1 00:00:00,800 --> 00:00:02,920 Speaker 1: This is the Business of Sports. 2 00:00:02,920 --> 00:00:06,439 Speaker 2: Sports are the greatest unscripted show owner. 3 00:00:06,280 --> 00:00:08,440 Speaker 3: The next generation of players who really grew up with 4 00:00:08,520 --> 00:00:09,840 Speaker 3: tech and believe in tech. 5 00:00:09,920 --> 00:00:12,240 Speaker 4: Your face is your ticket, your face is your wallet, 6 00:00:12,320 --> 00:00:14,040 Speaker 4: Your face is your access to a club. 7 00:00:14,200 --> 00:00:18,799 Speaker 2: These are such iconic and important buildings for businesses. For fans, 8 00:00:18,880 --> 00:00:21,239 Speaker 2: COVID was one of the best things that ever happened 9 00:00:21,239 --> 00:00:23,799 Speaker 2: to go. The NFL is a bulletproof business. 10 00:00:23,920 --> 00:00:26,560 Speaker 3: Racing is unique because there is absolutely no reason why 11 00:00:26,560 --> 00:00:27,640 Speaker 3: we can't compete with the guys. 12 00:00:27,600 --> 00:00:29,840 Speaker 5: I'm well, it's pro kickleball. Real, are people really going 13 00:00:29,920 --> 00:00:30,680 Speaker 5: to tune into this? 14 00:00:30,920 --> 00:00:33,440 Speaker 2: If you're playing moneyball with a huge bag of money, 15 00:00:33,640 --> 00:00:35,040 Speaker 2: you're going to be really, really good. 16 00:00:35,120 --> 00:00:38,200 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio. 17 00:00:40,680 --> 00:00:43,360 Speaker 5: This is the Bloomberg Business of Sports. We explore the 18 00:00:43,360 --> 00:00:46,120 Speaker 5: big money issues in the world of sports. Michael Barr, 19 00:00:46,159 --> 00:00:49,920 Speaker 5: along with Vanessa Perdomo Damian Sasaur is off this week. 20 00:00:50,240 --> 00:00:54,320 Speaker 5: Up next on the show, we are All In on Basketball. 21 00:00:54,800 --> 00:00:58,320 Speaker 5: We talk with super agent Rich Paul. We'll talk with 22 00:00:58,400 --> 00:01:01,840 Speaker 5: him about his latest Prime masterclass. 23 00:01:02,200 --> 00:01:05,200 Speaker 6: You know, most kids dream of getting to the NBA. 24 00:01:05,360 --> 00:01:08,680 Speaker 3: Most kids don't dream of getting to the NBA and 25 00:01:08,760 --> 00:01:12,160 Speaker 3: then being successful in the NBA and having a consistent 26 00:01:12,200 --> 00:01:14,959 Speaker 3: work happening in the NBA and understanding how to be 27 00:01:15,000 --> 00:01:18,600 Speaker 3: a professional and everything I do while being in the NBA. 28 00:01:18,720 --> 00:01:22,840 Speaker 5: And the WNBA announced it's adding teams soon. We'll talk 29 00:01:22,959 --> 00:01:26,600 Speaker 5: through the league's growth on the way as well. And 30 00:01:26,720 --> 00:01:30,400 Speaker 5: that is all on the way on Bloomberg Business of Sports. 31 00:01:30,440 --> 00:01:34,000 Speaker 5: But first, with all this talk on the hardwood, we're 32 00:01:34,040 --> 00:01:37,600 Speaker 5: going to start in the sneaker world, where we've gotten 33 00:01:37,640 --> 00:01:41,560 Speaker 5: a lot of headlines lately. Nike delivered an upbeat forecast lately, 34 00:01:41,880 --> 00:01:47,039 Speaker 5: which could suggest the CEO, Elliott Hill's plans could be working, 35 00:01:47,480 --> 00:01:51,840 Speaker 5: and NBA top draft choice Cooper Flag is planning to 36 00:01:51,960 --> 00:01:55,480 Speaker 5: rock new balanced sneakers, which could be a major boost 37 00:01:55,480 --> 00:01:57,920 Speaker 5: for that company. To take us through all of this 38 00:01:58,000 --> 00:02:02,280 Speaker 5: and more, we welcome Bloomberg new senior reporter Kim Beissine. Hello, 39 00:02:03,040 --> 00:02:07,160 Speaker 5: old friend of the show. It's Kim Beissene. How you doing, man? 40 00:02:07,360 --> 00:02:11,080 Speaker 5: What I'm so happy to be here? Of course, Man, 41 00:02:11,280 --> 00:02:16,200 Speaker 5: we got Nesse here and you're here. Man, I'm just 42 00:02:16,400 --> 00:02:17,040 Speaker 5: I'm tickled. 43 00:02:17,080 --> 00:02:19,359 Speaker 1: It's a great summer day. So what I'm saying, Yeah, 44 00:02:21,040 --> 00:02:21,440 Speaker 1: we got. 45 00:02:21,320 --> 00:02:25,600 Speaker 5: A lot to talk about we got Cooper flag number one, 46 00:02:26,360 --> 00:02:30,040 Speaker 5: which was you know, pretty dagone obvious. But you know 47 00:02:30,240 --> 00:02:33,760 Speaker 5: he has turned this already into like, you know, a 48 00:02:33,919 --> 00:02:36,320 Speaker 5: lot of ambitions and he can make a lot of 49 00:02:36,360 --> 00:02:38,440 Speaker 5: coin out of this. Kim Oh, yeah. 50 00:02:38,480 --> 00:02:42,840 Speaker 4: So, uh, before he got drafted, before he like right 51 00:02:42,880 --> 00:02:45,480 Speaker 4: after he declared that he was going to Duke a 52 00:02:45,560 --> 00:02:50,560 Speaker 4: while back, he got signed to a shoe endorsement deal, right, 53 00:02:50,639 --> 00:02:56,560 Speaker 4: And it wasn't Nike, it wasn't Jordan, it wasn't Adidas. 54 00:02:59,480 --> 00:03:03,080 Speaker 4: It was New Balance out of Boston, Massachusetts. 55 00:03:03,320 --> 00:03:07,000 Speaker 7: So do you know any like reasons behind what was 56 00:03:07,080 --> 00:03:09,720 Speaker 7: the thrill for him to choose New Balance? 57 00:03:09,800 --> 00:03:10,840 Speaker 1: What was it is it? 58 00:03:11,400 --> 00:03:14,959 Speaker 7: Did they offer him sort of a Michael Jordan Nike deal? 59 00:03:15,600 --> 00:03:17,320 Speaker 1: You make us cool vibe. 60 00:03:18,200 --> 00:03:22,040 Speaker 4: I don't think it's particularly special in terms of how 61 00:03:22,120 --> 00:03:24,240 Speaker 4: it can be compared to the rest of the deals 62 00:03:24,280 --> 00:03:28,400 Speaker 4: out there, right, But what I think what seemed to 63 00:03:28,440 --> 00:03:32,959 Speaker 4: attract Cooper to New Balance was a couple of things. One, 64 00:03:33,040 --> 00:03:36,560 Speaker 4: it's like it's like his hometown ish brand, right he 65 00:03:36,680 --> 00:03:39,560 Speaker 4: used to he grew up near a New Balance factory 66 00:03:39,840 --> 00:03:43,680 Speaker 4: in Maine. New Balance that has been involved in New England, 67 00:03:43,720 --> 00:03:46,640 Speaker 4: the sports of all kinds over the over the decades 68 00:03:46,680 --> 00:03:49,960 Speaker 4: and decades. Right, And there's something I've talked to other 69 00:03:50,000 --> 00:03:53,600 Speaker 4: athletes about, not Cooper in particular, about about being at 70 00:03:53,800 --> 00:03:56,240 Speaker 4: Nike or like one of the one of the big companies, 71 00:03:56,480 --> 00:03:58,560 Speaker 4: and that is you sometimes get lost in it. Right, 72 00:03:58,560 --> 00:04:02,720 Speaker 4: you're their tenth biggest star or something. At New Balance, 73 00:04:02,760 --> 00:04:07,160 Speaker 4: He's gonna be their face of men's basketball, and it's 74 00:04:07,480 --> 00:04:09,680 Speaker 4: they have. They have Kawhi Leonard as well, but obviously 75 00:04:09,720 --> 00:04:12,280 Speaker 4: he's nearing the end of his career. Cooper will be 76 00:04:12,280 --> 00:04:14,920 Speaker 4: their face going forward, assuming he pans out in the 77 00:04:14,920 --> 00:04:16,560 Speaker 4: way that everyone hopes he will, Right. 78 00:04:17,000 --> 00:04:19,560 Speaker 5: Yeah, that's that's the thing when you are the new 79 00:04:19,680 --> 00:04:22,640 Speaker 5: kid on the block and you are I don't want 80 00:04:22,640 --> 00:04:26,480 Speaker 5: to use the phrase startup because that's wrong about New Balance. 81 00:04:26,200 --> 00:04:26,360 Speaker 7: But. 82 00:04:27,880 --> 00:04:32,839 Speaker 5: Yeah, is just a tiny bit. But compared to Nike 83 00:04:33,360 --> 00:04:37,080 Speaker 5: or Adidas, Hey, you know they can you can have 84 00:04:37,160 --> 00:04:41,680 Speaker 5: a guy carve out his own way with your shoe 85 00:04:41,720 --> 00:04:45,440 Speaker 5: brand to make it identifiable. And New Balance is closely held. 86 00:04:45,520 --> 00:04:50,200 Speaker 4: Right, They're they're trying to become the third largest athletic 87 00:04:50,240 --> 00:04:53,560 Speaker 4: war company in the world behind Nike and Adidas. The 88 00:04:53,640 --> 00:04:56,640 Speaker 4: problem is there's Puma standing in their way here, and 89 00:04:56,720 --> 00:05:00,080 Speaker 4: Puma has been working on their basketball division also, so 90 00:05:00,160 --> 00:05:04,440 Speaker 4: they have LaMelo ball shoe does quite well. So New 91 00:05:04,440 --> 00:05:09,160 Speaker 4: Balance it requires that strong basketball business to get there, right. 