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Speaker 1: This is Bloomberg Business of Sports, where in a situation

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Speaker 1: that we haven't dealt with in modern times, the pandemic

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Speaker 1: here has really accelerated the investments that we've been advocating

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Speaker 1: for for a year. From a macro standpoint, I think

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Speaker 1: our sport industry is really forced to look at the

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Speaker 1: business a little bit differently. In depth conversations with the

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Speaker 1: leaders in the sports industry and he sport, there is

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Speaker 1: a good admiration we're still moving forward with part of

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Speaker 1: something much bigger than the sport Right now, the health

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Speaker 1: and sadustry of our stakeholders are real, smart important every moment.

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Speaker 1: I think we're all from a business respective thinking about

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Speaker 1: the impact that the virus is having across the country.

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Speaker 1: In Bloomberg Business of Sports from Bloomberg Radio, Hi everyone,

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Speaker 1: I'm Jason Kelly and Mike Lynch and Michael Barr. Over

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Speaker 1: the next hour, we will explore the big money issues

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Speaker 1: in the world of sports and talk to some of

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Speaker 1: the biggest players in the industry. We'll talk about big

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Speaker 1: players later on, we're going to hear from a Rod

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Speaker 1: Alex Rodriguez. He is the CEO and gairman now of

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Speaker 1: a Rod Corp. He's buying a basketball team. He's got

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Speaker 1: a special purpose acquisition company as SPACK. If you paid

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Speaker 1: any attention to what's going on on Wall Street over

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Speaker 1: the past years, so that is one of the most

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Speaker 1: popular things going Talk to him about that and lots

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Speaker 1: and lots more. But first, the world of golf happening

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Speaker 1: this weekend the PGA Championship down in Lovely Kiwa Island

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Speaker 1: off the coast of South Carolina. They're putting on a

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Speaker 1: tournament a very difficult golf course to say. At least.

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Speaker 1: We caught up with the CEO of the PGA of America,

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Speaker 1: Seth Walk. He's there in South Carolina. He told us

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Speaker 1: about how they got prepared for this big tournament as

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Speaker 1: life gets sort of back to normal. So we are

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Speaker 1: respecting the new guidelines of the CDC and um we've

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Speaker 1: we had a sellout crowd. It's sold out in less

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Speaker 1: than a week class August. Um and uh. We had

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Speaker 1: to um to shrink the field a bit of to

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Speaker 1: follow state and local guidelines. But it is um you know,

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Speaker 1: we are holding the largest golf term tournament in terms

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Speaker 1: of fans. It's help since the pandemic started. Um it uh,

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Speaker 1: We're in a state and a location that allows for

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Speaker 1: masks to not need to be worn outdoors, and we

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Speaker 1: are following that and excited about the fans are excited

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Speaker 1: to be here. It's nice you can tell people just

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Speaker 1: you know, needed to get outdoors and and be around

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Speaker 1: other people. So it'll look like a you know, it's

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Speaker 1: a it's an amazing site and it's one that you

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Speaker 1: know has uh uh isn't the biggest piece of property

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Speaker 1: on earth, and so that that the amount of fans

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Speaker 1: will will look very major championship like. So we're excited

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Speaker 1: about it, and the atmosphere just couldn't be sort of

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Speaker 1: more grateful, more happy. The players are gushing about the

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Speaker 1: course and the weather. It's uh, it's great to be

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Speaker 1: you know here and living again. And you can listen

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Speaker 1: to that full conversation with Seth Walt on our podcast

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Speaker 1: feed along wide raging conversation we had with him Lynchy.

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Speaker 1: You know, this is a guy, as Michael Barr nicely

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Speaker 1: points out in the conversation, who ran the America's for

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Speaker 1: Deutsche Bank. He's clearly a very serious golfer. He ran

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Speaker 1: that tournament that got him deeper and deeper into the

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Speaker 1: world of golf. This is a big job, and you

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Speaker 1: were helping us understand even off air, Lynchy, how this

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Speaker 1: is the organization that really has its tentacles across all

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Speaker 1: of golf in America. These are all the pros. They are.

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Speaker 1: They're they're your club professional, your club assistant professional at

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Speaker 1: wherever you go, a municipal course or a private golf club.

