1 00:00:02,520 --> 00:00:09,920 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Business 2 00:00:09,920 --> 00:00:10,719 Speaker 1: of Sports. 3 00:00:10,720 --> 00:00:14,080 Speaker 2: Sports are the greatest unscripted show owner. 4 00:00:14,040 --> 00:00:16,239 Speaker 3: The next generation of players who really grew up with 5 00:00:16,320 --> 00:00:17,640 Speaker 3: tech and believe in tech. 6 00:00:17,720 --> 00:00:20,000 Speaker 4: Your face is your ticket, your face is your wallet, 7 00:00:20,079 --> 00:00:21,840 Speaker 4: your face is your access to a club. 8 00:00:22,000 --> 00:00:26,600 Speaker 3: These are such iconic and important buildings for businesses. For fans, 9 00:00:26,680 --> 00:00:29,040 Speaker 3: COVID was one of the best things that ever happened 10 00:00:29,040 --> 00:00:29,240 Speaker 3: to go. 11 00:00:29,480 --> 00:00:31,560 Speaker 5: The NFL is a bulletproof business. 12 00:00:31,680 --> 00:00:34,360 Speaker 4: Raising is unique because there is absolutely no reason why 13 00:00:34,360 --> 00:00:35,400 Speaker 4: we can't compete with the guys. 14 00:00:35,560 --> 00:00:36,680 Speaker 2: Well, it's pro pickaball real. 15 00:00:36,800 --> 00:00:38,519 Speaker 6: Are people really going to tune into this? 16 00:00:38,720 --> 00:00:41,240 Speaker 5: If you're playing moneyball with a huge bag of money, 17 00:00:41,400 --> 00:00:42,559 Speaker 5: you're going to be really. 18 00:00:42,360 --> 00:00:42,800 Speaker 7: Really good. 19 00:00:42,920 --> 00:00:46,040 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio. 20 00:00:48,000 --> 00:00:50,800 Speaker 6: Welcome to a special edition of The Bloomberg Business of 21 00:00:50,840 --> 00:00:55,120 Speaker 6: Sports featuring some of our favorite conversations from Power Players 22 00:00:55,200 --> 00:00:58,360 Speaker 6: New York. I'm Michael Barr. Power Players New York is 23 00:00:58,400 --> 00:01:02,440 Speaker 6: an annual event held right at Bloomberg World headquarters in 24 00:01:02,480 --> 00:01:06,640 Speaker 6: New York that brings together influential voices from the business 25 00:01:06,640 --> 00:01:09,520 Speaker 6: of sports. Stick around for a conversation about the future 26 00:01:09,560 --> 00:01:13,959 Speaker 6: of the NFL with Michael Arugetti, co founder and CEO 27 00:01:14,040 --> 00:01:15,960 Speaker 6: at Ares Management Corporation. 28 00:01:16,120 --> 00:01:19,760 Speaker 8: As we think about just investing across the entire sports ecosystem, 29 00:01:19,800 --> 00:01:21,920 Speaker 8: the NFL kind of checks every. 30 00:01:21,680 --> 00:01:22,319 Speaker 7: Box, right. 31 00:01:22,440 --> 00:01:25,039 Speaker 8: I mean, most other leagues that we've invested in, there's 32 00:01:25,080 --> 00:01:28,360 Speaker 8: some risk that you have to box relegation or lack 33 00:01:28,400 --> 00:01:30,960 Speaker 8: of national media rights, but the NFL really. 34 00:01:30,720 --> 00:01:32,839 Speaker 7: Sits at the top of the top. 35 00:01:33,040 --> 00:01:36,720 Speaker 6: Plus here from Ross b York of Ohio State University 36 00:01:36,959 --> 00:01:40,959 Speaker 6: on a flood of new money, rising student athlete power, 37 00:01:41,319 --> 00:01:44,640 Speaker 6: and how it's reshaping the collegiate sports landscape. All that 38 00:01:44,720 --> 00:01:47,360 Speaker 6: and more is on the way on this special Bloomberg 39 00:01:47,560 --> 00:01:51,520 Speaker 6: Power Players, New York edition of The Bloomberg Business of Sports. 40 00:01:51,640 --> 00:01:54,640 Speaker 6: Let's start with a look at the w NBA. The 41 00:01:54,720 --> 00:01:57,320 Speaker 6: league suffered a bit of a gut punch this week 42 00:01:57,560 --> 00:02:00,760 Speaker 6: when it was announced that superstar Caitlin Clark we missed 43 00:02:00,760 --> 00:02:03,600 Speaker 6: the rest of the season with a right groin spring, 44 00:02:03,880 --> 00:02:08,400 Speaker 6: but overall the league is on an exciting trajectory. Bloomberg 45 00:02:08,560 --> 00:02:12,239 Speaker 6: US Sports Business reporter Randa Williams took the stage at 46 00:02:12,360 --> 00:02:15,680 Speaker 6: Power Players New York to speak with Terry Carmichael Jackson, 47 00:02:16,080 --> 00:02:21,880 Speaker 6: executive director at the WMDPA and two time w NBA 48 00:02:22,040 --> 00:02:26,120 Speaker 6: champion and four time Olympic gold medalist Sylvia Fouls. Let's 49 00:02:26,160 --> 00:02:26,360 Speaker 6: take it. 50 00:02:26,400 --> 00:02:30,600 Speaker 5: Listen now, both both you and Terry have witnessed women's 51 00:02:30,600 --> 00:02:34,880 Speaker 5: basketball and this growth, the popularity of it just surge 52 00:02:34,919 --> 00:02:36,880 Speaker 5: over the last couple of years. You were part of 53 00:02:36,919 --> 00:02:39,040 Speaker 5: that wave towards the end of your career. Terry, you 54 00:02:39,080 --> 00:02:41,040 Speaker 5: saw it as well over the last say five to 55 00:02:41,120 --> 00:02:44,320 Speaker 5: six and really a decade long period of time. Terry, 56 00:02:44,360 --> 00:02:46,120 Speaker 5: what has that been like from your spot? 57 00:02:46,320 --> 00:02:50,720 Speaker 9: Oh, my goodness, it has been amazing. This is my 58 00:02:50,840 --> 00:02:51,560 Speaker 9: tenth season. 59 00:02:52,480 --> 00:02:54,200 Speaker 10: I tell her that all the time. I don't see 60 00:02:54,240 --> 00:02:55,040 Speaker 10: how she do a job. 61 00:02:55,160 --> 00:02:58,600 Speaker 11: This is my tenth season in this job, and. 62 00:03:00,520 --> 00:03:02,399 Speaker 9: I think at the end of each season, I kind 63 00:03:02,400 --> 00:03:06,320 Speaker 9: of go back to the beginning when I was interviewed 64 00:03:06,320 --> 00:03:11,079 Speaker 9: for this role and Swin Cash Tamika Catchings, you know, 65 00:03:11,280 --> 00:03:13,640 Speaker 9: they were on the executive committee at that time, and 66 00:03:14,440 --> 00:03:16,640 Speaker 9: they asked me, where do you see yourself? Where do 67 00:03:16,639 --> 00:03:21,000 Speaker 9: you see this union in five to ten years? And 68 00:03:22,120 --> 00:03:24,560 Speaker 9: I remember it like yesterday. I said, you know, we're 69 00:03:24,600 --> 00:03:27,959 Speaker 9: gonna value who we are as women's basketball, and we're 70 00:03:28,000 --> 00:03:30,239 Speaker 9: going to value the fact that we're different, and we're 71 00:03:30,240 --> 00:03:32,920 Speaker 9: not going to like always compare ourselves to the guys. 72 00:03:33,880 --> 00:03:36,000 Speaker 9: It's helpful to look over in their space and see 73 00:03:36,040 --> 00:03:38,400 Speaker 9: what they're doing and how they're moving, but you know, 74 00:03:38,400 --> 00:03:41,880 Speaker 9: know who we are and just value different for exactly. 75 00:03:41,440 --> 00:03:41,960 Speaker 11: What it is. 76 00:03:42,040 --> 00:03:46,320 Speaker 9: It is different and to see that and to still 77 00:03:46,360 --> 00:03:49,440 Speaker 9: be in this role and to see that happen, and 78 00:03:49,480 --> 00:03:53,200 Speaker 9: to see the women like Sylvia, these legends, you know, 79 00:03:53,680 --> 00:03:57,360 Speaker 9: during their career be celebrated and be on these billboards 80 00:03:57,480 --> 00:04:01,960 Speaker 9: and truly be household names. And and I just love 81 00:04:02,080 --> 00:04:04,120 Speaker 9: how you talked about, you know, the unity. 82 00:04:04,160 --> 00:04:04,800 Speaker 11: We didn't talk. 83 00:04:04,680 --> 00:04:06,720 Speaker 9: About this backstage, y'all when she was talking about the 84 00:04:06,840 --> 00:04:10,960 Speaker 9: unity and the power of the players. That is something 85 00:04:11,680 --> 00:04:15,640 Speaker 9: that is really something. And so it's just been amazing. 86 00:04:16,240 --> 00:04:19,240 Speaker 9: And watch out, y'all, it's going to continue to be amazing. 87 00:04:19,400 --> 00:04:21,279 Speaker 11: I promise. We are in a labor fight. 88 00:04:22,440 --> 00:04:23,760 Speaker 5: Wait wait, we're not there yet. 89 00:04:23,960 --> 00:04:26,360 Speaker 2: Yeah, get to the labor talks. 90 00:04:27,040 --> 00:04:29,000 Speaker 5: On the business front, throw I feel like in the 91 00:04:29,080 --> 00:04:33,240 Speaker 5: last four years, of course, when the Aces and Liberty 92 00:04:33,279 --> 00:04:36,680 Speaker 5: played that broke incredible records, and then last years and 93 00:04:36,720 --> 00:04:38,640 Speaker 5: the year and maybe I was twenty twenty three in 94 00:04:38,640 --> 00:04:39,080 Speaker 5: the year. 95 00:04:38,960 --> 00:04:42,600 Speaker 11: Before that, as well, they just keep topping them. 96 00:04:42,800 --> 00:04:45,280 Speaker 5: Exactly what's it been like on the business front, how 97 00:04:45,320 --> 00:04:47,080 Speaker 5: have the calls changed? I mean towards the end of 98 00:04:47,120 --> 00:04:49,839 Speaker 5: your career, this was happening, But what was it like 99 00:04:50,120 --> 00:04:53,440 Speaker 5: as maybe the visibility increased over time. 100 00:04:54,880 --> 00:04:55,720 Speaker 10: It's phenomenal. 