92 00:05:09,240 --> 00:05:13,120 Speaker 4: Basketball is such an important market for sneakers now, not 93 00:05:13,240 --> 00:05:15,960 Speaker 4: just on court, but that halo effect to get people 94 00:05:15,960 --> 00:05:19,719 Speaker 4: to buy your shoes, the lifestyle shoes and everything else 95 00:05:19,720 --> 00:05:20,520 Speaker 4: that you wear on the street. 96 00:05:20,720 --> 00:05:23,120 Speaker 7: But that's the interesting thing I think there because I 97 00:05:23,120 --> 00:05:24,880 Speaker 7: feel like when we've talked about it before, and you 98 00:05:25,000 --> 00:05:27,159 Speaker 7: kind of told me just when we were talking about 99 00:05:27,160 --> 00:05:30,640 Speaker 7: sneakerheads in general, that sneakerheads have like slowed on like 100 00:05:30,839 --> 00:05:33,640 Speaker 7: Jordan's and things like that in the past year or two, 101 00:05:33,880 --> 00:05:37,320 Speaker 7: and that New Balance is pretty popular with like the 102 00:05:37,400 --> 00:05:38,120 Speaker 7: young kids. 103 00:05:38,279 --> 00:05:38,680 Speaker 5: It is. 104 00:05:38,839 --> 00:05:41,080 Speaker 4: Yeah, a bunch of like collabs over the past year 105 00:05:41,120 --> 00:05:43,719 Speaker 4: a few years have really really hit. Like they've gotten 106 00:05:43,720 --> 00:05:46,960 Speaker 4: a lot, a lot cooler frankly in the last like 107 00:05:47,040 --> 00:05:50,479 Speaker 4: three four five years. It's been really fascinating to see. 108 00:05:50,480 --> 00:05:52,800 Speaker 4: And now you can leverage all of that to get 109 00:05:52,800 --> 00:05:55,040 Speaker 4: yourself into sports and then use it the other way 110 00:05:55,080 --> 00:05:57,800 Speaker 4: around too, Like if they can attract these big, big 111 00:05:57,839 --> 00:06:02,279 Speaker 4: athletes to compete on court in their shoes, like that's 112 00:06:02,320 --> 00:06:04,720 Speaker 4: a that's a big deal. And it's a big deal 113 00:06:04,760 --> 00:06:08,200 Speaker 4: because they're infringing on like someone's turf, right, this is right, 114 00:06:08,320 --> 00:06:13,599 Speaker 4: this is Nike's spot. They dominate this industry. Yeah, I 115 00:06:13,640 --> 00:06:15,320 Speaker 4: want to I want to take us into like the 116 00:06:16,040 --> 00:06:20,159 Speaker 4: past here, like just to show exactly how much Nike 117 00:06:20,240 --> 00:06:24,960 Speaker 4: has dominated this and how lucky New Balance got and 118 00:06:25,000 --> 00:06:28,960 Speaker 4: I guess their skilled negotiators, right, how lucky and how 119 00:06:28,960 --> 00:06:30,880 Speaker 4: well they pulled this off. Like if you go back, 120 00:06:31,040 --> 00:06:36,200 Speaker 4: every number one overall draft pick, wemby Paolo Kaid aunt 121 00:06:37,480 --> 00:06:41,560 Speaker 4: or not aunt Aunt is Adidas, Sorry, Zion Deander Aiden's 122 00:06:41,680 --> 00:06:45,040 Speaker 4: went to Puma, and then the old the old Philly 123 00:06:45,040 --> 00:06:48,680 Speaker 4: guys Markel Fultz and Ben Simmons also got signed by 124 00:06:48,760 --> 00:06:52,360 Speaker 4: Nike right before the draft. So like it's been every 125 00:06:52,520 --> 00:06:56,200 Speaker 4: single year, it's just they they they dominate. But here 126 00:06:56,240 --> 00:06:57,520 Speaker 4: we have here, we have New Balance. 127 00:06:57,839 --> 00:06:59,680 Speaker 7: But I think that's it's an interesting thing when you 128 00:06:59,720 --> 00:07:04,800 Speaker 7: think of those people who are still on top, when 129 00:07:04,800 --> 00:07:08,520 Speaker 7: you think of those last like ten years and Adidas. 130 00:07:08,600 --> 00:07:11,120 Speaker 7: I mean, he's trying to make it cool, right, I 131 00:07:11,120 --> 00:07:14,280 Speaker 7: mean he's doing a really job, but like Nike is Nike, 132 00:07:14,560 --> 00:07:16,680 Speaker 7: and they can they can really use his platform to 133 00:07:16,680 --> 00:07:17,440 Speaker 7: build still but. 134 00:07:18,200 --> 00:07:21,360 Speaker 4: Yeah, Nike is Nike and they're waiting for Caitlin Clark 135 00:07:21,640 --> 00:07:22,520 Speaker 4: and Clark right now. 136 00:07:22,480 --> 00:07:23,760 Speaker 7: We have to talk about one of the other things 137 00:07:23,800 --> 00:07:25,280 Speaker 7: I want to talk about really quick. As we're talking 138 00:07:25,320 --> 00:07:27,880 Speaker 7: about New Balance. In your story, you also said that 139 00:07:27,920 --> 00:07:30,120 Speaker 7: they kind of said they're still going to push to 140 00:07:30,160 --> 00:07:33,320 Speaker 7: do more in the NIL space, but pointed out that 141 00:07:33,400 --> 00:07:37,320 Speaker 7: Cooper Flag wasn't allowed to wear New Balances in college. 142 00:07:37,000 --> 00:07:38,560 Speaker 1: Because of their Nikes. 143 00:07:38,720 --> 00:07:41,680 Speaker 7: Yeah, because of their relationship with Duke's relationship, right, So 144 00:07:41,880 --> 00:07:44,280 Speaker 7: why even get into the space if they can't wear 145 00:07:44,400 --> 00:07:45,200 Speaker 7: shoes and games. 146 00:07:45,520 --> 00:07:48,800 Speaker 4: Yeah, It's it's tough in college, right. College is it's 147 00:07:48,800 --> 00:07:53,520 Speaker 4: its own beast where where brands can sign deals with 148 00:07:53,520 --> 00:07:58,120 Speaker 4: with entire universities and everyone's required to wear those shoes. 149 00:07:58,160 --> 00:08:00,880 Speaker 4: So maybe we'll see New Balance get into or of that. 150 00:08:01,000 --> 00:08:04,680 Speaker 8: Are their contracts up for big school that there's always 151 00:08:04,720 --> 00:08:09,840 Speaker 8: contracts up, so if they're really looking around that there 152 00:08:09,840 --> 00:08:12,720 Speaker 8: should be some opportunities available to them. 153 00:08:12,760 --> 00:08:15,240 Speaker 4: But yeah, Cooper wore Nike's the whole that's throughout that 154 00:08:15,280 --> 00:08:20,600 Speaker 4: whole March Madness run Nike's Nike. There's some drama during 155 00:08:19,920 --> 00:08:23,640 Speaker 4: that h Bounce is paying him money there's drama during 156 00:08:23,640 --> 00:08:26,280 Speaker 4: that too, because he did he had like a game 157 00:08:26,280 --> 00:08:29,440 Speaker 4: winner and Nike posted something on Twitter's that said powered by. 158 00:08:29,440 --> 00:08:34,199 Speaker 7: The swoosh and does that actually get into. 159 00:08:34,800 --> 00:08:38,760 Speaker 5: S Speaking of Nike, Uh, they have said that you 160 00:08:38,800 --> 00:08:42,240 Speaker 5: know what, but done losing money. We've hit the bottom. 161 00:08:42,640 --> 00:08:45,559 Speaker 5: This is we are going to make money from this 162 00:08:45,679 --> 00:08:52,640 Speaker 5: point forward. Be positive, Kim, be positive. Yeah. Uh. 163 00:08:52,800 --> 00:08:56,960 Speaker 4: They they did say that it's it's they've declared the bottom. Right, 164 00:08:57,559 --> 00:09:00,160 Speaker 4: They're saying that this last quarter is going to be 165 00:09:00,200 --> 00:09:04,600 Speaker 4: their worst and it's all it's all going up from here. 166 00:09:04,840 --> 00:09:08,840 Speaker 4: And investors bought it right when they said that chair 167 00:09:08,880 --> 00:09:12,920 Speaker 4: has jumped like fifteen percent. It was the biggest jump 168 00:09:12,960 --> 00:09:16,319 Speaker 4: since twenty twenty two in a single day. Like there's 169 00:09:16,640 --> 00:09:20,960 Speaker 4: enthusiasm now for Nike's turnaround effort because it's been such 170 00:09:20,960 --> 00:09:24,880 Speaker 4: a difficult past year, year and a half. There were layoffs, 171 00:09:25,160 --> 00:09:29,360 Speaker 4: sales have been something this whole time. They've lost traction 172 00:09:29,480 --> 00:09:32,439 Speaker 4: in the places where like they really shouldn't have in 173 00:09:32,559 --> 00:09:34,840 Speaker 4: places where they it's hard to get it back, like 174 00:09:35,160 --> 00:09:39,880 Speaker 4: the running industry. As they pulled back from shelf space 175 00:09:39,920 --> 00:09:42,200 Speaker 4: and all these different retailers and then everyone else swooped 176 00:09:42,240 --> 00:09:44,280 Speaker 4: in and was like, Okay, you want to sell us cool. 177 00:09:44,360 --> 00:09:47,800 Speaker 4: That sounds that sounds like a great deal. But Nike's 178 00:09:47,840 --> 00:09:52,480 Speaker 4: reversing most of those decisions and really refocusing on sports 179 00:09:52,480 --> 00:09:53,880 Speaker 4: and performance products and things like that. 180 00:09:54,000 --> 00:09:57,240 Speaker 5: Yeah, Butessa, the Nike sounds like my kid when he 181 00:09:57,440 --> 00:10:01,280 Speaker 5: broke my favorite glass. Dad. The stakes were made, don't 182 00:10:01,280 --> 00:10:01,640 Speaker 5: get me. 183 00:10:01,600 --> 00:10:07,160 Speaker 7: Wrong, But I try to glow back to and everything's fine. 184 00:10:07,200 --> 00:10:07,480 Speaker 5: Now. 185 00:10:08,040 --> 00:10:10,880 Speaker 7: So are those you know, those strategies. Is it going 186 00:10:10,960 --> 00:10:14,200 Speaker 7: to be propelled when I mean Kaitlyn Clark, Like, is 187 00:10:14,200 --> 00:10:17,480 Speaker 7: she going to be propelling this next quarter of growth 188 00:10:17,480 --> 00:10:20,319 Speaker 7: for Nike? I mean, she just dropped her version of 189 00:10:20,360 --> 00:10:22,360 Speaker 7: the Kobe's right, they're not even her own signature shoes, 190 00:10:22,400 --> 00:10:23,599 Speaker 7: and they still sold. 191 00:10:23,360 --> 00:10:25,719 Speaker 4: Out, and they still immediately they're not even her own. 192 00:10:26,040 --> 00:10:28,160 Speaker 4: They use the Wemby had one of these, for example, 193 00:10:29,400 --> 00:10:31,280 Speaker 4: when after he came in the league. It was just 194 00:10:31,440 --> 00:10:34,840 Speaker 4: one one color way of someone else's shoe that you 195 00:10:34,920 --> 00:10:38,480 Speaker 4: are that's branded after you. But this is really it's 196 00:10:38,520 --> 00:10:41,880 Speaker 4: a good sign for the eventual release of Caitlyn and 197 00:10:41,880 --> 00:10:44,280 Speaker 4: Clark's signature shoes, and that's going to be one of 198 00:10:44,280 --> 00:10:48,040 Speaker 4: the most important shoe releases in my opinion, for Nike 199 00:10:48,320 --> 00:10:52,719 Speaker 4: in years, many many years. This this is going to 200 00:10:52,760 --> 00:10:55,120 Speaker 4: be such a such a big deal for them and 201 00:10:55,160 --> 00:10:57,480 Speaker 4: they need to get it right. It's one of the 202 00:10:57,520 --> 00:10:59,960 Speaker 4: most important things they're going to do in twenty twenty five. 203 00:11:00,559 --> 00:11:03,280 Speaker 5: And yeah, with the w n b A really making 204 00:11:03,320 --> 00:11:07,559 Speaker 5: their footprints forgive the pun. Yeah, they're gonna that was okay, 205 00:11:07,559 --> 00:11:09,400 Speaker 5: that was good, that was accident. That was pretty good. 206 00:11:09,679 --> 00:11:12,640 Speaker 5: But they're gonna need a Caitlin Clark and they're gonna 207 00:11:12,679 --> 00:11:15,439 Speaker 5: need some other w NBA players as well. 208 00:11:15,520 --> 00:11:17,960 Speaker 4: And it's been working so far that the ww A 209 00:11:18,000 --> 00:11:21,200 Speaker 4: stars with shoes right. Uh, the Sabrina too is like 210 00:11:21,240 --> 00:11:25,959 Speaker 4: the second most worn basketball shoe in the NBA on court, 211 00:11:26,080 --> 00:11:30,280 Speaker 4: which is a huge deal. And then Asia Wilson's shoes 212 00:11:30,360 --> 00:11:32,520 Speaker 4: have have sold out as well since you released them 213 00:11:32,520 --> 00:11:36,760 Speaker 4: earlier this year. So here here comes here comes Caitlyn. 214 00:11:37,640 --> 00:11:39,719 Speaker 1: And then therefore page. 215 00:11:39,400 --> 00:11:42,520 Speaker 4: Right, Therefore they have also bike. He's also signed Paige. 216 00:11:43,080 --> 00:11:47,560 Speaker 4: They have not announced anything around her yet. We will, 217 00:11:47,600 --> 00:11:48,160 Speaker 4: We'll just have. 218 00:11:48,160 --> 00:11:50,839 Speaker 7: To write, well, they have to get through Kaitlyn Clark first. 219 00:11:50,960 --> 00:11:54,040 Speaker 7: Obviously they're not going to downplay that at all. But yeah, 220 00:11:54,040 --> 00:11:56,080 Speaker 7: in terms of looking forward to the future, it seems 221 00:11:56,080 --> 00:11:58,840 Speaker 7: like it'd be bright if you're releasing Caitlin and then 222 00:11:58,960 --> 00:12:01,480 Speaker 7: Page like a year or so after. 223 00:12:01,760 --> 00:12:04,600 Speaker 4: Oh yeah, it's it's it's quite a lineup and we've 224 00:12:04,679 --> 00:12:07,480 Speaker 4: yet to see anyone else like try to match that 225 00:12:07,800 --> 00:12:10,720 Speaker 4: vigor in the WNBA thus far. 226 00:12:11,120 --> 00:12:13,080 Speaker 5: Our thanks to Kim Bessin for joining us. 227 00:12:13,200 --> 00:12:13,360 Speaker 6: Up. 228 00:12:13,440 --> 00:12:17,240 Speaker 5: Next, we stick with basketball and turn to the w 229 00:12:17,679 --> 00:12:21,040 Speaker 5: NBA and the new teams it's planning to add. For 230 00:12:21,240 --> 00:12:24,640 Speaker 5: Vanessa Pronomo, Michael Barr, you're listening to the Bloomberg Business 231 00:12:24,640 --> 00:12:43,920 Speaker 5: of Sports from Bloomberg Radio around the world. This is 232 00:12:44,040 --> 00:12:49,360 Speaker 5: Bloomberg Business of Sports from Bloomberg Radio. This is the 233 00:12:49,400 --> 00:12:52,400 Speaker 5: Bloomberg Business of Sports. We explore the big money issues 234 00:12:52,440 --> 00:12:55,440 Speaker 5: in the world of sports. Michael Barr, along with Vanessa 235 00:12:55,440 --> 00:12:58,880 Speaker 5: Pernomo Damian sas Hour is off this week. The w 236 00:12:59,200 --> 00:13:03,520 Speaker 5: NBA justin it's adding three new teams in Cleveland, Detroit 237 00:13:03,600 --> 00:13:08,480 Speaker 5: and Philadelphia with a massive expansion fee. Here to talk 238 00:13:08,520 --> 00:13:11,760 Speaker 5: to us about the league's growth and more about the 239 00:13:11,760 --> 00:13:16,760 Speaker 5: new teams is Bloomberg US sports business reporter and friend 240 00:13:16,760 --> 00:13:20,280 Speaker 5: of the show Randall Williams. Randall, Welcome to the Bloomberg 241 00:13:20,320 --> 00:13:21,199 Speaker 5: Business of Sports. 242 00:13:21,440 --> 00:13:23,920 Speaker 2: Thank you, for having me as always. 243 00:13:23,600 --> 00:13:28,320 Speaker 5: I am a big story that I think about the WNBA. 244 00:13:28,360 --> 00:13:31,960 Speaker 5: They're going to expand to eighteen teams now. That means 245 00:13:32,000 --> 00:13:36,360 Speaker 5: three more teams will be at it. That's Cleveland, Detroit 246 00:13:36,520 --> 00:13:41,240 Speaker 5: and Philadelphia by the year twenty thirty. That's a great 247 00:13:41,280 --> 00:13:42,360 Speaker 5: impact for the league. 248 00:13:42,640 --> 00:13:45,160 Speaker 2: Yeah, I think so. I think it shows as something 249 00:13:45,200 --> 00:13:47,839 Speaker 2: that we've already known in a sense, is that, you know, basketball, 250 00:13:47,840 --> 00:13:51,719 Speaker 2: at women's basketball in particular, is continuing to grow. This 251 00:13:51,760 --> 00:13:55,360 Speaker 2: is something that Commissioner Kathy Engelbert had set her sights on. 252 00:13:55,400 --> 00:13:55,959 Speaker 5: I believe she. 253 00:13:55,960 --> 00:13:59,680 Speaker 2: Wanted sixteen teams by twenty twenty eight. She'll have thirty 254 00:13:59,720 --> 00:14:03,080 Speaker 2: by twenty thirty. So that's I mean, not thirty eighteen 255 00:14:03,120 --> 00:14:05,440 Speaker 2: by twenty thirty. So that's a good sign. I think 256 00:14:05,480 --> 00:14:06,720 Speaker 2: it's healthy for the league. 257 00:14:06,840 --> 00:14:08,560 Speaker 7: Oh my god, could you imagine if it was thirty 258 00:14:09,000 --> 00:14:13,280 Speaker 7: all right? I mean, that would be some growth for sure. 259 00:14:14,160 --> 00:14:17,920 Speaker 7: It's interesting though, that these three teams were all are 260 00:14:17,960 --> 00:14:22,480 Speaker 7: all going to be added to existing NBA franchises with 261 00:14:22,640 --> 00:14:25,640 Speaker 7: ownership groups. Talk to us about that and why you 262 00:14:25,680 --> 00:14:28,040 Speaker 7: know that makes sense for the league and why you 263 00:14:28,040 --> 00:14:31,000 Speaker 7: think they chose those particular ownership groups. 