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Speaker 1: These are the nearly twenty nine thousand men and women

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Speaker 1: who are p g A professionals of America. The PGA

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Speaker 1: Tour represents the players that are on the tour, and

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Speaker 1: that is a commissioner is Jay Monahan who had on

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Speaker 1: the show a year ago. And ironically, Jay Monahan and

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Speaker 1: Seth Waw together uh founded the TPC Boston Tournament, which

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Speaker 1: is traditionally run on Labor Day weekend, and they took

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Speaker 1: a swamp and they just built a golf course down there,

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Speaker 1: and Deutsche Bank was the original sponsor, Tiger Woods Charities

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Speaker 1: were the original beneficiary, and their relationships sort of blossomed

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Speaker 1: and so did their credibility within the golf world. And

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Speaker 1: ironically they are the heads of the two biggest organizations

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Speaker 1: that run professional golf today. UH. Seth is really he's

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Speaker 1: a great guy. He's very creative, he's very imaginative, as

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Speaker 1: you will hear in the in the podcast. And you

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Speaker 1: know he looks at the glasses half full all the

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Speaker 1: time he's has he has it. We don't want to

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Speaker 1: be part of the problem. We want to be part

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Speaker 1: of the solution. And uh he's a great leader for

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Speaker 1: the PGA of America. Well, and Michael Barr, as you

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Speaker 1: rightly asked Seth wat in this conversation, to which you

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Speaker 1: can check out on our podcast feed, as I mentioned, uh, no, Tiger.

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Speaker 1: I mean, there's a lot of great golfers, but the

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Speaker 1: Tiger Woods effect, it is real in the world of

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Speaker 1: pro golf, and and obviously owing to that horrific acts

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Speaker 1: it in that Tiger Woods was a part of He

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Speaker 1: is thankfully rehabbing from that, but he will not be

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Speaker 1: at this tournament. And that does it changes the field,

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Speaker 1: It changes the who's watching it, who's there all of it. Well,

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Speaker 1: I think one of the things too is that obviously

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Speaker 1: we don't have Tiger and it's always a draw, but

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Speaker 1: you have a lot of younger stars in this tournament,

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Speaker 1: and I think that's a key also to bringing in

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Speaker 1: a younger audience to golf because they're following all of

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Speaker 1: these players out there who are younger compared to the

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Speaker 1: older ones. I hope that will also bring in a

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Speaker 1: bigger draw as we continue to go on to other tournaments,

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Speaker 1: as we go on to the Ryder Cup and so on.

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Speaker 1: Today delighted to be speaking with none other than A

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Speaker 1: Rod Alex Rodriguez. He is the chairman and CEO of

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Speaker 1: the appropriately named A Rod Corpin. Alex. It's great to

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Speaker 1: spend some time with you and to spend some time

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Speaker 1: really going deep on your business life, because this is

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Speaker 1: not the typical story that we're used to hearing about.

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Speaker 1: You know, a guy comes off a successful athletic career

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Speaker 1: and you know, then create some little businesses around himself.

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Speaker 1: You're building an empire. You have built an empire many ways,

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Speaker 1: and it's ever growing. I'd love to understand, and our

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Speaker 1: listeners would too. What's underneath this? What is the animating

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Speaker 1: ethos of what you're trying to build? Yeah, thank you Jason.

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Speaker 1: For me, I think it starts with my mom just

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Speaker 1: watching her every single day having two jobs. We come

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Speaker 1: from a very humble beginnings. My father left when I

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Speaker 1: was ten and we were left with my mom and

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Speaker 1: my two siblings, my brother Joe and my sister Susie,

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Speaker 1: and I've always had this entrepreneur spirit of the two bees.

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Speaker 1: I wanted to uh have baseball and be a CEO

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Speaker 1: in business. And that started when I was about ten

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Speaker 1: years old. Um, I saw my mom work two jobs.

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Speaker 1: I saw her really struggle. I saw that the lack

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Speaker 1: of financial literacy knowledge worked against us. And sure enough,

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Speaker 1: about twelve or thirty years later, I had my first

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Speaker 1: opportunity to buy a duplex, and I did that, and

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Speaker 1: off I went with my business career. So let's talk

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Speaker 1: about transition. You know, there is a very successful model

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Speaker 1: out there that that basically says, you play ball, you

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Speaker 1: do well. You build a portfolio that is largely based

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Speaker 1: on endorsements more than anything. But you know, what are

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Speaker 1: the people that I believe you consulted early on was

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Speaker 1: Magic Johnson. He obviously has said at a different sort

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Speaker 1: of standard. Tell me about that and what you took

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Speaker 1: from your your friendship and interaction with him. Yeah, First

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Speaker 1: of all, Magic is a friend and uh a mentor

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Speaker 1: and uh one of my heroes. Uh Magic is um

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Speaker 1: He's been such an inspiration for me. You know, Jay's

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Speaker 1: We went to UH a dinner because I asked them

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Speaker 1: for some help and guidance. And this was when I

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Speaker 1: was almost twenty years ago, when I signed with the

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Speaker 1: Texas Rangers and and UH, I asked Magic for some advice.

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Speaker 1: He took me to a state dinner in l A.

