1 00:00:03,080 --> 00:00:07,400 Speaker 1: Bloomberg Audio Studios, podcasts, radio News. 2 00:00:13,080 --> 00:00:15,000 Speaker 2: On this episode of The Deal, we're bringing you an 3 00:00:15,080 --> 00:00:18,840 Speaker 2: interview we recorded live at Bloomberg Power Players Summit. We 4 00:00:18,880 --> 00:00:21,079 Speaker 2: sat down with Steve Peluca. He's the owner of the 5 00:00:21,079 --> 00:00:25,560 Speaker 2: Boston Celtics and the Italian football club Atalanta. Both teams 6 00:00:25,600 --> 00:00:28,000 Speaker 2: have brought home trophies in the past year, and we 7 00:00:28,080 --> 00:00:30,560 Speaker 2: got to pick Steve's brain about how he builds winning 8 00:00:30,560 --> 00:00:43,840 Speaker 2: franchises and the deals behind it all. Here's Steve Peluca. 9 00:00:48,200 --> 00:00:50,720 Speaker 2: All right, let's jump right into this because one of 10 00:00:50,760 --> 00:00:52,960 Speaker 2: the reasons we wanted to talk to you, Steve is, 11 00:00:53,320 --> 00:00:55,560 Speaker 2: I think the technical term, Alex is You've had a 12 00:00:55,600 --> 00:00:56,280 Speaker 2: hell of a year. 13 00:00:56,480 --> 00:00:57,640 Speaker 1: This has been a really good. 14 00:00:57,560 --> 00:00:58,080 Speaker 2: Year for you. 15 00:00:58,480 --> 00:01:00,000 Speaker 1: Yeah, I'm still pinching myself. 16 00:01:00,240 --> 00:01:03,760 Speaker 2: So two championships. As you look back, what's the most 17 00:01:03,800 --> 00:01:04,600 Speaker 2: memorable moment? 18 00:01:04,760 --> 00:01:07,679 Speaker 1: Oh man, that's really hard. I mean probably two of 19 00:01:07,720 --> 00:01:10,039 Speaker 1: them were the championship game the Celtics. You know, we 20 00:01:10,080 --> 00:01:11,800 Speaker 1: came so close for so many years. I was very 21 00:01:11,800 --> 00:01:14,839 Speaker 1: happy for Jason and Jalen specifically getting over the hump, 22 00:01:15,040 --> 00:01:18,080 Speaker 1: so that was very emotional. And then for Atalanta, they 23 00:01:18,080 --> 00:01:20,280 Speaker 1: had not won the European Championship for one hundred years, 24 00:01:20,440 --> 00:01:23,720 Speaker 1: So that kind of revolutionized Bergamo and the players. We 25 00:01:23,800 --> 00:01:26,880 Speaker 1: had a parade there. The Celtics parade was amazing, millions 26 00:01:26,880 --> 00:01:30,240 Speaker 1: of people with a parade in Milan took five hours 27 00:01:30,640 --> 00:01:33,520 Speaker 1: because there were so many people, so many people on 28 00:01:33,560 --> 00:01:35,560 Speaker 1: the streets. They had to have a one hundred policemen 29 00:01:35,880 --> 00:01:38,240 Speaker 1: moving people out of the way as this this double 30 00:01:38,280 --> 00:01:40,200 Speaker 1: decker bus went down the hill to only go three 31 00:01:40,200 --> 00:01:43,480 Speaker 1: miles five hours. It became dark. They're lighting off flares. 32 00:01:43,760 --> 00:01:47,920 Speaker 1: It looked like apocalypse now. So those were just just memorable. 33 00:01:48,080 --> 00:01:51,880 Speaker 1: Remember parade, I do New York, not Boston. 34 00:01:51,920 --> 00:01:55,600 Speaker 3: But you know, but Steve, you've done You've had such 35 00:01:55,600 --> 00:01:58,040 Speaker 3: an iconic career and I've admired you for so long. 36 00:01:58,080 --> 00:01:59,920 Speaker 3: You've been so kind to me. But thinking about you 37 00:02:00,080 --> 00:02:02,000 Speaker 3: Korean Bane and all the great deals you've done in 38 00:02:02,040 --> 00:02:04,560 Speaker 3: private equity. But take us back to two thousand and two, 39 00:02:04,560 --> 00:02:06,840 Speaker 3: because if Boston Celtics is a little different and a 40 00:02:06,880 --> 00:02:09,560 Speaker 3: lot more special in many ways, take us back to 41 00:02:09,600 --> 00:02:11,119 Speaker 3: that and what did that mean to you at that time? 42 00:02:11,440 --> 00:02:14,080 Speaker 1: It seems like yesterday. It's interesting because I had been 43 00:02:14,080 --> 00:02:16,680 Speaker 1: in bank capital and we had done billion dollar deals 44 00:02:16,680 --> 00:02:18,280 Speaker 1: and five billion dollar deals, and the Celtics was a 45 00:02:18,320 --> 00:02:20,120 Speaker 1: three hundred and sixty million dollar deal. And we do 46 00:02:20,200 --> 00:02:22,200 Speaker 1: a billion dollar deal, they be one or two reporters. 47 00:02:22,480 --> 00:02:24,520 Speaker 1: And the odd thing about the Celtics peck then is 48 00:02:24,560 --> 00:02:27,800 Speaker 1: there were no leaks. This was a very private deal 49 00:02:27,840 --> 00:02:30,480 Speaker 1: from a private seller to a private seller, so there 50 00:02:30,520 --> 00:02:32,920 Speaker 1: were zero leaks. It's almost unheard of. 51 00:02:33,000 --> 00:02:33,240 Speaker 2: Wow. 52 00:02:33,760 --> 00:02:38,120 Speaker 1: And so it was a very hot day in September 53 00:02:38,160 --> 00:02:41,000 Speaker 1: or August, whatever that day was. And we drove over 54 00:02:41,000 --> 00:02:43,840 Speaker 1: to the Celtics facility and the previous owner hadn't even 55 00:02:43,880 --> 00:02:46,240 Speaker 1: told the coach that the team had been sold. Whoa wow. 56 00:02:46,520 --> 00:02:48,799 Speaker 1: And he was up in the balcony staring down at us, 57 00:02:49,480 --> 00:02:53,320 Speaker 1: and it was incredibly So I drove over with Wick Grosspec, 58 00:02:53,639 --> 00:02:56,560 Speaker 1: who's our CEO and the partner. It was incredibly hot. 59 00:02:56,600 --> 00:02:58,320 Speaker 1: He bounded out of the car and then I was 60 00:02:58,320 --> 00:02:59,960 Speaker 1: nervous and I couldn't open the door of the car. 61 00:03:00,120 --> 00:03:02,240 Speaker 1: I was locked in the car. It was ninety degrees. 