1 00:00:02,480 --> 00:00:09,440 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. This is the Business 2 00:00:09,480 --> 00:00:10,080 Speaker 1: of Sports. 3 00:00:10,119 --> 00:00:13,000 Speaker 2: The business of sports can be intimidating or hard for 4 00:00:13,000 --> 00:00:13,960 Speaker 2: a starting to break into. 5 00:00:14,120 --> 00:00:17,000 Speaker 3: We really appreciate what our owners are actually there, you 6 00:00:17,040 --> 00:00:18,280 Speaker 3: know with us through the journey. 7 00:00:18,320 --> 00:00:21,880 Speaker 4: Teams ours especially have been very intentional to diversify at 8 00:00:21,880 --> 00:00:22,880 Speaker 4: all levels of the company. 9 00:00:22,920 --> 00:00:25,320 Speaker 5: I think we're in bolden years for the NFL and 10 00:00:25,480 --> 00:00:26,120 Speaker 5: college football. 11 00:00:26,239 --> 00:00:29,240 Speaker 6: Our demographic reach has continued to explode. 12 00:00:29,360 --> 00:00:33,000 Speaker 7: This is going to be really unlocking the streaming platform 13 00:00:33,080 --> 00:00:36,560 Speaker 7: for sports fans, sports evaluations arising. We'll see when they peak. 14 00:00:36,640 --> 00:00:39,280 Speaker 6: You don't have to be the best in your sports 15 00:00:39,280 --> 00:00:42,200 Speaker 6: to make a whole ton of money. 16 00:00:42,320 --> 00:00:46,000 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio. 17 00:00:46,800 --> 00:00:49,519 Speaker 2: This is the Bloomberg Business of Sports, where we explore 18 00:00:49,560 --> 00:00:52,160 Speaker 2: the big money issues in the world of sports. Michael 19 00:00:52,200 --> 00:00:56,160 Speaker 2: Barr my colleagues Damien Sasauer and Vanessa Perdomo will join 20 00:00:56,280 --> 00:00:59,080 Speaker 2: later on in the show. Coming up today, we hear 21 00:00:59,160 --> 00:01:03,880 Speaker 2: from PGA of America CEO Derek Sprague on golf's growing 22 00:01:03,960 --> 00:01:08,600 Speaker 2: popularity and to unpack the Ryder Cup's intensity, global reach 23 00:01:08,880 --> 00:01:12,080 Speaker 2: and behind the scenes strategy in one of golf's most 24 00:01:12,440 --> 00:01:13,679 Speaker 2: iconic competitions. 25 00:01:13,959 --> 00:01:15,720 Speaker 6: Well, I think with all the programs that the PGA 26 00:01:15,720 --> 00:01:19,360 Speaker 6: of America does, helps with the retention in the game, 27 00:01:19,480 --> 00:01:22,280 Speaker 6: helps with the growth of the game since the pandemic 28 00:01:22,319 --> 00:01:24,880 Speaker 6: when you know, we haven't used the word social distancing 29 00:01:24,920 --> 00:01:27,360 Speaker 6: in a long time, but where you could get families 30 00:01:27,400 --> 00:01:29,839 Speaker 6: together playing the game together. And we've seen this multi 31 00:01:29,880 --> 00:01:33,320 Speaker 6: generational growth, getting the you know, the parents and grandparents, 32 00:01:33,360 --> 00:01:35,440 Speaker 6: getting the younger generation into the game. So we've seen 33 00:01:35,480 --> 00:01:38,119 Speaker 6: that explosion. We have more golfers today than we've ever 34 00:01:38,160 --> 00:01:40,959 Speaker 6: had in the game. Close to twenty eight million people 35 00:01:41,000 --> 00:01:42,920 Speaker 6: in this country are playing the game. Five hundred and 36 00:01:42,920 --> 00:01:44,839 Speaker 6: fifty million rounds of golf we played last year. 37 00:01:45,000 --> 00:01:48,480 Speaker 2: Derek Sprague recently joined us here at world Headquarters from 38 00:01:48,560 --> 00:01:52,320 Speaker 2: Bloomberg Power Players, New York. The annual event brings together 39 00:01:52,440 --> 00:01:56,920 Speaker 2: influential voices from the business of sports to identify the 40 00:01:56,960 --> 00:02:00,800 Speaker 2: next wave of disruption that could hit this molti trillion 41 00:02:00,880 --> 00:02:05,320 Speaker 2: dollar global industry. Well, here the PGA of America CEOs 42 00:02:05,400 --> 00:02:10,200 Speaker 2: conversation with Bloomberg Texas Bureau Chief Julie Fine. That and 43 00:02:10,280 --> 00:02:12,760 Speaker 2: more is on the way on the Bloomberg Business of Sports. 44 00:02:12,800 --> 00:02:17,440 Speaker 2: But first, football football, the college football season is just 45 00:02:17,520 --> 00:02:21,760 Speaker 2: getting underway, and live on stage at Power Players, Bloomberg's 46 00:02:21,840 --> 00:02:26,000 Speaker 2: Christine Cook spoke with Ryan McCormick, the senior director of 47 00:02:26,080 --> 00:02:30,960 Speaker 2: Factor and QQQ Equity Product Strategy at Invesco, for conversation 48 00:02:31,400 --> 00:02:34,920 Speaker 2: on the new possibilities for college athletics. Let's take a 49 00:02:34,960 --> 00:02:37,680 Speaker 2: listen to a portion of that conversation, just to kind. 50 00:02:37,480 --> 00:02:40,639 Speaker 4: Of set the stage. Can you, as a quick reminder, 51 00:02:40,760 --> 00:02:43,600 Speaker 4: tell everybody what the QQQ is. 52 00:02:44,240 --> 00:02:48,399 Speaker 8: Yeah, no, I'm happy to so. Invesco QQQ is an ETF. 53 00:02:48,440 --> 00:02:52,440 Speaker 8: It's an exchange traded fund. It happens to be the 54 00:02:52,480 --> 00:02:55,760 Speaker 8: fifth largest ETF in the world, and it tracks the 55 00:02:55,880 --> 00:02:58,800 Speaker 8: NASDAQ one hundred index, which is made up of the 56 00:02:58,880 --> 00:03:02,160 Speaker 8: one hundred largest company is listed on the NASAQ Exchange 57 00:03:02,360 --> 00:03:05,640 Speaker 8: x Financials, So pretty much a number of different companies 58 00:03:05,639 --> 00:03:09,239 Speaker 8: that you probably use every day, multiple times a day, 59 00:03:09,919 --> 00:03:13,320 Speaker 8: very well known companies. But it was launched twenty six 60 00:03:13,440 --> 00:03:17,200 Speaker 8: years ago, back in March of nineteen ninety nine, sort 61 00:03:17,200 --> 00:03:22,120 Speaker 8: of like in the early stages of ETFs in the US, 62 00:03:23,000 --> 00:03:25,120 Speaker 8: and so in that twenty six years, I mean at 63 00:03:25,120 --> 00:03:27,640 Speaker 8: the time it was a pretty novel technology, a pretty 64 00:03:27,639 --> 00:03:31,200 Speaker 8: novel advancement in the world of asset management, and you know, 65 00:03:31,280 --> 00:03:34,080 Speaker 8: to see staying power of twenty six years, like it 66 00:03:34,120 --> 00:03:37,960 Speaker 8: really has blossomed into this very widely known, very widely 67 00:03:38,080 --> 00:03:41,560 Speaker 8: utilized ETF and you know, a strategy that has brought, 68 00:03:42,240 --> 00:03:45,640 Speaker 8: you know, the ability for investors to add growth into 69 00:03:45,680 --> 00:03:49,240 Speaker 8: their portfolio in a very easy and efficient manner. 70 00:03:50,120 --> 00:03:53,120 Speaker 4: You say ninety nine, I immediately think about Y two 71 00:03:53,240 --> 00:03:56,120 Speaker 4: K and so good that you made it past. All 72 00:03:56,160 --> 00:03:58,520 Speaker 4: of that is all this longevity. Well, part of the 73 00:03:58,520 --> 00:04:02,040 Speaker 4: growth is an investment in collegiate sports. Can you talk 74 00:04:02,080 --> 00:04:04,600 Speaker 4: a little bit about your partnership with the NC double 75 00:04:04,640 --> 00:04:08,320 Speaker 4: A and why that's important in your partnership portfolio? 76 00:04:08,520 --> 00:04:10,480 Speaker 8: Yeah, for sure. I mean, you know, I think in 77 00:04:10,520 --> 00:04:13,360 Speaker 8: general the question would probably be like, well, what is 78 00:04:13,400 --> 00:04:15,560 Speaker 8: this guy doing at a sports conference? Right? 79 00:04:15,680 --> 00:04:17,400 Speaker 5: And I think you. 80 00:04:17,360 --> 00:04:20,400 Speaker 8: Know, we're the official ETF of the NC DOUBLEA. We've 81 00:04:20,440 --> 00:04:24,480 Speaker 8: had that partnership now for a couple of years. Alongside 82 00:04:24,480 --> 00:04:28,040 Speaker 8: that where kind of the official financial literacy partner of 83 00:04:28,120 --> 00:04:30,960 Speaker 8: the NC DOUBLEA. We developed a program how not to 84 00:04:31,000 --> 00:04:34,719 Speaker 8: suck at money. Originally it was geared towards like the 85 00:04:34,760 --> 00:04:38,360 Speaker 8: college athlete, but I mean it's for anybody, right, It's 86 00:04:38,400 --> 00:04:40,760 Speaker 8: for a college age students, for a high school age student, 87 00:04:40,800 --> 00:04:43,359 Speaker 8: it's for a thirty a forty year old. Like it 88 00:04:43,480 --> 00:04:47,560 Speaker 8: really just emphasizes the basics of where do I start 89 00:04:47,600 --> 00:04:51,839 Speaker 8: with investing right or how do I tackle credit card debt. 90 00:04:52,240 --> 00:04:56,440 Speaker 8: It's like very approachable questions to try to develop some 91 00:04:56,640 --> 00:05:00,600 Speaker 8: level of education. And you know with that came in 92 00:05:00,640 --> 00:05:04,800 Speaker 8: conjunction with our sponsorship of the NCAA. So I joked 93 00:05:04,839 --> 00:05:07,839 Speaker 8: before in our lunch. You know, if you watch the 94 00:05:07,960 --> 00:05:10,480 Speaker 8: NCAA basketball tournament, if you're watching March Madness, I mean 95 00:05:10,760 --> 00:05:13,240 Speaker 8: I challenge you to go ninety seconds without seeing an 96 00:05:13,320 --> 00:05:16,680 Speaker 8: Investo QQQ commercial. But it's a great opportunity for us 97 00:05:16,680 --> 00:05:19,440 Speaker 8: to elevate our brand with you know, a whole new 98 00:05:19,480 --> 00:05:22,360 Speaker 8: set of potential investors, a whole new set of eyeballs, 99 00:05:22,360 --> 00:05:25,280 Speaker 8: and you know, just a very high profile sponsorship that 100 00:05:25,279 --> 00:05:26,320 Speaker 8: they we're quite proud. 