101 00:04:55,960 --> 00:04:57,760 Speaker 12: Like I say, it's something that we've been fighting for 102 00:04:57,760 --> 00:05:00,880 Speaker 12: for years and so to have this platform now and 103 00:05:00,960 --> 00:05:03,320 Speaker 12: send all this attention that these young women are getting, 104 00:05:04,240 --> 00:05:06,960 Speaker 12: I think is life changing. So hopefully that it could 105 00:05:06,960 --> 00:05:08,960 Speaker 12: continue from here and we keep pushing forward. 106 00:05:09,760 --> 00:05:12,000 Speaker 5: Now there are brands jumping to be next to the 107 00:05:12,080 --> 00:05:14,000 Speaker 5: league we've s I mean you all were both I 108 00:05:14,040 --> 00:05:17,560 Speaker 5: assuming in Indianapolis for uh, for WNBA All Star Weekend. 109 00:05:17,640 --> 00:05:18,320 Speaker 2: There we're not there. 110 00:05:18,400 --> 00:05:19,960 Speaker 5: Yeah, they were treating Indianapolis like it. 111 00:05:19,920 --> 00:05:22,200 Speaker 10: Was Vegas ash they should. 112 00:05:23,880 --> 00:05:24,719 Speaker 2: With that in mind. 113 00:05:24,920 --> 00:05:25,040 Speaker 13: Uh. 114 00:05:25,160 --> 00:05:27,279 Speaker 5: There there was more branding in Indianapolis than I have 115 00:05:27,320 --> 00:05:30,920 Speaker 5: ever seen at the WNBA All Star Weekend. I'll ask you, Sylvia, 116 00:05:31,040 --> 00:05:33,159 Speaker 5: if there was a brand that you could collab that 117 00:05:33,200 --> 00:05:35,880 Speaker 5: you could have collaborated in during your time playing, or 118 00:05:35,920 --> 00:05:37,680 Speaker 5: maybe there's one that you're proud of that you did 119 00:05:37,720 --> 00:05:41,240 Speaker 5: collaborate with, UH with, what would it have been? Would 120 00:05:41,279 --> 00:05:43,440 Speaker 5: it have been a signature sneaker or what do you 121 00:05:43,440 --> 00:05:44,160 Speaker 5: think it would have been? 122 00:05:45,920 --> 00:05:47,800 Speaker 12: For those who know me, know, I don't think of myself, 123 00:05:47,839 --> 00:05:50,240 Speaker 12: so I always thinking outside of the box about other people. 124 00:05:50,880 --> 00:05:52,840 Speaker 12: So my biggest thing is what can I give back? 125 00:05:53,040 --> 00:05:55,880 Speaker 12: And the youth is very important to me, and so 126 00:05:56,160 --> 00:06:00,840 Speaker 12: I would love to collab with anybody that's unity based 127 00:06:00,880 --> 00:06:02,960 Speaker 12: around youth and taking care. 128 00:06:02,800 --> 00:06:05,279 Speaker 10: Of the kids is something that I'll probably look forward to. 129 00:06:05,920 --> 00:06:09,839 Speaker 5: Beautiful, Beautiful Terry. What's been your favorite WNBA collaboration that 130 00:06:09,920 --> 00:06:10,360 Speaker 5: you've seen? 131 00:06:11,560 --> 00:06:19,880 Speaker 9: My favorite WNBPA has been with Loreal. You know, we 132 00:06:20,000 --> 00:06:24,240 Speaker 9: had players talking for so long about where's our beauty 133 00:06:24,279 --> 00:06:27,159 Speaker 9: brand partnership? Like we're a women's league, like this is 134 00:06:27,160 --> 00:06:29,599 Speaker 9: a no brainer. And I'm like, yeah, you're right, let's 135 00:06:29,600 --> 00:06:35,200 Speaker 9: work on that. And had a conversation, had a relationship 136 00:06:35,279 --> 00:06:40,480 Speaker 9: with an executive VP over at L'Oreal and Lil Majid, 137 00:06:40,640 --> 00:06:43,080 Speaker 9: and you know, she called me one day and she said, 138 00:06:43,160 --> 00:06:45,520 Speaker 9: how can we help? And I was like, wait, is 139 00:06:45,560 --> 00:06:48,240 Speaker 9: this really happening? How like a brand is calling and 140 00:06:48,279 --> 00:06:50,720 Speaker 9: saying how can we help? Like I don't have to 141 00:06:50,800 --> 00:06:53,240 Speaker 9: pitch you And she's like, no, I know who you 142 00:06:53,240 --> 00:06:55,520 Speaker 9: guys are. I know what you're all about. We want 143 00:06:55,560 --> 00:06:57,440 Speaker 9: to support, we want to pour into the players, and 144 00:06:57,480 --> 00:06:59,120 Speaker 9: we want to do it through a partnership with you 145 00:06:59,320 --> 00:07:02,800 Speaker 9: through the union. And I was like, break next speed, 146 00:07:02,880 --> 00:07:05,240 Speaker 9: let me come over and you know, and sit down 147 00:07:05,240 --> 00:07:08,840 Speaker 9: and talk. And we did just that. So that has 148 00:07:08,920 --> 00:07:11,280 Speaker 9: been a very meaningful one. I think that's really put 149 00:07:11,360 --> 00:07:14,800 Speaker 9: us on the map and particularly meaningful for our members too, 150 00:07:14,880 --> 00:07:17,560 Speaker 9: to see that we were listening to you know, what 151 00:07:17,600 --> 00:07:20,360 Speaker 9: they were talking about. And it's not just it's beauty, 152 00:07:20,480 --> 00:07:23,480 Speaker 9: it's skincare, it's like all the things. It's about feeling 153 00:07:23,520 --> 00:07:26,560 Speaker 9: good inside and out. And I'm really proud of that partnership, 154 00:07:26,880 --> 00:07:28,920 Speaker 9: I really am. But there's so many that we do. 155 00:07:29,240 --> 00:07:31,400 Speaker 9: I don't want to leave anybody out Farmer's fridge. If 156 00:07:31,400 --> 00:07:33,360 Speaker 9: you guys are ever in the airport, you see those 157 00:07:33,440 --> 00:07:36,440 Speaker 9: vending machines like it's real, it's good, Like you can 158 00:07:36,480 --> 00:07:39,920 Speaker 9: go there, you can trust it, promise you. That's just 159 00:07:39,920 --> 00:07:40,680 Speaker 9: another example. 160 00:07:41,040 --> 00:07:43,400 Speaker 5: Now we're on the subject of business, and you are, 161 00:07:44,320 --> 00:07:46,880 Speaker 5: I mean, one of the maybe five most important people 162 00:07:46,880 --> 00:07:50,040 Speaker 5: in these WNBA CBA negotiations and might be one of 163 00:07:50,080 --> 00:07:54,760 Speaker 5: the two most important people. Map out to us what 164 00:07:54,840 --> 00:07:58,000 Speaker 5: the players are asking for in this proposal and in 165 00:07:58,280 --> 00:07:59,320 Speaker 5: these negotiations. 166 00:07:59,480 --> 00:08:01,600 Speaker 9: Yeah, well, I'm going to go back to your question 167 00:08:02,080 --> 00:08:04,440 Speaker 9: to cyl. You said, was she and Indy. I was 168 00:08:04,480 --> 00:08:06,720 Speaker 9: in Indy. There was a meeting in Indy. 169 00:08:07,440 --> 00:08:08,080 Speaker 6: I heard about it. 170 00:08:08,240 --> 00:08:13,760 Speaker 14: Yeah, yeah, there's a you know, I always start with 171 00:08:13,800 --> 00:08:15,760 Speaker 14: this whole you know, we don't negotiate in the press, 172 00:08:15,760 --> 00:08:18,040 Speaker 14: and then I start talking about, you know, what the 173 00:08:18,040 --> 00:08:19,760 Speaker 14: players are really after. 174 00:08:19,880 --> 00:08:21,640 Speaker 11: I mean, but when they opted out, when the. 175 00:08:21,960 --> 00:08:25,120 Speaker 9: Players voted to opt out of this twenty twenty CBA, 176 00:08:25,240 --> 00:08:28,920 Speaker 9: they said really pretty clearly what was on their minds, 177 00:08:28,920 --> 00:08:33,240 Speaker 9: what their priorities were, and it's top one of the 178 00:08:33,280 --> 00:08:36,200 Speaker 9: top priorities. What we say, the main thing is, the 179 00:08:36,200 --> 00:08:39,960 Speaker 9: main thing is a salary system that is tied to 180 00:08:40,120 --> 00:08:44,520 Speaker 9: the business so that these players are paid their value. 181 00:08:44,640 --> 00:08:46,480 Speaker 11: Right now, we're in a system. 182 00:08:46,480 --> 00:08:49,240 Speaker 9: That, if you look at it, it's not tied to 183 00:08:49,280 --> 00:08:53,480 Speaker 9: the business, and so it's designed to undervalue them. As 184 00:08:53,480 --> 00:08:57,080 Speaker 9: the business grows, they start to fall behind. And we've 185 00:08:57,080 --> 00:08:59,440 Speaker 9: got to write that ship. And we've got a moment 186 00:08:59,600 --> 00:09:01,960 Speaker 9: right now to do that. And it's not just like 187 00:09:02,080 --> 00:09:05,280 Speaker 9: a moment, right We've seen the growth we were talking 188 00:09:05,320 --> 00:09:08,280 Speaker 9: about the topping themselves with all the metrics that you 189 00:09:08,400 --> 00:09:12,000 Speaker 9: all are watching, right with viewership, with attendance, with Jersey sales, 190 00:09:12,040 --> 00:09:14,920 Speaker 9: and on and on and on. They keep topping themselves. 