62 00:03:02,560 --> 00:03:04,280 Speaker 1: I'm sweating and we're going to press conference. I thought 63 00:03:04,320 --> 00:03:06,560 Speaker 1: there'd be a couple of reporters there, so thank god, 64 00:03:06,680 --> 00:03:08,119 Speaker 1: you know, I kind of etched on the window. Help 65 00:03:08,360 --> 00:03:10,560 Speaker 1: and he came back, got me got out of the car. 66 00:03:10,800 --> 00:03:12,960 Speaker 1: I'm telling what we go to sit at place like 67 00:03:13,000 --> 00:03:15,799 Speaker 1: this and I look up and there's reporters the same 68 00:03:15,840 --> 00:03:17,720 Speaker 1: number about in the room today. I mean, there are 69 00:03:17,720 --> 00:03:21,320 Speaker 1: one hundred reporters there right to report on this. I said, okay, 70 00:03:21,360 --> 00:03:24,119 Speaker 1: this is this is really different. You know the intersection 71 00:03:24,200 --> 00:03:26,160 Speaker 1: of sports and business. You know, when you put the 72 00:03:26,200 --> 00:03:27,560 Speaker 1: entertainment into it, it's really different. 73 00:03:28,120 --> 00:03:30,720 Speaker 2: And so before we get to because I know you've 74 00:03:30,720 --> 00:03:34,000 Speaker 2: got some like owner to owner questions. I do not 75 00:03:34,120 --> 00:03:38,800 Speaker 2: own a professional team. I'm a humble journalist here, but 76 00:03:39,040 --> 00:03:42,680 Speaker 2: I did get to know you, Steve pre Celtics like 77 00:03:43,600 --> 00:03:46,280 Speaker 2: covering private equity, I mean, tell us a little bit 78 00:03:46,400 --> 00:03:52,440 Speaker 2: about translating that work to ownership. And you stayed in 79 00:03:52,480 --> 00:03:54,880 Speaker 2: private equity during all of this time, and you're still 80 00:03:54,880 --> 00:03:57,760 Speaker 2: an active investor. But like, what was it about ban 81 00:03:57,840 --> 00:04:00,680 Speaker 2: because Bane was you know, many people in this room 82 00:04:00,720 --> 00:04:04,360 Speaker 2: were very familiar with that story, very special and different 83 00:04:04,480 --> 00:04:08,320 Speaker 2: sort of partnership. What did you bring from that experience 84 00:04:08,440 --> 00:04:10,720 Speaker 2: to your partnership with Wick and your other parties the. 85 00:04:10,880 --> 00:04:13,520 Speaker 1: Southwick and I had been in venture capital and I'd 86 00:04:13,560 --> 00:04:19,080 Speaker 1: been in buyouts, and actually the concepts are very similar. 87 00:04:19,400 --> 00:04:22,160 Speaker 1: So The first thing we did was do kind of 88 00:04:22,160 --> 00:04:24,480 Speaker 1: a bane study on what were kind of the key 89 00:04:24,520 --> 00:04:27,400 Speaker 1: objectives that we would have going forward. But the good 90 00:04:27,400 --> 00:04:29,520 Speaker 1: news isn't consulting. They always bought it down at three things. 91 00:04:29,839 --> 00:04:31,760 Speaker 1: I told Alex like fifteen years ago, it's always about 92 00:04:31,760 --> 00:04:35,320 Speaker 1: three things, not two three things. And the first was, 93 00:04:35,360 --> 00:04:37,200 Speaker 1: you know, you want to win a championship, so build 94 00:04:37,200 --> 00:04:39,720 Speaker 1: a championship team. The second thing we needed to do 95 00:04:39,920 --> 00:04:42,880 Speaker 1: was make it a more fan friendly environment. Back in 96 00:04:42,920 --> 00:04:44,760 Speaker 1: those days in Boston, you know, the Celtics were the 97 00:04:44,760 --> 00:04:46,359 Speaker 1: only team of the thirty teams that didn't have a 98 00:04:46,400 --> 00:04:49,200 Speaker 1: dance squad or cheerleading squad who was really old school 99 00:04:49,440 --> 00:04:52,480 Speaker 1: and not a lot of connectivity with the fans. It 100 00:04:52,600 --> 00:04:53,880 Speaker 1: was kind of like they want to keep the fans 101 00:04:53,880 --> 00:04:56,760 Speaker 1: away from the players. So that was the second objective 102 00:04:57,000 --> 00:04:59,320 Speaker 1: is really, you know, make it a better fan experience. 103 00:05:00,000 --> 00:05:02,880 Speaker 1: The third was use it as a community asset, because 104 00:05:02,920 --> 00:05:04,640 Speaker 1: you don't really you know, like you don't really own 105 00:05:04,720 --> 00:05:07,000 Speaker 1: these teams. They're kind of owned by the city and 106 00:05:07,040 --> 00:05:08,839 Speaker 1: they can do enormous amount of goods. So we set 107 00:05:08,880 --> 00:05:10,600 Speaker 1: up the first day, we set up something called the 108 00:05:10,600 --> 00:05:13,880 Speaker 1: Boston Celtic Shamrock Foundation. And you can't win a championship 109 00:05:13,880 --> 00:05:15,520 Speaker 1: every year, but you can you can do a lot, 110 00:05:15,640 --> 00:05:17,479 Speaker 1: you know, for the people of Boston and New England 111 00:05:17,720 --> 00:05:20,520 Speaker 1: off the court. And so those were the three pillars 112 00:05:20,560 --> 00:05:22,200 Speaker 1: that that we found on and we did that study 113 00:05:22,440 --> 00:05:24,360 Speaker 1: and executed on that, and the Globe came out with 114 00:05:24,360 --> 00:05:26,920 Speaker 1: an article which we just got under the wire. They said, 115 00:05:27,040 --> 00:05:31,240 Speaker 1: if they idolized every team that won a championship, and 116 00:05:31,400 --> 00:05:33,960 Speaker 1: I guess at that time, no new owners that came 117 00:05:34,000 --> 00:05:35,680 Speaker 1: in if they didn't win within the first five years, 118 00:05:35,680 --> 00:05:38,320 Speaker 1: they never won. Oh boy, so we wanted the fifth year. 119 00:05:38,600 --> 00:05:41,680 Speaker 1: Oh we had a five year plan and we wanted 120 00:05:41,680 --> 00:05:42,119 Speaker 1: two thousand. 121 00:05:42,920 --> 00:05:45,640 Speaker 2: Yeah, that's that's good Bain work, So Steve. 122 00:05:45,720 --> 00:05:47,680 Speaker 3: Every time, whether it was when we were trying to 123 00:05:47,680 --> 00:05:49,840 Speaker 3: buy the mats, you werelways so gracious, So was Bain, 124 00:05:50,360 --> 00:05:52,680 Speaker 3: and you always wanted to offer advice with nothing. You 125 00:05:52,680 --> 00:05:54,760 Speaker 3: didn't have a pony in the race, but you always 126 00:05:55,000 --> 00:05:57,479 Speaker 3: such a great mentor to so many people. Every time 127 00:05:57,480 --> 00:06:00,160 Speaker 3: we went to Boston when the Timbers went to play, 128 00:05:59,800 --> 00:06:03,120 Speaker 3: you and work were so gracious. You made me feel 129 00:06:03,160 --> 00:06:05,520 Speaker 3: so like very You were very hospital and made me 130 00:06:05,560 --> 00:06:07,919 Speaker 3: feel at home. You're probably the first person ever that 131 00:06:07,960 --> 00:06:09,200 Speaker 3: made me feel at home in Boston. 