101 00:05:26,080 --> 00:05:28,400 Speaker 4: Of when you think about financial literacy in that way 102 00:05:28,440 --> 00:05:30,440 Speaker 4: and the commitment that you all have had, and like 103 00:05:30,480 --> 00:05:33,200 Speaker 4: you said, it is all it's a variety of age groups. 104 00:05:33,400 --> 00:05:36,240 Speaker 4: Are there any trends that you see on programs that 105 00:05:36,279 --> 00:05:39,120 Speaker 4: you all have invested more in there or need states 106 00:05:39,120 --> 00:05:41,760 Speaker 4: that have shown up that maybe you've had to pivot 107 00:05:42,120 --> 00:05:43,680 Speaker 4: to address Yeah, you. 108 00:05:43,640 --> 00:05:46,480 Speaker 8: Know, so we partner with a number of different schools, 109 00:05:46,480 --> 00:05:49,280 Speaker 8: and I've been on the road and I've presented with 110 00:05:49,440 --> 00:05:52,800 Speaker 8: you know, alumni networks at you know, pretty major universities. 111 00:05:52,880 --> 00:05:56,080 Speaker 8: Right they'll tap a former athlete to come and talk 112 00:05:56,120 --> 00:05:59,320 Speaker 8: about the importance of financial literacy, or you may maybe 113 00:05:59,320 --> 00:06:01,839 Speaker 8: a specific on a financial question that they've been asked. 114 00:06:03,000 --> 00:06:07,040 Speaker 8: I would say it's the most encouraging thing is like 115 00:06:07,200 --> 00:06:12,440 Speaker 8: the appetite for education. Like these are packed rooms with 116 00:06:12,560 --> 00:06:15,600 Speaker 8: college athletes with stuff a lot better to do than 117 00:06:15,800 --> 00:06:18,520 Speaker 8: listen to me, but like they are all there showing 118 00:06:18,560 --> 00:06:22,080 Speaker 8: up and asking very real questions about you know, where 119 00:06:22,120 --> 00:06:24,360 Speaker 8: do I start, what do I do in this scenario? 120 00:06:24,480 --> 00:06:25,320 Speaker 5: And I think. 121 00:06:25,440 --> 00:06:29,719 Speaker 8: Alongside like some of those alumns, right, like they're drawn 122 00:06:29,760 --> 00:06:32,920 Speaker 8: to those alumnis. They've been in their shoes, they've been 123 00:06:33,000 --> 00:06:36,240 Speaker 8: in that room, they've seen most of them a fair 124 00:06:36,279 --> 00:06:41,200 Speaker 8: amount of success, and just the engagement is pretty spectacular. 125 00:06:41,240 --> 00:06:43,040 Speaker 8: But I would say the one thing that I would 126 00:06:43,040 --> 00:06:45,720 Speaker 8: really highlight is just like it's the appetite. These are 127 00:06:46,440 --> 00:06:49,159 Speaker 8: this generation of kids, they want to learn, they want 128 00:06:49,160 --> 00:06:51,960 Speaker 8: to capitalize on nil and I think the fact that 129 00:06:51,960 --> 00:06:54,760 Speaker 8: there's so much education that is out there, not only 130 00:06:54,800 --> 00:06:57,799 Speaker 8: through our financial literacy program, but I mean a number 131 00:06:57,839 --> 00:07:01,920 Speaker 8: of them. It's affording these kids, these athletes, these students 132 00:07:02,040 --> 00:07:05,320 Speaker 8: access to this information and they're really taking to it. 133 00:07:05,960 --> 00:07:08,440 Speaker 4: Let's shift a little bit and talk about innovation. So 134 00:07:08,720 --> 00:07:13,520 Speaker 4: earlier this afternoon you sponsored a breakout session innovation investing 135 00:07:13,560 --> 00:07:19,240 Speaker 4: in College Sports. Talk about what role innovation plays in 136 00:07:19,480 --> 00:07:23,280 Speaker 4: powering a fund like investco QQQ and shaping kind of 137 00:07:23,280 --> 00:07:25,120 Speaker 4: the future for college athletics. 138 00:07:25,800 --> 00:07:26,160 Speaker 5: Yeah. 139 00:07:26,560 --> 00:07:31,240 Speaker 8: I think for investco QQQ, like we say that if 140 00:07:31,280 --> 00:07:34,280 Speaker 8: you invest in QQQ, you're investing in innovation. And I 141 00:07:34,280 --> 00:07:37,560 Speaker 8: think there's a few different layers to peel back on 142 00:07:37,600 --> 00:07:41,080 Speaker 8: that onion. Like number one, the fact that this strategy 143 00:07:41,160 --> 00:07:43,560 Speaker 8: was launched way back in ninety nine. Like as I 144 00:07:43,560 --> 00:07:45,760 Speaker 8: said earlier that the in and of itself, that was 145 00:07:45,800 --> 00:07:50,680 Speaker 8: a pretty innovative product. The ETF ecosystem was pretty innovative 146 00:07:51,120 --> 00:07:53,880 Speaker 8: at that time. But we kind of look a little 147 00:07:53,920 --> 00:07:57,600 Speaker 8: bit further because the companies that are in invesco QQQ 148 00:07:57,880 --> 00:08:00,680 Speaker 8: like generally they seem to be able to stay ahead 149 00:08:00,680 --> 00:08:03,640 Speaker 8: of the curve when it comes to changing consumer preferences, 150 00:08:04,160 --> 00:08:08,080 Speaker 8: changing consumer trends. I mean in this case like Wholesaley 151 00:08:09,680 --> 00:08:13,280 Speaker 8: looking different, or the ability to stay nimble, where these 152 00:08:13,280 --> 00:08:16,560 Speaker 8: companies look way different today than they did three years ago, 153 00:08:16,600 --> 00:08:19,120 Speaker 8: five years ago, ten years ago, and throughout that they've 154 00:08:19,120 --> 00:08:22,000 Speaker 8: been able to generate very real fundamental growth. Right, They've 155 00:08:22,000 --> 00:08:24,640 Speaker 8: been able to grow sales, they've been able to grow earnings, 156 00:08:24,680 --> 00:08:28,760 Speaker 8: and that has fueled a halfway decent amount of performance. 157 00:08:29,560 --> 00:08:32,640 Speaker 8: So that in and of itself is pretty innovative. And 158 00:08:32,679 --> 00:08:35,240 Speaker 8: then you look at sort of the crossover between sports 159 00:08:35,320 --> 00:08:39,600 Speaker 8: and some of these names, these technologically oriented names. There's 160 00:08:39,600 --> 00:08:42,000 Speaker 8: no secret I mean any of the programming. I mean 161 00:08:42,360 --> 00:08:47,400 Speaker 8: everybody was talking about how technology somehow shapes sports. That 162 00:08:47,440 --> 00:08:50,839 Speaker 8: could be the way that we consume as fans, the 163 00:08:50,920 --> 00:08:52,880 Speaker 8: way we watch the game, that what we have at 164 00:08:52,880 --> 00:08:55,560 Speaker 8: our fingertips when we're watching the game. The options that 165 00:08:55,600 --> 00:08:59,199 Speaker 8: we have certainly big data analytics. Right, if you look 166 00:08:59,240 --> 00:09:04,600 Speaker 8: at prepareness, right, film study recovery, I mean, they lean 167 00:09:05,160 --> 00:09:08,640 Speaker 8: they need data in an effort to get any sort 168 00:09:08,640 --> 00:09:13,480 Speaker 8: of edge on a competitor. And then you kind of 169 00:09:13,480 --> 00:09:15,520 Speaker 8: take it a step further and you look at some 170 00:09:15,559 --> 00:09:17,800 Speaker 8: of the companies, Well, a lot of these companies that 171 00:09:18,160 --> 00:09:20,959 Speaker 8: are in this fund or these social media companies, and 172 00:09:21,240 --> 00:09:23,880 Speaker 8: if you look at NIL and where you can monetize 173 00:09:24,080 --> 00:09:26,800 Speaker 8: your name, your image and likeness, I think immediately you 174 00:09:26,840 --> 00:09:29,560 Speaker 8: get the gravitation over to kind of the world of 175 00:09:29,600 --> 00:09:32,480 Speaker 8: social media an easy way kind of get your foot 176 00:09:32,520 --> 00:09:35,440 Speaker 8: in the door when it comes to NIL and promoting 177 00:09:35,480 --> 00:09:39,400 Speaker 8: your own brand. So I think the intersection has only 178 00:09:39,400 --> 00:09:42,200 Speaker 8: gotten kind of more entwined when you look at some 179 00:09:42,280 --> 00:09:44,720 Speaker 8: of the names within the fund or technology in general 180 00:09:44,920 --> 00:09:48,760 Speaker 8: and sports right it's revolutionizing the way that we consume, 181 00:09:48,840 --> 00:09:51,440 Speaker 8: the way that athletes play, and the way that the 182 00:09:51,520 --> 00:09:55,439 Speaker 8: game has evolved and grown over the past twenty years. 183 00:09:55,440 --> 00:09:59,000 Speaker 8: And I feel like we're advancing at a pace that's 184 00:09:59,080 --> 00:10:02,880 Speaker 8: much faster than at any point now and twenty years ago. 185 00:10:03,440 --> 00:10:06,319 Speaker 4: Well the other you know, back to school for all 186 00:10:06,320 --> 00:10:09,960 Speaker 4: of us with kids in New York today and the 187 00:10:09,960 --> 00:10:13,120 Speaker 4: beginning of fall, which I refuse to say it's fall 188 00:10:13,240 --> 00:10:15,280 Speaker 4: yet because I think we have at least twenty days 189 00:10:15,320 --> 00:10:20,440 Speaker 4: more or maybe eighteen. But college football is officially full swing, right, 190 00:10:20,520 --> 00:10:23,960 Speaker 4: So let's do some lightning round on college football questions. 191 00:10:24,360 --> 00:10:32,200 Speaker 4: We're ready, all right, everybody favorite college football rivalry. 192 00:10:32,880 --> 00:10:38,160 Speaker 8: I mean, I love notre Dame sc but I will 193 00:10:38,200 --> 00:10:39,959 Speaker 8: never say anything other than Army Navy. 194 00:10:40,240 --> 00:10:45,199 Speaker 4: Oh, very nice tickets to the game or home fan cave. 195 00:10:46,280 --> 00:10:47,680 Speaker 8: I don't know if I'm in the minority on this, 196 00:10:47,720 --> 00:10:48,600 Speaker 8: but tickets of the game. 197 00:10:48,720 --> 00:10:49,839 Speaker 5: I feel like I can get to. 198 00:10:49,760 --> 00:10:55,199 Speaker 4: Show a hands who's fan cave at home end Live? 199 00:10:55,600 --> 00:10:59,839 Speaker 8: No? Yes, woh, okay live see my friends are all 200 00:10:59,840 --> 00:11:01,640 Speaker 8: I No, I'm just gonna sit in the basement and 201 00:11:01,880 --> 00:11:04,200 Speaker 8: kind of relax and I got my big screen or whatever, 202 00:11:04,320 --> 00:11:04,760 Speaker 8: but no. 203 00:11:04,760 --> 00:11:06,760 Speaker 5: I got to be there. I love the idea of live. 204 00:11:06,840 --> 00:11:09,600 Speaker 4: I think especially you talk about innovation, you talk about technology, 205 00:11:09,640 --> 00:11:11,960 Speaker 4: You're hearing more and more people want the kind of 206 00:11:12,000 --> 00:11:15,160 Speaker 4: experience of the game, which is very exciting. Okay, early 207 00:11:15,240 --> 00:11:16,880 Speaker 4: season favorite to win the CFP. 208 00:11:17,760 --> 00:11:19,240 Speaker 8: My heart always says, Notre Dame. 209 00:11:19,400 --> 00:11:20,520 Speaker 5: But we get. 210 00:11:20,320 --> 00:11:21,880 Speaker 4: A we're sensing a trend. 