1 00:00:00,360 --> 00:00:03,520 Speaker 1: Hello, I'm Scott, I'm Evan Noby Williams, and this is 2 00:00:03,560 --> 00:00:06,600 Speaker 1: the Bloomberg Business of Sports podcast where we explore the 3 00:00:06,680 --> 00:00:09,239 Speaker 1: big money issues in the world of sports. Michael bar 4 00:00:09,400 --> 00:00:12,760 Speaker 1: is on vacation this week enjoying Hershey, Pennsylvania, say hello 5 00:00:12,800 --> 00:00:14,720 Speaker 1: if you happen to see him. So we will do 6 00:00:14,760 --> 00:00:18,000 Speaker 1: all the heavy lifting today, beginning with the Dallas Cowboys 7 00:00:18,520 --> 00:00:23,239 Speaker 1: running into tax implications as they go more for their 8 00:00:23,280 --> 00:00:26,040 Speaker 1: players as they go all the way to California for 9 00:00:26,040 --> 00:00:28,120 Speaker 1: training camp. Mr Novi Williams. Yeah, so one of two 10 00:00:28,240 --> 00:00:30,319 Speaker 1: NFL teams that that do their training camp not in 11 00:00:30,320 --> 00:00:32,680 Speaker 1: the state where they play, and the Cowboys travel far. 12 00:00:32,760 --> 00:00:35,400 Speaker 1: They go to Oxnard, California. You know, the kind of 13 00:00:35,400 --> 00:00:37,760 Speaker 1: thing that gets them away from you know, they're the 14 00:00:38,000 --> 00:00:41,199 Speaker 1: distractions of their family and their home life. Um, but 15 00:00:41,600 --> 00:00:44,840 Speaker 1: it spreads, spreads the gospel of all things Cowboys. Absolutely, yeah, 16 00:00:44,840 --> 00:00:46,519 Speaker 1: which is which is helpful. Put some money in in 17 00:00:46,600 --> 00:00:50,200 Speaker 1: Jerry Jones pocket. However, the tax rates are a little 18 00:00:50,200 --> 00:00:54,360 Speaker 1: different in Texas and California, and because Cowboys players are 19 00:00:54,360 --> 00:00:57,040 Speaker 1: spending so much time there. I think it's ninety working 20 00:00:57,120 --> 00:01:01,360 Speaker 1: days in California before coming back to Texas. That's a 21 00:01:01,360 --> 00:01:03,639 Speaker 1: tax bill that that that adds up. So if you're 22 00:01:03,640 --> 00:01:08,200 Speaker 1: a Cowboys player, you're probably saying to Jerry, hey, I 23 00:01:08,240 --> 00:01:11,720 Speaker 1: know you maybe didn't think about this, but we're getting 24 00:01:11,800 --> 00:01:14,440 Speaker 1: hit some cases, some of the higher paid players hundreds 25 00:01:14,480 --> 00:01:18,240 Speaker 1: of thousands of dollars in California taxes, whereas if they 26 00:01:18,280 --> 00:01:22,720 Speaker 1: stayed home in Texas, that's a no state tax state. Yeah. 27 00:01:22,800 --> 00:01:25,319 Speaker 1: So here are some numbers crunched by Forbes. Amari Cooper 28 00:01:25,360 --> 00:01:28,360 Speaker 1: star wide receiver, hundred fifty eight thousand dollars he's gonna 29 00:01:28,400 --> 00:01:31,720 Speaker 1: own in Texas to California because of this move. Tyrone 30 00:01:31,760 --> 00:01:34,880 Speaker 1: Smith the Cowboys highest paid player offensive linemen hundred seventy 31 00:01:35,160 --> 00:01:37,800 Speaker 1: thousand dollars. Tyrone Smith is the Cowboys highest paid player 32 00:01:37,840 --> 00:01:41,600 Speaker 1: offensive You gotta Protectrescott. I didn't know that. Yeah, So 33 00:01:41,600 --> 00:01:43,160 Speaker 1: so you're right. These are you know, a hundred and 34 00:01:43,160 --> 00:01:45,800 Speaker 1: fifty thousand dollars for a couple of players, Um, you know, 35 00:01:46,200 --> 00:01:48,800 Speaker 1: probably over a hundred thousand for a few others. That's 36 00:01:48,800 --> 00:01:51,040 Speaker 1: a that's a hefty bill right there. Yeah, And there 37 00:01:51,040 --> 00:01:54,040 Speaker 1: are some other players around the league. And one thing 38 