:08:18,520 --> 00:08:21,080 Speaker 1: some certainty. You put some money in your pocket. And 169 00:08:21,200 --> 00:08:24,400 Speaker 1: it is Fox, it is one of your long time partners. 170 00:08:25,040 --> 00:08:29,600 Speaker 1: It's it's linear um, it's it's what they know. So 171 00:08:29,960 --> 00:08:33,040 Speaker 1: you get some security there. You don't put everything, you know, 172 00:08:33,080 --> 00:08:34,760 Speaker 1: all the eggs in one basket and they're not. They 173 00:08:34,800 --> 00:08:36,679 Speaker 1: didn't do that here. They put a portion of what 174 00:08:36,720 --> 00:08:39,000 Speaker 1: they can. We didn't discuss this ahead of time. But 175 00:08:39,000 --> 00:08:40,959 Speaker 1: I'm very interested to see what happens with the National 176 00:08:40,960 --> 00:08:44,760 Speaker 1: Hockey League when they when they they left ESPN, which 177 00:08:44,800 --> 00:08:48,480 Speaker 1: gave them big promotion but for a lot less money. 178 00:08:48,520 --> 00:08:52,000 Speaker 1: Now NBC came in and are they happy with NBCSN 179 00:08:52,000 --> 00:08:55,160 Speaker 1: and the promotion you get there? And I know ESPN 180 00:08:55,200 --> 00:08:57,880 Speaker 1: is gonna want it back because that's a boatload of inventory. 181 00:08:58,080 --> 00:09:03,680 Speaker 1: A little plus with the Olympics. Very interested to see 182 00:09:03,840 --> 00:09:06,720 Speaker 1: garyus pois he's got a a six five six billion 183 00:09:06,760 --> 00:09:11,600 Speaker 1: dollar deal in Canada. Now your piggyback that with a 184 00:09:11,720 --> 00:09:15,000 Speaker 1: with a reworked US contract. You're talking real money. I mean, 185 00:09:15,000 --> 00:09:18,160 Speaker 1: people's always somehow they look at the NHLs like a 186 00:09:18,280 --> 00:09:20,200 Speaker 1: just and fourth of the Big Four. I mean, you 187 00:09:20,200 --> 00:09:23,240 Speaker 1: don't have to compare hockey to football, but on its own, 188 00:09:23,720 --> 00:09:27,840 Speaker 1: it's gonna be an impressive media deal globally for the NHL, 189 00:09:27,960 --> 00:09:30,720 Speaker 1: which brings us to the next Major League Baseball deal 190 00:09:30,800 --> 00:09:33,440 Speaker 1: with the Zone. I know, Evan loves de Zign, loves 191 00:09:33,520 --> 00:09:35,920 Speaker 1: what they're doing. John Skippers out there bidding against the 192 00:09:36,080 --> 00:09:39,040 Speaker 1: ESPN is playing. It's a it's an over the top 193 00:09:39,640 --> 00:09:42,680 Speaker 1: UH direct streaming service that decided to jump in with 194 00:09:42,720 --> 00:09:45,400 Speaker 1: the rights that it could get. So they're paying Canelo 195 00:09:45,440 --> 00:09:47,959 Speaker 1: Alvarez a ton of money for boxing. It's kind of 196 00:09:48,080 --> 00:09:50,240 Speaker 1: m M A and boxing build it there. Now they're 197 00:09:50,240 --> 00:09:52,840 Speaker 1: gonna team up with MLB and give you a live lookings. 198 00:09:53,040 --> 00:09:57,840 Speaker 1: It's a way to establish a relationship with MLB before 199 00:09:58,040 --> 00:10:01,640 Speaker 1: major bids come in four the whole kitten kubboo. Yeah. 200 00:10:01,640 --> 00:10:05,360 Speaker 1: So to Zone, three year, three million dollar deal they're 201 00:10:05,400 --> 00:10:07,480 Speaker 1: they're building, which is pennies. You know, if you look 202 00:10:07,480 --> 00:10:10,880 Speaker 1: at overall, they're building a essentially what you know what 203 00:10:10,960 --> 00:10:13,320 Speaker 1: Red Zone