191 00:09:15,640 --> 00:09:18,840 Speaker 9: We see what Kathy and her team is doing on 192 00:09:18,920 --> 00:09:22,800 Speaker 9: the league side to grow the business. And it's been 193 00:09:22,880 --> 00:09:27,520 Speaker 9: twelve teams for forever, right, it has been twelve teams 194 00:09:27,520 --> 00:09:31,679 Speaker 9: for forever and blink, and it's going to be eighteen 195 00:09:32,280 --> 00:09:35,360 Speaker 9: and maybe on the way to twenty. And this is 196 00:09:35,400 --> 00:09:37,960 Speaker 9: no inside knowledge. I'm just saying it just looks and 197 00:09:38,080 --> 00:09:42,160 Speaker 9: feels that way, right, And so this is a sustainable 198 00:09:42,320 --> 00:09:46,920 Speaker 9: model that because the players opted out of the twenty 199 00:09:46,960 --> 00:09:51,319 Speaker 9: fourteen CBA to fix the business model to get that, 200 00:09:51,480 --> 00:09:53,840 Speaker 9: you know, on the track for the twenty twenty CBA. 201 00:09:54,280 --> 00:09:56,559 Speaker 11: It's why we are here in. 202 00:09:56,559 --> 00:10:01,199 Speaker 9: Twenty twenty five fighting to make make sure that this 203 00:10:01,360 --> 00:10:05,040 Speaker 9: business really loves them back the way they have loved it, 204 00:10:05,400 --> 00:10:07,800 Speaker 9: the way they have poured into it. We see it 205 00:10:07,840 --> 00:10:09,920 Speaker 9: across in other men's sports. 206 00:10:10,320 --> 00:10:12,680 Speaker 11: We can do that. We can do that in women's sports. 207 00:10:12,720 --> 00:10:15,440 Speaker 9: And when we do that, you know, the women are 208 00:10:15,480 --> 00:10:18,160 Speaker 9: gonna win, The players are gonna win, the teams are 209 00:10:18,160 --> 00:10:20,120 Speaker 9: gonna win, the league is gonna win. 210 00:10:22,440 --> 00:10:23,640 Speaker 11: Seems like a no brainer to me. 211 00:10:23,800 --> 00:10:26,079 Speaker 5: You mentioned All Star weekend. A couple weeks before All 212 00:10:26,080 --> 00:10:28,959 Speaker 5: Star Weekend the league announced those three expansion teams. I 213 00:10:29,000 --> 00:10:30,960 Speaker 5: believe it's in twenty twenty eight, twenty twenty nine, and 214 00:10:31,000 --> 00:10:34,240 Speaker 5: twenty thirty, a total of seven hundred and fifty million 215 00:10:34,280 --> 00:10:35,680 Speaker 5: dollars in expansion fees. 216 00:10:36,400 --> 00:10:39,040 Speaker 11: But say that number again, seven hundred and. 217 00:10:39,000 --> 00:10:41,880 Speaker 5: Fifty million dollars in expansion fees, two hundred and fifty 218 00:10:41,920 --> 00:10:44,000 Speaker 5: million each. You know, you times three and you get 219 00:10:44,000 --> 00:10:48,240 Speaker 5: seven hundred and fifty. I was told that their first 220 00:10:48,280 --> 00:10:51,800 Speaker 5: counter proposal came shortly after that, and there are a 221 00:10:51,800 --> 00:10:55,480 Speaker 5: bunch of player comments about it. I think Satu Satoo 222 00:10:55,520 --> 00:10:57,679 Speaker 5: Sabai had the most to say, or maybe the most 223 00:10:57,720 --> 00:11:00,199 Speaker 5: powerful quote, which was that it was a slap. 224 00:10:59,880 --> 00:11:00,480 Speaker 7: In the face. 225 00:11:01,080 --> 00:11:05,520 Speaker 5: So what was your feeling reading what the league sent you? 226 00:11:06,640 --> 00:11:09,319 Speaker 11: It's not too sadly. First of all, is our co 227 00:11:09,440 --> 00:11:11,000 Speaker 11: chair of the CBA committee. 228 00:11:11,400 --> 00:11:15,920 Speaker 9: She's pretty dialed in and she's pretty passionate about about 229 00:11:15,960 --> 00:11:16,360 Speaker 9: the work. 230 00:11:18,480 --> 00:11:21,480 Speaker 11: What was my feeling reading the proposal that. 231 00:11:21,480 --> 00:11:25,280 Speaker 9: We had some work to do, that perhaps the league 232 00:11:25,280 --> 00:11:28,800 Speaker 9: and the teams didn't fully hear the players when we 233 00:11:28,840 --> 00:11:31,280 Speaker 9: opted out and we had our first bargaining session, and 234 00:11:31,320 --> 00:11:35,160 Speaker 9: so they were going to have to be more conversations 235 00:11:35,200 --> 00:11:38,440 Speaker 9: to ensure that they did fully hear what the player 236 00:11:38,559 --> 00:11:42,720 Speaker 9: said and what they meant. I'm clear, I work for them, 237 00:11:43,360 --> 00:11:47,120 Speaker 9: you know, I understand the mission, I understand the directive, 238 00:11:47,800 --> 00:11:50,640 Speaker 9: and so we're just going to have to sit down 239 00:11:50,640 --> 00:11:54,960 Speaker 9: and have more of those conversations. However hard they are, 240 00:11:55,280 --> 00:11:57,200 Speaker 9: We'll just continue to do it period. 241 00:11:57,760 --> 00:12:01,160 Speaker 5: Sylvia, you negotiated or were part of negotiations years ago. 242 00:12:01,200 --> 00:12:03,079 Speaker 5: I believe that was in twenty twenty. What were your 243 00:12:03,160 --> 00:12:04,600 Speaker 5: negotiations like back then? 244 00:12:05,920 --> 00:12:07,160 Speaker 11: Were you part of twenty fourteen? 245 00:12:07,760 --> 00:12:08,000 Speaker 15: Yes? 246 00:12:08,480 --> 00:12:11,480 Speaker 5: Oh, those two what you like that? 247 00:12:11,760 --> 00:12:16,240 Speaker 12: Yes, because it's intense, especially when you don't feel like 248 00:12:16,280 --> 00:12:16,959 Speaker 12: you've been heard. 249 00:12:17,320 --> 00:12:19,600 Speaker 10: But like Terry say, you're very passionate. 250 00:12:19,280 --> 00:12:22,280 Speaker 12: About something that you do, and with our job, it 251 00:12:22,320 --> 00:12:26,280 Speaker 12: comes with any other job that's physical mentally, taxing, taxing 252 00:12:26,320 --> 00:12:28,640 Speaker 12: on your body physically, and so we just want to 253 00:12:28,679 --> 00:12:30,560 Speaker 12: be heard, but we also want to be seen as well. 254 00:12:30,600 --> 00:12:33,719 Speaker 12: And so those negotiations was like very clears, like this 255 00:12:33,760 --> 00:12:35,800 Speaker 12: is what we're standing on. We're going to stand on 256 00:12:35,840 --> 00:12:38,840 Speaker 12: all on accord, making sure everybody is on the same page. 257 00:12:38,880 --> 00:12:40,640 Speaker 12: So I messed because we be heard across the board. 258 00:12:41,240 --> 00:12:45,920 Speaker 6: That's w NBPA Terry Kerrmichael Jackson and two time w 259 00:12:46,320 --> 00:12:51,360 Speaker 6: NBA Champion Sylvia Files on stage at Bloomberg Power Players, 260 00:12:51,480 --> 00:12:56,239 Speaker 6: New York speaking with Bloomberg US Sports business reporter Randall Williams. 261 00:12:56,559 --> 00:12:59,440 Speaker 6: Up next more from Power Players, New York on this 262 00:12:59,600 --> 00:13:03,200 Speaker 6: edition of The Bloomberg Business of Sports. I'm Michael Barr, 263 00:13:03,240 --> 00:13:05,880 Speaker 6: and you're listening to the Bloomberg Business of Sports from 264 00:13:06,000 --> 00:13:08,680 Speaker 6: Bloomberg Radio around the World. 265 00:13:12,240 --> 00:13:16,240 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 266 00:13:17,720 --> 00:13:20,120 Speaker 6: This is a special edition of The Bloomberg Business of 267 00:13:20,200 --> 00:13:24,560 Speaker 6: Sports featuring some of our favorite conversations from Bloomberg Power 268 00:13:24,600 --> 00:13:28,960 Speaker 6: Players New York, presented by Invesco. I'm Michael Barr. Bloomberg 269 00:13:29,120 --> 00:13:31,800 Speaker 6: Power Players New York is an annual event we have 270 00:13:32,040 --> 00:13:35,280 Speaker 6: right here at Bloomberg World Headquarters in New York, where 271 00:13:35,280 --> 00:13:39,080 Speaker 6: we welcome influential voices from the business of sports to 272 00:13:39,200 --> 00:13:43,040 Speaker 6: identify the next wave of disruption that could hit the 273 00:13:43,160 --> 00:13:47,600 Speaker 6: multi trillion dollars sports industry around the world. Let's take 274 00:13:47,640 --> 00:13:51,240 Speaker 6: a look now at the college sports landscape, which has 275 00:13:51,320 --> 00:13:55,640 Speaker 6: been turned upside down recently due to a mix of 276 00:13:55,679 --> 00:14:01,000 Speaker 6: a flood of new money, rising student athlete power, difference shakeups, 277 00:14:01,040 --> 00:14:05,800 Speaker 6: and more. Bloomberg News Higher education finance reporter Janet Lauren 278 00:14:06,000 --> 00:14:09,320 Speaker 6: took the stage at Power Players, New York to speak 279 00:14:09,400 --> 00:14:13,120 Speaker 6: with Ross York. He is the senior vice president and 280 00:14:13,240 --> 00:14:19,800 Speaker 6: Wolf Foundation Eugene Smith Endowed Athletics Director at Ohio State University, 281 00:14:20,320 --> 00:14:24,320 Speaker 6: Martin Jarman, the Alice and Nahem Lanier Family Director of 282 00:14:24,360 --> 00:14:29,160 Speaker 6: Athletics at UCLA, and Nina King, Vice President and King 283 00:14:29,320 --> 00:14:33,880 Speaker 6: Compton Family's Director of Athletics and Adjunct Professor of Business 284 00:14:33,920 --> 00:14:38,240 Speaker 6: Administration at Duke University. For a special discussion on what's 285 00:14:38,360 --> 00:14:40,600 Speaker 6: next for college sports. Let's listen in. 286 00:14:42,360 --> 00:14:46,920 Speaker 4: So, Ross, your team is the defending national champions. The 287 00:14:46,960 --> 00:14:50,840 Speaker 4: Ohio State Texas game was the most watched Week one 288 00:14:51,160 --> 00:14:55,320 Speaker 4: CFB game ever. So how is your job different from 289 00:14:55,320 --> 00:14:56,040 Speaker 4: when you started? 