1 00:00:00,840 --> 00:00:02,759 Speaker 1: This is the business of sports. 2 00:00:02,800 --> 00:00:05,680 Speaker 2: The business of sports can be intimidating for hard for 3 00:00:05,720 --> 00:00:06,680 Speaker 2: a start to break into. 4 00:00:06,840 --> 00:00:09,800 Speaker 3: We really appreciate when our owners are actually there, you know, 5 00:00:09,880 --> 00:00:10,959 Speaker 3: with us through the journey. 6 00:00:11,000 --> 00:00:14,560 Speaker 4: Teams ours especially have been very intentional to diversify at 7 00:00:14,560 --> 00:00:15,360 Speaker 4: all levels. 8 00:00:15,080 --> 00:00:15,520 Speaker 5: Of the company. 9 00:00:15,600 --> 00:00:18,040 Speaker 6: I think we're in bolding years for the NFL and 10 00:00:18,160 --> 00:00:18,840 Speaker 6: college football. 11 00:00:18,920 --> 00:00:21,919 Speaker 2: Our demographic reach has continued to explode. 12 00:00:22,040 --> 00:00:25,680 Speaker 4: This is going to be really unlocking the streaming platform 13 00:00:25,760 --> 00:00:26,720 Speaker 4: for sports fans. 14 00:00:26,800 --> 00:00:29,240 Speaker 7: Sports evaluations arising. We'll see when they peak. 15 00:00:29,320 --> 00:00:31,880 Speaker 3: You don't have to be the best in your sport 16 00:00:31,960 --> 00:00:34,880 Speaker 3: to make a whole ton of money. 17 00:00:35,000 --> 00:00:38,720 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio Bordo. 18 00:00:39,560 --> 00:00:42,000 Speaker 7: This is the Bloomberg Business of Sports where we explore 19 00:00:42,040 --> 00:00:44,080 Speaker 7: the big money issues in the world of sports. I'm 20 00:00:44,080 --> 00:00:48,000 Speaker 7: Michael Barr, along with Scarlett fu and Vanessa Pridomo Damian Sasaur. 21 00:00:48,120 --> 00:00:50,560 Speaker 7: We'll be back next week. Coming up on the show, 22 00:00:50,640 --> 00:00:54,800 Speaker 7: we talk golf and the PGA Works Collegiate Championship with 23 00:00:54,960 --> 00:00:59,400 Speaker 7: Cola Share and CEO David Kohler. The Kohler family owns 24 00:00:59,440 --> 00:01:03,920 Speaker 7: Whistling's Straits in Wisconsin, host of that tournament. We'll talk 25 00:01:03,960 --> 00:01:07,520 Speaker 7: with him about his family and companies. Long relationship with golf. 26 00:01:07,640 --> 00:01:10,920 Speaker 5: We've been really good partners with the Page of America 27 00:01:11,200 --> 00:01:12,039 Speaker 5: for decades. 28 00:01:12,360 --> 00:01:14,760 Speaker 7: All that and more is on the way on the 29 00:01:14,760 --> 00:01:19,000 Speaker 7: Bloomberg Business of Sports. But first, Unrivaled Sports, which runs 30 00:01:19,040 --> 00:01:22,479 Speaker 7: a bunch of youth sports venues and events, is raising 31 00:01:22,520 --> 00:01:25,000 Speaker 7: one hundred and twenty million dollars in a funding round 32 00:01:25,120 --> 00:01:28,160 Speaker 7: led by Dick's Sporting Goods. Here to talk to us 33 00:01:28,319 --> 00:01:33,119 Speaker 7: about Unrivaled's latest plans is Bloomberg News senior reporter covering 34 00:01:33,160 --> 00:01:37,000 Speaker 7: celebrities and athletes, Kim Bessin. Kim, Welcome back to the 35 00:01:37,040 --> 00:01:43,280 Speaker 7: Bloomberg Business of Sports. Always always happy. Another great article. 36 00:01:43,480 --> 00:01:46,479 Speaker 7: You mentioned that Dick Sporting is leading on one hundred 37 00:01:46,480 --> 00:01:50,040 Speaker 7: and twenty million dollar funding ground for Unrivaled. Tell us 38 00:01:50,040 --> 00:01:50,400 Speaker 7: about that. 39 00:01:50,880 --> 00:01:53,920 Speaker 3: Yeah, So, Unrivaled Sports is a youth sports company. They 40 00:01:53,920 --> 00:01:56,480 Speaker 3: own a bunch of venues and do all these tournaments 41 00:01:56,520 --> 00:02:00,280 Speaker 3: programming for kids, and Dick Sporting Goods has been pretty 42 00:02:00,320 --> 00:02:03,800 Speaker 3: active in this space. They haven't done events themselves, but 43 00:02:03,840 --> 00:02:07,520 Speaker 3: they do have a company called Game Changer, which they 44 00:02:07,520 --> 00:02:10,840 Speaker 3: bought back in twenty sixteen. It's a streaming service. It 45 00:02:10,919 --> 00:02:12,880 Speaker 3: started as like a scoreboard. You can watch your kids 46 00:02:12,880 --> 00:02:16,440 Speaker 3: scores lives as they're playing on some field somewhere. But 47 00:02:16,440 --> 00:02:18,600 Speaker 3: but now it's a whole streaming service where you can 48 00:02:18,639 --> 00:02:19,840 Speaker 3: watch them play their games. 49 00:02:20,639 --> 00:02:20,880 Speaker 8: Wow. 50 00:02:20,919 --> 00:02:23,160 Speaker 7: I never knew that that's a great idea, that you 51 00:02:23,200 --> 00:02:26,440 Speaker 7: have a scoreboard for you kids. I'm sorry, Scarlett, but 52 00:02:26,720 --> 00:02:27,840 Speaker 7: it's a great idea. Man. 53 00:02:28,080 --> 00:02:30,480 Speaker 4: It's all about how youth sports is becoming much more 54 00:02:30,480 --> 00:02:32,680 Speaker 4: professionalized than it ever was. It was kind of a 55 00:02:32,720 --> 00:02:35,680 Speaker 4: grab bag before of like parents volunteering their time, and 56 00:02:35,720 --> 00:02:37,880 Speaker 4: now it's becoming something that. 57 00:02:38,000 --> 00:02:39,640 Speaker 9: Rivals college sports. 58 00:02:39,520 --> 00:02:43,600 Speaker 4: Something that is really streamlined and easy for people to use. 59 00:02:43,680 --> 00:02:46,399 Speaker 4: The user experience is high. Kim tell us a little 60 00:02:46,440 --> 00:02:49,840 Speaker 4: bit more about unrivaled because it's got some hefty pe 61 00:02:50,040 --> 00:02:51,240 Speaker 4: titans behind it. 62 00:02:51,240 --> 00:02:51,600 Speaker 7: It does. 63 00:02:51,639 --> 00:02:51,760 Speaker 6: So. 64 00:02:51,840 --> 00:02:55,720 Speaker 3: Josh Harris and David Blitzer founded this thing last year 65 00:02:55,800 --> 00:03:00,400 Speaker 3: and they hired Andy Campion, a former Nike and Disney's executive, 66 00:03:00,440 --> 00:03:05,040 Speaker 3: to run it. And the big takeaway there is that 67 00:03:05,120 --> 00:03:08,560 Speaker 3: this is national. This is not just a little thing 68 00:03:08,600 --> 00:03:12,440 Speaker 3: where they buy a couple properties. They operate in thirty 69 00:03:12,480 --> 00:03:17,040 Speaker 3: states now and have grown from starting with baseball and softball, 70 00:03:17,200 --> 00:03:19,639 Speaker 3: flag football is now a big a big focus for them, 71 00:03:20,040 --> 00:03:24,880 Speaker 3: they started to work in lacrosse and basketball. Seems like 72 00:03:24,919 --> 00:03:28,360 Speaker 3: it's going to be another big expansion point for them, 73 00:03:28,480 --> 00:03:30,760 Speaker 3: just a natural expansion from where they're coming from. 74 00:03:31,200 --> 00:03:35,480 Speaker 8: And obviously, Josh Harrison and David Blitz are no many 75 00:03:35,640 --> 00:03:37,400 Speaker 8: many people in the world of sports. 76 00:03:38,120 --> 00:03:40,360 Speaker 3: They know everybody in the world of sports themselves. 77 00:03:40,400 --> 00:03:42,960 Speaker 8: They know everyone in the world sports themselves. They're massive 78 00:03:42,960 --> 00:03:45,400 Speaker 8: in this industry. So tell us about this strategic strategy 79 00:03:45,440 --> 00:03:48,960 Speaker 8: behind bringing in Dicks in this way, because they obviously 80 00:03:49,720 --> 00:03:51,160 Speaker 8: beyond just reason and capital. 81 00:03:51,640 --> 00:03:54,400 Speaker 3: Yeah, Dix has like eight hundred and fifty stores across 82 00:03:54,400 --> 00:03:56,400 Speaker 3: the country, but they also have this thing called House 83 00:03:56,440 --> 00:03:58,560 Speaker 3: of Sport. Have you heard of that? 84 00:03:59,160 --> 00:03:59,400 Speaker 7: Yeah? 85 00:03:59,480 --> 00:04:01,640 Speaker 9: Oh my god, it's a venue for birthday parties. 86 00:04:01,640 --> 00:04:01,920 Speaker 7: I've gone. 87 00:04:01,960 --> 00:04:02,640 Speaker 9: There are so many. 88 00:04:03,000 --> 00:04:03,200 Speaker 6: Yeah. 89 00:04:03,240 --> 00:04:05,200 Speaker 3: House of Sports so they have all the lates. Yeah, 90 00:04:05,280 --> 00:04:08,160 Speaker 3: you do community events in there, you have all the 91 00:04:08,280 --> 00:04:13,680 Speaker 3: kids in and basically have a have a sports related party, right, 92 00:04:14,280 --> 00:04:17,880 Speaker 3: organized and organized, Yes, an organized gym class. And when 93 00:04:17,920 --> 00:04:20,600 Speaker 3: you when you pair that up with with what what 94 00:04:20,720 --> 00:04:23,760 Speaker 3: unrivaled offers like this, it just makes a lot of sense. 95 00:04:23,839 --> 00:04:27,600 Speaker 7: Right, Wow, Well I didn't know, I don't know what anything, 96 00:04:27,640 --> 00:04:29,640 Speaker 7: But can you do they do weddings nothing. 