exists for for the NFL. They're building that 204 00:10:13,360 --> 00:10:16,960 Speaker 1: for baseball, which is a weeknight live look in show 205 00:10:17,040 --> 00:10:20,120 Speaker 1: where you're bouncing around from Yankee Stadium to a Dodger 206 00:10:20,120 --> 00:10:23,120 Speaker 1: Stadium down to Tropicana Field, trying to get the important 207 00:10:23,160 --> 00:10:27,440 Speaker 1: moments as they happen throughout the night in baseball. Uh. Yeah, 208 00:10:27,440 --> 00:10:28,960 Speaker 1: as you said, Scott, it's a it's a it's a 209 00:10:28,960 --> 00:10:31,000 Speaker 1: foot in the door. You know, do Zone. You know 210 00:10:31,000 --> 00:10:33,439 Speaker 1: that they're launching in the US. They launched in September. 211 00:10:33,920 --> 00:10:37,320 Speaker 1: There's very little premium live rights available. They invested a 212 00:10:37,320 --> 00:10:39,840 Speaker 1: lot in in the Fight Sports because that was available 213 00:10:39,880 --> 00:10:41,880 Speaker 1: and they could do it. Um. Now, I think you're 214 00:10:41,880 --> 00:10:44,600 Speaker 1: gonna see John Skipper, former president of ESPN, who's he's 215 00:10:44,640 --> 00:10:46,960 Speaker 1: kind of leading their US efforts. You're gonna see him 216 00:10:47,040 --> 00:10:49,560 Speaker 1: chipping away at the edges for all these leaks, and 217 00:10:49,600 --> 00:10:51,400 Speaker 1: the first one he was able to do was Baseball, 218 00:10:51,440 --> 00:10:54,480 Speaker 1: and he chipped away with a a live look in special, 219 00:10:54,520 --> 00:10:57,040 Speaker 1: which doesn't it probably doesn't fully take away from the 220 00:10:57,480 --> 00:11:01,360 Speaker 1: digital offering right now that the Major League Baseball off first. Um, 221 00:11:01,440 --> 00:11:06,160 Speaker 1: but we're seeing his zone with a seemingly unlimited checkbook. 222 00:11:06,320 --> 00:11:08,880 Speaker 1: John Skipper told me last week, you know he's scouring 223 00:11:08,920 --> 00:11:11,360 Speaker 1: the in his words, he's scouring the classified ads and 224 00:11:11,400 --> 00:11:14,000 Speaker 1: anyone that has sports content for sale. He wants to 225 00:11:14,040 --> 00:11:15,920 Speaker 1: have the conversation. It's like it's like PSG and the 226 00:11:15,960 --> 00:11:19,960 Speaker 1: Guitari owner exactly. It's the financial fair play and television. 227 00:11:20,000 --> 00:11:21,520 Speaker 1: You can do whatever you want. It's like the Uber 228 00:11:21,760 --> 00:11:24,120 Speaker 1: Fandel DraftKings model. Right, spend a lot of money in 229 00:11:24,160 --> 00:11:27,200 Speaker 1: the beginning, trying to to engenders, you know, some some 230 00:11:27,280 --> 00:11:29,800 Speaker 1: kind of brand affinity and that hoping when the when 231 00:11:29,800 --> 00:11:32,800 Speaker 1: the market eventually settles out, you're the one that everyone's 232 00:11:32,840 --> 00:11:35,520 Speaker 1: turning to. But I want to there's a logistics point 233 00:11:35,559 --> 00:11:37,360 Speaker 1: that I want to bring up. It's easy when you 234 00:11:37,360 --> 00:11:40,079 Speaker 1: get into the NFL and the red zone because once 235 00:11:40,120 --> 00:11:43,360 Speaker 1: they hit the twenty of the opposing team, yeah, we're 236 00:11:43,400 --> 00:11:46,040 Speaker 1: gonna switch to that. That's pretty easy. How do you know, 237 00:11:46,160 --> 00:11:48,200 Speaker 1: I mean, unless the bases are loaded or this or that. 238 00:11:48,240 --> 00:11:50,800 Speaker 