1 00:00:02,440 --> 00:00:09,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:09,160 --> 00:00:13,280 Speaker 1: Bloomberg Intelligence Podcast. Catch us Live weekdays at ten am 3 00:00:13,360 --> 00:00:14,640 Speaker 1: Eastern on Apple card. 4 00:00:14,520 --> 00:00:17,040 Speaker 2: Playing Android Auto with the Bloomberg Business App. 5 00:00:17,079 --> 00:00:20,279 Speaker 1: Listen on demand wherever you get your podcasts, or watch 6 00:00:20,360 --> 00:00:22,320 Speaker 1: us live on YouTube. 7 00:00:23,680 --> 00:00:25,159 Speaker 3: We're taking a look though at the ECO data that 8 00:00:25,239 --> 00:00:27,440 Speaker 3: just crossed right in ISM Manufacturing had come in a 9 00:00:27,440 --> 00:00:31,320 Speaker 3: week earlier in the week US services sector expanding at 10 00:00:31,320 --> 00:00:33,839 Speaker 3: a modest pace. For the second month in August, ISM 11 00:00:33,920 --> 00:00:36,680 Speaker 3: service a little changed about fifty one point five. Now 12 00:00:36,680 --> 00:00:39,920 Speaker 3: remember readings about fifty still indicate expansions. Who want to 13 00:00:39,920 --> 00:00:41,960 Speaker 3: get right to the guy behind the data. Steve Miller 14 00:00:42,080 --> 00:00:44,800 Speaker 3: is chair of the ISM Services PMI Hay, Steve, what 15 00:00:44,840 --> 00:00:45,800 Speaker 3: do you make of the data today? 16 00:00:47,080 --> 00:00:49,839 Speaker 4: Well, we're encouraged to see the second month in a 17 00:00:49,920 --> 00:00:52,760 Speaker 4: row of growth, and it's the six month out of 18 00:00:52,880 --> 00:00:56,880 Speaker 4: the year that we've seen growth, so definitely encouraged. One 19 00:00:56,880 --> 00:00:59,120 Speaker 4: of the things that was one of the sub indexes 20 00:00:59,240 --> 00:01:01,880 Speaker 4: is at a bit of a prize, was backlog dropping 21 00:01:01,960 --> 00:01:07,360 Speaker 4: significantly down to about forty three percent. And what we 22 00:01:07,440 --> 00:01:10,720 Speaker 4: attributed that to is a lot of the commentary has 23 00:01:10,720 --> 00:01:15,720 Speaker 4: been around improving supply chain performance and utilizing capacity to 24 00:01:15,840 --> 00:01:18,920 Speaker 4: catch up. So we attribute that to maybe catching up 25 00:01:18,920 --> 00:01:21,839 Speaker 4: on late orders that were impacted during supply chain dissuptions 26 00:01:21,880 --> 00:01:22,600 Speaker 4: earlier in the year. 27 00:01:25,560 --> 00:01:28,039 Speaker 5: So give us a sense of what this means. Do 28 00:01:28,080 --> 00:01:29,480 Speaker 5: you think for the Federal Reserve? How do you think 29 00:01:29,520 --> 00:01:32,720 Speaker 5: the Federal Reserve will look at an ISM index that's 30 00:01:33,040 --> 00:01:35,320 Speaker 5: still showing some positive growth there fifty one point five. 31 00:01:36,440 --> 00:01:39,280 Speaker 4: Yeah, I think it's very consistent with going forward with 32 00:01:39,319 --> 00:01:43,120 Speaker 4: the rate cuts. It's the lowest rate of increase that 33 00:01:43,160 --> 00:01:48,120 Speaker 4: we've had historically. There were only three ratings or three 34 00:01:48,240 --> 00:01:52,720 Speaker 4: readings last year that were lower than this month's reading, 35 00:01:53,000 --> 00:01:56,280 Speaker 4: and then going back to twenty twenty two, only December's 36 00:01:56,320 --> 00:01:59,240 Speaker 4: reading was lower than this. So we're seeing growth, which 37 00:01:59,280 --> 00:02:02,920 Speaker 4: is positive, but all the indicators in the data are 38 00:02:02,960 --> 00:02:08,239 Speaker 4: showing very slow growth and some of the indicators and 39 00:02:08,320 --> 00:02:12,000 Speaker 4: far as costs and cost continuing to impact as well 40 00:02:12,000 --> 00:02:15,280 Speaker 4: as interest rates continuing to impact investment. 41 00:02:15,520 --> 00:02:19,800 Speaker 6: Seems like now's the right time, all right, Steve, We 42 00:02:19,840 --> 00:02:20,320 Speaker 6: appreciate it. 43 00:02:20,360 --> 00:02:22,440 Speaker 3: Thank you so much for that incident analysie. Steve Miller, 44 00:02:23,040 --> 00:02:24,640 Speaker 3: ISM Chair for Services. 45 00:02:26,240 --> 00:02:30,120 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 46 00:02:30,200 --> 00:02:33,120 Speaker 1: weekdays at ten am Eastern on applecar. 47 00:02:32,760 --> 00:02:35,560 Speaker 2: Play and Android Auto with the Bloomberg Business App. 48 00:02:35,639 --> 00:02:38,480 Speaker 1: You can also listen live on Amazon Alexa from our 49 00:02:38,520 --> 00:02:43,880 Speaker 1: flagship New York station, Just Say Alexa playing Bloomberg eleven thirty. 50 00:02:44,760 --> 00:02:46,880 Speaker 5: Alex Deel, Paul Sweeney. We are live here at the 51 00:02:47,120 --> 00:02:50,680 Speaker 5: Bloomberg conference here in New York. It is called the 52 00:02:50,880 --> 00:02:58,720 Speaker 5: Power Players, talking about the convergence of sport business, you know, atternowledgement, technology, 53 00:02:58,800 --> 00:03:00,800 Speaker 5: all that kind of stuff all coming together other and 54 00:03:00,880 --> 00:03:02,800 Speaker 5: so they've got a great lineup of folks here today 55 00:03:02,840 --> 00:03:05,600 Speaker 5: talking about that, and we're going to interview a handful 56 00:03:05,639 --> 00:03:07,639 Speaker 5: of some really smart people coming up over the next 57 00:03:07,639 --> 00:03:10,240 Speaker 5: couple hours that are gonna be participating in this conference. 58 00:03:10,240 --> 00:03:12,880 Speaker 5: We'll talk about that coming up. But it talks about 59 00:03:12,880 --> 00:03:16,400 Speaker 5: the big business of sports. And the most recent news 60 00:03:16,480 --> 00:03:20,080 Speaker 5: is private equity is now going to be allowed to 61 00:03:20,280 --> 00:03:23,560 Speaker 5: invest in part in the NFL. So you think about 62 00:03:23,600 --> 00:03:25,760 Speaker 5: the here, this is a big deal. This is a 63 00:03:25,760 --> 00:03:28,200 Speaker 5: big deal because the other the private ecutris got tremendous 64 00:03:28,240 --> 00:03:31,600 Speaker 5: amounts of capital, and the NFL valuations have been just 65 00:03:31,639 --> 00:03:35,480 Speaker 5: going so high that individuals anymore almost are priced out 66 00:03:35,520 --> 00:03:37,800 Speaker 5: of the market that when families used to own these 67 00:03:37,880 --> 00:03:40,800 Speaker 5: NFL franchise that's becoming less and less of an instance. 68 00:03:40,800 --> 00:03:43,760 Speaker 5: You need big institutional capital and that's kind of one 69 00:03:43,760 --> 00:03:45,960 Speaker 5: of the stories that they'll be talking about yes today and. 70 00:03:45,960 --> 00:03:46,800 Speaker 6: An alternative energy. 71 00:03:46,800 --> 00:03:49,400 Speaker 3: I mean, I'll turnm of investments go right to where 72 00:03:49,400 --> 00:03:51,240 Speaker 3: I want to talk about is definitely the thing right 73 00:03:51,360 --> 00:03:52,760 Speaker 3: is you have more money and it needs to find 74 00:03:52,760 --> 00:03:55,600 Speaker 3: more opportunities. And luckily the Bloomberg Big Take Today sort 75 00:03:55,600 --> 00:03:58,280 Speaker 3: of helps set all of this up for us. Random 76 00:03:58,320 --> 00:04:00,200 Speaker 3: Williams and one of the authors on it, and the 77 00:04:00,200 --> 00:04:03,280 Speaker 3: title is the Billionaire NFL Family Eyes Windfall from Wall 78 00:04:03,320 --> 00:04:06,160 Speaker 3: Street and the Swifties, and this really focuses on Dan 79 00:04:06,240 --> 00:04:08,560 Speaker 3: and Clark Hunt controlling a six and a half billion 80 00:04:08,600 --> 00:04:12,160 Speaker 3: dollar empire with a portfolio of teams across the nation 81 00:04:12,320 --> 00:04:16,400 Speaker 3: from the NFL, Major League Soccer, and the National Basketball Association. 82 00:04:16,520 --> 00:04:18,120 Speaker 3: I read it, I read the sports and it was 83 00:04:18,160 --> 00:04:20,920 Speaker 3: a great, great I learned a lot. Actually, Randall Williams 84 00:04:21,320 --> 00:04:24,320 Speaker 3: joins us here at Bloomberg headquarters. Hey, Randall, walk me 85 00:04:24,360 --> 00:04:26,720 Speaker 3: through what you learned about this family and how it 86 00:04:26,800 --> 00:04:29,560 Speaker 3: runs itself and sort of all the different branches they 87 00:04:29,560 --> 00:04:30,160 Speaker 3: have in sports. 88 00:04:30,520 --> 00:04:32,080 Speaker 7: Yeah you said it or you mapped it out out 89 00:04:32,080 --> 00:04:34,960 Speaker 7: there going my glasses, it happens, but yes, you mapped 90 00:04:34,960 --> 00:04:37,320 Speaker 7: it out. They have a majority ownership of the Chiefs 91 00:04:37,360 --> 00:04:40,279 Speaker 7: of FC Dallas and then an eleven percent stake in 92 00:04:40,279 --> 00:04:43,440 Speaker 7: the Bulls. So they are one of the premier sports 93 00:04:43,440 --> 00:04:46,120 Speaker 7: families across the country and I'd say across the world too. 94 00:04:46,520 --> 00:04:50,599 Speaker 5: What are their ambitions here just sports in general going forward? 95 00:04:50,600 --> 00:04:53,240 Speaker 5: As you mentioned, they have diversified ownership. Obviously, the biggest 96 00:04:53,279 --> 00:04:56,720 Speaker 5: asset is the Chiefs, which they've owned forever. It seems 97 00:04:56,760 --> 00:04:59,240 Speaker 5: like where do they want to grow going forward? 98 00:04:59,520 --> 00:05:00,599 Speaker 7: Well, it's all in sports. 99 00:05:00,720 --> 00:05:01,080 Speaker 5: I mean. 100 00:05:01,240 --> 00:05:03,039 Speaker 7: One of the things that Clark and Dan Hunt have 101 00:05:03,080 --> 00:05:06,480 Speaker 7: talked about is the opportunity to grow in soccer. I mean, 102 00:05:06,520 --> 00:05:08,040 Speaker 7: the World Cup will be here in twenty twenty six, 103 00:05:08,120 --> 00:05:10,760 Speaker 7: the Olympics in twenty twenty eight. That's a tremendous opportunity 104 00:05:10,760 --> 00:05:13,800 Speaker 7: to grow soccer domestically. Anyone who knows and I should 105 00:05:13,839 --> 00:05:16,039 Speaker 7: say football, but you know, I know this is. 106 00:05:16,040 --> 00:05:18,120 Speaker 6: Going to get confusing, right because like soccer play with 107 00:05:18,120 --> 00:05:19,760 Speaker 6: your feets, right, should be football. 108 00:05:19,839 --> 00:05:22,479 Speaker 7: I'll say soccer to stay American. But anyone who knows 109 00:05:22,520 --> 00:05:26,000 Speaker 7: soccer knows that it is the giant internationally, it isn't 110 00:05:26,040 --> 00:05:29,560 Speaker 7: here the same way domestically. The World Cup provides an 111 00:05:29,560 --> 00:05:32,440 Speaker 7: opportunity for that. At the same time, the NFL has 112 00:05:32,480 --> 00:05:36,320 Speaker 7: an opportunity internationally because that's the giant domestically. So the 113 00:05:36,400 --> 00:05:38,920 Speaker 7: NFL is trying to play more games internationally. They're trying 114 00:05:38,920 --> 00:05:41,480 Speaker 7: to grow their business internationally. So those are the two 115 00:05:41,480 --> 00:05:43,440 Speaker 7: opportunities that both of them see, and I think they're 116 00:05:43,440 --> 00:05:44,760 Speaker 7: doing a pretty good job of managing it. 117 00:05:45,240 --> 00:05:48,040 Speaker 3: I have an actual, like legitimate but silly question, Sure, 118 00:05:48,080 --> 00:05:50,400 Speaker 3: how do they deal with the name problem, the soccer 119 00:05:50,480 --> 00:05:53,240 Speaker 3: versus football versus actual football, like, especially if they try 120 00:05:53,279 --> 00:05:53,799 Speaker 3: and grow abroad. 121 00:05:53,800 --> 00:05:56,320 Speaker 7: For the NFL, well, I think that when you go abroad, 122 00:05:56,360 --> 00:05:59,640 Speaker 7: you adjust, you ad justin. It's a question for the 123 00:05:59,640 --> 00:06:01,479 Speaker 7: committioners and how they want to market it. 124 00:06:01,880 --> 00:06:03,159 Speaker 6: Do we know what the answer is that going to be. 125 00:06:03,200 --> 00:06:06,479 Speaker 7: I think football is going to stay football, and you 126 00:06:06,480 --> 00:06:08,840 Speaker 7: know there'll be a budding rivalry between the two quiet one. 127 00:06:08,880 --> 00:06:10,599 Speaker 7: But as long as everybody's making money, then you know 128 00:06:10,720 --> 00:06:11,640 Speaker 7: it keeps everybody happy. 129 00:06:11,680 --> 00:06:14,159 Speaker 5: Fair enough, all right, So talk to us about private equity. 130 00:06:14,240 --> 00:06:15,920 Speaker 5: That was kind of for me being a Wall Street guy. 131 00:06:16,000 --> 00:06:18,719 Speaker 5: The big news in sport over the past couple weeks, 132 00:06:18,720 --> 00:06:22,560 Speaker 5: and Clark Hunt himself led the committee in the NFL 133 00:06:22,600 --> 00:06:25,320 Speaker 5: to kind of address this issue. What is they're thinking 134 00:06:25,320 --> 00:06:27,320 Speaker 5: about private equity? Why did they go down that road? 135 00:06:27,560 --> 00:06:29,800 Speaker 7: Well, I heard you talking about this a little earlier. 136 00:06:29,839 --> 00:06:32,280 Speaker 7: But the reality is, if you're selling a five to 137 00:06:32,320 --> 00:06:35,360 Speaker 7: ten percent stake in a franchise that's worth six billion dollars, 138 00:06:35,400 --> 00:06:37,640 Speaker 7: that's three hundred million dollars or six hundred million dollars 139 00:06:37,640 --> 00:06:40,520 Speaker 7: in cash, and the evaluations are only going higher. How many 140 00:06:40,520 --> 00:06:42,799 Speaker 7: people can write a three hundred to six million million 141 00:06:42,839 --> 00:06:44,239 Speaker 7: dollar check, even if it's discounted. 142 00:06:44,279 --> 00:06:45,719 Speaker 5: Let's say you take fifty million off. 143 00:06:45,640 --> 00:06:47,640 Speaker 7: That's still a lot of money. Even the richest athletes 144 00:06:47,680 --> 00:06:50,080 Speaker 7: in the world don't have two hundred million dollars in 145 00:06:50,120 --> 00:06:52,440 Speaker 7: cash to just send to a team. And this is 146 00:06:52,480 --> 00:06:54,920 Speaker 7: a long term investment. You're not getting that money back tomorrow. 147 00:06:54,960 --> 00:06:56,360 Speaker 7: You have to be in this for the long run. 148 00:06:56,600 --> 00:06:59,320 Speaker 7: And so with that, if you're selling to an individual 149 00:06:59,480 --> 00:07:01,760 Speaker 7: that individ isn't going to come in and just want 150 00:07:01,800 --> 00:07:04,000 Speaker 7: to sit on the sidelines and say, oh, yeah, I 151 00:07:04,000 --> 00:07:05,840 Speaker 7: have a piece of a team. No they might want 152 00:07:05,839 --> 00:07:07,800 Speaker 7: to ride on the team plane, they might want an 153 00:07:07,800 --> 00:07:11,440 Speaker 7: ownership suite. These owners and a lot across sports period, 154 00:07:11,960 --> 00:07:14,920 Speaker 7: have inherited these teams over time. They are very very 155 00:07:15,040 --> 00:07:18,000 Speaker 7: very close in prized possessions. That means that they don't 156 00:07:18,040 --> 00:07:19,840 Speaker 7: want to let an individual who they may not know. 157 00:07:19,960 --> 00:07:22,760 Speaker 7: In private equity is a solution to that. They want 158 00:07:22,800 --> 00:07:24,720 Speaker 7: returns on their investment, they're not going to look to 159 00:07:24,760 --> 00:07:27,880 Speaker 7: be riding on a team plane, maybe own the exactly 160 00:07:28,360 --> 00:07:31,000 Speaker 7: exactly so they'll be willing to be quiet investors as 161 00:07:31,040 --> 00:07:33,520 Speaker 7: what I'd called them, and so it's a solution. But 162 00:07:33,560 --> 00:07:36,480 Speaker 7: the most important detail that I think I'll be saying 163 00:07:36,480 --> 00:07:39,040 Speaker 7: for years to come is that both Jerry Jones and 164 00:07:39,040 --> 00:07:41,640 Speaker 7: Clark Hunt said that this was a positive day, not 165 00:07:41,720 --> 00:07:44,920 Speaker 7: a happy one. It's not something that the owners want 166 00:07:44,960 --> 00:07:47,560 Speaker 7: to do. Quite frankly, I think if they were making 167 00:07:47,680 --> 00:07:50,160 Speaker 7: more money. That doesn't mean that they're not making money, 168 00:07:50,240 --> 00:07:51,920 Speaker 7: but if they were making more money, they wouldn't be 169 00:07:51,920 --> 00:07:55,400 Speaker 7: allowing this. But these are providing solutions to secession issues, 170 00:07:55,440 --> 00:07:58,520 Speaker 7: to stadium deals, to giving liquidity to owners who might 171 00:07:58,560 --> 00:08:00,760 Speaker 7: not have the cash that they want. So that's setting 172 00:08:00,760 --> 00:08:02,240 Speaker 7: a landscape for private equity and. 173 00:08:02,200 --> 00:08:05,240 Speaker 5: I noticed that, you know, the Hunts, they had a 174 00:08:05,360 --> 00:08:08,360 Speaker 5: defeat recently in that they weren't able to get I 175 00:08:08,360 --> 00:08:11,120 Speaker 5: guess the municipalities surrounding their stadium in Kansas City to 176 00:08:11,200 --> 00:08:14,480 Speaker 5: help them renovate the stadium or maybe even a new stadium. 