97 00:04:30,080 --> 00:04:36,240 Speaker 6: I mean, we can. 98 00:04:37,880 --> 00:04:40,760 Speaker 7: Now Dick's Sporting Goods. They are also going to have 99 00:04:40,800 --> 00:04:44,560 Speaker 7: a big influence on the company's board of directors. 100 00:04:44,200 --> 00:04:46,480 Speaker 3: Right yeah, And and that's how they're going to explore 101 00:04:46,520 --> 00:04:50,800 Speaker 3: partnership opportunities between uh these these two companies. Right So, 102 00:04:51,080 --> 00:04:54,760 Speaker 3: uh Dix has been again really active in this space, 103 00:04:54,880 --> 00:04:57,440 Speaker 3: and they want they want to be think about how 104 00:04:57,520 --> 00:05:01,720 Speaker 3: much business goes through youth sports into dick Sporting is 105 00:05:01,720 --> 00:05:03,560 Speaker 3: where you buy all your soccer balls and your baseball 106 00:05:03,600 --> 00:05:06,960 Speaker 3: bats and and and anything you could possibly need for 107 00:05:07,040 --> 00:05:09,720 Speaker 3: your kids to play sports. They're going to be there 108 00:05:09,720 --> 00:05:11,360 Speaker 3: and they're gonna be involved and and in a lot 109 00:05:11,400 --> 00:05:14,400 Speaker 3: of ways, it's like that's as important as the flashiy 110 00:05:14,440 --> 00:05:18,839 Speaker 3: of parts of their business, like you know, running shoes and. 111 00:05:18,040 --> 00:05:18,680 Speaker 7: Nikes and things. 112 00:05:18,920 --> 00:05:21,080 Speaker 8: Is the idea of them to be at these events 113 00:05:21,120 --> 00:05:22,320 Speaker 8: that Unrivaled is hosting. 114 00:05:22,920 --> 00:05:26,440 Speaker 3: They haven't really they haven't revealed anything about how they're 115 00:05:26,480 --> 00:05:28,360 Speaker 3: going to work this out, and I think that's something 116 00:05:28,360 --> 00:05:31,200 Speaker 3: they are still figuring out how to how to approach. 117 00:05:31,279 --> 00:05:33,719 Speaker 8: They should have pop up stores because I don't know 118 00:05:33,720 --> 00:05:35,440 Speaker 8: how many tournaments I used to go to and forget 119 00:05:35,520 --> 00:05:37,440 Speaker 8: my cleats I had to have a separate pair of 120 00:05:37,480 --> 00:05:40,400 Speaker 8: cleats and each on site. I'd have to go to 121 00:05:40,480 --> 00:05:43,440 Speaker 8: a store somewhere else and find someone because I didn't. 122 00:05:43,640 --> 00:05:45,159 Speaker 8: I forgot them in my bag all the time. 123 00:05:45,200 --> 00:05:48,520 Speaker 4: That makes a lot of sense, actually, So, Kim, you 124 00:05:48,600 --> 00:05:52,120 Speaker 4: talked with Andy Campion, uh, the CEO. Is there any 125 00:05:52,160 --> 00:05:54,160 Speaker 4: sense that this is a company unrivaled that will at 126 00:05:54,160 --> 00:05:55,200 Speaker 4: some point go public? 127 00:05:56,000 --> 00:05:58,120 Speaker 3: Yeah, it's really really early on. Right, they've only been 128 00:05:58,160 --> 00:06:02,800 Speaker 3: around for one year and I believe it's They host 129 00:06:02,880 --> 00:06:06,880 Speaker 3: about one point four million visitors a year, fifteen properties 130 00:06:06,880 --> 00:06:09,559 Speaker 3: so far. Looking to expand again, they're going to spend 131 00:06:09,560 --> 00:06:11,919 Speaker 3: this some of this one hundred and twenty million dollars 132 00:06:11,920 --> 00:06:16,440 Speaker 3: they just raised on more properties, more leagues, and more 133 00:06:16,960 --> 00:06:20,120 Speaker 3: they own like Cooperstown All Star Village, which is a 134 00:06:20,200 --> 00:06:23,560 Speaker 3: family resort plus a baseball tournament for the kids where. 135 00:06:23,360 --> 00:06:27,640 Speaker 4: They wrote about it Bloomberg Business Week, fantastic article on 136 00:06:27,800 --> 00:06:30,120 Speaker 4: the way story about call back to a previous Business 137 00:06:30,160 --> 00:06:32,440 Speaker 4: of Sports podcast episode. 138 00:06:33,160 --> 00:06:36,520 Speaker 3: Yeah, I really dug deep into this about private equity 139 00:06:36,600 --> 00:06:41,479 Speaker 3: getting involved in youth sports and again like professionalizing this essentially, right, 140 00:06:41,600 --> 00:06:43,800 Speaker 3: it's becoming more corporate than ever. 141 00:06:44,279 --> 00:06:48,240 Speaker 7: Now. They're talking about also getting into an opportunity New 142 00:06:48,240 --> 00:06:49,960 Speaker 7: England Flag Football. 143 00:06:50,000 --> 00:06:54,440 Speaker 3: New England Flag Football, and they're rebranding it as Unrivaled Flag. 144 00:06:54,480 --> 00:06:57,720 Speaker 3: Flag football is one of these areas in youth sports 145 00:06:57,720 --> 00:07:00,200 Speaker 3: that everyone is paying attention to, you know, ni Bey 146 00:07:00,279 --> 00:07:05,720 Speaker 3: under Armour. The NFL says that they're they're prioritizing this 147 00:07:05,839 --> 00:07:08,200 Speaker 3: and trying to develop that so that they have more 148 00:07:08,240 --> 00:07:11,000 Speaker 3: grassroots interaction with the sport in a way that's less 149 00:07:11,080 --> 00:07:14,760 Speaker 3: less dangerous for kids. Right, so flag football big focus 150 00:07:14,880 --> 00:07:18,120 Speaker 3: and Unrivaled thinks it's going to be their next big thing. 151 00:07:19,040 --> 00:07:20,600 Speaker 8: I mean, everyone wants to be their next big thing 152 00:07:20,640 --> 00:07:23,160 Speaker 8: right leading up to the Olympics. Is the idea is 153 00:07:23,240 --> 00:07:26,840 Speaker 8: Unrivaled flags starting this year and leading up to the 154 00:07:26,840 --> 00:07:29,320 Speaker 8: Olympics or when is that getting off? 155 00:07:29,680 --> 00:07:32,840 Speaker 3: It's it's just been rebranded, right, so it's been operating 156 00:07:32,880 --> 00:07:35,720 Speaker 3: this whole time as as New England Flag Football, but 157 00:07:36,000 --> 00:07:40,920 Speaker 3: they'll still be going and I mean flag football. Anyone 158 00:07:40,960 --> 00:07:42,200 Speaker 3: here played flag football? 159 00:07:42,320 --> 00:07:46,520 Speaker 9: Yes, that makes sense. That also tracks Vanessa, Yep, that 160 00:07:46,640 --> 00:07:47,320 Speaker 9: was amazing. 161 00:07:47,600 --> 00:07:48,520 Speaker 6: You were I was. 162 00:07:48,560 --> 00:07:50,560 Speaker 8: I mean I almost didn't go to a position, but 163 00:07:50,840 --> 00:07:53,600 Speaker 8: I was a receiver and I also did play both ways, 164 00:07:53,640 --> 00:07:57,840 Speaker 8: but I was a mainly receiver, and I remember going 165 00:07:57,920 --> 00:08:01,360 Speaker 8: I almost skipped an entire colleg showcase one time to 166 00:08:01,440 --> 00:08:03,760 Speaker 8: play in the games. There's only once a year when 167 00:08:03,760 --> 00:08:05,720 Speaker 8: I played in high school, and I wish, I wish 168 00:08:05,760 --> 00:08:07,560 Speaker 8: I had this opportunity that the girls have now right, 169 00:08:07,600 --> 00:08:10,200 Speaker 8: because it's beat for girls right now right, it's a 170 00:08:10,200 --> 00:08:10,800 Speaker 8: big focus. 171 00:08:10,920 --> 00:08:12,840 Speaker 3: Yeah, and we were like a slot receiver. You're just 172 00:08:12,880 --> 00:08:14,800 Speaker 3: mosson people in I just mos people. 173 00:08:14,560 --> 00:08:17,280 Speaker 8: As cossome people as I was getting the OBJ catches. Actually, 174 00:08:17,320 --> 00:08:18,320 Speaker 8: I would say more. 175 00:08:18,400 --> 00:08:20,880 Speaker 4: You guys are using terminology that Michael barn and I 176 00:08:20,920 --> 00:08:25,720 Speaker 4: are just shaking our heads up. Wait, Kim, I want 177 00:08:25,720 --> 00:08:27,760 Speaker 4: to ask you about another story you wrote recently about 178 00:08:27,800 --> 00:08:31,680 Speaker 4: PepsiCo and how it now has a chief sports officer. 179 00:08:31,800 --> 00:08:34,199 Speaker 4: Oh yeah, what does that chief sports officer do? 180 00:08:34,360 --> 00:08:38,120 Speaker 3: Yeah, Brett O'Brien was named chief sports officer at PepsiCo. 181 00:08:38,160 --> 00:08:39,920 Speaker 3: And that when I say PepsiCo, I mean the whole thing, 182 00:08:40,000 --> 00:08:45,680 Speaker 3: right that that's fred Ola and Gatorade and Pepsi itself, Storry, 183 00:08:45,760 --> 00:08:50,080 Speaker 3: all the stuff they own, and they've reorganized that their 184 00:08:50,160 --> 00:08:53,440 Speaker 3: marketing arm into one big marketing thing. So previously you'd 185 00:08:53,440 --> 00:08:55,280 Speaker 3: be like the Gatorade guy and you do all the 186 00:08:55,280 --> 00:08:59,040 Speaker 3: Gatorade marketing for in sports, but now they're they've put 187 00:08:59,040 --> 00:09:01,920 Speaker 3: it all into one diviate and are separating it by sports, 188 00:09:01,920 --> 00:09:05,040 Speaker 3: so those experts will be the NFL person and the 189 00:09:05,760 --> 00:09:08,719 Speaker 3: basketball one and so on, and that allows them to 190 00:09:09,240 --> 00:09:12,440 Speaker 3: really focus in on individual sports with these big, like 191 00:09:12,600 --> 00:09:18,040 Speaker 3: anthemic campaigns. And the most recent one was the Gatorade 192 00:09:18,080 --> 00:09:22,360 Speaker 3: campaign with Kendrick Lamar. His first one of these types 193 00:09:22,400 --> 00:09:27,560 Speaker 3: of giant ad campaigns with a sports related brand, and 194 00:09:28,200 --> 00:09:30,120 Speaker 3: they used all the stops on that one. 195 00:09:30,200 --> 00:09:30,360 Speaker 7: Right. 