1 00:00:02,400 --> 00:00:06,720 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:07,640 --> 00:00:10,200 Speaker 2: This is Bloomberg Business of Sports. 3 00:00:10,360 --> 00:00:13,159 Speaker 3: Business of Sports can be intimidating for hard for a 4 00:00:13,200 --> 00:00:14,080 Speaker 3: start to break into. 5 00:00:14,240 --> 00:00:17,119 Speaker 4: We really appreciate when our owners are actually better, you 6 00:00:17,160 --> 00:00:18,400 Speaker 4: know with us through the journey. 7 00:00:18,440 --> 00:00:21,960 Speaker 1: Teams ours especially have been very intentional to diversify at 8 00:00:22,000 --> 00:00:22,960 Speaker 1: all levels of the company. 9 00:00:23,079 --> 00:00:25,439 Speaker 5: Maybe we're in the golden years for the NFL and 10 00:00:25,600 --> 00:00:26,279 Speaker 5: college football. 11 00:00:26,360 --> 00:00:29,360 Speaker 6: Our demographic reach has continued to explode. 12 00:00:29,480 --> 00:00:33,120 Speaker 1: This is going to be really unlocking the streaming platform 13 00:00:33,200 --> 00:00:34,120 Speaker 1: for sports fans. 14 00:00:34,200 --> 00:00:36,680 Speaker 2: Sports evaluations are rising. We'll see when they peak. 15 00:00:36,760 --> 00:00:39,360 Speaker 7: You don't have to be the best in your sports 16 00:00:39,400 --> 00:00:42,280 Speaker 7: to make a whole ton of money. 17 00:00:42,320 --> 00:00:45,200 Speaker 2: Bloomberg Business of Sports from Bloomberg Radio. 18 00:00:45,360 --> 00:00:45,760 Speaker 5: Do you. 19 00:00:47,520 --> 00:00:50,200 Speaker 3: This is the Bloomberg Business of Sports where we explore 20 00:00:50,240 --> 00:00:52,680 Speaker 3: the big money issues in the world of sports. Michael 21 00:00:52,720 --> 00:00:56,720 Speaker 3: Barr along with my colleagues Scarlett Fu and Damian Sasaur 22 00:00:57,080 --> 00:01:00,200 Speaker 3: coming up on the show. We talked some football. We 23 00:01:00,280 --> 00:01:04,160 Speaker 3: hear from Jeff Benedict. He's an Emmy Award winning writer 24 00:01:04,360 --> 00:01:08,080 Speaker 3: and a New York Times best selling author whose latest book, 25 00:01:08,200 --> 00:01:12,520 Speaker 3: The Dynasty, is considered the definitive account of the Patriots 26 00:01:12,760 --> 00:01:16,679 Speaker 3: during the Tom Brady, Bill Belichick, Robert Kraft era that 27 00:01:16,840 --> 00:01:19,560 Speaker 3: yield its Super Bowl. After Super Bowl. 28 00:01:21,560 --> 00:01:27,480 Speaker 7: Patriots win the Super Bowl, Brady has his def what 29 00:01:27,680 --> 00:01:28,320 Speaker 7: a come back. 30 00:01:29,400 --> 00:01:32,720 Speaker 3: We'll also check in on the private jet space and 31 00:01:33,000 --> 00:01:36,040 Speaker 3: learn about the business of air travel for pro teams. 32 00:01:36,360 --> 00:01:38,920 Speaker 3: All of that is straight ahead on the Bloomberg Business 33 00:01:38,920 --> 00:01:43,520 Speaker 3: of Sports. But first, the NBA. Despite adding in things 34 00:01:43,680 --> 00:01:47,080 Speaker 3: like the NBA Cup, it's looking like the TV ratings 35 00:01:47,319 --> 00:01:51,440 Speaker 3: are much lower than last year. And Bloomberg opinion columnist 36 00:01:51,560 --> 00:01:55,840 Speaker 3: Tyler Collen believes the issue comes down to economics. He's 37 00:01:55,920 --> 00:02:00,000 Speaker 3: also a professor of economics at George Mason University. Tyler 38 00:02:00,120 --> 00:02:04,760 Speaker 3: here now to talk with us. It is a great piece, Professor, 39 00:02:04,920 --> 00:02:08,400 Speaker 3: that you have written an opinion that the NBA's problem 40 00:02:08,480 --> 00:02:10,639 Speaker 3: is economics, not basketball. 41 00:02:11,320 --> 00:02:12,480 Speaker 2: What happened? What? 42 00:02:12,639 --> 00:02:17,680 Speaker 3: The game is supposed to be the perfect game because 43 00:02:17,680 --> 00:02:20,600 Speaker 3: it's a two and a half hour window and it 44 00:02:20,680 --> 00:02:23,519 Speaker 3: helps everybody with their attention span. 45 00:02:23,880 --> 00:02:24,800 Speaker 2: But what happened? 46 00:02:26,040 --> 00:02:28,840 Speaker 8: I'm an NBA fan, and I'm worried that other people 47 00:02:28,919 --> 00:02:32,440 Speaker 8: are starting to lose interest. So TV ratings are down. 48 00:02:32,880 --> 00:02:36,320 Speaker 8: Recently the NBA Cup was held, it seemed the world 49 00:02:36,320 --> 00:02:39,480 Speaker 8: didn't care that much. I think what people are really 50 00:02:39,480 --> 00:02:43,560 Speaker 8: missing from the NBA are just megastars and mega teams 51 00:02:43,600 --> 00:02:46,680 Speaker 8: that keep on winning. The next Michael Jordan, the next 52 00:02:46,880 --> 00:02:50,760 Speaker 8: younger Lebron James. That's what really draws interest to the sport. 53 00:02:52,840 --> 00:02:55,000 Speaker 1: That's what draws interests to the sport. And it's not 54 00:02:55,040 --> 00:02:58,680 Speaker 1: as if there aren't any superstars or superstars in the making. 55 00:02:59,000 --> 00:03:01,440 Speaker 1: I know Lebron James, you know, towards the end of 56 00:03:01,480 --> 00:03:03,720 Speaker 1: his career as opposed to the beginning, but he has 57 00:03:03,760 --> 00:03:05,560 Speaker 1: a son, and there was a lot of excitement over 58 00:03:06,120 --> 00:03:09,000 Speaker 1: father and son playing on the same team. And the NBA, 59 00:03:09,120 --> 00:03:12,519 Speaker 1: more than any other sport, is known for minting superstars. 60 00:03:12,560 --> 00:03:15,280 Speaker 1: You can see their face. There aren't that many of 61 00:03:15,320 --> 00:03:18,680 Speaker 1: them on the court, as opposed to a game like hockey, 62 00:03:18,680 --> 00:03:21,400 Speaker 1: for instance, where there are helmets covering their faces and 63 00:03:21,440 --> 00:03:23,920 Speaker 1: it's very much a team sport. What is it about 64 00:03:23,960 --> 00:03:28,360 Speaker 1: the economics of the NBA that is preventing superstars from 65 00:03:28,520 --> 00:03:33,680 Speaker 1: really being able to, you know, be their best superstar selves. 66 00:03:34,920 --> 00:03:38,360 Speaker 8: Well, the last six years, we've had six different teams 67 00:03:38,560 --> 00:03:41,640 Speaker 8: win NBA titles, so there's not been a dominant team. 68 00:03:42,000 --> 00:03:44,600 Speaker 8: In the nineteen eighties, it was the Celtics and the Lakers. 69 00:03:44,800 --> 00:03:47,360 Speaker 8: In the nineteen nineties, it was Michael Jordan and the 70 00:03:47,440 --> 00:03:50,760 Speaker 8: Chicago Bulls. For a while earlier it was the Golden 71 00:03:50,800 --> 00:03:54,280 Speaker 8: State Warriors. But we have this thing in basketball called 72 00:03:54,320 --> 00:03:57,880 Speaker 8: the salary cap. It's very complicated. They've made it tighter, 73 00:03:58,240 --> 00:04:01,520 Speaker 8: but basically it's very hard for top teams to keep 74 00:04:01,560 --> 00:04:05,400 Speaker 8: spending money to keep their old stars or to bring 75 00:04:05,400 --> 00:04:08,000 Speaker 8: in new ones. So there's a kind of parody sets 76 00:04:08,040 --> 00:04:11,480 Speaker 8: in where every year there's a different winner and fans 77 00:04:11,560 --> 00:04:15,000 Speaker 8: generate less interest. If you look at chess, Magnus Carlson 78 00:04:15,040 --> 00:04:18,159 Speaker 8: an incredible performer, you know he drove interest in the game. 79 00:04:18,400 --> 00:04:22,120 Speaker 8: In tennis, it was Roger Federer who just got everyone involved. 80 00:04:22,480 --> 00:04:25,720 Speaker 8: So fans don't actually want pure competitive balance. 