177 00:08:14,680 --> 00:08:16,680 Speaker 5: What's the future there? Because I look a lot of 178 00:08:16,680 --> 00:08:18,760 Speaker 5: people look at the Kansas City as maybe over the 179 00:08:18,840 --> 00:08:21,480 Speaker 5: last five years, the most successful franchise or the RFL, 180 00:08:21,880 --> 00:08:25,760 Speaker 5: and our people tell you the stadium's terrible. Yeah, relative 181 00:08:26,080 --> 00:08:28,240 Speaker 5: relative to the new stadiums being built that are just 182 00:08:28,440 --> 00:08:29,280 Speaker 5: it's an older stadium. 183 00:08:29,280 --> 00:08:32,319 Speaker 7: I'd say that I think that there's a nostalgia feeling 184 00:08:32,360 --> 00:08:34,840 Speaker 7: around older stadiums. However, there's a reason they're looking for 185 00:08:34,840 --> 00:08:38,720 Speaker 7: this money to renovate because it needs renovation. So what's 186 00:08:38,760 --> 00:08:40,680 Speaker 7: going to happen next. They've tried at the local level. 187 00:08:40,679 --> 00:08:42,559 Speaker 7: I think they'll go to the state, but they've also 188 00:08:42,720 --> 00:08:45,560 Speaker 7: opened a door to going across state lines to the 189 00:08:45,600 --> 00:08:47,679 Speaker 7: state of Kansas. So all options are. 190 00:08:47,640 --> 00:08:48,079 Speaker 5: On the table. 191 00:08:48,080 --> 00:08:51,000 Speaker 7: Do they want to leave Arrowhead Stadium? No, absolutely not. 192 00:08:51,120 --> 00:08:53,319 Speaker 7: Clark will tell you that. The team president, Mark will 193 00:08:53,360 --> 00:08:55,080 Speaker 7: tell you that they don't want to leave Kansas City. 194 00:08:55,160 --> 00:08:56,920 Speaker 7: But the reality is this is a business, and this 195 00:08:57,000 --> 00:08:59,679 Speaker 7: is a money making business. If it's going to cost 196 00:08:59,720 --> 00:09:01,600 Speaker 7: them more money to stay in Kansas City as opposed 197 00:09:01,640 --> 00:09:03,079 Speaker 7: to going to Kansas where they might be able to 198 00:09:03,080 --> 00:09:04,400 Speaker 7: build a stadium, they're going to do that. 199 00:09:05,080 --> 00:09:07,600 Speaker 6: Okay, talk to you about today, power players. 200 00:09:07,120 --> 00:09:09,079 Speaker 5: The fun day. Okay, party day. 201 00:09:09,440 --> 00:09:10,760 Speaker 3: It's a party yer for you and I get to 202 00:09:10,800 --> 00:09:14,120 Speaker 3: learn about sports. So together we are united. What a 203 00:09:14,160 --> 00:09:15,559 Speaker 3: panels are you going to be moderating? What are you 204 00:09:15,559 --> 00:09:16,160 Speaker 3: excited about? 205 00:09:16,200 --> 00:09:20,040 Speaker 7: Among two college sports panels, we have Dajah Kelly, Brittany Whiteside, 206 00:09:20,040 --> 00:09:24,000 Speaker 7: Tim Prinetti, all prominent people in college sports who are 207 00:09:24,000 --> 00:09:26,319 Speaker 7: in the business of it. We also have open Door 208 00:09:26,400 --> 00:09:29,959 Speaker 7: CEO Blake Lawrence. They'll be speaking at Blake Lawrence and 209 00:09:30,000 --> 00:09:32,200 Speaker 7: Britney Whiteside will be speaking at a lunch panel. And 210 00:09:32,200 --> 00:09:35,559 Speaker 7: then Dejah Kelly, Tim Prinetti and again Brittany will be 211 00:09:35,640 --> 00:09:37,160 Speaker 7: speaking on another college sports panel. 212 00:09:37,200 --> 00:09:39,240 Speaker 5: So those are my two today. We have many Yeah, 213 00:09:39,400 --> 00:09:43,160 Speaker 5: formula of Rutgers, great name in the Big East. The 214 00:09:43,160 --> 00:09:45,640 Speaker 5: big thing college sports is. I think it's a wild 215 00:09:45,679 --> 00:09:48,120 Speaker 5: West here in terms of oh of the dollars going around, 216 00:09:48,240 --> 00:09:52,320 Speaker 5: nil name, image and likeness. Right, you got twenty million 217 00:09:52,320 --> 00:09:55,280 Speaker 5: dollars rosters out there, and it's only going to go hire. 218 00:09:56,640 --> 00:09:58,880 Speaker 5: Somebody's got to step in and regulate this thing. Who's 219 00:09:58,920 --> 00:10:03,880 Speaker 5: going to do it? They will find out today. We'll 220 00:10:03,880 --> 00:10:04,520 Speaker 5: find out today. 221 00:10:04,520 --> 00:10:07,080 Speaker 7: I mean, listen, if there was an easy solution to this, 222 00:10:07,120 --> 00:10:09,920 Speaker 7: I think we'd have it by now. The NCAA is 223 00:10:09,960 --> 00:10:11,760 Speaker 7: going back and forth to the Supreme Court. It feels 224 00:10:11,800 --> 00:10:13,920 Speaker 7: like every other week on what it can regulate and 225 00:10:13,960 --> 00:10:17,000 Speaker 7: what it can't regulate. What that means for the athletes, 226 00:10:17,200 --> 00:10:19,199 Speaker 7: it's a great time. It's a great time. You can 227 00:10:19,200 --> 00:10:21,679 Speaker 7: get money just about everywhere legally. I mean there's, yes, 228 00:10:21,720 --> 00:10:23,920 Speaker 7: there's some infractions here and there. But if you want 229 00:10:23,920 --> 00:10:25,760 Speaker 7: to go into sports as a college athlete right now, 230 00:10:25,760 --> 00:10:27,440 Speaker 7: the reality is you can go to Wretgers get one 231 00:10:27,480 --> 00:10:29,439 Speaker 7: hundred thousand dollars, you can go to Texas get five 232 00:10:29,520 --> 00:10:31,280 Speaker 7: hundred thousand dollars, and then you can go to Florida 233 00:10:31,320 --> 00:10:33,200 Speaker 7: and get one point five million and never touch the 234 00:10:33,280 --> 00:10:35,520 Speaker 7: NFL YE nineteen. 235 00:10:35,200 --> 00:10:36,679 Speaker 6: And having that, I mean like, no way would I 236 00:10:36,720 --> 00:10:37,079 Speaker 6: know what to. 237 00:10:37,040 --> 00:10:39,480 Speaker 5: Do going back to school. Yes, I'm going back to school. 238 00:10:39,600 --> 00:10:42,440 Speaker 3: Definitely, sports them up me and soccer and we'll talk 239 00:10:42,480 --> 00:10:44,880 Speaker 3: to Britney Whiteside actually just right after this break, so 240 00:10:45,520 --> 00:10:46,080 Speaker 3: great stuff. 241 00:10:46,120 --> 00:10:47,640 Speaker 6: Thank you so much, Randall, really appreciate it. 242 00:10:47,640 --> 00:10:50,280 Speaker 3: Good luck today, enjoy yourself, looking forward to the rest 243 00:10:50,280 --> 00:10:52,800 Speaker 3: of the panels from Bloomberg. 244 00:10:54,160 --> 00:10:58,040 Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live 245 00:10:58,120 --> 00:11:01,480 Speaker 1: weekdays at ten am Eastern car Playing and broud Otto 246 00:11:01,559 --> 00:11:04,520 Speaker 1: with the Bloomberg Business app. Listen on demand wherever you 247 00:11:04,559 --> 00:11:08,240 Speaker 1: get your podcasts, or watch us live on YouTube. 248 00:11:09,160 --> 00:11:13,160 Speaker 3: Alex Steel here alongside Paul Sweeney. We are live at 249 00:11:13,160 --> 00:11:16,120 Speaker 3: the Bloomberg Power Players at Bloomberg Global Headquarters right here 250 00:11:16,120 --> 00:11:18,400 Speaker 3: in New York. The some is bringing together industry leaders 251 00:11:18,679 --> 00:11:21,760 Speaker 3: at the intersection of sports, business and technology. 252 00:11:21,880 --> 00:11:22,360 Speaker 6: AKA. 253 00:11:22,440 --> 00:11:25,120 Speaker 3: This is the day where Alex learns more things about sports. Yes, 254 00:11:25,240 --> 00:11:27,520 Speaker 3: I think everyone will be very helpful to hear about. 255 00:11:27,600 --> 00:11:30,520 Speaker 3: Joining us now is Brittany Whiteside. She is vice president 256 00:11:30,520 --> 00:11:33,680 Speaker 3: of All Sports Partners and she has a long career 257 00:11:34,040 --> 00:11:37,800 Speaker 3: in this area. Before this, she was at trustee of 258 00:11:37,840 --> 00:11:40,880 Speaker 3: Whiteside served as an executive Associate Athletes Director at the 259 00:11:40,960 --> 00:11:44,200 Speaker 3: University of Virginia and Charlesville. She was also a member 260 00:11:44,240 --> 00:11:47,000 Speaker 3: of the department's executive Leadership team and has been deeply 261 00:11:47,000 --> 00:11:49,680 Speaker 3: involved in college sports for quite a long time. 262 00:11:49,720 --> 00:11:51,240 Speaker 6: Brittany, thank you so much for joining us. 263 00:11:51,280 --> 00:11:52,160 Speaker 8: Thank you for having me. 264 00:11:52,200 --> 00:11:54,160 Speaker 3: Okay, this is where you get dumb stuff down for me. So, 265 00:11:54,240 --> 00:11:57,640 Speaker 3: college sports, I know is definitely changing. How is it 266 00:11:57,720 --> 00:11:59,480 Speaker 3: changing and how quickly is it changing? 267 00:12:00,000 --> 00:12:02,040 Speaker 8: You know, it is changing rapidly. 268 00:12:02,200 --> 00:12:04,400 Speaker 9: Probably in the last three years we've seen some of 269 00:12:04,440 --> 00:12:07,040 Speaker 9: the most change in college sports, but also in an 270 00:12:07,080 --> 00:12:10,480 Speaker 9: industry at large, we have the implementation of nil I'm 271 00:12:10,480 --> 00:12:11,360 Speaker 9: sure you've heard of that. 272 00:12:11,360 --> 00:12:13,040 Speaker 8: That's a buzzword right now. 273 00:12:13,160 --> 00:12:16,680 Speaker 9: Athletes can earn money off of their name, image and likeness. 274 00:12:16,679 --> 00:12:19,679 Speaker 9: And so when you talk about college athletics and change 275 00:12:19,679 --> 00:12:21,880 Speaker 9: and you think about that in the last year, in 276 00:12:21,920 --> 00:12:24,480 Speaker 9: the last three years, that's the biggest change. And now 277 00:12:24,520 --> 00:12:26,480 Speaker 9: we're at a point where we continue to see the 278 00:12:26,559 --> 00:12:29,280 Speaker 9: change and you have the House settlement where schools may 279 00:12:29,600 --> 00:12:33,600 Speaker 9: be able to now pay athletes directly, and so as 280 00:12:33,640 --> 00:12:36,080 Speaker 9: you think about college athletics and the business model, it 281 00:12:36,120 --> 00:12:38,920 Speaker 9: is completely shifted and leaders across the country are preparing 282 00:12:38,960 --> 00:12:39,800 Speaker 9: for that all right. 283 00:12:39,840 --> 00:12:41,960 Speaker 5: To me, it's all about the economics, and I think 284 00:12:42,000 --> 00:12:45,319 Speaker 5: most people agree that given the money behind big time 285 00:12:45,360 --> 00:12:48,679 Speaker 5: college sports, that in fact, the athletes should be compensated 286 00:12:48,800 --> 00:12:52,319 Speaker 5: for that. The question is, is nil the way it 287 00:12:52,360 --> 00:12:55,960 Speaker 5: doesn't seem like it. It seems like rudimentary at best. 288 00:12:56,360 --> 00:13:00,520 Speaker 5: You've got there's no regulation, there's no way to ensure 289 00:13:00,520 --> 00:13:02,920 Speaker 5: and even playing field. Where do we go from here? 290 00:13:02,960 --> 00:13:04,920 Speaker 5: It seems like we opened up Pandora's box and we 291 00:13:04,960 --> 00:13:05,559 Speaker 5: have no idea. 292 00:13:05,720 --> 00:13:07,280 Speaker 8: Yeah, well, I agree with you. 293 00:13:07,440 --> 00:13:09,400 Speaker 9: It is the right thing for athletes to be able 294 00:13:09,440 --> 00:13:11,960 Speaker 9: to earn money off of their name, image and likeness. 295 00:13:11,960 --> 00:13:14,840 Speaker 9: So but to be able to monetize that right nil 296 00:13:14,960 --> 00:13:17,079 Speaker 9: was the first step in that the ability for athletes 297 00:13:17,120 --> 00:13:19,600 Speaker 9: to go out and to earn income, whether that is 298 00:13:19,640 --> 00:13:22,880 Speaker 9: through working with brands or in some spaces you probably 299 00:13:22,880 --> 00:13:25,040 Speaker 9: heard of collectives in this space as well, you know, 300 00:13:25,120 --> 00:13:28,679 Speaker 9: helping athletes generate money off their name, image and likeness. 301 00:13:28,720 --> 00:13:29,720 Speaker 8: Where do we go from here? 302 00:13:30,040 --> 00:13:32,600 Speaker 9: You know, we have the pending House settlement, which as 303 00:13:32,600 --> 00:13:37,320 Speaker 9: we sit today, the judge will hear arguments against the 304 00:13:37,320 --> 00:13:40,280 Speaker 9: fairness of that House settlement. Right, House settlement is really 305 00:13:40,320 --> 00:13:43,439 Speaker 9: the next step in the framework for college athletes and 306 00:13:43,760 --> 00:13:47,439 Speaker 9: athletic departments to be able to share in that revenue. 307 00:13:47,520 --> 00:13:50,320 Speaker 9: Right it's a revenue sharing proposal and so in terms 308 00:13:50,360 --> 00:13:53,200 Speaker 9: of next steps, right now it is depending house settlement 309 00:13:53,520 --> 00:13:55,560 Speaker 9: and next steps for athletes to be able to be 310 00:13:55,679 --> 00:13:59,679 Speaker 9: paid directly from institutions versus brands and collectives and all 311 00:13:59,679 --> 00:14:02,440 Speaker 9: of the other areas, and then there will be some 312 00:14:02,800 --> 00:14:04,840 Speaker 9: upcoming regulation to that as well. 313 00:14:06,000 --> 00:14:08,240 Speaker 3: What about I mean that this is tied to a 314 00:14:08,280 --> 00:14:11,280 Speaker 3: college or university is also just so odd, Like this 315 00:14:11,400 --> 00:14:13,520 Speaker 3: is like a professional business that one can be a 316 00:14:13,520 --> 00:14:15,200 Speaker 3: part of, but yet you're going to be nineteen years 317 00:14:15,240 --> 00:14:17,800 Speaker 3: old also expecting to like go get your GPA and 318 00:14:17,840 --> 00:14:20,080 Speaker 3: do well in school. How does all of this going 319 00:14:20,120 --> 00:14:20,800 Speaker 3: to coexist? 320 00:14:21,120 --> 00:14:23,560 Speaker 9: You know it has coexisted now for a while, and 321 00:14:23,720 --> 00:14:26,200 Speaker 9: you know that was a major concern of mine early on. 322 00:14:26,760 --> 00:14:27,760 Speaker 8: Is how are athletes? 323 00:14:27,760 --> 00:14:29,920 Speaker 9: How are college students going to be able to navigate this? 324 00:14:30,000 --> 00:14:32,400 Speaker 9: And what we've seen is they've been don't handle it well. 325 00:14:32,520 --> 00:14:35,240 Speaker 9: Some of them engage in the NIL space and do 326 00:14:35,360 --> 00:14:37,600 Speaker 9: so in a way and meaningful ways where they're getting 327 00:14:37,680 --> 00:14:40,600 Speaker 9: internships and opportunities and skill sets that they did not 328 00:14:40,720 --> 00:14:41,000 Speaker 9: have the. 329 00:14:40,960 --> 00:14:42,080 Speaker 8: Opportunity to get before. 330 00:14:42,280 --> 00:14:44,440 Speaker 9: So when you think about NIL, you think about managing 331 00:14:44,480 --> 00:14:47,440 Speaker 9: your brand, you think about negotiating all of those skills 332 00:14:47,480 --> 00:14:49,680 Speaker 9: are skills that you need for life, and so as 333 00:14:49,720 --> 00:14:52,080 Speaker 9: part of being a student, part of that is preparing 334 00:14:52,080 --> 00:14:55,080 Speaker 9: for life after you know, your time on campus for 335 00:14:55,120 --> 00:14:58,720 Speaker 9: four or five years, and so NIL in many ways 336 00:14:58,800 --> 00:15:01,760 Speaker 9: has been handled for student has a great opportunity for 337 00:15:01,800 --> 00:15:04,240 Speaker 9: them to leverage their their brand and be able to 338 00:15:04,360 --> 00:15:06,880 Speaker 9: generate money and help prepare them for a future. 339 00:15:07,160 --> 00:15:09,680 Speaker 5: What's the I guess the other big issue in college 340 00:15:09,680 --> 00:15:12,280 Speaker 5: athletics has been the realignment of conferences. And now we've 341 00:15:12,320 --> 00:15:16,280 Speaker 5: got my poor you know, Rutgers field hockey team sleeping 342 00:15:16,280 --> 00:15:18,160 Speaker 5: on the floor of Newark Airport because they're taking a 343 00:15:18,160 --> 00:15:22,400 Speaker 5: flight out to Stanford Stanford in Palo Alto. What's going 344 00:15:22,440 --> 00:15:24,680 Speaker 5: on there? Where? How is this going to evolve? Do 345 00:15:24,720 --> 00:15:24,960 Speaker 5: you think? 