290 00:14:56,800 --> 00:14:58,960 Speaker 7: Are we done and we just we just shut it down? 291 00:14:58,960 --> 00:14:59,400 Speaker 6: Are we good? 292 00:15:00,080 --> 00:15:03,240 Speaker 13: Championship? Eat number one team? And I guess now we're 293 00:15:03,280 --> 00:15:04,840 Speaker 13: ranked number one? So now we have the target on 294 00:15:04,880 --> 00:15:06,840 Speaker 13: our back. You know, first of all, thanks for having 295 00:15:06,880 --> 00:15:09,840 Speaker 13: us today and talk about college sports. You know, look, 296 00:15:10,000 --> 00:15:12,440 Speaker 13: I think you you know, in leadership, I think in 297 00:15:12,520 --> 00:15:15,600 Speaker 13: anything you know, you want to celebrate the moments, but 298 00:15:16,200 --> 00:15:18,560 Speaker 13: never too high, never too low. So you have to 299 00:15:18,640 --> 00:15:23,080 Speaker 13: keep this balanced perspective of the jobs never finished, the 300 00:15:23,160 --> 00:15:26,720 Speaker 13: journeys never finished. We have to keep pushing, especially in 301 00:15:26,760 --> 00:15:29,320 Speaker 13: this modern era. So you know, and I think a 302 00:15:29,360 --> 00:15:31,960 Speaker 13: lot of times we can take the lead of our players, 303 00:15:32,200 --> 00:15:35,160 Speaker 13: and our players that were returning off of last year's 304 00:15:35,200 --> 00:15:38,960 Speaker 13: national championship team. We started putting up these pictures and 305 00:15:39,000 --> 00:15:42,400 Speaker 13: these banners national champions and holding up the trophy and 306 00:15:42,440 --> 00:15:44,440 Speaker 13: all that, and they said, hey, can you take some 307 00:15:44,480 --> 00:15:47,560 Speaker 13: of that stuff down because we won our own identity, 308 00:15:47,720 --> 00:15:51,120 Speaker 13: and so following the lead of our athletes I think 309 00:15:51,160 --> 00:15:53,760 Speaker 13: has been a mantra for us to say, look, the 310 00:15:53,840 --> 00:15:56,760 Speaker 13: job's never finished. You know, we're we have jobs that 311 00:15:56,840 --> 00:16:01,880 Speaker 13: we operate almost like a political campaign, churning, churning, campaigning, 312 00:16:02,080 --> 00:16:03,320 Speaker 13: dinners events. 313 00:16:03,920 --> 00:16:05,120 Speaker 7: But we don't have an election day. 314 00:16:05,120 --> 00:16:07,560 Speaker 2: We have game day and there's a scoreboard. 315 00:16:07,920 --> 00:16:10,240 Speaker 13: But as far as what we do in pouring into 316 00:16:10,280 --> 00:16:13,800 Speaker 13: young people and building buildings and the nil chase and 317 00:16:13,840 --> 00:16:17,280 Speaker 13: the revenue share and the television world, there really is 318 00:16:17,400 --> 00:16:20,320 Speaker 13: not a finish line because there's always something next. So 319 00:16:20,680 --> 00:16:23,000 Speaker 13: that's how we're approaching it in an Ohio state. We 320 00:16:23,080 --> 00:16:26,160 Speaker 13: still have an upside in many ways on the business front. 321 00:16:26,160 --> 00:16:28,480 Speaker 13: So we're trying to capitalize on all those things as 322 00:16:28,520 --> 00:16:31,000 Speaker 13: it relates to winning that national championship. 323 00:16:31,040 --> 00:16:32,320 Speaker 4: So you brought up an Io. 324 00:16:32,600 --> 00:16:34,160 Speaker 11: Let's get into that right now. 325 00:16:34,280 --> 00:16:35,400 Speaker 7: It can get the hard questions. 326 00:16:36,520 --> 00:16:40,680 Speaker 4: So you guys are literally signing checks for revenue sharing agreements. 327 00:16:40,880 --> 00:16:42,560 Speaker 11: Martin, how much have you paid out so far? 328 00:16:43,720 --> 00:16:47,040 Speaker 2: Wow? She goes there for the hard ones. 329 00:16:49,080 --> 00:16:52,400 Speaker 16: Well, before I answer that hard question, thank you for 330 00:16:52,440 --> 00:16:56,280 Speaker 16: having us here. And it's an honor to be with you. 331 00:16:56,280 --> 00:16:57,080 Speaker 6: You know, it's a new day. 332 00:16:57,400 --> 00:16:59,840 Speaker 16: July first started the new era where you could share 333 00:17:00,000 --> 00:17:04,359 Speaker 16: revenue with student athletes at UCLA. We started August first, 334 00:17:04,480 --> 00:17:07,480 Speaker 16: and as of August first, for the month of August, 335 00:17:07,800 --> 00:17:10,800 Speaker 16: we shared four point eight million dollars. Wow, out of 336 00:17:10,840 --> 00:17:14,000 Speaker 16: our twenty point five million, that's allotted. So a lot 337 00:17:14,080 --> 00:17:17,080 Speaker 16: of checks were being signed in August and more to come. 338 00:17:17,119 --> 00:17:21,480 Speaker 16: But it's exciting. You know, our student athletes deserve that. UCLA. 339 00:17:21,520 --> 00:17:24,719 Speaker 16: We've always been a proponent of that, and so you know, 340 00:17:24,960 --> 00:17:27,280 Speaker 16: just how you manage that, how you make sure that 341 00:17:27,720 --> 00:17:29,919 Speaker 16: we get We've been preparing for this for a while 342 00:17:30,720 --> 00:17:34,080 Speaker 16: with the infrastructure needed to get all the student athletes information. 343 00:17:35,040 --> 00:17:38,000 Speaker 16: We use PayPal and the Big ten to make those 344 00:17:38,160 --> 00:17:42,480 Speaker 16: payments and do those out, but it's a big undertaking 345 00:17:42,720 --> 00:17:44,080 Speaker 16: just to be able to do that and kind of 346 00:17:44,080 --> 00:17:45,240 Speaker 16: flip the switch and turn it on. 347 00:17:45,880 --> 00:17:49,960 Speaker 4: Wow, Rina, how much do you think these agreements are 348 00:17:50,000 --> 00:17:52,560 Speaker 4: going to have a role in retention? Might we see 349 00:17:52,680 --> 00:17:54,720 Speaker 4: fewer people going in the transfer portal? 350 00:17:55,359 --> 00:17:57,800 Speaker 11: That's the hope first of all. 351 00:17:57,840 --> 00:18:01,040 Speaker 17: Also, let me echo my call sentiments and thank you 352 00:18:01,080 --> 00:18:04,120 Speaker 17: for having us here. And I thought the panel would 353 00:18:04,160 --> 00:18:06,200 Speaker 17: be at least four hours for us to be able 354 00:18:06,280 --> 00:18:08,159 Speaker 17: to kind of delve into some of these issues. But 355 00:18:08,960 --> 00:18:12,360 Speaker 17: you know, there are a lot of moving parts, and 356 00:18:13,200 --> 00:18:16,720 Speaker 17: you know, yeah, that's the hope. And for these agreements, 357 00:18:17,400 --> 00:18:20,960 Speaker 17: they're structured. Every institution can can decide how to structure 358 00:18:21,000 --> 00:18:24,440 Speaker 17: them and so and then even for us between sports 359 00:18:24,440 --> 00:18:27,199 Speaker 17: they're structured a little bit differently. The term is different, 360 00:18:28,160 --> 00:18:32,000 Speaker 17: and so you know, across several sports that we're revenue 361 00:18:32,040 --> 00:18:35,800 Speaker 17: sharing with, it's a lot of moving pieces. And when 362 00:18:35,800 --> 00:18:37,720 Speaker 17: I was signing all of those, we finally got a 363 00:18:37,760 --> 00:18:40,800 Speaker 17: stamp in my office so that we can get them 364 00:18:40,840 --> 00:18:44,800 Speaker 17: done quickly. But you know, we are looking to protect 365 00:18:44,960 --> 00:18:48,479 Speaker 17: the university, you know, for these agreements, also to do 366 00:18:48,520 --> 00:18:51,320 Speaker 17: what's in the best interest of the student athletes. But 367 00:18:51,400 --> 00:18:54,440 Speaker 17: this is a business arrangement now with them, and and 368 00:18:54,480 --> 00:18:57,520 Speaker 17: so you know, we we've got plenty of lawyers involved 369 00:18:57,560 --> 00:19:02,040 Speaker 17: in writing agreements again to go back to protecting the university. 370 00:19:02,040 --> 00:19:04,359 Speaker 17: But I absolutely think this is the right thing to 371 00:19:04,400 --> 00:19:07,720 Speaker 17: be doing for these student athletes. I'm not going to 372 00:19:07,720 --> 00:19:10,200 Speaker 17: tell you how many checks I've signed and how much 373 00:19:10,240 --> 00:19:13,199 Speaker 17: they've totaled up to up to this point, but we 374 00:19:13,240 --> 00:19:14,800 Speaker 17: are trying to be competitive in this space. 375 00:19:15,359 --> 00:19:18,240 Speaker 4: So let me share some numbers. Between June and August, 376 00:19:18,280 --> 00:19:21,800 Speaker 4: the amount of money distributed has been eighty million dollars. 377 00:19:22,119 --> 00:19:24,919 Speaker 4: It's almost a million dollars a day and about one 378 00:19:25,000 --> 00:19:26,080 Speaker 4: hundred deals a day. 379 00:19:26,760 --> 00:19:27,600 Speaker 11: What do you think of this? 380 00:19:28,000 --> 00:19:31,760 Speaker 13: Ross is that the latest statistics came out in the 381 00:19:31,760 --> 00:19:32,760 Speaker 13: College Sports Commission. 