81 00:04:26,680 --> 00:04:29,160 Speaker 3: Professor, one of the things you had written in your 82 00:04:29,200 --> 00:04:34,280 Speaker 3: opinion piece is that the smaller market teams like maybe 83 00:04:34,320 --> 00:04:39,080 Speaker 3: a Milwaukee or in Oklahoma, they may have a dedicated 84 00:04:39,160 --> 00:04:42,640 Speaker 3: fan base, but they're having a tough time trying to 85 00:04:42,680 --> 00:04:44,799 Speaker 3: hang with broadcast rights and such. 86 00:04:45,520 --> 00:04:48,520 Speaker 8: Well, if the problem is if you're now the Los 87 00:04:48,560 --> 00:04:50,960 Speaker 8: Angeles Lakers or the New York Knicks, or the Los 88 00:04:51,000 --> 00:04:54,719 Speaker 8: Angeles Clippers or Chicago, you're in a big market, but 89 00:04:54,800 --> 00:04:57,080 Speaker 8: there's this thing in the salary cap. It's called the 90 00:04:57,160 --> 00:05:01,359 Speaker 8: second apron, and it just makes it prohibitively expensive to 91 00:05:01,560 --> 00:05:05,400 Speaker 8: use your market size to become better. I think fans 92 00:05:05,440 --> 00:05:08,000 Speaker 8: would actually enjoy it more if there were two or 93 00:05:08,000 --> 00:05:12,800 Speaker 8: three dominant teams with regular faceoffs. And right now, well, 94 00:05:12,839 --> 00:05:15,280 Speaker 8: you have Toronto in for a year, you have Denver 95 00:05:15,360 --> 00:05:18,080 Speaker 8: win for a year, you have the Boston Celtics win 96 00:05:18,160 --> 00:05:21,919 Speaker 8: for a year. And it's frustrating because none of the 97 00:05:21,960 --> 00:05:25,240 Speaker 8: players on those teams can achieve the iconic status of 98 00:05:25,279 --> 00:05:29,080 Speaker 8: say a Michael Jordan, who won six NBA titles across 99 00:05:29,120 --> 00:05:31,039 Speaker 8: the span of six years and. 100 00:05:31,080 --> 00:05:34,560 Speaker 1: Became a franchise player in a way that maybe we're 101 00:05:34,640 --> 00:05:37,760 Speaker 1: not going to see in the meantime. But let me 102 00:05:37,800 --> 00:05:39,719 Speaker 1: go back to that idea of parody. I thought every 103 00:05:39,760 --> 00:05:42,960 Speaker 1: league wanted parody. When you have a league that's dominated 104 00:05:43,000 --> 00:05:46,919 Speaker 1: by one team too much other teams, fans tend to 105 00:05:46,920 --> 00:05:49,320 Speaker 1: lose interest because it's kind of like you're swimming against 106 00:05:49,320 --> 00:05:52,839 Speaker 1: the tide. It's it's almost impossible. Teams are always talking 107 00:05:52,920 --> 00:05:55,760 Speaker 1: up how they want to create more parody so that 108 00:05:56,279 --> 00:05:59,960 Speaker 1: each cities team has a chance. Is there such a 109 00:06:00,040 --> 00:06:01,000 Speaker 1: thing is too much parody. 110 00:06:01,360 --> 00:06:03,640 Speaker 8: There is such a thing as too much parody. Keep 111 00:06:03,680 --> 00:06:07,640 Speaker 8: in mind, the NBA, like many sports, is increasingly becoming 112 00:06:07,680 --> 00:06:11,920 Speaker 8: a national and also international market. So do the people 113 00:06:11,960 --> 00:06:15,360 Speaker 8: in Milan, Italy? You care if the San Antonio Spurs 114 00:06:15,400 --> 00:06:16,680 Speaker 8: are competitive this year? 115 00:06:17,160 --> 00:06:17,680 Speaker 2: Probably not. 116 00:06:18,320 --> 00:06:21,480 Speaker 8: There's so much competition for people's attention. What you need 117 00:06:21,560 --> 00:06:24,520 Speaker 8: to do is to attract their viewing to the sport 118 00:06:24,600 --> 00:06:27,120 Speaker 8: at all. Like I live outside of Washington, d C. 119 00:06:27,720 --> 00:06:29,760 Speaker 8: I don't care that much if the Wizards are a 120 00:06:29,800 --> 00:06:32,200 Speaker 8: good team. In fact, they're a terrible team. But if 121 00:06:32,200 --> 00:06:35,480 Speaker 8: the sport is interesting, I'll follow games on TV. That 122 00:06:35,480 --> 00:06:39,000 Speaker 8: brings in a more lucrative TV contract ad revenue pace 123 00:06:39,080 --> 00:06:42,120 Speaker 8: for the whole sport. So the city by city analysis, 124 00:06:42,160 --> 00:06:44,200 Speaker 8: it just matters much less than it used to. 125 00:06:45,200 --> 00:06:48,279 Speaker 3: And you are right because and just a quick comparison 126 00:06:48,600 --> 00:06:54,520 Speaker 3: to the NFL, the NFC North is extremely competitive. You've 127 00:06:54,560 --> 00:06:57,240 Speaker 3: got three out of the four teams and you don't 128 00:06:57,279 --> 00:07:00,159 Speaker 3: know where it's going to go by the time the 129 00:07:00,200 --> 00:07:04,279 Speaker 3: regular season is over. But in the NBA it seems 130 00:07:04,279 --> 00:07:05,119 Speaker 3: that's not the case. 131 00:07:06,800 --> 00:07:09,159 Speaker 8: Yes, what the NFL has done is made the Super 132 00:07:09,200 --> 00:07:12,559 Speaker 8: Bowl the single most important national event in some ways, 133 00:07:12,560 --> 00:07:15,679 Speaker 8: it gets more attention than the day of our presidential election. 134 00:07:16,560 --> 00:07:18,840 Speaker 8: And people don't sit back and say, oh, is my 135 00:07:18,880 --> 00:07:21,200 Speaker 8: team in the Super Bowl? No, they want to watch it. Right, 136 00:07:21,240 --> 00:07:24,200 Speaker 8: it's this universal event you want to talk about the ads, 137 00:07:24,440 --> 00:07:27,040 Speaker 8: have snacks with your friends, have a party over your house. 138 00:07:27,760 --> 00:07:30,760 Speaker 8: The NBA Finals are nothing like that, And I think 139 00:07:30,800 --> 00:07:34,880 Speaker 8: that's the problem. Again, the more intense the competition for attention, 140 00:07:35,360 --> 00:07:38,600 Speaker 8: the bigger your biggest star needs to be. For the NFL, 141 00:07:38,680 --> 00:07:41,280 Speaker 8: it's not an individual because there's a helmet on, but 142 00:07:41,360 --> 00:07:44,600 Speaker 8: it's like the ultimate game itself, the Super Bowl. 143 00:07:45,360 --> 00:07:48,080 Speaker 1: Also, there's limited supply, right, there's a limited number of teams, 144 00:07:48,120 --> 00:07:52,640 Speaker 1: there's a limited number of games played per season as well. 145 00:07:52,880 --> 00:07:56,280 Speaker 1: I want to ask you, Tyler, as the NBA thinks 146 00:07:56,320 --> 00:07:59,640 Speaker 1: about expanding beyond its current thirty team lineup, from an 147 00:07:59,640 --> 00:08:02,200 Speaker 1: econ point of view, how should they proceed? 148 00:08:02,640 --> 00:08:05,680 Speaker 8: Well, I think Las Vegas, for instance, and also Seattle 149 00:08:06,000 --> 00:08:09,640 Speaker 8: could easily support profitable NBA teams. I think they should 150 00:08:09,640 --> 00:08:12,360 Speaker 8: do it, but it doesn't solve the basic problem for 151 00:08:12,440 --> 00:08:15,080 Speaker 8: the sport, which is, in the long run, there's cable 152 00:08:15,080 --> 00:08:19,280 Speaker 8: cutting younger viewers for almost everything. They just have different tastes, 153 00:08:19,680 --> 00:08:21,920 Speaker 8: and the question is, you know, why should they follow 154 00:08:21,960 --> 00:08:24,880 Speaker 8: the same sport that maybe their father and grandfather did. 155 00:08:25,360 --> 00:08:27,440 Speaker 8: And right now, the NBA does not have a great 156 00:08:27,520 --> 00:08:30,680 Speaker 8: answer to that question. There are some other issues in 157 00:08:30,720 --> 00:08:33,480 Speaker 8: the sport. So many people say there's too many three 158 00:08:33,480 --> 00:08:36,480 Speaker 8: point shots, it's boring. I agree with that. I'm not 159 00:08:36,520 --> 00:08:39,440 Speaker 8: sure it's the main problem, but it's an issue. Another 160 00:08:39,520 --> 00:08:42,520 Speaker 8: issue is so many of the top stars now are foreigners. 161 00:08:43,360 --> 00:08:47,600 Speaker 8: Maybe Americans relate less well to those individuals than they would, 162 00:08:47,679 --> 00:08:50,520 Speaker 8: say to Michael Jordan or Lebron James or Larry Bird. 163 00:08:50,800 --> 00:08:53,560 Speaker 8: That's another possible problem, but it's not one we really 164 00:08:53,600 --> 00:08:54,040 Speaker 8: can fix. 165 00:08:55,360 --> 00:08:58,480 Speaker 3: It's an interesting problem because out of the four major 166 00:08:58,840 --> 00:09:05,800 Speaker 3: sports food groups baseball, football, basketball, hockey, the NBA is 167 00:09:05,880 --> 00:09:11,120 Speaker 3: the only one where they have a competitive WNBA and 168 00:09:11,160 --> 00:09:13,880 Speaker 3: you would think that it would draw interest to the 169 00:09:13,960 --> 00:09:20,880 Speaker 3: game itself, but they're struggling with the finances for the NBA. 170 00:09:21,000 --> 00:09:23,560 Speaker 8: One thing the NBA has done very well is figure 171 00:09:23,600 --> 00:09:26,000 Speaker 8: out how to use the Internet and how to use 172 00:09:26,040 --> 00:09:29,920 Speaker 8: Twitter to popularize the sport. And the NBA makes sense 173 00:09:30,040 --> 00:09:33,240 Speaker 8: in short clips in a way that say baseball does 174 00:09:33,280 --> 00:09:36,080 Speaker 8: not maybe hockey does not. So that's a built in 175 00:09:36,120 --> 00:09:38,959 Speaker 8: advantage they had, I say, ten years ago, they were 176 00:09:39,040 --> 00:09:41,800 Speaker 8: very much using that to their benefit. But the games 177 00:09:41,800 --> 00:09:44,560 Speaker 8: from that have plateaued and they're looking for the next 178 00:09:44,600 --> 00:09:45,720 Speaker 8: big marketing innovation. 