346 00:15:25,160 --> 00:15:25,280 Speaker 10: Wait? 347 00:15:25,320 --> 00:15:26,800 Speaker 6: Wait, why is that bad? 348 00:15:26,240 --> 00:15:29,640 Speaker 5: Because now Stanford on the West Coast is now part 349 00:15:29,720 --> 00:15:33,920 Speaker 5: of the ACC for so they got to go fly 350 00:15:34,000 --> 00:15:37,400 Speaker 5: from Palo Alto to Durham, North Carolina. And I can 351 00:15:37,480 --> 00:15:39,240 Speaker 5: understand that for the football team they're on a charter 352 00:15:39,320 --> 00:15:41,360 Speaker 5: jet all kind of same thing for basketball. But I thought, 353 00:15:41,400 --> 00:15:43,720 Speaker 5: for like the smaller sports, how is this impacting? 354 00:15:44,320 --> 00:15:47,120 Speaker 9: Yeah, you know, that's an interesting dynamic when you think 355 00:15:47,120 --> 00:15:49,560 Speaker 9: about some of the Olympic sports, right, yeah, and you 356 00:15:49,600 --> 00:15:51,040 Speaker 9: talked about what are some of the things that we 357 00:15:51,080 --> 00:15:53,040 Speaker 9: still need to figure out in college sports. I think 358 00:15:53,040 --> 00:15:55,480 Speaker 9: that's part of it. Conference realignment as a whole, you know, 359 00:15:55,560 --> 00:15:59,240 Speaker 9: mostly driven by football schools that are competing out the 360 00:15:59,320 --> 00:16:01,920 Speaker 9: highest level, schools that want to compete at the highest level. 361 00:16:02,120 --> 00:16:04,880 Speaker 9: With that comes other Olympic sports that it may not 362 00:16:05,040 --> 00:16:08,200 Speaker 9: make as much sense economically for them to travel or 363 00:16:08,240 --> 00:16:11,360 Speaker 9: for student athlete experience for them to travel. But when 364 00:16:11,360 --> 00:16:13,920 Speaker 9: schools and institutions want to compete at the highest level, 365 00:16:13,920 --> 00:16:15,880 Speaker 9: that is part of it. And so right now many 366 00:16:15,880 --> 00:16:18,240 Speaker 9: schools are having those conversations on where do we want 367 00:16:18,240 --> 00:16:20,120 Speaker 9: to be in this landscape? Do we want to compete 368 00:16:20,120 --> 00:16:22,520 Speaker 9: at the highest level? And if we do, that may 369 00:16:22,560 --> 00:16:25,400 Speaker 9: come with your field hockey team traveling across the country 370 00:16:25,400 --> 00:16:27,400 Speaker 9: to compete against the best in the country. 371 00:16:27,440 --> 00:16:28,840 Speaker 3: But then they still have to go like take a 372 00:16:28,840 --> 00:16:31,240 Speaker 3: test and do grades. I mean, that's that's something else 373 00:16:31,280 --> 00:16:35,320 Speaker 3: you have wi FI Now, fair enough, what do you 374 00:16:35,320 --> 00:16:36,920 Speaker 3: think that athletes could be doing better though? 375 00:16:36,960 --> 00:16:37,320 Speaker 8: Right now? 376 00:16:37,520 --> 00:16:37,680 Speaker 7: Oh? 377 00:16:38,000 --> 00:16:40,320 Speaker 9: You know, it's such a key time for athletes to 378 00:16:40,400 --> 00:16:43,240 Speaker 9: hone in on who they are, their their identity, how 379 00:16:43,280 --> 00:16:45,920 Speaker 9: they can manage themselves because we all knew that grand teams, 380 00:16:46,000 --> 00:16:50,160 Speaker 9: I know, right, But also they are also engaging responsibly 381 00:16:50,200 --> 00:16:52,040 Speaker 9: and thinking about like, what are some of the brands 382 00:16:52,080 --> 00:16:54,520 Speaker 9: that I work with on or you know a coffee 383 00:16:54,520 --> 00:16:56,640 Speaker 9: shop that I always go to, a local coffee shop, 384 00:16:56,840 --> 00:16:59,720 Speaker 9: how can I utilize my NIL with that local coffee 385 00:16:59,720 --> 00:17:03,320 Speaker 9: shop to create a partnership, right, And so you know 386 00:17:03,600 --> 00:17:05,280 Speaker 9: that's how athletes are navigating it now. 387 00:17:05,280 --> 00:17:06,880 Speaker 8: They're navigating at the local level. 388 00:17:06,880 --> 00:17:09,680 Speaker 9: And then also they have schools that are putting resources 389 00:17:09,720 --> 00:17:12,760 Speaker 9: together to help educate them on how to really navigate 390 00:17:12,760 --> 00:17:14,320 Speaker 9: it in a way that is best for them. 391 00:17:14,600 --> 00:17:17,160 Speaker 5: What do you advise schools to do as they think 392 00:17:17,200 --> 00:17:20,720 Speaker 5: about how to really implement an NIL and take care 393 00:17:20,720 --> 00:17:22,560 Speaker 5: of their student athletes? What are you recommending? Is that 394 00:17:22,640 --> 00:17:23,720 Speaker 5: kind of an overaarching view. 395 00:17:23,840 --> 00:17:27,000 Speaker 9: Yeah, absolutely, it always starts with education, and so early on, 396 00:17:27,080 --> 00:17:31,080 Speaker 9: it's educating the athletes on what NIO is, what it isn't, 397 00:17:31,359 --> 00:17:34,359 Speaker 9: how to build their brand, how social media plays into this, 398 00:17:34,520 --> 00:17:37,639 Speaker 9: how this entire ecosystem works. The second part of that 399 00:17:37,720 --> 00:17:40,800 Speaker 9: is as a department, to really hone in on your strategy, 400 00:17:41,000 --> 00:17:43,520 Speaker 9: how are you going to invest in the resources for 401 00:17:43,600 --> 00:17:46,119 Speaker 9: your athletes to be successful in this space like you 402 00:17:46,119 --> 00:17:48,320 Speaker 9: would in strength and conditioning, like you would in nutrition. 403 00:17:48,640 --> 00:17:51,000 Speaker 9: This is another part of the student and athlete experience 404 00:17:51,240 --> 00:17:54,480 Speaker 9: that as an institution, it's your responsibility to invest in 405 00:17:54,480 --> 00:17:58,560 Speaker 9: in resources so athletes can really optimize their nil while they're. 406 00:17:58,359 --> 00:17:59,120 Speaker 8: On their campus. 407 00:17:59,280 --> 00:18:01,199 Speaker 9: And for some of that athletes, this is their you know, 408 00:18:01,280 --> 00:18:02,960 Speaker 9: this is their time to earn their prime time. 409 00:18:03,040 --> 00:18:05,720 Speaker 8: This isn't their prime time. Some are competing at a. 410 00:18:05,760 --> 00:18:09,280 Speaker 9: National level on TV, and so as an institution, it's like, 411 00:18:09,359 --> 00:18:13,040 Speaker 9: how can we utilize our network, our resources, our institution 412 00:18:13,160 --> 00:18:16,760 Speaker 9: ip to help athletes generate revenue and generate income for themselves. 413 00:18:16,800 --> 00:18:18,119 Speaker 3: Well, because that's why we see a lot of like 414 00:18:18,840 --> 00:18:22,480 Speaker 3: former pro athletes now investing because they they were able 415 00:18:22,520 --> 00:18:24,240 Speaker 3: to take control of their money and they have so 416 00:18:24,280 --> 00:18:26,399 Speaker 3: many stories Like when we talk to a Rod like 417 00:18:26,440 --> 00:18:28,119 Speaker 3: a few months ago, they have so many stories of 418 00:18:28,160 --> 00:18:30,160 Speaker 3: their peers that were you know, given all this money 419 00:18:30,160 --> 00:18:31,840 Speaker 3: in a really short amount of time and your earning 420 00:18:31,840 --> 00:18:34,280 Speaker 3: power so limited when you're so young, and then it's 421 00:18:34,280 --> 00:18:36,879 Speaker 3: like gone, Like it's it's not a sustainable business model. 422 00:18:36,920 --> 00:18:39,879 Speaker 3: Like Paul and I might have, what do you think 423 00:18:39,920 --> 00:18:42,960 Speaker 3: that the media rights world, like as we change from 424 00:18:43,000 --> 00:18:46,960 Speaker 3: traditional TV to streaming all that. How is that impacting 425 00:18:47,000 --> 00:18:47,880 Speaker 3: college sports? 426 00:18:48,080 --> 00:18:50,480 Speaker 9: I think it will continue to evolve, and that's happening 427 00:18:50,480 --> 00:18:53,200 Speaker 9: in college sports at the conference level as the conferences 428 00:18:53,320 --> 00:18:56,919 Speaker 9: really hold the media rights to to the to those 429 00:18:57,080 --> 00:19:00,080 Speaker 9: to those sports in that entertainment space, right, and so 430 00:19:00,080 --> 00:19:02,400 Speaker 9: I think it will continue to evolve. I think it's 431 00:19:02,400 --> 00:19:04,800 Speaker 9: going to continue to be a big money area in 432 00:19:04,800 --> 00:19:07,080 Speaker 9: college athletics is the media rights. 433 00:19:07,920 --> 00:19:09,960 Speaker 8: And I think it's to be determined. 434 00:19:09,520 --> 00:19:13,480 Speaker 9: On what the future structure of FBS football looks like, 435 00:19:13,600 --> 00:19:16,159 Speaker 9: and some in college basketball and those other things that 436 00:19:16,240 --> 00:19:18,800 Speaker 9: really may take form as some of these media contracts 437 00:19:18,920 --> 00:19:21,800 Speaker 9: are coming up from renegotiation in the coming years. 438 00:19:21,880 --> 00:19:24,879 Speaker 5: How about thee We all think about football and basketball 439 00:19:25,000 --> 00:19:28,720 Speaker 5: driving it. How about the nil and the money? Is 440 00:19:28,760 --> 00:19:31,679 Speaker 5: it there for women's sports? Is it there for the 441 00:19:31,680 --> 00:19:33,720 Speaker 5: Olympic sports as you refer to them. Is it Is 442 00:19:33,760 --> 00:19:36,800 Speaker 5: it trickling down to the non football bat basketball team? 443 00:19:36,880 --> 00:19:37,040 Speaker 11: Yeah? 444 00:19:37,600 --> 00:19:40,560 Speaker 9: Yes, with the institutions we work with, we are seeing 445 00:19:40,680 --> 00:19:43,400 Speaker 9: it trickle down now, not at the same level as 446 00:19:43,520 --> 00:19:47,639 Speaker 9: football and men's basketball, but we are seeing athletes in 447 00:19:47,720 --> 00:19:50,520 Speaker 9: Olympic sports, primarily women's sports. We just had a school 448 00:19:50,520 --> 00:19:53,240 Speaker 9: that announced that they had a women's sports sponsorship that 449 00:19:53,400 --> 00:19:57,720 Speaker 9: included nil, right, And so you are seeing more brands. 450 00:19:58,359 --> 00:20:00,560 Speaker 9: And I also believe that women's sport are doing a 451 00:20:00,600 --> 00:20:03,600 Speaker 9: really good job of leveraging their their their personal brands 452 00:20:03,680 --> 00:20:06,120 Speaker 9: and they're really figuring that out earlier, right, And it's 453 00:20:06,119 --> 00:20:08,760 Speaker 9: a time for women's sports right now. So there's definitely 454 00:20:08,760 --> 00:20:11,159 Speaker 9: more attention and support and that is trickling down to 455 00:20:11,440 --> 00:20:13,720 Speaker 9: two women athletes on campuses as well. 456 00:20:14,000 --> 00:20:17,560 Speaker 3: So how does that how does the partnership wind up starting? 457 00:20:17,640 --> 00:20:19,840 Speaker 3: Like is it the athlete taking control and going, like 458 00:20:19,880 --> 00:20:21,960 Speaker 3: you said, the local coffee shop, et cetera, being like, hey, 459 00:20:21,960 --> 00:20:24,560 Speaker 3: here's what I got for you? Or is it you know, 460 00:20:24,760 --> 00:20:26,359 Speaker 3: someone goes to watch a game and they're like that 461 00:20:26,400 --> 00:20:27,280 Speaker 3: athlete's awesome. 462 00:20:27,320 --> 00:20:28,600 Speaker 6: Are they like their personality? 463 00:20:28,680 --> 00:20:28,760 Speaker 11: Like? 464 00:20:28,760 --> 00:20:31,320 Speaker 6: How does that evolve? So it is both. 465 00:20:31,400 --> 00:20:33,320 Speaker 9: So part of it is on the athlete, and athletes 466 00:20:33,359 --> 00:20:36,640 Speaker 9: that do well are are are reaching out the brand means. 467 00:20:36,680 --> 00:20:39,199 Speaker 9: Some of them have representations, some of them have agents 468 00:20:39,200 --> 00:20:41,919 Speaker 9: that are negotiating partnerships with them. And then you have 469 00:20:42,000 --> 00:20:44,159 Speaker 9: the school and you have donors and supporters that have 470 00:20:44,280 --> 00:20:49,840 Speaker 9: created these these businesses, these enterprises called collectives that if 471 00:20:49,840 --> 00:20:52,040 Speaker 9: they have a donor that wants to support that athlete 472 00:20:52,080 --> 00:20:54,480 Speaker 9: or that sport, that donor would give to that collective 473 00:20:54,520 --> 00:20:56,600 Speaker 9: and then they would you know, find opportunities for the 474 00:20:56,640 --> 00:20:58,399 Speaker 9: athlete to get that money. 475 00:20:58,800 --> 00:21:02,120 Speaker 5: And it seems like the collectives I'm seeing it, I'm 476 00:21:02,119 --> 00:21:04,200 Speaker 5: hearing it and reading about it. There's definitely the haves 477 00:21:04,240 --> 00:21:04,840 Speaker 5: and have nots. 478 00:21:04,960 --> 00:21:05,359 Speaker 8: For sure. 479 00:21:06,240 --> 00:21:09,639 Speaker 5: A certain school that I'm familiar with, their collective in 480 00:21:09,680 --> 00:21:12,800 Speaker 5: their first year just dwarfed everybody else and it's it's 481 00:21:12,840 --> 00:21:15,800 Speaker 5: a handful of phone calls. That doesn't feel right. 482 00:21:16,040 --> 00:21:19,800 Speaker 6: Yeah, how does that change? How does that Well, it. 483 00:21:19,680 --> 00:21:22,520 Speaker 5: Goes come directly from the university. Yeah, so you'll take 484 00:21:22,560 --> 00:21:23,760 Speaker 5: out the collective as a mini. 485 00:21:24,080 --> 00:21:27,920 Speaker 9: Yeah, you know, there there are certain things that may 486 00:21:28,560 --> 00:21:31,640 Speaker 9: regulate that collective space a little bit more. But right now, 487 00:21:31,680 --> 00:21:33,919 Speaker 9: you know, as you have the pending House settlement, schools 488 00:21:33,920 --> 00:21:36,360 Speaker 9: will be able to share in that revenue directly with athletes. 489 00:21:36,840 --> 00:21:39,320 Speaker 9: So you still will have collectives in the space, right 490 00:21:39,359 --> 00:21:42,280 Speaker 9: that will have play some role. But long term, you know, 491 00:21:42,359 --> 00:21:44,479 Speaker 9: it's really to be determined on what that looks like, 492 00:21:44,800 --> 00:21:47,720 Speaker 9: as there may be more regulation coming in that space. 493 00:21:47,960 --> 00:21:51,000 Speaker 5: You're absolutely right that change in college sports is just 494 00:21:51,640 --> 00:21:55,280 Speaker 5: meaning so, I mean, it just seems like how how 495 00:21:55,320 --> 00:21:56,560 Speaker 5: these universities are going to deal with it. 496 00:21:56,680 --> 00:21:58,680 Speaker 6: You know, I should have put my daughter in something. 497 00:21:59,040 --> 00:21:59,800 Speaker 6: She was three. 498 00:22:00,119 --> 00:22:00,439 Speaker 8: Darn it. 499 00:22:00,960 --> 00:22:03,920 Speaker 3: Hey, Brittany really appreciated. Thanks very much, Brittany Whiteside, Vice President. 500 00:22:03,960 --> 00:22:04,200 Speaker 8: Thank you. 501 00:22:04,240 --> 00:22:07,480 Speaker 3: Altia's sports partners are really great conversation. 502 00:22:07,040 --> 00:22:12,360 Speaker 1: There, you're listening to the Bloomberg Intelligence Podcast. Catch us 503 00:22:12,400 --> 00:22:15,800 Speaker 1: live weekdays at ten am Eastern on applecard Play and 504 00:22:15,800 --> 00:22:18,720 Speaker 1: Android Auto with the Bloomberg Business App. You can also 505 00:22:18,800 --> 00:22:21,960 Speaker 1: listen live on Amazon Alexa from our flagship New York 506 00:22:22,040 --> 00:22:25,399 Speaker 1: station just Say Alexa playing Bloomberg eleven thirty. 