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Speaker 1: I thought it was gonna be like thirty minutes. It

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Speaker 1: was like three and a half hours, and he basically

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Speaker 1: laid out the entire playbook. And I could not believe

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Speaker 1: how generous and humble he was, how his advice and experiences,

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Speaker 1: both the good and the bad, has been a pivotal

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Speaker 1: part of how I build out a rod Corp. And

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Speaker 1: UH to this day, we talked about that. But the

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Speaker 1: point is, I think if you're a mentee, there's plenty

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Speaker 1: of great mentors out there that are willing to share

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Speaker 1: experiences and it's priceless and invaluable of how much value

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Speaker 1: you can bring to folks like me. And now I'm

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Speaker 1: doing it for you know, dozens of athletes and entertainers

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Speaker 1: who call for advice and UH, and is my opportunity

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Speaker 1: to pay it forward to what Magic and others did

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Speaker 1: for me? All right, So take me inside. The portfolio

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Speaker 1: helped me understand, you know, some of the more representative

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Speaker 1: investments inside a ride court because anybody who spend some

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Speaker 1: time on on the website you see it is it

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Speaker 1: is wide ranging, and yet there are some clear themes.

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Speaker 1: You're you are going deep on a couple of different themes.

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Speaker 1: Tell me about one or two of those. Yeah, I

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Speaker 1: think you know, everyone CORP does two main things. One

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Speaker 1: is we have a legacy real estate business that goes

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Speaker 1: back about twenty years. And then we do venture in

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Speaker 1: private equity deals and we're taking minority and sometimes the

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Speaker 1: majority uh positions and companies, and we own over thirty

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Speaker 1: companies in our portfolio. We're taking about seven or eight

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Speaker 1: public here this year, so it's been an extraordinary year

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Speaker 1: for for a r c UM. But think about a

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Speaker 1: company like himston Hurst UH that we came in a

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Speaker 1: few years ago. It just went public earlier earlier this year,

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Speaker 1: and it's been a great success. Telent Medicine for the

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Speaker 1: masses at an affordable price. We like the space. It

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Speaker 1: has a huge tan and when you think about a

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Speaker 1: business that throws off reoccurring income with seventy six percent margins, uh,

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Speaker 1: we think that's in the early stages of what could

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Speaker 1: be a really great company. UM. That that's one in

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Speaker 1: the neut eight one that I did with Mark Lorie

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Speaker 1: called Archer Flying Cars. We came in around a hundred

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Speaker 1: million dollar valuation and we took a public at three

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Speaker 1: point six billion and and marked it. This all within

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Speaker 1: two years. UM. So it's wide ranging, but it's really

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Speaker 1: a place where we can bring value and really bringing

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Speaker 1: the capital and the people. Let's talk about some of

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Speaker 1: your partners and sort of how you you make this approach,

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Speaker 1: because one of the things that's clear is you're picking

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Speaker 1: partners in in in different regards and for different reasons.

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Speaker 1: Let's talk a little bit about Mark, because he comes

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Speaker 1: into play for a venture capital firm that you're starting,

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Speaker 1: but also more notably and right now comes into play

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Speaker 1: as as a fellow potential owner. UM in an NBA team.

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Speaker 1: I know that that is still ongoing, but reports are

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Speaker 1: that the timber Wolves you have an agreement to buy it.

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Speaker 1: We'll leave the details to be worked out, but but

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Speaker 1: tell me why you want to own a team? Well,

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Speaker 1: I think, Look, we learned a lot through through the

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Speaker 1: METS process. We worked really hard on that. Uh. Like

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Speaker 1: I tell my friends, we were the second winners. Um,

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Speaker 1: it was an incredible process that we learned a great deal.

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Speaker 1: What we learned is that these are more than just

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Speaker 1: sports teams their media entertainment platforms. That is their intersection

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Speaker 1: between e commerce, technology, media, sports and entertainment. And UH,

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Speaker 1: when you look at the n b A and you

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Speaker 1: look at the tail winds, you look at the leadership,

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Speaker 1: you look at the global foot footprint and where is going. UH,

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Speaker 1: the young demographics, the eyeballs. They get entertainment as well

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Speaker 1: as any league in the world. And UH, Mark and

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Speaker 1: I are close friends, were partners, and we think that

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Speaker 1: our set of skills combined UH can be a great

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Speaker 1: added value to a sports franchise. So we're very excited

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Speaker 1: about the opportunity. So tell me about that. Tell me

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Speaker 1: about that relationship and how something like that develops in

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Speaker 1: terms of figuring out how the skills meshed together. I mean, clearly,

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Speaker 1: you know, going through the METS process, as you say,

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Speaker 1: taught you about what you you guys could both bring

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Speaker 1: to the table. But you're also starting a venture capital

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Speaker 1: firm with Mark, So how does it work? Yeah? Look, Jason,

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Speaker 1: a lot of what I do in business, I frame

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Speaker 1: it back to my Yankee days, right, And I think

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Speaker 1: complimentary set of skills work really well. Um, you can't

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Speaker 1: have ten short stops, right, you can't have ten pictures.