196 00:09:30,679 --> 00:09:34,160 Speaker 3: The athlete endorser list was you know, Caitlin Clark, it 197 00:09:34,200 --> 00:09:34,679 Speaker 3: was everybody. 198 00:09:35,880 --> 00:09:39,240 Speaker 7: I mean, there's a lot to this with this PepsiCo thing, 199 00:09:39,360 --> 00:09:41,600 Speaker 7: because I'm gonna get a little more into this because 200 00:09:41,679 --> 00:09:47,960 Speaker 7: i mean they're looking more into I guess rebranding is 201 00:09:48,000 --> 00:09:50,040 Speaker 7: the best way I want to describe it, because, like 202 00:09:50,080 --> 00:09:52,920 Speaker 7: you said, it used to be individual products. Now it's 203 00:09:52,960 --> 00:09:54,120 Speaker 7: the whole complete picture. 204 00:09:54,640 --> 00:09:54,880 Speaker 5: Yeah. 205 00:09:54,880 --> 00:09:57,360 Speaker 3: And if you're looking at it from Freedo Lay's standpoint, right, 206 00:09:57,360 --> 00:10:02,360 Speaker 3: you have all these properties Cheetos and Darda and everything. Uh, 207 00:10:02,440 --> 00:10:04,280 Speaker 3: and if you sign a deal like they have with 208 00:10:04,559 --> 00:10:07,800 Speaker 3: the World Cup. Right, So fred de Lay is a 209 00:10:07,840 --> 00:10:09,480 Speaker 3: sponsor of the World Cup next year, and they'll be 210 00:10:09,559 --> 00:10:12,439 Speaker 3: running a bunch of programming around that. You want to 211 00:10:12,480 --> 00:10:16,120 Speaker 3: get all these different brands involved, and by centralizing it, 212 00:10:16,120 --> 00:10:18,160 Speaker 3: it gives you a better You're put in the mindset 213 00:10:18,160 --> 00:10:20,680 Speaker 3: where you're everyone's working toward one goal. 214 00:10:21,160 --> 00:10:23,720 Speaker 8: And so we're going to see a messy hot cheeto 215 00:10:23,880 --> 00:10:25,440 Speaker 8: from this is what I'm assuming. 216 00:10:25,679 --> 00:10:28,320 Speaker 3: Oh oh, will they be shaped. 217 00:10:27,960 --> 00:10:33,320 Speaker 8: Like well Lebron and Jason Tatum and all these stars 218 00:10:33,360 --> 00:10:35,040 Speaker 8: have their own flavors of chips. 219 00:10:35,120 --> 00:10:37,760 Speaker 3: They Yeah, that that is true, but I'm thinking the 220 00:10:37,760 --> 00:10:41,199 Speaker 3: messy shape would really would would really hit it here 221 00:10:41,240 --> 00:10:44,079 Speaker 3: that that chars are shaped. The World Cup right sold 222 00:10:44,080 --> 00:10:45,480 Speaker 3: for like a million, It was crazy. 223 00:10:45,760 --> 00:10:47,840 Speaker 4: I feel like this is kind of it opens the 224 00:10:47,880 --> 00:10:51,840 Speaker 4: door to other consumer packaged food companies to do something similar. 225 00:10:51,880 --> 00:10:54,680 Speaker 4: Coca Cola perhaps might look into a chief sports officer 226 00:10:54,720 --> 00:10:56,600 Speaker 4: as well, because it makes sense from that point of view. 227 00:10:57,120 --> 00:11:01,000 Speaker 3: Yeah, I think it does. And when you think about 228 00:11:01,280 --> 00:11:05,280 Speaker 3: how involved these giant brands are with sports now, I 229 00:11:05,280 --> 00:11:08,120 Speaker 3: mean sports sponsors, The sponsorship deals are just growing and 230 00:11:08,160 --> 00:11:11,760 Speaker 3: growing and growing. More endorsements athletes earlier in their in 231 00:11:11,800 --> 00:11:14,760 Speaker 3: their in their careers and their lives they're getting signed 232 00:11:15,400 --> 00:11:17,839 Speaker 3: h it's it's essential. It's become an essential part to 233 00:11:17,880 --> 00:11:19,600 Speaker 3: the advertising ecosystem. 234 00:11:19,800 --> 00:11:23,840 Speaker 7: I what happens too when you get like you're going 235 00:11:23,880 --> 00:11:25,560 Speaker 7: to see it And that was a great question that 236 00:11:25,600 --> 00:11:28,199 Speaker 7: you that you've brought up scarlet because you put Coca 237 00:11:28,240 --> 00:11:30,960 Speaker 7: cola and pepsi together. You're going to see all this 238 00:11:31,120 --> 00:11:33,920 Speaker 7: going on here, here's going for the World Cup, here's 239 00:11:33,960 --> 00:11:36,280 Speaker 7: going for the Super Bowl. This is this is going 240 00:11:36,320 --> 00:11:39,400 Speaker 7: to continue on and like old man bar has got 241 00:11:39,400 --> 00:11:42,240 Speaker 7: to remember, you know, just like they used to advertise 242 00:11:42,360 --> 00:11:45,960 Speaker 7: Gillette in the nineteen seventy two Super Bowl, that's all 243 00:11:46,000 --> 00:11:47,760 Speaker 7: gonna change. This is going to be the wave of 244 00:11:47,800 --> 00:11:48,240 Speaker 7: the future. 245 00:11:48,640 --> 00:11:52,720 Speaker 3: Hey, let's still around. Yeah, They're they're doing is if 246 00:11:52,760 --> 00:11:54,080 Speaker 3: you look at the I think the best way to 247 00:11:54,120 --> 00:11:56,080 Speaker 3: look at it is the is like the sneak the 248 00:11:56,120 --> 00:11:58,880 Speaker 3: sneaker wars that have been going on forever, right, Nike, Adidas, 249 00:11:59,240 --> 00:12:02,200 Speaker 3: all the Puma, all the all the teams around the world. 250 00:12:02,400 --> 00:12:04,560 Speaker 3: They're just hopscotch and from from place to place, trying 251 00:12:04,559 --> 00:12:06,320 Speaker 3: to try to win over leagues, trying to win over teams, 252 00:12:06,320 --> 00:12:09,640 Speaker 3: trying to win over athletes, and uh, you know what 253 00:12:10,040 --> 00:12:13,600 Speaker 3: Nike signed what the German soccer national team as that 254 00:12:13,800 --> 00:12:16,600 Speaker 3: is that is quite something. It gets, it gets you 255 00:12:16,640 --> 00:12:17,560 Speaker 3: get all of them. 256 00:12:18,040 --> 00:12:20,280 Speaker 7: Our thanks to Kim Bessin for joining us. He covers 257 00:12:20,320 --> 00:12:23,720 Speaker 7: celebrities and athletes for Bloomberg News. Up next, we go 258 00:12:23,840 --> 00:12:28,520 Speaker 7: behind the scenes at KPMG's sports business for my colleagues, 259 00:12:28,559 --> 00:12:32,240 Speaker 7: Scarlett Foo and Vanessa Bernomo. I'm Michael Barr. You're listening 260 00:12:32,240 --> 00:12:35,320 Speaker 7: to the Bloomberg Business of Sports from Bloomberg Radio around 261 00:12:35,400 --> 00:12:35,920 Speaker 7: the world. 262 00:12:39,720 --> 00:12:43,720 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 263 00:12:44,800 --> 00:12:47,400 Speaker 7: This is the Bloomberg Business of Sports where we explore 264 00:12:47,440 --> 00:12:49,439 Speaker 7: the big money issues in the world of sports. I'm 265 00:12:49,440 --> 00:12:52,680 Speaker 7: Michael Barr, along with Scarlett Foo and Vanessa Bernomo. Damian 266 00:12:52,760 --> 00:12:56,960 Speaker 7: Sasaur will be back next week. KPMG US has a 267 00:12:57,000 --> 00:13:00,960 Speaker 7: sports division that focuses on helping leagues, franchise and venues 268 00:13:01,040 --> 00:13:05,480 Speaker 7: run their businesses. Joining us now is Sean Quill. He's 269 00:13:05,600 --> 00:13:10,560 Speaker 7: KPMG Sports industry leader and also heads up the sports 270 00:13:10,600 --> 00:13:14,200 Speaker 7: sponsorship strategy. He is here now to take us through 271 00:13:14,320 --> 00:13:17,839 Speaker 7: how his firm is looking at the current sports landscape, 272 00:13:18,080 --> 00:13:21,760 Speaker 7: the rise of private equity and more. Shawn, Welcome to 273 00:13:21,760 --> 00:13:23,199 Speaker 7: the Bloomberg Business of Sports. 274 00:13:23,280 --> 00:13:24,400 Speaker 6: Great thanks for having me. 275 00:13:24,679 --> 00:13:28,400 Speaker 7: Well, let's talk about KPMG US and the firm that 276 00:13:29,040 --> 00:13:33,400 Speaker 7: you are behind. Tell us about this firm. 277 00:13:33,559 --> 00:13:36,319 Speaker 2: Yeah, KPMG is one of the big four accounting firms 278 00:13:36,600 --> 00:13:38,960 Speaker 2: here in the US and globally. Here in the US, 279 00:13:39,000 --> 00:13:41,440 Speaker 2: we have thirty six thousand people and are in every 280 00:13:41,480 --> 00:13:44,680 Speaker 2: major city, and I have the privilege of serving as 281 00:13:44,720 --> 00:13:47,720 Speaker 2: their national sports industry leader. So I look after our 282 00:13:47,760 --> 00:13:51,839 Speaker 2: sports practice, which serves the league's teams, facilities, does sports 283 00:13:51,920 --> 00:13:55,280 Speaker 2: deals and things like that. So it's a great place 284 00:13:55,320 --> 00:13:55,840 Speaker 2: to be a part of. 285 00:13:57,120 --> 00:14:00,680 Speaker 4: So let me ask you. Sean at KPMG Group helped 286 00:14:00,720 --> 00:14:04,120 Speaker 4: advise on Bill Chishom's six point one billion dollar purchase 287 00:14:04,160 --> 00:14:05,480 Speaker 4: of the Celtics. 