382 00:19:32,800 --> 00:19:33,480 Speaker 7: They just released that. 383 00:19:33,520 --> 00:19:35,600 Speaker 13: So I think it's great that, you know, we've been 384 00:19:35,640 --> 00:19:39,480 Speaker 13: asking for some transparency right around this. You know, look, 385 00:19:39,720 --> 00:19:43,080 Speaker 13: I think it's I think it's awesome opportunities for our athletes. 386 00:19:43,119 --> 00:19:45,520 Speaker 13: You know, what do we say about college, You go there, 387 00:19:45,600 --> 00:19:47,960 Speaker 13: receive an education, prepare yourself. 388 00:19:47,560 --> 00:19:49,080 Speaker 7: For the next level. Whatever that is. 389 00:19:50,640 --> 00:19:53,439 Speaker 13: Maybe you can go pro excuse me, your in your sport, 390 00:19:54,320 --> 00:19:56,760 Speaker 13: I might need that emergency water. We were joking about that. 391 00:19:57,119 --> 00:19:59,600 Speaker 13: Now it got me, you know, so I think it's 392 00:19:59,600 --> 00:20:04,080 Speaker 13: an awesome opportunity to basically have these athletes have the 393 00:20:04,119 --> 00:20:07,640 Speaker 13: opportunities that other students have always had, but in our 394 00:20:07,720 --> 00:20:10,640 Speaker 13: world we restricted it. You can't be in a video game, 395 00:20:10,640 --> 00:20:13,960 Speaker 13: you can't use YouTube channel, you can't monetize social media. 396 00:20:14,640 --> 00:20:17,760 Speaker 13: You can't, you can't, you can't. And now it's like, 397 00:20:18,040 --> 00:20:21,320 Speaker 13: let's go full throttle. And so we're seeing these big 398 00:20:21,400 --> 00:20:24,280 Speaker 13: numbers and some of it may be shocking, but in 399 00:20:24,320 --> 00:20:26,720 Speaker 13: a lot of ways, it's a catch up phase in 400 00:20:27,040 --> 00:20:30,640 Speaker 13: some ways because our athletes have been restricted for so long. 401 00:20:30,760 --> 00:20:32,920 Speaker 13: So I think all of us that are setting here, 402 00:20:33,200 --> 00:20:34,960 Speaker 13: I think, as we try to be competitive in the 403 00:20:35,000 --> 00:20:40,040 Speaker 13: new world again, how do we provide opportunities for third party? 404 00:20:40,080 --> 00:20:42,800 Speaker 13: In IL we're going to have the revshare cap from 405 00:20:42,840 --> 00:20:46,320 Speaker 13: the university. That's going to be standard, but what does 406 00:20:46,320 --> 00:20:49,040 Speaker 13: the third party roadmap look like? That's probably the next 407 00:20:49,040 --> 00:20:51,359 Speaker 13: sort of arms race and all of this, and again 408 00:20:51,400 --> 00:20:55,000 Speaker 13: it's all about what can the athlete be provided in 409 00:20:55,040 --> 00:20:58,600 Speaker 13: this moment in time and so we're all pushing, you know, 410 00:20:58,640 --> 00:20:59,960 Speaker 13: towards that new area. 411 00:21:00,920 --> 00:21:04,879 Speaker 4: So with all this revenue sharing a lot going to football, basketball, 412 00:21:04,960 --> 00:21:07,959 Speaker 4: that leaves other sports maybe not with as much money. 413 00:21:08,359 --> 00:21:13,159 Speaker 4: So let's talk about Olympic sports. Martin Los Angeles is 414 00:21:13,200 --> 00:21:16,280 Speaker 4: hosting the Olympics in twenty twenty. The Olympic Village is 415 00:21:16,320 --> 00:21:18,560 Speaker 4: going to be on your campus. Do you know how 416 00:21:18,600 --> 00:21:22,560 Speaker 4: many medals you see LA athletes have won almost three hundred, 417 00:21:23,280 --> 00:21:24,760 Speaker 4: two hundred and eighty four. 418 00:21:24,960 --> 00:21:25,560 Speaker 10: Yes, yeh. 419 00:21:26,119 --> 00:21:27,159 Speaker 11: That's a lot of change. 420 00:21:27,200 --> 00:21:32,320 Speaker 4: And we're already starting to see schools cut teams diving 421 00:21:32,440 --> 00:21:36,840 Speaker 4: at Virginia swimming and diving at CalPoly. What is the 422 00:21:36,960 --> 00:21:38,840 Speaker 4: risk to the United States? Are we going to have 423 00:21:38,880 --> 00:21:40,680 Speaker 4: fewer medals after this big shakeup? 424 00:21:41,920 --> 00:21:45,119 Speaker 16: So first let me say at UCLA, we have a 425 00:21:45,160 --> 00:21:49,959 Speaker 16: proud tradition with our Olympic sports. You know, since nineteen 426 00:21:50,040 --> 00:21:53,200 Speaker 16: twenty eight, we've had four hundred and thirty six bruins 427 00:21:53,400 --> 00:21:57,600 Speaker 16: make six hundred and sixty one Olympic teams. So that's 428 00:21:57,680 --> 00:22:00,200 Speaker 16: I mean, we're we're if we're not the highest as 429 00:22:00,200 --> 00:22:03,200 Speaker 16: we're in the top two in the country as far 430 00:22:03,200 --> 00:22:06,440 Speaker 16: as producing Olympians. We have a phrase at UCLA Athletics 431 00:22:06,520 --> 00:22:09,800 Speaker 16: champions made here. It's Olympians made here too, So we 432 00:22:09,920 --> 00:22:14,680 Speaker 16: take our investment in our Olympic sports very seriously. That said, 433 00:22:14,840 --> 00:22:18,320 Speaker 16: you know, the financial model has changed, the realities have changed, 434 00:22:18,440 --> 00:22:22,560 Speaker 16: and we're extremely excited to be hosting LA twenty eight 435 00:22:22,600 --> 00:22:24,760 Speaker 16: and Olympics in twenty eight and having them on campus 436 00:22:24,800 --> 00:22:28,800 Speaker 16: in Westwood, But there is a concern after LA twenty 437 00:22:28,840 --> 00:22:32,040 Speaker 16: eight what programs around the country are going to. 438 00:22:31,960 --> 00:22:33,840 Speaker 2: Do with their Olympic sports. You know, we're going to 439 00:22:33,960 --> 00:22:34,640 Speaker 2: keep investing. 440 00:22:35,359 --> 00:22:40,520 Speaker 16: We think it's very important to continue to produce Olympians 441 00:22:40,680 --> 00:22:44,399 Speaker 16: champions and that's important, but at the same time, the 442 00:22:44,440 --> 00:22:47,560 Speaker 16: financial realities are changing, and so you know, what we're 443 00:22:47,640 --> 00:22:50,639 Speaker 16: talking about more is we need to really study, in 444 00:22:50,640 --> 00:22:54,080 Speaker 16: my opinion, what other countries do as far as how 445 00:22:54,119 --> 00:22:58,360 Speaker 16: they fund Olympic sports, and take those learnings from other 446 00:22:58,400 --> 00:23:00,119 Speaker 16: countries and apply it to what we do here in 447 00:23:00,160 --> 00:23:02,480 Speaker 16: the United States. Because I think we're going to be 448 00:23:02,600 --> 00:23:05,480 Speaker 16: very strong LA twenty eight. I think the whole you know, 449 00:23:05,520 --> 00:23:08,000 Speaker 16: the whole country is going to get behind that. And 450 00:23:09,040 --> 00:23:11,320 Speaker 16: Casey Washerman has done an excellent job. He's a bruin 451 00:23:11,440 --> 00:23:14,000 Speaker 16: with all the planning, and I think we're going to 452 00:23:14,080 --> 00:23:17,920 Speaker 16: perform well, but there is a concern after LA twenty eight. 453 00:23:17,960 --> 00:23:19,720 Speaker 16: What does that mean? You know, is there going to 454 00:23:19,760 --> 00:23:22,600 Speaker 16: be a cliff with Olympic sports. I don't see that 455 00:23:22,720 --> 00:23:25,720 Speaker 16: obviously at UCLA, but I do worry about as a 456 00:23:25,760 --> 00:23:29,040 Speaker 16: whole our Olympic movement if we don't figure out a 457 00:23:29,040 --> 00:23:31,159 Speaker 16: better way to fund Olympic. 458 00:23:30,800 --> 00:23:32,200 Speaker 2: Sports, because that's the issue. 459 00:23:32,640 --> 00:23:35,080 Speaker 16: The issue is the funding model for Olympic sports, and 460 00:23:35,119 --> 00:23:36,240 Speaker 16: I think that's got to adjust. 461 00:23:37,119 --> 00:23:39,959 Speaker 4: So let's talk about the funding model. We keep hearing 462 00:23:40,119 --> 00:23:44,120 Speaker 4: the idea of private equity. Is it coming for college sports? 463 00:23:44,520 --> 00:23:45,879 Speaker 4: How would this even work? 464 00:23:46,160 --> 00:23:47,320 Speaker 11: Nina? Can we call it? 465 00:23:47,400 --> 00:23:48,400 Speaker 10: David rubinsteinback? 466 00:23:48,760 --> 00:23:51,000 Speaker 17: I mean, I think he's the one that we need 467 00:23:51,040 --> 00:23:55,639 Speaker 17: to be asking that question. You know, yes, the financial 468 00:23:55,720 --> 00:24:00,359 Speaker 17: model in college athletics is stressed. The way that we 469 00:24:00,400 --> 00:24:04,520 Speaker 17: are operating as a business model. I mean you also 470 00:24:04,720 --> 00:24:06,720 Speaker 17: opened our books to you you would think it's a 471 00:24:06,840 --> 00:24:09,760 Speaker 17: joke the way that we are operating. And so we 472 00:24:09,840 --> 00:24:12,960 Speaker 17: need to figure out how to build something more sustainable 473 00:24:13,000 --> 00:24:16,520 Speaker 17: so we can support broad based programming. You know, a 474 00:24:16,520 --> 00:24:19,600 Speaker 17: student athlete opportunities to come to our campuses, not just 475 00:24:19,640 --> 00:24:22,159 Speaker 17: to compete in sports, but but to you know, receive 476 00:24:22,160 --> 00:24:26,720 Speaker 17: a my case of duke degree. And so, you know what, 477 00:24:26,920 --> 00:24:32,320 Speaker 17: we are exploring all kinds of revenue models, and that 478 00:24:32,400 --> 00:24:35,919 Speaker 17: certainly includes private equity in the traditional sense. I'm not 479 00:24:35,960 --> 00:24:39,280 Speaker 17: convinced that it would work, but we're talking to a 480 00:24:39,280 --> 00:24:40,920 Speaker 17: lot of folks to kind of figure out. 481 00:24:40,800 --> 00:24:42,720 Speaker 11: Is are there hybrid models? 