00:01:54,640 --> 00:01:59,200 Speaker 1: we're noticing is the Raiders are considering having their training 39 00:01:59,240 --> 00:02:04,720 Speaker 1: camp now in Nevada also no state tax as opposed 40 00:02:04,760 --> 00:02:08,639 Speaker 1: to obviously California, so their players are probably cheering, let's 41 00:02:08,720 --> 00:02:10,839 Speaker 1: go somewhere else. We get to keep our money. Yeah. 42 00:02:10,840 --> 00:02:12,840 Speaker 1: And I don't know if you saw quinnin Williams, the 43 00:02:13,080 --> 00:02:16,160 Speaker 1: Jets first round pick this year, number three, told me 44 00:02:16,200 --> 00:02:19,519 Speaker 1: about it. I said that he uh, he was holding 45 00:02:19,520 --> 00:02:22,160 Speaker 1: out in his contract, and apparently the sticking point. He 46 00:02:22,200 --> 00:02:24,280 Speaker 1: signed a thirty two million dollar deal with with twenty 47 00:02:24,280 --> 00:02:27,359 Speaker 1: million guaranteed, but the team wanted to defer at least 48 00:02:27,400 --> 00:02:31,320 Speaker 1: thirty of that guaranteed to next year, and he was saying, no, 49 00:02:31,440 --> 00:02:33,520 Speaker 1: I want the full guarantee now. And the reason he 50 00:02:33,560 --> 00:02:35,840 Speaker 1: wanted it is that he lives in Alabama right now, 51 00:02:35,880 --> 00:02:37,760 Speaker 1: and he's likely going to be living in New Jersey 52 00:02:37,840 --> 00:02:39,880 Speaker 1: or New York next year. Both of those states have 53 00:02:39,960 --> 00:02:42,760 Speaker 1: much higher taxes, so he wants and smartly, so he 54 00:02:42,840 --> 00:02:45,359 Speaker 1: wants to get all that guaranteed money now when he's 55 00:02:45,360 --> 00:02:48,000 Speaker 1: paying the five percent, you know, top income tax right 56 00:02:48,040 --> 00:02:50,359 Speaker 1: in Alabama before he moved to New Jersey, where the 57 00:02:50,400 --> 00:02:54,000 Speaker 1: top income is income taxes is ten point seven. And 58 00:02:54,120 --> 00:02:55,720 Speaker 1: I can say that's true as a resident of New 59 00:02:55,800 --> 00:02:57,320 Speaker 1: Jersey and by the way, if he had taken the 60 00:02:57,320 --> 00:02:59,959 Speaker 1: money for next year, he'll be in a higher tax bracket. Yeah. 61 00:03:00,200 --> 00:03:02,160 Speaker 1: So all those things, and he set it outright at 62 00:03:02,200 --> 00:03:04,600 Speaker 1: his press conference this week. You know, he you know 63 00:03:04,800 --> 00:03:07,160 Speaker 1: that this was a discussion that he had because of 64 00:03:07,560 --> 00:03:09,560 Speaker 1: the tax implications of where he was living at the 65 00:03:09,600 --> 00:03:11,799 Speaker 1: time versus where he would be moving. All right, let's 66 00:03:11,800 --> 00:03:14,520 Speaker 1: talk about a friend of the show. Paul rabel I 67 00:03:14,600 --> 00:03:17,079 Speaker 1: called him years ago and one of the first articles 68 00:03:17,080 --> 00:03:20,360 Speaker 1: I called him the first million dollar lacrosse player. Well, 69 00:03:20,400 --> 00:03:24,920 Speaker 1: he's losing a multimillion dollar endorsement deal pretty much right now, 70 00:03:24,919 --> 00:03:27,280 Speaker 1: it seems, because he's an entrepreneur. Yeah, this is a 71 00:03:27,320 --> 00:03:29,320 Speaker 1: story that you broke. And and you know, people who 72 00:03:29,320 --> 00:03:31,360 Speaker 1: listen to the show are are very familiar with what 73 00:03:31,800 --> 00:03:34,520 Speaker 1: Paul is doing. He launched his own outdoor lacrosse league, 74 00:03:34,760 --> 00:03:38,920 Speaker 1: a competitor to the mL kind of the entrenched major 75 00:03:39,040 --> 00:03:43,120 Speaker 1: Major League Lacrosse, the entrenched outdoor lacrosse league that already existed. Uh, 