179 00:09:46,840 --> 00:09:48,560 Speaker 1: What do you think of the NBA Cup as a 180 00:09:48,600 --> 00:09:51,600 Speaker 1: marketing innovation. I kind of didn't understand it when they 181 00:09:51,640 --> 00:09:54,880 Speaker 1: first announced it, and you know, just doing some preliminary 182 00:09:54,880 --> 00:09:57,760 Speaker 1: googling on it, I've learned that it's the Emirates NBA Cup. 183 00:09:57,840 --> 00:10:00,320 Speaker 1: So it feels like this was created because there was 184 00:10:00,320 --> 00:10:02,240 Speaker 1: a sponsor that wanted to sponsor something like this. 185 00:10:02,640 --> 00:10:05,920 Speaker 8: I think very few people care. No one understands the rules. 186 00:10:05,960 --> 00:10:09,120 Speaker 8: I don't understand the rules. I didn't really follow it. 187 00:10:09,160 --> 00:10:12,320 Speaker 8: I didn't feel I lost anything from not following it. 188 00:10:12,320 --> 00:10:14,240 Speaker 8: It doesn't have any predictive value. 189 00:10:15,320 --> 00:10:15,520 Speaker 7: You know. 190 00:10:15,559 --> 00:10:17,960 Speaker 8: I'm fine with the Emirates paying for some of it, 191 00:10:18,320 --> 00:10:21,680 Speaker 8: but that's a sign no domestic sponsor is really that involved. Right, 192 00:10:22,080 --> 00:10:25,120 Speaker 8: So ultimately the whole thing is a symptom of not 193 00:10:25,240 --> 00:10:28,520 Speaker 8: having this major climactic event, and if anything, it seems 194 00:10:28,600 --> 00:10:32,840 Speaker 8: to make the NBA Finals slightly less vocals, slightly less iconic, 195 00:10:33,200 --> 00:10:34,840 Speaker 8: slightly less important. 196 00:10:35,960 --> 00:10:40,280 Speaker 3: I'm a big fan of NBA commissioner Adam Silver, what 197 00:10:40,480 --> 00:10:44,040 Speaker 3: does he need to do to help fix this problem. 198 00:10:45,520 --> 00:10:47,440 Speaker 8: I don't know that they can fix it. I do 199 00:10:47,520 --> 00:10:50,880 Speaker 8: think they should entertain rules changes to limit the number 200 00:10:50,920 --> 00:10:54,920 Speaker 8: of fouls, limit the number of three pointers, and just 201 00:10:55,040 --> 00:10:59,440 Speaker 8: have some new clever marketing idea and treat the NBA 202 00:10:59,559 --> 00:11:04,440 Speaker 8: Final as something grand. You know, one thing tennis has done. Well, 203 00:11:04,480 --> 00:11:07,600 Speaker 8: there's just a large number of decisive points in any 204 00:11:07,640 --> 00:11:10,200 Speaker 8: tennis match. Well, there's a game, there's a set, there's 205 00:11:10,200 --> 00:11:13,040 Speaker 8: a match, right, so there's a lot at stake on 206 00:11:13,120 --> 00:11:17,400 Speaker 8: many different plays. So if you're watching Federer, well you 207 00:11:17,440 --> 00:11:19,640 Speaker 8: feel this is an important moment more than once or 208 00:11:19,679 --> 00:11:23,640 Speaker 8: twice in the course of a number of sets. And 209 00:11:23,720 --> 00:11:27,480 Speaker 8: maybe the NBA should restructure its finals and playoffs so 210 00:11:27,520 --> 00:11:30,720 Speaker 8: that's more the case, and that would be a normal game. 211 00:11:30,760 --> 00:11:33,280 Speaker 8: It's like a best out of five sets something like that. 212 00:11:33,360 --> 00:11:34,840 Speaker 8: More decisive points. 213 00:11:35,440 --> 00:11:37,320 Speaker 1: And that would be a normal thing for sport to 214 00:11:37,520 --> 00:11:40,920 Speaker 1: retool some of how the season works or how the 215 00:11:40,960 --> 00:11:43,839 Speaker 1: game is played. I think about MLB and the rule 216 00:11:43,960 --> 00:11:47,280 Speaker 1: changes that it implemented two seasons ago, and the games 217 00:11:47,320 --> 00:11:49,319 Speaker 1: became faster, they became more compelling. 218 00:11:50,400 --> 00:11:52,040 Speaker 8: How else do you think they don't have to learn 219 00:11:52,040 --> 00:11:54,959 Speaker 8: any new rules for that. So I'm watching an NBA game, 220 00:11:55,280 --> 00:11:57,960 Speaker 8: like halfway through the second quarter, I'm thinking, like, none 221 00:11:58,000 --> 00:12:00,400 Speaker 8: of this matters. Can I just fast forward to the 222 00:12:00,440 --> 00:12:02,679 Speaker 8: last five minutes of the game. I think many people 223 00:12:02,720 --> 00:12:03,320 Speaker 8: feel that way. 224 00:12:03,440 --> 00:12:05,280 Speaker 1: I've long thought that way. But I'm a hockey fan, 225 00:12:05,360 --> 00:12:07,520 Speaker 1: so I was always kind of a little bit put 226 00:12:07,520 --> 00:12:09,880 Speaker 1: off by the NBA because they soak up so much 227 00:12:09,920 --> 00:12:14,320 Speaker 1: more attention during the winter than the hockey games. To Tyler, 228 00:12:14,400 --> 00:12:17,800 Speaker 1: when you watch a game, how do you take yourself 229 00:12:18,040 --> 00:12:19,960 Speaker 1: as the economist out of the picture? How do you 230 00:12:20,040 --> 00:12:22,040 Speaker 1: just watch it as as a fan as opposed to 231 00:12:22,120 --> 00:12:23,280 Speaker 1: as an economist? 232 00:12:23,720 --> 00:12:24,320 Speaker 6: Well, I don't. 233 00:12:24,360 --> 00:12:27,240 Speaker 8: I always watch it as an economist. I'm thinking, how 234 00:12:27,280 --> 00:12:30,240 Speaker 8: well did the numbers measure value here? What's this player worth? 235 00:12:30,559 --> 00:12:32,960 Speaker 8: How is the salary cap influencing what I see on 236 00:12:33,000 --> 00:12:35,400 Speaker 8: the court. But I think that's fine if that's what 237 00:12:35,520 --> 00:12:36,440 Speaker 8: keeps me interested. 238 00:12:37,280 --> 00:12:41,120 Speaker 1: Great, Tyler Cowen, seeking excellence in the NBA. Thank you 239 00:12:41,160 --> 00:12:44,320 Speaker 1: so much. Tyler Cowen is a Bloomberg Opinion columnist professor 240 00:12:44,400 --> 00:12:47,199 Speaker 1: of economics. If you couldn't tell at George Mason University. 241 00:12:47,679 --> 00:12:50,080 Speaker 3: Up next on the show, we turned to the business 242 00:12:50,160 --> 00:12:53,840 Speaker 3: of air travel for pro teams for my colleague Scarlett 243 00:12:53,880 --> 00:12:57,600 Speaker 3: Fou and Damian Sasauer. I'm Michael Barr. You're listening to 244 00:12:57,679 --> 00:13:01,319 Speaker 3: the Bloomberg Business of Sports from bloem Berger Radio. Around 245 00:13:01,360 --> 00:13:02,280 Speaker 3: the world. 246 00:13:04,520 --> 00:13:08,640 Speaker 2: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 247 00:13:10,559 --> 00:13:13,440 Speaker 3: This is the Bloomberg Business of Sports where we explore 248 00:13:13,440 --> 00:13:15,640 Speaker 3: the nig money issues in the world of sports. I'm 249 00:13:15,640 --> 00:13:19,640 Speaker 3: Michael Barr along with my colleague Scarlett Foo and Damien Sassauer. 250 00:13:20,200 --> 00:13:24,840 Speaker 3: Elevate Aviation Group helps to get your athletes and favorite 251 00:13:24,840 --> 00:13:28,120 Speaker 3: teams where they need to be. It's an aviation company 252 00:13:28,280 --> 00:13:32,840 Speaker 3: with a diverse fleet of private aircraft that serves numerous teams, 253 00:13:32,880 --> 00:13:37,720 Speaker 3: players and leagues. Elevate CEO Greg Raife took time recently 254 00:13:37,800 --> 00:13:41,520 Speaker 3: to talk with Scarlett, Damien and guest host Bloomberg Original 255 00:13:41,559 --> 00:13:44,680 Speaker 3: Sports correspondent Vanessa Perdomo. Let's take a listen to some 256 00:13:44,800 --> 00:13:48,319 Speaker 3: of that conversation on the business of air travel for athletes. 257 00:13:49,520 --> 00:13:52,600 Speaker 1: So this is a company that's been around for decades. 258 00:13:52,720 --> 00:13:55,800 Speaker 1: Give us a sense of what you do for the 259 00:13:55,840 --> 00:13:58,319 Speaker 1: professional sports leagues. Do you work with leagues or do 260 00:13:58,360 --> 00:14:02,079 Speaker 1: you work with teams and do you provide all their 261 00:14:02,600 --> 00:14:03,280 Speaker 1: travel needs. 262 00:14:05,040 --> 00:14:08,320 Speaker 6: The answer to that is yes to both. Everyone's got 263 00:14:08,360 --> 00:14:10,920 Speaker 6: either Sam Walton or Steve Jobs. Quote in mine was 264 00:14:10,960 --> 00:14:13,559 Speaker 6: the Sam Walton adage of every great idea I have 265 00:14:14,040 --> 00:14:18,520 Speaker 6: I stole from somebody else. Way back, maybe almost thirty 266 00:14:18,600 --> 00:14:22,720 Speaker 6: years ago, now what was Northwest Airlines now part of Delta, 267 00:14:22,840 --> 00:14:25,720 Speaker 6: started a program with David Stern for the NBA and 268 00:14:25,760 --> 00:14:28,720 Speaker 6: as a league based program, because Commissioner Stern was sick 269 00:14:28,720 --> 00:14:31,800 Speaker 6: and tired of teams showing up late for games and 270 00:14:31,840 --> 00:14:34,720 Speaker 6: showing up late to away cities. And so we built 271 00:14:36,080 --> 00:14:39,560 Speaker 6: using the pressure and the leverage of all those television 272 00:14:39,600 --> 00:14:43,320 Speaker 6: revenues and the fantastic meteoritic rise of the NBA back then, 273 00:14:44,360 --> 00:14:47,440 Speaker 6: sort of pulled all the teams in took almost ten years. 