507 00:22:26,680 --> 00:22:30,320 Speaker 5: We are broadcasting live from the Bloomberg Power Players Conference 508 00:22:30,440 --> 00:22:33,720 Speaker 5: at Bloomberg Global Headquarters in Midtown Manhattan, bringing together a 509 00:22:33,760 --> 00:22:36,760 Speaker 5: lot of the smart folks in the business of sports, 510 00:22:36,800 --> 00:22:39,520 Speaker 5: the technology of sports, and the competitiveness and the economics 511 00:22:39,560 --> 00:22:42,560 Speaker 5: of sport. I'll tell you what, in the last three 512 00:22:42,600 --> 00:22:46,320 Speaker 5: or four years, women's sports in terms of popularity, audience 513 00:22:46,400 --> 00:22:49,240 Speaker 5: ratings just I'm not going to say exploded, but really 514 00:22:49,440 --> 00:22:52,679 Speaker 5: had a noticeable surge. In my opinion, thank for example, 515 00:22:52,720 --> 00:22:55,280 Speaker 5: Caitlin Clark with the basketball but I think it all 516 00:22:55,280 --> 00:22:58,359 Speaker 5: started with women's soccer, the success of the US women's 517 00:22:58,359 --> 00:23:01,360 Speaker 5: soccer programs team in the Olympics, in a World Cup 518 00:23:01,400 --> 00:23:03,359 Speaker 5: and all that kind of stuff, and now the National 519 00:23:03,440 --> 00:23:05,720 Speaker 5: Women's Soccer League. Jessica Berman joins us. She is the 520 00:23:05,760 --> 00:23:08,879 Speaker 5: commissioner of the National Women's Soccer League. She joins us 521 00:23:08,880 --> 00:23:12,040 Speaker 5: here at our Bloomberg conference. Jessica, talk to us about 522 00:23:12,720 --> 00:23:15,760 Speaker 5: the state of the National Women's Soccer League here in US. 523 00:23:15,760 --> 00:23:19,080 Speaker 5: It seems like it's just growing dramatically. And I know 524 00:23:19,119 --> 00:23:21,240 Speaker 5: you've got some news about some ownership out on the 525 00:23:21,280 --> 00:23:23,880 Speaker 5: West Coast which really caught my attention being a former 526 00:23:23,920 --> 00:23:26,239 Speaker 5: analyst covering the Walt Disney company. But talk to us 527 00:23:26,240 --> 00:23:28,159 Speaker 5: about the league right now. In women's soccer. 528 00:23:28,680 --> 00:23:31,760 Speaker 11: In the last two and a half years, it is true. 529 00:23:32,000 --> 00:23:34,880 Speaker 11: I think women's sports and the National Women's Soccer League 530 00:23:34,880 --> 00:23:38,280 Speaker 11: in particular, has exploded. We've reached this inflection point where 531 00:23:38,440 --> 00:23:40,840 Speaker 11: it is no longer a question whether investing in women's 532 00:23:40,840 --> 00:23:44,639 Speaker 11: sports is a good business investment. And because of that, 533 00:23:45,080 --> 00:23:48,200 Speaker 11: the money has followed. And we're looking at our ownership 534 00:23:48,200 --> 00:23:52,560 Speaker 11: group across all of our teams, fourteen teams across the country, 535 00:23:52,720 --> 00:23:57,800 Speaker 11: and we have the right capital and strategic investors around 536 00:23:57,800 --> 00:24:00,520 Speaker 11: the table to really build for the future. About our 537 00:24:01,119 --> 00:24:04,600 Speaker 11: recent announcement this morning, Bob Iger and will Obey are 538 00:24:04,640 --> 00:24:06,360 Speaker 11: now the control owners. 539 00:24:06,400 --> 00:24:08,080 Speaker 12: It is a boom, it is a mic drop. 540 00:24:09,040 --> 00:24:11,360 Speaker 11: Are now the controlling owners of Angel City, which are 541 00:24:11,720 --> 00:24:16,000 Speaker 11: the highest enterprise value women's sports team in the world, 542 00:24:16,840 --> 00:24:20,959 Speaker 11: traded for two hundred and fifty million dollars. And you know, 543 00:24:21,000 --> 00:24:24,800 Speaker 11: this is a league that launched twelve years ago. 544 00:24:25,000 --> 00:24:26,679 Speaker 12: Angel City is only. 545 00:24:26,440 --> 00:24:30,160 Speaker 11: Three years old, So jealousy if you put that side 546 00:24:30,200 --> 00:24:31,879 Speaker 11: by side with the men's leagues that have been around 547 00:24:31,880 --> 00:24:34,560 Speaker 11: for decades, some more than one hundred years, it's really 548 00:24:34,600 --> 00:24:37,199 Speaker 11: incredible to see the amount of growth. We also announced 549 00:24:37,240 --> 00:24:40,000 Speaker 11: this morning that Magic Johnson is an investor in the 550 00:24:40,040 --> 00:24:43,720 Speaker 11: Washington Spirit with Michelle Kang. So the type of owners 551 00:24:43,760 --> 00:24:46,439 Speaker 11: who are coming to the table to really invest in 552 00:24:46,480 --> 00:24:50,080 Speaker 11: this is really driven by the future vision of you 553 00:24:50,320 --> 00:24:52,800 Speaker 11: that we really can be the best league in the world, 554 00:24:52,880 --> 00:24:55,919 Speaker 11: and because of the backdrop, as you mentioned of women's soccer, 555 00:24:56,080 --> 00:24:59,480 Speaker 11: it's just an incredible moment to be part of witnessing 556 00:24:59,520 --> 00:25:00,000 Speaker 11: this growth. 557 00:25:00,080 --> 00:25:02,359 Speaker 6: Well, I was going to ask as to the why 558 00:25:02,480 --> 00:25:04,880 Speaker 6: now part of it? Is it because you've. 559 00:25:04,680 --> 00:25:08,280 Speaker 3: Had, you know, super good success with some amazing players 560 00:25:08,320 --> 00:25:10,760 Speaker 3: in the game. I also, as a finance nerd am 561 00:25:10,760 --> 00:25:12,600 Speaker 3: going to go back to like the FED had zero 562 00:25:12,640 --> 00:25:14,359 Speaker 3: interest rates for a really long time. There's a lot 563 00:25:14,400 --> 00:25:15,680 Speaker 3: of money that need to be put to work that 564 00:25:15,760 --> 00:25:17,359 Speaker 3: needed a good return because you couldn't put it in 565 00:25:17,359 --> 00:25:19,040 Speaker 3: the bond market like that kind of stuff. Like what 566 00:25:19,080 --> 00:25:21,880 Speaker 3: are you hearing as to why people with money think 567 00:25:21,960 --> 00:25:23,240 Speaker 3: this is a good investment now? 568 00:25:23,720 --> 00:25:27,320 Speaker 11: I think if you look on a longitudinal basis, particularly 569 00:25:27,359 --> 00:25:31,600 Speaker 11: at men's sports as a parallel over the course of decades, 570 00:25:31,960 --> 00:25:36,560 Speaker 11: it outperforms every other asset class on a long term basis, 571 00:25:36,600 --> 00:25:41,159 Speaker 11: and so you've often seen investors who are long range 572 00:25:41,280 --> 00:25:44,720 Speaker 11: in their thinking around putting capital to work invest in 573 00:25:44,720 --> 00:25:47,800 Speaker 11: sports and see incredible returns. If you look at that 574 00:25:47,880 --> 00:25:50,760 Speaker 11: compared to the product of women's soccer, there really is 575 00:25:50,760 --> 00:25:54,160 Speaker 11: no reason why we should not be as successful as 576 00:25:54,200 --> 00:25:57,200 Speaker 11: men's sports, particularly in a sport that has the backdrop 577 00:25:57,400 --> 00:26:02,720 Speaker 11: of when you think of success and soccer in the US, 578 00:26:02,800 --> 00:26:06,399 Speaker 11: you actually think of women first, and that really creates 579 00:26:06,400 --> 00:26:09,919 Speaker 11: a unique value proposition that has really woken up the 580 00:26:09,920 --> 00:26:12,679 Speaker 11: investment community to say, if we look at men's sports 581 00:26:12,680 --> 00:26:15,440 Speaker 11: and the way that they've grown in enterprise value on 582 00:26:15,480 --> 00:26:18,639 Speaker 11: an exponential basis over decades, and we are at the 583 00:26:18,640 --> 00:26:21,720 Speaker 11: inception of our growth. There's very few things in the 584 00:26:21,720 --> 00:26:24,359 Speaker 11: world that you can get in at the ground level. 585 00:26:24,400 --> 00:26:26,520 Speaker 11: I think we're definitely beyond the ground level, but we're 586 00:26:26,520 --> 00:26:29,520 Speaker 11: certainly nowhere near the top of our hockey stick growth. 587 00:26:30,040 --> 00:26:34,760 Speaker 5: Media rights, it's the big driver of global sports valuations globally. 588 00:26:35,400 --> 00:26:38,320 Speaker 5: What's the media strategy for US women's the soccer League. 589 00:26:38,480 --> 00:26:42,359 Speaker 11: Yeah, we signed a landmark media deal and announced it 590 00:26:42,400 --> 00:26:46,520 Speaker 11: in November of twenty twenty three. We got a collective 591 00:26:46,640 --> 00:26:50,600 Speaker 11: quarter of a billion dollars invested into our league from 592 00:26:50,840 --> 00:26:57,200 Speaker 11: the combination of CBS, ESPN, Amazon and Script's Ion. And 593 00:26:57,480 --> 00:27:01,120 Speaker 11: in addition to that incredible investment in our league, which 594 00:27:01,160 --> 00:27:03,960 Speaker 11: allow us to put those resources to work to grow 595 00:27:04,000 --> 00:27:07,680 Speaker 11: the league, we've also made the very important strategic decision 596 00:27:07,720 --> 00:27:10,439 Speaker 11: to also invest in ourselves and ensure that our games 597 00:27:10,440 --> 00:27:14,840 Speaker 11: are viewable and discoverable on platforms that are national in 598 00:27:14,960 --> 00:27:18,680 Speaker 11: scope and scale. And so from last year to this year, 599 00:27:18,720 --> 00:27:22,600 Speaker 11: we went from six games being available on national broadcast 600 00:27:22,720 --> 00:27:24,359 Speaker 11: to over one hundred and twenty. 601 00:27:24,760 --> 00:27:24,920 Speaker 8: God. 602 00:27:25,000 --> 00:27:27,800 Speaker 11: So now when you are sitting on your couch, which 603 00:27:27,840 --> 00:27:30,760 Speaker 11: some people still do, and channel surf, which some people 604 00:27:30,800 --> 00:27:32,120 Speaker 11: still do, you. 605 00:27:32,280 --> 00:27:33,280 Speaker 12: Will find our games. 606 00:27:33,440 --> 00:27:35,560 Speaker 11: And if you were watching the US Open the other night, 607 00:27:35,640 --> 00:27:38,199 Speaker 11: which I was, and there was a promo ad to 608 00:27:38,240 --> 00:27:41,240 Speaker 11: tell everyone that you can watch this weekend on ESPN. 609 00:27:41,720 --> 00:27:44,320 Speaker 11: If you were watching CBS Mornings this morning, you saw 610 00:27:44,320 --> 00:27:46,600 Speaker 11: a promo ad that you can watch the NWSL on 611 00:27:46,640 --> 00:27:49,800 Speaker 11: Saturday on CBS. And so we are in the places 612 00:27:49,840 --> 00:27:53,040 Speaker 11: and spaces where people consume live content, and that will 613 00:27:53,040 --> 00:27:55,080 Speaker 11: help us to catalyze the growth of our audience. 614 00:27:55,200 --> 00:27:58,199 Speaker 3: So I don't have cable, So what about streaming? Like, 615 00:27:58,200 --> 00:27:59,640 Speaker 3: how can I find it on my Apple TV? 616 00:28:00,359 --> 00:28:02,719 Speaker 11: Yeah, so all of our CBS games are also on 617 00:28:02,840 --> 00:28:06,000 Speaker 11: Paramount plus. All of our ABC and ESPN games are 618 00:28:06,080 --> 00:28:09,760 Speaker 11: also on ESPN plus all of our games on scripts Ion. 619 00:28:10,000 --> 00:28:12,520 Speaker 11: You can also walk through like a Pluto TV or 620 00:28:12,600 --> 00:28:16,680 Speaker 11: other all their streaming apps that provide access to over 621 00:28:16,720 --> 00:28:20,720 Speaker 11: the air platforms. And obviously Amazon Prime is basically ubiquitous 622 00:28:21,200 --> 00:28:25,200 Speaker 11: with national distribution both streaming and you know anywhere else 623 00:28:25,200 --> 00:28:26,840 Speaker 11: that you would want to watch. 624 00:28:26,680 --> 00:28:28,880 Speaker 5: Jessica, how about talent here at the players? I mean, 625 00:28:29,240 --> 00:28:31,000 Speaker 5: how you could do a whole league with the University 626 00:28:31,000 --> 00:28:33,520 Speaker 5: of North Carolina. That's set such a great program for 627 00:28:33,920 --> 00:28:35,720 Speaker 5: so long, and as a dupe person, I hate to 628 00:28:35,760 --> 00:28:39,280 Speaker 5: admit that, but it's an international game, it's a global game. 629 00:28:39,640 --> 00:28:41,920 Speaker 5: Can international players come here? Because I know that's a 630 00:28:41,960 --> 00:28:44,680 Speaker 5: problem for the men's US Men's League. The US players, 631 00:28:44,960 --> 00:28:46,720 Speaker 5: the great international players don't want to come to the 632 00:28:46,800 --> 00:28:49,360 Speaker 5: US league relative to Europe. What's it like in the 633 00:28:49,400 --> 00:28:52,040 Speaker 5: women's side, Yes, there's that. Well, unless you're at the 634 00:28:52,120 --> 00:28:53,280 Speaker 5: end of your career, you're looking at them. 635 00:28:53,520 --> 00:28:56,440 Speaker 11: Yeah, No, I think that is And I appreciate the 636 00:28:56,480 --> 00:28:58,040 Speaker 11: question because maybe I should have led with that and 637 00:28:58,120 --> 00:29:00,920 Speaker 11: the answer to why now, why invest in the NWSL. 638 00:29:01,360 --> 00:29:03,880 Speaker 11: We are the best league in the world and we 639 00:29:03,920 --> 00:29:06,040 Speaker 11: are at the top of the pyramid as it relates 640 00:29:06,080 --> 00:29:09,680 Speaker 11: to attracting talent, and we have a lot of the 641 00:29:09,680 --> 00:29:12,280 Speaker 11: best players playing here, not just the US one's national team, 642 00:29:12,480 --> 00:29:15,120 Speaker 11: but we look at, for example, the Olympics this summer, 643 00:29:15,520 --> 00:29:18,760 Speaker 11: where we as a league had fifty seven players competing 644 00:29:19,080 --> 00:29:21,840 Speaker 11: for eleven of twelve teams in the Olympics. If you 645 00:29:21,880 --> 00:29:24,840 Speaker 11: looked at the gold medal match, we had the majority 646 00:29:24,880 --> 00:29:27,680 Speaker 11: of the players on the pitch both for Brazil and 647 00:29:27,720 --> 00:29:29,920 Speaker 11: for the US team, we had twenty seven players competing 648 00:29:29,920 --> 00:29:32,200 Speaker 11: between both of those teams, and. 649 00:29:32,160 --> 00:29:33,640 Speaker 12: So we are a global league. 650 00:29:33,640 --> 00:29:37,600 Speaker 11: We've actually recently changed our rules to allow nine players 651 00:29:37,880 --> 00:29:41,720 Speaker 11: on the roster be international players, because we really want 652 00:29:41,920 --> 00:29:43,640 Speaker 11: to be a league that is a destination for the 653 00:29:43,680 --> 00:29:46,720 Speaker 11: top talent in the world, which now is not just 654 00:29:46,760 --> 00:29:47,320 Speaker 11: in the US. 655 00:29:47,400 --> 00:29:49,120 Speaker 12: There there's top talent everywhere. 656 00:29:49,240 --> 00:29:51,560 Speaker 11: This is truly is a global game, and we're excited 657 00:29:51,600 --> 00:29:53,040 Speaker 11: to be a destination for the best players. 658 00:29:53,120 --> 00:29:54,719 Speaker 5: All right, Jessica, thank you so much for joining us. 659 00:29:54,720 --> 00:29:56,680 Speaker 5: Really appreciate it. Jessica Berman. She's a commissioner of the 660 00:29:56,800 --> 00:30:01,160 Speaker 5: National Women's Soccer League. You talk about the gro again 661 00:30:01,360 --> 00:30:04,960 Speaker 5: in my opinion, kind of led by the Women's Soccer 662 00:30:05,600 --> 00:30:08,040 Speaker 5: League and it's just been extraordinary, continues to grow, and 663 00:30:08,600 --> 00:30:10,840 Speaker 5: you know, as a media person, we see the money, 664 00:30:10,880 --> 00:30:13,040 Speaker 5: the rights start to go to a particular sport, that's 665 00:30:13,080 --> 00:30:15,760 Speaker 5: where you know that the growth is and the opportunities, 666 00:30:15,760 --> 00:30:19,360 Speaker 5: and that's certainly the case with the US Women's Soccer League. 667 00:30:19,840 --> 00:30:23,720 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 668 00:30:23,800 --> 00:30:27,320 Speaker 1: weekdays at ten am Eastern on applecar Play and Android 669 00:30:27,360 --> 00:30:30,120 Speaker 1: Auto with the Bloomberg Business App. You can also listen 670 00:30:30,240 --> 00:30:33,360 Speaker 1: live on Amazon Alexa from our flagship New York station. 671 00:30:33,720 --> 00:30:36,480 Speaker 1: Just say Alexa playing Bloomberg eleven thirty. 672 00:30:37,920 --> 00:30:41,040 Speaker 3: All right, Happy Thursday, everybody. I'm Alex Steel alongside Paul Sweeney. 673 00:30:41,080 --> 00:30:44,120 Speaker 3: This is Bloomberg Intelligence Radio and we are broadcasting too 674 00:30:44,200 --> 00:30:47,280 Speaker 3: live from our headquarters right here in New York City 675 00:30:47,320 --> 00:30:51,320 Speaker 3: at the Power Players Conference where we're talking about sports, money, media, 676 00:30:51,720 --> 00:30:55,000 Speaker 3: business and the combination between all of those things. And 677 00:30:55,040 --> 00:30:58,000 Speaker 3: we just spoke to the commissioner of the US Women's 678 00:30:58,560 --> 00:31:00,440 Speaker 3: Soccer League. That was quite interesting in terms of the 679 00:31:00,440 --> 00:31:02,800 Speaker 3: big money coming in in terms like you definitely missed 680 00:31:02,800 --> 00:31:04,959 Speaker 3: the bottom, Like there's money already in there, but if 681 00:31:04,960 --> 00:31:07,840 Speaker 3: you get in now, there's just so much more exponential 682 00:31:07,880 --> 00:31:08,880 Speaker 3: growth that you could see. 683 00:31:09,000 --> 00:31:10,400 Speaker 5: Yeah, and big news coming out of you know, the 684 00:31:10,400 --> 00:31:13,200 Speaker 5: second biggest market in the country, Los Angeles. Bob Iger, 685 00:31:13,280 --> 00:31:15,640 Speaker 5: the chairman CEO of Walt Disney Company, and his wife 686 00:31:15,680 --> 00:31:18,080 Speaker 5: will Obey buying a controlling stake or I think a 687 00:31:18,120 --> 00:31:20,960 Speaker 5: full stick, a complete steak of the Los Angeles franchise. 