264 00:14:31,560 --> 00:14:33,200 Speaker 2: Yeah, I think from here on out, it's going to 265 00:14:33,280 --> 00:14:38,760 Speaker 2: be very difficult for any new WNBA franchise that isn't 266 00:14:38,760 --> 00:14:42,400 Speaker 2: connected to to an NBA franchise to get up and 267 00:14:42,480 --> 00:14:45,360 Speaker 2: running or to win one of these highly competitive bidding 268 00:14:45,440 --> 00:14:48,000 Speaker 2: processes because of the fact that, like when you have 269 00:14:48,040 --> 00:14:51,480 Speaker 2: an NBA owner in place and they have an arena 270 00:14:51,520 --> 00:14:53,440 Speaker 2: and they have all this other stuff set up, all 271 00:14:53,480 --> 00:14:57,400 Speaker 2: they essentially have to do is build a practice facility 272 00:14:57,560 --> 00:14:59,480 Speaker 2: and be a good owner and you know, put some 273 00:14:59,520 --> 00:15:02,360 Speaker 2: promotion behind the team, make people excited about it, and 274 00:15:02,440 --> 00:15:04,680 Speaker 2: it's up and running. That's not the exact same say 275 00:15:04,760 --> 00:15:08,720 Speaker 2: let's say Kansas City or Nashville vert for example, which 276 00:15:08,840 --> 00:15:10,880 Speaker 2: don't have the exact same things. I'm sure they have 277 00:15:10,920 --> 00:15:14,120 Speaker 2: arenas downtown. But for the WNBA, if you're looking at 278 00:15:14,120 --> 00:15:16,080 Speaker 2: it from their point of view, you want experience. You 279 00:15:16,080 --> 00:15:19,040 Speaker 2: don't want someone to come in and have to learn 280 00:15:19,080 --> 00:15:22,800 Speaker 2: the ropes and go through learning learning curve. You want 281 00:15:22,800 --> 00:15:25,760 Speaker 2: someone who's experienced with this, and that's what we've seen. 282 00:15:25,840 --> 00:15:28,240 Speaker 2: The last three teams, of course, as you said, are 283 00:15:28,240 --> 00:15:31,280 Speaker 2: connected to NBA franchises. I believe the last three before 284 00:15:31,320 --> 00:15:34,480 Speaker 2: that were too, so no surprise there. But if you 285 00:15:34,520 --> 00:15:37,040 Speaker 2: want the team in Kansas City or Nashville. It's going 286 00:15:37,120 --> 00:15:37,560 Speaker 2: to be tough. 287 00:15:37,720 --> 00:15:41,320 Speaker 7: Portland is separate though. I mean they have an NBA team, right, 288 00:15:41,320 --> 00:15:42,920 Speaker 7: but their ownership group is not. 289 00:15:44,120 --> 00:15:46,840 Speaker 1: Exactly Portland Traiblizard's ownership group. 290 00:15:47,640 --> 00:15:52,360 Speaker 5: Now, I'm going to clarify this with Everybody is entitled 291 00:15:52,400 --> 00:15:56,160 Speaker 5: to their opinion, and I think you all know where 292 00:15:56,160 --> 00:16:02,000 Speaker 5: I'm going with this. Indiana Guard Sophie Cunningham has concerns 293 00:16:02,120 --> 00:16:06,600 Speaker 5: about the new locations for the three teams, Cleveland, Detroit, 294 00:16:06,680 --> 00:16:10,200 Speaker 5: and Philadelphia. She said, I don't know how excited people 295 00:16:10,320 --> 00:16:14,360 Speaker 5: are to be going to Detroit or to the other 296 00:16:14,440 --> 00:16:18,800 Speaker 5: Ohio city. She made a mistake and said Cincinnati. It's Cleveland. 297 00:16:19,280 --> 00:16:22,160 Speaker 5: She spoke during practice. She said, you want to listen 298 00:16:22,200 --> 00:16:25,720 Speaker 5: to your players, adding where are they going to get 299 00:16:25,760 --> 00:16:30,440 Speaker 5: excited to play and draw fans? Now, everybody knows that 300 00:16:30,840 --> 00:16:33,960 Speaker 5: I am a native Detroitter and love the city of Detroit. 301 00:16:34,000 --> 00:16:37,400 Speaker 5: And of course, the city of Detroit responded, noting on 302 00:16:37,480 --> 00:16:42,760 Speaker 5: social media that it has had a previous WNBA team. 303 00:16:42,840 --> 00:16:46,560 Speaker 5: The shock and according to what the city was saying, 304 00:16:46,640 --> 00:16:49,880 Speaker 5: is that it attracted a lot of fan enthusiasm. Now 305 00:16:49,920 --> 00:16:53,920 Speaker 5: there's a debate about that until they moved to Tulsa 306 00:16:54,120 --> 00:16:55,360 Speaker 5: in twenty ten. 307 00:16:57,480 --> 00:16:58,720 Speaker 1: I mean, you took it really personal. 308 00:16:58,840 --> 00:17:05,119 Speaker 5: Michael, Well, yeah, because it's like, come on, I understand 309 00:17:05,200 --> 00:17:09,200 Speaker 5: what you're saying. You're trying to grow the league. Yeah 310 00:17:09,760 --> 00:17:13,520 Speaker 5: you don't. You know, you're worried about it going too fast, 311 00:17:13,760 --> 00:17:15,919 Speaker 5: but at the same time too, it's like, and you 312 00:17:16,080 --> 00:17:19,959 Speaker 5: said it, Randall, Detroit has had the experience from nineteen 313 00:17:20,040 --> 00:17:22,600 Speaker 5: ninety eight to like two thousand and nine, the Shock 314 00:17:22,720 --> 00:17:24,960 Speaker 5: played in Detroit. Randall, it just yeah. 315 00:17:24,960 --> 00:17:29,760 Speaker 2: I think that her comments were definitely disrespectful to the franchises. 316 00:17:30,119 --> 00:17:33,360 Speaker 2: But what I hear from WNBA players who were speaking 317 00:17:33,359 --> 00:17:36,199 Speaker 2: about expansion yesterday and not just her, is that they 318 00:17:36,240 --> 00:17:38,879 Speaker 2: want to be heard by the league, and in this 319 00:17:38,920 --> 00:17:41,240 Speaker 2: particular instance, I do think that she was a little 320 00:17:41,240 --> 00:17:44,280 Speaker 2: out of line. I think that what she should have 321 00:17:44,320 --> 00:17:46,800 Speaker 2: said is that I want the players to be involved 322 00:17:46,800 --> 00:17:48,879 Speaker 2: in the process. And if that's what you want, I 323 00:17:48,920 --> 00:17:53,119 Speaker 2: think that's perfectly fine, because you know, the WNBA and 324 00:17:53,960 --> 00:17:58,880 Speaker 2: the players, the Women's the WBPA are in the middle 325 00:17:58,920 --> 00:18:01,719 Speaker 2: of a CBA negot she and so often. I mean, 326 00:18:01,720 --> 00:18:03,760 Speaker 2: if you listen to what the players are saying and 327 00:18:04,119 --> 00:18:06,639 Speaker 2: how they're negotiating like they are really stepping up to 328 00:18:06,640 --> 00:18:09,199 Speaker 2: the plate and saying like we understand the business, we 329 00:18:09,320 --> 00:18:11,000 Speaker 2: know the business, we want to be a part of 330 00:18:11,000 --> 00:18:15,320 Speaker 2: the business. And Commissioner Engelberg had said previously as it 331 00:18:15,359 --> 00:18:19,000 Speaker 2: pertained to meteorites that you would welcome having a player 332 00:18:19,080 --> 00:18:22,520 Speaker 2: representative at the table and in the latest media negotiations 333 00:18:22,560 --> 00:18:26,560 Speaker 2: that didn't happen, and obviously an expansion, which it shouldn't. 334 00:18:26,760 --> 00:18:29,480 Speaker 2: On the expansion front, I'm not sure that any players 335 00:18:29,520 --> 00:18:33,480 Speaker 2: have ever been involved on for any league, NFL, NBA, 336 00:18:33,640 --> 00:18:37,199 Speaker 2: MLB in bringing a team to a city. Obviously you 337 00:18:37,200 --> 00:18:39,639 Speaker 2: can rally, but I just think the players want to 338 00:18:39,680 --> 00:18:41,480 Speaker 2: be involved a little bit more in the league's business 339 00:18:41,480 --> 00:18:42,040 Speaker 2: as it's growing. 