132 00:06:09,279 --> 00:06:12,720 Speaker 1: So thank you for that. I'm a little weird. 133 00:06:13,640 --> 00:06:16,600 Speaker 3: But in how seriousness, if it was one thing that 134 00:06:16,640 --> 00:06:18,839 Speaker 3: you would say, with that over twenty years of experience 135 00:06:18,839 --> 00:06:22,520 Speaker 3: in the NBA, now with two championships, what's one thing Mark, Lorie, 136 00:06:22,600 --> 00:06:25,080 Speaker 3: my partner and I have to do, and what's one 137 00:06:25,120 --> 00:06:26,320 Speaker 3: thing we have to avoid oning? 138 00:06:26,640 --> 00:06:28,320 Speaker 1: Well, I think the number one thing you have to 139 00:06:28,360 --> 00:06:30,960 Speaker 1: do is be you know, be a fan and you 140 00:06:31,440 --> 00:06:33,599 Speaker 1: played pro sports. I never played pro sports. I played 141 00:06:33,640 --> 00:06:36,760 Speaker 1: in college, but but I realized I played a lot 142 00:06:36,760 --> 00:06:39,320 Speaker 1: of basketball. But in getting involved with the team, you know, 143 00:06:39,440 --> 00:06:41,479 Speaker 1: the team shows up every day. There's one hundred games 144 00:06:41,520 --> 00:06:44,599 Speaker 1: if you count the playoffs. It's amazing strain on the body. 145 00:06:44,680 --> 00:06:47,320 Speaker 1: You get back to backs. The fans don't understand that. 146 00:06:47,360 --> 00:06:49,480 Speaker 1: They don't know that this might be the guy who's 147 00:06:49,480 --> 00:06:51,640 Speaker 1: played forty minutes the last five games, and that guy's 148 00:06:51,640 --> 00:06:53,160 Speaker 1: got to go out there like it's the first time 149 00:06:53,160 --> 00:06:54,640 Speaker 1: that he went out there. It's a show every night. 150 00:06:55,120 --> 00:06:58,000 Speaker 1: So I think be passionate about your players, the team, 151 00:06:58,279 --> 00:07:00,840 Speaker 1: the community. That'd be number one thing to do. And 152 00:07:00,880 --> 00:07:04,479 Speaker 1: then what not to do? You know, I think The 153 00:07:04,480 --> 00:07:07,960 Speaker 1: biggest problem new owners have is they want to come 154 00:07:08,000 --> 00:07:11,560 Speaker 1: in and win too quickly. And we studied all the 155 00:07:11,600 --> 00:07:13,760 Speaker 1: teams and drafts we did. We did another band study 156 00:07:13,760 --> 00:07:16,400 Speaker 1: on drafting and all the all the we're very very 157 00:07:16,400 --> 00:07:18,880 Speaker 1: analytic based. We started something called the b I A, 158 00:07:19,000 --> 00:07:21,760 Speaker 1: the Basketball Intelligence Agency. There's a little sign it's like 159 00:07:21,800 --> 00:07:24,120 Speaker 1: the FBI the CIA sign, but it says b I N. 160 00:07:24,200 --> 00:07:26,280 Speaker 1: And we have we have PhD from Duke, we have 161 00:07:26,520 --> 00:07:27,800 Speaker 1: we have we have m I T. We have the 162 00:07:27,800 --> 00:07:30,120 Speaker 1: whole whole crew in there. We're on our twentieth kind 163 00:07:30,120 --> 00:07:32,160 Speaker 1: of regression model now in terms of how do you 164 00:07:32,200 --> 00:07:34,880 Speaker 1: pick players, strategy and the rest. But but I would 165 00:07:34,880 --> 00:07:38,040 Speaker 1: say you you you need to take a long term 166 00:07:38,160 --> 00:07:42,160 Speaker 1: venture capital like approach to it rather than turn it overnight. 167 00:07:42,240 --> 00:07:47,400 Speaker 1: So you've seen many situations where you buy the team, uh, 168 00:07:47,520 --> 00:07:50,480 Speaker 1: they trade all the draft picks, bring in one or 169 00:07:50,560 --> 00:07:54,200 Speaker 1: two old players that probably have something left but maybe 170 00:07:54,200 --> 00:07:56,040 Speaker 1: one year or two years left, and then if they 171 00:07:56,080 --> 00:07:58,280 Speaker 1: get hurt and they don't win, you're out of draft 172 00:07:58,320 --> 00:08:01,360 Speaker 1: picks and then you're starting over it. So we always 173 00:08:01,400 --> 00:08:04,600 Speaker 1: took this kind of five year plan approach of building 174 00:08:04,600 --> 00:08:07,760 Speaker 1: by the draft, doing trades where they made sense. We 175 00:08:08,040 --> 00:08:17,040 Speaker 1: didn't try to turn around overnight. 176 00:08:22,640 --> 00:08:25,560 Speaker 2: One of the fascinating things, especially if you think about 177 00:08:25,600 --> 00:08:29,840 Speaker 2: sort of the intervening years between the championships from eight 178 00:08:30,040 --> 00:08:33,840 Speaker 2: right to twenty four, it's a long time. Especially in 179 00:08:33,880 --> 00:08:38,719 Speaker 2: the NBA, the league has utterly transformed. What do you 180 00:08:38,760 --> 00:08:42,480 Speaker 2: think is the most meaningful thing that's happened in those 181 00:08:42,600 --> 00:08:46,640 Speaker 2: intervening years, other than like new owners coming in, How 182 00:08:46,720 --> 00:08:48,880 Speaker 2: is the business of basketball changed? 183 00:08:49,200 --> 00:08:52,280 Speaker 1: Well, if you look back at twenty years ago, you 184 00:08:52,320 --> 00:08:55,840 Speaker 1: would count fans in the hundreds of thousands. The Celtics 185 00:08:56,160 --> 00:08:58,600 Speaker 1: didn't really have even emails with the fans. There was 186 00:08:58,640 --> 00:09:02,760 Speaker 1: no Instagram, was no Facebook, so it was very traditional. 187 00:09:02,760 --> 00:09:06,720 Speaker 1: It was radio and broadcast television. So what's happened in 188 00:09:06,720 --> 00:09:09,760 Speaker 1: that twenty years is media and technology has changed dramatically. 