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Speaker 1: So the idea is, you know, Derek Jeter and myself

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Speaker 1: are great compliments to Mariano Rivera and Andy Pettitt, and

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Speaker 1: you put the four of us together, we that But

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Speaker 1: that makes a championship, Uh, you know, combination. When you

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Speaker 1: look at Mark, Lori and I were great partners because

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Speaker 1: we have complementary set of skills. Uh, he's world class

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Speaker 1: when it comes to e commerce technology, computer. I barely

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Speaker 1: know how to turn on a computer. So we make

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Speaker 1: a dream team. Um. You know, I bring my twenty

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Speaker 1: five years experience of professional baseball business. But we really

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Speaker 1: compliment each other. Number one, we're great friends. Number two, Uh,

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Speaker 1: there's uh infinite trust there. And those are the two

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Speaker 1: things foundation that you need in a partnership in business

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Speaker 1: that can last for years and years. Something of a

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Speaker 1: time management challenge if if nothing else. Alex, Yeah, you know,

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Speaker 1: I'm very fortunate to have great, great people around me.

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Speaker 1: I mean I have three really really strong women that

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Speaker 1: run our companies and our portfolio. I have Lisa, who

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Speaker 1: runs our investment arm We have Kelly who's my chief

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Speaker 1: chief business officer, and she runs everything that we touch.

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Speaker 1: And then we have Aaron Knight and Stewart Zik who

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Speaker 1: run our real estate and really there they run their

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Speaker 1: own business. I don't micromanage. They tell me really what

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Speaker 1: to do. They're way smarter than I am. But really, again,

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Speaker 1: when you have the v c P. And I think

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Speaker 1: we have that at around Cork, You're able to do

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Speaker 1: a lot of great things. And I'm able to kind

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Speaker 1: of roam around and bring value at the highest level

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Speaker 1: with great relationships with like the blasts of the world

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Speaker 1: or Barry stern Litt or Mark Lori, and then I

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Speaker 1: let my teammates do what they do best. So you know,

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Speaker 1: you mentioned some of those names, and it's interesting to

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Speaker 1: talk about this kind of intersection which you and I

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Speaker 1: have talked about before, of kind of finance and sports.

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Speaker 1: I would imagine just being who you are, just speaking

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Speaker 1: very plainly, that many doors are open to you, and

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Speaker 1: yet you still have to walk through them and you

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Speaker 1: still have to sit down at that table, and then

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Speaker 1: the conversation goes from there. What have you learned in

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Speaker 1: that process of kind of getting from Hey, it's nice

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Speaker 1: to meet you sure we can take a picture to

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Speaker 1: actually getting a deal done, actually doing business. You know

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Speaker 1: that that that's a great, great question, because this is

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Speaker 1: something that Magic Johnson and I joked around back fifteen

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Speaker 1: twenty years ago, which is, you know, as an athlete,

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Speaker 1: as an entertainer, you pretty much have any door open

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Speaker 1: to you. People will take a meeting, they'll want to

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Speaker 1: picture you, sign an autograph, they have kids and grandkids,

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Speaker 1: but usually nothing happens after that. What we learned is

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Speaker 1: the doors will open. You have to be prepared to

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Speaker 1: be open. You have to know your stuff. You have

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Speaker 1: to have an A plus team to be able to

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Speaker 1: follow up and execute, because when you walk into doors

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Speaker 1: an athlete or an entertainer, you have to understand what

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Speaker 1: the business person is thinking. Is they're not gonna follow up,

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Speaker 1: is gonna be flaky, They don't have a capable team.

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Speaker 1: They run a licensing model, not an ownership model. So

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Speaker 1: you have two strikes walking in. You have to come

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Speaker 1: in and really know your stuff, be were prepared, and

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Speaker 1: have a world class team to be able to execute

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Speaker 1: and all these doors opening. If not, it's just an

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Speaker 1: autograph show. And so talk to me about that difference

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Speaker 1: between licensing and ownership, because clearly that that is a

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Speaker 1: key theme that you have pulled through comes with more responsibility,

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Speaker 1: more complexity. Uh and and so in general that's just

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Speaker 1: harder to do. It is relatively easy. And again I'm

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Speaker 1: just speaking plainly. You when you are as famous as

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Speaker 1: you are, people want to put your name on something

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Speaker 1: and that will help their sales. It's a whole different

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Speaker 1: thing when they're bringing you on as an equity partner,

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Speaker 1: as someone who has a say but also has the

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Speaker 1: responsibility to carry it forward. How do you adopt that

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Speaker 1: mindset or what are the tools you need to use

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Speaker 1: in order to actually execute. Licensing model compared to an

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Speaker 1: ownership model are completely different. If you think about a

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Speaker 1: licensing model, you get c A A or wm ME,

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Speaker 1: whoever your agent are. They'll go out and do a

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Speaker 1: deal with you know, Nike or Mercedes bands and is

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Speaker 1: a three year deal. You get paid a few million

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Speaker 1: bucks a year and that's pretty much. It is really simple.