482 00:24:42,760 --> 00:24:45,760 Speaker 17: Are there unique ways that we could do something to 483 00:24:45,880 --> 00:24:51,119 Speaker 17: infuse capital cash into our athletics departments and into our universities. 484 00:24:51,160 --> 00:24:52,600 Speaker 17: I mean, I think there are a lot of revenue 485 00:24:52,640 --> 00:24:56,399 Speaker 17: opportunities on campus as well, and so how do we 486 00:24:56,480 --> 00:24:59,120 Speaker 17: kind of create that synergy with campus to to continue 487 00:24:59,160 --> 00:25:04,280 Speaker 17: to build revenue. We are heavily reliant on philanthropy, and 488 00:25:05,160 --> 00:25:06,800 Speaker 17: you know, but if we could have been raising an 489 00:25:06,840 --> 00:25:09,600 Speaker 17: extra twenty point five million dollars a year, we would 490 00:25:09,600 --> 00:25:12,399 Speaker 17: have been And so I don't think, you know, straight 491 00:25:12,480 --> 00:25:15,159 Speaker 17: philanthropy is the answer. And so, like I said, we 492 00:25:15,200 --> 00:25:18,040 Speaker 17: are exploring everything, and I think private equity is on 493 00:25:18,080 --> 00:25:18,840 Speaker 17: the table for sure. 494 00:25:20,240 --> 00:25:24,520 Speaker 6: That's Bloomberg News Higher education finance reporter Janet Lauren in 495 00:25:24,600 --> 00:25:28,760 Speaker 6: a panel discussion with Ross B. York of Ohio State University, 496 00:25:29,280 --> 00:25:34,520 Speaker 6: Martin Jermond of UCLA, and Nina King of Dunk University 497 00:25:34,760 --> 00:25:38,920 Speaker 6: from Bloomberg Power Players, New York. Up next, more from 498 00:25:39,040 --> 00:25:42,800 Speaker 6: Power Players with a look at what's next in the NFL. 499 00:25:43,480 --> 00:25:46,399 Speaker 6: Michael Barr and you're listening to a special edition of 500 00:25:46,480 --> 00:25:50,320 Speaker 6: the Bloomberg Business of Sports from Bloomberger Radio around the world. 501 00:26:01,920 --> 00:26:06,520 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 502 00:26:06,960 --> 00:26:09,080 Speaker 6: Thanks for joining us for a special edition of The 503 00:26:09,080 --> 00:26:11,520 Speaker 6: Bloomberg Business of Sports as we listened to some of 504 00:26:11,560 --> 00:26:16,800 Speaker 6: our favorite conversations heard live at the Bloomberg Power Players 505 00:26:16,880 --> 00:26:20,480 Speaker 6: New York. I'm Michael Barr. It's opening weekend for the NFL, 506 00:26:20,680 --> 00:26:23,679 Speaker 6: and one of our key conversations at Power Players New 507 00:26:23,760 --> 00:26:27,880 Speaker 6: York was on what's next for the league. Bloomberg Original's 508 00:26:27,960 --> 00:26:33,240 Speaker 6: chief correspondent and Power Players executive producer Jason Kelly was 509 00:26:33,320 --> 00:26:37,480 Speaker 6: joined on stage by Michael Erughetti, co founder and CEO 510 00:26:37,760 --> 00:26:42,760 Speaker 6: at Aries Management Corporation, and Tom Garfinkel, Vice Chairman, president 511 00:26:42,840 --> 00:26:47,240 Speaker 6: and CEO of the Miami Dolphins and hard Rock Stadium 512 00:26:47,359 --> 00:26:50,560 Speaker 6: to talk about where the big money in the NFL 513 00:26:50,720 --> 00:26:51,480 Speaker 6: is going next. 514 00:26:51,760 --> 00:26:54,760 Speaker 18: You guys made some big headlines last year. Aries as 515 00:26:54,800 --> 00:26:58,679 Speaker 18: an investor into the Miami Dolphins under these new rules 516 00:26:58,680 --> 00:27:02,119 Speaker 18: that the NFL adopted to bring institutional capital, and my 517 00:27:02,400 --> 00:27:06,800 Speaker 18: main question for you, as the recipient of such an investment, Tom, 518 00:27:06,880 --> 00:27:08,959 Speaker 18: is how's it going? How does it you know, how 519 00:27:09,000 --> 00:27:10,840 Speaker 18: does private equity sort of change? 520 00:27:10,920 --> 00:27:15,800 Speaker 10: And how am I doing now? 521 00:27:16,280 --> 00:27:17,359 Speaker 15: It's it's fantastic. 522 00:27:17,440 --> 00:27:19,520 Speaker 3: I mean, we couldn't have better partners, I think, you know, 523 00:27:19,600 --> 00:27:22,120 Speaker 3: obviously the NFL was so diligent in the process of 524 00:27:22,640 --> 00:27:25,399 Speaker 3: how private equity came into the sport and who was 525 00:27:25,400 --> 00:27:27,600 Speaker 3: selected to come in, and there are reasons for coming in, 526 00:27:27,760 --> 00:27:31,000 Speaker 3: and we couldn't have a better partner. And Arias I'm 527 00:27:31,000 --> 00:27:33,800 Speaker 3: not just saying that because Mike's sitting sitting here, but uh, 528 00:27:33,960 --> 00:27:37,720 Speaker 3: the whole team from Mary's has been strategic partners. 529 00:27:38,440 --> 00:27:39,240 Speaker 15: You know, long term. 530 00:27:39,280 --> 00:27:42,480 Speaker 3: They've got a long term view on things and uh, 531 00:27:42,560 --> 00:27:43,840 Speaker 3: and they're a lot of fun to be with. 532 00:27:43,960 --> 00:27:46,160 Speaker 15: So you know, it's kind of the best of all worlds. 533 00:27:46,600 --> 00:27:49,240 Speaker 2: So why do it? Why go in? Well? What what's 534 00:27:49,240 --> 00:27:53,040 Speaker 2: so great about the NFL? Well, I said, somewhat sarcastically, 535 00:27:53,080 --> 00:27:54,640 Speaker 2: but you know. 536 00:27:55,680 --> 00:28:01,840 Speaker 8: Football is obviously the most watched sport, huge scarcity value, 537 00:28:02,560 --> 00:28:08,320 Speaker 8: ever increasing media rights value. The business model of the 538 00:28:08,400 --> 00:28:11,200 Speaker 8: NFL is probably one of the most durable in all 539 00:28:11,240 --> 00:28:15,919 Speaker 8: of sports, and so as we think about just investing 540 00:28:15,960 --> 00:28:19,800 Speaker 8: across the entire sports ecosystem, the NFL kind of checks 541 00:28:20,119 --> 00:28:22,600 Speaker 8: every box, right. I mean, most other leagues that we've 542 00:28:22,600 --> 00:28:25,440 Speaker 8: invested in, there's some risk that you have to box 543 00:28:25,560 --> 00:28:29,159 Speaker 8: relegation or lack of you know, national media rights, but 544 00:28:29,200 --> 00:28:33,400 Speaker 8: the NFL really sits at the top of the top. 545 00:28:34,840 --> 00:28:35,040 Speaker 7: You know. 546 00:28:35,080 --> 00:28:38,000 Speaker 8: There was a long process, as Tom hinted at, just 547 00:28:38,080 --> 00:28:40,560 Speaker 8: to get authorized. 548 00:28:39,920 --> 00:28:42,600 Speaker 7: To invest in the league. 549 00:28:43,400 --> 00:28:46,200 Speaker 8: We are incredibly proud and humbled by the fact that 550 00:28:46,240 --> 00:28:48,960 Speaker 8: we were selected in a very small handful of people 551 00:28:49,000 --> 00:28:50,760 Speaker 8: to do it. And I think a lot of that 552 00:28:50,880 --> 00:28:52,840 Speaker 8: is just the experience that we brought to the table, 553 00:28:52,840 --> 00:28:55,600 Speaker 8: but also the respect for just how important is to 554 00:28:56,040 --> 00:28:58,720 Speaker 8: be a good, long term oriented partner. 555 00:29:00,640 --> 00:29:03,400 Speaker 7: The Dolphins were our first I don't know if it'll 556 00:29:03,400 --> 00:29:04,240 Speaker 7: be our only, but. 557 00:29:05,720 --> 00:29:09,000 Speaker 8: In NFL, the Dolphins are particularly unique as well, given 558 00:29:09,040 --> 00:29:12,840 Speaker 8: the multitude of assets, stadium, F one, tennis, all the 559 00:29:12,880 --> 00:29:14,520 Speaker 8: things that's surrounded. 560 00:29:14,560 --> 00:29:16,160 Speaker 7: So we thought that it was a really good place 561 00:29:16,160 --> 00:29:16,520 Speaker 7: to start. 562 00:29:16,560 --> 00:29:18,280 Speaker 18: And I want to talk more about that in a second, 563 00:29:18,360 --> 00:29:22,280 Speaker 18: but one thing that does strike me. Tom and the 564 00:29:22,320 --> 00:29:25,080 Speaker 18: three of us have talked about this individually over the 565 00:29:25,120 --> 00:29:28,120 Speaker 18: past few months. Is this idea that you know, you 566 00:29:28,160 --> 00:29:31,520 Speaker 18: guys did your deal, the Bills did their deal with Arctos. 567 00:29:31,520 --> 00:29:35,120 Speaker 2: There have been a couple other minority stake sales. 568 00:29:34,800 --> 00:29:37,400 Speaker 18: Including one reporter by Bloomberg with the Koch family coming 569 00:29:37,400 --> 00:29:38,520 Speaker 18: into the New York Giants. 