211 00:11:22,080 --> 00:11:23,840 Speaker 8: We get a yeah, I got. I gotta stick with 212 00:11:23,880 --> 00:11:25,560 Speaker 8: my heart. I mean, you get we got a free 213 00:11:25,600 --> 00:11:29,360 Speaker 8: look last week. I mean tough Miami team on the road, 214 00:11:29,480 --> 00:11:33,880 Speaker 8: but I mean Ohio State also probably. 215 00:11:34,200 --> 00:11:35,599 Speaker 4: I think I probably know what the answer to this 216 00:11:35,640 --> 00:11:38,520 Speaker 4: one Buckets stadium and or game day atmosphere. 217 00:11:38,679 --> 00:11:41,880 Speaker 8: Well, I know where I'm going. I mean and LSU 218 00:11:42,080 --> 00:11:45,440 Speaker 8: Tiger right here. I know, I've some people were trying 219 00:11:45,480 --> 00:11:46,040 Speaker 8: to sway me. 220 00:11:46,520 --> 00:11:49,360 Speaker 4: We have any other Tiger fans? I went to LSU. Anybody, 221 00:11:49,400 --> 00:11:51,040 Speaker 4: I'm alone here, Okay, I'm alone. 222 00:11:51,240 --> 00:11:52,320 Speaker 5: I was that stadium. 223 00:11:52,559 --> 00:11:55,400 Speaker 8: They were trying to sway me before Penn State wide out. 224 00:11:55,440 --> 00:11:58,080 Speaker 8: I had a couple of folks trying to lob in, Hey, 225 00:11:58,120 --> 00:12:01,240 Speaker 8: you know, throw this on. But again, I gotta just 226 00:12:01,280 --> 00:12:03,720 Speaker 8: stay with what I really want, and that would be 227 00:12:04,440 --> 00:12:05,760 Speaker 8: LSU Death Valley Night game. 228 00:12:05,880 --> 00:12:11,040 Speaker 4: Yes, Mount Rushmore of college football players, the four best 229 00:12:11,120 --> 00:12:12,160 Speaker 4: players ever. 230 00:12:13,080 --> 00:12:18,240 Speaker 8: And I'm gonna do best players, not Heisman's not, Okay, Yeah, 231 00:12:18,640 --> 00:12:24,120 Speaker 8: Cam Newton, Herschel Walker, Bo Jackson, Vince Young. 232 00:12:24,559 --> 00:12:26,040 Speaker 1: Yes, I like that. 233 00:12:26,040 --> 00:12:30,680 Speaker 2: That's Ryan McCormick, singor director a Factor and QQQ Equity 234 00:12:30,720 --> 00:12:35,080 Speaker 2: product Strategy at Investco, speaking with Bloomberg's Christine Cook from 235 00:12:35,120 --> 00:12:39,360 Speaker 2: Bloomberg Power Players, New York on investing in college athletics. 236 00:12:39,760 --> 00:12:42,840 Speaker 2: Up next, we go through some of the latest headlines 237 00:12:42,840 --> 00:12:46,880 Speaker 2: in sports, including a big SALI sports conference that didn't happen. 238 00:12:47,240 --> 00:12:49,680 Speaker 2: I'm Michael Barr. You're listening to the Bloomberg Business of 239 00:12:49,679 --> 00:12:52,200 Speaker 2: Sports from Bloomberg Radio around the world. 240 00:12:56,960 --> 00:13:00,960 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 241 00:13:02,160 --> 00:13:04,680 Speaker 2: This is the Bloomberg Business of Sports, where we explore 242 00:13:04,679 --> 00:13:06,920 Speaker 2: the big money issues in the world of sports. I'm 243 00:13:06,960 --> 00:13:10,280 Speaker 2: Michael Barr. We haven't even gotten to the FIFA World 244 00:13:10,360 --> 00:13:13,400 Speaker 2: Cup hitting the US in twenty twenty six, and plans 245 00:13:13,440 --> 00:13:16,520 Speaker 2: are already getting started for the World Cup in twenty 246 00:13:16,600 --> 00:13:19,640 Speaker 2: thirty four. A part of that planning was supposed to 247 00:13:19,679 --> 00:13:24,520 Speaker 2: be the World Stadium's and Arena's development summit in downtown Riad. 248 00:13:24,559 --> 00:13:27,559 Speaker 2: It was scheduled for earlier this month, but it was postponed. 249 00:13:27,880 --> 00:13:31,600 Speaker 2: Damian Sassauer and Vanessa Perdomo caught up with Bloomberg US 250 00:13:31,640 --> 00:13:34,800 Speaker 2: Sports business reporter Randa Williams to talk about the big 251 00:13:34,840 --> 00:13:38,400 Speaker 2: Saudi sports convention that did not happen and some of 252 00:13:38,440 --> 00:13:41,200 Speaker 2: the other headlines in the world of sports. Let's take 253 00:13:41,240 --> 00:13:42,439 Speaker 2: a listen to their conversation. 254 00:13:42,640 --> 00:13:44,760 Speaker 3: Well, it sounds like this conference they were having is 255 00:13:44,800 --> 00:13:46,719 Speaker 3: for an anticipation right of the World Cup, right this 256 00:13:46,880 --> 00:13:48,719 Speaker 3: post of the World Cup. I think I forget which 257 00:13:48,800 --> 00:13:52,160 Speaker 3: year it's conning twenty thirty four, Thank you, vanessn They 258 00:13:52,160 --> 00:13:54,600 Speaker 3: have to build a lot of infrastructure to handle what 259 00:13:54,720 --> 00:13:57,240 Speaker 3: is going to be a huge, huge audience, and am 260 00:13:57,240 --> 00:13:59,079 Speaker 3: I to believe that they're falling a bit behind the 261 00:13:59,120 --> 00:14:00,360 Speaker 3: eight ball here? I learn? 262 00:14:00,520 --> 00:14:03,199 Speaker 7: I think World Cup preparations are hard anywhere outside of 263 00:14:03,240 --> 00:14:05,600 Speaker 7: the US. The US is naturally built for it because 264 00:14:05,600 --> 00:14:07,440 Speaker 7: there's a lot of stadiums and things like that. But 265 00:14:07,480 --> 00:14:10,280 Speaker 7: when you take this to other countries, I don't think 266 00:14:10,280 --> 00:14:12,320 Speaker 7: it means that they can't do it. It just means that 267 00:14:12,400 --> 00:14:14,640 Speaker 7: it requires a lot more money, a lot more commitment, 268 00:14:14,679 --> 00:14:17,400 Speaker 7: a lot more labor. And there are some countries that 269 00:14:17,600 --> 00:14:20,000 Speaker 7: are better fit for it and there are others who aren't. 270 00:14:20,040 --> 00:14:22,200 Speaker 7: I think the Saudis can do it, just needs a 271 00:14:22,240 --> 00:14:22,760 Speaker 7: lot of work. 272 00:14:22,960 --> 00:14:25,560 Speaker 9: Yeah, I mean, like, let's be real, the Saudi World 273 00:14:25,600 --> 00:14:26,920 Speaker 9: Cup is going to be similar to what we saw 274 00:14:26,920 --> 00:14:29,160 Speaker 9: in Qatar in twenty twenty two. Agreed, It's gonna be 275 00:14:29,640 --> 00:14:32,280 Speaker 9: absolutely outstanding, and they're probably gonna want to break that record, 276 00:14:32,320 --> 00:14:34,080 Speaker 9: don't you think For the most expensive World Cup ever? 277 00:14:34,240 --> 00:14:36,200 Speaker 7: This one is probably the most sustainable the one that 278 00:14:36,240 --> 00:14:38,600 Speaker 7: we'll see next year. But I mean you talk about 279 00:14:38,760 --> 00:14:43,400 Speaker 7: brand new stadiums, brand new training facilities, probably hotel accommodations, 280 00:14:44,200 --> 00:14:45,960 Speaker 7: it's a lot of money that's going to be spent 281 00:14:46,000 --> 00:14:48,280 Speaker 7: there No one's talking about it right now because everyone's 282 00:14:48,280 --> 00:14:49,920 Speaker 7: so excited for next year, and then we have the 283 00:14:49,960 --> 00:14:54,360 Speaker 7: twenty thirty World Cup after that, but yeah, twenty thirty four, 284 00:14:54,480 --> 00:14:57,680 Speaker 7: which I'm glad that that is a long time from now, 285 00:14:57,760 --> 00:14:59,800 Speaker 7: because I mean, you start talking about things and we're 286 00:15:00,000 --> 00:15:02,240 Speaker 7: talking about the World Cup years ago and now it's 287 00:15:02,280 --> 00:15:05,240 Speaker 7: basically tomorrow. So good ways away, but a lot of 288 00:15:05,240 --> 00:15:07,720 Speaker 7: money to be spent between now and then. I think 289 00:15:07,880 --> 00:15:10,560 Speaker 7: one of the I wouldn't say issues, but one of 290 00:15:10,600 --> 00:15:13,480 Speaker 7: the difficulties with sporting events in Saudi is just getting 291 00:15:13,480 --> 00:15:16,960 Speaker 7: out there, and from the boxing, from the UFC perspective, 292 00:15:16,960 --> 00:15:19,320 Speaker 7: they have held events there, but a lot of times 293 00:15:19,320 --> 00:15:21,000 Speaker 7: like it's a hall to get out there, and if 294 00:15:21,040 --> 00:15:23,280 Speaker 7: you're only there for a couple of days, it better 295 00:15:23,360 --> 00:15:26,680 Speaker 7: be some damn good business that you're doing otherwise. I 296 00:15:26,720 --> 00:15:30,600 Speaker 7: meant a lot of these sports companies, investors, business people 297 00:15:30,600 --> 00:15:32,360 Speaker 7: are like, ah, I don't know if I want to 298 00:15:32,400 --> 00:15:35,240 Speaker 7: spend however, I'll just say sixteen hours on a flight. 