274 00:14:47,680 --> 00:14:49,800 Speaker 6: We copied that with some of the other sports leagues 275 00:14:50,360 --> 00:14:53,520 Speaker 6: and then built it off into working directly with clubs. Ultimately, 276 00:14:53,880 --> 00:14:56,920 Speaker 6: if you think about any sports league, it's really the 277 00:14:57,400 --> 00:15:03,320 Speaker 6: not for profit operating arm of it's each individual owners, 278 00:15:03,400 --> 00:15:05,520 Speaker 6: right folks, and league officers like to tell me that 279 00:15:05,840 --> 00:15:08,440 Speaker 6: they work for the team owners. So ultimately it's a 280 00:15:08,480 --> 00:15:10,080 Speaker 6: little bit of hurting cats. You've got to get the 281 00:15:10,120 --> 00:15:12,600 Speaker 6: teams to be willing to sign up. But it's great 282 00:15:12,600 --> 00:15:15,960 Speaker 6: to have the relationship with the league offices directly who 283 00:15:17,760 --> 00:15:24,000 Speaker 6: and influence decisions and frankly deliver purchasing power by aggregating 284 00:15:24,040 --> 00:15:24,520 Speaker 6: that spend. 285 00:15:25,720 --> 00:15:27,400 Speaker 5: So Greg, you have to help me out here, because 286 00:15:27,440 --> 00:15:29,160 Speaker 5: you know, I remember the good old days when Kenny 287 00:15:29,160 --> 00:15:31,920 Speaker 5: Dickter came rolling around with net Jets and Marque Jet. 288 00:15:31,960 --> 00:15:34,400 Speaker 5: And now, I mean I get LinkedIn notes, I get 289 00:15:34,440 --> 00:15:37,520 Speaker 5: emails all the time about you know, Damian we watch 290 00:15:37,800 --> 00:15:40,320 Speaker 5: I mean, like how many how many private charters are 291 00:15:40,360 --> 00:15:43,480 Speaker 5: really out there? And you know, you know what differentiates you, 292 00:15:43,520 --> 00:15:45,920 Speaker 5: like why would teams and athletes choose elevate? 293 00:15:47,240 --> 00:15:50,600 Speaker 6: So you know, as a as a disclaimer, I think 294 00:15:50,600 --> 00:15:52,480 Speaker 6: if Kenny as a dear friend, and I remember when 295 00:15:52,520 --> 00:15:54,720 Speaker 6: he was first running Marque Jet and he used to 296 00:15:54,720 --> 00:15:56,560 Speaker 6: count the number of windows on the airplane to tell 297 00:15:56,560 --> 00:15:58,280 Speaker 6: you whether it was a big jet or a small jet. 298 00:16:00,040 --> 00:16:02,320 Speaker 6: You know, I got started doing this thirty five years ago. 299 00:16:02,400 --> 00:16:04,640 Speaker 6: The first airplane I ever charted was a Boeing seven 300 00:16:04,800 --> 00:16:07,240 Speaker 6: forty seven in the company I started out of my 301 00:16:07,240 --> 00:16:10,000 Speaker 6: dorm room that became MTV spring Break before we sold 302 00:16:10,000 --> 00:16:12,440 Speaker 6: it in the late nineties, and so I always sort 303 00:16:12,480 --> 00:16:16,360 Speaker 6: of thought about airplanes as being Boeings and air buses 304 00:16:16,400 --> 00:16:20,600 Speaker 6: and big, huge monster airplanes. In fact, our company didn't 305 00:16:20,640 --> 00:16:24,680 Speaker 6: actually charter our first executive jet until two thousand and 306 00:16:24,760 --> 00:16:27,720 Speaker 6: five when one of the drummers for one of the 307 00:16:27,760 --> 00:16:29,680 Speaker 6: bands that we were supporting needed to go see as 308 00:16:29,760 --> 00:16:32,560 Speaker 6: Chiropractor and veiled and turned to turned to one of 309 00:16:32,560 --> 00:16:34,160 Speaker 6: the flight attendants and said, Hey, can you get me 310 00:16:34,200 --> 00:16:36,440 Speaker 6: a leerjet? We sort of all scratched our heads and said, 311 00:16:36,480 --> 00:16:39,840 Speaker 6: what's a leer jet? Most of the providers and there 312 00:16:39,840 --> 00:16:43,640 Speaker 6: are thousands and thousands of providers in the executive jet 313 00:16:43,680 --> 00:16:47,200 Speaker 6: space right and it's a little disappointing because all it 314 00:16:47,240 --> 00:16:49,960 Speaker 6: takes is a Gmail address and a cell phone to 315 00:16:50,000 --> 00:16:52,520 Speaker 6: say that you're in the charter business. What we do 316 00:16:52,560 --> 00:16:54,880 Speaker 6: is very different. I sort of think of Elevate Aviation 317 00:16:55,000 --> 00:16:58,080 Speaker 6: Group as the FedEx of moving people instead of boxes. 318 00:16:58,200 --> 00:17:02,280 Speaker 6: We focus on the deepest end of the transportation market, 319 00:17:02,520 --> 00:17:05,840 Speaker 6: moving presidential campaigns, working with both of them. In the 320 00:17:05,920 --> 00:17:10,080 Speaker 6: last cycle, obviously, the professional sports teams CEOs of the 321 00:17:10,200 --> 00:17:16,639 Speaker 6: largest the largest companies in the United States, working with 322 00:17:16,680 --> 00:17:19,480 Speaker 6: the US government and other groups where what they all 323 00:17:19,560 --> 00:17:23,400 Speaker 6: share in common is they're using air transportation to commute 324 00:17:23,400 --> 00:17:26,199 Speaker 6: to work. It's not about champagne. It's not about caveats. 325 00:17:26,200 --> 00:17:30,719 Speaker 6: About taking athletes and taking other professionals to a place, 326 00:17:30,920 --> 00:17:33,560 Speaker 6: to a meeting, to a game, to a concert, to 327 00:17:33,760 --> 00:17:39,240 Speaker 6: a to a speech, and having them arrive rested, stress free, 328 00:17:40,200 --> 00:17:44,080 Speaker 6: re energized, refueled right. And doing that requires a level 329 00:17:44,080 --> 00:17:48,480 Speaker 6: of expertise, logistics, and hands on knowledge that far exceeds 330 00:17:48,480 --> 00:17:52,040 Speaker 6: what you might get in one of these traditional book 331 00:17:52,080 --> 00:17:54,840 Speaker 6: the cheapest jet dot com app that you can find 332 00:17:55,280 --> 00:17:56,479 Speaker 6: so easily on the internet. 333 00:17:56,640 --> 00:17:58,880 Speaker 9: You know, it's funny that you were saying about how 334 00:17:59,359 --> 00:18:02,000 Speaker 9: it's not about them drinking champagne and things like that. 335 00:18:02,080 --> 00:18:04,400 Speaker 9: But I have a hard time believing that they don't 336 00:18:04,440 --> 00:18:06,280 Speaker 9: have a little bubbly. 337 00:18:05,960 --> 00:18:08,399 Speaker 4: When they when they first bore the plane. 338 00:18:10,119 --> 00:18:10,800 Speaker 7: But one of the. 339 00:18:12,480 --> 00:18:15,240 Speaker 6: I was just gonna admit that whenever one of our 340 00:18:15,280 --> 00:18:18,119 Speaker 6: pro teams wins a championship, there's a lot of champion 341 00:18:19,320 --> 00:18:20,160 Speaker 6: among other things. 342 00:18:20,200 --> 00:18:20,719 Speaker 1: I'm sure. 343 00:18:21,320 --> 00:18:22,240 Speaker 6: So a few years. 344 00:18:22,080 --> 00:18:24,160 Speaker 9: Ago, you know, you were talking about how it's really 345 00:18:24,200 --> 00:18:27,080 Speaker 9: about getting you know, people to places without stress and 346 00:18:27,119 --> 00:18:29,159 Speaker 9: things like that. So can you talk to us a 347 00:18:29,200 --> 00:18:31,600 Speaker 9: little bit about how different it is, and how much 348 00:18:31,600 --> 00:18:35,360 Speaker 9: of an advantage it is for teams and leagues to fly, 349 00:18:35,880 --> 00:18:38,720 Speaker 9: you know, charter. A few years ago, the New York 350 00:18:38,760 --> 00:18:41,800 Speaker 9: Liberty owners got in trouble for flying their team charter 351 00:18:41,880 --> 00:18:44,480 Speaker 9: because it was an advantage they had over other teams. 