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Speaker 1: When you think about building businesses, it requires time, effort, resources,

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Speaker 1: an incredible team, an institutional team to be able to

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Speaker 1: build because it's it's really hard to do right and

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Speaker 1: it takes more time and energy and a different set

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Speaker 1: of skill set right. So, um, it's not for everybody,

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Speaker 1: but if you do it, you have to do it right,

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Speaker 1: and uh, the upside is much greater, but there's so

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Speaker 1: much harder work to be able to execute that. Alex,

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Speaker 1: we are talking earlier about how generationally this group of

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Speaker 1: athletes coming along is different. They are more ambitious in

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Speaker 1: many ways, especially when it comes to becoming business people

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Speaker 1: earlier and earlier often as they're coming into the pro leagues.

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Speaker 1: What does that mean to have a more sophisticated cohort

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Speaker 1: coming along? Well? When when I grew up, for example, Jason,

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Speaker 1: I wanted to be just like you know, Cal Ripken

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Speaker 1: or Magic Johnson and Larry Bird or Dan Marino and

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Speaker 1: that was it. Today kids want to come up and

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Speaker 1: they want to be more like Mark Huban or Mark

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Speaker 1: Laurie or Order Lebron James was both. I think there's

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Speaker 1: a shift in thinking. There is a much larger ambition,

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Speaker 1: there's more transparency out there. But I would say that

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Speaker 1: there's a shift in power that's happened over the last

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Speaker 1: ten years, but more specifically over the last five years.

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Speaker 1: The power has shifted to the talent and the entertainer

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Speaker 1: and and what that means is that you couldn't think

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Speaker 1: years ago that an entertainer like Kim Kardashian can actually

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Speaker 1: beat a KKR or a black stool on a particular deal.

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Speaker 1: But the truth is in today's world, she can, and

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Speaker 1: that's really cool and it's really fun, and that it

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Speaker 1: democratizes things a great deal. So with that, I think

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Speaker 1: there's an adjustment being made right now if like, okay,

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Speaker 1: institutions actually need the talent, but if you do it right,

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Speaker 1: one plus one should equally eleven. And so there is

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Speaker 1: risk though in in sort of taking that on because

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Speaker 1: just going back to what you said before, a licensing

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Speaker 1: deal pretty low risk. I mean you're getting a check

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Speaker 1: and you know, then you sort of go off and

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Speaker 1: and do it, do what you're gonna do. And so

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Speaker 1: how do you factor risk into all of this? Listen,

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Speaker 1: I would say that sometimes a licensing deal is exactly

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Speaker 1: the right thing to do, right. I mean, if if

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Speaker 1: you have a wonderful company like a Nike or a

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Speaker 1: Starbucks and you want to do a partnership with them, fantastic. Um.

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Speaker 1: I think it's just like playing a different sport when

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Speaker 1: you're building businesses you need different team members, different commitment,

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Speaker 1: different alignment. The way you structure pay is completely different.

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Speaker 1: With the licensing deal, you need one agent, one manager.

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Speaker 1: They do the deal. Everybody gets their money. Agent gets

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Speaker 1: ten percent, you get ninety and you're off to the

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Speaker 1: next right and you you fill out your obligations with

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Speaker 1: a business, you can build it for ten or twelve

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Speaker 1: years and not collect the dollar. And are you willing

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Speaker 1: to do that? Are you really too? Are are you

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Speaker 1: winning to architect the team? Look will say no, I

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Speaker 1: don't need that. I just want to be on the

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Speaker 1: boat and go and enjoy my life and play golf.

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Speaker 1: And there's nothing wrong with that. So you have crazy

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Speaker 1: people like me and Magic and Greg Norman and others

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Speaker 1: that really have wanted to be excellent both and the

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Speaker 1: baseball field or the sports field as well as the bordroom.

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Speaker 1: I'm me gonna ask you a really big, big, sort

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Speaker 1: of sprawling question. But it does strike me as you're

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Speaker 1: talking about this and we're talking about, you know, your

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Speaker 1: future as an owner. It feels like over the last

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Speaker 1: year our relationship with sports has changed and maybe deepened,

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Speaker 1: our relationships with athletes. How athletes see themselves? Do you

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Speaker 1: feel that and in this moment, you know, you mentioned Lebron.