189 00:09:09,960 --> 00:09:12,320 Speaker 1: You can now count fans in the billions, and the 190 00:09:12,400 --> 00:09:15,120 Speaker 1: Celtics reach and the NBA reach is global. You know, 191 00:09:15,360 --> 00:09:18,160 Speaker 1: Adam Silver and David Stern did an incredible job getting 192 00:09:18,160 --> 00:09:19,480 Speaker 1: out ahead of the curve. I mean people used to 193 00:09:19,480 --> 00:09:22,480 Speaker 1: criticize them for having an office in China, putting up 194 00:09:22,520 --> 00:09:25,200 Speaker 1: early infrastructure in Europe, and now that's paid off big time. 195 00:09:25,440 --> 00:09:28,480 Speaker 1: Thirty percent of our players are from overseas and they've 196 00:09:28,520 --> 00:09:30,960 Speaker 1: done a phenomenal job just brought in the appeal and 197 00:09:31,000 --> 00:09:34,439 Speaker 1: the product of the game. So technology and media have 198 00:09:34,600 --> 00:09:38,040 Speaker 1: changed dramatically, and that has led to more abilities to 199 00:09:38,080 --> 00:09:42,280 Speaker 1: monetize players, to create their own brands, more engagement on websites, 200 00:09:42,320 --> 00:09:44,679 Speaker 1: and now you have a big battle between what I 201 00:09:44,760 --> 00:09:47,560 Speaker 1: called old media and new media for those eyeballs. And 202 00:09:47,600 --> 00:09:49,679 Speaker 1: that's why sports properties are so valuable. 203 00:09:49,920 --> 00:09:51,920 Speaker 3: You have a great passion for the game of basketball. 204 00:09:51,920 --> 00:09:53,720 Speaker 3: You played a duke for one year, so. 205 00:09:53,960 --> 00:09:55,920 Speaker 1: I was the worst player on the worst duke team. 206 00:09:55,960 --> 00:10:00,719 Speaker 1: Every kind of like Bob Bevens long jump. No one 207 00:10:00,720 --> 00:10:01,840 Speaker 1: will ever ever exceed that. 208 00:10:02,240 --> 00:10:03,679 Speaker 3: Two of your kids played at Duke. 209 00:10:03,760 --> 00:10:05,280 Speaker 1: Yeah, I play to your boys. Okay. 210 00:10:05,720 --> 00:10:09,760 Speaker 3: So you went want Ambers okay, and you went to Duke. 211 00:10:10,320 --> 00:10:12,160 Speaker 3: You went to Harvard Business School. You were thinking about 212 00:10:12,200 --> 00:10:14,640 Speaker 3: getting your PhD. At what point did you know that 213 00:10:14,679 --> 00:10:15,960 Speaker 3: you were just built a little different. 214 00:10:16,320 --> 00:10:19,320 Speaker 1: Well, the funny story was, I wasn't that strategic. The 215 00:10:19,320 --> 00:10:21,960 Speaker 1: reason I didn't get the PhD is my grandfather was 216 00:10:21,960 --> 00:10:24,400 Speaker 1: a shoemaker and made eight dollars an hour. I had 217 00:10:24,440 --> 00:10:26,360 Speaker 1: lots of student debt. I was going to be a 218 00:10:26,360 --> 00:10:28,640 Speaker 1: professor at Harvard. So I went to get the doctorate, 219 00:10:29,200 --> 00:10:32,079 Speaker 1: and I didn't have enough money. So I looked down 220 00:10:32,120 --> 00:10:34,400 Speaker 1: the list and what was the highest paying jobs. It 221 00:10:34,400 --> 00:10:39,040 Speaker 1: was investment banking, consulting, and for a summer job. So 222 00:10:39,400 --> 00:10:42,280 Speaker 1: so I had an offer down here, an offer in Boston. 223 00:10:42,559 --> 00:10:44,199 Speaker 1: I wasn't that strategic because I said, well, I don't 224 00:10:44,240 --> 00:10:45,560 Speaker 1: know if to get a new apartment. I already had 225 00:10:45,600 --> 00:10:48,360 Speaker 1: my lease in Boston. So I took consulting. Wow, and 226 00:10:48,440 --> 00:10:50,360 Speaker 1: then that turns out to be very transformational for me. 227 00:10:50,440 --> 00:10:52,400 Speaker 1: So after the summer, I was going to go back 228 00:10:52,440 --> 00:10:54,640 Speaker 1: and get the doctorate, and they said, we'd love you 229 00:10:54,679 --> 00:10:57,280 Speaker 1: to join you know this this small company maaning company 230 00:10:57,280 --> 00:10:59,840 Speaker 1: then and and if you if you stay here for 231 00:10:59,840 --> 00:11:01,880 Speaker 1: three years, will pay for the doctorate. So I said that, 232 00:11:01,920 --> 00:11:03,400 Speaker 1: you know, that's a great deal. I have no money, 233 00:11:03,720 --> 00:11:05,640 Speaker 1: A one hundred thousand of dead I had nothing, so 234 00:11:05,960 --> 00:11:07,920 Speaker 1: so so I took that job. And then that was 235 00:11:07,920 --> 00:11:10,640 Speaker 1: about forty years ago, and I've never really left the 236 00:11:10,679 --> 00:11:14,040 Speaker 1: Bane system. And Bill Baine is unfortunately passed away. But 237 00:11:14,080 --> 00:11:15,640 Speaker 1: because I thought maybe I get my doctorate again, he 238 00:11:15,640 --> 00:11:18,400 Speaker 1: would pay for it. But they probably don't have that 239 00:11:18,480 --> 00:11:19,200 Speaker 1: document anywhere. 240 00:11:19,280 --> 00:11:22,319 Speaker 2: Yeah, He's like no, but seriously, Bill promised me I 241 00:11:23,360 --> 00:11:26,240 Speaker 2: could get a doctorate. You know what's funny is, I'm 242 00:11:26,240 --> 00:11:28,440 Speaker 2: sitting here they talk about all the New York Boston stuff. 243 00:11:28,480 --> 00:11:30,760 Speaker 2: It's like, so maybe if you had taken the job 244 00:11:30,760 --> 00:11:33,560 Speaker 2: in New York, everyone in here is like, wait, could 245 00:11:34,120 --> 00:11:37,240 Speaker 2: they own the Knicks instead. It's like, that's a sliding 246 00:11:37,240 --> 00:11:39,280 Speaker 2: doors moment if I've ever seen it. I want to 247 00:11:39,280 --> 00:11:43,400 Speaker 2: talk about Atlanta a little bit because the story there 248 00:11:43,520 --> 00:11:45,840 Speaker 2: is fascinating in terms of like sort of how you 249 00:11:45,840 --> 00:11:48,480 Speaker 2: get there. Tell us that story of like how you 250 00:11:48,520 --> 00:11:51,600 Speaker 2: get into that business of football. 251 00:11:51,800 --> 00:11:53,679 Speaker 1: Well, it goes way back again. When I got out 252 00:11:53,720 --> 00:11:56,760 Speaker 1: of school, my grandfather and father said I had a 253 00:11:56,800 --> 00:11:59,920 Speaker 1: major in accounting. I hated accounting, but sorry if there's 254 00:11:59,920 --> 00:12:02,720 Speaker 1: accounts out there. But I didn't really like accounting, but 255 00:12:02,720 --> 00:12:04,920 Speaker 1: they said it was the only people employed during the depression. 