688 00:31:21,000 --> 00:31:23,760 Speaker 5: So yeah, that is a huge vote of confidence. 689 00:31:23,960 --> 00:31:25,680 Speaker 6: All right, Well, we just talked to the commissioner so 690 00:31:25,760 --> 00:31:27,000 Speaker 6: let's talk to someone who actually. 691 00:31:26,760 --> 00:31:27,080 Speaker 12: Kicks the ball. 692 00:31:27,160 --> 00:31:28,400 Speaker 5: Right, Oh okay, because I think. 693 00:31:28,240 --> 00:31:29,400 Speaker 6: That that's probably a great idea. 694 00:31:29,760 --> 00:31:32,480 Speaker 3: Joining us now is Midge Purse is forward New Jersey, 695 00:31:32,560 --> 00:31:37,080 Speaker 3: New York Gotham FC. She alsos United States women's national 696 00:31:37,160 --> 00:31:40,400 Speaker 3: soccer team. Wow, okay, this is really awesome. Thank you 697 00:31:40,440 --> 00:31:41,400 Speaker 3: so much for joining us. 698 00:31:41,480 --> 00:31:42,680 Speaker 6: Oh no, thank you for having me. 699 00:31:42,880 --> 00:31:46,560 Speaker 3: So can I ask a really dumb soccer question. This 700 00:31:46,760 --> 00:31:48,719 Speaker 3: seems to me to be the hardest sport to play 701 00:31:48,920 --> 00:31:52,320 Speaker 3: because everyone is running all the time. Like it's not 702 00:31:52,360 --> 00:31:53,720 Speaker 3: like when you're in football and you kind of stay 703 00:31:53,760 --> 00:31:56,840 Speaker 3: in a range or like tennis, it's a small area, Like. 704 00:31:56,800 --> 00:32:00,360 Speaker 6: How do you do it? While our coaches make us 705 00:32:00,440 --> 00:32:02,440 Speaker 6: run a lot, right all the time? 706 00:32:02,840 --> 00:32:03,840 Speaker 8: Yes, all the time. 707 00:32:03,880 --> 00:32:06,400 Speaker 13: But I actually what I think is makes it the 708 00:32:06,400 --> 00:32:09,360 Speaker 13: hardest sport is that any other athlete who tries to 709 00:32:09,360 --> 00:32:12,840 Speaker 13: play soccer looks extremely unathletic. Where you can kind of 710 00:32:12,840 --> 00:32:15,800 Speaker 13: fake it if you're playing football or basketball or even 711 00:32:15,880 --> 00:32:18,400 Speaker 13: running track, but you look really anathletic playing soccer unless 712 00:32:18,440 --> 00:32:18,800 Speaker 13: you know it. 713 00:32:19,080 --> 00:32:19,960 Speaker 6: I think that's a good point. 714 00:32:20,000 --> 00:32:21,840 Speaker 5: Mitch, talk to us. We were talking to your commissioner 715 00:32:21,880 --> 00:32:24,360 Speaker 5: about the state of the sport in the league and everything. 716 00:32:24,360 --> 00:32:25,720 Speaker 5: I don't want to talk to you about what it's 717 00:32:25,760 --> 00:32:28,000 Speaker 5: like on the field. Talk to us about the competition, 718 00:32:28,320 --> 00:32:31,480 Speaker 5: the level of competition, where the players come from. What's 719 00:32:31,520 --> 00:32:33,560 Speaker 5: the level of competition on the field. Now you played 720 00:32:33,560 --> 00:32:36,480 Speaker 5: your college soccer at Harvard. What's it like for that 721 00:32:36,560 --> 00:32:37,320 Speaker 5: jump to the pros? 722 00:32:37,720 --> 00:32:41,200 Speaker 13: Oh, the jump is getting bigger and bigger. I think 723 00:32:41,200 --> 00:32:44,160 Speaker 13: the gap between the collegiate game and the professional game 724 00:32:44,200 --> 00:32:46,920 Speaker 13: has only grown over the past couple of years. I 725 00:32:46,920 --> 00:32:48,920 Speaker 13: think when I was coming from college and going to 726 00:32:48,960 --> 00:32:50,680 Speaker 13: pro that jump wasn't as big for me. 727 00:32:50,760 --> 00:32:52,440 Speaker 8: I had a good time my rookie year. 728 00:32:53,160 --> 00:32:56,560 Speaker 13: But now you see people not struggling more, but really 729 00:32:56,600 --> 00:32:59,720 Speaker 13: having to take a little bit more time to get 730 00:32:59,800 --> 00:33:03,240 Speaker 13: to that level and meshin with the rest of the players. 731 00:33:03,640 --> 00:33:05,880 Speaker 3: Do you feel like if I say women's soccer is 732 00:33:05,920 --> 00:33:08,760 Speaker 3: finally having its moment, is it actually finally having its 733 00:33:08,760 --> 00:33:10,400 Speaker 3: moment that's durable in here to day. 734 00:33:11,360 --> 00:33:12,960 Speaker 13: I don't know if I can subscribe to that. 735 00:33:13,120 --> 00:33:13,920 Speaker 6: And I'll tell you why. 736 00:33:14,560 --> 00:33:17,240 Speaker 13: It's because every four years we have the Olympics and 737 00:33:17,280 --> 00:33:19,520 Speaker 13: we have the World Cup, and everyone gets really really 738 00:33:19,560 --> 00:33:24,160 Speaker 13: excited about women's soccer and then it usually dissipates at 739 00:33:24,160 --> 00:33:26,920 Speaker 13: some point. I do think women's sports in general are 740 00:33:27,000 --> 00:33:29,680 Speaker 13: having an incredible moment. I mean you can see it 741 00:33:29,720 --> 00:33:32,120 Speaker 13: with the WNBA, you can see it with like rugby 742 00:33:32,160 --> 00:33:36,160 Speaker 13: and track. I'm with you, I believe in it, but 743 00:33:36,200 --> 00:33:38,720 Speaker 13: I want to wait to see it before I subscribe. 744 00:33:38,800 --> 00:33:41,040 Speaker 5: You've been on the national teams, the US national teams 745 00:33:41,040 --> 00:33:44,880 Speaker 5: for years, so you've seen the global competition and how 746 00:33:45,200 --> 00:33:47,960 Speaker 5: but the US team is, in my opinion, I don't 747 00:33:47,960 --> 00:33:50,200 Speaker 5: know that. I'm not that into it the best team 748 00:33:50,400 --> 00:33:52,720 Speaker 5: for a long time globally in terms of looking at 749 00:33:52,720 --> 00:33:54,600 Speaker 5: the World Cups and so on. Talk to us about 750 00:33:54,600 --> 00:33:56,840 Speaker 5: the growth of soccer internationally outside the US. What are 751 00:33:56,880 --> 00:33:58,960 Speaker 5: you seeing in terms of competitiveness, because I know there 752 00:33:59,000 --> 00:34:01,600 Speaker 5: are a lot of international players in the US league. 753 00:34:01,760 --> 00:34:04,040 Speaker 13: Oh absolutely, And I mean I think you can see 754 00:34:04,040 --> 00:34:06,040 Speaker 13: it even with the last World Cup we had. We 755 00:34:06,480 --> 00:34:09,880 Speaker 13: won this Olympic gold, which is absolutely fantastic, and I 756 00:34:10,000 --> 00:34:12,440 Speaker 13: think anyone who watched the games could see that they 757 00:34:12,440 --> 00:34:16,200 Speaker 13: were difficult games. It wasn't six zero, wasn't five zero, 758 00:34:16,239 --> 00:34:19,279 Speaker 13: wasn't three zero. A couple of Germany games where we 759 00:34:19,280 --> 00:34:23,320 Speaker 13: were in our favor, But in general, it's the competition 760 00:34:23,440 --> 00:34:27,080 Speaker 13: is leveling out, and you know, the global stage is 761 00:34:27,120 --> 00:34:29,520 Speaker 13: getting a lot more Even so, I think even seeing 762 00:34:29,520 --> 00:34:31,279 Speaker 13: a lot of those players come over to our league 763 00:34:31,320 --> 00:34:33,520 Speaker 13: and increase the competitiveness that we have here at home, 764 00:34:34,040 --> 00:34:37,680 Speaker 13: it's really amazing to see the progression of women's sports globally. 765 00:34:38,560 --> 00:34:40,480 Speaker 3: What do you think of the way what do you 766 00:34:40,480 --> 00:34:42,680 Speaker 3: think of the how to monetize that? Like as a player? 767 00:34:43,000 --> 00:34:46,160 Speaker 3: Like we talked to the commissioner, We talked to a 768 00:34:46,200 --> 00:34:49,840 Speaker 3: partner that sort of helps collegiate athletes monetize themselves and 769 00:34:49,920 --> 00:34:51,839 Speaker 3: understand how to do that and works with them, work 770 00:34:51,920 --> 00:34:52,600 Speaker 3: with colleges. 771 00:34:52,800 --> 00:34:55,040 Speaker 6: Do you think this is all being done the right way? 772 00:34:55,880 --> 00:34:58,000 Speaker 13: No, this is great. 773 00:34:58,040 --> 00:34:59,319 Speaker 6: This is why I want to talk to someone who 774 00:34:59,320 --> 00:35:02,320 Speaker 6: actually does this. In short, No, I don't. 775 00:35:02,400 --> 00:35:05,279 Speaker 13: I think that we're still behind in terms of the 776 00:35:05,320 --> 00:35:10,520 Speaker 13: industry approach on how we support players, help players, and 777 00:35:10,560 --> 00:35:13,200 Speaker 13: promote players. I think one of the biggest issues I've 778 00:35:13,200 --> 00:35:16,160 Speaker 13: had with women's sports in general is that the landscape 779 00:35:16,160 --> 00:35:18,400 Speaker 13: for how we market women's sports has always been extremely 780 00:35:18,440 --> 00:35:20,920 Speaker 13: derivative with the landscape of how we market men's sports. 781 00:35:20,920 --> 00:35:24,719 Speaker 13: And shocking, yeah, they say shrink it and pink it 782 00:35:24,880 --> 00:35:27,279 Speaker 13: is something that Michelle King likes to say, and I'll 783 00:35:27,320 --> 00:35:30,080 Speaker 13: take that from her. But it's not even just derivative 784 00:35:30,120 --> 00:35:32,719 Speaker 13: of the men's game, but we're derivative of the European 785 00:35:33,400 --> 00:35:37,440 Speaker 13: format as well. And you know, the American population, this demographic, 786 00:35:37,440 --> 00:35:39,480 Speaker 13: it's a different audience that you need to cater to, 787 00:35:39,640 --> 00:35:41,399 Speaker 13: and I think we need to be just a little 788 00:35:41,440 --> 00:35:43,160 Speaker 13: bit more specific industry wide. 789 00:35:43,000 --> 00:35:43,640 Speaker 8: With how we do that. 790 00:35:44,719 --> 00:35:46,759 Speaker 5: How do you expect the growth of the league to 791 00:35:46,800 --> 00:35:48,520 Speaker 5: be over the next several years, to expect it to 792 00:35:48,520 --> 00:35:51,600 Speaker 5: get more competitive, maybe more teams. What do the players 793 00:35:51,600 --> 00:35:52,040 Speaker 5: feel like? 794 00:35:52,320 --> 00:35:55,000 Speaker 13: Oh, I don't think anything's going to stop this league, 795 00:35:55,040 --> 00:35:58,200 Speaker 13: to be completely honest, I think we will be huge 796 00:35:58,239 --> 00:35:59,480 Speaker 13: competitors with the MLS. 797 00:36:00,120 --> 00:36:01,880 Speaker 6: Do see a lot more teams coming in. 798 00:36:02,080 --> 00:36:04,799 Speaker 13: I think more international players will want to come play here, 799 00:36:04,840 --> 00:36:06,319 Speaker 13: and I think it's going to be even harder to 800 00:36:06,320 --> 00:36:07,360 Speaker 13: play here domestically. 801 00:36:07,920 --> 00:36:10,640 Speaker 3: Right, What about like, do you think we're gonna have 802 00:36:10,719 --> 00:36:13,359 Speaker 3: like competitions not like the Olympics or whatever World Cup 803 00:36:13,360 --> 00:36:16,160 Speaker 3: where like you can play more internationally and make it 804 00:36:16,200 --> 00:36:18,000 Speaker 3: not just like a US soccer sport. 805 00:36:18,640 --> 00:36:20,840 Speaker 13: Absolutely, I think, I mean we already have a CONCACAF 806 00:36:20,960 --> 00:36:23,080 Speaker 13: tournament happening right now. My team plays tonight. Good luck 807 00:36:23,120 --> 00:36:25,200 Speaker 13: at the MFC. You guys are going to be fantassic, 808 00:36:25,680 --> 00:36:27,960 Speaker 13: and we have the Club World Cup that's happening. So 809 00:36:28,239 --> 00:36:32,000 Speaker 13: it's definitely we are integrating with other leagues and making 810 00:36:32,040 --> 00:36:34,640 Speaker 13: that global community for women's soccer. 811 00:36:35,200 --> 00:36:37,200 Speaker 5: All right, Mitch, that's great. Really appreciate getting a few 812 00:36:37,200 --> 00:36:39,600 Speaker 5: midges minutes of your time. Mitch Purse forward for the 813 00:36:39,719 --> 00:36:43,000 Speaker 5: nj NY Gotham Football Club and also the United States 814 00:36:43,040 --> 00:36:47,240 Speaker 5: women's national soccer team. She played at collegiate soccer at Harvard. 815 00:36:47,480 --> 00:36:49,839 Speaker 5: Talk about the growth of this, the women's professional league 816 00:36:49,840 --> 00:36:53,279 Speaker 5: here in the US certainly, as Midge was suggesting, kind 817 00:36:53,280 --> 00:36:55,319 Speaker 5: of hitting an inflection point, and that's consistent with what 818 00:36:55,320 --> 00:36:58,040 Speaker 5: we've seen from women's sports just over the last three 819 00:36:58,120 --> 00:36:59,520 Speaker 5: or four years. And again I kind of just go 820 00:36:59,600 --> 00:37:02,759 Speaker 5: back to the WNBA, which they're playing their season right 821 00:37:02,760 --> 00:37:05,319 Speaker 5: now in Kaitlyn Clark and Angel Reese. That just kind 822 00:37:05,360 --> 00:37:08,480 Speaker 5: of really taken over the zeitgeist and so women's sports 823 00:37:08,520 --> 00:37:10,480 Speaker 5: big time here and that's certainly a focus at this 824 00:37:10,640 --> 00:37:11,279 Speaker 5: conference here. 825 00:37:11,400 --> 00:37:16,400 Speaker 1: Yes, sir ee, you're listening to the Bloomberg Intelligence podcast. 826 00:37:16,680 --> 00:37:20,000 Speaker 1: Catch us Live weekdays at ten am Eastern on Apple. 827 00:37:19,760 --> 00:37:22,759 Speaker 2: Car Play and Android Auto with the Bloomberg Business Act. 828 00:37:22,920 --> 00:37:25,759 Speaker 1: You can also listen live on Amazon Alexa from our 829 00:37:25,800 --> 00:37:32,360 Speaker 1: flagship New York station, Just Say Alexa playing Bloomberg eleven thirty. 830 00:37:31,719 --> 00:37:35,040 Speaker 5: Alex Steele, Paul Sweeney, We're live here at the Bloomberg 831 00:37:35,080 --> 00:37:37,919 Speaker 5: Power Players Conference at the Bloomberg A Global Headquarters, seven 832 00:37:37,960 --> 00:37:40,839 Speaker 5: to thirty one Lexington Avenue, fifty eighth Street. Man, You've 833 00:37:40,840 --> 00:37:42,680 Speaker 5: got a lot of smart people running around here, a 834 00:37:42,719 --> 00:37:46,080 Speaker 5: lot of interesting conversation about the world of global sport. 835 00:37:46,160 --> 00:37:48,399 Speaker 5: This one you don't want to miss. David Rubenstein joins 836 00:37:48,480 --> 00:37:50,840 Speaker 5: us here. He is a co founder and co chairman 837 00:37:50,880 --> 00:37:53,640 Speaker 5: of the Carlisle Group and owner of the Baltimore Orioles 838 00:37:54,120 --> 00:37:57,440 Speaker 5: as well as Cal Ripkin Junior, talking about those O's 839 00:37:57,800 --> 00:38:01,400 Speaker 5: Baseball Hall of Famer, founder and partner of Ripkin Baseball. Gentlemen, 840 00:38:01,400 --> 00:38:02,880 Speaker 5: thanks so much for joining us here. We got a 841 00:38:02,880 --> 00:38:05,800 Speaker 5: lot of sports people running around. We're talking about women's basketball, 842 00:38:05,840 --> 00:38:08,240 Speaker 5: women's soccer. Let's talk a little bit of Major League baseball. 843 00:38:08,600 --> 00:38:10,520 Speaker 5: You guys are up a game in the win, Colm 844 00:38:10,600 --> 00:38:12,839 Speaker 5: on my Yankees. It's going to be a great last 845 00:38:12,880 --> 00:38:14,959 Speaker 5: few weeks. Of the Year. David, I want to start 846 00:38:15,000 --> 00:38:18,160 Speaker 5: with you here. You own the Orioles. Here, What are 847 00:38:18,160 --> 00:38:20,279 Speaker 5: you doing? Why are you buying a sports franchise? 848 00:38:21,080 --> 00:38:23,400 Speaker 10: Well, in this case, I grew up in Baltimore and 849 00:38:23,440 --> 00:38:25,279 Speaker 10: I wanted to give back to Baltimore a bit, and 850 00:38:25,320 --> 00:38:29,279 Speaker 10: I thought the team could maybe use rejuvenation in some way. 851 00:38:29,320 --> 00:38:32,279 Speaker 10: And it's part of rebirth of Baltimore. Baltimore is trying 852 00:38:32,320 --> 00:38:34,360 Speaker 10: to rebuild itself in many ways from some of the 853 00:38:34,400 --> 00:38:36,960 Speaker 10: struggles it's had. I thought a new ownership group would 854 00:38:36,960 --> 00:38:39,040 Speaker 10: probably be helpful, so I did it for that reason. 