570 00:29:40,440 --> 00:29:42,200 Speaker 2: Tom, Are you surprised there hasn't been more? 571 00:29:43,680 --> 00:29:43,760 Speaker 17: No? 572 00:29:43,920 --> 00:29:47,800 Speaker 3: I think again, I think the NFL. I think ownership 573 00:29:47,840 --> 00:29:53,200 Speaker 3: of these teams are being very deliberate, very patient in 574 00:29:53,800 --> 00:29:57,760 Speaker 3: their selection. And given the valuation of the deal that 575 00:29:57,760 --> 00:29:59,520 Speaker 3: you announced, Mike's already got a great. 576 00:29:59,320 --> 00:30:05,120 Speaker 18: Deal with us, reportedly a ten billion dollar valuation. 577 00:30:05,280 --> 00:30:07,760 Speaker 3: I think I love that. I think the fact that 578 00:30:07,840 --> 00:30:10,640 Speaker 3: some of the owners are waiting, I think they're expecting 579 00:30:10,680 --> 00:30:13,800 Speaker 3: values to continue to rise, and I think they're right. 580 00:30:14,160 --> 00:30:15,560 Speaker 2: What do you think about valuations? 581 00:30:15,680 --> 00:30:18,360 Speaker 18: I mean, having done the underwriting here and done all 582 00:30:18,360 --> 00:30:20,000 Speaker 18: this diligence, where valuations right now? 583 00:30:20,040 --> 00:30:20,480 Speaker 2: Where they go? 584 00:30:20,600 --> 00:30:21,840 Speaker 7: When the first. 585 00:30:23,120 --> 00:30:25,680 Speaker 8: Investment came into the league at a five and a 586 00:30:25,720 --> 00:30:29,480 Speaker 8: half billion dollar evaluation, I think people were shocked. The 587 00:30:29,560 --> 00:30:32,000 Speaker 8: median value in the NFL now is about seven point 588 00:30:32,040 --> 00:30:35,840 Speaker 8: one billion, and with every successive investment you're seeing those 589 00:30:35,960 --> 00:30:36,760 Speaker 8: values go up. 590 00:30:37,280 --> 00:30:39,760 Speaker 7: Some of that is the presence of institutional equity. 591 00:30:39,840 --> 00:30:43,719 Speaker 8: So if you just look at sports team valuations in general, 592 00:30:43,840 --> 00:30:47,800 Speaker 8: you'll see an inflection. NBA saw it, NHL saw it 593 00:30:47,840 --> 00:30:51,360 Speaker 8: when institutional capital comes in because you're dealing with asset 594 00:30:51,440 --> 00:30:54,800 Speaker 8: scarcity and when you start to open up new channels 595 00:30:54,800 --> 00:30:57,680 Speaker 8: for investment, valuations will naturally go up. 596 00:30:57,720 --> 00:30:59,240 Speaker 7: So I think you're beginning. 597 00:30:59,200 --> 00:31:02,440 Speaker 8: To see that scar city value thesis play out. And 598 00:31:02,480 --> 00:31:04,920 Speaker 8: then the media rights, you know, continue to go up. 599 00:31:04,960 --> 00:31:09,040 Speaker 8: And so sports franchises have compounded a ten to fifteen 600 00:31:09,040 --> 00:31:12,360 Speaker 8: percent per year for the last fifteen years, and then 601 00:31:12,400 --> 00:31:15,960 Speaker 8: they get these periodic inflections whenever you up to her 602 00:31:16,000 --> 00:31:16,640 Speaker 8: the media rights. 603 00:31:16,640 --> 00:31:18,280 Speaker 7: But I think will continue to go up. 604 00:31:18,600 --> 00:31:21,120 Speaker 18: And Tom, do you agree, Like, how fast will they 605 00:31:21,120 --> 00:31:22,880 Speaker 18: go up? I mean, how soon are we going to 606 00:31:22,920 --> 00:31:25,560 Speaker 18: see a twenty billion dollar team? I mean, I know 607 00:31:25,560 --> 00:31:27,280 Speaker 18: it's hard to project, but I. 608 00:31:27,200 --> 00:31:30,720 Speaker 3: Think that's going to happen sooner than people expect. Look, 609 00:31:31,000 --> 00:31:33,959 Speaker 3: I think I look at it maybe more simplistically. I 610 00:31:34,040 --> 00:31:37,480 Speaker 3: just think that it's fundamentally supply and demand. You've got 611 00:31:37,520 --> 00:31:40,360 Speaker 3: a lot of demand for these assets. They don't go 612 00:31:40,480 --> 00:31:44,360 Speaker 3: for sale. There's a scarcity supply of them. The NFL 613 00:31:44,520 --> 00:31:49,760 Speaker 3: is a fantastic business model. It's also a group of 614 00:31:49,880 --> 00:31:52,120 Speaker 3: owners that sort of a club some people want to 615 00:31:52,120 --> 00:31:56,120 Speaker 3: be in. But from an investment standpoint, you know, Miami, 616 00:31:56,160 --> 00:31:58,720 Speaker 3: for example, in some of these markets, you get a 617 00:31:58,800 --> 00:32:02,560 Speaker 3: chance to you know host, I mean, we'll have the 618 00:32:02,600 --> 00:32:05,360 Speaker 3: World Cup, We'll have the National Championship Game, the Formula 619 00:32:05,360 --> 00:32:07,600 Speaker 3: one Race, the Miami Open Tennis tournament, all in the 620 00:32:07,640 --> 00:32:11,200 Speaker 3: next you know, in the first five six months, for 621 00:32:11,320 --> 00:32:13,520 Speaker 3: six months of twenty twenty six on your campus, on 622 00:32:13,600 --> 00:32:16,760 Speaker 3: our campus. And so you know, when you when you 623 00:32:16,800 --> 00:32:22,720 Speaker 3: get an opportunity to host, you know we had you know, 624 00:32:22,760 --> 00:32:25,800 Speaker 3: the level of celebrity and power and the people that 625 00:32:25,840 --> 00:32:29,240 Speaker 3: come to these events. You know, there's there's there's meaningful 626 00:32:29,800 --> 00:32:31,840 Speaker 3: business that's conducted in the environments. 627 00:32:32,720 --> 00:32:34,200 Speaker 15: There's a lot of different value levers. 628 00:32:34,200 --> 00:32:37,120 Speaker 3: And I think fundamentally against supplying to man As people 629 00:32:37,160 --> 00:32:42,520 Speaker 3: who can afford to purchase these teams get more wealthy, 630 00:32:42,840 --> 00:32:44,920 Speaker 3: the evaluation is going to go up. The scarcity is there, 631 00:32:44,920 --> 00:32:47,840 Speaker 3: and I think for institutional investors that's part of not 632 00:32:47,880 --> 00:32:50,600 Speaker 3: speaking for mic or areas. But I think part of 633 00:32:50,600 --> 00:32:53,160 Speaker 3: the calculus has to be the health of the business model. 634 00:32:53,160 --> 00:32:54,920 Speaker 15: I mean, the NFL is the most relevant. 635 00:32:54,600 --> 00:32:58,360 Speaker 3: Cultural phenomenon in the United States, as evidenced by viewership 636 00:32:58,400 --> 00:33:02,040 Speaker 3: and everything else, and that's going to continue. 637 00:33:02,120 --> 00:33:04,120 Speaker 15: So the evaluation should continue to go up. 638 00:33:04,320 --> 00:33:06,400 Speaker 18: And Mike, you alluded to this and Tom has too, 639 00:33:06,480 --> 00:33:10,680 Speaker 18: this notion that you guys are now a global sports investor. 640 00:33:10,720 --> 00:33:13,720 Speaker 18: I think it's fair to say, but that's I mean, 641 00:33:14,120 --> 00:33:16,520 Speaker 18: you were doing some of it, but now you're doing it. 642 00:33:16,560 --> 00:33:19,920 Speaker 18: I would argue at scale as much as anyone, When 643 00:33:19,960 --> 00:33:21,400 Speaker 18: did you make that decision and why? 644 00:33:21,600 --> 00:33:24,320 Speaker 7: So it's interesting we at areas. 645 00:33:24,320 --> 00:33:28,320 Speaker 8: We pivoted to that at the beginning of COVID, and 646 00:33:28,360 --> 00:33:32,400 Speaker 8: the catalyst was for a lot of leagues, they were 647 00:33:32,440 --> 00:33:36,360 Speaker 8: looking at an ownership group that was asset rich, cash 648 00:33:36,400 --> 00:33:38,800 Speaker 8: poor in many respects. They were going to be facing 649 00:33:38,840 --> 00:33:46,600 Speaker 8: acute liquidity challenges and you had live events with no spectators. 650 00:33:46,960 --> 00:33:48,800 Speaker 8: So it became pretty obvious to us that if we 651 00:33:48,800 --> 00:33:52,880 Speaker 8: could actually go in as a creative liquidity provider, that 652 00:33:52,880 --> 00:33:55,040 Speaker 8: we would be able to do something special. So it 653 00:33:55,080 --> 00:33:57,920 Speaker 8: actually started off as an idea that we would effectively 654 00:33:57,960 --> 00:34:02,760 Speaker 8: build a bridge through the pandemic to leagues and team owners. 