299 00:15:35,720 --> 00:15:37,920 Speaker 7: So I think there's things like that going on. But 300 00:15:38,000 --> 00:15:39,480 Speaker 7: at the end of the day, money is money, and 301 00:15:39,520 --> 00:15:41,720 Speaker 7: if the Saudis are paying as they are in a 302 00:15:41,760 --> 00:15:45,440 Speaker 7: lot of sports named golf and tennis everything else. Then 303 00:15:45,600 --> 00:15:47,320 Speaker 7: you know, this world's couple come along just fine. 304 00:15:47,600 --> 00:15:49,480 Speaker 9: All right, Randall, As we talk about things that are 305 00:15:49,520 --> 00:15:52,400 Speaker 9: going to be expensive and being built, you recently wrote 306 00:15:52,400 --> 00:15:56,360 Speaker 9: about the Chicago stadium for the Bears and Denver they're 307 00:15:56,400 --> 00:15:58,160 Speaker 9: now getting new stadiums. Tell us about that. 308 00:15:58,600 --> 00:16:01,480 Speaker 7: Yeah, so the Bears may their move official. They're moving 309 00:16:01,480 --> 00:16:04,480 Speaker 7: from downtown Chicago to Arlington Heights. There's some things that 310 00:16:04,520 --> 00:16:07,040 Speaker 7: they have to work out there, but that is the 311 00:16:07,080 --> 00:16:09,000 Speaker 7: site of their stadium they purchased. I want to say 312 00:16:09,000 --> 00:16:12,040 Speaker 7: it's three hundred acres. I think it's three hundred twenty 313 00:16:12,080 --> 00:16:15,800 Speaker 7: six acres in Chicago. Some years ago that was potentially 314 00:16:15,880 --> 00:16:18,480 Speaker 7: for building down there. Now it's official, so they'll be 315 00:16:18,480 --> 00:16:21,640 Speaker 7: moving there. In Denver, they already have the land set up. 316 00:16:21,720 --> 00:16:23,960 Speaker 7: This is another Walmart family that's going to be building 317 00:16:24,200 --> 00:16:29,880 Speaker 7: I believe Walmart, right, Yes, a retractable roof, so that'll 318 00:16:29,880 --> 00:16:32,200 Speaker 7: be I think both of these stadiums will be super expensive, 319 00:16:32,360 --> 00:16:33,120 Speaker 7: super expensive. 320 00:16:33,360 --> 00:16:35,800 Speaker 3: I see Vanessa's eyes watering because this is the end 321 00:16:35,840 --> 00:16:38,200 Speaker 3: of Soldier Field, right, I mean one hundred years and 322 00:16:38,360 --> 00:16:41,040 Speaker 3: like you know, Windy City and all that stuff goes 323 00:16:41,040 --> 00:16:43,880 Speaker 3: away overnight. Because, as you rightly point out, they're gonna 324 00:16:43,880 --> 00:16:45,600 Speaker 3: have a roof on that puppy one way or the other. 325 00:16:45,800 --> 00:16:48,040 Speaker 7: Yeah, all, I think a good portion of NFL teams 326 00:16:48,040 --> 00:16:52,760 Speaker 7: are looking at stadiums and looking at them as multipurpose facilities. 327 00:16:52,760 --> 00:16:55,800 Speaker 7: Now they're every Both the Bears and the Broncos mentioned 328 00:16:55,840 --> 00:16:57,880 Speaker 7: Super Bowls, and one of the jokes that I have 329 00:16:58,000 --> 00:17:00,160 Speaker 7: in this newsletter is that it would be cool old 330 00:17:00,200 --> 00:17:02,960 Speaker 7: as Hellheim in both of those cities in February. But 331 00:17:03,000 --> 00:17:05,800 Speaker 7: the reality is that in the NFL, if they go, 332 00:17:05,920 --> 00:17:08,880 Speaker 7: if they moved to eighteen games or seventeen games either 333 00:17:09,000 --> 00:17:11,160 Speaker 7: or you host eight or nine home games a year, 334 00:17:11,200 --> 00:17:13,400 Speaker 7: and so that's nine dates out of a three hundred 335 00:17:13,400 --> 00:17:15,960 Speaker 7: and sixty five day calendar. And if you have an 336 00:17:16,000 --> 00:17:19,199 Speaker 7: open air stadium, then you can't host a lot of 337 00:17:19,240 --> 00:17:22,199 Speaker 7: events during the wintertime. And so what the Bears, the Broncos, 338 00:17:22,280 --> 00:17:26,240 Speaker 7: the Chiefs, the Browns, and so many other organizations. This 339 00:17:26,359 --> 00:17:28,600 Speaker 7: isn't just specific to the Broncos and the Bears, but 340 00:17:28,640 --> 00:17:30,600 Speaker 7: they're looking at, okay, like, how can I make the 341 00:17:30,640 --> 00:17:32,080 Speaker 7: most out of this money if we're going to be 342 00:17:32,119 --> 00:17:34,879 Speaker 7: putting billions of dollars into it? And so a roof 343 00:17:35,000 --> 00:17:36,600 Speaker 7: is the way that you can do that. It is 344 00:17:36,680 --> 00:17:37,359 Speaker 7: the way to do that. 345 00:17:37,440 --> 00:17:40,399 Speaker 9: But at the same time, it makes me nervous that 346 00:17:40,480 --> 00:17:43,520 Speaker 9: you say super Bowl great because the last frigid one 347 00:17:43,880 --> 00:17:44,639 Speaker 9: was in Minnesota. 348 00:17:44,680 --> 00:17:46,119 Speaker 7: You were at that one, right, I was not at 349 00:17:46,160 --> 00:17:48,000 Speaker 7: that one, Okay, but I understand what you're saying. 350 00:17:48,080 --> 00:17:50,879 Speaker 9: Yeah, I mean I don't want us to be rolling 351 00:17:51,000 --> 00:17:55,479 Speaker 9: up to a you know, Chicago super Bowl in a 352 00:17:55,520 --> 00:17:56,240 Speaker 9: couple of years. 353 00:17:56,440 --> 00:17:56,600 Speaker 8: Yeah. 354 00:17:56,680 --> 00:17:59,080 Speaker 7: I'll be honest, I think that to Chicago super Bowl, 355 00:17:59,119 --> 00:18:02,359 Speaker 7: I believe, Kevin Orn Bears president and CEO Kevin Warren 356 00:18:02,400 --> 00:18:04,679 Speaker 7: wrote in his letter a twenty thirty one date, I 357 00:18:04,720 --> 00:18:06,960 Speaker 7: think that's a little bit ambitious. I do think that 358 00:18:07,040 --> 00:18:09,840 Speaker 7: when stadiums get built, that the NFL does to make 359 00:18:09,880 --> 00:18:12,399 Speaker 7: an effort to show off these new facilities. And the 360 00:18:12,440 --> 00:18:14,679 Speaker 7: way that they do that normally is you get a 361 00:18:14,800 --> 00:18:18,120 Speaker 7: draft or you get another event there and in your 362 00:18:18,280 --> 00:18:21,280 Speaker 7: local municipalities first before you get a super Bowl. So 363 00:18:21,359 --> 00:18:24,359 Speaker 7: will the Broncos and the Bears eventually get a super 364 00:18:24,359 --> 00:18:27,240 Speaker 7: Bowl should their stadiums be built? I think so. How 365 00:18:27,280 --> 00:18:30,199 Speaker 7: imminent is that, I would say ten years out? I mean, 366 00:18:30,240 --> 00:18:32,040 Speaker 7: you still have Nashville that has to be built. I 367 00:18:32,040 --> 00:18:34,880 Speaker 7: think Jacksonville's getting a new stadium. Both of those will 368 00:18:34,920 --> 00:18:37,359 Speaker 7: come first, and that's not even including we still have 369 00:18:37,440 --> 00:18:39,879 Speaker 7: so far an allegiance. I think the Sports Business Journal 370 00:18:39,920 --> 00:18:42,359 Speaker 7: reported a couple days ago that twenty twenty nine is 371 00:18:42,359 --> 00:18:46,040 Speaker 7: looking like Vegas once the Titan Stadium opens up in Nashville. 372 00:18:46,040 --> 00:18:48,280 Speaker 7: I think that's a new Nissan stadium. They're they're going 373 00:18:48,320 --> 00:18:49,959 Speaker 7: to be bidding for a new stadium, and so at 374 00:18:50,000 --> 00:18:52,560 Speaker 7: that point you get to twenty thirty and now we're 375 00:18:52,560 --> 00:18:54,280 Speaker 7: looking at twenty thirty one, and neither one of these 376 00:18:54,280 --> 00:18:56,800 Speaker 7: stadiums have even started construction yet. Twenty thirty one is. 377 00:18:56,720 --> 00:18:59,439 Speaker 9: Ambitious, but it's better for business. Do you think for 378 00:18:59,480 --> 00:19:02,919 Speaker 9: the NFL's business of the Super Bowl Week to host 379 00:19:03,160 --> 00:19:04,360 Speaker 9: in warm cities? 380 00:19:04,880 --> 00:19:07,520 Speaker 7: I think so absolutely. I mean, if you're talking about 381 00:19:07,720 --> 00:19:11,280 Speaker 7: what is a destination, one of the reasons that Las 382 00:19:11,400 --> 00:19:14,480 Speaker 7: Vegas and Los Angeles and so many of these others 383 00:19:14,480 --> 00:19:18,240 Speaker 7: are Arizona, Jacksonville, Miami. All of these are destination cities 384 00:19:18,240 --> 00:19:19,720 Speaker 7: because people want to go down in the middle of 385 00:19:19,760 --> 00:19:22,480 Speaker 7: February and be warm. If you're going to Chicago, yes, 386 00:19:22,560 --> 00:19:26,679 Speaker 7: that vibe is completely different. Minnesota and so many other places. 387 00:19:26,760 --> 00:19:29,359 Speaker 3: Damian, Here's the interesting thing, and you pointed out so 388 00:19:29,440 --> 00:19:32,920 Speaker 3: clearly in your article, is these huge five billion, four 389 00:19:32,920 --> 00:19:36,000 Speaker 3: billion dollar news stadiums are being funded privately. And I 390 00:19:36,040 --> 00:19:38,359 Speaker 3: think that is just fascinating. That means that there is 391 00:19:38,400 --> 00:19:40,880 Speaker 3: an ROI for the debt and the equity investors out 392 00:19:40,880 --> 00:19:44,479 Speaker 3: there for building these multipurpose facilities. And so it's funny 393 00:19:44,480 --> 00:19:47,879 Speaker 3: because there's been all this backlash against municipal taxes and 394 00:19:47,920 --> 00:19:50,880 Speaker 3: taxing you know, locals to fund this. But I mean, 395 00:19:51,280 --> 00:19:53,640 Speaker 3: how did the public sector mess this up? These were 396 00:19:53,720 --> 00:19:56,520 Speaker 3: real investment opportunities that they're shooing away. We don't want 397 00:19:56,520 --> 00:19:59,439 Speaker 3: to fund this, but obviously to a private investor to 398 00:19:59,480 --> 00:20:02,520 Speaker 3: reel into utional capital, there's got to be something here. 399 00:20:02,560 --> 00:20:02,679 Speaker 5: Now. 400 00:20:02,760 --> 00:20:05,000 Speaker 7: Now, you have an interesting perspective there, because I think 401 00:20:05,000 --> 00:20:07,080 Speaker 7: that a lot of politicians would disagree with you there. 