855 00:38:39,120 --> 00:38:40,840 Speaker 10: And obviously I hope to make money as well for 856 00:38:41,000 --> 00:38:44,000 Speaker 10: myself and my investors, but it's more of a philanthropic 857 00:38:44,040 --> 00:38:45,719 Speaker 10: thing on my part than anything else. 858 00:38:45,880 --> 00:38:50,440 Speaker 5: And Alex, he's got a few partners there, including mister Bloomberg, 859 00:38:50,480 --> 00:38:53,239 Speaker 5: who owns this radio program. Ah, how about that? 860 00:38:53,760 --> 00:38:54,279 Speaker 6: How about that? 861 00:38:54,560 --> 00:38:57,480 Speaker 5: Secular forces exactly all comes back together. Cal talked to 862 00:38:57,560 --> 00:39:01,080 Speaker 5: us about the Orioles. Boy, man, I'm so I'm looking 863 00:39:01,120 --> 00:39:03,840 Speaker 5: at them every day. Man, they look good. Tell us 864 00:39:03,880 --> 00:39:05,600 Speaker 5: about this team. 865 00:39:04,800 --> 00:39:08,359 Speaker 14: It's an exciting young team to watch, talent all over 866 00:39:08,400 --> 00:39:10,719 Speaker 14: the place. We've had little problems with injuries and our 867 00:39:10,760 --> 00:39:14,160 Speaker 14: pitching staff. But when you have a deeper minor league system, 868 00:39:14,600 --> 00:39:17,360 Speaker 14: sometimes when somebody gets hurt, you can it's an opportunity 869 00:39:17,360 --> 00:39:20,759 Speaker 14: for someone else. So they're playing really well. And it's 870 00:39:20,800 --> 00:39:23,680 Speaker 14: interesting when many owners come in to buy a team, 871 00:39:24,080 --> 00:39:25,840 Speaker 14: the thing they have to fix is what's happening on 872 00:39:25,880 --> 00:39:29,080 Speaker 14: the field. In our particular case, that's the best part 873 00:39:29,080 --> 00:39:32,480 Speaker 14: about the investment is that Michaelias has done a really 874 00:39:32,480 --> 00:39:37,279 Speaker 14: good job of creating an environment of culture that knows 875 00:39:37,320 --> 00:39:39,040 Speaker 14: how to win, knows how to play, and he's put 876 00:39:39,080 --> 00:39:41,480 Speaker 14: talent in the system. So the good part is you 877 00:39:41,520 --> 00:39:43,919 Speaker 14: just take your hands off of and say just keep 878 00:39:43,960 --> 00:39:47,640 Speaker 14: going and hopefully the luck factor with David will in 879 00:39:47,680 --> 00:39:49,279 Speaker 14: the very first year will take that all the way 880 00:39:49,320 --> 00:39:50,120 Speaker 14: to the World Series. 881 00:39:50,320 --> 00:39:51,480 Speaker 6: That's a really dumb question. 882 00:39:51,760 --> 00:39:54,920 Speaker 3: Yes, why is investing in sports like a good business? 883 00:39:55,320 --> 00:39:56,840 Speaker 3: And I say that because at some point we're going 884 00:39:56,880 --> 00:39:58,960 Speaker 3: to reach the top, right, Like, there's so much money 885 00:39:58,960 --> 00:39:59,319 Speaker 3: coming in. 886 00:39:59,360 --> 00:40:02,319 Speaker 10: How do you know, Well, over the last ten or 887 00:40:02,360 --> 00:40:04,919 Speaker 10: fifteen years, it's been very difficult for somebody to buy 888 00:40:04,920 --> 00:40:10,000 Speaker 10: a major league professional sport operation and lose money. People 889 00:40:10,000 --> 00:40:12,600 Speaker 10: have made staggering sums. Now, of course that tends to 890 00:40:12,680 --> 00:40:15,359 Speaker 10: tract more money, and as you suggest, at some point 891 00:40:15,440 --> 00:40:18,279 Speaker 10: there's always a peak. But right now the interest in 892 00:40:18,840 --> 00:40:23,960 Speaker 10: sports is so dynamic that the live television despite your 893 00:40:24,040 --> 00:40:26,200 Speaker 10: view in my view that live television should focus on 894 00:40:26,239 --> 00:40:30,359 Speaker 10: interview shows, actually it focuses on live sports, and live 895 00:40:30,400 --> 00:40:33,360 Speaker 10: sports is what's keeping television alive really. So if you 896 00:40:33,400 --> 00:40:35,239 Speaker 10: take a look at the NFL, for example, I think 897 00:40:35,239 --> 00:40:40,080 Speaker 10: of the the fifty most watched television shows last year, 898 00:40:40,320 --> 00:40:45,200 Speaker 10: forty five of them were NFL games. And now baseball 899 00:40:45,200 --> 00:40:47,000 Speaker 10: sees a lot of people as a lot of people 900 00:40:47,040 --> 00:40:49,640 Speaker 10: watching as well, so there's a view that the population 901 00:40:49,719 --> 00:40:52,719 Speaker 10: increases and as other things seem to be less attractive, 902 00:40:52,880 --> 00:40:55,719 Speaker 10: sports is still very, very attractive, and so the TV 903 00:40:55,840 --> 00:40:58,440 Speaker 10: contracts are going up and as a result, for example, 904 00:40:58,480 --> 00:41:02,680 Speaker 10: the NBA just negotiated seventy seven billion dollars worth of contracts. 905 00:41:02,920 --> 00:41:05,439 Speaker 10: It's expected in two years that the NFL will top 906 00:41:05,480 --> 00:41:08,719 Speaker 10: that number. So that's what it is driving. And also 907 00:41:08,760 --> 00:41:11,840 Speaker 10: it's a global phenomenon that people now are buying sports 908 00:41:11,880 --> 00:41:14,880 Speaker 10: teams not only in their own country, but everywhere in 909 00:41:14,920 --> 00:41:17,400 Speaker 10: the world, and so it's really not just the US phenomenon. 910 00:41:17,719 --> 00:41:20,239 Speaker 14: So can I have a simple all you have to 911 00:41:20,239 --> 00:41:22,640 Speaker 14: do is to look at the health of sports, is 912 00:41:22,680 --> 00:41:24,959 Speaker 14: to look at the salaries of the players. Yeah, and 913 00:41:25,000 --> 00:41:27,160 Speaker 14: I guess I'd become one of those players saying, man, 914 00:41:27,200 --> 00:41:28,239 Speaker 14: I wish i'd played in. 915 00:41:28,120 --> 00:41:32,960 Speaker 5: This era always goes up. I mean, I'm like everybody else. 916 00:41:33,000 --> 00:41:35,479 Speaker 5: It's got a top out somewhere, yet it just keeps 917 00:41:35,520 --> 00:41:38,960 Speaker 5: going higher. Cal how is the game on the field changed? 918 00:41:39,280 --> 00:41:42,799 Speaker 5: The kids today that you watch at Canbin Yards still, 919 00:41:42,840 --> 00:41:44,560 Speaker 5: by the way, I would argue one of the best 920 00:41:44,600 --> 00:41:47,319 Speaker 5: parks in Major League Baseball twenty five years on. But 921 00:41:47,760 --> 00:41:50,160 Speaker 5: how's the game changed today versus women? You played well? 922 00:41:50,200 --> 00:41:52,759 Speaker 14: I mean the analytics have taken over and all the 923 00:41:52,840 --> 00:41:55,400 Speaker 14: data and all the information. And I was an analytical 924 00:41:55,440 --> 00:41:58,160 Speaker 14: player and I took the data from but there was 925 00:41:58,200 --> 00:41:59,719 Speaker 14: no way that I was getting all the sort of 926 00:41:59,800 --> 00:42:02,200 Speaker 14: data that you can get now. And the trick is, 927 00:42:02,560 --> 00:42:05,600 Speaker 14: and this is the fun part about learning the game 928 00:42:05,680 --> 00:42:08,840 Speaker 14: hasn't changed much because the diamonds the same, the bases 929 00:42:08,840 --> 00:42:10,840 Speaker 14: are the same, the mounds the same, The game is 930 00:42:10,880 --> 00:42:13,840 Speaker 14: played the same way. But with all this influx of 931 00:42:13,920 --> 00:42:17,080 Speaker 14: new data, teams feel that they have an advantage when 932 00:42:17,120 --> 00:42:19,360 Speaker 14: they extract some of the data and then use that 933 00:42:19,440 --> 00:42:21,680 Speaker 14: to help them play in the game. But the secret 934 00:42:21,760 --> 00:42:23,360 Speaker 14: is how do you give the data to a player 935 00:42:23,400 --> 00:42:25,680 Speaker 14: to make him a better player. And that's the part 936 00:42:25,719 --> 00:42:30,120 Speaker 14: that I'm having fun with is learning what the data affects. 937 00:42:30,160 --> 00:42:32,919 Speaker 14: The philosophy of how you play the game, and that's 938 00:42:33,000 --> 00:42:37,120 Speaker 14: changed and positioning on the field. You know, different old 939 00:42:37,120 --> 00:42:39,439 Speaker 14: philosophies have kind of gone out the window because they've 940 00:42:39,440 --> 00:42:42,319 Speaker 14: been proven not to be effective. So it's interesting to 941 00:42:42,320 --> 00:42:44,200 Speaker 14: watch the game from that perspective. But it is all 942 00:42:44,239 --> 00:42:47,279 Speaker 14: about the data. The numbers they track everything that moves 943 00:42:47,320 --> 00:42:47,839 Speaker 14: on that field. 944 00:42:48,000 --> 00:42:51,160 Speaker 5: It's amazing and that's AI. That's big data coming into 945 00:42:51,200 --> 00:42:53,160 Speaker 5: sports and ouse. I'm sure you know this, but I mean, 946 00:42:53,200 --> 00:42:56,040 Speaker 5: just cal has he has a little record out there. 947 00:42:56,080 --> 00:42:57,480 Speaker 5: He played a lot of games in a row. He 948 00:42:57,520 --> 00:43:01,840 Speaker 5: never took a day off. That is something that just 949 00:43:02,640 --> 00:43:03,920 Speaker 5: it'll never be broken down. 950 00:43:04,200 --> 00:43:06,680 Speaker 14: I wish I was wearing probes or something that could 951 00:43:06,680 --> 00:43:08,439 Speaker 14: figure out how I could do that, because I'm asking 952 00:43:08,480 --> 00:43:09,719 Speaker 14: all the time, how in the world you play all 953 00:43:09,760 --> 00:43:11,359 Speaker 14: those games in a row, and I don't know. 954 00:43:11,520 --> 00:43:14,440 Speaker 5: Well, I guess my question would be with the analytics, 955 00:43:14,600 --> 00:43:17,239 Speaker 5: that's never going to happen again, not even close. 956 00:43:17,080 --> 00:43:19,759 Speaker 14: Well, I think they're predicting now, at least in a 957 00:43:19,800 --> 00:43:23,080 Speaker 14: medical sort of way, when that you might be inclined 958 00:43:23,080 --> 00:43:25,160 Speaker 14: to have an injury, you know, And so if they 959 00:43:25,160 --> 00:43:26,839 Speaker 14: start to think that you might have an injury, then 960 00:43:26,880 --> 00:43:29,880 Speaker 14: they put you on the list a little early, the 961 00:43:29,880 --> 00:43:32,279 Speaker 14: injury list a little early, and they're they're looking at 962 00:43:32,280 --> 00:43:34,200 Speaker 14: the long term as the short term. 963 00:43:34,239 --> 00:43:35,600 Speaker 6: But I don't know if that's a good thing or 964 00:43:35,600 --> 00:43:36,000 Speaker 6: a bad thing. 965 00:43:37,960 --> 00:43:40,040 Speaker 14: There's the one thing that's hard to measure is what's 966 00:43:40,040 --> 00:43:42,360 Speaker 14: inside your heart, I mean, your guts and how you 967 00:43:42,400 --> 00:43:45,160 Speaker 14: go out about playing the game, how you compete. That's 968 00:43:45,280 --> 00:43:48,319 Speaker 14: not measurable right now. And I think that's what drove 969 00:43:48,400 --> 00:43:50,880 Speaker 14: me is when you're an everyday player. The definition of 970 00:43:50,920 --> 00:43:53,920 Speaker 14: an everyday player when I played was every day. I 971 00:43:53,960 --> 00:43:55,520 Speaker 14: had the body type in which to do it. I 972 00:43:56,200 --> 00:44:00,160 Speaker 14: healed really well, and I could play through pain. And 973 00:44:00,200 --> 00:44:02,359 Speaker 14: when you find out that you can play through being 974 00:44:02,440 --> 00:44:04,600 Speaker 14: less than one hundred percent, because I would argue that 975 00:44:05,160 --> 00:44:07,359 Speaker 14: even if you play one hundred and forty games, you're 976 00:44:07,400 --> 00:44:09,480 Speaker 14: still playing at less than one hundred percent. Maybe the 977 00:44:09,480 --> 00:44:11,120 Speaker 14: only time you're one hundred percent is the first day 978 00:44:11,160 --> 00:44:13,800 Speaker 14: of spring training, right and then you end up moving 979 00:44:14,080 --> 00:44:17,759 Speaker 14: towards the year. So that's the hard part where that's 980 00:44:17,800 --> 00:44:18,560 Speaker 14: not measurable. 981 00:44:18,640 --> 00:44:18,879 Speaker 5: Yep. 982 00:44:19,280 --> 00:44:21,919 Speaker 14: And I like to see players that push through and 983 00:44:21,960 --> 00:44:23,719 Speaker 14: force themselves to play every game to. 984 00:44:23,719 --> 00:44:27,560 Speaker 5: See too that you don't see that too much anymore, Hey, David, 985 00:44:27,600 --> 00:44:29,919 Speaker 5: And aside from the Orioles, you've got a day job 986 00:44:29,920 --> 00:44:32,920 Speaker 5: here co founder, co chairman of the Carlisle Group. Perfect 987 00:44:32,920 --> 00:44:35,280 Speaker 5: time to ask you this question. I know you bought 988 00:44:35,600 --> 00:44:38,359 Speaker 5: the Orioles as an individual's part of a partnership. Right 989 00:44:38,440 --> 00:44:41,680 Speaker 5: now private equity. The NFL has allowed private equity crime 990 00:44:41,760 --> 00:44:43,960 Speaker 5: in as part ownership. What do you think about that? 991 00:44:44,480 --> 00:44:46,680 Speaker 10: Well, Carlisle is one of the groups that's permitted, so 992 00:44:47,880 --> 00:44:50,839 Speaker 10: for it. Yes, I think that it was inevitable because 993 00:44:50,880 --> 00:44:52,759 Speaker 10: the prices of NFL teams are going up so much 994 00:44:52,800 --> 00:44:55,920 Speaker 10: that it's very difficult to find somebody by himself or 995 00:44:55,960 --> 00:44:58,359 Speaker 10: herself who can buy a team anymore longer. The last 996 00:44:58,360 --> 00:45:00,520 Speaker 10: team that was sold they can, Washington Commander went for 997 00:45:00,560 --> 00:45:03,360 Speaker 10: six billion dollars. It's a large an amount of money. 998 00:45:03,719 --> 00:45:05,719 Speaker 10: Very few people can buy that by themselves. You need 999 00:45:05,760 --> 00:45:08,440 Speaker 10: to have consortium of people to do this, and private 1000 00:45:08,440 --> 00:45:11,080 Speaker 10: equity is a big pot of capital. Sitting there. But 1001 00:45:11,120 --> 00:45:13,480 Speaker 10: the deals are ones where you have to be ten 1002 00:45:13,520 --> 00:45:16,840 Speaker 10: percent no involvement in the day to day management, and 1003 00:45:16,880 --> 00:45:18,799 Speaker 10: you have to hold for at least six years. So 1004 00:45:19,680 --> 00:45:21,440 Speaker 10: NFL's experimenting. We'll see how it goes. 1005 00:45:21,920 --> 00:45:25,359 Speaker 3: So Kel, you have had minor league investments, but this 1006 00:45:25,400 --> 00:45:26,960 Speaker 3: is the first time that both of you have had 1007 00:45:27,320 --> 00:45:28,320 Speaker 3: major league investments. 1008 00:45:28,360 --> 00:45:30,440 Speaker 6: How did this come about? Like how did the partnership 1009 00:45:30,440 --> 00:45:30,920 Speaker 6: come about? 1010 00:45:31,200 --> 00:45:33,760 Speaker 5: Haws it going well. 1011 00:45:33,880 --> 00:45:36,439 Speaker 10: The owner of the team for the last thirty years 1012 00:45:36,480 --> 00:45:39,319 Speaker 10: was the Angelo's family. I had talked to them over 1013 00:45:39,400 --> 00:45:43,600 Speaker 10: last summer about a possible sale and it came to be. 1014 00:45:43,880 --> 00:45:46,520 Speaker 10: But I wanted to have people in the consortium that 1015 00:45:46,880 --> 00:45:50,200 Speaker 10: were more connected to Baltimore and baseball than maybe I was, 1016 00:45:50,239 --> 00:45:52,359 Speaker 10: because I have grown up in Baltimore, but I haven't 1017 00:45:52,360 --> 00:45:54,040 Speaker 10: lived there for a while. So I talked to a 1018 00:45:54,120 --> 00:45:57,160 Speaker 10: number of people in Baltimore and some of the people 1019 00:45:57,160 --> 00:45:59,520 Speaker 10: who are also connected with the Oils, and obviously the 1020 00:45:59,560 --> 00:46:01,399 Speaker 10: first call was a cal Ripken. They said he would 1021 00:46:01,440 --> 00:46:03,319 Speaker 10: like to invest and also help us in other ways 1022 00:46:03,360 --> 00:46:05,440 Speaker 10: what she's doing. So I think it's worked out quite 1023 00:46:05,480 --> 00:46:09,000 Speaker 10: well and win win for Baltimore and for for that. 1024 00:46:09,040 --> 00:46:10,600 Speaker 6: Was like a no brainer for you. 1025 00:46:10,880 --> 00:46:14,160 Speaker 14: Yeah, absolutely, absolutely no brainer. I felt like I've been 1026 00:46:14,200 --> 00:46:16,080 Speaker 14: an Oriole through and through my whole life. I mean, 1027 00:46:16,120 --> 00:46:18,400 Speaker 14: I grew up in and around the Baltimore area. My 1028 00:46:18,480 --> 00:46:21,759 Speaker 14: dad was in, uh with the Orioles in the first 1029 00:46:21,800 --> 00:46:23,920 Speaker 14: fourteen years of my life. He was a minor league manager. 