352 00:18:44,520 --> 00:18:47,120 Speaker 9: So can you explain to us exactly what those advantages are? 353 00:18:48,520 --> 00:18:53,639 Speaker 6: Absolutely so. The way I like to think that is 354 00:18:53,680 --> 00:18:57,080 Speaker 6: that a typical professional team in a winter sport, right 355 00:18:57,119 --> 00:19:01,320 Speaker 6: with all the games, so think professional high hockey, professional basketball, 356 00:19:01,720 --> 00:19:04,040 Speaker 6: they might have seventy five or even eighty flights in 357 00:19:04,080 --> 00:19:07,480 Speaker 6: the course of the season. And we like to think 358 00:19:07,480 --> 00:19:10,240 Speaker 6: of our job as being responsible for trying to shave 359 00:19:10,320 --> 00:19:14,280 Speaker 6: off six twelve minutes on every flight. And anyone who's 360 00:19:14,280 --> 00:19:16,600 Speaker 6: ever taken a commercial flight and had the captain say, 361 00:19:16,600 --> 00:19:19,080 Speaker 6: we're just waiting a second to finish some paperwork, We're 362 00:19:19,119 --> 00:19:20,600 Speaker 6: going to need a few more moments to get the 363 00:19:20,640 --> 00:19:23,800 Speaker 6: bags together, we're waiting for our jetway, we're waiting for 364 00:19:24,320 --> 00:19:27,640 Speaker 6: the beltload, or whatever it might be. Those minutes add up. 365 00:19:28,760 --> 00:19:32,160 Speaker 6: Professional athletes are we all know, sort of the one 366 00:19:32,200 --> 00:19:36,000 Speaker 6: percent of the one percent of the highest performing humans 367 00:19:36,040 --> 00:19:38,440 Speaker 6: on the planet from a physical perspective, right whenever sport 368 00:19:38,440 --> 00:19:41,919 Speaker 6: they've chosen, and they're all pretty close, right, you know, 369 00:19:41,920 --> 00:19:44,160 Speaker 6: the difference scene winning a championship and not even making 370 00:19:44,200 --> 00:19:46,720 Speaker 6: the playoffs might be three or four games, might be 371 00:19:47,400 --> 00:19:50,080 Speaker 6: you know, a basket here or one goal in that game. 372 00:19:50,600 --> 00:19:55,520 Speaker 6: And so if we can save our teams ten minutes 373 00:19:55,520 --> 00:19:57,959 Speaker 6: a flight on every flight between the time that they 374 00:19:58,119 --> 00:19:59,959 Speaker 6: roll in on the buses and they're on the buses 375 00:20:00,440 --> 00:20:03,760 Speaker 6: at the arrival city moving out ten minutes times eight 376 00:20:03,920 --> 00:20:06,639 Speaker 6: times seventy five flights is seven hundred and fifty minutes. 377 00:20:07,080 --> 00:20:09,280 Speaker 6: Well that's I get to do the math. I think 378 00:20:09,320 --> 00:20:12,840 Speaker 6: it's twelve and a half hours of rest, right, So 379 00:20:12,920 --> 00:20:15,719 Speaker 6: think about what happens to a professional athlete, how much 380 00:20:15,800 --> 00:20:18,120 Speaker 6: better they can perform when they have, over the course 381 00:20:18,160 --> 00:20:20,800 Speaker 6: of a season twelve and a half extra hours, whether 382 00:20:20,800 --> 00:20:24,879 Speaker 6: it's to watch film, sleep, be in pt, be in 383 00:20:24,920 --> 00:20:28,040 Speaker 6: the workout room, the strength room, grabbing a meal, whatever 384 00:20:28,080 --> 00:20:32,800 Speaker 6: it might be, it makes a difference, and I think 385 00:20:32,840 --> 00:20:38,080 Speaker 6: it's huge. I remember when you know, Major League soccer 386 00:20:38,119 --> 00:20:41,200 Speaker 6: has been on an absolute tear, and soccer, or football, 387 00:20:41,200 --> 00:20:43,760 Speaker 6: as people outside of the US call it, has been 388 00:20:43,760 --> 00:20:49,000 Speaker 6: on this meteor meteoric rise in the United States right, 389 00:20:49,800 --> 00:20:52,320 Speaker 6: and that league has been incredible and they've done amazing work. 390 00:20:53,240 --> 00:20:57,959 Speaker 6: And when I think about the fact that not before COVID, 391 00:20:58,000 --> 00:21:01,159 Speaker 6: those teams were all flying commercial and now they're all 392 00:21:01,200 --> 00:21:04,520 Speaker 6: flying privately everywhere they go. WNBA is now stepped up. 393 00:21:04,560 --> 00:21:07,360 Speaker 6: Right now they're all flying privately. It's a huge investment. 394 00:21:07,800 --> 00:21:13,280 Speaker 6: Moving a team around is maybe the largest spend that 395 00:21:13,320 --> 00:21:15,200 Speaker 6: a team will pay for in the course of a season, 396 00:21:15,200 --> 00:21:19,320 Speaker 6: beyond obviously payroll and the stadium and practice facilities themselves, 397 00:21:19,320 --> 00:21:23,400 Speaker 6: and travels a huge part of it. So that investment 398 00:21:23,520 --> 00:21:26,320 Speaker 6: pays off for teams that are willing to invest in it. 399 00:21:26,520 --> 00:21:29,520 Speaker 6: And it's wonderful to see every once in a while 400 00:21:30,560 --> 00:21:34,080 Speaker 6: you'll see a new owner by a franchise and decide 401 00:21:34,080 --> 00:21:37,200 Speaker 6: to buy an airplane. It's a huge eight figure investment 402 00:21:37,200 --> 00:21:40,120 Speaker 6: that they make. And Mark Cuban was famous for buying 403 00:21:40,119 --> 00:21:42,239 Speaker 6: a seven fifty seven when he bought the Mavericks and 404 00:21:42,720 --> 00:21:46,119 Speaker 6: to their credit, I understand that the new ownership, the 405 00:21:46,119 --> 00:21:49,480 Speaker 6: Addison family out of Las Vegas, is keeping the airplane 406 00:21:50,240 --> 00:21:53,960 Speaker 6: despite the fact that they turned over the ownership. 407 00:21:54,200 --> 00:21:57,119 Speaker 1: Right that makes sense, especially this idea of maximizing efficiency, 408 00:21:57,160 --> 00:21:59,800 Speaker 1: minimizing the disruption of cross country travel on these elite 409 00:21:59,800 --> 00:22:03,479 Speaker 1: as fleets. I'm curious what the single biggest challenge of 410 00:22:03,520 --> 00:22:08,200 Speaker 1: transporting professional sports teams is that you only discovered once 411 00:22:08,240 --> 00:22:10,680 Speaker 1: you were doing it versus when it was part of 412 00:22:10,720 --> 00:22:11,280 Speaker 1: your pitch. 413 00:22:15,400 --> 00:22:17,120 Speaker 6: Boy, you know, I've been doing this for so long 414 00:22:17,240 --> 00:22:19,320 Speaker 6: it's's kind of hard to remember that far back. But 415 00:22:20,040 --> 00:22:25,880 Speaker 6: I will admit that I did not realize just how 416 00:22:25,920 --> 00:22:30,679 Speaker 6: cold it gets in places in Calgary, Edmonton, Winnipeg in 417 00:22:30,720 --> 00:22:32,360 Speaker 6: the middle of the winter. I mean, if they could 418 00:22:32,359 --> 00:22:35,680 Speaker 6: start playing professional hockey in the summer instead of in 419 00:22:35,720 --> 00:22:37,840 Speaker 6: the winter, that would be great as far as I'm concerned. 420 00:22:38,280 --> 00:22:43,680 Speaker 6: But you know, I think it's really as science as 421 00:22:43,720 --> 00:22:48,840 Speaker 6: sports science, and as technology has grown. We all take 422 00:22:48,880 --> 00:22:51,200 Speaker 6: it for granted at home or even on this even 423 00:22:51,280 --> 00:22:55,080 Speaker 6: on this call together. But you know, Wi Fi is 424 00:22:55,119 --> 00:22:59,480 Speaker 6: just so important and having people stay connected because it 425 00:22:59,520 --> 00:23:03,840 Speaker 6: allows them reproductive on the plane. We have tables, conference 426 00:23:03,840 --> 00:23:06,800 Speaker 6: tables set up on the airplanes that coaches and and 427 00:23:06,920 --> 00:23:12,280 Speaker 6: general managers will use to negotiate trades, look at roster assignments, 428 00:23:12,320 --> 00:23:15,520 Speaker 6: watch game film, do the do the business work of flying. 429 00:23:17,040 --> 00:23:19,080 Speaker 6: The other piece, I guess in the sports science part 430 00:23:19,240 --> 00:23:25,119 Speaker 6: is I'm I'm stunned at exactly how many calories a 431 00:23:25,160 --> 00:23:29,959 Speaker 6: professional athlete has to consume every day just keep their 432 00:23:30,000 --> 00:23:32,200 Speaker 6: weight up and therefore keep their strength. 