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Speaker 1: We think about the activism in the NBA and the

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Speaker 1: w n b A that we saw in the aftermath

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Speaker 1: of George Floyd's killing and Black Lives Matter and all

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Speaker 1: of these different things. What's changed about our relationship with

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Speaker 1: with sports and teams. Well, I think it's just gotten

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Speaker 1: to be even a more important platform. I mean, there's

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Speaker 1: so much pain around the world, so many people are

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Speaker 1: suffering with these tough times, whether it's health and financially

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Speaker 1: or or just really not annoying what the future holds.

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Speaker 1: And I've always said that in times like this is

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Speaker 1: about bringing people together, and nothing brings people together more

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Speaker 1: than music and sports. And I think moving forward is

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Speaker 1: even a bigger responsibility and a bigger platform to be

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Speaker 1: able to not only run a great business, but to

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Speaker 1: do a lot of good in those communities around these

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Speaker 1: sports franchises. Well, Alex, thank you so much for your time.

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Speaker 1: Alex Rodriguez the chairman and CEO of A. Rod Corpen

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Speaker 1: also the presumptive new owner of the Minnesota Timberwolves and

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Speaker 1: the Minnesota Links. Always good to keep an eye on

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Speaker 1: what he's up to. So guys, obviously a wide, raging conversation. There.

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Speaker 1: A Rod is in the middle of so many things.

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Speaker 1: But I would like to think one of the things

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Speaker 1: we learned from him Lynch, he was kind of the

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Speaker 1: underpinnings of his business and some of the folks that

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Speaker 1: he has really taken cues from along the way. Well,

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Speaker 1: I was fascinated with his revelation that he contacted Magic

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Speaker 1: Johnson about twenty years ago and they went to dinner,

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Speaker 1: and a Rod thought it was going to be a

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Speaker 1: thirty minute conversation, and Magic had him there for three

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Speaker 1: and a half hours and basically opened his playbook on investments,

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Speaker 1: some of the pitfalls to avoid, some of the people

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Speaker 1: to contact if he wants to be an entrepreneur after

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Speaker 1: his playing days are over. And I remember when he

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Speaker 1: played for the Yankees. Every time they came into a

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Speaker 1: foam way to play the Red Sox, A Rod would

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Speaker 1: slip over to Harvard and he would just walk around

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Speaker 1: and he would sit in buildings. He actually attended classes

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Speaker 1: every now and then. He would just sit in the

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Speaker 1: back of a lecture hall. And he was always trying

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Speaker 1: to absorb things around him to make him more worldly. Uh.

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Speaker 1: He tried to develop a business acumen and so he's

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Speaker 1: it's really a fascinating guy. It's a great interview, by

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Speaker 1: the way, j K and I loved it. I thought

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Speaker 1: the Magic Johnson thing reaching across the Magic was was

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Speaker 1: really quite a great bridge to where a Roid is

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Speaker 1: right now. Yeah, well, thank you. Yeah. I found that

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Speaker 1: really interesting too, and especially that takeaway that a Rod

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Speaker 1: had from that interaction with Magic, this notion of, look,

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Speaker 1: you can get into any room in the world, you know,

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Speaker 1: even and what was sort of implied is even if

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Speaker 1: somebody didn't love you as a player, you were a

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Speaker 1: star professional athlete. People want your autograph, they want your picture,

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Speaker 1: but they may not expect that much of you. They

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Speaker 1: may think you're a little bit flaky. So you've got

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Speaker 1: to come in prepared and you've got to build a

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Speaker 1: really good team around you. You know. It's funny, Michael

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Speaker 1: Barr to to think about, you know, you hear this

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Speaker 1: from a Rod, and you know, and he he throws

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00:22:47,840 --> 00:22:50,760
Speaker 1: out all the you know, kind of metaphors that you

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Speaker 1: would expect around you know, building a team and leveling

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00:22:53,560 --> 00:22:56,000
Speaker 1: the playing field and things like that. The funny thing

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00:22:56,040 --> 00:22:59,679
Speaker 1: is those cliches or cliches because they're true. I mean,

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00:22:59,720 --> 00:23:04,000
Speaker 1: they're are these commonalities between being a very successful athlete

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00:23:04,520 --> 00:23:07,280
Speaker 1: and and being a successful business person. And part of

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00:23:07,280 --> 00:23:09,960
Speaker 1: it is just as Lynchy well described, kind of putting

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00:23:09,960 --> 00:23:12,280
Speaker 1: in the work. It's more and expanding the more of

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Speaker 1: what you said. It was a point in there where

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00:23:14,000 --> 00:23:16,800
Speaker 1: he said and I was kind of shocked by it

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00:23:16,840 --> 00:23:19,040
Speaker 1: because I thought, well, when you're a Rod, you come

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00:23:19,080 --> 00:23:21,919
Speaker 1: into a business deal, Hey, I'm a Rod, it's like,

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00:23:22,000 --> 00:23:24,199
Speaker 1: let's get this go on. It's like, you know, but

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00:23:24,720 --> 00:23:27,040
Speaker 1: the people on the other end, they want to know

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00:23:27,080 --> 00:23:29,720
Speaker 1: that you got your stuff together, and if you don't,

447
00:23:29,760 --> 00:23:32,639
Speaker 1: and as he put it, it turns into an autograph session.