76 00:03:43,160 --> 00:03:45,800 Speaker 1: certainly ruffled some feathers. I'm sure he expected that there 77 00:03:45,840 --> 00:03:49,240 Speaker 1: was going to be potentially, uh, some ramifications for him 78 00:03:49,240 --> 00:03:51,400 Speaker 1: from a business standpoint. Um, And as you point out 79 00:03:51,400 --> 00:03:53,680 Speaker 1: in the article. You know that this company, New Balance, 80 00:03:53,880 --> 00:03:56,080 Speaker 1: which which cut him off, and here's the key to 81 00:03:56,200 --> 00:03:58,960 Speaker 1: some deep ties to that outdoor lacrosse league that he 82 00:03:59,000 --> 00:04:01,600 Speaker 1: is now trying. Yeah, so let's spell it out for folks. 83 00:04:01,680 --> 00:04:04,000 Speaker 1: Paul was playing in Major League Lacrosse and he left 84 00:04:04,000 --> 00:04:07,080 Speaker 1: to form the Premier Lacrosse League one. Paul and his 85 00:04:07,160 --> 00:04:11,280 Speaker 1: team had had negotiations to buy Major League Lacrosse. It 86 00:04:11,360 --> 00:04:14,000 Speaker 1: did not happen, so then Paul went and started his 87 00:04:14,000 --> 00:04:18,040 Speaker 1: own league with some backing including Joe tie Um and 88 00:04:18,120 --> 00:04:21,480 Speaker 1: some other venture capital Reign group. Yeah, Joe Ravitch and 89 00:04:21,880 --> 00:04:24,840 Speaker 1: Colin Neville has been on the show. Okay, that's step one. 90 00:04:25,120 --> 00:04:29,680 Speaker 1: Step two. Jim Davis, the founder and chairman of New Balance, 91 00:04:30,040 --> 00:04:34,760 Speaker 1: which is Paul's endorser. It's a warrior New Balance. They 92 00:04:34,760 --> 00:04:38,559 Speaker 1: pay him, you know, five years, multimillion dollars, that's the deal. 93 00:04:39,360 --> 00:04:42,839 Speaker 1: Jim Davis previously, and we're talking within the last few months, 94 00:04:43,200 --> 00:04:48,240 Speaker 1: owned four Major League lacrosse franchises and he is now 95 00:04:48,320 --> 00:04:50,840 Speaker 1: down to one. Partnering, by the way, on the one 96 00:04:50,839 --> 00:04:53,160 Speaker 1: in Dallas with Jerry Jones. That's just a coincidence to 97 00:04:53,200 --> 00:04:56,039 Speaker 1: our previous topic. So he's gone from four to one, 98 00:04:56,200 --> 00:05:00,320 Speaker 1: perhaps sensing that his investment in Major League La Ross 99 00:05:00,480 --> 00:05:02,560 Speaker 1: is not the best in the world right now because 100 00:05:02,600 --> 00:05:06,720 Speaker 1: of this competitor league. So they terminated Paul's contract and 101 00:05:06,800 --> 00:05:09,840 Speaker 1: I reviewed a copy of a letter because they say 102 00:05:10,000 --> 00:05:13,800 Speaker 1: he violated the deal by wearing an Adida's shirt and 103 00:05:13,880 --> 00:05:18,480 Speaker 1: Adidas socks during practicing in games. Adidas has the deal 104 00:05:19,080 --> 00:05:23,560 Speaker 1: with the Premier Lacrosse League. And by the way, Kawhi Leonard, 105 00:05:23,720 --> 00:05:26,520 Speaker 1: a New Balance athlete, wears a Nike jersey when he 106 00:05:26,520 --> 00:05:30,880 Speaker 1: plays an NBA game. There are other New Balance Warrior 107 00:05:30,960 --> 00:05:33,839 Speaker 1: athletes in the Premier Lacrosse League who also wear the 108 00:05:34,320 --> 00:05:37,880 Speaker 1: Adidas jersey who did not lose their deals. Uh, and 109 00:05:37,920 --> 00:05:39,520 Speaker 1: I should say fairness. I did put in a call 110 00:05:39,560 --> 00:05:42,320 Speaker 1: to Jim Davis and New Balance to find out the 111 00:05:42,360 --> 00:05:45,040 Speaker 1: specifics of where they're coming from. I did not hear back. 112 00:05:45,440 --> 00:05:48,279 Speaker 1: But again just from the business of sports perspective, that 113 00:05:48,320 --> 