288 00:14:04,960 --> 00:14:05,640 Speaker 9: Back in March. 289 00:14:06,280 --> 00:14:08,320 Speaker 4: What surprised a lot of people is how the team 290 00:14:08,360 --> 00:14:10,400 Speaker 4: was even up for sale, given the Celtics had just 291 00:14:10,520 --> 00:14:13,760 Speaker 4: won the NBA Championship, and then it happened fairly quickly. 292 00:14:14,280 --> 00:14:17,160 Speaker 4: I'm curious what your firm did in the process and 293 00:14:17,200 --> 00:14:19,640 Speaker 4: what surprised you most about this process. 294 00:14:20,120 --> 00:14:22,520 Speaker 2: Yeah, it was a really interesting deal to be a 295 00:14:22,560 --> 00:14:25,000 Speaker 2: part of, and it was a privilege to advise mister 296 00:14:25,040 --> 00:14:29,680 Speaker 2: chism on it. We provided financial due diligence and tax 297 00:14:30,920 --> 00:14:35,040 Speaker 2: advice on the deal to mister chism In in his purchase. 298 00:14:35,240 --> 00:14:38,360 Speaker 2: And yeah, it is interesting that the Celtics were up. 299 00:14:38,440 --> 00:14:42,360 Speaker 2: I think that a number of owners are considering investment 300 00:14:42,600 --> 00:14:43,960 Speaker 2: more so than they have in the past. 301 00:14:44,360 --> 00:14:44,560 Speaker 6: You know. 302 00:14:44,680 --> 00:14:50,280 Speaker 2: The influction of private equity, of rising valuations, of the 303 00:14:50,320 --> 00:14:54,120 Speaker 2: need for capital are all driving interest in either investors, 304 00:14:54,880 --> 00:14:56,880 Speaker 2: both from a minority interest, but also in this case 305 00:14:56,880 --> 00:15:00,640 Speaker 2: of controlling you know, sale and the Celtics certain are 306 00:15:00,680 --> 00:15:04,360 Speaker 2: one of the premier franchises within the NBA, have such 307 00:15:04,400 --> 00:15:07,520 Speaker 2: an amazing legacy and again are in the playoffs this year, 308 00:15:08,440 --> 00:15:12,320 Speaker 2: and so it is one of those scarce amazing assets. 309 00:15:12,320 --> 00:15:14,920 Speaker 2: So we were fortunate to be part of it. 310 00:15:15,920 --> 00:15:18,600 Speaker 8: Sean, what do you think it is about the current 311 00:15:18,680 --> 00:15:22,760 Speaker 8: landscape of sports of ownership that is making more owners, 312 00:15:23,480 --> 00:15:27,360 Speaker 8: you know, get more interest from investors, be more open 313 00:15:27,440 --> 00:15:30,280 Speaker 8: to private equity and that sort of thing. 314 00:15:30,520 --> 00:15:33,000 Speaker 2: Yeah, I mean for the owners, there's a lot of 315 00:15:33,040 --> 00:15:37,200 Speaker 2: benefits you know, from private equity and other investors, and 316 00:15:37,240 --> 00:15:39,400 Speaker 2: so a number of owners that we're working with. We 317 00:15:39,440 --> 00:15:42,360 Speaker 2: advise more than fifty of the sports franchises around the US, 318 00:15:42,400 --> 00:15:46,520 Speaker 2: across the five major men's sports, and you know, they're 319 00:15:46,560 --> 00:15:49,800 Speaker 2: looking for liquidity. In some cases there's changes to family 320 00:15:49,880 --> 00:15:53,560 Speaker 2: ownership structures. People that are looking to no longer be involved. 321 00:15:54,760 --> 00:15:57,080 Speaker 2: They're looking for investment capital. I think the number one 322 00:15:57,120 --> 00:16:01,120 Speaker 2: trend right now in sports is around facility renovation or 323 00:16:01,200 --> 00:16:05,520 Speaker 2: new builds, so stadiums and arenas coming online and significant 324 00:16:05,560 --> 00:16:08,800 Speaker 2: cost of investing in those new facilities. So, you know, 325 00:16:08,840 --> 00:16:11,680 Speaker 2: private equity in particular offers a lot in that space 326 00:16:11,720 --> 00:16:13,560 Speaker 2: in terms of not just the capital, but the business 327 00:16:13,560 --> 00:16:17,120 Speaker 2: acumen to come alongside of it, and it does create 328 00:16:17,120 --> 00:16:20,320 Speaker 2: a marketplace for valuations. You know, all of this additional support. 329 00:16:21,440 --> 00:16:24,760 Speaker 2: You know, there's it's a it's a fixed asset pool. 330 00:16:24,760 --> 00:16:27,120 Speaker 2: In terms of professional sports. There's only so many assets. 331 00:16:27,200 --> 00:16:29,440 Speaker 2: They're not increasing. It's not like a housing market. Nobody's 332 00:16:29,440 --> 00:16:32,800 Speaker 2: building more franchises. There's a few potential in the future 333 00:16:32,800 --> 00:16:34,640 Speaker 2: as we have expansion, but you know, it's a fixed 334 00:16:34,720 --> 00:16:38,040 Speaker 2: asset pool, and as the valuations rise, it gets harder 335 00:16:38,040 --> 00:16:40,920 Speaker 2: and harder to purchase those assets. You know, there's rules 336 00:16:40,920 --> 00:16:43,160 Speaker 2: in terms of how much the principal owner has to 337 00:16:43,160 --> 00:16:46,360 Speaker 2: put up, and so few and fewer people can afford that, 338 00:16:46,440 --> 00:16:49,400 Speaker 2: and so you know, I think that that makes makes 339 00:16:49,440 --> 00:16:51,640 Speaker 2: it really interesting when they come across the market. But 340 00:16:52,000 --> 00:16:54,880 Speaker 2: you know, from owners seeing those valuations rise, I think 341 00:16:54,920 --> 00:16:56,880 Speaker 2: some of them are looking to cash out. I think 342 00:16:56,880 --> 00:17:00,240 Speaker 2: there's changes in family dynamics and other cases and door 343 00:17:00,360 --> 00:17:02,880 Speaker 2: dreams of doing other things and better to build a 344 00:17:02,880 --> 00:17:04,800 Speaker 2: new facility with someone else's money than their own. 345 00:17:05,920 --> 00:17:08,719 Speaker 7: As a sports guy, this is the only time I 346 00:17:08,760 --> 00:17:12,240 Speaker 7: can say, especially in the NBA Playoffs with the Knicks 347 00:17:12,760 --> 00:17:17,000 Speaker 7: and the Celtics, that both teams are playing at the garden. 348 00:17:17,200 --> 00:17:19,560 Speaker 7: I can say that and now will not be wrong 349 00:17:20,080 --> 00:17:24,439 Speaker 7: either way, and which has to be a big shot 350 00:17:24,520 --> 00:17:29,040 Speaker 7: in the arm, especially from this big acquisition of the Celtics, 351 00:17:29,400 --> 00:17:32,879 Speaker 7: and you know, the team has just been super duper successful. 352 00:17:33,119 --> 00:17:34,720 Speaker 6: Yeah, I mean, what an exciting series. 353 00:17:34,760 --> 00:17:37,480 Speaker 2: There's a bunch of them going on right now and 354 00:17:37,760 --> 00:17:39,760 Speaker 2: they're they're thrilling to watch, and it was great to 355 00:17:40,119 --> 00:17:42,560 Speaker 2: I mean, for me, we have a relationship with Stephen Curry, 356 00:17:42,600 --> 00:17:44,520 Speaker 2: so it's great to see the Warriors clinching Game seven 357 00:17:44,560 --> 00:17:44,960 Speaker 2: and move. 358 00:17:44,800 --> 00:17:45,680 Speaker 6: On to the next round. 359 00:17:45,760 --> 00:17:50,160 Speaker 2: And that's great for basketball. And you know, you're right, 360 00:17:50,200 --> 00:17:53,280 Speaker 2: it's an exciting time for the NBA NHL playoffs of 361 00:17:53,280 --> 00:17:55,159 Speaker 2: course going on at the same time, I mean with 362 00:17:55,200 --> 00:17:58,160 Speaker 2: the NBA, I think, you know, we've seen the belief 363 00:17:58,200 --> 00:18:01,040 Speaker 2: in the reliability of the business andlast year's media rights 364 00:18:01,040 --> 00:18:04,160 Speaker 2: deal record deal for the NBA seventy six billion dollars. 365 00:18:04,800 --> 00:18:07,919 Speaker 2: It was one hundred and sixty percent per season increase 366 00:18:07,920 --> 00:18:10,760 Speaker 2: in metia rights. So you think about how significant that is, 367 00:18:10,800 --> 00:18:13,840 Speaker 2: and that is obviously something like that drives the valuation 368 00:18:14,000 --> 00:18:17,640 Speaker 2: of the Celtics. Interestingly enough, though, when the Celtics deal 369 00:18:17,720 --> 00:18:20,520 Speaker 2: for the six point one billion valuation, it doesn't even 370 00:18:20,520 --> 00:18:23,639 Speaker 2: include TD Garden to your garden reference. You know, the 371 00:18:23,640 --> 00:18:27,679 Speaker 2: Celtics don't own the Garden. So that is actually to 372 00:18:27,720 --> 00:18:30,800 Speaker 2: me especially interesting that I think we're going to continue 373 00:18:30,840 --> 00:18:34,200 Speaker 2: to see soaring valuations in sports. You know, even though 374 00:18:34,200 --> 00:18:36,399 Speaker 2: the Celtics are one of the top franchises, doesn't include 375 00:18:36,400 --> 00:18:38,960 Speaker 2: the building, doesn't have their own media network. You know, 376 00:18:38,960 --> 00:18:42,600 Speaker 2: there's a lot of aspects to it that drive those valuations, 377 00:18:42,600 --> 00:18:45,200 Speaker 2: and certainly those are part of it. So, yeah, an 378 00:18:45,240 --> 00:18:49,240 Speaker 2: exciting time right now in basketball and in hockey. 