1: What how do you know logistically to switch to a game? 239 00:11:50,840 --> 00:11:55,560 Speaker 1: Great mind? On second, I don't know what it's gonna 240 00:11:55,600 --> 00:11:57,200 Speaker 1: look like. I think they're gonna my guesses, they're gonna 241 00:11:57,240 --> 00:11:58,960 Speaker 1: mix it up. I would imagine that sometimes you'll go 242 00:11:59,000 --> 00:12:01,199 Speaker 1: to a game that isn't fully live it's you know, 243 00:12:01,280 --> 00:12:03,959 Speaker 1: fifteen seconds ago there was a two run homer and 244 00:12:04,160 --> 00:12:06,240 Speaker 1: they want to show that. Um. But if you mix 245 00:12:06,320 --> 00:12:08,840 Speaker 1: that with you know, not just runners and scoring position, 246 00:12:08,880 --> 00:12:12,120 Speaker 1: but good defensive plays with you know, pictures who have 247 00:12:12,280 --> 00:12:14,679 Speaker 1: what no hitters going or X and y. I think 248 00:12:14,679 --> 00:12:17,280 Speaker 1: you can build fairly easily. I think you can build, 249 00:12:17,480 --> 00:12:19,280 Speaker 1: just by number of the sheer number of games going 250 00:12:19,280 --> 00:12:23,360 Speaker 1: on on weeknights, build a fairly compelling show for baseball fan. 251 00:12:23,400 --> 00:12:25,439 Speaker 1: Come on, bar, let's go to Baltimore where the umpires 252 00:12:25,440 --> 00:12:28,520 Speaker 1: are gathered behind home plate looking at a replay the 253 00:12:28,640 --> 00:12:33,360 Speaker 1: quad box play. What am I doing here? I'm doing 254 00:12:33,400 --> 00:12:36,480 Speaker 1: the head Yeah, that's a whole. By the way, I 255 00:12:36,520 --> 00:12:39,960 Speaker 1: gotta congratulate Joey Legano. I knew he was gonna do. Yes, 256 00:12:40,120 --> 00:12:44,319 Speaker 1: I have to do it. He is, that's correct, boom 257 00:12:44,320 --> 00:12:50,319 Speaker 1: brand No, first time that he has won the NASCAR championship. 258 00:12:50,400 --> 00:12:53,959 Speaker 1: So congratulations to Joey Legano. Joey Legato could be sitting 259 00:12:54,000 --> 00:12:55,800 Speaker 1: next to me and I would not know. I would 260 00:12:55,840 --> 00:12:57,599 Speaker 1: not know Heye, the fourth guy in the studio is 261 00:12:57,640 --> 00:13:01,120 Speaker 1: Joey lookstening right next to me, right, no idea And 262 00:13:01,240 --> 00:13:03,960 Speaker 1: on that note, thanks, uh This is the Blue I 263 00:13:04,000 --> 00:13:06,200 Speaker 1: love you, Joey. Don't mind me it. Don't mind me. 264 00:13:06,280 --> 00:13:09,000 Speaker 1: By the way, this is the Bloomberg Business of Sports podcast. 265 00:13:09,440 --> 00:13:12,400 Speaker 1: Michael bar along with Scott Sashnik and Evan Obi Williams. 266 00:13:12,480 --> 00:13:14,800 Speaker 1: We are here each and every Monday, Wednesday and Thursday 267 00:13:14,880 --> 00:13:17,120 Speaker 1: exploring the world of money in sports. Join us again 268 00:13:17,160 --> 00:13:18,520 Speaker 1: at the end of the week when we speak with 269 00:13:18,559 --> 00:13:21,240 Speaker 1: the biggest and brightest in the sports business industry. And 270 00:13:21,280 --> 00:13:24,040 Speaker 1: thank you normal community college students for coming in and 271 00:13:24,120 --> 00:13:27,160 Speaker 1: joining us and seeing how we make the sausage. You're 272 00:13:27,160 --> 00:13:30,199 Speaker 1: listening to Bloomberg Business of Sports on Bloomberg Radio around 273 00:13:30,240 --> 00:13:33,360 Speaker 1: the world and online where our podcast is available.