256 00:12:05,240 --> 00:12:07,920 Speaker 1: They both lived through depression, and they thought, you know, 257 00:12:07,960 --> 00:12:10,880 Speaker 1: every year another depression was coming, you know, nineteen twenty 258 00:12:10,960 --> 00:12:14,000 Speaker 1: nine was coming. So I said, fine, So I got 259 00:12:14,000 --> 00:12:16,040 Speaker 1: the accounting degree at Duke. But then I didn't realize 260 00:12:16,240 --> 00:12:17,920 Speaker 1: to get the CPA, which they wanted me to get, 261 00:12:17,920 --> 00:12:20,640 Speaker 1: you had to work three years in accounting. So I 262 00:12:20,679 --> 00:12:22,480 Speaker 1: had six or seven offers and I went to all 263 00:12:22,480 --> 00:12:25,080 Speaker 1: those firms. I was twenty two and I didn't tell 264 00:12:25,080 --> 00:12:27,160 Speaker 1: them why. The reason why is I didn't really want 265 00:12:27,160 --> 00:12:29,640 Speaker 1: to really do accounting. But I said, anybody who sends 266 00:12:29,679 --> 00:12:32,480 Speaker 1: me overseas, I'll take that job. And in those days, 267 00:12:32,520 --> 00:12:34,040 Speaker 1: you know, they would never send a twenty two year 268 00:12:34,120 --> 00:12:36,600 Speaker 1: old person with no experience overseas. But one firm wanted 269 00:12:36,640 --> 00:12:40,000 Speaker 1: me to batten up Pete Mark Mitchell KPMG. Today they sent 270 00:12:40,000 --> 00:12:42,160 Speaker 1: me to Holland. So I never been out of kind. 271 00:12:42,160 --> 00:12:43,960 Speaker 1: I jumped on a plane and in those days, this 272 00:12:44,040 --> 00:12:46,599 Speaker 1: is incredible. In those days, the only sports scores you 273 00:12:46,600 --> 00:12:49,199 Speaker 1: could get was International Herald Tribune three days later. So 274 00:12:49,679 --> 00:12:52,760 Speaker 1: to figure out if you if who won the World Series, 275 00:12:52,760 --> 00:12:54,840 Speaker 1: you'd have to get a paper this three days old. 276 00:12:54,960 --> 00:12:56,319 Speaker 1: But anyway, the only thing I could do is I 277 00:12:56,400 --> 00:12:58,600 Speaker 1: was a sports guy. So as soccer was huge and 278 00:12:58,640 --> 00:13:01,920 Speaker 1: the Dutch went to the the finals in nineteen seventy eight, 279 00:13:01,920 --> 00:13:04,440 Speaker 1: I became a big soccer fan. Fast forward four years later, 280 00:13:04,800 --> 00:13:06,440 Speaker 1: one of my partners from Italy called and said, hey, 281 00:13:06,440 --> 00:13:08,240 Speaker 1: there's a family that wants to meet you. The Percassi 282 00:13:08,280 --> 00:13:11,160 Speaker 1: family in Italy, in the right outside of Milan, and 283 00:13:11,200 --> 00:13:13,400 Speaker 1: they like some help, maybe you buy a minority position 284 00:13:13,440 --> 00:13:15,360 Speaker 1: in the team, you know, you know, help globalize it. 285 00:13:15,840 --> 00:13:17,600 Speaker 1: So I went there, I got on a plane, I 286 00:13:17,600 --> 00:13:20,040 Speaker 1: got off the plane and I looked around. Everybody looked 287 00:13:20,040 --> 00:13:22,880 Speaker 1: like me because my grandfather is from there, and I said, 288 00:13:22,880 --> 00:13:25,080 Speaker 1: this is a great place. And so I really hit 289 00:13:25,120 --> 00:13:28,920 Speaker 1: it off with the family and we ended up, you know, 290 00:13:28,960 --> 00:13:31,600 Speaker 1: putting a major investment in there. And they wanted they 291 00:13:31,600 --> 00:13:32,960 Speaker 1: had the same goals we did. They wanted to make 292 00:13:32,960 --> 00:13:35,199 Speaker 1: it bigger, they wanted to globalize. And it's been a 293 00:13:35,240 --> 00:13:37,640 Speaker 1: great synergy between the Celtics and them because we've used 294 00:13:37,679 --> 00:13:39,440 Speaker 1: our stat guys. We have a stat guy there now. 295 00:13:39,840 --> 00:13:42,720 Speaker 1: We share marketing ideas, we share training ideas, we share 296 00:13:42,720 --> 00:13:44,880 Speaker 1: player development ideas. So it's been fantastic. 297 00:13:45,320 --> 00:13:48,400 Speaker 3: So I heard this ted Lasso comparison, which I love 298 00:13:49,520 --> 00:13:51,000 Speaker 3: a little bit about that. 299 00:13:51,120 --> 00:13:53,839 Speaker 1: I mean it was like ted Lasariria Italian ted Lasso. 300 00:13:54,240 --> 00:13:59,560 Speaker 1: Yeah yeah, but really it really is is like that, 301 00:13:59,679 --> 00:14:03,240 Speaker 1: and the Italians have a fantastic culture. And I hadn't 302 00:14:03,240 --> 00:14:05,480 Speaker 1: spent any time growing up there. My grandparents were both 303 00:14:05,480 --> 00:14:08,439 Speaker 1: from Italy, I never really been to Italy before, and 304 00:14:08,760 --> 00:14:12,680 Speaker 1: they welcomed me there and it's just a great culture 305 00:14:12,679 --> 00:14:15,560 Speaker 1: and the food is great. The soccer is just a 306 00:14:15,640 --> 00:14:17,880 Speaker 1: huge passion a lot. Atalanta's a light light a lot 307 00:14:17,920 --> 00:14:20,400 Speaker 1: like the Celtics. They have a kind of a national 308 00:14:20,400 --> 00:14:23,440 Speaker 1: brand in Italy. It's everybody's second favorite team, except if 309 00:14:23,480 --> 00:14:27,120 Speaker 1: you're from Bergamo. People love Atalanta because it's been the 310 00:14:27,800 --> 00:14:29,640 Speaker 1: little team that could. It's kind of overachieved for a 311 00:14:29,680 --> 00:14:32,240 Speaker 1: number of years. Acrosseas have done amazing job building one 312 00:14:32,240 --> 00:14:34,600 Speaker 1: of the best academies in Europe. The reason we invested 313 00:14:34,720 --> 00:14:37,200 Speaker 1: is we wanted to compete, and with that academy you 314 00:14:37,320 --> 00:14:39,400 Speaker 1: compete every year because they crank out so many good players. 