379 00:18:49,480 --> 00:18:51,359 Speaker 4: Yeah, I'm glad you mentioned how that deal did not 380 00:18:51,440 --> 00:18:55,000 Speaker 4: include the facilities. It just speaks the brand value of 381 00:18:55,040 --> 00:18:59,200 Speaker 4: something like the Celtics. You had mentioned sean that it's 382 00:18:59,200 --> 00:19:01,880 Speaker 4: better to build someone else's money than your own as 383 00:19:01,880 --> 00:19:05,919 Speaker 4: a reason for teams and franchises to take on institutional investors. 384 00:19:06,200 --> 00:19:07,960 Speaker 4: If you look at the New York Giants, the Maara 385 00:19:08,000 --> 00:19:11,240 Speaker 4: and Tish families are looking to sell some of their 386 00:19:11,400 --> 00:19:14,399 Speaker 4: steak in the New York Giants, They're looking to spread 387 00:19:14,440 --> 00:19:17,119 Speaker 4: that steak around to two to three wealthy individuals and 388 00:19:17,160 --> 00:19:18,160 Speaker 4: families as. 389 00:19:17,960 --> 00:19:19,320 Speaker 9: Opposed to private equity. 390 00:19:20,000 --> 00:19:23,160 Speaker 4: What is the argument for team owners wanting to keep 391 00:19:23,359 --> 00:19:24,960 Speaker 4: pe out of the team. 392 00:19:24,760 --> 00:19:29,240 Speaker 2: For now, That's a great question. I think that it's 393 00:19:29,280 --> 00:19:32,480 Speaker 2: going to depend on each each ownership group and their 394 00:19:32,520 --> 00:19:36,400 Speaker 2: personal preferences. I do think that private equity is attractive 395 00:19:36,440 --> 00:19:39,359 Speaker 2: to a lot of owners. It not only brings the capital, 396 00:19:39,400 --> 00:19:41,440 Speaker 2: but it also brings the business acumen that I mentioned. 397 00:19:41,480 --> 00:19:44,880 Speaker 2: You know, private equity is accustomed to running and operating businesses, 398 00:19:44,920 --> 00:19:48,600 Speaker 2: making them more efficient, realizing the value of data and analytics, 399 00:19:49,320 --> 00:19:54,000 Speaker 2: and sports is primed to have that kind of inflection 400 00:19:54,040 --> 00:19:56,840 Speaker 2: of business acumen, you know, in particular data and analytics, 401 00:19:56,880 --> 00:19:59,320 Speaker 2: like in terms of new facilities and new stadiums, and 402 00:19:59,680 --> 00:20:02,240 Speaker 2: just in terms of the loyal fan base. You're only 403 00:20:02,320 --> 00:20:03,879 Speaker 2: at the tip of the Iceberg. In the industry in 404 00:20:03,960 --> 00:20:07,359 Speaker 2: terms of leveraging data, there is so much potential. We 405 00:20:07,440 --> 00:20:10,680 Speaker 2: know so little about the typical fan, about why they come, 406 00:20:10,720 --> 00:20:12,959 Speaker 2: when they come, what they consume while they're there, what 407 00:20:13,000 --> 00:20:15,200 Speaker 2: would bring them back, how you get them to come 408 00:20:15,240 --> 00:20:19,520 Speaker 2: more frequently, And I think most franchises are not leveraging 409 00:20:19,560 --> 00:20:22,480 Speaker 2: that data. Well, the infrastructure in terms of the technology 410 00:20:22,880 --> 00:20:25,480 Speaker 2: is available, but it's not yet there, or it's not integrated, 411 00:20:25,600 --> 00:20:28,280 Speaker 2: or they're not pulling the insights out of that data. 412 00:20:28,320 --> 00:20:32,920 Speaker 2: And so, you know, in my mind, private equity really 413 00:20:32,960 --> 00:20:36,200 Speaker 2: offers a lot of value to that mix. But yeah, 414 00:20:36,200 --> 00:20:38,760 Speaker 2: in the case of certain owners, you know, some that 415 00:20:38,760 --> 00:20:40,600 Speaker 2: have owned the team for a long time, they're not 416 00:20:40,640 --> 00:20:43,960 Speaker 2: looking to, you know, have that much of a change 417 00:20:44,000 --> 00:20:45,639 Speaker 2: in terms of the way that things are governed or 418 00:20:45,680 --> 00:20:49,160 Speaker 2: structured or run. It may just be bringing in that capital, 419 00:20:49,440 --> 00:20:52,200 Speaker 2: It may just be bringing in others that could add 420 00:20:52,240 --> 00:20:55,199 Speaker 2: to their ownership group in a positive way. And I 421 00:20:55,200 --> 00:20:57,680 Speaker 2: saw one of the rumored individuals we also have a 422 00:20:57,720 --> 00:21:00,600 Speaker 2: relationship with, so I won't comment on it, but obviously 423 00:21:00,840 --> 00:21:04,280 Speaker 2: adds to the further brand and the legacy of the franchise. 424 00:21:04,320 --> 00:21:07,880 Speaker 2: And so there's other reasons to bring in investors. And 425 00:21:08,119 --> 00:21:09,639 Speaker 2: you know, I think we are seeing more and more 426 00:21:09,680 --> 00:21:13,240 Speaker 2: of a trend of former athletes and celebrities getting interested 427 00:21:13,280 --> 00:21:14,240 Speaker 2: and involved in sports. 428 00:21:14,320 --> 00:21:16,560 Speaker 8: You know, we love to see athletes get involved in ownership, 429 00:21:16,560 --> 00:21:19,280 Speaker 8: and I think it adds a lot to them, to 430 00:21:19,359 --> 00:21:21,800 Speaker 8: their capital, like you said, and to the brand as 431 00:21:21,840 --> 00:21:24,280 Speaker 8: a whole, like we potentially will see with Eli Manning 432 00:21:24,359 --> 00:21:27,080 Speaker 8: and the Giants one day maybe. But as we talk 433 00:21:27,119 --> 00:21:29,560 Speaker 8: about the facilities, you know, I want to get a 434 00:21:29,560 --> 00:21:32,920 Speaker 8: little bit more into that and why. I mean you said, 435 00:21:33,200 --> 00:21:34,760 Speaker 8: we don't know a lot about the fans that are coming, 436 00:21:34,800 --> 00:21:36,399 Speaker 8: what brings them back, and things like that. But then 437 00:21:36,480 --> 00:21:39,439 Speaker 8: we see places like Capital One Arena where the Washington 438 00:21:39,440 --> 00:21:42,280 Speaker 8: Wizards and Washington Capitals play, and they added a whole 439 00:21:42,320 --> 00:21:46,199 Speaker 8: new immersive art exhibit to the arena, which is not 440 00:21:46,359 --> 00:21:49,520 Speaker 8: necessarily a sports thing, but it is something to add 441 00:21:49,520 --> 00:21:52,000 Speaker 8: to the arena. Tell us about why something like that 442 00:21:52,280 --> 00:21:55,800 Speaker 8: adds to the facility, Why maybe it brings in Does 443 00:21:55,840 --> 00:21:56,760 Speaker 8: it bring in new fans? 444 00:21:56,800 --> 00:21:56,960 Speaker 6: You know? 445 00:21:57,000 --> 00:21:57,720 Speaker 8: Why do it? 446 00:21:57,840 --> 00:22:00,399 Speaker 6: Sure? Well? Monumental sports and ertainment. 447 00:22:00,480 --> 00:22:03,679 Speaker 2: So the Capitals, the Wizards, the Mystics, so in the 448 00:22:03,680 --> 00:22:06,399 Speaker 2: heart of our nation's capital, in rushing DC is actually 449 00:22:06,440 --> 00:22:09,320 Speaker 2: a client of KPMG's we're advising them on their fan experience. 450 00:22:09,400 --> 00:22:13,760 Speaker 2: They're embarking on a billion dollar project to basically rebuild 451 00:22:13,800 --> 00:22:16,480 Speaker 2: that arena in the heart of the city and adding 452 00:22:16,480 --> 00:22:18,160 Speaker 2: a lot to it in terms of mixed use, real 453 00:22:18,280 --> 00:22:20,200 Speaker 2: estate and technology. 