1030 00:46:24,360 --> 00:46:25,840 Speaker 14: And then you have a dream you'd be a player, 1031 00:46:25,840 --> 00:46:27,359 Speaker 14: You get drafted by the team you want to get 1032 00:46:27,440 --> 00:46:30,600 Speaker 14: drafted by, you play your whole career with that team. 1033 00:46:30,680 --> 00:46:33,560 Speaker 14: So I know that I went off for a little while, 1034 00:46:33,560 --> 00:46:36,319 Speaker 14: and uh, you know, you buy minor league teams, you 1035 00:46:36,400 --> 00:46:39,239 Speaker 14: learn about business in other ways. You put your head down. 1036 00:46:39,280 --> 00:46:42,440 Speaker 14: You don't pay much attention to what's happening at the Oriols. 1037 00:46:42,840 --> 00:46:45,160 Speaker 14: But when David called, it was an opportunity to get 1038 00:46:45,200 --> 00:46:48,279 Speaker 14: back in to look at it from the inside looking out, 1039 00:46:48,680 --> 00:46:51,759 Speaker 14: and I'm I'm really surprised that I'm way into it now. 1040 00:46:51,800 --> 00:46:54,560 Speaker 14: I used to think the whole world revolved around baseball, 1041 00:46:54,800 --> 00:46:56,360 Speaker 14: and then you get out and you realize it doesn't. 1042 00:46:56,719 --> 00:46:58,799 Speaker 14: But then now it seems like the world revolves around 1043 00:46:58,800 --> 00:46:59,399 Speaker 14: baseball again. 1044 00:46:59,520 --> 00:47:01,480 Speaker 10: Of course, not to put it in context for those 1045 00:47:01,480 --> 00:47:05,759 Speaker 10: who don't know the record, lou Garrick played in thirty 1046 00:47:05,840 --> 00:47:09,200 Speaker 10: consecutive games. People thought that was the unbreakable record. Cal 1047 00:47:09,239 --> 00:47:13,080 Speaker 10: Ripkin did six hundred and thirty two games over seventeen years, 1048 00:47:13,360 --> 00:47:16,920 Speaker 10: not missing one day. And all of us who worked 1049 00:47:16,960 --> 00:47:19,120 Speaker 10: day to day for living in non athletic things. Can 1050 00:47:19,160 --> 00:47:21,360 Speaker 10: you imagine going to work seventeen days in or seventeen 1051 00:47:21,440 --> 00:47:23,040 Speaker 10: years in a row without missing totally? 1052 00:47:23,760 --> 00:47:27,080 Speaker 5: Exactly, Cal, What do you think the Oils need to 1053 00:47:27,160 --> 00:47:29,439 Speaker 5: work on over the next couple of years? Here again, 1054 00:47:29,440 --> 00:47:32,680 Speaker 5: I'm looking at the record. Your record is great. What 1055 00:47:32,719 --> 00:47:33,799 Speaker 5: do you think they need to work on? Is it 1056 00:47:33,840 --> 00:47:35,439 Speaker 5: minor league? Is it No? 1057 00:47:35,440 --> 00:47:38,720 Speaker 14: No, We have a minor league that's stocked with talent 1058 00:47:38,800 --> 00:47:42,320 Speaker 14: and you can only I mean, if you developed three 1059 00:47:42,360 --> 00:47:44,520 Speaker 14: shortstops in the minor leagues, you can only play one 1060 00:47:44,560 --> 00:47:44,759 Speaker 14: of them. 1061 00:47:44,880 --> 00:47:45,080 Speaker 5: Yep. 1062 00:47:45,160 --> 00:47:46,960 Speaker 14: So many times the talent that you have in the 1063 00:47:47,040 --> 00:47:50,000 Speaker 14: minor leagues is used to trade to get to get 1064 00:47:50,040 --> 00:47:52,040 Speaker 14: the pieces that you need at the big league level. 1065 00:47:52,239 --> 00:47:54,520 Speaker 14: And the Ools are in good position for that. They 1066 00:47:54,520 --> 00:47:57,400 Speaker 14: have young players that are going to be superstars, that 1067 00:47:57,440 --> 00:48:00,120 Speaker 14: are already superstars, and maybe the biggest challenge in the 1068 00:48:00,200 --> 00:48:01,480 Speaker 14: future is how do you keep them? 1069 00:48:01,600 --> 00:48:05,640 Speaker 5: Yeah? Yeah, exactly, I mean, no salary cap here, so 1070 00:48:06,440 --> 00:48:07,520 Speaker 5: tough to keep the star players. 1071 00:48:07,560 --> 00:48:07,719 Speaker 15: Right. 1072 00:48:08,040 --> 00:48:12,440 Speaker 10: Yes, Unlike football or basketball, there's no salary cap in 1073 00:48:12,680 --> 00:48:15,560 Speaker 10: professional baseball, so you can get contracts at ores high 1074 00:48:15,560 --> 00:48:18,200 Speaker 10: ast seven hundred million dollars, and so it's hard for 1075 00:48:18,239 --> 00:48:20,800 Speaker 10: smaller cities to compete in that domain. 1076 00:48:20,880 --> 00:48:21,240 Speaker 2: Somewhat. 1077 00:48:21,320 --> 00:48:22,920 Speaker 5: All right, we have to see how that plays. Really. 1078 00:48:22,960 --> 00:48:25,759 Speaker 5: Appreciate you too, gentlemen. Stopping by David Rubinstein. He's a 1079 00:48:25,760 --> 00:48:28,719 Speaker 5: co founder and co chairman of the Carlisle Group. He's 1080 00:48:28,760 --> 00:48:31,399 Speaker 5: now the owner of the Baltimore Oils and cal Ripken 1081 00:48:31,480 --> 00:48:34,000 Speaker 5: Junior d cal Riton Junior Baseball Hall of Famer, founder 1082 00:48:34,040 --> 00:48:36,839 Speaker 5: and partner of Ripken Baseball. Appreciate you too, general. Taking 1083 00:48:36,960 --> 00:48:38,640 Speaker 5: a couple of minutes, you're trying to stop by here 1084 00:48:38,719 --> 00:48:41,200 Speaker 5: at our Bloomberg Sports Power Conference. 1085 00:48:42,760 --> 00:48:46,640 Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live 1086 00:48:46,719 --> 00:48:50,240 Speaker 1: weekdays at ten am Eastern on applecar Play and Android 1087 00:48:50,239 --> 00:48:53,040 Speaker 1: Auto with the Bloomberg Business App. You can also listen 1088 00:48:53,160 --> 00:48:56,239 Speaker 1: live on Amazon Alexa from our flagship New York station, 1089 00:48:56,600 --> 00:48:59,719 Speaker 1: Just Say Alexa playing Bloomberg eleven thirty. 1090 00:49:01,239 --> 00:49:03,640 Speaker 5: Alex Deel, Paul Sweeney. We were broadcasting live from the 1091 00:49:03,680 --> 00:49:07,040 Speaker 5: Bloomberg Power Players Conference here at the Bloomberg Global headquarters 1092 00:49:07,080 --> 00:49:12,080 Speaker 5: in Midtown Manhattan. Let's switch gears to the NASCAR, the 1093 00:49:12,080 --> 00:49:14,680 Speaker 5: business of NASCAR. I have a lot of experience with NASCAR. 1094 00:49:14,680 --> 00:49:17,120 Speaker 5: We took some of those track owners public back in 1095 00:49:17,160 --> 00:49:20,080 Speaker 5: the early nineties, and I got to really understand the business, 1096 00:49:20,320 --> 00:49:23,160 Speaker 5: the sport and the heritage of NASCAR Racing is just 1097 00:49:23,280 --> 00:49:26,160 Speaker 5: extraordinary education. There, Steve Phelps joins us. He's a president 1098 00:49:26,520 --> 00:49:28,799 Speaker 5: of NASCAR. Steve, thanks so much for joining us here. 1099 00:49:29,360 --> 00:49:31,600 Speaker 5: You know, I got to know NASCAR in the early 1100 00:49:31,640 --> 00:49:33,600 Speaker 5: nineties when I think it was really on an ascendency 1101 00:49:33,640 --> 00:49:36,160 Speaker 5: in terms of television ratings and then attendance, and it 1102 00:49:36,200 --> 00:49:38,000 Speaker 5: was just crazy and it rad that it rode that 1103 00:49:38,040 --> 00:49:40,160 Speaker 5: way for a while. Then it kind of crested. Where 1104 00:49:40,200 --> 00:49:43,759 Speaker 5: are we now with NASCAR in the global sports scene here? 1105 00:49:44,000 --> 00:49:44,280 Speaker 10: Sure? 1106 00:49:44,440 --> 00:49:48,279 Speaker 15: Well, I think you're exactly right, Paul, So had this. 1107 00:49:48,960 --> 00:49:51,800 Speaker 16: I would say until two thousand and nine, the growth 1108 00:49:51,840 --> 00:49:55,440 Speaker 16: of the sport just continued. You know, the recession hit, 1109 00:49:55,640 --> 00:50:00,399 Speaker 16: and I think sponsorship started to go away because not 1110 00:50:00,440 --> 00:50:02,960 Speaker 16: necessarily the sport, just because of where things were with 1111 00:50:03,040 --> 00:50:07,560 Speaker 16: the economy. And then we had a slow, steady decline. 1112 00:50:07,640 --> 00:50:09,920 Speaker 16: If We're going to be completely honest until twenty eighteen. 1113 00:50:10,239 --> 00:50:13,919 Speaker 16: But since twenty nineteen, attendance is up, ratings are up. 1114 00:50:14,360 --> 00:50:17,640 Speaker 16: We did a almost a one point one billion dollar 1115 00:50:17,680 --> 00:50:20,799 Speaker 16: per year media deal last year for seven years, so 1116 00:50:21,040 --> 00:50:22,440 Speaker 16: almost eight billion dollars. 1117 00:50:23,680 --> 00:50:25,600 Speaker 15: And so I'm very. 1118 00:50:25,480 --> 00:50:28,839 Speaker 16: Bullish on where the sport is today, but importantly where 1119 00:50:28,880 --> 00:50:29,279 Speaker 16: it's going. 1120 00:50:29,840 --> 00:50:31,400 Speaker 3: Where do you think it's going to go? Like, has 1121 00:50:31,440 --> 00:50:32,920 Speaker 3: it broad an appeal? How do you get someone like 1122 00:50:32,920 --> 00:50:33,480 Speaker 3: me to watch it? 1123 00:50:33,560 --> 00:50:33,840 Speaker 14: Sure? 1124 00:50:33,960 --> 00:50:37,000 Speaker 15: I think you know it? Yeah, that's a and there's 1125 00:50:37,040 --> 00:50:39,280 Speaker 15: the trick, right, so's. 1126 00:50:38,680 --> 00:50:40,920 Speaker 6: Like me just I don't know. I don't do sports 1127 00:50:40,920 --> 00:50:43,160 Speaker 6: at all. I like the Olympics, I like the US Open. 1128 00:50:43,280 --> 00:50:45,440 Speaker 16: So I think you know, we're trying to appeal to 1129 00:50:45,560 --> 00:50:48,800 Speaker 16: both obviously our existing audience and serve that audience and 1130 00:50:48,840 --> 00:50:51,319 Speaker 16: then bring a new audience in. We're doing that through 1131 00:50:51,320 --> 00:50:53,439 Speaker 16: a number of different things. So for example, we did 1132 00:50:53,680 --> 00:50:57,600 Speaker 16: a Netflix show earlier in the year, and that audience 1133 00:50:57,640 --> 00:50:59,920 Speaker 16: for US has been more female, it has been young, 1134 00:51:01,800 --> 00:51:04,239 Speaker 16: and I think if you look overall in NASCAR in 1135 00:51:04,239 --> 00:51:07,000 Speaker 16: the last three years, our growth has come from women, 1136 00:51:08,040 --> 00:51:10,600 Speaker 16: people of color, and younger people. 1137 00:51:10,760 --> 00:51:14,160 Speaker 15: And so it's working. But we've got to continue to 1138 00:51:14,239 --> 00:51:14,560 Speaker 15: do that. 1139 00:51:15,080 --> 00:51:18,520 Speaker 16: The key for me is what content opportunities we have 1140 00:51:19,120 --> 00:51:21,920 Speaker 16: that will capture you Alex right, and what are the 1141 00:51:21,960 --> 00:51:24,839 Speaker 16: storylines we have that will capture you? And I think 1142 00:51:24,840 --> 00:51:28,160 Speaker 16: that's important because and it's I think people think of 1143 00:51:28,200 --> 00:51:31,080 Speaker 16: it in a way that is not right, which is 1144 00:51:31,400 --> 00:51:34,560 Speaker 16: you're either going to serve yours existing fans or you're 1145 00:51:34,560 --> 00:51:37,000 Speaker 16: going to go after new fans. I don't think that's true. 1146 00:51:37,120 --> 00:51:41,160 Speaker 16: It's an and it's not an or. These fans, the 1147 00:51:41,200 --> 00:51:43,640 Speaker 16: existing fans, they want great racing, they want great storylines, 1148 00:51:43,640 --> 00:51:45,799 Speaker 16: they want their drivers to win, they want to see 1149 00:51:45,800 --> 00:51:46,600 Speaker 16: exciting racing. 1150 00:51:48,080 --> 00:51:50,680 Speaker 15: These people want the same thing. It's how do you 1151 00:51:51,080 --> 00:51:52,160 Speaker 15: how do you capture them? 1152 00:51:52,239 --> 00:51:52,399 Speaker 2: Right? 1153 00:51:52,480 --> 00:51:54,879 Speaker 16: And so I don't think that two things are all 1154 00:51:54,920 --> 00:51:57,920 Speaker 16: that different. It's just where we investing our money. So 1155 00:51:57,960 --> 00:52:00,279 Speaker 16: for example, we just built a sixty million dollar our 1156 00:52:00,640 --> 00:52:03,560 Speaker 16: productions facility ran outside of Charlotte next to our R 1157 00:52:03,600 --> 00:52:06,960 Speaker 16: and D facility, and it's really two components to it. 1158 00:52:06,960 --> 00:52:08,520 Speaker 15: It's live event production. 1159 00:52:09,080 --> 00:52:11,400 Speaker 16: So how are we going to put our own events 1160 00:52:11,480 --> 00:52:15,680 Speaker 16: on for our five media partners going forward in twenty five? 1161 00:52:16,280 --> 00:52:20,040 Speaker 16: And then how do we create a you know, creative 1162 00:52:20,120 --> 00:52:23,920 Speaker 16: content and really compelling content either be distributed through our 1163 00:52:23,960 --> 00:52:28,239 Speaker 16: own channels of distribution or someone else's. So and we've 1164 00:52:28,239 --> 00:52:31,239 Speaker 16: got you know, the three new media partners as part 1165 00:52:31,280 --> 00:52:33,400 Speaker 16: of it. So Fox and NBC came back, who are 1166 00:52:33,480 --> 00:52:37,400 Speaker 16: existing partners, but we had an Amazon, Warner Brothers, Discovery 1167 00:52:37,880 --> 00:52:41,160 Speaker 16: and the CW and the CW is for our second series, 1168 00:52:41,160 --> 00:52:44,520 Speaker 16: which is called the Xfinity Series. So five media partners, 1169 00:52:45,120 --> 00:52:47,560 Speaker 16: five opportunities for us to have, you know, kind of 1170 00:52:47,600 --> 00:52:49,439 Speaker 16: a megaphone of where things are going. 1171 00:52:49,560 --> 00:52:52,600 Speaker 5: It used to be alex you know, Ford Cars, Chevy 1172 00:52:52,680 --> 00:52:54,600 Speaker 5: Cars in the race. If you went on Sunday, you 1173 00:52:54,680 --> 00:52:57,520 Speaker 5: sell on Monday. That's how important it was. Talk to 1174 00:52:57,560 --> 00:53:00,479 Speaker 5: us about the economics of just the teams out there. 1175 00:53:00,520 --> 00:53:02,640 Speaker 5: How many teams are there? Do they make money? 1176 00:53:02,800 --> 00:53:03,000 Speaker 8: Sure? 1177 00:53:03,080 --> 00:53:03,840 Speaker 5: How does that work? 1178 00:53:04,360 --> 00:53:06,840 Speaker 16: So I would look at it in three kind of 1179 00:53:06,880 --> 00:53:10,040 Speaker 16: three buckets, right, So we have three national series. The 1180 00:53:10,080 --> 00:53:12,080 Speaker 16: one that most people think about is our Cup series, 1181 00:53:12,120 --> 00:53:16,840 Speaker 16: which is our top series. So we're coming to a close, 1182 00:53:16,880 --> 00:53:20,480 Speaker 16: I think, you know, pretty quickly on something called charter extensions. 1183 00:53:20,480 --> 00:53:23,640 Speaker 16: So I would think of it as franchise light, so 1184 00:53:23,680 --> 00:53:26,680 Speaker 16: it's not franchise, but it creates enterprise value for our 1185 00:53:26,719 --> 00:53:29,759 Speaker 16: race teams, and so we're in the final throws of 1186 00:53:29,800 --> 00:53:35,239 Speaker 16: getting those extended. Right now, race teams, if you probably 1187 00:53:35,320 --> 00:53:39,880 Speaker 16: are collectively losing money. So in the charter agreement that 1188 00:53:39,920 --> 00:53:42,040 Speaker 16: we have, based on our media deals and some other 1189 00:53:42,120 --> 00:53:44,480 Speaker 16: things that we're doing, we're going to provide the race 1190 00:53:44,480 --> 00:53:48,600 Speaker 16: teams with more revenue, so two pieces of revenue, guaranteed 1191 00:53:48,640 --> 00:53:50,319 Speaker 16: revenue and then what they race for. 1192 00:53:51,360 --> 00:53:53,239 Speaker 15: And so to me, starting in. 1193 00:53:53,200 --> 00:53:57,360 Speaker 16: Twenty twenty five, we should have cash flow positive race teams, 1194 00:53:57,360 --> 00:53:59,960 Speaker 16: which is what we want. And I've heard lots of 1195 00:54:00,440 --> 00:54:02,239 Speaker 16: fans say, well, I don't really care about that. My 1196 00:54:02,280 --> 00:54:05,400 Speaker 16: whole point is bankru Yeah, that's exactly Well, not only that, 1197 00:54:05,440 --> 00:54:08,520 Speaker 16: but it creates more compelling racing, right, and that's what 1198 00:54:08,560 --> 00:54:08,879 Speaker 16: we want. 1199 00:54:08,880 --> 00:54:12,280 Speaker 15: We have competitive racing. So we have of our twenty six. 1200 00:54:12,160 --> 00:54:17,520 Speaker 16: Races, we've had this year, fifteen different winners, nine different 1201 00:54:17,640 --> 00:54:21,480 Speaker 16: organizations of the fifteen charter organizations that we have. 1202 00:54:21,600 --> 00:54:24,960 Speaker 15: So it's it, and the racing is terrific. 