402 00:20:07,359 --> 00:20:09,760 Speaker 7: I think that there are a lot of politicians who 403 00:20:09,800 --> 00:20:12,360 Speaker 7: don't And granted, let me say this, I think the 404 00:20:12,480 --> 00:20:15,800 Speaker 7: culture of sports depends on where you go, if you 405 00:20:15,840 --> 00:20:18,119 Speaker 7: go down. If you look at Charlotte, Charlotte made a 406 00:20:18,160 --> 00:20:20,919 Speaker 7: stadium and made a deal with David Tepper very quickly, 407 00:20:21,280 --> 00:20:25,640 Speaker 7: Jacksonville made a deal in DC, Josh Harris made a deal, 408 00:20:26,000 --> 00:20:28,760 Speaker 7: But some of these cultures aren't in. Some of these 409 00:20:28,800 --> 00:20:31,680 Speaker 7: politicians in some of these cities don't have a lot 410 00:20:31,720 --> 00:20:36,199 Speaker 7: of money. In Chicago's want now in what both of 411 00:20:36,240 --> 00:20:38,479 Speaker 7: them are saying is that they will be privately funded, 412 00:20:38,480 --> 00:20:40,720 Speaker 7: but they won't be paying any new taxes. Now, Chicago 413 00:20:40,760 --> 00:20:42,800 Speaker 7: has a lot to work out there. In Denver, I 414 00:20:42,840 --> 00:20:45,160 Speaker 7: think things are a little bit more simple because again 415 00:20:45,240 --> 00:20:49,000 Speaker 7: you have the Walmart family. Now, will will Greg Penner 416 00:20:49,400 --> 00:20:51,760 Speaker 7: come out and pay another five billion dollars similar to 417 00:20:51,800 --> 00:20:55,159 Speaker 7: what the Cronkeys did in LA I don't think so, 418 00:20:55,560 --> 00:20:58,240 Speaker 7: but hey, I don't know. Maybe he wants to build 419 00:20:58,240 --> 00:21:00,520 Speaker 7: a state of the art facility that will be for 420 00:21:00,640 --> 00:21:03,159 Speaker 7: and have billion dollars. I doubt it, but you never know. 421 00:21:03,240 --> 00:21:06,080 Speaker 7: In Chicago, I think that it's a completely different issue 422 00:21:06,119 --> 00:21:08,440 Speaker 7: because this isn't a Walmart family and while they do 423 00:21:08,480 --> 00:21:11,520 Speaker 7: have Greg Ryan as a part owner of the team, 424 00:21:11,760 --> 00:21:13,600 Speaker 7: we don't know if Greg Ryan is going to be 425 00:21:13,640 --> 00:21:16,600 Speaker 7: offering up any money for this. And the mccaskeys are 426 00:21:16,600 --> 00:21:20,280 Speaker 7: an older family. They aren't the biggest capital family in 427 00:21:20,560 --> 00:21:22,280 Speaker 7: the NFL in terms of the cash that they have 428 00:21:22,320 --> 00:21:24,760 Speaker 7: to spend on this, So Chicago has some work to do, 429 00:21:24,840 --> 00:21:26,679 Speaker 7: but at least they've chosen a site. 430 00:21:27,000 --> 00:21:29,080 Speaker 9: It just feels like with everything that's happening in the 431 00:21:29,160 --> 00:21:31,879 Speaker 9: NFL and really just in sports in general, with new 432 00:21:31,960 --> 00:21:37,159 Speaker 9: facilities and team valuations, that everything is chasing a record number. 433 00:21:37,280 --> 00:21:41,320 Speaker 9: So you don't think that these owners will want some 434 00:21:41,359 --> 00:21:44,200 Speaker 9: sort of record when they're building these new stadiums. 435 00:21:44,840 --> 00:21:47,520 Speaker 7: No. No, And the reason for that, I mean, if 436 00:21:47,520 --> 00:21:50,000 Speaker 7: you look at if you stadiums are the most expensive 437 00:21:50,000 --> 00:21:52,800 Speaker 7: things for these owners to build by far, it's not 438 00:21:52,840 --> 00:21:56,480 Speaker 7: even close. And the reality is not There's not a 439 00:21:56,480 --> 00:21:58,320 Speaker 7: lot of people who just have a lot of money 440 00:21:58,320 --> 00:22:00,520 Speaker 7: to spend on these things. That's why private equity was 441 00:22:00,520 --> 00:22:03,520 Speaker 7: brought in. That's why you see more transactions happening because 442 00:22:03,520 --> 00:22:06,040 Speaker 7: there are some owners who are looking for liquidity. Philadelphia 443 00:22:06,160 --> 00:22:09,000 Speaker 7: is next. They've floated that around with their season ticket holders, 444 00:22:09,040 --> 00:22:11,520 Speaker 7: and so I do think that there are owners who 445 00:22:11,520 --> 00:22:14,000 Speaker 7: are willing to pay, but they see this as a 446 00:22:14,040 --> 00:22:18,840 Speaker 7: public private partnership, and sometimes they're politicians and the people 447 00:22:18,880 --> 00:22:21,160 Speaker 7: that the people that live in the cities that their 448 00:22:21,160 --> 00:22:22,720 Speaker 7: teams are in, they don't see it that way. And 449 00:22:22,800 --> 00:22:25,440 Speaker 7: Kansas City is a perfect example. How many Super Bowls 450 00:22:25,440 --> 00:22:26,880 Speaker 7: have they been to in a row? How many Super 451 00:22:26,880 --> 00:22:28,720 Speaker 7: Bowls have they won in the last six years, three 452 00:22:28,800 --> 00:22:31,880 Speaker 7: and I think five overall, And yet they couldn't reach 453 00:22:31,880 --> 00:22:33,639 Speaker 7: a deal. Maybe that was because of the Royals, and 454 00:22:34,000 --> 00:22:36,639 Speaker 7: maybe they'll be able to reach a deal in Kansas 455 00:22:36,760 --> 00:22:38,919 Speaker 7: or in Missouri. We'll see, and I do think that 456 00:22:38,960 --> 00:22:40,720 Speaker 7: they will get a deal done. But when you win 457 00:22:40,880 --> 00:22:43,200 Speaker 7: three Super Bowls, I don't think that the common fan 458 00:22:43,240 --> 00:22:46,440 Speaker 7: would expect like, oh yeah, the Kansas Citians, they did 459 00:22:46,560 --> 00:22:49,480 Speaker 7: not vote for a new stadium there. That's kind of crazy, Rando. 460 00:22:49,520 --> 00:22:50,879 Speaker 3: We only have a few minutes left with you, and 461 00:22:50,880 --> 00:22:52,560 Speaker 3: I can't let you leave without asking you about your 462 00:22:52,560 --> 00:22:56,400 Speaker 3: favorite sport, and that sport being women's basketball and Unrivaled 463 00:22:56,640 --> 00:22:59,120 Speaker 3: just raised a new round of funding which gave it 464 00:22:59,200 --> 00:23:02,360 Speaker 3: a three d and forty million dollar valuation. Now unrivaled 465 00:23:02,440 --> 00:23:05,760 Speaker 3: is the women's three on three Professional League. Brianna Stewart. 466 00:23:05,800 --> 00:23:07,520 Speaker 3: I mean, talk to us a little bit about what's 467 00:23:07,520 --> 00:23:08,240 Speaker 3: going on there. 468 00:23:08,720 --> 00:23:11,040 Speaker 7: Yeah, they raised money, they're going to be adding teams, 469 00:23:11,080 --> 00:23:14,040 Speaker 7: they're going to be touring as well, and I mean 470 00:23:14,040 --> 00:23:16,120 Speaker 7: the business that they've built in less than a year 471 00:23:16,200 --> 00:23:20,119 Speaker 7: really has been remarkable. The ways that they have in 472 00:23:20,160 --> 00:23:23,000 Speaker 7: many ways been able to empower WNBA players who are 473 00:23:23,040 --> 00:23:25,680 Speaker 7: now playing for both of these leagues has been remarkable. 474 00:23:25,920 --> 00:23:29,320 Speaker 9: Are those players feeling that. Do you think new valuation 475 00:23:29,440 --> 00:23:31,960 Speaker 9: the players who got that initial stake in the league 476 00:23:32,040 --> 00:23:32,440 Speaker 9: last year. 477 00:23:32,560 --> 00:23:35,600 Speaker 7: I don't know if the players got to payout out 478 00:23:35,640 --> 00:23:38,880 Speaker 7: of this. I do think that Unrivaled has been strategic 479 00:23:39,040 --> 00:23:42,400 Speaker 7: on offering equity to specific players so that they can 480 00:23:42,560 --> 00:23:46,359 Speaker 7: attract more players. Now, who are the two elephants in 481 00:23:46,400 --> 00:23:48,800 Speaker 7: the room that they're hoping to land. Obviously it's Kaitlin 482 00:23:48,840 --> 00:23:50,919 Speaker 7: Clark and I would say Asia Wilson. Now neither have 483 00:23:51,000 --> 00:23:54,720 Speaker 7: committed to play yet, but they're doing just fine without them. 484 00:23:54,760 --> 00:23:57,119 Speaker 7: So if they come, If Kaitlin Clark comes and plays 485 00:23:57,119 --> 00:23:59,879 Speaker 7: in this, it's going to supercharge the league even more. 486 00:24:00,000 --> 00:24:01,520 Speaker 7: They could be at a billion dollars in a couple 487 00:24:01,560 --> 00:24:03,920 Speaker 7: of years from now, considering that they've already hit three 488 00:24:03,960 --> 00:24:05,560 Speaker 7: hundred and forty million in less than a year. 489 00:24:05,760 --> 00:24:09,040 Speaker 9: One of the things about Unrivaled was that it really 490 00:24:09,080 --> 00:24:10,840 Speaker 9: empowered the players, like you said, and it was kind 491 00:24:10,880 --> 00:24:14,200 Speaker 9: of putting pressure on the CBA. Now, with this valuation, 492 00:24:14,960 --> 00:24:17,760 Speaker 9: everything you know about the CBA, do you think it 493 00:24:17,960 --> 00:24:21,360 Speaker 9: still has anything to do with any sort of pressure 494 00:24:21,400 --> 00:24:23,959 Speaker 9: still at all, seeing this four hundred million dollars. 495 00:24:23,960 --> 00:24:27,800 Speaker 7: In some aspects, the CBA negotiations are independent between the 496 00:24:27,880 --> 00:24:30,840 Speaker 7: league and the union, of course, but it definitely has 497 00:24:31,000 --> 00:24:34,480 Speaker 7: informed the union as far as what value and what 498 00:24:34,600 --> 00:24:37,800 Speaker 7: sort of business the players have been able to raise themselves. 