454 00:22:20,760 --> 00:22:22,200 Speaker 6: And your question is a really interesting one. 455 00:22:22,200 --> 00:22:24,199 Speaker 2: I think if you think about the fact that most 456 00:22:24,240 --> 00:22:26,560 Speaker 2: of these owners own their own buildings, it's it's sort 457 00:22:26,560 --> 00:22:28,360 Speaker 2: of a kin to having a vacation house and not 458 00:22:28,480 --> 00:22:31,280 Speaker 2: using it much. You know, they they only have the 459 00:22:31,359 --> 00:22:35,040 Speaker 2: lights on mostly in the evenings around games. You know, 460 00:22:35,080 --> 00:22:37,600 Speaker 2: in the case of Monumental Sports and Capitol One Arena, 461 00:22:37,600 --> 00:22:39,320 Speaker 2: they've got at least two teams. They've got an NBA 462 00:22:39,480 --> 00:22:42,360 Speaker 2: NHL team from the men's they now are putting more 463 00:22:42,359 --> 00:22:45,119 Speaker 2: of the Mystics games in that arena given the surge 464 00:22:45,160 --> 00:22:47,879 Speaker 2: of popularity of the WNBA, and so they're able to 465 00:22:47,880 --> 00:22:50,160 Speaker 2: fill that building. But if you're not using the building, 466 00:22:50,160 --> 00:22:55,920 Speaker 2: you're not generating revenue. It's you know, it's just sitting there, unused, unutilized, 467 00:22:56,080 --> 00:22:58,119 Speaker 2: and so they are looking for all sorts of creative 468 00:22:58,160 --> 00:23:01,520 Speaker 2: ways to keep the doors open more frequently. You know, 469 00:23:01,520 --> 00:23:03,200 Speaker 2: a few years ago they were the first arena put 470 00:23:03,200 --> 00:23:07,040 Speaker 2: in an in arena sports book with Caesars that keeps 471 00:23:07,080 --> 00:23:09,800 Speaker 2: the doors open, you know, twenty four to seven three 472 00:23:09,800 --> 00:23:12,960 Speaker 2: in our sixty five days a year. KPMG actually put 473 00:23:12,960 --> 00:23:15,920 Speaker 2: in a new business suite inside of the arena about 474 00:23:15,960 --> 00:23:18,879 Speaker 2: two years ago. We actually use it as an office 475 00:23:19,359 --> 00:23:22,119 Speaker 2: where we meet with our clients during game days or 476 00:23:22,160 --> 00:23:24,480 Speaker 2: non game days, but off of game day hours. So 477 00:23:24,520 --> 00:23:26,240 Speaker 2: we'll go in there, have a client meeting with our 478 00:23:26,240 --> 00:23:28,920 Speaker 2: clients and then maybe transition and watch a hockey game 479 00:23:29,000 --> 00:23:31,199 Speaker 2: or a basketball game inside the arena. So for the 480 00:23:31,240 --> 00:23:34,959 Speaker 2: arena and for the owners, it means new revenue. It 481 00:23:35,040 --> 00:23:38,520 Speaker 2: means using the building more frequently. And that's the game, 482 00:23:38,600 --> 00:23:42,119 Speaker 2: right They want concerts other non sporting events in the 483 00:23:42,160 --> 00:23:44,639 Speaker 2: arena as much as possible, and they want it to 484 00:23:44,640 --> 00:23:48,080 Speaker 2: be a center point in the community as well, you know, 485 00:23:48,160 --> 00:23:51,560 Speaker 2: to bring people together and have a place where everybody 486 00:23:51,560 --> 00:23:53,480 Speaker 2: meets there and is part of the experience there. 487 00:23:53,840 --> 00:23:55,639 Speaker 7: I know we're running short on time, but I have 488 00:23:55,720 --> 00:23:59,639 Speaker 7: two letters A I which of your poker player stands 489 00:23:59,640 --> 00:24:01,800 Speaker 7: for all all in if you have pocket ass. But 490 00:24:04,400 --> 00:24:09,600 Speaker 7: it's the old school, but we're not. Artificial intelligence is 491 00:24:09,720 --> 00:24:12,640 Speaker 7: here to stay, it's not going to go anywhere. And 492 00:24:12,880 --> 00:24:17,800 Speaker 7: how does that incorporate into your business model when you 493 00:24:17,920 --> 00:24:19,439 Speaker 7: are doing sports deals? 494 00:24:20,600 --> 00:24:21,480 Speaker 6: Absolutely well. 495 00:24:21,520 --> 00:24:24,760 Speaker 2: I mean whether we're auditing a team, or providing tax 496 00:24:24,760 --> 00:24:27,560 Speaker 2: compliance or advising on the fan experience, AI is a 497 00:24:27,600 --> 00:24:29,439 Speaker 2: critical part of all of it. You know, we leverage 498 00:24:29,480 --> 00:24:31,879 Speaker 2: that within our own systems and processes for how we 499 00:24:31,920 --> 00:24:34,440 Speaker 2: serve our clients in those first few areas like audit 500 00:24:34,480 --> 00:24:36,800 Speaker 2: and tax and you know, from a consulting standpoint, what 501 00:24:36,920 --> 00:24:39,560 Speaker 2: we're doing monumental sports as a continued example, in the 502 00:24:39,560 --> 00:24:42,080 Speaker 2: fan experience, AI is central to that. I mean that 503 00:24:42,200 --> 00:24:44,960 Speaker 2: is how you derive the insights from the technology. If 504 00:24:44,960 --> 00:24:47,399 Speaker 2: you think about like say friction list concessions, how you 505 00:24:47,440 --> 00:24:51,199 Speaker 2: come into the arena, or how you buy merchandise or 506 00:24:51,200 --> 00:24:53,600 Speaker 2: buy food and beverage. It's not just for efficiency. It's 507 00:24:53,600 --> 00:24:58,000 Speaker 2: not just for convenience, but the arena owners or the 508 00:24:58,640 --> 00:25:00,920 Speaker 2: technology is able to drive into it's from your behavior 509 00:25:00,920 --> 00:25:03,240 Speaker 2: from seeing that and AI helps make that more efficient. 510 00:25:04,080 --> 00:25:06,240 Speaker 2: We're only starting to crack the code in in terms 511 00:25:06,240 --> 00:25:08,800 Speaker 2: of how to leverage that in sports, and you know, 512 00:25:08,840 --> 00:25:11,080 Speaker 2: there's a lot of great tools that are emerging and 513 00:25:11,119 --> 00:25:13,720 Speaker 2: are available where you can then take those insights and 514 00:25:13,720 --> 00:25:16,440 Speaker 2: then change the way that you design your fan experience 515 00:25:16,840 --> 00:25:18,600 Speaker 2: to better leverage those insights. 516 00:25:18,760 --> 00:25:23,320 Speaker 7: Our thanks to KPMG US's sports industry leader at Sean 517 00:25:23,400 --> 00:25:26,560 Speaker 7: quill Up. Next, we turn to golf and the Kohler 518 00:25:26,760 --> 00:25:30,960 Speaker 7: family's long history with the sport with my colleague Scarlettfoo 519 00:25:31,040 --> 00:25:34,080 Speaker 7: and Vanessa Perdomo. I'm Michael Barr. You're listening to the 520 00:25:34,080 --> 00:25:37,399 Speaker 7: Bloomberg Business of Sports from Bloomberg Radio around the world. 521 00:25:41,520 --> 00:25:46,520 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 522 00:25:46,760 --> 00:25:49,199 Speaker 7: Thanks for joining us on the Bloomberg Business of Sports. 523 00:25:49,240 --> 00:25:51,679 Speaker 7: We explore the big money issues in the world of sports. 524 00:25:51,800 --> 00:25:54,800 Speaker 7: I'm Michael Barr, along with Scarlet Foo and Vanessa Perdomo. 525 00:25:55,080 --> 00:25:59,159 Speaker 7: Damian sas Hour is off this week. PGA of America 526 00:25:59,400 --> 00:26:03,800 Speaker 7: Hell the the PGA Works Collegiate Championship presented by Chase 527 00:26:03,880 --> 00:26:07,520 Speaker 7: and Cohler. Then you was Whistling Straits, which is owned 528 00:26:07,560 --> 00:26:10,840 Speaker 7: by the Cohler family, which has a long standing relationship 529 00:26:10,880 --> 00:26:14,160 Speaker 7: with golf. Here to talk to us about the Cohler families, 530 00:26:14,240 --> 00:26:18,359 Speaker 7: golf ties, the tournament and its future is coler chair 531 00:26:18,480 --> 00:26:22,760 Speaker 7: and CEO David Kohler. David, Welcome to the Bloomberg Business 532 00:26:22,760 --> 00:26:25,400 Speaker 7: of Sports. By the way, I just bought a sink 533 00:26:25,400 --> 00:26:27,480 Speaker 7: from you guys, the Shameless plug. 534 00:26:29,280 --> 00:26:33,560 Speaker 10: We appreciate it. Thank you so much, Scarlett. I'm delighted 535 00:26:33,600 --> 00:26:34,080 Speaker 10: to be here. 536 00:26:34,760 --> 00:26:38,760 Speaker 7: Thank you, Sarah. You just present it the PGA Works 537 00:26:38,800 --> 00:26:42,960 Speaker 7: Collegiate Championship, which is nice, and that's for the first time. 538 00:26:43,520 --> 00:26:44,240 Speaker 7: Tell us about that. 539 00:26:45,359 --> 00:26:48,520 Speaker 10: Well, it's such a great honor. It's such a great event. 540 00:26:48,640 --> 00:26:51,399 Speaker 5: If you look at the thirty eight year history of 541 00:26:51,440 --> 00:26:54,520 Speaker 5: this event and what it means to the game of 542 00:26:54,560 --> 00:26:58,000 Speaker 5: golf in terms of growing the game of golf, it's 543 00:26:58,040 --> 00:27:01,000 Speaker 5: done so much over the years, and I think, as 544 00:27:01,080 --> 00:27:04,520 Speaker 5: you know, the pg of America and the PGA of 545 00:27:04,600 --> 00:27:10,560 Speaker 5: America's Foundation, the PGA Reach Foundation, really anchor this and 546 00:27:11,680 --> 00:27:15,600 Speaker 5: run this, and then we are very honored to be 547 00:27:15,800 --> 00:27:18,640 Speaker 5: a sponsor and partner. We signed a six year agreement 548 00:27:18,680 --> 00:27:21,680 Speaker 5: for this, so we sponsored over six years and then 549 00:27:21,720 --> 00:27:23,400 Speaker 5: we host the event twice. 550 00:27:24,320 --> 00:27:25,400 Speaker 10: And there's one. 551 00:27:25,359 --> 00:27:29,959 Speaker 5: Hundred and eighty participants and they're coming from schools across 552 00:27:30,040 --> 00:27:35,360 Speaker 5: the country, predominantly HBCUs, but there's some contestants from non 553 00:27:35,520 --> 00:27:40,400 Speaker 5: HBCU schools and these are incredible student athletes. I mean, 554 00:27:40,480 --> 00:27:44,040 Speaker 5: just to play at this level of golf is one thing, 555 00:27:44,160 --> 00:27:49,640 Speaker 5: but they're also great students. They're ambitious about their future career. 