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00:23:33,200 --> 00:23:36,240
Speaker 1: And and I was surprised that, you know, it's not

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00:23:36,400 --> 00:23:39,119
Speaker 1: just that easy. In fact, it almost might be a

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00:23:39,160 --> 00:23:44,160
Speaker 1: negative to have that celebrity status and obviously not having

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00:23:44,160 --> 00:23:47,000
Speaker 1: your stuff together. Yeah. Well, and and Lynchi, it's also

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00:23:47,080 --> 00:23:49,800
Speaker 1: interesting to to hear you know, who he's partnered up with.

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00:23:50,520 --> 00:23:53,720
Speaker 1: I think the other you know, chapter to be told.

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00:23:53,760 --> 00:23:56,080
Speaker 1: Now we only got to talk a little bit about it,

455
00:23:56,359 --> 00:23:58,640
Speaker 1: in part because the deal is still in the process

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00:23:58,680 --> 00:24:00,800
Speaker 1: of getting done. Is he's going to be a team

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00:24:00,840 --> 00:24:03,879
Speaker 1: owner now, and you know, and and by the way,

458
00:24:04,080 --> 00:24:07,400
Speaker 1: not in the sport which he excelled in. He tried

459
00:24:07,400 --> 00:24:09,679
Speaker 1: to buy the Mets, definitely learned some things there and

460
00:24:09,760 --> 00:24:13,040
Speaker 1: ultimately lost out, obviously to Stevie Cohen. But now the

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00:24:13,040 --> 00:24:15,880
Speaker 1: Minnesota timber Wolves are going to be under his ownership

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00:24:15,920 --> 00:24:20,320
Speaker 1: in the Minnesota Links, the w NBA franchise. I do wonder,

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00:24:20,680 --> 00:24:24,120
Speaker 1: you know what someone who has been a professional athlete

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00:24:24,160 --> 00:24:28,800
Speaker 1: in a different sport brings to, you know, an NBA

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00:24:28,920 --> 00:24:32,399
Speaker 1: franchise which probably has some some room to grow here,

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00:24:32,520 --> 00:24:34,720
Speaker 1: you know, a valuation of about a billion and a

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00:24:34,800 --> 00:24:37,920
Speaker 1: half dollars, is it's it's sort of amazing to say

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00:24:37,920 --> 00:24:40,880
Speaker 1: this on the low end or certainly like the mid

469
00:24:40,920 --> 00:24:44,680
Speaker 1: to low end of franchises in the NBA, so room

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00:24:44,720 --> 00:24:47,600
Speaker 1: to run. It feels like, well, his experience in trying

471
00:24:47,600 --> 00:24:49,800
Speaker 1: to acquire the New York Mets was basically his dress

472
00:24:49,800 --> 00:24:53,280
Speaker 1: rehearsal for acquiring the Minnesota Timberwolves. End he told you

473
00:24:53,359 --> 00:24:56,600
Speaker 1: in that interview that he just learned so much about

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00:24:56,640 --> 00:24:59,359
Speaker 1: that experience right there that will help him, uh in

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00:24:59,480 --> 00:25:01,720
Speaker 1: sort of a Nerrick way to being an owner, whether

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00:25:01,720 --> 00:25:04,160
Speaker 1: it was a hockey team, of football team, basketball team,

477
00:25:04,240 --> 00:25:07,840
Speaker 1: or baseball team. This guy's success oriented. He's driven, and

478
00:25:08,240 --> 00:25:11,040
Speaker 1: as we all agree, he's not afraid to to roll

479
00:25:11,119 --> 00:25:14,080
Speaker 1: up his sleeves and get his finger nails dirty mandros.

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00:25:15,200 --> 00:25:17,800
Speaker 1: I'm not kids. Feels better to be than one than

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00:25:17,880 --> 00:25:19,760
Speaker 1: number five. I'll wear a number because of Mike. We

482
00:25:19,800 --> 00:25:21,240
Speaker 1: have a chance to go for three in a row.