499 00:24:37,840 --> 00:24:39,280 Speaker 7: I mean, you have to remember that this is founded 500 00:24:39,280 --> 00:24:42,959 Speaker 7: by Anfisa Collier and Breonna Stewart, two WNBA players who 501 00:24:43,000 --> 00:24:45,160 Speaker 7: were able to do a lot of this business alongside 502 00:24:45,200 --> 00:24:47,280 Speaker 7: the infrastructure and the support that they have. And so 503 00:24:47,320 --> 00:24:49,399 Speaker 7: if two w players can do this in the league, 504 00:24:49,560 --> 00:24:53,080 Speaker 7: the WNBA is supported by billionaires, and you have to 505 00:24:53,119 --> 00:24:56,080 Speaker 7: imagine like the W players are then going back to 506 00:24:56,160 --> 00:24:58,000 Speaker 7: the negotiating table and be like, Okay, this is what 507 00:24:58,040 --> 00:25:01,560 Speaker 7: we're hearing, and the WA owners and there I imagine 508 00:25:01,560 --> 00:25:04,000 Speaker 7: their collective bargaining committee are saying, this is what we 509 00:25:04,040 --> 00:25:05,520 Speaker 7: think is a fair deal. This is what we don't 510 00:25:05,520 --> 00:25:07,800 Speaker 7: think is a fair deal, and we're gonna find out 511 00:25:07,840 --> 00:25:10,560 Speaker 7: on Halloween, which again is the most poetic date for 512 00:25:10,680 --> 00:25:14,560 Speaker 7: CBA negotiations to potentially end if they're going to be 513 00:25:14,560 --> 00:25:15,240 Speaker 7: able to come to terms. 514 00:25:15,240 --> 00:25:18,199 Speaker 9: So it's interesting because one of the reasons why. I 515 00:25:18,240 --> 00:25:20,800 Speaker 9: feel like, obviously there could be a lockout for all 516 00:25:20,800 --> 00:25:24,960 Speaker 9: of the reasons that we know, but less detrimental because 517 00:25:25,000 --> 00:25:26,680 Speaker 9: they have this lead to play in actually where they're 518 00:25:26,680 --> 00:25:27,760 Speaker 9: making one hundred thousand dollars. 519 00:25:27,800 --> 00:25:29,680 Speaker 7: In some aspects, I mean, the player population is a 520 00:25:29,720 --> 00:25:31,520 Speaker 7: little smaller, but I do think that there are more 521 00:25:31,520 --> 00:25:34,800 Speaker 7: opportunities here than there were a couple of years ago, 522 00:25:34,880 --> 00:25:37,439 Speaker 7: and that's a lot. That's a huge factor in things. 523 00:25:37,760 --> 00:25:42,000 Speaker 3: Randa Williams, Chairman and Ceoh no, I'm sorry, senior Business report. 524 00:25:42,080 --> 00:25:45,000 Speaker 7: I think I'm just US sports business reporter, not senior yet, 525 00:25:45,000 --> 00:25:45,720 Speaker 7: but thank you. 526 00:25:46,440 --> 00:25:50,080 Speaker 2: That's Bloomberg US sports business reporter and friend of the show, 527 00:25:50,200 --> 00:25:54,440 Speaker 2: Randa Williams speaking with my colleagues Damian Sasaer and Vanessa Perdomo. 528 00:25:54,960 --> 00:25:58,760 Speaker 2: Up next, we hear from PGA of America CEO Derek 529 00:25:58,840 --> 00:26:03,240 Speaker 2: Sprague as art of a special conversation from Bloomberg Power Players, 530 00:26:03,280 --> 00:26:06,280 Speaker 2: New York. I'm Michael Barr. You're listening to the Bloomberg 531 00:26:06,320 --> 00:26:09,320 Speaker 2: Business of Sports from Bloomberg Radio around the world. 532 00:26:14,400 --> 00:26:18,359 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 533 00:26:19,440 --> 00:26:21,639 Speaker 2: Thanks for joining us on the Bloomberg Business of Sports. 534 00:26:21,640 --> 00:26:24,080 Speaker 2: Where we explored the big money issues in the world 535 00:26:24,080 --> 00:26:27,639 Speaker 2: of sports. I'm Michael Barr. Recently at World Headquarters in 536 00:26:27,680 --> 00:26:31,280 Speaker 2: New York, Bloomberg hosted Power Players. It's an annual event 537 00:26:31,320 --> 00:26:34,159 Speaker 2: that brings together some of the most influential in the 538 00:26:34,240 --> 00:26:37,520 Speaker 2: world of sports to talk about what's next in the industry. 539 00:26:37,920 --> 00:26:42,160 Speaker 2: PGA of America CEO Derek Sprague was at this year's 540 00:26:42,160 --> 00:26:45,960 Speaker 2: event and spoke with Bloomberg Texas Bureau Chief Julie Fine 541 00:26:46,160 --> 00:26:50,080 Speaker 2: about one of golf's most iconic competitions, the Ryder Cup, 542 00:26:50,359 --> 00:26:53,320 Speaker 2: and continuing to grow the game of golf. Let's listen 543 00:26:53,359 --> 00:26:54,320 Speaker 2: in looking. 544 00:26:54,000 --> 00:26:56,840 Speaker 10: At golf now, you've got eighteen to thirty four year 545 00:26:56,880 --> 00:27:01,080 Speaker 10: olds playing like they've never played before. Women, that demographic 546 00:27:01,119 --> 00:27:05,520 Speaker 10: growing exponentially. So how do you capitalize on this moment 547 00:27:05,560 --> 00:27:06,040 Speaker 10: in golf? 548 00:27:06,640 --> 00:27:08,359 Speaker 6: Well, I think with all the programs that the PGA 549 00:27:08,400 --> 00:27:12,040 Speaker 6: of America does, helps with the retention in the game, 550 00:27:12,160 --> 00:27:14,960 Speaker 6: helps with the growth of the game since the pandemic. 551 00:27:15,000 --> 00:27:17,520 Speaker 6: When you know, we haven't used the word social distancing 552 00:27:17,600 --> 00:27:20,000 Speaker 6: in a long time, but where you could get families 553 00:27:20,040 --> 00:27:22,520 Speaker 6: together playing the game together, and we've seen this multi 554 00:27:22,560 --> 00:27:26,040 Speaker 6: generational growth getting the you know, the parents and grandparents 555 00:27:26,040 --> 00:27:28,120 Speaker 6: getting the younger generation into the game. So we've seen 556 00:27:28,119 --> 00:27:30,800 Speaker 6: that explosion. We have more golfers today than we've ever 557 00:27:30,840 --> 00:27:33,639 Speaker 6: had in the game. Close to twenty eight million people 558 00:27:33,680 --> 00:27:35,600 Speaker 6: in this country are playing the game. Five hundred and 559 00:27:35,600 --> 00:27:37,680 Speaker 6: fifty million rounds of golfer played last year. 560 00:27:38,520 --> 00:27:40,679 Speaker 10: And all eyes, of course, will be on the Ryder 561 00:27:40,760 --> 00:27:43,840 Speaker 10: Cup and Beth Page Black. This really gives you a 562 00:27:43,920 --> 00:27:47,040 Speaker 10: good opportunity to show what you can do at the 563 00:27:47,040 --> 00:27:51,639 Speaker 10: PGA of America PGA America, of course, that represents the 564 00:27:51,720 --> 00:27:54,680 Speaker 10: teaching golf professionals. You are in charge of the Ryder Cup, 565 00:27:54,720 --> 00:27:57,000 Speaker 10: you own and operate it. You own and operate PGA 566 00:27:57,480 --> 00:28:02,600 Speaker 10: championships as well. Talk about how you can really expand 567 00:28:02,680 --> 00:28:05,840 Speaker 10: your global footprint in a somewhat divided golf world. 568 00:28:06,320 --> 00:28:06,480 Speaker 2: Right. 569 00:28:06,520 --> 00:28:08,760 Speaker 6: Well, the difference between the PGA Tour and the PGA 570 00:28:08,760 --> 00:28:10,720 Speaker 6: of America is we own majors on every tour. We 571 00:28:10,760 --> 00:28:14,679 Speaker 6: have a KPMG Women's PGA Championship, the Senior PGA Championship, 572 00:28:14,960 --> 00:28:16,800 Speaker 6: the PGA Championship for the men, and of course the 573 00:28:16,880 --> 00:28:19,359 Speaker 6: Ryder Cup being played sort of the backyard here of 574 00:28:19,359 --> 00:28:21,960 Speaker 6: New York City. So really, when you look at that 575 00:28:22,040 --> 00:28:26,120 Speaker 6: and the Ryder Cup really is the global event, if 576 00:28:26,119 --> 00:28:29,159 Speaker 6: you will, with Europe against the Americans here, and that 577 00:28:29,280 --> 00:28:32,280 Speaker 6: really when we look at the economic impact that the 578 00:28:32,359 --> 00:28:35,240 Speaker 6: Ryder Cup will be this year, we have two hundred 579 00:28:35,240 --> 00:28:37,840 Speaker 6: and sixty corporate partners. Thirty of those are global from 580 00:28:37,840 --> 00:28:40,200 Speaker 6: around the world, where you normally don't see that at 581 00:28:40,200 --> 00:28:41,560 Speaker 6: any of the other championships. 582 00:28:41,960 --> 00:28:44,560 Speaker 10: And you've been to nine of them, nine Ryder Cups. 583 00:28:44,600 --> 00:28:46,520 Speaker 10: So can you talk a little bit about that, how 584 00:28:46,560 --> 00:28:49,320 Speaker 10: you're seeing more of that global footprint there. 585 00:28:49,720 --> 00:28:51,080 Speaker 6: Well, I think you know, when you look at the 586 00:28:51,120 --> 00:28:54,960 Speaker 6: European team that was just announced on Monday, we see 587 00:28:55,000 --> 00:28:57,520 Speaker 6: those faces every week, you know, playing the regular tour, 588 00:28:57,560 --> 00:29:00,440 Speaker 6: we see them in our majors and and of course 589 00:29:00,440 --> 00:29:03,080 Speaker 6: we'll see them at the Ryder Cup. So yeah, exactly, 590 00:29:03,120 --> 00:29:07,600 Speaker 6: those the global impact of those players playing around the globe. 591 00:29:07,720 --> 00:29:10,760 Speaker 5: It just helps grow the game globally and economically. 592 00:29:10,840 --> 00:29:13,160 Speaker 10: What do you expect to see, especially in this area. 593 00:29:13,200 --> 00:29:15,680 Speaker 6: Well, I think you know, this will generate close to 594 00:29:15,720 --> 00:29:18,680 Speaker 6: two hundred million dollars economic impact just in this one 595 00:29:18,720 --> 00:29:21,520 Speaker 6: week here. They're building a small city at a Bethpage 596 00:29:21,560 --> 00:29:24,560 Speaker 6: Black there, and this is an incredible stat We had 597 00:29:24,760 --> 00:29:27,440 Speaker 6: half a million people pre registered to get tickets for 598 00:29:27,440 --> 00:29:29,960 Speaker 6: the Ryder Cup. Just show you an unprecedented demand for 599 00:29:30,040 --> 00:29:31,680 Speaker 6: this event. 600 00:29:32,040 --> 00:29:32,920 Speaker 5: We had over. 601 00:29:32,800 --> 00:29:35,520 Speaker 6: Thirty thousand people apply to be a volunteer at this 602 00:29:35,600 --> 00:29:38,000 Speaker 6: year's Ryder Cup and we put you know, close to 603 00:29:38,040 --> 00:29:41,560 Speaker 6: four thousand people to work building this small city out there. 604 00:29:41,600 --> 00:29:43,200 Speaker 5: So it's a huge economic impact. 