556 00:27:49,400 --> 00:27:50,840 Speaker 10: That could be in the game of golf. 557 00:27:50,880 --> 00:27:51,440 Speaker 6: It could be a. 558 00:27:51,359 --> 00:27:54,639 Speaker 5: Professional golfer, it could be in the golf industry, or 559 00:27:54,680 --> 00:27:56,640 Speaker 5: it could be in other professions. 560 00:27:57,480 --> 00:28:00,639 Speaker 10: And this is really a gateway for those students. 561 00:28:00,119 --> 00:28:03,639 Speaker 5: To compete at a high level and also work on 562 00:28:03,760 --> 00:28:07,840 Speaker 5: the next steps of their career progression. So we couldn't 563 00:28:07,880 --> 00:28:11,080 Speaker 5: be more honored to participate in this. 564 00:28:11,440 --> 00:28:14,560 Speaker 4: And your passionate ambassador for this program as well this event. 565 00:28:15,000 --> 00:28:17,240 Speaker 4: Can you tell us a little bit, David, about how 566 00:28:17,440 --> 00:28:19,520 Speaker 4: Kohler got involved in this event. 567 00:28:20,119 --> 00:28:21,120 Speaker 9: What was the history of it. 568 00:28:22,000 --> 00:28:24,879 Speaker 5: Yeah, you know, we've been really good partners with the 569 00:28:24,920 --> 00:28:30,160 Speaker 5: PG of America for decades and that was started by 570 00:28:30,320 --> 00:28:31,440 Speaker 5: my father in the PG. 571 00:28:31,359 --> 00:28:32,480 Speaker 10: Of America long ago. 572 00:28:33,080 --> 00:28:38,120 Speaker 5: We've hosted three PGA Championships here at Whistling Straits and 573 00:28:38,160 --> 00:28:42,520 Speaker 5: then just recently the twenty twenty one Ryder Cup, which 574 00:28:42,640 --> 00:28:45,720 Speaker 5: many would call one of the greatest Rider Cups in 575 00:28:45,760 --> 00:28:48,480 Speaker 5: the history of golf. So our relationship with the PG 576 00:28:48,600 --> 00:28:50,080 Speaker 5: of America goes. 577 00:28:49,880 --> 00:28:50,920 Speaker 10: Back a long time. 578 00:28:51,120 --> 00:28:54,520 Speaker 5: And then we've also been very involved with PGA Reach 579 00:28:55,040 --> 00:28:59,719 Speaker 5: their Foundation, and my wife Nina is actually the incoming 580 00:29:00,360 --> 00:29:03,520 Speaker 5: chair of the PGA Reach Foundation and she's been a 581 00:29:03,560 --> 00:29:04,840 Speaker 5: trustee on that foundation. 582 00:29:05,000 --> 00:29:07,360 Speaker 10: So we've been involved. 583 00:29:06,840 --> 00:29:10,640 Speaker 5: With the philanthropic arm of the PGA of America as 584 00:29:10,680 --> 00:29:13,320 Speaker 5: well as the pg of America. 585 00:29:12,760 --> 00:29:17,480 Speaker 10: Over the years. So this was just a natural extension as. 586 00:29:17,280 --> 00:29:20,200 Speaker 5: We look forward and really want to get more intentional 587 00:29:20,280 --> 00:29:24,560 Speaker 5: on helping to grow the game of golf and helping youth. 588 00:29:25,720 --> 00:29:28,920 Speaker 5: This was a great step and we'll be doing more 589 00:29:29,000 --> 00:29:32,280 Speaker 5: with amateur championships in the future and events like that. 590 00:29:33,120 --> 00:29:33,240 Speaker 4: You know. 591 00:29:33,320 --> 00:29:35,560 Speaker 8: I think it's you know, as we're talking about the 592 00:29:36,080 --> 00:29:39,160 Speaker 8: partnership you guys have and growing the game and things 593 00:29:39,200 --> 00:29:41,280 Speaker 8: like that. Cooler will also provide a grant to the 594 00:29:41,280 --> 00:29:46,000 Speaker 8: PGA works the HBCU Golf towards the HBCU Golf Scholarship Endowment. 595 00:29:46,360 --> 00:29:49,480 Speaker 8: Tell us about having growing the game in that way 596 00:29:49,600 --> 00:29:54,000 Speaker 8: and providing a more diverse opportunity for other people in 597 00:29:54,400 --> 00:29:55,600 Speaker 8: an naro space. 598 00:29:56,680 --> 00:29:59,640 Speaker 5: Yeah, and I think you know, all of us know that, 599 00:29:59,760 --> 00:30:04,000 Speaker 5: you know, golf is not an inherently diverse sport, right, 600 00:30:04,480 --> 00:30:06,840 Speaker 5: even though some of the greatest you know, players in 601 00:30:06,920 --> 00:30:12,440 Speaker 5: history have been diverse, but inherently just given access to 602 00:30:12,520 --> 00:30:16,480 Speaker 5: the game, it's been more difficult to have a high 603 00:30:16,560 --> 00:30:17,719 Speaker 5: diversity sport. 604 00:30:17,840 --> 00:30:20,640 Speaker 10: So I think the PG of America is very interested 605 00:30:20,680 --> 00:30:21,120 Speaker 10: in that. 606 00:30:21,240 --> 00:30:23,640 Speaker 5: You know, as all of us you know who love 607 00:30:23,720 --> 00:30:26,040 Speaker 5: the game of golf because of how much it does 608 00:30:26,600 --> 00:30:31,360 Speaker 5: for individuals and growth and how much it can add 609 00:30:31,440 --> 00:30:35,520 Speaker 5: value to society more broadly. So there's a definite interest there. 610 00:30:35,520 --> 00:30:38,520 Speaker 5: And if you look at HBCUs in general, you know, 611 00:30:38,560 --> 00:30:41,560 Speaker 5: they account for about three percent of universities in the 612 00:30:41,680 --> 00:30:46,880 Speaker 5: United States, but twenty percent of the black population of 613 00:30:46,960 --> 00:30:51,520 Speaker 5: African Americans graduate from HBCUs, So they they provide an 614 00:30:51,560 --> 00:30:55,400 Speaker 5: incredible resource to the United States and to the world. 615 00:30:56,040 --> 00:31:02,120 Speaker 5: And making sure that you know, they have a championship level, 616 00:31:03,200 --> 00:31:07,400 Speaker 5: a competition that some of the bigger schools you know 617 00:31:07,560 --> 00:31:11,520 Speaker 5: might have and bigger golf programs might have, we think 618 00:31:11,640 --> 00:31:14,480 Speaker 5: is an important part of this, you know, growing the 619 00:31:14,520 --> 00:31:18,400 Speaker 5: game and making sure that you know, those minority serving 620 00:31:18,600 --> 00:31:25,120 Speaker 5: institutions have you know, a grand championship if you will, 621 00:31:25,840 --> 00:31:29,560 Speaker 5: and access to sponsors and other companies, and you know 622 00:31:29,640 --> 00:31:31,840 Speaker 5: of the profile that you know some of the bigger 623 00:31:31,880 --> 00:31:37,040 Speaker 5: schools would have, and so you know, this has been 624 00:31:37,080 --> 00:31:39,720 Speaker 5: nothing short of that. I mean, we've been very proud 625 00:31:39,800 --> 00:31:44,560 Speaker 5: to host it and and create an event experience here 626 00:31:45,120 --> 00:31:48,280 Speaker 5: that's you know, just as good as a. 627 00:31:48,200 --> 00:31:49,960 Speaker 10: Major championship, if you will. 628 00:31:50,240 --> 00:31:53,480 Speaker 5: Obviously it's not going to have the number of spectators 629 00:31:53,520 --> 00:31:57,200 Speaker 5: and sponsors, but in terms of the hospitality, the way 630 00:31:57,240 --> 00:32:00,600 Speaker 5: the players are treated playing on you know, one of 631 00:32:00,600 --> 00:32:03,520 Speaker 5: the greatest courses in history that all the greatest players 632 00:32:03,560 --> 00:32:07,560 Speaker 5: have walked and played. You know, this is a real 633 00:32:07,640 --> 00:32:10,480 Speaker 5: championship experience for these student athletes. 634 00:32:11,080 --> 00:32:14,160 Speaker 7: I want people to understand PGA of America. You guys 635 00:32:14,240 --> 00:32:18,840 Speaker 7: have over thirty thousand members, both men and women, and 636 00:32:18,960 --> 00:32:21,760 Speaker 7: they are golf pros and even more important, as you 637 00:32:21,800 --> 00:32:24,400 Speaker 7: talk about growing the game, they work at over ten 638 00:32:24,480 --> 00:32:28,040 Speaker 7: thousand golf facilities worldwide. Can you tell us more about that. 639 00:32:28,960 --> 00:32:32,240 Speaker 5: Yeah, it's so important, and that's really what the pg 640 00:32:32,320 --> 00:32:36,240 Speaker 5: of America does. I mean, it's an organization in service 641 00:32:36,360 --> 00:32:40,920 Speaker 5: of and supported by these thirty thousand PGA professionals that 642 00:32:41,080 --> 00:32:47,200 Speaker 5: work across private clubs and public courses and municipal courses, 643 00:32:47,240 --> 00:32:52,480 Speaker 5: you know, all over the country and world. And yeah, 644 00:32:51,920 --> 00:32:57,320 Speaker 5: it's really important. And I think their support of diversity 645 00:32:57,600 --> 00:33:02,080 Speaker 5: and what this means has been foundational for the success 646 00:33:02,120 --> 00:33:05,200 Speaker 5: of this because if not for them wanting to do this, 647 00:33:05,360 --> 00:33:10,840 Speaker 5: and they're seeing that importance of growing the game, you know, 648 00:33:10,920 --> 00:33:14,000 Speaker 5: in real time, because they're they're there on the front 649 00:33:14,040 --> 00:33:17,880 Speaker 5: lines in all of these clubs and courses working with 650 00:33:18,160 --> 00:33:23,120 Speaker 5: you know, younger players, growing players, and they're seeing how 651 00:33:23,160 --> 00:33:27,120 Speaker 5: the game is diversifying and how it's growing and and 652 00:33:27,200 --> 00:33:31,080 Speaker 5: the importance of this because not only for professional athletes, 653 00:33:31,120 --> 00:33:33,600 Speaker 5: but also the golf industry is a big industries, so 654 00:33:34,480 --> 00:33:36,840 Speaker 5: we want to see many of these kids, these student 655 00:33:36,880 --> 00:33:41,440 Speaker 5: athletes also find careers in the golf industry, whether it's 656 00:33:41,480 --> 00:33:46,560 Speaker 5: in golf course management superintendents or running clubs, in general management, 657 00:33:46,760 --> 00:33:48,280 Speaker 5: or being a PGA professional. 