1203 00:54:25,320 --> 00:54:27,800 Speaker 16: It's just it's the best style of racing I believe 1204 00:54:27,840 --> 00:54:30,600 Speaker 16: on the planet, and I think our race fans are 1205 00:54:30,600 --> 00:54:34,480 Speaker 16: telling us that. So again, ratings are up despite significant 1206 00:54:34,560 --> 00:54:38,000 Speaker 16: rain issues we've had all year, long raining. So Daytona 1207 00:54:38,000 --> 00:54:40,520 Speaker 16: five hundred were down twenty seven percent because we raced 1208 00:54:40,520 --> 00:54:44,320 Speaker 16: on Monday. YEP, Coke six hundred rain event down fifteen percent. 1209 00:54:44,440 --> 00:54:48,120 Speaker 16: We had a race in the streets of Chicago rain again, 1210 00:54:48,360 --> 00:54:52,400 Speaker 16: down fifteen percent. So there are three largest rated events 1211 00:54:52,400 --> 00:54:55,759 Speaker 16: of the year, all down double digit and yet we're 1212 00:54:55,760 --> 00:54:57,279 Speaker 16: still positive right of rating. 1213 00:54:57,360 --> 00:54:58,440 Speaker 15: So it's it's. 1214 00:54:58,239 --> 00:55:02,279 Speaker 5: Working just real quick. Any new markets go about thirty 1215 00:55:02,280 --> 00:55:03,000 Speaker 5: seconds left? 1216 00:55:03,680 --> 00:55:06,359 Speaker 16: Sure, yeah, so yeah, so I think so we're going 1217 00:55:06,400 --> 00:55:08,440 Speaker 16: to race next year for the first time outside of 1218 00:55:08,440 --> 00:55:11,160 Speaker 16: our borders in the Cup Series in Mexico City. Okay, 1219 00:55:11,200 --> 00:55:13,200 Speaker 16: So we have some other discussions that are going so 1220 00:55:13,239 --> 00:55:16,840 Speaker 16: we're again we're excited about the broadening of our sport. 1221 00:55:17,080 --> 00:55:20,920 Speaker 5: YEP. Absolutely. I like Charlotte Motor Speedway, like Richmond, and 1222 00:55:20,960 --> 00:55:23,560 Speaker 5: I like Bristol, the smallest track, but it's just people 1223 00:55:23,600 --> 00:55:27,400 Speaker 5: down there are nuts for racing. It's kind of like Bristol, Tennessee, Bristol, Virginia, 1224 00:55:27,640 --> 00:55:30,600 Speaker 5: Span Toosday. It's really cool anyway. Steve Phillipstone joined US 1225 00:55:30,360 --> 00:55:34,719 Speaker 5: President of NASCAR here at the Bloomberg Sports Conference here 1226 00:55:34,760 --> 00:55:37,080 Speaker 5: in New York City talking to us about the business 1227 00:55:37,200 --> 00:55:38,879 Speaker 5: of NASCAR Racing car. 1228 00:55:40,200 --> 00:55:44,080 Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live 1229 00:55:44,160 --> 00:55:47,200 Speaker 1: weekdays at ten am Eastern on Apple Car Play and 1230 00:55:47,200 --> 00:55:50,120 Speaker 1: Android Auto with the Bloomberg Business app. You can also 1231 00:55:50,200 --> 00:55:53,680 Speaker 1: listen live on Amazon Alexa from our flagship New York station, 1232 00:55:54,080 --> 00:55:57,560 Speaker 1: Just Say Alexa playing Bloomberg eleven thirty. 1233 00:55:58,160 --> 00:56:00,160 Speaker 5: All right, Alex Seal, Paul Sweeney, your life here in 1234 00:56:00,200 --> 00:56:02,839 Speaker 5: the sixth floor of the Bloomberg Headquarters. We're here for 1235 00:56:02,880 --> 00:56:06,359 Speaker 5: the Bloomberg power players here at are headquarters. Let's talk 1236 00:56:06,360 --> 00:56:09,720 Speaker 5: a little hoops here Team USA Basketball. I'm gonna introduce 1237 00:56:09,760 --> 00:56:12,920 Speaker 5: my second favorite duke player of all time, Grant Hill. 1238 00:56:13,520 --> 00:56:17,080 Speaker 5: Just phenomenal. Of course, Bobby Hurley, his point guard back 1239 00:56:17,080 --> 00:56:20,560 Speaker 5: in the day, is my number one choice from Jersey City. Grant, 1240 00:56:20,560 --> 00:56:24,919 Speaker 5: thanks so much for joining us here Team USA. I mean, 1241 00:56:25,480 --> 00:56:27,359 Speaker 5: you guys are hitting it. I mean, talk to us 1242 00:56:27,360 --> 00:56:29,799 Speaker 5: about the status of Team USA. I mean, you know, 1243 00:56:29,840 --> 00:56:32,680 Speaker 5: obviously Coach k stepped it back, A new regime kind 1244 00:56:32,680 --> 00:56:35,279 Speaker 5: of came in. You're there just about Team USA. Both 1245 00:56:35,400 --> 00:56:36,680 Speaker 5: men and women are just wow. 1246 00:56:37,040 --> 00:56:39,000 Speaker 17: Well, well, first of all, Bobby Hurley was my favorite 1247 00:56:39,080 --> 00:56:41,080 Speaker 17: dup player of all time because he passed the ball 1248 00:56:41,160 --> 00:56:46,239 Speaker 17: to me right, Bobby was great. No, It's an exciting time. 1249 00:56:46,400 --> 00:56:51,839 Speaker 17: And obviously I succeeded Jerry Colangelo, who along with coach 1250 00:56:51,880 --> 00:56:55,400 Speaker 17: K had an incredible run together starting in two thousand 1251 00:56:55,400 --> 00:56:58,759 Speaker 17: and six, and I came in during this sort of 1252 00:56:58,800 --> 00:57:02,880 Speaker 17: Olympic quad. We had our World Cup last summer. We 1253 00:57:02,880 --> 00:57:05,240 Speaker 17: didn't fare as well in the World Cup. The women 1254 00:57:05,280 --> 00:57:08,080 Speaker 17: won the gold medal in their World Cup, but the 1255 00:57:08,120 --> 00:57:12,960 Speaker 17: Olympics were absolutely incredible and both teams were pushed, they 1256 00:57:13,000 --> 00:57:17,240 Speaker 17: were tested. Uh, there was just excellence on the court 1257 00:57:17,800 --> 00:57:20,320 Speaker 17: all over the world. We saw Serbia and our semi 1258 00:57:20,360 --> 00:57:23,000 Speaker 17: final games, they were so worthy and deserving of winning. 1259 00:57:23,040 --> 00:57:28,480 Speaker 17: Came up short. Yeah, but it was It was just phenomenal. 1260 00:57:28,520 --> 00:57:30,480 Speaker 17: I mean the fact that we had, we got tested, 1261 00:57:30,520 --> 00:57:33,280 Speaker 17: we got pushed, We had to show some fight and 1262 00:57:33,320 --> 00:57:36,800 Speaker 17: some toughness collectively, uh, to win that game, but also 1263 00:57:36,840 --> 00:57:39,880 Speaker 17: win the gold medal against France. The women's team got 1264 00:57:39,880 --> 00:57:44,000 Speaker 17: pushed and a very close tough matchup they had in 1265 00:57:44,040 --> 00:57:46,720 Speaker 17: the gold medal game with France as well. So I 1266 00:57:46,760 --> 00:57:48,560 Speaker 17: think it was just a win win, not just for 1267 00:57:48,720 --> 00:57:51,840 Speaker 17: USA basketball and our continued excellence, there was a win 1268 00:57:51,920 --> 00:57:55,800 Speaker 17: win for basketball universally. Like I think all across the globe. 1269 00:57:55,840 --> 00:57:58,600 Speaker 17: If you're a fan of the game. Uh, the Olympic 1270 00:57:58,680 --> 00:58:00,640 Speaker 17: basketball scene was spectacular. 1271 00:58:01,200 --> 00:58:02,720 Speaker 3: And even if you don't know the game or watch 1272 00:58:02,760 --> 00:58:04,760 Speaker 3: the game normally, like I was totally into it. 1273 00:58:04,440 --> 00:58:05,480 Speaker 6: It was amazing. 1274 00:58:05,520 --> 00:58:09,360 Speaker 3: It was really great talking about investing and where do 1275 00:58:09,360 --> 00:58:11,120 Speaker 3: you see opportunities. I know that you and your wife 1276 00:58:11,160 --> 00:58:13,760 Speaker 3: are also investors in the Orlando Pro women's soccer team, 1277 00:58:13,800 --> 00:58:15,919 Speaker 3: and we were talking about that over the last couple 1278 00:58:15,960 --> 00:58:18,520 Speaker 3: hours as well as to where the opportunity set is 1279 00:58:18,560 --> 00:58:20,200 Speaker 3: sort of where women's soccer is going to go. 1280 00:58:21,720 --> 00:58:24,160 Speaker 17: You know, Look, so I have two daughters who are 1281 00:58:24,240 --> 00:58:28,120 Speaker 17: who are jocks, who are athletes, and and so yes, 1282 00:58:28,640 --> 00:58:33,080 Speaker 17: and you know, I think sort of through them really 1283 00:58:33,120 --> 00:58:36,440 Speaker 17: getting exposed to women's sports and really wanting them to 1284 00:58:36,520 --> 00:58:40,200 Speaker 17: see women professional athletes. So, whether it was the WNBA 1285 00:58:40,920 --> 00:58:44,320 Speaker 17: or the NWSL. We live in Orlando, we were fans 1286 00:58:44,440 --> 00:58:48,280 Speaker 17: and consumers at first, and we got so caught into 1287 00:58:48,320 --> 00:58:51,000 Speaker 17: it and just loving it and having a passion for 1288 00:58:51,080 --> 00:58:54,720 Speaker 17: these teams. We also saw the potential and the upside 1289 00:58:54,760 --> 00:58:58,160 Speaker 17: for growth and u and so the opportunity to invest 1290 00:58:58,200 --> 00:59:01,200 Speaker 17: in the NWSL, the Orlando Pride in first place right now, 1291 00:59:02,160 --> 00:59:04,480 Speaker 17: we have not lost the game, had a few ties 1292 00:59:04,520 --> 00:59:08,720 Speaker 17: and all wins. But I just feel the momentum is 1293 00:59:08,960 --> 00:59:13,280 Speaker 17: really growing. And now you have superior leadership. Jessica Berman 1294 00:59:13,400 --> 00:59:19,200 Speaker 17: is a fantastic commissioner, has great vision, can execute that vision, 1295 00:59:19,600 --> 00:59:24,000 Speaker 17: has surrounded herself with a solid team. But also we 1296 00:59:24,080 --> 00:59:27,800 Speaker 17: have professional ownership. Now, we have owners now who own 1297 00:59:27,840 --> 00:59:30,680 Speaker 17: other sports, who've been in this, who understand it, see 1298 00:59:30,680 --> 00:59:34,760 Speaker 17: the long term trajectory of the business, and so I 1299 00:59:34,800 --> 00:59:37,280 Speaker 17: wouldn't say we're at an inflection point right now, but 1300 00:59:37,400 --> 00:59:42,560 Speaker 17: I think we have long term positioned ourselves nicely for 1301 00:59:43,320 --> 00:59:45,440 Speaker 17: great success. And I think of all the sports leagues, 1302 00:59:45,440 --> 00:59:47,720 Speaker 17: I really believe this. I think the NWSL has the 1303 00:59:47,720 --> 00:59:51,560 Speaker 17: greatest subside. So really excited. I was excited to see 1304 00:59:51,640 --> 00:59:54,640 Speaker 17: Jessica and Midge person one of the stars in the league, 1305 00:59:55,240 --> 00:59:58,480 Speaker 17: and yeah, we're thrilled to be involved. 1306 00:59:58,960 --> 01:00:01,960 Speaker 5: Where do you see basketball is a global sport. We 1307 01:00:02,000 --> 01:00:04,920 Speaker 5: saw it on on at Paris. I mean, the limits 1308 01:00:04,960 --> 01:00:08,400 Speaker 5: all over, great competitiveness. How does the NBA, you know, 1309 01:00:08,720 --> 01:00:10,400 Speaker 5: how do you think then they taps into that? I 1310 01:00:10,400 --> 01:00:13,400 Speaker 5: mean there's so many international players playing in the NBA now, 1311 01:00:13,800 --> 01:00:15,880 Speaker 5: but what do you think they should be doing there well. 1312 01:00:15,920 --> 01:00:17,840 Speaker 17: The game has become a global sport. You figured out 1313 01:00:17,840 --> 01:00:20,680 Speaker 17: the ninety two Dream Team and sort of what they did, 1314 01:00:20,720 --> 01:00:25,520 Speaker 17: they inspired a world a whole, multiple generations of basketball players. 1315 01:00:25,560 --> 01:00:29,000 Speaker 17: Now that the NBA is thirty percent international, Wow, And 1316 01:00:29,040 --> 01:00:30,560 Speaker 17: you know, I can go all over the world and 1317 01:00:30,600 --> 01:00:35,000 Speaker 17: people recognize me and they identify me with the NBA brand. 1318 01:00:35,440 --> 01:00:38,600 Speaker 17: The NBA is a global marketing and public relations firm. 1319 01:00:38,840 --> 01:00:41,680 Speaker 17: The players, you know, they may come in, they may leave, 1320 01:00:42,040 --> 01:00:44,760 Speaker 17: they may you know, replenishes itself, but the ability to 1321 01:00:45,120 --> 01:00:48,320 Speaker 17: market and promote is what they've mastered and done a 1322 01:00:48,360 --> 01:00:51,080 Speaker 17: great job of that in the last thirty two years 1323 01:00:51,440 --> 01:00:54,400 Speaker 17: since the Dream Team. I think though, where we can 1324 01:00:54,600 --> 01:00:58,040 Speaker 17: you know, can continue to improve. Obviously domestically with our development, 1325 01:00:58,360 --> 01:01:03,240 Speaker 17: I think national basketball community has kind of caught us 1326 01:01:03,280 --> 01:01:05,880 Speaker 17: or maybe even surpassed us in some ways with how 1327 01:01:05,880 --> 01:01:09,520 Speaker 17: they develop young talent. I also see expansion not just 1328 01:01:09,640 --> 01:01:13,120 Speaker 17: here and possibly Las Vegas or Seattle, but I you know, 1329 01:01:13,160 --> 01:01:16,000 Speaker 17: talk about going over to Europe, talk about partnering with 1330 01:01:16,040 --> 01:01:20,640 Speaker 17: the EuroLeague. I'm an investor in NBA Africa and the 1331 01:01:20,680 --> 01:01:24,400 Speaker 17: opportunity there and the potential as a lot of the 1332 01:01:24,480 --> 01:01:27,040 Speaker 17: nations in that kind on that continent are still developing, 1333 01:01:27,120 --> 01:01:31,120 Speaker 17: but they consume the game. And uh and so the 1334 01:01:31,480 --> 01:01:34,200 Speaker 17: league is is is doing a number of efforts, a 1335 01:01:34,280 --> 01:01:38,720 Speaker 17: number a number of initiatives and just sees the continued 1336 01:01:38,800 --> 01:01:42,040 Speaker 17: sort of growth opportunities that their global media markets. 1337 01:01:42,120 --> 01:01:42,720 Speaker 5: Yep, you know. 1338 01:01:42,880 --> 01:01:46,360 Speaker 17: And the game is is isn't a good place and 1339 01:01:46,440 --> 01:01:50,000 Speaker 17: I think has even greater potential as we move forward. 1340 01:01:50,680 --> 01:01:52,960 Speaker 5: Ten seconds. How good is this Cooper flag kid? 1341 01:01:54,040 --> 01:01:55,920 Speaker 17: He's really good. He I brought him in on the 1342 01:01:55,960 --> 01:01:59,080 Speaker 17: select team to prepare with the prepares for the Olympic team, 1343 01:01:59,120 --> 01:02:01,280 Speaker 17: and he played very well, had a really good day. 1344 01:02:01,840 --> 01:02:03,280 Speaker 17: You know, he might have been one of the top 1345 01:02:03,280 --> 01:02:05,760 Speaker 17: five players. I might embellish a bit, but he might 1346 01:02:05,800 --> 01:02:07,200 Speaker 17: have been one of the top five players on the 1347 01:02:07,240 --> 01:02:10,840 Speaker 17: court that one day. And so big expectations for my 1348 01:02:10,920 --> 01:02:12,160 Speaker 17: Blue Devils this year. 1349 01:02:12,000 --> 01:02:14,320 Speaker 5: With zachfi exactly right, all right, Grant, thanks so much 1350 01:02:14,360 --> 01:02:16,520 Speaker 5: for joining us. Grant Hill, he's a managing director of 1351 01:02:16,600 --> 01:02:19,080 Speaker 5: USA Basketball. He's a co owner of the Atlanta Hawk's 1352 01:02:19,120 --> 01:02:21,800 Speaker 5: life from the Bloomberg Power Players. He's here at our 1353 01:02:21,800 --> 01:02:25,200 Speaker 5: Bloomberg Global headquarters along with the letter other sports folks. 1354 01:02:25,200 --> 01:02:28,560 Speaker 5: So it's business, it's technology, it's sport, it's entertainment, it's 1355 01:02:28,600 --> 01:02:29,280 Speaker 5: only intersecting. 1356 01:02:29,520 --> 01:02:33,120 Speaker 6: I'm so impressed with your ability to have this muscle. 1357 01:02:33,160 --> 01:02:33,320 Speaker 2: Here. 1358 01:02:34,920 --> 01:02:39,400 Speaker 1: This is the Bloomberg Intelligence Podcast, available on apples, Spotify, 1359 01:02:39,600 --> 01:02:42,520 Speaker 1: and anywhere else you will get your podcasts. Listen live 1360 01:02:42,600 --> 01:02:46,200 Speaker 1: each weekday, ten am to noon Eastern on Bloomberg dot com, 1361 01:02:46,320 --> 01:02:49,720 Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app. 1362 01:02:49,800 --> 01:02:52,960 Speaker 1: You can also watch us live every weekday on YouTube 1363 01:02:53,040 --> 01:02:54,920 Speaker 1: and always on the Bloomberg terminal