433 00:23:31,880 --> 00:23:34,640 Speaker 1: Up, including on the travel trips too, right, I mean, 434 00:23:34,680 --> 00:23:36,760 Speaker 1: while they're light and. 435 00:23:36,600 --> 00:23:38,919 Speaker 6: And and and frankly, it can't be jump food, right, 436 00:23:38,920 --> 00:23:40,920 Speaker 6: I mean, I mean, I guess it can be. There's 437 00:23:40,960 --> 00:23:43,560 Speaker 6: one player in particular where we have put a king 438 00:23:43,600 --> 00:23:46,439 Speaker 6: sized Snickers bar on a seat before every flight, and 439 00:23:46,520 --> 00:23:54,840 Speaker 6: sure enough I didn't hear that. But the but so 440 00:23:55,440 --> 00:23:57,720 Speaker 6: getting people, you know, no one, no one thinks that 441 00:23:57,760 --> 00:24:00,720 Speaker 6: airline food is fantastic, right, There's certainly great food you 442 00:24:00,720 --> 00:24:04,200 Speaker 6: can get you an Emirates first Class versus the peanuts 443 00:24:04,200 --> 00:24:09,200 Speaker 6: you might get on Southwest. But making certain that these 444 00:24:09,240 --> 00:24:12,600 Speaker 6: athletes are fueled, and that particularly right after a game 445 00:24:12,600 --> 00:24:15,240 Speaker 6: when they burn through all those calories, is so important, right, 446 00:24:15,280 --> 00:24:17,480 Speaker 6: because if you don't, you don't replace the calories, it's 447 00:24:17,480 --> 00:24:19,840 Speaker 6: going to burn off all that all that muscle mass. 448 00:24:19,920 --> 00:24:23,200 Speaker 6: And so in a lot of these teams, we see 449 00:24:23,200 --> 00:24:26,320 Speaker 6: players and the season four or five pounds later than 450 00:24:26,359 --> 00:24:28,760 Speaker 6: they began the season. And trust me, these people don't 451 00:24:28,800 --> 00:24:30,639 Speaker 6: need to lose weight. They don't want to lose weights 452 00:24:30,680 --> 00:24:32,880 Speaker 6: to function on just how hard it is to keep 453 00:24:32,960 --> 00:24:34,520 Speaker 6: up with that with that regimen. 454 00:24:34,560 --> 00:24:36,240 Speaker 5: Greg, I'd like to ask you about your margins. And 455 00:24:36,240 --> 00:24:38,000 Speaker 5: what I mean by that is this, you know, the 456 00:24:38,680 --> 00:24:40,680 Speaker 5: running your business today. You know, do you want to 457 00:24:40,680 --> 00:24:41,960 Speaker 5: be a fleet owner? Do you want to be a 458 00:24:41,960 --> 00:24:44,240 Speaker 5: fleet renter? I mean, are you really just navigating a 459 00:24:44,240 --> 00:24:46,840 Speaker 5: network of runways and control towers across the country. I mean, 460 00:24:46,880 --> 00:24:48,880 Speaker 5: do you want to even you know, go into all 461 00:24:48,920 --> 00:24:51,840 Speaker 5: the stuff with dealing with pilots and and and and 462 00:24:52,040 --> 00:24:54,320 Speaker 5: service staff as you rightly mention, you know, and making 463 00:24:54,320 --> 00:24:56,560 Speaker 5: sure that food is on airplanes? I mean what I mean, 464 00:24:56,760 --> 00:24:59,960 Speaker 5: after all that adds up, does jet fuel even matter 465 00:25:00,119 --> 00:25:02,879 Speaker 5: to your business anymore? I mean, seriously, where do your 466 00:25:02,880 --> 00:25:04,000 Speaker 5: margins really come from? 467 00:25:05,280 --> 00:25:08,600 Speaker 6: The great part about having what's effectively a low utilization fleet, 468 00:25:09,040 --> 00:25:13,160 Speaker 6: right that that a major airline like a Southwest might 469 00:25:13,200 --> 00:25:15,960 Speaker 6: fly their brand new seven thirty seven, three hundred, three 470 00:25:16,000 --> 00:25:17,960 Speaker 6: hundred and fifty hours in a month, and we're doing 471 00:25:18,040 --> 00:25:20,080 Speaker 6: roughly one hundred or one hundred and twenty five hours 472 00:25:20,119 --> 00:25:23,520 Speaker 6: right half that Now, so the variable cost of fuel 473 00:25:23,680 --> 00:25:26,639 Speaker 6: is a little less meaningful in our business than it 474 00:25:26,680 --> 00:25:27,280 Speaker 6: is and theirs. 475 00:25:27,720 --> 00:25:31,560 Speaker 3: That's Elevate Aviation Group CEO Greg Rafe speaking with my 476 00:25:31,680 --> 00:25:35,960 Speaker 3: colleague Scarlett Food, Damien sas Hour, and Bloomberg Original Sports 477 00:25:35,960 --> 00:25:40,320 Speaker 3: correspondent Vanessa Berdomo about the business of air travel for athletes. 478 00:25:40,760 --> 00:25:44,440 Speaker 3: Up next, Bill Belichick is heading to UNC. We'll talk 479 00:25:44,480 --> 00:25:48,840 Speaker 3: about that and his legacy with Jeff Benedict's Emmy Award 480 00:25:48,880 --> 00:25:52,240 Speaker 3: winning writer and author of The Dynastic I'm Michael Barr. 481 00:25:52,280 --> 00:25:55,879 Speaker 3: You're listening to The Bloomberg Business of Sports from Bloomberg Radio. 482 00:25:55,960 --> 00:26:04,000 Speaker 2: Around the world, you're listening to Bloomberg Business of Sports 483 00:26:04,240 --> 00:26:05,440 Speaker 2: from Bloomberg Radio. 484 00:26:06,840 --> 00:26:09,160 Speaker 3: Thanks for joining us on The Bloomberg Business of Sports, 485 00:26:09,200 --> 00:26:11,880 Speaker 3: where we explore the big money issues in the world 486 00:26:11,920 --> 00:26:15,240 Speaker 3: of sports. I'm Michael Barr. Jeff Benedict is an Emmy 487 00:26:15,320 --> 00:26:18,439 Speaker 3: Award winning writer and a New York Times best selling 488 00:26:18,480 --> 00:26:22,680 Speaker 3: author of seventeen books, including The Dynasty, the Definitive account 489 00:26:22,880 --> 00:26:26,720 Speaker 3: of the New England Patriots during their historic run under 490 00:26:26,800 --> 00:26:31,720 Speaker 3: Robert Kraft, Bill Belichick, and Tom Brady. With Belichick now 491 00:26:31,760 --> 00:26:36,120 Speaker 3: heading to the College Ranks, my colleagues Damian Sasaur, Bloomberg 492 00:26:36,200 --> 00:26:42,040 Speaker 3: Originals Chief correspondent Jason Kelly, and Bloomberg Original sports correspondent 493 00:26:42,119 --> 00:26:45,520 Speaker 3: Vanessa Perdomo got a chance to speak with Benedict for 494 00:26:45,600 --> 00:26:49,560 Speaker 3: his thoughts on this next phase of Belichick's career. Le 495 00:26:49,640 --> 00:26:51,040 Speaker 3: stick a listen to that conversation. 496 00:26:52,040 --> 00:26:54,040 Speaker 5: So, Jeff, we have to kick off by asking you 497 00:26:54,080 --> 00:26:57,760 Speaker 5: about coach Bill Belichick. I mean, he's going to UNC. 498 00:26:58,200 --> 00:27:00,000 Speaker 5: Talk to us about what that means for college sports. 499 00:27:00,119 --> 00:27:02,720 Speaker 5: It's about for nil and for some of these players, 500 00:27:02,720 --> 00:27:04,159 Speaker 5: and you know how we're going to develop them and 501 00:27:04,160 --> 00:27:05,080 Speaker 5: get an NFL ready. 502 00:27:06,040 --> 00:27:10,879 Speaker 7: Yeah, I'm not sure actually how much Bill's entrance to 503 00:27:10,880 --> 00:27:14,280 Speaker 7: college football affects any of that. I think college to 504 00:27:14,320 --> 00:27:19,560 Speaker 7: be honest, I mean, college football is a big, open, 505 00:27:19,840 --> 00:27:23,760 Speaker 7: kind of wild West environment right now, and I just 506 00:27:23,760 --> 00:27:27,040 Speaker 7: don't think Bill Belichick going to North Carolina moves the 507 00:27:27,080 --> 00:27:31,240 Speaker 7: needle much in terms of changing or impacting anything. 508 00:27:31,520 --> 00:27:31,879 Speaker 6: Really. 509 00:27:32,040 --> 00:27:34,560 Speaker 7: I mean, it might be different if he were going 510 00:27:34,600 --> 00:27:39,040 Speaker 7: to a school like Alabama or Notre Dame or Michigan, 511 00:27:39,160 --> 00:27:42,600 Speaker 7: but going to North Carolina, the fourth best team in 512 00:27:42,640 --> 00:27:46,080 Speaker 7: the ACC, I'm just not sure how much that really 513 00:27:46,160 --> 00:27:47,320 Speaker 7: impacts college football. 514 00:27:47,400 --> 00:27:48,639 Speaker 5: Well, tells what you think, Jeff. 515 00:27:48,680 --> 00:27:50,199 Speaker 3: I mean, my goodness, that's awesome. 516 00:27:50,240 --> 00:27:52,239 Speaker 5: I mean, like, but no, I mean, seriously, I know 517 00:27:52,240 --> 00:27:54,359 Speaker 5: they're number four in the ACC But I mean you 518 00:27:54,359 --> 00:27:56,199 Speaker 5: would think, I mean, with all the money, with all 519 00:27:56,200 --> 00:27:59,360 Speaker 5: the nil dollars that are flowing around, someone like Bill Belichick, 520 00:27:59,400 --> 00:28:02,680 Speaker 5: who was used to dealing with men with pros, who understands, 521 00:28:02,800 --> 00:28:05,480 Speaker 5: you know what that means in terms of how to 522 00:28:05,520 --> 00:28:08,240 Speaker 5: pay players and how to motivate players. I mean, do 523 00:28:08,280 --> 00:28:09,760 Speaker 5: you think that he might be able to change the 524 00:28:09,800 --> 00:28:12,280 Speaker 5: course of that for you know, of UNC of their 525 00:28:12,280 --> 00:28:13,240 Speaker 5: football program. 526 00:28:13,880 --> 00:28:18,639 Speaker 7: Look, anything's possible, But what you just said to me 527 00:28:18,960 --> 00:28:21,480 Speaker 7: really is the root of the problem here is He's 528 00:28:22,000 --> 00:28:25,320 Speaker 7: This is a man who spent his entire life in 529 00:28:25,359 --> 00:28:29,400 Speaker 7: the ranks of the NFL. He is the most accomplished 530 00:28:29,960 --> 00:28:32,720 Speaker 7: football coach in the history of the National Football League. 