605 00:29:43,520 --> 00:29:46,080 Speaker 6: Golf is one hundred and two billion dollar year industry, 606 00:29:46,480 --> 00:29:48,600 Speaker 6: and the PGA of America is doing its part, especially 607 00:29:48,640 --> 00:29:49,320 Speaker 6: with the Ryder Cup. 608 00:29:49,560 --> 00:29:54,040 Speaker 10: I want to talk economically about the changes that you've seen. Again, 609 00:29:54,200 --> 00:29:57,680 Speaker 10: you've done nine Ryder Cups up until now. I want 610 00:29:57,720 --> 00:30:00,320 Speaker 10: to talk about how the difference is you seen in 611 00:30:00,440 --> 00:30:03,280 Speaker 10: terms of what people are willing to spend, you know, 612 00:30:03,600 --> 00:30:07,680 Speaker 10: the global aspect of the entire thing, and the fan experience. 613 00:30:08,120 --> 00:30:12,280 Speaker 6: Well, I think corporate America and fans alike love live 614 00:30:12,320 --> 00:30:15,200 Speaker 6: sporting events. That's what we're sort of in the business 615 00:30:15,200 --> 00:30:19,560 Speaker 6: with with our four spectator Championships and the corporate environment. 616 00:30:20,080 --> 00:30:22,760 Speaker 6: You know, their clients and their employees want to have those, 617 00:30:23,400 --> 00:30:26,760 Speaker 6: you know, sort of experiences that you can't find anywhere else. 618 00:30:26,960 --> 00:30:29,840 Speaker 6: Attending a Ryder Cup, attending a PGA Championship, one of 619 00:30:29,840 --> 00:30:34,080 Speaker 6: our Majors really provides an experience for those corporate partners 620 00:30:34,120 --> 00:30:34,960 Speaker 6: and their clientele. 621 00:30:35,120 --> 00:30:37,960 Speaker 5: So we're on the right path. It's been booming. 622 00:30:38,200 --> 00:30:40,640 Speaker 6: I've been involved for a number of years now, as 623 00:30:40,640 --> 00:30:43,400 Speaker 6: you mentioned, and you know, the product has changed a 624 00:30:43,400 --> 00:30:43,800 Speaker 6: little bit. 625 00:30:43,840 --> 00:30:47,280 Speaker 5: We have triple deckers, so we have three story. 626 00:30:47,000 --> 00:30:51,000 Speaker 6: High tents and out of beth Page and two story 627 00:30:51,960 --> 00:30:54,120 Speaker 6: venues there as well, seventy. 628 00:30:53,720 --> 00:30:56,640 Speaker 5: Four thousand square feet of retail. 629 00:30:56,840 --> 00:30:59,880 Speaker 6: I mean, it's really an incredible city that they're building out. 630 00:31:00,440 --> 00:31:03,160 Speaker 10: We frequently talked about the changes that you see in 631 00:31:03,200 --> 00:31:06,920 Speaker 10: the game of golf. Largely the biggest one, of course, 632 00:31:07,080 --> 00:31:09,719 Speaker 10: is the live tour. Now, while your tour is different 633 00:31:09,720 --> 00:31:13,160 Speaker 10: than the tour that represents the elite pros, what do 634 00:31:13,200 --> 00:31:15,280 Speaker 10: you see the trajectory. 635 00:31:14,560 --> 00:31:17,120 Speaker 6: Of this, Well, I think it's you know, again, we're 636 00:31:17,160 --> 00:31:20,000 Speaker 6: two different organizations. The PGA of America has allowed the 637 00:31:20,440 --> 00:31:22,640 Speaker 6: live players to play in our major championships in the 638 00:31:22,680 --> 00:31:25,960 Speaker 6: Ryder Cup, and we have Bryson D. Chambeau as a 639 00:31:26,000 --> 00:31:29,760 Speaker 6: live member. We'll be playing on our American team this year. 640 00:31:30,200 --> 00:31:32,120 Speaker 6: But yeah, I think, you know, I think it's it's 641 00:31:32,160 --> 00:31:34,240 Speaker 6: shed a lot of light on the on the elite 642 00:31:34,280 --> 00:31:36,280 Speaker 6: sport in the game, and I think. 643 00:31:36,200 --> 00:31:38,480 Speaker 5: That's helped put a lot of eyeballs on golf. 644 00:31:38,560 --> 00:31:42,440 Speaker 6: I think it's helping the retention rate, and certainly these 645 00:31:42,600 --> 00:31:43,480 Speaker 6: these pros. 646 00:31:43,160 --> 00:31:45,280 Speaker 5: Have benefited for for large purses. 647 00:31:45,520 --> 00:31:48,760 Speaker 6: That has put you know, some focus on on the 648 00:31:48,800 --> 00:31:52,280 Speaker 6: associations and the PGA Tour and the partners who corporate 649 00:31:52,280 --> 00:31:56,040 Speaker 6: partners coming up with these large purses. So but I 650 00:31:56,040 --> 00:32:00,360 Speaker 6: think again overall, it's great to to include the live 651 00:32:00,440 --> 00:32:06,040 Speaker 6: players in our championships because the golf consumer wants to 652 00:32:06,040 --> 00:32:07,800 Speaker 6: see the best players in the world, and they can 653 00:32:07,840 --> 00:32:10,440 Speaker 6: do that at the PGA Championship in this year's Ryder Cup. 654 00:32:10,720 --> 00:32:13,880 Speaker 10: So in that aspect, you're seeing them play together in 655 00:32:13,960 --> 00:32:16,400 Speaker 10: certain tournaments, and you know, the bigger names of golf 656 00:32:16,480 --> 00:32:19,719 Speaker 10: are in both. Eventually, do you think that they merge 657 00:32:20,280 --> 00:32:22,480 Speaker 10: if you had to play your crystal ball out, when 658 00:32:22,560 --> 00:32:23,480 Speaker 10: do you see this going? 659 00:32:23,600 --> 00:32:25,640 Speaker 6: Yeah, I mean, it'd be more of a question for 660 00:32:25,720 --> 00:32:27,760 Speaker 6: the tour, but I think, you know, I think it's 661 00:32:29,000 --> 00:32:30,640 Speaker 6: too early to tell. I mean, there's been a lot 662 00:32:30,640 --> 00:32:36,120 Speaker 6: of chatter that there probably won't be any reconciliation, but 663 00:32:36,160 --> 00:32:38,560 Speaker 6: I think that's okay. I think now we got a 664 00:32:38,600 --> 00:32:41,720 Speaker 6: new CEO at the PGA Tour that I've already met 665 00:32:41,760 --> 00:32:45,680 Speaker 6: Brian Rollapp and he's my counterpart and we've already been 666 00:32:45,720 --> 00:32:48,200 Speaker 6: talking about ways to make sure that we strengthen the 667 00:32:49,560 --> 00:32:52,280 Speaker 6: game at the elite level, So it'll be good to 668 00:32:52,280 --> 00:32:52,760 Speaker 6: work with him. 669 00:32:52,920 --> 00:32:55,120 Speaker 10: Well, when you look at the technology, when you see 670 00:32:55,120 --> 00:32:56,800 Speaker 10: I mean, obviously you can see in your office, I 671 00:32:56,840 --> 00:32:59,440 Speaker 10: assure you you can see everything right and wrong with 672 00:32:59,480 --> 00:33:03,760 Speaker 10: your swing. But is there also a time where you've 673 00:33:03,760 --> 00:33:05,480 Speaker 10: got to get out on the course and really look 674 00:33:05,480 --> 00:33:05,960 Speaker 10: at your game. 675 00:33:06,200 --> 00:33:06,400 Speaker 5: Yeah. 676 00:33:06,440 --> 00:33:10,880 Speaker 6: Absolutely, And that's what's neat about PGA Frisco and our 677 00:33:10,920 --> 00:33:14,880 Speaker 6: headquarters there when our partnerships with the Omni Hotel group 678 00:33:15,280 --> 00:33:18,520 Speaker 6: and we have this we have two amazing golf courses. 679 00:33:18,560 --> 00:33:21,320 Speaker 6: We have our twenty seven PGA Championship coming up there. 680 00:33:21,360 --> 00:33:23,960 Speaker 6: We had our Women's and our Senior PGA already there 681 00:33:23,960 --> 00:33:26,160 Speaker 6: in twenty three and twenty five. So we literally have 682 00:33:26,280 --> 00:33:30,560 Speaker 6: a golf course at our back door. So these associates 683 00:33:30,560 --> 00:33:33,800 Speaker 6: coming and train. We have three hundred employees that love 684 00:33:33,880 --> 00:33:36,440 Speaker 6: the game at golf as well, and they can literally 685 00:33:36,520 --> 00:33:38,640 Speaker 6: go out, they can hit balls on the driving range 686 00:33:38,720 --> 00:33:40,600 Speaker 6: right out our doors where they can go play a 687 00:33:40,600 --> 00:33:42,840 Speaker 6: couple of championship golf courses. We've got a short course 688 00:33:42,920 --> 00:33:45,040 Speaker 6: right there, and we've got a two weekre putting green. 689 00:33:45,160 --> 00:33:47,040 Speaker 6: All the short course and the putting green are lit 690 00:33:47,040 --> 00:33:49,160 Speaker 6: and just adds to the fun of the sport. 691 00:33:49,320 --> 00:33:51,920 Speaker 10: Do you see a world where golf more broadly embraces 692 00:33:51,960 --> 00:33:55,480 Speaker 10: rule changes or different formats like you see things like 693 00:33:55,520 --> 00:33:57,440 Speaker 10: the match and they're playing at night. I mean, do 694 00:33:57,440 --> 00:33:59,920 Speaker 10: you see shorter rounds, more sin based content? 695 00:34:00,560 --> 00:34:00,800 Speaker 5: Yeah? 696 00:34:00,840 --> 00:34:02,800 Speaker 6: I mean I think you know what is golf right, 697 00:34:02,880 --> 00:34:05,840 Speaker 6: and you sort of The National Golf Foundation is our 698 00:34:05,880 --> 00:34:08,640 Speaker 6: research arm for the industry, and it used to be well, 699 00:34:08,640 --> 00:34:11,319 Speaker 6: we're just going to count eighteen hole rounds. But if 700 00:34:11,320 --> 00:34:13,279 Speaker 6: you play nine holes, is that around a golf? If 701 00:34:13,280 --> 00:34:15,160 Speaker 6: you play a short course like called the Swing at 702 00:34:15,160 --> 00:34:19,040 Speaker 6: PGA Frisco, we have our finance group every day goes 703 00:34:19,080 --> 00:34:21,080 Speaker 6: out from noon to one fifteen and plays the quick 704 00:34:21,120 --> 00:34:22,640 Speaker 6: ten hole loop, is that golf? 705 00:34:22,880 --> 00:34:23,560 Speaker 5: Absolutely? 706 00:34:23,640 --> 00:34:26,879 Speaker 6: So I think these these varied forms of golf, whether 707 00:34:26,920 --> 00:34:30,080 Speaker 6: it's on course or then at sites like top Golf 708 00:34:30,120 --> 00:34:32,600 Speaker 6: where it's off course, I think all of that is 709 00:34:33,560 --> 00:34:35,640 Speaker 6: part of the sport and part of the lore of it. 710 00:34:35,800 --> 00:34:37,880 Speaker 6: And I think you're seeing people go from their couch 711 00:34:37,920 --> 00:34:41,200 Speaker 6: and video games to maybe these top golf venues to 712 00:34:41,480 --> 00:34:44,200 Speaker 6: en course, whether it's short course, nine holes or eighteen holes. 