655 00:34:03,480 --> 00:34:05,920 Speaker 8: By moving early, we were able to develop some pretty 656 00:34:05,920 --> 00:34:09,400 Speaker 8: trusting relationships. I think at the league level, within the 657 00:34:09,440 --> 00:34:11,920 Speaker 8: ownership groups, and within the broader ECO system that we 658 00:34:11,920 --> 00:34:15,239 Speaker 8: were there not to take advantage, but to really help 659 00:34:15,280 --> 00:34:19,560 Speaker 8: people through it. And then, as everybody knows, through the pandemic, 660 00:34:19,600 --> 00:34:22,839 Speaker 8: I think we really learned how much we just love 661 00:34:23,200 --> 00:34:25,239 Speaker 8: sports and how much we miss them. And so in 662 00:34:25,280 --> 00:34:29,239 Speaker 8: the back end of the pandemic, the valuations accelerated and 663 00:34:29,840 --> 00:34:33,040 Speaker 8: we find ourselves where we are today. But that head 664 00:34:33,120 --> 00:34:36,440 Speaker 8: start that we got by building that trust as a 665 00:34:36,480 --> 00:34:38,520 Speaker 8: solution provider, I think went a long way to putting 666 00:34:38,560 --> 00:34:39,279 Speaker 8: us where we are now. 667 00:34:39,360 --> 00:34:42,320 Speaker 15: And Jason, think you back to the relevance of the NFL. 668 00:34:42,840 --> 00:34:45,640 Speaker 3: The Hall of Fame game, which is the first preseason 669 00:34:45,680 --> 00:34:48,840 Speaker 3: game that's played, that was played this year, and this 670 00:34:49,000 --> 00:34:54,200 Speaker 3: is consistent for the past few years, pulled higher television ratings. Now, 671 00:34:54,320 --> 00:34:57,480 Speaker 3: keep in mind there's nothing but third fourth string players 672 00:34:57,480 --> 00:34:59,279 Speaker 3: that probably aren't going to make the team playing in 673 00:34:59,320 --> 00:35:03,000 Speaker 3: that game. That game pulled higher television ratings than the 674 00:35:03,120 --> 00:35:07,320 Speaker 3: average NBA playoff game. So you're talking about a preseason 675 00:35:07,400 --> 00:35:08,959 Speaker 3: game with no starters playing. 676 00:35:09,000 --> 00:35:14,120 Speaker 2: Alex rodrigainst this backstation, Oh good. And the NBA's great properties. 677 00:35:14,560 --> 00:35:15,759 Speaker 2: They're great businesses. 678 00:35:15,800 --> 00:35:18,399 Speaker 3: They're they're you know, I'm not saying thing negative about 679 00:35:18,400 --> 00:35:21,120 Speaker 3: the NBA. The NBA is a great property, and Alex 680 00:35:21,160 --> 00:35:23,560 Speaker 3: made a great investment, and I would be bullish about 681 00:35:23,560 --> 00:35:26,520 Speaker 3: his investment. But I think when you just comparatively speaking, 682 00:35:26,520 --> 00:35:28,360 Speaker 3: we talk about the relevance of the NFL and the 683 00:35:28,360 --> 00:35:30,560 Speaker 3: power of the NFL culture in this country, I think that's. 684 00:35:30,440 --> 00:35:33,480 Speaker 8: Basically that average viewership is five times the next nearest 685 00:35:33,520 --> 00:35:36,200 Speaker 8: league in the NFL seventeen to eighteen million per game, 686 00:35:36,760 --> 00:35:38,080 Speaker 8: so nothing even comes close. 687 00:35:38,120 --> 00:35:39,560 Speaker 7: And I think you correct me if I'm wrong. 688 00:35:40,040 --> 00:35:43,080 Speaker 8: Twenty nine of the thirty most watched televised events of 689 00:35:43,120 --> 00:35:45,759 Speaker 8: all time were Super Bowls. I think best at only 690 00:35:46,120 --> 00:35:46,880 Speaker 8: the moon Land. 691 00:35:46,840 --> 00:35:50,160 Speaker 3: And year to year it's anywhere between ninety two to 692 00:35:50,320 --> 00:35:52,800 Speaker 3: ninety six of the top one hundred most watched television 693 00:35:52,800 --> 00:35:54,400 Speaker 3: programs or NFL games. 694 00:35:54,239 --> 00:35:56,319 Speaker 18: Right well, and then we spent a lot of time 695 00:35:56,320 --> 00:36:00,000 Speaker 18: on college sports earlier, a very good amount of time, 696 00:36:00,360 --> 00:36:03,560 Speaker 18: an appropriate amount of time talking about college sports, and clearly. 697 00:36:03,320 --> 00:36:05,359 Speaker 2: The money that's going in the viewership that's there. 698 00:36:05,440 --> 00:36:08,440 Speaker 18: I mean, you essentially have NFL Junior being created at 699 00:36:08,440 --> 00:36:09,640 Speaker 18: the college level. 700 00:36:10,800 --> 00:36:12,239 Speaker 2: Is that investible? 701 00:36:12,680 --> 00:36:16,120 Speaker 7: Mike, Yeah, absolutely, and we've talked about this. 702 00:36:16,360 --> 00:36:19,640 Speaker 8: We try to approach the whole sports investment business as 703 00:36:19,760 --> 00:36:24,080 Speaker 8: understanding the sports ecosystem. So that's what's so unique about 704 00:36:24,120 --> 00:36:27,120 Speaker 8: what Tom and his team have is the stadium asset 705 00:36:27,600 --> 00:36:30,160 Speaker 8: has now created an ecosystem around the stadium mass that 706 00:36:30,200 --> 00:36:32,960 Speaker 8: they get to build other things into. And as Tom 707 00:36:33,000 --> 00:36:36,160 Speaker 8: alluded to, you then have the ecosystem of Miami, which 708 00:36:36,200 --> 00:36:39,680 Speaker 8: is actually one of the fastest growing, most favorable demographics 709 00:36:40,120 --> 00:36:43,200 Speaker 8: in the country. And when you have that level of impact, 710 00:36:43,640 --> 00:36:46,080 Speaker 8: you start to see other things come out. So I 711 00:36:46,120 --> 00:36:50,239 Speaker 8: think when you start to see development of NIL and 712 00:36:50,400 --> 00:36:54,480 Speaker 8: rejriggering of college leagues, all of that starts to become 713 00:36:54,520 --> 00:36:58,200 Speaker 8: investable with innovative financial product. And so you know, we're 714 00:36:58,200 --> 00:37:00,279 Speaker 8: always looking for those markets as they open up at 715 00:37:00,280 --> 00:37:05,279 Speaker 8: Absolutely college sports, state UM assets and al support, media rights. 716 00:37:05,600 --> 00:37:06,920 Speaker 7: Those are all going to become big investments. 717 00:37:06,920 --> 00:37:08,960 Speaker 2: I mean, you're going to have the college football National Championship, 718 00:37:09,040 --> 00:37:09,719 Speaker 2: right we are. 719 00:37:10,040 --> 00:37:12,359 Speaker 3: Every year we have the Orange we have Orange Bowl, 720 00:37:12,360 --> 00:37:15,239 Speaker 3: we have semi or this year we have the National Championship. 721 00:37:15,640 --> 00:37:19,520 Speaker 3: Last weekend we had Notre Dame Miami, the Governor of Florida, 722 00:37:19,520 --> 00:37:22,640 Speaker 3: the Secretary of State of the United States and a 723 00:37:22,719 --> 00:37:25,239 Speaker 3: nameless one of the top five wealthiest people in the 724 00:37:25,239 --> 00:37:26,439 Speaker 3: world were all in the suite at. 725 00:37:26,320 --> 00:37:26,879 Speaker 15: The same time. 726 00:37:27,480 --> 00:37:30,920 Speaker 3: It's just it's and the electricity in hard Rock Stadium 727 00:37:31,320 --> 00:37:34,040 Speaker 3: for that event, it felt like a national championship game. So, 728 00:37:35,400 --> 00:37:37,880 Speaker 3: you know, the relevance of Miami is the market, the 729 00:37:37,920 --> 00:37:40,480 Speaker 3: relevance of sort of the investment that Steve's put into 730 00:37:40,480 --> 00:37:43,040 Speaker 3: the stadium, the private investment, the fact that you know, 731 00:37:43,080 --> 00:37:44,960 Speaker 3: we own the stadium and grounds were able to do 732 00:37:45,000 --> 00:37:49,760 Speaker 3: these things. But these events, whether it's college football, international soccer, 733 00:37:50,640 --> 00:37:54,360 Speaker 3: Miami Open, tennis, Formula One, we had several you know, 734 00:37:54,400 --> 00:37:58,400 Speaker 3: starting last October we had Taylor Swift, We've had this summer, 735 00:37:58,480 --> 00:38:03,279 Speaker 3: Morgan Wallen The Week and Coldplay the concert series this 736 00:38:03,320 --> 00:38:06,279 Speaker 3: summer has been huge, so you know, it's it just 737 00:38:06,320 --> 00:38:07,080 Speaker 3: continues from there. 738 00:38:07,400 --> 00:38:09,120 Speaker 15: The number of events. Maybe we have. 739 00:38:09,480 --> 00:38:13,240 Speaker 3: Forty eight major events this year with two million people 740 00:38:13,239 --> 00:38:15,279 Speaker 3: coming through the gates, which both of those are about 741 00:38:15,280 --> 00:38:16,560 Speaker 3: twice what they were five years ago. 742 00:38:16,840 --> 00:38:21,440 Speaker 6: That's Bloomberg Original chief correspondent and Power Players executive producer 743 00:38:21,560 --> 00:38:24,920 Speaker 6: Jason Kelly has heard on stage at Power Players New 744 00:38:25,000 --> 00:38:28,440 Speaker 6: York speaking with Michael Are you Getti, co founder and 745 00:38:28,640 --> 00:38:33,280 Speaker 6: CEO at Aries Management Corporation, and Tom Garfinkel, vice chairman, 746 00:38:33,360 --> 00:38:36,960 Speaker 6: president and CEO of the Miami Dolphins and hard Rock 747 00:38:37,040 --> 00:38:39,960 Speaker 6: Stadium about the future of the NFL. And that does 748 00:38:40,000 --> 00:38:43,800 Speaker 6: it for this special edition of The Bloomberg Business of Sports. 749 00:38:43,920 --> 00:38:46,160 Speaker 6: I'm Michael Barrn. Thank you for joining us. Tune in 750 00:38:46,200 --> 00:38:48,560 Speaker 6: again next week for the latest on the stories moving 751 00:38:48,640 --> 00:38:51,160 Speaker 6: big old money in the world of sports, and don't 752 00:38:51,160 --> 00:38:55,399 Speaker 6: forget to catch our podcast all your podcast platforms. You're 753 00:38:55,440 --> 00:38:59,200 Speaker 6: listening to The Bloomberg Business of Sports Bloomberg Radio around 754 00:38:59,239 --> 00:38:59,720 Speaker 6: the world.