531 00:28:33,240 --> 00:28:38,360 Speaker 7: He has never been anywhere near coaching college football. And 532 00:28:38,400 --> 00:28:42,400 Speaker 7: it's an environment that's completely different than the one he's 533 00:28:42,440 --> 00:28:46,560 Speaker 7: operated in his whole career. And he's dealing now with 534 00:28:46,760 --> 00:28:49,440 Speaker 7: what amount to kids. I mean that the young men 535 00:28:49,440 --> 00:28:51,480 Speaker 7: that he would need to recruit to come to North 536 00:28:51,480 --> 00:28:55,719 Speaker 7: Carolina are legally, by definition, minors. I mean, he's going 537 00:28:55,760 --> 00:29:00,200 Speaker 7: to be recruiting teenagers. Bill doesn't deal with teenagers, He 538 00:29:00,280 --> 00:29:05,000 Speaker 7: never has. He deals with grown men, men, like Teddy 539 00:29:05,040 --> 00:29:09,240 Speaker 7: Bruski and Rodney Harrison and Tom Brady and Rob Gronkowski 540 00:29:09,400 --> 00:29:14,160 Speaker 7: some of the you could argue mentally and physically toughest 541 00:29:14,480 --> 00:29:17,400 Speaker 7: men you'll find in the sport of football. He's now 542 00:29:17,440 --> 00:29:21,000 Speaker 7: dealing with kids who are going to be looking for 543 00:29:21,680 --> 00:29:24,800 Speaker 7: the best deals they can get, whose parents are looking 544 00:29:24,840 --> 00:29:29,280 Speaker 7: for the best deals their child can get, who can 545 00:29:29,320 --> 00:29:34,479 Speaker 7: move around at will. I just think it's very different 546 00:29:34,520 --> 00:29:36,560 Speaker 7: than anything he's ever done. So it would be a 547 00:29:36,640 --> 00:29:40,160 Speaker 7: leap to think that he's going to make a dramatic impact. 548 00:29:40,320 --> 00:29:43,440 Speaker 7: I mean, time will tell, but time will also tell 549 00:29:43,520 --> 00:29:44,600 Speaker 7: how long he's even there. 550 00:29:45,480 --> 00:29:47,480 Speaker 4: I think that's so interesting that, you know, you brought 551 00:29:47,480 --> 00:29:51,000 Speaker 4: that up, and we were talking about obviously, how coaching 552 00:29:51,040 --> 00:29:54,240 Speaker 4: grown men and coaching you know, NFL players is so 553 00:29:54,240 --> 00:29:56,560 Speaker 4: different than coaching college kids. And I think one of 554 00:29:56,560 --> 00:29:58,840 Speaker 4: the other things there to think about is the way 555 00:29:58,880 --> 00:30:02,920 Speaker 4: that their contracts were right. You coach college players now, 556 00:30:03,480 --> 00:30:07,640 Speaker 4: they essentially are free agents every year because of the 557 00:30:07,680 --> 00:30:11,160 Speaker 4: transfer portal, and that obviously works very differently than NFL contracts, 558 00:30:11,200 --> 00:30:13,080 Speaker 4: where you have to be on the team for a 559 00:30:13,080 --> 00:30:15,320 Speaker 4: certain amount of years and all of that. So, how 560 00:30:15,360 --> 00:30:19,280 Speaker 4: do you think that will affect and how successfully unsuccessfully 561 00:30:19,360 --> 00:30:21,680 Speaker 4: can he bring that system in and juggle all of 562 00:30:21,720 --> 00:30:24,680 Speaker 4: those different things that the college system has. 563 00:30:24,680 --> 00:30:29,080 Speaker 7: Now, it's a great question, and I don't think anybody 564 00:30:29,680 --> 00:30:32,680 Speaker 7: can honestly answer it right now and say, oh, here's 565 00:30:32,680 --> 00:30:35,840 Speaker 7: how that's going to work out, because it's such an 566 00:30:35,920 --> 00:30:38,800 Speaker 7: unproven with Bill. I mean, I think you have to 567 00:30:38,840 --> 00:30:41,800 Speaker 7: look at what things are evident, like, what are the 568 00:30:41,840 --> 00:30:44,760 Speaker 7: things we know? What we know is that Bill has 569 00:30:44,800 --> 00:30:49,880 Speaker 7: been an amazing motivator of men throughout his career, even 570 00:30:49,960 --> 00:30:51,760 Speaker 7: before he was a head coach, when he was with 571 00:30:51,800 --> 00:30:55,960 Speaker 7: the Giants as a defensive coordinator, he managed to motivate 572 00:30:56,480 --> 00:30:58,800 Speaker 7: a group of men on that Giants team that you know, 573 00:30:58,920 --> 00:31:01,640 Speaker 7: Carl Banks and Lawrence Taylor and all those guys who 574 00:31:01,720 --> 00:31:04,200 Speaker 7: were really the ones responsible for the Giants winning those 575 00:31:04,200 --> 00:31:07,080 Speaker 7: Super Bowls under Bill Parcells. So he is a record 576 00:31:07,240 --> 00:31:10,200 Speaker 7: of that. He also has a proven record of being 577 00:31:10,280 --> 00:31:14,400 Speaker 7: probably the best schemer in the game of football in 578 00:31:14,440 --> 00:31:17,640 Speaker 7: terms of designing game schemes. I mean, he out schemes 579 00:31:17,680 --> 00:31:20,040 Speaker 7: his opponents. He's been doing that his whole career as well. 580 00:31:20,680 --> 00:31:24,240 Speaker 7: He has no record of doing some of the most 581 00:31:24,240 --> 00:31:26,880 Speaker 7: important things that a college coach has to do, which 582 00:31:26,960 --> 00:31:30,680 Speaker 7: all starts with recruiting, and I don't really know how 583 00:31:30,720 --> 00:31:35,160 Speaker 7: a guy who's in his seventies, who's going to a 584 00:31:35,200 --> 00:31:38,920 Speaker 7: place like Tobacco row and you want to bring the 585 00:31:38,960 --> 00:31:42,240 Speaker 7: best athletes coming out of high school to North Carolina 586 00:31:42,720 --> 00:31:47,320 Speaker 7: and you've got to out basically, you've got to outbid Michigan, 587 00:31:47,600 --> 00:31:53,560 Speaker 7: Ohio State, USC Texas. I mean, it's I just think 588 00:31:53,560 --> 00:31:58,280 Speaker 7: it's a huge ask for him to do that and 589 00:31:58,360 --> 00:32:01,560 Speaker 7: to actually succeed. I mean, when he's come into coaching 590 00:32:01,640 --> 00:32:05,760 Speaker 7: jobs like New England, you know, he had a runway 591 00:32:06,000 --> 00:32:09,000 Speaker 7: of time to get established. His first season he was 592 00:32:09,040 --> 00:32:12,600 Speaker 7: five and eleven and that was with the best quarterback 593 00:32:12,600 --> 00:32:15,120 Speaker 7: in the NFL at the time, Drew. But so, I mean, 594 00:32:15,160 --> 00:32:19,400 Speaker 7: I just think it's a huge ask to put on him. 595 00:32:19,840 --> 00:32:22,880 Speaker 7: But no one asked him to do this. He supposedly 596 00:32:22,920 --> 00:32:25,720 Speaker 7: wanted to do it. So I just think the jury 597 00:32:25,840 --> 00:32:28,160 Speaker 7: is out though in terms of whether he's able to 598 00:32:28,960 --> 00:32:32,160 Speaker 7: turn North Carolina into a winning football program. 599 00:32:32,440 --> 00:32:34,600 Speaker 10: So you hit on something really interesting there, Jeff, which 600 00:32:34,640 --> 00:32:36,320 Speaker 10: is this whole idea that you know, this was his 601 00:32:36,400 --> 00:32:39,040 Speaker 10: choice to go there, and by all accounts, obviously he is. 602 00:32:39,280 --> 00:32:43,440 Speaker 10: He exercised his free will to do it. At the 603 00:32:43,440 --> 00:32:46,360 Speaker 10: same time, there were no NFL you know, teams that 604 00:32:46,800 --> 00:32:49,880 Speaker 10: came a calling. You've you've talked very eloquently over the 605 00:32:49,920 --> 00:32:52,520 Speaker 10: past few minutes about sort of his gift for talent 606 00:32:52,640 --> 00:32:56,560 Speaker 10: management that had. You wrote an incredible book, The Dynasty, 607 00:32:56,680 --> 00:33:01,040 Speaker 10: that's all about this magic formula, this this cocktail of 608 00:33:01,160 --> 00:33:04,560 Speaker 10: the crafts in Belichick and you know, the greatest probably 609 00:33:04,640 --> 00:33:07,520 Speaker 10: to ever play the game, Tom Brady, you know, going 610 00:33:07,520 --> 00:33:12,600 Speaker 10: on this historic streak of winning Super Bowls. What was 611 00:33:12,640 --> 00:33:16,840 Speaker 10: it about that that couldn't translate into another job for 612 00:33:16,920 --> 00:33:17,800 Speaker 10: him in the NFL. 613 00:33:18,640 --> 00:33:24,400 Speaker 7: Well, I was always attracted to the New England Patriots 614 00:33:24,480 --> 00:33:29,760 Speaker 7: dynasty story from the beginning, based on the fact that 615 00:33:30,040 --> 00:33:32,440 Speaker 7: I saw it as something so much larger than a 616 00:33:32,440 --> 00:33:33,200 Speaker 7: football story. 