315 00:14:39,400 --> 00:14:41,120 Speaker 1: At one time when we bought the team, I think 316 00:14:41,120 --> 00:14:44,280 Speaker 1: they had five players on the under under twenty three 317 00:14:44,400 --> 00:14:48,240 Speaker 1: national team, and that means the other nineteen clubs had 318 00:14:48,280 --> 00:14:49,840 Speaker 1: the other fifteen players. We had five. 319 00:14:50,200 --> 00:14:51,840 Speaker 3: I do want to go back to that because you 320 00:14:51,880 --> 00:14:55,480 Speaker 3: have such an embedded competitive advantage. Number One, you know, 321 00:14:55,560 --> 00:14:57,920 Speaker 3: forty years of beying one of the best consultant private 322 00:14:57,920 --> 00:15:00,520 Speaker 3: equity firms in the world, and then Boston Celtics, one 323 00:15:00,520 --> 00:15:03,400 Speaker 3: of the most iconic franchisees in the world as well 324 00:15:03,480 --> 00:15:06,360 Speaker 3: run as anyone. So when you take those two practices, 325 00:15:06,400 --> 00:15:09,360 Speaker 3: what best practices do you take to your thesis investment 326 00:15:09,840 --> 00:15:10,680 Speaker 3: and take it to Europe. 327 00:15:11,280 --> 00:15:13,520 Speaker 1: Well, I think what you take is is we were 328 00:15:13,600 --> 00:15:16,560 Speaker 1: trying to bring it to a more analytic approach and 329 00:15:17,360 --> 00:15:20,040 Speaker 1: they're behind in soccer and that in general, and so 330 00:15:20,520 --> 00:15:23,120 Speaker 1: the Precossi's wanted that. They're very receptive of that. So 331 00:15:23,160 --> 00:15:26,040 Speaker 1: we brought in a stats team. We just expanded that team, 332 00:15:26,320 --> 00:15:29,320 Speaker 1: and Mike Zarin, who really kind of runs our whole 333 00:15:29,320 --> 00:15:31,480 Speaker 1: stat operations, come over many times and he turns out 334 00:15:31,520 --> 00:15:33,120 Speaker 1: to be a big soccer unfortunate he's an Arsenal fan, 335 00:15:33,160 --> 00:15:36,600 Speaker 1: but in Italy he's Anta fan. But he's come over 336 00:15:36,680 --> 00:15:39,960 Speaker 1: and helped us set that up. The second thing is 337 00:15:40,360 --> 00:15:43,080 Speaker 1: more global brands, So we're doing some deals with some 338 00:15:43,120 --> 00:15:44,800 Speaker 1: global brands right now that we'll an now soon that 339 00:15:44,840 --> 00:15:49,120 Speaker 1: a're gonna be very transformational for Atalanta. And then looking 340 00:15:49,160 --> 00:15:53,840 Speaker 1: at fandomenities. We expanded the stadium, built the new ends 341 00:15:53,880 --> 00:15:55,720 Speaker 1: on both ends, and built a new club like we 342 00:15:55,760 --> 00:15:59,320 Speaker 1: have here for the Celtics. That's fantastic and I have 343 00:15:59,360 --> 00:16:02,000 Speaker 1: to say that the food is greater the Celtics. But 344 00:16:02,320 --> 00:16:06,600 Speaker 1: the chef at our restaurant is a chef from Davitorio, 345 00:16:06,640 --> 00:16:09,320 Speaker 1: which is the number one rating restaurant all Vidaly. It's 346 00:16:09,400 --> 00:16:12,440 Speaker 1: right in Bergamo, and so that is an incredible experience. 347 00:16:12,600 --> 00:16:14,200 Speaker 1: People will just come there. It takes two years to 348 00:16:14,240 --> 00:16:15,960 Speaker 1: get a reservation at the restaurant, but you can come 349 00:16:16,000 --> 00:16:17,520 Speaker 1: to our club and you get his food. 350 00:16:18,160 --> 00:16:20,440 Speaker 3: Invitation was lost in the Yeah, exactly, I was. 351 00:16:21,400 --> 00:16:25,960 Speaker 2: I mean, I love Bloomberg, I love this power Players event, 352 00:16:26,000 --> 00:16:27,920 Speaker 2: but why aren't we taping this? 353 00:16:27,920 --> 00:16:30,960 Speaker 1: This is we open up the new stadium. Actually, you 354 00:16:31,040 --> 00:16:34,840 Speaker 1: invite to September fifteenth, Okay, we asked for you. Feel 355 00:16:34,840 --> 00:16:35,120 Speaker 1: it up. 356 00:16:48,120 --> 00:16:51,880 Speaker 2: So we heard earlier today from Tony Wrestler talking about 357 00:16:51,880 --> 00:16:56,440 Speaker 2: this like three trillion dollar opportunity in like global sports. 358 00:16:56,760 --> 00:16:59,840 Speaker 2: I mean, are you a buyer and in this in 359 00:17:00,080 --> 00:17:02,840 Speaker 2: this market? Like do you and do you buy into 360 00:17:02,920 --> 00:17:04,680 Speaker 2: that thesis that it's that big? 361 00:17:05,320 --> 00:17:08,080 Speaker 1: Yeah, it's big and expanding. You know. I started we 362 00:17:08,119 --> 00:17:11,600 Speaker 1: started talking in the beginning about you know, the the 363 00:17:11,600 --> 00:17:16,119 Speaker 1: the old media new media war that's only intensifying. And 364 00:17:16,240 --> 00:17:19,119 Speaker 1: I think if you look up television programs, the top 365 00:17:19,160 --> 00:17:21,000 Speaker 1: one hundred in the United States, and last year ninety 366 00:17:21,040 --> 00:17:24,880 Speaker 1: seven of them were sports events, either NFL or championships 367 00:17:24,960 --> 00:17:30,080 Speaker 1: or whatever. So number one. Number two, streaming has revolutionized everything. 368 00:17:30,119 --> 00:17:32,280 Speaker 1: Streaming and the and and and kind of the the 369 00:17:32,480 --> 00:17:38,320 Speaker 1: distribution on Internet, Instagram, TikTok, et cetera. And so that 370 00:17:38,359 --> 00:17:41,320 Speaker 1: allows fans more connectivity and more time you know, on 371 00:17:41,359 --> 00:17:44,199 Speaker 1: those screens and eyeballs outside of the game itself, and 372 00:17:44,240 --> 00:17:49,360 Speaker 1: shoulder shoulder programming, shoulder internet shows, et cetera. Podcasts. Podcasts 373 00:17:49,359 --> 00:17:52,040 Speaker 1: are booming, you know, this incredible podcast and number one 374 00:17:52,160 --> 00:17:55,520 Speaker 1: podcast in the world. Honored to be here, by the way, 375 00:17:56,880 --> 00:17:59,200 Speaker 1: and so and so we are. We're at the start 376 00:17:59,200 --> 00:18:01,160 Speaker 1: of I think kind of a me a revolution where 377 00:18:01,160 --> 00:18:03,360 Speaker 1: it's only going to get better and better with technology. 