340 00:18:42,560 --> 00:18:45,439 Speaker 7: Do you think that other players in the league feel 341 00:18:45,600 --> 00:18:49,159 Speaker 7: similarly about the growth being too fast? 342 00:18:50,280 --> 00:18:50,560 Speaker 5: Yes. 343 00:18:50,600 --> 00:18:53,680 Speaker 2: I made some calls yesterday and there were a number 344 00:18:53,720 --> 00:18:57,240 Speaker 2: of players who were not fond of this announcement. I 345 00:18:57,280 --> 00:19:00,280 Speaker 2: had someone tell me, a player tell me that it 346 00:19:00,320 --> 00:19:03,879 Speaker 2: doesn't feel like the league is as focused on the 347 00:19:03,920 --> 00:19:09,560 Speaker 2: CBA negotiations as they are on expansion, and I think, like, listen, 348 00:19:09,600 --> 00:19:12,000 Speaker 2: when I talk with the WNBA, they're not going to 349 00:19:12,040 --> 00:19:14,600 Speaker 2: negotiate in the public that's been their stance since the 350 00:19:14,680 --> 00:19:18,840 Speaker 2: CBA window opened up. I'm sure that'll be their stance 351 00:19:18,840 --> 00:19:21,959 Speaker 2: in three months from now or four months from now. However, 352 00:19:22,080 --> 00:19:23,920 Speaker 2: the players, there are some players who are like, great, 353 00:19:23,920 --> 00:19:26,760 Speaker 2: the league's growing, but it's in twenty thirty and these 354 00:19:26,840 --> 00:19:28,560 Speaker 2: roster spots that will be added, there's going to be 355 00:19:28,600 --> 00:19:30,480 Speaker 2: a portion of the league that's out of it, that's 356 00:19:30,520 --> 00:19:32,359 Speaker 2: out of the league by then, there's going to be 357 00:19:32,440 --> 00:19:36,200 Speaker 2: new players, and really the players want to make sure 358 00:19:36,280 --> 00:19:39,520 Speaker 2: that the incoming players are not inheriting issues that they 359 00:19:39,600 --> 00:19:42,480 Speaker 2: dealt with. So in five years time, Kaylyn Clark will 360 00:19:42,480 --> 00:19:45,239 Speaker 2: be in her seventh season. I'm sure that whoever is 361 00:19:45,280 --> 00:19:47,480 Speaker 2: the rookie in five years doesn't want to be dealing 362 00:19:47,480 --> 00:19:49,600 Speaker 2: with some of the things that the current rookies are 363 00:19:49,600 --> 00:19:50,240 Speaker 2: dealing with now. 364 00:19:51,280 --> 00:19:55,080 Speaker 5: And again, I want to add too, everybody's entitled their opinion, 365 00:19:55,320 --> 00:20:00,000 Speaker 5: and she is a very good Cunningham is a very 366 00:20:00,040 --> 00:20:03,440 Speaker 5: good w NBA player, And I want to go back 367 00:20:03,440 --> 00:20:06,560 Speaker 5: to what you were saying about the players having more input. 368 00:20:07,080 --> 00:20:10,760 Speaker 5: I think that is what she was trying to get at. 369 00:20:11,320 --> 00:20:14,760 Speaker 2: Yeah, I think I just think that she she didn't 370 00:20:14,800 --> 00:20:16,720 Speaker 2: name any other cities, like if she would have named 371 00:20:16,720 --> 00:20:20,679 Speaker 2: some destination cities. Okay, Like now you have your putting 372 00:20:20,680 --> 00:20:22,919 Speaker 2: your flag in the ground and saying, like the people. 373 00:20:23,040 --> 00:20:25,800 Speaker 2: Let's say she said Salt Lake City for example. Now 374 00:20:25,880 --> 00:20:28,600 Speaker 2: you may get the owners of the Utah Jazz who 375 00:20:29,560 --> 00:20:32,000 Speaker 2: who may say like, hey, you know, she's right, I 376 00:20:32,119 --> 00:20:33,119 Speaker 2: want to bid for a team. 377 00:20:33,280 --> 00:20:34,200 Speaker 5: But that didn't happen. 378 00:20:34,280 --> 00:20:38,119 Speaker 2: She didn't say like, oh, Kansas City or Houston or wherever. 379 00:20:38,480 --> 00:20:39,960 Speaker 5: She just said not. 380 00:20:40,000 --> 00:20:42,600 Speaker 2: These three cities. And that's not I don't think that's 381 00:20:42,640 --> 00:20:44,439 Speaker 2: the right mindset you want to have. I think that 382 00:20:44,520 --> 00:20:46,240 Speaker 2: there was a better way to say it than she 383 00:20:46,320 --> 00:20:48,359 Speaker 2: just could have been a little bit more respectful to 384 00:20:48,440 --> 00:20:49,920 Speaker 2: the cities, the owners. 385 00:20:49,720 --> 00:20:50,320 Speaker 5: And the league. 386 00:20:50,880 --> 00:20:53,760 Speaker 7: Right she's she's having her moment right now, and she's 387 00:20:53,880 --> 00:20:58,000 Speaker 7: she's speaking her mind. You know, she's she's off her 388 00:20:58,080 --> 00:21:03,640 Speaker 7: Caitlyn Clark you know, friendship, having that moment spotline. She's 389 00:21:03,760 --> 00:21:05,880 Speaker 7: she's speaking her mind, which we want the players people 390 00:21:05,880 --> 00:21:08,800 Speaker 7: speak their mind. Raynald, I'm curious for this deal. You know, 391 00:21:08,840 --> 00:21:14,439 Speaker 7: we talked previously about how the Connecticut Sun are putting 392 00:21:14,600 --> 00:21:17,000 Speaker 7: or put up for sale and they might, you know, 393 00:21:17,520 --> 00:21:22,440 Speaker 7: look to move the team, but that doesn't impact these 394 00:21:22,480 --> 00:21:25,960 Speaker 7: three teams. Right, one of these new teams isn't going 395 00:21:26,000 --> 00:21:28,880 Speaker 7: to absorb the Connecticut Sun, is that right? 396 00:21:29,440 --> 00:21:32,440 Speaker 2: Yeah, that's that's not gonna happen. The Sun are still 397 00:21:32,520 --> 00:21:34,439 Speaker 2: up for sale. They you know, they could go to 398 00:21:34,520 --> 00:21:39,280 Speaker 2: anybody who's interested, and I think the expectation depending on 399 00:21:39,280 --> 00:21:42,080 Speaker 2: who's going to be buying and what their plans are. 400 00:21:42,359 --> 00:21:44,560 Speaker 2: There have been a lot of rumors about will the 401 00:21:44,680 --> 00:21:48,480 Speaker 2: Sun stay in Connecticut, will they move? There's been rumors 402 00:21:48,520 --> 00:21:52,040 Speaker 2: about people wanting to bring a w NBA team to Boston. 403 00:21:52,480 --> 00:21:55,080 Speaker 2: Obviously Boston isn't far from Connecticut. But you have a 404 00:21:55,080 --> 00:21:58,440 Speaker 2: new owner in the Boston Celtics and Bill Chisholm. He's 405 00:21:58,440 --> 00:22:01,199 Speaker 2: not connected or he would not be connected in all 406 00:22:01,320 --> 00:22:04,960 Speaker 2: likelihood to the WNBA franchise, and it just gets complicated 407 00:22:04,960 --> 00:22:07,119 Speaker 2: with that city in particular. But I think with the 408 00:22:07,200 --> 00:22:10,520 Speaker 2: right owner and you know, the right situation, the Sun 409 00:22:10,560 --> 00:22:12,439 Speaker 2: will be perfectly fine. I just think you have to 410 00:22:12,440 --> 00:22:13,240 Speaker 2: find the right buyer. 411 00:22:14,200 --> 00:22:16,520 Speaker 5: Ed. I also want to talk about the fee, because 412 00:22:18,119 --> 00:22:21,680 Speaker 5: each team is paying two hundred and fifty million dollars 413 00:22:21,800 --> 00:22:25,959 Speaker 5: each to become a part of the WNBA. According to 414 00:22:26,960 --> 00:22:30,000 Speaker 5: the word that's out there on the street, it was 415 00:22:30,840 --> 00:22:35,880 Speaker 5: back in twenty twenty three about what fifty million dollars 416 00:22:36,359 --> 00:22:40,360 Speaker 5: and now it's two hundred and fifty million dollars. My goodness, 417 00:22:40,480 --> 00:22:44,280 Speaker 5: Now that's a lot of money for the league. Quite yeah, 418 00:22:44,280 --> 00:22:45,119 Speaker 5: it is, it is. 419 00:22:45,200 --> 00:22:48,080 Speaker 2: They drove that up in large part because people are 420 00:22:48,080 --> 00:22:51,879 Speaker 2: watching heavily. I think that another part of this is 421 00:22:51,960 --> 00:22:55,080 Speaker 2: media deals and there's just an increased number of eyes. 422 00:22:55,200 --> 00:22:59,439 Speaker 2: The WNBA was growing before Caitlin Clark got here, but 423 00:22:59,640 --> 00:23:01,960 Speaker 2: she earned what was like a rising wave into a 424 00:23:02,000 --> 00:23:04,760 Speaker 2: title wave. Now eventually that title wave will reach the 425 00:23:04,800 --> 00:23:06,960 Speaker 2: shore and they'll have to figure out what life looks 426 00:23:07,000 --> 00:23:09,199 Speaker 2: like and what the league looks like without her. But 427 00:23:09,359 --> 00:23:11,480 Speaker 2: you know that could be fifteen years down down the line. 428 00:23:11,520 --> 00:23:15,440 Speaker 2: And in regards to this valuation that we're seeing, it's 429 00:23:15,680 --> 00:23:19,320 Speaker 2: rising in large part because media deals and there's there's 430 00:23:19,320 --> 00:23:21,840 Speaker 2: an increase of interest in the league. And so with 431 00:23:21,880 --> 00:23:24,000 Speaker 2: that in mind, you're gonna have people who want to 432 00:23:24,000 --> 00:23:27,119 Speaker 2: get in at this lower price. Obviously fifty million a 433 00:23:27,119 --> 00:23:29,360 Speaker 2: couple of years ago, two hundred and fifty million