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00:25:21,280 --> 00:25:23,200
Speaker 1: Good numbers are a good time. When I first started

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00:25:23,200 --> 00:25:25,800
Speaker 1: wearing the number, how we just have been proud. Bloomberg

485
00:25:26,000 --> 00:25:30,200
Speaker 1: Business of Sports, The number of the week. All right,

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00:25:31,000 --> 00:25:35,600
Speaker 1: gather around, Come on, youang, gather around the radio. Here,

487
00:25:35,680 --> 00:25:39,119
Speaker 1: it's time for the number of the week. This is

488
00:25:39,119 --> 00:25:42,480
Speaker 1: gonna be a simple question. I'm playing real estate developer

489
00:25:42,640 --> 00:25:46,000
Speaker 1: Ted Seagull is mirror an agreement to purchase Major League

490
00:25:46,040 --> 00:25:51,280
Speaker 1: soccers Houston Dynamo for how much? I actually know this

491
00:25:51,320 --> 00:25:54,960
Speaker 1: one because I researched it today. So does that disqualify me? Now,

492
00:25:55,160 --> 00:25:59,840
Speaker 1: go ahead and give it. Yeah, you have no wiggle roof. Yeah,

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00:26:00,280 --> 00:26:04,320
Speaker 1: that's exactly I mean. So four hundred million. I think

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00:26:04,359 --> 00:26:07,359
Speaker 1: that's it. It's interesting to hear that number, in part

495
00:26:07,440 --> 00:26:10,040
Speaker 1: because you know, we're just talking a minute or two

496
00:26:10,080 --> 00:26:13,480
Speaker 1: ago about the te Wolves. What a franchise is going

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00:26:13,600 --> 00:26:18,200
Speaker 1: for in the NBA, right now. So in soccer, four

498
00:26:18,280 --> 00:26:21,200
Speaker 1: hundred million dollars, you know, gets you, gets you into

499
00:26:21,240 --> 00:26:26,080
Speaker 1: the into the league. There still some again, some room

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00:26:26,119 --> 00:26:28,919
Speaker 1: to run on on the soccer side. I mean not

501
00:26:28,960 --> 00:26:32,920
Speaker 1: that four hundred million dollars is chump change, but uh,

502
00:26:32,960 --> 00:26:34,800
Speaker 1: that is a sport. We're going to continue to see

503
00:26:34,840 --> 00:26:40,120
Speaker 1: some investment, but the valuations have not grown I think

504
00:26:40,160 --> 00:26:43,000
Speaker 1: the way that they have in other sports. So good

505
00:26:43,080 --> 00:26:46,280
Speaker 1: job Lynch doing your homework. I like it. I like it.

506
00:26:46,680 --> 00:26:50,719
Speaker 1: The other one was going to be that where was

507
00:26:51,560 --> 00:26:53,960
Speaker 1: Mr Brady going to go? Because I think the house

508
00:26:54,040 --> 00:26:56,560
Speaker 1: was going to be sold. But but I decided to

509
00:26:56,600 --> 00:26:58,560
Speaker 1: throw that out because I knew Linc was going to

510
00:26:58,680 --> 00:27:02,320
Speaker 1: know that letter. He's been like on Zillo, like looking

511
00:27:02,359 --> 00:27:05,760
Speaker 1: at another house is being like Tom and I could

512
00:27:05,760 --> 00:27:08,760
Speaker 1: be neighbors. By the way, the answer to that is

513
00:27:08,920 --> 00:27:13,560
Speaker 1: was listed for sold for point five yea, yeah, yeah,

514
00:27:14,600 --> 00:27:17,639
Speaker 1: go to the head of the class. That's yourrect both experiences.

515
00:27:17,720 --> 00:27:20,520
Speaker 1: Thank you very much. Hey, I didn't do my home

516
00:27:20,600 --> 00:27:22,800
Speaker 1: I learned my lesson a long time ago. Do your

517
00:27:22,800 --> 00:27:26,159
Speaker 1: homework so you could lose there you go, Oh god,

518
00:27:27,520 --> 00:27:30,080
Speaker 1: you've been listening to Bloomberg Business of Sports. We're here

519
00:27:30,119 --> 00:27:32,400
Speaker 1: each and every week at the same time, plus online

520
00:27:32,440 --> 00:27:35,760
Speaker 1: wherever you get your podcast. Those drop on Monday's, Wednesdays

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00:27:35,760 --> 00:27:38,280
Speaker 1: and Thursdays. In the meantime. Find me on Twitter. I'm

522
00:27:38,359 --> 00:27:41,880
Speaker 1: Jason Kelly at Jason Kelly News and I'm Mike Lynch.

523
00:27:42,080 --> 00:27:44,040
Speaker 1: Do your homework, boys and girls. You can find me

524
00:27:44,040 --> 00:27:47,200
Speaker 1: at Lynch w CVB and I'm Michael Barr Lynch. He's

525
00:27:47,280 --> 00:27:49,800
Speaker 1: next question is going to be in metrics and Euros.

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00:27:51,480 --> 00:27:54,399
Speaker 1: Come on Twitter and Big Bars Sports. You're listening to

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00:27:54,400 --> 00:28:00,720
Speaker 1: Bloomberg Business of Sports, Bloomberg Radio around the world. Four