00:05:51,760 Speaker 1: it's all intertwined, where one guy's interest in a league 114 00:05:51,760 --> 00:05:53,240 Speaker 1: and he's got a company, but he's got a deal 115 00:05:53,240 --> 00:05:56,440 Speaker 1: with a player. Complicated yet pretty simple. Yeah, we had 116 00:05:56,440 --> 00:05:58,279 Speaker 1: Paul Rabel on the podcast a couple of months ago, 117 00:05:58,600 --> 00:06:00,359 Speaker 1: and we didn't ask him this directly. But I do 118 00:06:00,440 --> 00:06:04,080 Speaker 1: wonder how how much he was expecting some blowback from 119 00:06:04,200 --> 00:06:08,160 Speaker 1: the traditional lacrosse world. I mean, he's getting a lot 120 00:06:08,160 --> 00:06:10,400 Speaker 1: of praise obviously for the stuff that he's doing, but 121 00:06:10,480 --> 00:06:13,600 Speaker 1: if he was expecting there to be some professional ramifications 122 00:06:13,640 --> 00:06:16,160 Speaker 1: for him by going out and starting this on league 123 00:06:16,200 --> 00:06:20,240 Speaker 1: kind of opposite the mL. My guess is having dealt 124 00:06:20,800 --> 00:06:23,560 Speaker 1: with mL negotiations to buy the league and then of 125 00:06:23,600 --> 00:06:27,000 Speaker 1: course having one guy with four franchises who also happens 126 00:06:27,040 --> 00:06:28,560 Speaker 1: to be the owner of the company that you have 127 00:06:28,640 --> 00:06:31,880 Speaker 1: your deal with. Probably not a huge surprise that there 128 00:06:31,880 --> 00:06:35,200 Speaker 1: were and mL players wear New Balance jerseys, right they 129 00:06:35,240 --> 00:06:39,320 Speaker 1: are league sponsor, mL ore league sponsor. Warrior and New 130 00:06:39,360 --> 00:06:42,880 Speaker 1: Balance are both mL sponsor, so not a huge surprise. 131 00:06:42,960 --> 00:06:45,320 Speaker 1: Let us finish up with a story that has been 132 00:06:45,320 --> 00:06:48,720 Speaker 1: going on for quite some time, still not over US soccers, 133 00:06:48,920 --> 00:06:52,400 Speaker 1: Hey inequity. They came out with yet another argument as 134 00:06:52,440 --> 00:06:55,480 Speaker 1: to why the women and men do not get paid. 135 00:06:55,520 --> 00:06:58,279 Speaker 1: The same US men's team came out and said, we 136 00:06:58,279 --> 00:06:59,920 Speaker 1: don't care. We still think there should be gender equit. 137 00:07:00,160 --> 00:07:03,360 Speaker 1: We don't agree with your your mechanics of the finances, 138 00:07:04,000 --> 00:07:07,920 Speaker 1: Evan mediations coming, so we're going to have a resolution 139 00:07:07,960 --> 00:07:10,760 Speaker 1: one way or another. Yeah, I mean, US Soccer essentially 140 00:07:10,840 --> 00:07:15,160 Speaker 1: waited four months after the women made their lawsuit and 141 00:07:15,200 --> 00:07:18,000 Speaker 1: laid out the financials as they interpreted them. US Soccer 142 00:07:18,040 --> 00:07:20,760 Speaker 1: waited four months until after the World Cup to give 143 00:07:20,800 --> 00:07:24,160 Speaker 1: their financial rebuttal, And it came this week President Carlos 144 00:07:24,200 --> 00:07:28,640 Speaker 1: Cordero publishing a letter and some research. Uh. They you know, 145 00:07:28,760 --> 00:07:32,760 Speaker 1: US Soccer claims that the US women are paid more overall, 146 00:07:33,120 --> 00:07:34,640 Speaker 1: and and the way they do that kind of way 147 00:07:34,680 --> 00:07:37,080 Speaker 1: they differ from from the U s women. Just to 148 00:07:37,160 --> 00:07:39,320 Speaker 1: lay it out for for listeners, the US women in 149 00:07:39,320 --> 00:07:41,600 Speaker 1: their lawsuits said that if the two teams played twenty 150 00:07:41,640 --> 00:07:44,600 Speaker 1: games they won them all, the men would be paid 151 00:07:44,600 --> 00:07:47,000 Speaker 1: about two hundred and sixty six thousand dollars and the 152 00:07:47,040 --> 00:07:50,600 Speaker 1: women would be paid right, So that's thirty eight cents 153 00:07:50,600 --> 00:07:52,240 Speaker 1: on the dollar. That's where that number comes from. That 154 00:07:52,320 --> 00:07:53,800 Speaker 1: you're hearing a lot. But by the way, we should 155 00:07:53,800 --> 00:07:58,080 Speaker 1: also mention though, that the women and men negotiated separate 156 00:07:58,120 --> 00:08:01,840 Speaker 1: collective bargaining agreements and they are not structured the same. Correct, 157 00:08:01,960 --> 00:08:08,000 Speaker 1: These are dually negotiated agreements, just with different principles. And 158 00:08:08,040 --> 00:08:11,000 Speaker 1: then so US Soccer took that same kind of approach 159 00:08:11,040 --> 00:08:13,400 Speaker 1: twenty games. Let's say they win them all. Um, they 160 00:08:13,440 --> 00:08:16,360 Speaker 1: added in the base salary which the women get, which 161 00:08:16,400 --> 00:08:19,840 Speaker 1: the men do not. They added money that US Soccer 162 00:08:19,880 --> 00:08:23,840 Speaker 1: pays for the NWSL, so they're paying the club salary 163 00:08:23,920 --> 00:08:25,440 Speaker 1: for a lot of these women on the U S 164 00:08:25,520 --> 00:08:28,040 Speaker 1: national team. They added that in. They added kind of 165 00:08:28,080 --> 00:08:30,520 Speaker 1: the benefits, the four one K package, the the the 166 00:08:30,960 --> 00:08:34,240 Speaker 1: the doctor health insurance, all that that a lot of 167 00:08:34,280 --> 00:08:37,000 Speaker 1: the men tossed to the kitchen sick and again and 168 00:08:37,080 --> 00:08:39,160 Speaker 1: the game checks. Yeah, they put it all together, and 169 00:08:39,200 --> 00:08:41,480 Speaker 1: they're claiming doing that, accounting that the women make three 170 00:08:41,920 --> 00:08:44,240 Speaker 1: seven thousand dollars and the men make two hudred And 171 00:08:45,040 --> 00:08:46,880 Speaker 1: I saw the women fireback saying, we don't agree. This 172 00:08:46,920 --> 00:08:48,920 Speaker 1: isn't right. But I didn't see a financial breakdown that 173 00:08:48,960 --> 00:08:50,720 Speaker 1: came with it, which is sort of I think it's 174 00:08:50,760 --> 00:08:53,600 Speaker 1: sort of imperative that if you're gonna counter the model, 175 00:08:53,640 --> 00:08:57,600 Speaker 1: you need to break out how you dispute their findings. Yeah, 176 00:08:57,600 --> 00:08:59,880 Speaker 1: and I think it's a lot of people were latching 177 00:09:00,040 --> 00:09:02,320 Speaker 1: to the fact that US Soccer now is claiming that 178 00:09:02,679 --> 00:09:04,960 Speaker 1: this club stipend as part of the pay for the 179 00:09:05,000 --> 00:09:07,720 Speaker 1: women's national team. All of this, as you said, is 180 00:09:07,720 --> 00:09:10,040 Speaker 1: going to be hashed out in mediation, which is happening, 181 00:09:10,360 --> 00:09:12,640 Speaker 1: I mean asap. I think, I think any day now 182 00:09:12,679 --> 00:09:14,960 Speaker 1: that this mediation is going to start. Um. And you 183 00:09:15,000 --> 00:09:17,079 Speaker 1: mentioned at the beginning, which is also fairly interesting, that 184 00:09:17,160 --> 00:09:20,439 Speaker 1: the US men's national team very quickly after the US 185 00:09:20,480 --> 00:09:22,720 Speaker 1: Soccer put out the members. Yeah, I mean that the 186 00:09:22,760 --> 00:09:24,480 Speaker 1: statement is fairly damning. I'll read a piece of it 187 00:09:24,559 --> 00:09:26,840 Speaker 1: right here. This is more the same from a federation 188 00:09:26,840 --> 00:09:29,840 Speaker 1: that is constantly in dispute and litigation and