now, 434 00:23:29,400 --> 00:23:32,360 Speaker 2: but the Valkyries, who are a year one, Sportco had 435 00:23:32,400 --> 00:23:34,800 Speaker 2: them at five hundred million. I believe is the most 436 00:23:34,880 --> 00:23:38,199 Speaker 2: valuable team in the WNBA. So you get a right 437 00:23:38,280 --> 00:23:41,000 Speaker 2: the right owner, the right ownership group, and someone who 438 00:23:41,080 --> 00:23:43,120 Speaker 2: really wants to put a lot of dollars into this 439 00:23:43,160 --> 00:23:45,760 Speaker 2: thing and invest in a winning team. You can make 440 00:23:45,800 --> 00:23:48,280 Speaker 2: this a profitable business in due time, so long as 441 00:23:48,280 --> 00:23:51,080 Speaker 2: the league continues to you know, get the media deals 442 00:23:51,160 --> 00:23:53,720 Speaker 2: right and negotiate a healthy CBA. 443 00:23:53,880 --> 00:23:54,240 Speaker 1: Yeah. 444 00:23:54,480 --> 00:23:56,920 Speaker 7: I think that five hundred million dollar number was even 445 00:23:56,920 --> 00:24:01,120 Speaker 7: surprising for me to see because we just saw, you know, 446 00:24:01,320 --> 00:24:05,119 Speaker 7: the size sell off a piece of the Liberty that 447 00:24:05,200 --> 00:24:07,200 Speaker 7: was about a four hundred, four hundred fifty million dollar 448 00:24:07,760 --> 00:24:10,080 Speaker 7: valuation right for that piece of the New York Liberty, 449 00:24:10,080 --> 00:24:13,480 Speaker 7: who are the current WNBA champions, And this is a 450 00:24:13,480 --> 00:24:16,560 Speaker 7: brand new team coming on five hundred million dollars and 451 00:24:16,640 --> 00:24:19,000 Speaker 7: they're the most valuable team in the league. That was 452 00:24:19,000 --> 00:24:20,639 Speaker 7: a little surprising to me, But I think, like to 453 00:24:20,640 --> 00:24:24,280 Speaker 7: your point, it shows that it's it's because of everything 454 00:24:24,320 --> 00:24:27,720 Speaker 7: new and the specific owners and all that. So that 455 00:24:27,800 --> 00:24:30,399 Speaker 7: being said, I mean, we're really close to that billion 456 00:24:30,440 --> 00:24:32,480 Speaker 7: dollar the first billion dollar franchise. 457 00:24:32,960 --> 00:24:33,480 Speaker 5: Definitely. 458 00:24:33,520 --> 00:24:35,679 Speaker 2: I think it'll be a raise between the Valkyries and 459 00:24:35,720 --> 00:24:39,080 Speaker 2: the Liberty. The Valkyries in particular have They've just done 460 00:24:39,119 --> 00:24:43,760 Speaker 2: a magnificent job on all all facets of the business side, 461 00:24:43,800 --> 00:24:47,160 Speaker 2: on the court, with the coaching staff and of course 462 00:24:47,200 --> 00:24:48,880 Speaker 2: the Liberty or the Liberty. They're based in New York. 463 00:24:48,880 --> 00:24:52,280 Speaker 2: They're the reigning champion, they're a title contender this year, 464 00:24:52,880 --> 00:24:56,600 Speaker 2: and I think that they're setting the precedent for teams 465 00:24:56,600 --> 00:24:59,080 Speaker 2: who are coming behind them if you want to be 466 00:24:59,240 --> 00:25:01,240 Speaker 2: in the business of one women's basketball. And this is 467 00:25:01,240 --> 00:25:06,640 Speaker 2: why I also think that the WNBA is choosing to 468 00:25:06,680 --> 00:25:10,320 Speaker 2: select bidders who are connected to NBA franchises just because 469 00:25:10,320 --> 00:25:13,120 Speaker 2: they have the experience. And when you look at those 470 00:25:13,119 --> 00:25:15,840 Speaker 2: two franchises, it's Joe Lacob and the Golden State Warriors, 471 00:25:16,040 --> 00:25:18,720 Speaker 2: it's Joe Sai in the Brooklyn Nets, and they run 472 00:25:19,240 --> 00:25:22,040 Speaker 2: a class organizations and you would want that in women's 473 00:25:22,080 --> 00:25:23,080 Speaker 2: basketball as well. 474 00:25:23,960 --> 00:25:26,720 Speaker 5: Anda Williams, thank you man for joining us, budd We 475 00:25:26,800 --> 00:25:30,120 Speaker 5: appreciate it, but man up. Next, we talk with super 476 00:25:30,200 --> 00:25:35,160 Speaker 5: agent Rich Paul about his latest project, Masterclass. You're listening 477 00:25:35,160 --> 00:25:38,920 Speaker 5: to the Bloomberg Business of Sports Bloomberg Radio around the world. 478 00:25:43,400 --> 00:25:47,399 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 479 00:25:48,640 --> 00:25:51,080 Speaker 5: Thanks for joining us on the Bloomberg Business of Sports. 480 00:25:51,119 --> 00:25:53,680 Speaker 5: We explore the big money issues in the world of sports. 481 00:25:54,080 --> 00:25:58,080 Speaker 5: Michael Barr, along with Vanessa Perdomo Damian Sasaur is off 482 00:25:58,080 --> 00:26:02,680 Speaker 5: this week. Our next g doesn't need an introduction. He's 483 00:26:02,720 --> 00:26:08,119 Speaker 5: clutched sports founder and CEO and sports super agent Rich Paul. 484 00:26:08,280 --> 00:26:10,280 Speaker 5: He is here now to take us through some of 485 00:26:10,320 --> 00:26:14,320 Speaker 5: his latest projects. Rich, Welcome back to the Bloomberg Business 486 00:26:14,359 --> 00:26:15,080 Speaker 5: of Sports. 487 00:26:15,480 --> 00:26:17,840 Speaker 6: Thanks for having me master Class. 488 00:26:18,119 --> 00:26:22,000 Speaker 5: I love this thing because if you looked at my life, 489 00:26:22,720 --> 00:26:26,600 Speaker 5: I need lessons that are in master Class. In fact, 490 00:26:26,840 --> 00:26:30,320 Speaker 5: everybody can use the lessons in master Class. Can you 491 00:26:30,359 --> 00:26:31,200 Speaker 5: tell us about that? 492 00:26:32,960 --> 00:26:33,359 Speaker 6: Yeah, you know. 493 00:26:33,480 --> 00:26:39,920 Speaker 3: Masterclass is something that you know, obviously from a brand perspective, 494 00:26:40,680 --> 00:26:44,360 Speaker 3: is at the highest level as it pertains to finding 495 00:26:44,400 --> 00:26:50,800 Speaker 3: out what's behind the walls of business and operations and 496 00:26:51,800 --> 00:26:54,399 Speaker 3: things of that nature. And when I was asked to 497 00:26:54,440 --> 00:26:57,760 Speaker 3: do it, you know, from my perspective, there's never been 498 00:26:57,800 --> 00:27:01,520 Speaker 3: somebody in sports representation that were asked to do it. 499 00:27:03,160 --> 00:27:05,800 Speaker 3: And I wanted to make sure that I found a 500 00:27:05,880 --> 00:27:10,240 Speaker 3: balance and not just talking about what happens in the 501 00:27:10,240 --> 00:27:13,879 Speaker 3: business of sports, because everyone isn't in that business. But 502 00:27:14,040 --> 00:27:17,840 Speaker 3: given people what I would say would be a very 503 00:27:18,600 --> 00:27:27,800 Speaker 3: relatable and understandable perspective on how to evolve, how to 504 00:27:27,880 --> 00:27:35,000 Speaker 3: grow a business, how to evolve within the internal infrastructure 505 00:27:35,520 --> 00:27:38,959 Speaker 3: at your job, and even you know, just the basic 506 00:27:39,000 --> 00:27:43,919 Speaker 3: simple things in life. And so I really enjoyed masterclass. 507 00:27:44,040 --> 00:27:48,600 Speaker 3: They had an unbelievable staff and team. We really pushed 508 00:27:49,080 --> 00:27:52,320 Speaker 3: the details of it was something that we wanted to 509 00:27:52,359 --> 00:27:56,000 Speaker 3: make sure we did not ignore, and I had a 510 00:27:56,000 --> 00:27:56,960 Speaker 3: lot of fun doing it. 511 00:27:57,600 --> 00:28:00,679 Speaker 7: That's something I want to get more into, because, like 512 00:28:00,760 --> 00:28:03,520 Speaker 7: you mentioned, not everyone's in that business and sports. You know, 513 00:28:03,560 --> 00:28:07,280 Speaker 7: you're using these examples of negotiating these huge million dollar 514 00:28:07,400 --> 00:28:11,480 Speaker 7: contracts in the NBA, but you use the language so 515 00:28:11,560 --> 00:28:15,119 Speaker 7: that it can pertain to, you know, across industries and 516 00:28:15,160 --> 00:28:18,040 Speaker 7: things like that. Did you find that at all hard 517 00:28:18,119 --> 00:28:21,240 Speaker 7: or challenging to use those lessons across everything or do 518 00:28:21,280 --> 00:28:24,560 Speaker 7: you really think these lessons of business just really apply 519 00:28:24,800 --> 00:28:25,840 Speaker 7: to all industries? 