617 00:33:33,320 --> 00:33:35,360 Speaker 2: Yeah, it really is. 618 00:33:35,520 --> 00:33:41,160 Speaker 7: It's an incredible American story, the dynasty. That word dynasty 619 00:33:41,240 --> 00:33:45,600 Speaker 7: is really appropriate for what Bill and Tom and Robert 620 00:33:45,880 --> 00:33:48,920 Speaker 7: and all the other the bigger cast of characters up 621 00:33:48,960 --> 00:33:53,920 Speaker 7: there did over the last twenty five years. But part 622 00:33:53,920 --> 00:33:57,600 Speaker 7: of that part of that story is what's embedded in 623 00:33:57,640 --> 00:34:03,360 Speaker 7: it is the personal the personalities specifically of Tom, Bill 624 00:34:03,400 --> 00:34:06,920 Speaker 7: and Robert. And I think that what those three were 625 00:34:06,920 --> 00:34:10,160 Speaker 7: able to achieve together. I've said this before. I don't 626 00:34:10,200 --> 00:34:16,160 Speaker 7: think we'll ever see another owner, coach, quarterback candem that 627 00:34:16,320 --> 00:34:19,799 Speaker 7: will achieve what they did. And as much as I 628 00:34:19,840 --> 00:34:23,640 Speaker 7: respect Andy Reid and Patrick Mahomes, I just don't see 629 00:34:23,680 --> 00:34:28,160 Speaker 7: them doing this for twenty years. It's so hard to 630 00:34:28,360 --> 00:34:31,400 Speaker 7: stay together. And when you look at this team, the 631 00:34:31,440 --> 00:34:33,719 Speaker 7: Patriots under Bill when he was a coach, I mean, 632 00:34:33,800 --> 00:34:39,400 Speaker 7: he did things that were fantastic for New England's success, 633 00:34:40,280 --> 00:34:44,400 Speaker 7: but they are not great for the next chapter of 634 00:34:44,440 --> 00:34:48,200 Speaker 7: your life, if there is a next chapter. And I 635 00:34:48,280 --> 00:34:52,040 Speaker 7: think that Bill probably always thought he would end his 636 00:34:52,120 --> 00:34:56,080 Speaker 7: career in New England. He would surpass Don Shula and 637 00:34:56,200 --> 00:34:59,600 Speaker 7: he would ride off into the sunset. He'll have a 638 00:34:59,640 --> 00:35:02,360 Speaker 7: bust in the Hall of Fame, and he'll sail his 639 00:35:03,120 --> 00:35:08,760 Speaker 7: boat around Nantucket. But that changed, and when it changed, 640 00:35:08,960 --> 00:35:12,080 Speaker 7: it really changed. In the last four years that he's 641 00:35:12,080 --> 00:35:15,600 Speaker 7: spent in New England were nothing like the previous twenty. 642 00:35:16,800 --> 00:35:20,799 Speaker 7: And I think when he was suddenly unemployed and you 643 00:35:20,840 --> 00:35:23,239 Speaker 7: look around and the fact that just think about how 644 00:35:23,239 --> 00:35:27,320 Speaker 7: many job openings there have been just since he left, 645 00:35:27,560 --> 00:35:30,239 Speaker 7: and we all know how many openings there are going 646 00:35:30,280 --> 00:35:35,120 Speaker 7: to be in about a month, and it's so obvious 647 00:35:35,200 --> 00:35:40,759 Speaker 7: that no one wanted to hire him because I don't 648 00:35:40,760 --> 00:35:44,480 Speaker 7: think there's anything left on Bill's bucket list to do 649 00:35:44,760 --> 00:35:47,840 Speaker 7: as a as a head coach. Then passed on Shulan. 650 00:35:47,960 --> 00:35:50,719 Speaker 7: And it's and it has always been important to him, 651 00:35:51,120 --> 00:35:53,520 Speaker 7: as it should be. Like that's not a criticism when 652 00:35:53,560 --> 00:35:57,120 Speaker 7: I say that, I think it is. It absolutely is 653 00:35:57,200 --> 00:35:59,879 Speaker 7: understandably important to him. It would be to anybody. It's 654 00:35:59,920 --> 00:36:03,600 Speaker 7: like the last thing that he has, and he's not 655 00:36:03,680 --> 00:36:05,960 Speaker 7: going to get the chance to do it, certainly not 656 00:36:06,040 --> 00:36:06,880 Speaker 7: in North Carolina. 657 00:36:07,360 --> 00:36:09,719 Speaker 5: Well, I guess it helps that Bill is such a 658 00:36:09,719 --> 00:36:13,719 Speaker 5: sweet and likable guy. Also, you know, Jeff seriously though, Yeah, 659 00:36:13,800 --> 00:36:16,320 Speaker 5: so cuddly. But you know what's interesting about this, Jeff, 660 00:36:16,680 --> 00:36:19,040 Speaker 5: for me, is you think about I mean, there's one 661 00:36:19,040 --> 00:36:21,360 Speaker 5: person that Bill is, Bill Bilichick is friends with, and 662 00:36:21,360 --> 00:36:24,120 Speaker 5: that's Nick Saban. And Nick Saban just left the college 663 00:36:24,120 --> 00:36:27,680 Speaker 5: football ranks because of NIL, and here comes Bill Belichick 664 00:36:27,920 --> 00:36:31,480 Speaker 5: coming into college football despite what's going on in NIL. 665 00:36:31,560 --> 00:36:33,400 Speaker 5: I mean, talk to us a little bit about that, 666 00:36:33,480 --> 00:36:37,360 Speaker 5: the impact of NIL, Jeff, And I mean, does perhaps, 667 00:36:37,480 --> 00:36:40,160 Speaker 5: you know, coach Belichick see something that we don't. 668 00:36:40,239 --> 00:36:41,200 Speaker 2: Are we missing something? 669 00:36:41,239 --> 00:36:41,439 Speaker 7: Here. 670 00:36:41,560 --> 00:36:44,640 Speaker 5: I mean, does he see perhaps the ability, you know, 671 00:36:45,000 --> 00:36:47,480 Speaker 5: you know, his experience in the NFL, that that's going 672 00:36:47,560 --> 00:36:50,080 Speaker 5: to draw in players? I mean, and is he bringing 673 00:36:50,120 --> 00:36:51,719 Speaker 5: anyone with him? Is he bringing his son with him 674 00:36:51,760 --> 00:36:54,080 Speaker 5: to help coaches? He bringing anyone with him to help recruit? 675 00:36:54,120 --> 00:36:56,080 Speaker 5: I mean, what's it going to look like down there in. 676 00:36:56,080 --> 00:37:01,440 Speaker 7: UNC Well, I certainly would never pretend to see what 677 00:37:01,480 --> 00:37:04,400 Speaker 7: Bill sees. I don't know what Bill. 678 00:37:04,200 --> 00:37:06,319 Speaker 4: Sees or is it just about having a job. 679 00:37:07,280 --> 00:37:10,800 Speaker 7: To me, it's what it really speaks to more than anything, 680 00:37:11,280 --> 00:37:13,680 Speaker 7: and I think is a lot more profound than the 681 00:37:13,760 --> 00:37:16,640 Speaker 7: question of what will happen in North Carolina. What this 682 00:37:16,840 --> 00:37:20,919 Speaker 7: really speaks of is it's the aftermath of the way 683 00:37:21,040 --> 00:37:26,480 Speaker 7: Bill was Bill in the NFL for twenty five years 684 00:37:26,600 --> 00:37:32,080 Speaker 7: and there isn't anybody that has wanted to open the 685 00:37:32,120 --> 00:37:36,280 Speaker 7: door for him. And I find that mind boggling, because 686 00:37:38,600 --> 00:37:43,360 Speaker 7: there's teams like the Dallas Cowboys where you would think 687 00:37:43,719 --> 00:37:47,759 Speaker 7: a guy like Bill could actually take Jerry Jones to 688 00:37:47,800 --> 00:37:49,520 Speaker 7: the promised land that he's been trying to get back 689 00:37:49,600 --> 00:37:52,799 Speaker 7: to for twenty five plus years, and the phone doesn't bring. 690 00:37:53,080 --> 00:37:57,720 Speaker 7: You know, it's interesting and I think fascinating. It really 691 00:37:57,760 --> 00:38:01,440 Speaker 7: says a lot about sort of the way these guys 692 00:38:01,520 --> 00:38:06,280 Speaker 7: have rolled out of what they built, that dominant force 693 00:38:06,400 --> 00:38:08,840 Speaker 7: that they built in New England, that stomped on everybody, 694 00:38:09,480 --> 00:38:13,000 Speaker 7: that won so much for so long, and Tom and 695 00:38:13,080 --> 00:38:16,200 Speaker 7: Bill have both spun out of it, and they've spun 696 00:38:16,239 --> 00:38:17,759 Speaker 7: out of it very differently. 697 00:38:18,480 --> 00:38:22,239 Speaker 3: That's my colleagues Damian Sasaur, Jason Kelly, and Vanessa Bernomo 698 00:38:22,320 --> 00:38:25,960 Speaker 3: speaking with Emmy Award winning and New York Times best 699 00:38:25,960 --> 00:38:29,200 Speaker 3: selling author Jeff Benedict. And that does it for this 700 00:38:29,360 --> 00:38:32,320 Speaker 3: edition of The Bloomberg Business of Sports. I'm Michael Barr. 701 00:38:32,840 --> 00:38:35,120 Speaker 3: Thank you for joining us. Tune in again next week 702 00:38:35,160 --> 00:38:38,000 Speaker 3: for the latest on the stories moving big money in 703 00:38:38,040 --> 00:38:41,000 Speaker 3: the world of sports. You're listening to Bloomberg Business of 704 00:38:41,000 --> 00:38:45,200 Speaker 3: Sports from Bloomberger Radio around the world, and don't forget 705 00:38:45,200 --> 00:38:49,840 Speaker 3: the Cat Tower podcast on all your podcast platforms. Stay 706 00:38:49,880 --> 00:38:52,719 Speaker 3: with us. Today's top stories and global business headlines are 707 00:38:52,719 --> 00:38:55,040 Speaker 3: coming up right now.