focusing on 189 00:09:30,120 --> 00:09:33,400 Speaker 1: focuses on increasing revenue and profits without any idea of 190 00:09:33,400 --> 00:09:35,240 Speaker 1: how to use that money to grow this You know why, 191 00:09:35,360 --> 00:09:39,520 Speaker 1: because the men's team contract has expired. So they're saying 192 00:09:39,520 --> 00:09:43,679 Speaker 1: that they find it funny that US Soccer is disclosing 193 00:09:43,720 --> 00:09:46,720 Speaker 1: all of these financials and discussing the women's pay issue 194 00:09:47,160 --> 00:09:49,679 Speaker 1: when they haven't even focused on the negotiation for a 195 00:09:49,720 --> 00:09:52,480 Speaker 1: new contract on the men. So so in the next 196 00:09:52,520 --> 00:09:54,640 Speaker 1: couple of years, the men first and then the women, 197 00:09:54,880 --> 00:09:58,880 Speaker 1: there's gonna be two CBA negotiations within US Soccer UM 198 00:09:59,000 --> 00:10:01,200 Speaker 1: and I would imagine them both to be uh to 199 00:10:01,280 --> 00:10:04,199 Speaker 1: be quite interesting negotiations. Moving forward. As one of the 200 00:10:04,240 --> 00:10:06,760 Speaker 1: first things I ever did in this business was covered 201 00:10:06,800 --> 00:10:11,480 Speaker 1: the men's NBA lockout. I mean, I know people probably 202 00:10:11,520 --> 00:10:14,439 Speaker 1: hate all that stuff, but I found that absolutely fascinating. 203 00:10:14,480 --> 00:10:18,520 Speaker 1: To have the personalities of David Stern on one side 204 00:10:18,600 --> 00:10:21,280 Speaker 1: and Billy Hunter on the other side, and David Falk 205 00:10:21,400 --> 00:10:24,520 Speaker 1: in the middle, and these hundred million dollar contracts of 206 00:10:24,679 --> 00:10:29,920 Speaker 1: Jordan's ewing mourning, and the disparate uh interests and wants 207 00:10:30,000 --> 00:10:33,600 Speaker 1: of the mega stars versus the rank and file. I 208 00:10:33,640 --> 00:10:36,199 Speaker 1: find this stuff totally interesting. Gives a good window into 209 00:10:36,240 --> 00:10:38,840 Speaker 1: the sports business world at large, don't I agree. I mean, 210 00:10:38,840 --> 00:10:40,439 Speaker 1: when I started at Bloomberg was kind of right in 211 00:10:40,480 --> 00:10:43,640 Speaker 1: the middle of that NFL the bad two thousand ten 212 00:10:44,320 --> 00:10:47,160 Speaker 1: NFL negotiation as well. And yeah, you learn a lot 213 00:10:47,200 --> 00:10:49,480 Speaker 1: about how, you know, how revenue comes in verse boards, 214 00:10:49,480 --> 00:10:52,400 Speaker 1: how it gets divvied up, who has the power within it, 215 00:10:52,440 --> 00:10:55,280 Speaker 1: And I imagine here, you know, the power maybe shifting 216 00:10:55,280 --> 00:10:58,160 Speaker 1: a little bit from US soccer over to to the 217 00:10:58,160 --> 00:11:00,000 Speaker 1: players themselves, at least in the court of public opinion. 218 00:11:00,120 --> 00:11:01,920 Speaker 1: We're seeing that in lots of sports. This is the 219 00:11:01,920 --> 00:11:05,120 Speaker 1: Bloomberg Business of Sports podcast. I've Scott Sashnik along with 220 00:11:05,160 --> 00:11:08,080 Speaker 1: Eban Novie Williams. We're here each and every Monday, Wednesday, 221 00:11:08,160 --> 00:11:10,719 Speaker 1: and Thursday exploring the world of money in sports. Join 222 00:11:10,800 --> 00:11:11,959 Speaker 1: us again at the end of the week when we 223 00:11:12,000 --> 00:11:16,199 Speaker 1: speak with Howard Mittman, CEO of Bleacher Report. Really good discussion. 224 00:11:16,440 --> 00:11:19,440 Speaker 1: You're listening to Bloomberg Business of Sports on Bloomberg Radio 225 00:11:19,480 --> 00:11:22,439 Speaker 1: around the world, online, wherever you get your podcast.