520 00:28:26,880 --> 00:28:27,080 Speaker 5: Yeah? 521 00:28:27,200 --> 00:28:31,959 Speaker 3: No, you know, the difficulty in it was again just 522 00:28:32,080 --> 00:28:37,800 Speaker 3: making sure that I'm able to connect with ten people 523 00:28:37,840 --> 00:28:41,080 Speaker 3: instead of two, you know, and out of those ten people, 524 00:28:41,560 --> 00:28:43,840 Speaker 3: how many of them are at the same level, how 525 00:28:43,840 --> 00:28:48,680 Speaker 3: many of them are in the same position from a 526 00:28:48,760 --> 00:28:51,760 Speaker 3: job perspective, how many of them are educated at the 527 00:28:51,760 --> 00:28:55,520 Speaker 3: same level or understanding of what's in front of them, 528 00:28:55,520 --> 00:28:57,840 Speaker 3: and so that was the hard part. But I think 529 00:28:57,920 --> 00:29:01,560 Speaker 3: once you got past that, yes, it definitely all connects. 530 00:29:01,840 --> 00:29:05,200 Speaker 3: Perspective is just so important, and I try to talk 531 00:29:05,240 --> 00:29:07,680 Speaker 3: about this with all the young people that I encounter 532 00:29:08,480 --> 00:29:12,320 Speaker 3: and older older people that I encounter as well, because 533 00:29:13,520 --> 00:29:18,160 Speaker 3: the timing of gaining a perspective actually is the beginning 534 00:29:18,200 --> 00:29:21,920 Speaker 3: of your growth. And whether that's in business, whether that's 535 00:29:21,960 --> 00:29:26,960 Speaker 3: in life, it's so important. You tend to find out 536 00:29:27,040 --> 00:29:30,200 Speaker 3: what things have value and what things don't. You tend 537 00:29:30,240 --> 00:29:34,240 Speaker 3: to have a better understanding of how your day should flow. 538 00:29:35,880 --> 00:29:39,840 Speaker 3: I remember a friend of mine, her son was working 539 00:29:39,880 --> 00:29:45,960 Speaker 3: at Target, and he was a little not He wasn't 540 00:29:45,960 --> 00:29:49,240 Speaker 3: a little upset about it. He just was like, it's 541 00:29:49,280 --> 00:29:51,880 Speaker 3: a job, you know. He was like, I got a job, 542 00:29:52,280 --> 00:29:57,120 Speaker 3: And I was explaining to him that no, it's not 543 00:29:57,200 --> 00:30:00,000 Speaker 3: just a job. You know why you're there, the position 544 00:30:00,200 --> 00:30:03,440 Speaker 3: you're in. Now, try to gain a perspective on what 545 00:30:03,480 --> 00:30:07,640 Speaker 3: the next position is and whatever that next position is. 546 00:30:08,120 --> 00:30:09,320 Speaker 6: Cultivated relationship. 547 00:30:09,600 --> 00:30:12,600 Speaker 3: Take that person out to lunch or when you guys 548 00:30:12,600 --> 00:30:15,680 Speaker 3: are on your lunch break, have the conversation of what 549 00:30:15,720 --> 00:30:19,600 Speaker 3: they actually do, and then eventually you're going to evolve 550 00:30:19,640 --> 00:30:21,920 Speaker 3: there and then you take the next step once you 551 00:30:21,960 --> 00:30:25,120 Speaker 3: get there, and eventually you start to understand, okay, who 552 00:30:25,200 --> 00:30:29,840 Speaker 3: is the regional manager of all the stores and regionally 553 00:30:29,880 --> 00:30:32,480 Speaker 3: and then what happens in the corporate office and things 554 00:30:32,520 --> 00:30:34,880 Speaker 3: like that. You have to have a vision of where 555 00:30:34,880 --> 00:30:37,800 Speaker 3: you're at, but also where you have the ability to go, 556 00:30:38,320 --> 00:30:40,719 Speaker 3: and then how do I navigate to get there? And 557 00:30:40,760 --> 00:30:46,120 Speaker 3: so oftentimes people stop at you know pretty much where 558 00:30:46,160 --> 00:30:49,120 Speaker 3: their feet is, and you know, you have to have 559 00:30:49,160 --> 00:30:51,400 Speaker 3: that vision to be able to take the next steps. 560 00:30:51,880 --> 00:30:56,040 Speaker 5: If I sound excited because these lessons that you're giving 561 00:30:56,480 --> 00:31:01,400 Speaker 5: are lessons about life, I am. I mean, there's one 562 00:31:01,440 --> 00:31:04,440 Speaker 5: out of the nine main lessons of your class, there's 563 00:31:04,560 --> 00:31:07,120 Speaker 5: number one and it just blam it just it's right 564 00:31:07,160 --> 00:31:12,040 Speaker 5: off the page. Preparation when before you walk in that's 565 00:31:12,120 --> 00:31:15,560 Speaker 5: for young people and older people. Can you explain that. 566 00:31:16,520 --> 00:31:20,760 Speaker 3: Going into a locker room, an NBA locker room, what 567 00:31:20,840 --> 00:31:21,760 Speaker 3: does that entail? 568 00:31:22,400 --> 00:31:24,920 Speaker 6: Going into training camp? What does that entail? 569 00:31:25,320 --> 00:31:29,080 Speaker 3: When you talk about preparation, our summers are what that 570 00:31:29,160 --> 00:31:32,760 Speaker 3: preparation looks like. And we try to get people to 571 00:31:32,840 --> 00:31:35,640 Speaker 3: understand your talent is going to take you. 572 00:31:35,920 --> 00:31:39,360 Speaker 6: But so far, how do I You know, most kids 573 00:31:39,440 --> 00:31:41,280 Speaker 6: dream of getting to the NBA. 574 00:31:41,720 --> 00:31:45,080 Speaker 3: Most kids don't dream of getting to the NBA and 575 00:31:45,120 --> 00:31:48,520 Speaker 3: then being successful in the NBA and having a consistent 576 00:31:48,600 --> 00:31:51,360 Speaker 3: work happening in the NBA and understanding how to be 577 00:31:51,400 --> 00:31:54,360 Speaker 3: a professional and everything I do while being in the NBA. 578 00:31:54,720 --> 00:31:57,360 Speaker 3: You know, there's so many different levels. You know, it's 579 00:31:57,360 --> 00:31:59,920 Speaker 3: like the three Little pigs. If you're building that how 580 00:32:00,680 --> 00:32:07,040 Speaker 3: and when you win? The winning aspect before you walk 581 00:32:07,080 --> 00:32:11,320 Speaker 3: in the room is exactly that gaining a perspective on Okay, 582 00:32:12,240 --> 00:32:16,520 Speaker 3: what and who am I? I'm an NBA basketball player? 583 00:32:17,000 --> 00:32:20,200 Speaker 3: What does that entail? That tells me to be early, 584 00:32:20,480 --> 00:32:22,600 Speaker 3: That it tells me to leave late, That it tells 585 00:32:22,640 --> 00:32:25,680 Speaker 3: me to be engaged, That it tells me to be appreciative, 586 00:32:26,160 --> 00:32:28,600 Speaker 3: That it tells me to have a routine. That it 587 00:32:28,720 --> 00:32:31,200 Speaker 3: tells me to be a great teammate. That you know, 588 00:32:31,480 --> 00:32:35,040 Speaker 3: there's I can go through twenty different things. And this 589 00:32:35,120 --> 00:32:39,800 Speaker 3: is before you even get to the gym. Having this 590 00:32:40,000 --> 00:32:44,080 Speaker 3: understanding of this, well, guess what the hard part of 591 00:32:44,120 --> 00:32:47,600 Speaker 3: it all is? Well, these kids have been number one 592 00:32:48,280 --> 00:32:51,440 Speaker 3: talked wrong. To begin with, none of them have been 593 00:32:51,440 --> 00:32:54,560 Speaker 3: taught how to play. I can't say none. Very few 594 00:32:55,240 --> 00:32:57,640 Speaker 3: has been taught how to play the game the right way. 595 00:32:58,360 --> 00:33:01,640 Speaker 3: Some fall in to playing the game the right way 596 00:33:01,680 --> 00:33:06,280 Speaker 3: by circumstance, meaning I was not considered the best player 597 00:33:06,280 --> 00:33:08,360 Speaker 3: on my team, so therefore I didn't have the ball 598 00:33:08,400 --> 00:33:10,720 Speaker 3: in my hands. So because of that, I had to 599 00:33:10,800 --> 00:33:14,360 Speaker 3: learn how to play without the ball. But really, once 600 00:33:14,400 --> 00:33:17,800 Speaker 3: I got to college and to the NBA, me playing 601 00:33:17,800 --> 00:33:22,520 Speaker 3: without the ball actually helps me because that's my role. 602 00:33:23,240 --> 00:33:25,520 Speaker 3: But that didn't happen because you didn't want the ball. 603 00:33:25,720 --> 00:33:28,200 Speaker 3: That happened because you wasn't good enough at that time 604 00:33:28,280 --> 00:33:31,880 Speaker 3: to play with the ball. And that's just God for you, right. 