378 00:18:03,400 --> 00:18:06,400 Speaker 1: You look at the stadium that Steve Bomber's built out there, 379 00:18:06,440 --> 00:18:08,639 Speaker 1: that's going to be an incredible thing and spur other 380 00:18:08,720 --> 00:18:11,520 Speaker 1: stadium development. Three D is going to come in someday, 381 00:18:11,560 --> 00:18:13,480 Speaker 1: you know, where you can be immersed in the sports 382 00:18:13,480 --> 00:18:15,919 Speaker 1: of any even more with round screens or big screens 383 00:18:16,400 --> 00:18:21,440 Speaker 1: or glasses. So, yes, I think it's an incredible product 384 00:18:21,640 --> 00:18:24,880 Speaker 1: and it is now globalized. Yeah, you know, we went 385 00:18:25,000 --> 00:18:28,320 Speaker 1: we played in Barcelona, walking in that place that they 386 00:18:28,320 --> 00:18:30,879 Speaker 1: have the people at Celta Jours. You said, we went 387 00:18:30,920 --> 00:18:34,359 Speaker 1: to Rome. You go all over the world. You go 388 00:18:34,440 --> 00:18:36,600 Speaker 1: to China in the subway in the morning, the games 389 00:18:36,600 --> 00:18:38,440 Speaker 1: are out in the morning. You see them watching NBA games, 390 00:18:38,520 --> 00:18:40,880 Speaker 1: especially when Yao Ming was here. But they love basketball 391 00:18:40,880 --> 00:18:44,480 Speaker 1: over there. So so basketball, soccer, the global sports, the 392 00:18:44,480 --> 00:18:47,439 Speaker 1: global competition. I think someday you'll see teams NBA teams 393 00:18:47,560 --> 00:18:51,040 Speaker 1: in Europe. We already have NBA Africa. These will all 394 00:18:51,119 --> 00:18:54,160 Speaker 1: rise up and you'll get you now have global gold, 395 00:18:54,160 --> 00:18:55,920 Speaker 1: global championships of these teams. 396 00:18:56,119 --> 00:18:57,800 Speaker 2: You know, we always you know, the show is called 397 00:18:57,800 --> 00:19:00,840 Speaker 2: The Deal, Like, what are the deals on the horizon 398 00:19:01,320 --> 00:19:04,480 Speaker 2: for you beyond basketball and football? I mean, I have 399 00:19:04,560 --> 00:19:07,600 Speaker 2: to think, especially to your point, given all the success 400 00:19:07,640 --> 00:19:10,080 Speaker 2: you've had in those two sports. I know you've looked 401 00:19:10,080 --> 00:19:14,080 Speaker 2: at some other football clubs, like what what strikes you 402 00:19:14,119 --> 00:19:15,640 Speaker 2: as interesting out there? 403 00:19:15,920 --> 00:19:18,080 Speaker 1: Well, I think the whole business sport is interesting that 404 00:19:18,240 --> 00:19:20,240 Speaker 1: you know. That's why this pet podcast is booming. They're 405 00:19:20,240 --> 00:19:22,600 Speaker 1: such interest in it, and so we've looked at things 406 00:19:22,640 --> 00:19:24,880 Speaker 1: as far ranging as women's sports are going to be big. 407 00:19:25,040 --> 00:19:28,720 Speaker 1: You look at the evaluations out in La and and 408 00:19:29,520 --> 00:19:31,639 Speaker 1: you know Caitlin Clark coming into the league, you know, 409 00:19:31,640 --> 00:19:35,440 Speaker 1: getting getting all that interest out there. Women's soccer, that's 410 00:19:35,440 --> 00:19:37,680 Speaker 1: always been a great Olympic sport. Now that's expanded, so 411 00:19:37,800 --> 00:19:39,879 Speaker 1: so people want to see that and they've changed those 412 00:19:39,960 --> 00:19:42,760 Speaker 1: rules to bring better players in. So I think women's 413 00:19:42,760 --> 00:19:46,000 Speaker 1: sports is a big category just emerging sports. A cricket 414 00:19:46,080 --> 00:19:47,960 Speaker 1: is huge in Indian they're starting to bring that out. 415 00:19:48,200 --> 00:19:49,879 Speaker 1: So we're looking at all sorts of opportunities and then 416 00:19:49,880 --> 00:19:53,000 Speaker 1: there's and silliar opportunities in terms of support for that. 417 00:19:53,080 --> 00:19:55,560 Speaker 1: So I'm invested in an AI company. You know, the 418 00:19:55,640 --> 00:19:58,760 Speaker 1: AI can help sports both from a fan perspective and 419 00:19:58,920 --> 00:20:02,720 Speaker 1: also from a management perspective. So so I think technology, you 420 00:20:02,760 --> 00:20:06,320 Speaker 1: know slash sports, slash emerging sports, women's sports, those will 421 00:20:06,320 --> 00:20:09,040 Speaker 1: all be very exciting areas that that right now, you're 422 00:20:09,040 --> 00:20:10,240 Speaker 1: scratching the surface, right. 423 00:20:10,720 --> 00:20:12,920 Speaker 3: You know, one of the things about private equity, before 424 00:20:12,960 --> 00:20:15,399 Speaker 3: private equity was called you know the LBO business, as 425 00:20:15,440 --> 00:20:19,399 Speaker 3: you said many times, but what has been synonymous with 426 00:20:19,600 --> 00:20:22,800 Speaker 3: you know, PE or even leverage biotic. You come in 427 00:20:22,840 --> 00:20:25,159 Speaker 3: and you like destroyt you know, fire everybody, and you 428 00:20:25,160 --> 00:20:27,159 Speaker 3: guys have done exactly opposite with the Celtics. I mean, 429 00:20:27,240 --> 00:20:30,560 Speaker 3: continuity has been a real competitive advantage and arbitrage for you. 430 00:20:30,640 --> 00:20:32,359 Speaker 3: Talk a little bit of why it's that so important 431 00:20:32,359 --> 00:20:32,720 Speaker 3: for you guys. 432 00:20:32,720 --> 00:20:35,280 Speaker 1: That's a really great question. I should have mentioned that before. 433 00:20:36,600 --> 00:20:39,960 Speaker 1: That's that's about that long term approach. So Bain Capital, 434 00:20:40,480 --> 00:20:43,280 Speaker 1: you know, we believe in long term value. It's always 435 00:20:43,280 --> 00:20:45,000 Speaker 1: been a misnomer of private equity, by the way, I 436 00:20:45,000 --> 00:20:47,800 Speaker 1: think because the industry started out maybe in the late 437 00:20:47,840 --> 00:20:50,920 Speaker 1: sixties early seventies, there were a lot of fat companies 438 00:20:51,080 --> 00:20:53,639 Speaker 1: in the US that had six planes and you know, 439 00:20:53,720 --> 00:20:57,359 Speaker 1: restaurants and golf courses, stuff that really not appropriate for 440 00:20:57,440 --> 00:20:59,719 Speaker 1: corporate America. So I think there were some early buyouts 441 00:20:59,760 --> 00:21:02,560 Speaker 1: done where they would slash those things and it got 442 00:21:02,600 --> 00:21:06,440 Speaker 1: known for cost cutting. But the real successful firms, the Blackstones, 443 00:21:06,480 --> 00:21:10,600 Speaker 1: the Bains, the Carlisles, they realized that if you if 444 00:21:10,600 --> 00:21:12,520 Speaker 1: you're going to going to really make a profit, you've 445 00:21:12,560 --> 00:21:15,480 Speaker 1: got to build businesses, and you don't build businesses by cutting. 