713 00:34:44,440 --> 00:34:48,520 Speaker 6: So yeah, it's all golf, and we're helping develop all 714 00:34:48,560 --> 00:34:49,759 Speaker 6: that in many aspects. 715 00:34:49,920 --> 00:34:52,399 Speaker 10: In an era where we are seeing more and more 716 00:34:52,520 --> 00:34:56,360 Speaker 10: private equity in sports, what kind of pools do you 717 00:34:56,360 --> 00:34:59,080 Speaker 10: think golf should be looking at to increase revenue? 718 00:34:59,360 --> 00:35:04,160 Speaker 6: Well, I think, you know, certainly with great assets like 719 00:35:04,200 --> 00:35:07,319 Speaker 6: the Ryder Cup and PG Championship and our other majors, 720 00:35:07,360 --> 00:35:10,319 Speaker 6: seniors and the women's. You know, private equity is getting 721 00:35:10,400 --> 00:35:12,040 Speaker 6: in all types of sports right now. 722 00:35:12,600 --> 00:35:14,120 Speaker 5: SSG just got involved with the. 723 00:35:14,040 --> 00:35:16,880 Speaker 6: PGA Tour a little over a year ago, and so 724 00:35:18,239 --> 00:35:22,880 Speaker 6: because golf in the demographic that it represents in the world, 725 00:35:22,880 --> 00:35:25,080 Speaker 6: like I said, as one hundred and two billion dollar industry, 726 00:35:25,440 --> 00:35:28,120 Speaker 6: so private equity is looking to see how they can 727 00:35:28,480 --> 00:35:31,080 Speaker 6: get in that industry as well. So I'm sure that 728 00:35:31,120 --> 00:35:34,160 Speaker 6: SYSSG got in with the PGA Tour and these other 729 00:35:34,200 --> 00:35:37,279 Speaker 6: private equity companies are getting involved with other sports to 730 00:35:37,320 --> 00:35:39,520 Speaker 6: sort of see how they can grow those products and 731 00:35:39,560 --> 00:35:40,240 Speaker 6: improve them. 732 00:35:40,440 --> 00:35:42,879 Speaker 10: Ten years from now, what do you see the game 733 00:35:42,920 --> 00:35:46,440 Speaker 10: of golf looking like, both economically and sports wise? 734 00:35:46,840 --> 00:35:50,759 Speaker 6: Yeah, I see it's going to continue to grow. You know, 735 00:35:50,920 --> 00:35:52,760 Speaker 6: just ten years ago when I was on the board 736 00:35:52,800 --> 00:35:55,080 Speaker 6: of the the PGA, it was an eighty two billion 737 00:35:55,120 --> 00:35:57,120 Speaker 6: dollar industry. Here we are ten years later, it's one 738 00:35:57,160 --> 00:35:59,560 Speaker 6: hundred and two. You know, I can see that being 739 00:35:59,600 --> 00:36:01,320 Speaker 6: north of one hundred and twenty one hundred and thirty 740 00:36:01,760 --> 00:36:03,399 Speaker 6: billion dollar industry that we're in. 741 00:36:03,880 --> 00:36:05,520 Speaker 5: And it'll be interesting. On the sports. 742 00:36:05,600 --> 00:36:09,239 Speaker 6: I think people will continue to love to attend live 743 00:36:09,239 --> 00:36:12,759 Speaker 6: sporting events. I think you'll see your corporate environments on 744 00:36:12,840 --> 00:36:16,479 Speaker 6: these small cities that we build will change over time. 745 00:36:16,560 --> 00:36:19,319 Speaker 6: They'll probably get higher in I mean, at this year's 746 00:36:19,400 --> 00:36:23,200 Speaker 6: Ryder Cup, we have VVIP experiences where we're going to 747 00:36:23,239 --> 00:36:26,560 Speaker 6: helicopter people in from the city and you know, backdoor 748 00:36:26,719 --> 00:36:29,279 Speaker 6: entrances and stuff. Just they want These people want this. 749 00:36:29,480 --> 00:36:33,760 Speaker 6: There's a lot of wealth in and around live sports, 750 00:36:33,800 --> 00:36:37,400 Speaker 6: and certainly with golf, and it has helped us shape 751 00:36:37,400 --> 00:36:40,600 Speaker 6: our corporate hospitality products at our venues. 752 00:36:41,080 --> 00:36:42,759 Speaker 10: Before I let you go, I do want to know 753 00:36:42,800 --> 00:36:45,360 Speaker 10: you played golf with a lot of people. What is 754 00:36:45,400 --> 00:36:48,240 Speaker 10: the most unique round you've ever played? 755 00:36:48,440 --> 00:36:49,960 Speaker 6: Well, I've been fortunate enough to play with a lot 756 00:36:50,040 --> 00:36:52,240 Speaker 6: of tour pros and this will probably be a boring answer, 757 00:36:52,239 --> 00:36:54,840 Speaker 6: but you know, anytime I can play with my kids 758 00:36:55,600 --> 00:37:00,279 Speaker 6: my family is really a joy. And you know, I 759 00:37:00,320 --> 00:37:02,839 Speaker 6: can remember walking down the fairway with my son, who 760 00:37:02,880 --> 00:37:04,520 Speaker 6: was sixteen years old at the time, and I said, 761 00:37:05,120 --> 00:37:07,480 Speaker 6: just think, I said, we can play this sport for 762 00:37:07,640 --> 00:37:09,520 Speaker 6: another seventy years or so. 763 00:37:09,880 --> 00:37:11,240 Speaker 5: My grandfather took up. 764 00:37:11,120 --> 00:37:13,160 Speaker 6: The game of golf at age seventy four, so anybody 765 00:37:13,160 --> 00:37:15,120 Speaker 6: in the audience out there is never too late to 766 00:37:15,160 --> 00:37:18,520 Speaker 6: take up the sport. But but I had the good 767 00:37:18,520 --> 00:37:22,359 Speaker 6: fortune to play with great players like Bernard Langer. When 768 00:37:22,400 --> 00:37:25,200 Speaker 6: you talk about longevity, right, and that guy's in his 769 00:37:25,280 --> 00:37:27,920 Speaker 6: mid sixties, I think, and can play as good as 770 00:37:27,960 --> 00:37:32,440 Speaker 6: the best players in the world. And he is so disciplined, 771 00:37:32,719 --> 00:37:37,880 Speaker 6: so disciplined in his workouts, in his game of golf, 772 00:37:38,000 --> 00:37:40,880 Speaker 6: but also with his family and his faith and stuff. 773 00:37:41,200 --> 00:37:43,000 Speaker 6: And I can just remember when I played with him, 774 00:37:43,200 --> 00:37:46,520 Speaker 6: just in AWE, say, I mean, this guy doesn't he's like, 775 00:37:46,680 --> 00:37:48,239 Speaker 6: you know, he's German, So I said, he's just like 776 00:37:48,320 --> 00:37:52,200 Speaker 6: a German automobile, finally tuned, finally engineered. And he was 777 00:37:52,320 --> 00:37:54,640 Speaker 6: just a joy to play with and such a gentleman 778 00:37:54,719 --> 00:37:56,520 Speaker 6: that I really remember that round of golf with him. 779 00:37:57,040 --> 00:37:59,279 Speaker 10: And I can't ask you to pick your favorite course 780 00:37:59,280 --> 00:38:02,000 Speaker 10: because I know that challenging, but certainly your most memorable 781 00:38:02,040 --> 00:38:04,680 Speaker 10: one that everyone here that plays golfer enjoys that should 782 00:38:04,719 --> 00:38:05,160 Speaker 10: make sure. 783 00:38:05,040 --> 00:38:05,400 Speaker 5: To get to. 784 00:38:05,880 --> 00:38:08,640 Speaker 6: Yeah, I mean right here in your backyard, Beth Page 785 00:38:08,719 --> 00:38:12,600 Speaker 6: Black is just incredible. You know, as Keegan said, our captain, 786 00:38:12,960 --> 00:38:15,800 Speaker 6: you know, used to be New York's courses a public park, 787 00:38:16,520 --> 00:38:18,080 Speaker 6: but it's going to be America's course here in a 788 00:38:18,120 --> 00:38:20,080 Speaker 6: few weeks. But I've had the good fortune of. 789 00:38:20,080 --> 00:38:23,040 Speaker 5: Playing some of the finest private courses in the world. 790 00:38:23,440 --> 00:38:24,200 Speaker 5: I love playing. 791 00:38:24,719 --> 00:38:28,360 Speaker 6: I played Cyprus Point, you know, hearing the ocean crashing 792 00:38:28,440 --> 00:38:30,520 Speaker 6: in and the seals barking on the rocks out there 793 00:38:30,680 --> 00:38:33,359 Speaker 6: was memorable because they have a lot of inland core 794 00:38:33,520 --> 00:38:36,320 Speaker 6: inland holes as well, So you go from hearing the 795 00:38:36,400 --> 00:38:39,720 Speaker 6: ocean to very peaceful and then ending near the ocean. 796 00:38:39,800 --> 00:38:40,760 Speaker 5: That was pretty memorable. 797 00:38:40,920 --> 00:38:44,520 Speaker 2: That was PGA of America CEO Derek Sprague on stage 798 00:38:44,560 --> 00:38:47,359 Speaker 2: with the Bloomberg Texas Bureau chief Julie Fine. You want 799 00:38:47,360 --> 00:38:51,080 Speaker 2: to hear more from power players, check out the Bloomberg 800 00:38:51,160 --> 00:38:54,520 Speaker 2: Business of Sports podcast feed. Some of our most recent 801 00:38:54,680 --> 00:38:59,120 Speaker 2: editions have several conversations from the event, including conversations with 802 00:38:59,320 --> 00:39:03,560 Speaker 2: two times WNBA champion and four time Olympic gold medalist 803 00:39:03,600 --> 00:39:08,640 Speaker 2: Sylvia Fowls, Aries Management co founder Michael Arrugetti, and five 804 00:39:08,800 --> 00:39:12,680 Speaker 2: time NBA All Star New York Knicks center Karl Anthony Towns. 805 00:39:13,040 --> 00:39:15,600 Speaker 2: Check it out now wherever you get your podcast, and 806 00:39:15,719 --> 00:39:19,000 Speaker 2: subscribe so you never miss an episode. And that does 807 00:39:19,040 --> 00:39:21,360 Speaker 2: it for this edition of The Bloomberg Business of Sports. 808 00:39:21,520 --> 00:39:25,640 Speaker 2: For my colleagues Vanessa Perdomo and Damien Sassauer, I'm Michael Barr. 809 00:39:25,880 --> 00:39:27,640 Speaker 2: Tune in again next week for the latest on the 810 00:39:27,680 --> 00:39:30,560 Speaker 2: stories moving big money in the world of sports. You're 811 00:39:30,600 --> 00:39:34,360 Speaker 2: listening to The Bloomberg Business of Sports Bloomberg Radio around 812 00:39:34,400 --> 00:39:34,840 Speaker 2: the world.