658 00:33:49,000 --> 00:33:51,440 Speaker 4: Yeah, talk about that part a little bit here, because 659 00:33:51,600 --> 00:33:56,080 Speaker 4: before the pandemic, it felt like golf was, you know, going, 660 00:33:56,560 --> 00:33:58,160 Speaker 4: I don't want to say on his way out, but 661 00:33:58,320 --> 00:34:01,440 Speaker 4: this idea that it wasn't attracting the numbers it needed 662 00:34:01,480 --> 00:34:03,880 Speaker 4: to in terms of young people, in terms of a 663 00:34:03,880 --> 00:34:07,120 Speaker 4: more diverse population. But the pandemic changed all of that 664 00:34:07,200 --> 00:34:09,440 Speaker 4: because people needed to find a way to stay active 665 00:34:09,480 --> 00:34:13,360 Speaker 4: and be outside and be socially distant, and golf provided 666 00:34:13,400 --> 00:34:16,239 Speaker 4: that opportunity. So I'm curious to hear more about the 667 00:34:16,600 --> 00:34:21,959 Speaker 4: golf adjacent industries that exist in the prospects for growth there. 668 00:34:23,200 --> 00:34:23,439 Speaker 6: Yeah. 669 00:34:23,640 --> 00:34:26,279 Speaker 5: You know, COVID was one of the best things that 670 00:34:26,320 --> 00:34:31,000 Speaker 5: ever happened at golf. The numbers really exploded, and the 671 00:34:31,040 --> 00:34:34,879 Speaker 5: best thing you know about that is it's continued on 672 00:34:34,960 --> 00:34:38,759 Speaker 5: the growth trajectory. So I think that rebirth of the 673 00:34:38,800 --> 00:34:42,240 Speaker 5: game and people getting back into the game, younger people 674 00:34:42,280 --> 00:34:45,920 Speaker 5: getting into the game, that trend is continued. And our 675 00:34:45,960 --> 00:34:51,000 Speaker 5: courses here in color Wisconsin have continued to have record 676 00:34:51,120 --> 00:34:55,240 Speaker 5: years after the Ryder Cup in twenty twenty one because 677 00:34:55,280 --> 00:34:59,640 Speaker 5: of this trend. And you know, the other thing has 678 00:34:59,680 --> 00:35:04,520 Speaker 5: been off course golf, meaning all the video golf, the 679 00:35:04,560 --> 00:35:09,160 Speaker 5: top golf, and the and the studios opening up around 680 00:35:09,200 --> 00:35:13,440 Speaker 5: the country and clubs that are bringing golf and access 681 00:35:13,480 --> 00:35:17,600 Speaker 5: to urban areas. You know, joining a golf club is expensive. 682 00:35:18,040 --> 00:35:21,120 Speaker 5: The wait lists in all the top urban markets today 683 00:35:21,600 --> 00:35:25,720 Speaker 5: could be three years, five years. So younger people, younger 684 00:35:25,800 --> 00:35:28,879 Speaker 5: families in their twenties and thirties, you know, they don't 685 00:35:28,880 --> 00:35:32,920 Speaker 5: have access necessarily to these clubs, but they can join 686 00:35:33,080 --> 00:35:36,520 Speaker 5: one of these new emerging clubs like Uptown Golf for 687 00:35:36,640 --> 00:35:39,480 Speaker 5: some of these that are merging where you can have 688 00:35:39,520 --> 00:35:42,799 Speaker 5: a membership and go in and play video golf and 689 00:35:42,840 --> 00:35:46,600 Speaker 5: there's a bar, restaurant, there's there's workplaces if you want 690 00:35:46,600 --> 00:35:48,880 Speaker 5: to work there and then you know, work on your game, 691 00:35:49,360 --> 00:35:52,160 Speaker 5: you know, play around, and so I think that is 692 00:35:52,200 --> 00:35:55,680 Speaker 5: really helping to grow the game too. Is that growth 693 00:35:55,760 --> 00:35:59,840 Speaker 5: in video golf and off course golf here in the 694 00:36:00,080 --> 00:36:02,359 Speaker 5: United States? You know, a trend that you know, you've 695 00:36:02,360 --> 00:36:05,360 Speaker 5: seen in Korea and other markets for many years, but 696 00:36:05,520 --> 00:36:07,759 Speaker 5: now it's it's really having more of a place here. 697 00:36:07,680 --> 00:36:08,359 Speaker 6: In the US too. 698 00:36:08,560 --> 00:36:10,600 Speaker 4: I'm so glad you mentioned that video golf and off 699 00:36:10,600 --> 00:36:14,680 Speaker 4: of course golf being where young people find an interest 700 00:36:14,719 --> 00:36:16,560 Speaker 4: develop an interest in the sport itself. 701 00:36:16,920 --> 00:36:21,000 Speaker 9: I'm curious. TGL of course just had its first season 702 00:36:21,239 --> 00:36:24,000 Speaker 9: and it's been, you know, definitely. 703 00:36:23,719 --> 00:36:25,879 Speaker 4: Gotten a lot of attention and it has a lot 704 00:36:25,880 --> 00:36:29,640 Speaker 4: of professional players with some big owners behind them. How 705 00:36:29,680 --> 00:36:33,840 Speaker 4: do you see that developing the next generation of golfers, 706 00:36:34,120 --> 00:36:38,399 Speaker 4: the kinds that will eventually be playing in the PWCC. 707 00:36:40,200 --> 00:36:41,840 Speaker 10: Yeah, you know, I think the trends. 708 00:36:42,239 --> 00:36:45,000 Speaker 5: I think the trends, it's right on trend, and it's 709 00:36:45,040 --> 00:36:49,240 Speaker 5: creating a different way to watch you know it's coming 710 00:36:49,280 --> 00:36:51,960 Speaker 5: on in the in the evenings, you know, so you 711 00:36:52,000 --> 00:36:55,760 Speaker 5: can you can watch it more in prime time and 712 00:36:55,800 --> 00:36:58,160 Speaker 5: in a you know, in a bite sized trunk versus 713 00:36:58,200 --> 00:37:01,040 Speaker 5: having it, you know, commit an afternoon watch, you know, 714 00:37:01,120 --> 00:37:05,040 Speaker 5: a whole tournament. So I think that's good, you know, 715 00:37:05,120 --> 00:37:07,160 Speaker 5: So it's it's an interesting new product. 716 00:37:08,120 --> 00:37:10,440 Speaker 10: I think it's still in early days. 717 00:37:10,520 --> 00:37:12,520 Speaker 5: I think they've got to continue to work with the 718 00:37:12,520 --> 00:37:15,680 Speaker 5: product to continue to make it more exciting, maybe a 719 00:37:15,719 --> 00:37:19,319 Speaker 5: little more smack, a little more you know, interest and 720 00:37:19,320 --> 00:37:23,319 Speaker 5: and wow, because you know, professional players today are just that, 721 00:37:23,719 --> 00:37:26,480 Speaker 5: you know, they're They're not actors and actresses. 722 00:37:26,480 --> 00:37:28,400 Speaker 10: They're professional focused players. 723 00:37:29,040 --> 00:37:31,319 Speaker 5: And uh so I think you know, mixing it up 724 00:37:31,360 --> 00:37:33,960 Speaker 5: maybe with Kevin Harten in there here and there to 725 00:37:34,360 --> 00:37:36,200 Speaker 5: commentate it some other. 726 00:37:36,040 --> 00:37:38,400 Speaker 10: Things that, you know, to spice it up as is 727 00:37:38,440 --> 00:37:39,439 Speaker 10: probably what they need. 728 00:37:39,480 --> 00:37:42,239 Speaker 5: But you know, the competition itself is you know, these 729 00:37:42,239 --> 00:37:45,120 Speaker 5: are top players and they're you know, they're playing to 730 00:37:45,239 --> 00:37:47,880 Speaker 5: win against each other. So I think they they have 731 00:37:48,000 --> 00:37:50,520 Speaker 5: it there, but we just need to continue to spice. 732 00:37:50,239 --> 00:37:50,760 Speaker 6: Up the theater. 733 00:37:51,080 --> 00:37:53,720 Speaker 9: I'm all for bringing Kevin Horror and Snookra. 734 00:37:58,200 --> 00:38:03,080 Speaker 7: Good our thanks to Cohler Chair and the CEO David 735 00:38:03,120 --> 00:38:06,080 Speaker 7: Kohler for joining us, and thank you for my colleague 736 00:38:06,120 --> 00:38:09,040 Speaker 7: Scarlett fu and Vanessa Perdomo. I'm Michael Barr. I don't 737 00:38:09,040 --> 00:38:13,160 Speaker 7: forget to subscribe to the Bloomberg Business of Sports podcast. 738 00:38:13,560 --> 00:38:17,319 Speaker 7: Find that on Apple, Spotify and all your favorite podcast platforms. 739 00:38:17,560 --> 00:38:19,480 Speaker 7: Tune in again next week for the latest on the 740 00:38:19,520 --> 00:38:22,360 Speaker 7: stories moving big old money in the world of sports. 741 00:38:22,640 --> 00:38:26,000 Speaker 7: You're listening to The Bloomberg Business of Sports Bloomberg Radio 742 00:38:26,080 --> 00:38:27,000 Speaker 7: around the world.