446 00:21:15,920 --> 00:21:18,200 Speaker 1: You have to grow. So Bains always had a growth 447 00:21:18,200 --> 00:21:20,480 Speaker 1: focus from day one, the consulting kind of growth focus. 448 00:21:20,720 --> 00:21:22,800 Speaker 1: How can we bring these products overseas, you know, how 449 00:21:22,800 --> 00:21:24,879 Speaker 1: can we build new factories. How can we serve the 450 00:21:24,920 --> 00:21:27,879 Speaker 1: customer better? And that's that's what's really driven our record. 451 00:21:28,160 --> 00:21:31,200 Speaker 1: But part of that is long term continuity. So back 452 00:21:31,480 --> 00:21:34,120 Speaker 1: back in two thousand and seven, Paul Pierce got hurt. 453 00:21:34,119 --> 00:21:36,080 Speaker 1: He was our best player, We were on the rise. 454 00:21:36,119 --> 00:21:38,840 Speaker 1: He got hurt. I think we lost fifty five painful games, 455 00:21:38,840 --> 00:21:41,359 Speaker 1: and I went to all of them, was bed, and 456 00:21:41,400 --> 00:21:43,879 Speaker 1: there were people with signs, you know, fire, Doc Rivers, 457 00:21:43,880 --> 00:21:47,040 Speaker 1: you know fire Danny Ainge, you know fire the owners, 458 00:21:47,280 --> 00:21:49,879 Speaker 1: and so we met and we said, gee, Doc's do 459 00:21:49,920 --> 00:21:52,480 Speaker 1: an amazing job developing this young talent we have, and 460 00:21:52,840 --> 00:21:54,760 Speaker 1: no one's going to win without Paul Pirison. We had 461 00:21:54,880 --> 00:21:57,320 Speaker 1: I think another good two of our best players hurt 462 00:21:57,320 --> 00:21:59,399 Speaker 1: for the whole season. We had a great draft for 463 00:21:59,480 --> 00:22:01,520 Speaker 1: us coming up. We love what Doc was doing, we 464 00:22:01,600 --> 00:22:04,960 Speaker 1: love what Danny was doing, and so we made no changes. 465 00:22:04,960 --> 00:22:08,480 Speaker 1: So we've in huge value to that continuity. When you 466 00:22:08,520 --> 00:22:11,159 Speaker 1: bring in new people, they always have new ideas, and 467 00:22:11,160 --> 00:22:13,199 Speaker 1: then a lot of new ideas don't work. But we 468 00:22:13,240 --> 00:22:14,960 Speaker 1: want to stick with the guys that had good ideas 469 00:22:15,000 --> 00:22:16,520 Speaker 1: that we're going to work. So then the very next year, 470 00:22:16,640 --> 00:22:19,040 Speaker 1: Danny made that trade and we got Garnet, we got 471 00:22:19,080 --> 00:22:21,040 Speaker 1: Ray Allen, and we won the championship after all the 472 00:22:21,040 --> 00:22:22,840 Speaker 1: signs were out the whole season. You know, fired Doc, 473 00:22:22,880 --> 00:22:25,919 Speaker 1: fired Danny, you know, fired the owners. So that continuity 474 00:22:25,920 --> 00:22:29,080 Speaker 1: for us has been huge. And most of the selling 475 00:22:29,119 --> 00:22:32,080 Speaker 1: employees we count their their things in increments of twenty 476 00:22:32,080 --> 00:22:34,399 Speaker 1: five years, I mean we've had we've had the same 477 00:22:35,040 --> 00:22:38,560 Speaker 1: We've only had Danny and then Brad Stevens as the 478 00:22:38,640 --> 00:22:42,399 Speaker 1: GM right in all those years. And Danny retired, we 479 00:22:42,440 --> 00:22:44,520 Speaker 1: want to go back to Utah, his home, and so 480 00:22:44,520 --> 00:22:46,280 Speaker 1: we promoted Brad from the coach and then we took 481 00:22:46,320 --> 00:22:48,879 Speaker 1: a coach that was a young coach for Brad and 482 00:22:49,920 --> 00:22:52,120 Speaker 1: there and made him the coach. So I think we've 483 00:22:52,119 --> 00:22:54,280 Speaker 1: only had three coaches in the twenty three years and 484 00:22:54,320 --> 00:22:57,080 Speaker 1: we've only had and none of them fired. And we 485 00:22:57,119 --> 00:23:00,240 Speaker 1: have the same Rich Gotham, the same president. This is 486 00:23:00,240 --> 00:23:03,320 Speaker 1: solely the same ed of marketing, Bill Reichfelder, the same CFO. 487 00:23:03,800 --> 00:23:06,720 Speaker 1: So we have enormous history. Trust back to the point 488 00:23:06,760 --> 00:23:08,639 Speaker 1: of you know what you need to do is you 489 00:23:08,680 --> 00:23:12,080 Speaker 1: need to build a players, to build an a team 490 00:23:12,240 --> 00:23:14,320 Speaker 1: and then keep them in place and don't worry about 491 00:23:14,320 --> 00:23:16,480 Speaker 1: what the media says, or fire this guy, fire that guy, 492 00:23:16,680 --> 00:23:20,240 Speaker 1: because they only have ten percent of the data, so 493 00:23:20,280 --> 00:23:21,600 Speaker 1: you've got to stick to your convictions. 494 00:23:22,119 --> 00:23:24,439 Speaker 2: Well that's unfortunately where we have to end, but a 495 00:23:24,440 --> 00:23:26,399 Speaker 2: good place to end. See, Pelly, you could thank you 496 00:23:26,760 --> 00:23:30,320 Speaker 2: so much for your championship wisdom. Appreciate it and thank 497 00:23:30,320 --> 00:23:30,760 Speaker 2: you guys. 498 00:23:41,280 --> 00:23:45,119 Speaker 4: The Deal is a production from Bloomberg Podcasts and Bloomberg Originals. 499 00:23:45,520 --> 00:23:48,560 Speaker 4: The Deal is hosted by Alex Rodriguez and Jason Kelly. 500 00:23:49,080 --> 00:23:54,400 Speaker 4: Our producers are Anamazarakus, Stacey Wong, Lizzie Phillip, and Victory Veyez. 501 00:23:54,960 --> 00:23:58,960 Speaker 4: Original music and engineering by Blake Maples. Our managing editor 502 00:23:59,040 --> 00:23:59,560 Speaker 4: is David E. 503 00:23:59,720 --> 00:24:00,160 Speaker 1: Revel. 504 00:24:00,920 --> 00:24:06,080 Speaker 4: Our executive producers are Jason Kelly, Brendan Francis, Noonham, Jordan Opplinger, 505 00:24:06,400 --> 00:24:12,720 Speaker 4: Trey Shallowhorn, Kyle Kramer, Andrew Barden, Kelly Laferrier and Ashley Hoenig. 506 00:24:13,480 --> 00:24:17,720 Speaker 4: Sage Bauman is our head of Podcasts. 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