605 00:33:32,240 --> 00:33:34,920 Speaker 3: But for those that grew up playing with the ball 606 00:33:35,000 --> 00:33:37,920 Speaker 3: all the time and then have to start playing without 607 00:33:37,920 --> 00:33:42,120 Speaker 3: the ball, that's a culture shock. So now you're like, well, 608 00:33:42,560 --> 00:33:45,560 Speaker 3: that guy was ranked number one in his class and 609 00:33:45,600 --> 00:33:48,320 Speaker 3: now he's not even in the NBA. It's because he's 610 00:33:48,360 --> 00:33:51,520 Speaker 3: been playing the wrong way this whole time, and everybody 611 00:33:51,560 --> 00:33:55,320 Speaker 3: around him was looking to benefit. Everybody around him wasn't 612 00:33:55,440 --> 00:34:00,120 Speaker 3: identifying how he would be positioned in the NBA, and 613 00:34:00,280 --> 00:34:03,080 Speaker 3: was buying more into the stardom and the celebrity and 614 00:34:03,080 --> 00:34:06,120 Speaker 3: the notoriety and what they can get from it, and 615 00:34:06,160 --> 00:34:10,279 Speaker 3: so therefore they're helping you fail without even seeing it. 616 00:34:11,000 --> 00:34:15,520 Speaker 7: Wow, what are those lessons that you've learned throughout you know, 617 00:34:15,560 --> 00:34:18,560 Speaker 7: your career and through your different deals that you've done 618 00:34:19,200 --> 00:34:22,800 Speaker 7: that have taught you those similar lessons of moving without 619 00:34:22,840 --> 00:34:23,160 Speaker 7: the ball? 620 00:34:24,320 --> 00:34:25,680 Speaker 6: Yeah, I mean you have to understand. 621 00:34:25,760 --> 00:34:29,480 Speaker 3: I learned the most just being a part of the 622 00:34:29,520 --> 00:34:32,799 Speaker 3: team and really barely hanging on. You know, I was 623 00:34:32,840 --> 00:34:36,319 Speaker 3: the last person to our circle. I did not have 624 00:34:36,360 --> 00:34:40,560 Speaker 3: a role. People didn't necessarily look at me as someone 625 00:34:40,640 --> 00:34:44,080 Speaker 3: of value, but that didn't matter to me because I 626 00:34:44,160 --> 00:34:45,320 Speaker 3: knew my value within. 627 00:34:46,120 --> 00:34:49,759 Speaker 6: I just needed an opportunity. And so I try to 628 00:34:49,760 --> 00:34:50,400 Speaker 6: get people. 629 00:34:50,160 --> 00:34:55,879 Speaker 3: To understand you don't necessarily start at one hundred miles 630 00:34:55,920 --> 00:34:59,600 Speaker 3: an hour, nor should you want to, because in that case, 631 00:34:59,640 --> 00:35:03,680 Speaker 3: then you have to really understand how to control that will. 632 00:35:04,560 --> 00:35:07,920 Speaker 3: And if I'm going that fast without the experience, I'm 633 00:35:07,960 --> 00:35:10,880 Speaker 3: never going to understand how to control that will, and eventually, 634 00:35:11,080 --> 00:35:15,319 Speaker 3: you know what happens there. I started to really pick 635 00:35:15,400 --> 00:35:20,800 Speaker 3: up on my surroundings, the ecosystem around me, the different people, 636 00:35:20,880 --> 00:35:23,880 Speaker 3: the different decision makers, those that I thought was trending 637 00:35:23,960 --> 00:35:26,560 Speaker 3: towards being a decision maker. One of the best things 638 00:35:26,640 --> 00:35:29,359 Speaker 3: I ever did as a young person, without even ever 639 00:35:29,440 --> 00:35:31,520 Speaker 3: knowing I was going to be in a representation business, 640 00:35:32,719 --> 00:35:37,880 Speaker 3: was cultivated relationships with those that wasn't in a decision 641 00:35:37,920 --> 00:35:43,080 Speaker 3: making position then, but with the understanding that they were 642 00:35:43,160 --> 00:35:46,400 Speaker 3: trending towards being in a decision making position later. 643 00:35:46,680 --> 00:35:48,280 Speaker 6: And you know what, it happened. 644 00:35:48,600 --> 00:35:53,440 Speaker 3: Everybody from a Chris Grant to a Massaiah Jeri to 645 00:35:53,520 --> 00:35:59,399 Speaker 3: a West Willcox, even a guy like Brian Colangelo who 646 00:35:59,440 --> 00:36:01,919 Speaker 3: was a GM for a while, and you know Dad 647 00:36:02,000 --> 00:36:05,640 Speaker 3: was on the routine, just to name a few. In 648 00:36:05,680 --> 00:36:12,239 Speaker 3: my business, those guys I always spoke to, you know, 649 00:36:12,360 --> 00:36:15,160 Speaker 3: I remember speaking to the person that parked the cars, 650 00:36:15,160 --> 00:36:18,120 Speaker 3: and speaking to all the security every. 651 00:36:17,920 --> 00:36:20,640 Speaker 6: Time I came in, and the ushers that take you 652 00:36:20,680 --> 00:36:21,240 Speaker 6: to your seat. 653 00:36:21,280 --> 00:36:25,839 Speaker 3: And despite who I was or connected to, I never 654 00:36:26,000 --> 00:36:29,600 Speaker 3: looked to treat those people any different than I would 655 00:36:29,600 --> 00:36:30,680 Speaker 3: want to be treated myself. 656 00:36:30,719 --> 00:36:30,919 Speaker 6: Now. 657 00:36:30,960 --> 00:36:33,360 Speaker 3: Sometimes you know, you may have a little run in 658 00:36:33,440 --> 00:36:35,759 Speaker 3: or whatever, but even if that was the case, I 659 00:36:35,800 --> 00:36:38,880 Speaker 3: always went back to that person and said, you know what, 660 00:36:39,920 --> 00:36:42,000 Speaker 3: I apologize, I take responsibility. 661 00:36:42,360 --> 00:36:43,839 Speaker 6: You were just doing your job. 662 00:36:44,840 --> 00:36:49,240 Speaker 3: And so again that's just having an understanding and gaining perspective. 663 00:36:49,239 --> 00:36:52,160 Speaker 3: But those four names, those guys I named, those guys 664 00:36:52,200 --> 00:36:58,640 Speaker 3: became decision makers at four basketball organizations when I and 665 00:36:59,040 --> 00:37:01,880 Speaker 3: I'm a very young person now in the business and 666 00:37:01,920 --> 00:37:03,880 Speaker 3: I was able to lean on them. They would pick 667 00:37:03,960 --> 00:37:07,440 Speaker 3: up my phone call and get insight on several different 668 00:37:10,920 --> 00:37:13,839 Speaker 3: things that were that were or subjects at that at 669 00:37:13,840 --> 00:37:17,520 Speaker 3: that time, and then to go a step further and 670 00:37:17,560 --> 00:37:21,160 Speaker 3: do multiple deals with a lot of those guys. So 671 00:37:21,160 --> 00:37:24,440 Speaker 3: so you know, when you think about it again, I 672 00:37:24,640 --> 00:37:30,240 Speaker 3: embraced not being in that pole position to start the race. 673 00:37:30,719 --> 00:37:33,080 Speaker 6: And that's fine, Rich Paul. 674 00:37:33,440 --> 00:37:36,440 Speaker 5: This is one of those conversations where we need three beers, 675 00:37:36,560 --> 00:37:39,840 Speaker 5: a bowl of pretzels, and another hour because man, I 676 00:37:40,800 --> 00:37:43,520 Speaker 5: am so engrossed in this and we've just run out 677 00:37:43,520 --> 00:37:47,520 Speaker 5: of time, and I apologize, but my goodness, Rich Paul, 678 00:37:47,640 --> 00:37:48,640 Speaker 5: thank you sir. 679 00:37:48,960 --> 00:37:50,759 Speaker 6: For Eduk Bloomberg. 680 00:37:50,840 --> 00:37:53,839 Speaker 3: Guys are always great to me, and you know I 681 00:37:53,880 --> 00:37:54,960 Speaker 3: always enjoy these. 682 00:37:55,920 --> 00:37:57,399 Speaker 1: Well, come back so we can talk about the rest 683 00:37:57,440 --> 00:37:57,880 Speaker 1: of the class. 684 00:37:58,000 --> 00:38:01,440 Speaker 5: Yeah, because I need some more life lessons. Please come back. 685 00:38:02,400 --> 00:38:03,839 Speaker 6: Okay, thank you guys. 686 00:38:03,600 --> 00:38:07,640 Speaker 5: Thank you, sir, Our thanks to Rich Paul for joining us. 687 00:38:07,840 --> 00:38:11,480 Speaker 5: He is founder and CEO of Clutch Sports, and thank 688 00:38:11,600 --> 00:38:14,800 Speaker 5: you for joining us for Vanessa Perdomo. I'm Michael Barr. 689 00:38:14,920 --> 00:38:16,840 Speaker 5: Tune in again next week for the latest on the 690 00:38:16,840 --> 00:38:19,920 Speaker 5: stories moving big money in the world of sports. And 691 00:38:20,040 --> 00:38:23,480 Speaker 5: make sure you subscribe to our podcast so you never 692 00:38:23,520 --> 00:38:27,640 Speaker 5: miss an episode. Subscribe on Apple, Spotify and all your 693 00:38:27,680 --> 00:38:32,280 Speaker 5: favorite podcast platforms. You're listening to Bloomberg Business of Sports 694 00:38:32,280 --> 00:38:34,520 Speaker 5: from Bloomberg Radio around the world.