1 00:00:02,440 --> 00:00:05,240 Speaker 1: Hello, I'm Scott. On this week's show will explore the 2 00:00:05,280 --> 00:00:07,120 Speaker 1: big money issues in the world of sports and talk 3 00:00:07,160 --> 00:00:09,440 Speaker 1: to some of the biggest players in the industry. Michael 4 00:00:09,480 --> 00:00:11,200 Speaker 1: Barr will join me later when we speak to our 5 00:00:11,200 --> 00:00:15,120 Speaker 1: guest Jerry Cardinal, managing partner Redbird Capital. But first let's 6 00:00:15,120 --> 00:00:17,040 Speaker 1: get into the top stories of the week. Joining me 7 00:00:17,120 --> 00:00:21,040 Speaker 1: is Bloomberg Sports business reporter Evan Noby Williams. Evan, let 8 00:00:21,120 --> 00:00:24,000 Speaker 1: us start with are you ready for this one? Born 9 00:00:24,640 --> 00:00:30,320 Speaker 1: Major League Baseball and Facebook. It's a problem. I assume 10 00:00:30,320 --> 00:00:36,720 Speaker 1: you're referring to the section of these ye Facebook games. 11 00:00:36,720 --> 00:00:41,360 Speaker 1: Somebody noticed that some porn bots had been soliciting commentary 12 00:00:41,440 --> 00:00:45,479 Speaker 1: on the side screen of the telecast, and I don't 13 00:00:45,680 --> 00:00:49,320 Speaker 1: think Major League Baseball had that in mind when it 14 00:00:49,440 --> 00:00:52,199 Speaker 1: talked with Facebook about adding some sort of social component 15 00:00:52,240 --> 00:00:55,200 Speaker 1: to its broadcast. Yeah, it's funny. The chat screen, which 16 00:00:55,240 --> 00:00:57,320 Speaker 1: which you can close you don't need to have it 17 00:00:57,400 --> 00:00:59,080 Speaker 1: up when when the game is on, seems to be 18 00:00:59,120 --> 00:01:02,800 Speaker 1: the most polarized part of these MLB brought broadcasts. That's 19 00:01:02,840 --> 00:01:05,039 Speaker 1: just from I love it, I hate it point of view. Yeah, 20 00:01:05,040 --> 00:01:06,960 Speaker 1: and it and it is again, I think this is 21 00:01:07,000 --> 00:01:08,640 Speaker 1: kind of a generational thing, and I'm on, I'm on 22 00:01:08,680 --> 00:01:10,560 Speaker 1: your side. I don't like it. I swipe it away 23 00:01:10,560 --> 00:01:12,520 Speaker 1: as soon as I can. I didn't mind, but I 24 00:01:12,560 --> 00:01:16,000 Speaker 1: didn't mind the commentary. What I minded with the floating 25 00:01:16,000 --> 00:01:19,680 Speaker 1: emojis going over the screen and I couldn't find the 26 00:01:19,680 --> 00:01:22,520 Speaker 1: shut off. I believe they call it the quiet Yeah, yeah, 27 00:01:22,640 --> 00:01:26,200 Speaker 1: but I finally did. Yeah. Um, but you're always going 28 00:01:26,240 --> 00:01:28,160 Speaker 1: to have when you have a social stream like that, 29 00:01:28,200 --> 00:01:30,960 Speaker 1: you're always going to have whether or not it's a 30 00:01:31,000 --> 00:01:33,440 Speaker 1: porn bot or it's somebody saying something that might be 31 00:01:33,480 --> 00:01:35,800 Speaker 1: a little inappropriate. We've seen it on Sports Center when 32 00:01:35,800 --> 00:01:38,399 Speaker 1: they choose to to take fan tweets and they don't 33 00:01:38,400 --> 00:01:42,360 Speaker 1: realize that the fans Twitter handle has something sexually explicit 34 00:01:42,440 --> 00:01:44,560 Speaker 1: or something offensive in it. Uh. It comes with the 35 00:01:44,680 --> 00:01:48,520 Speaker 1: territory to me of having this inclusionary social media aspect 36 00:01:48,520 --> 00:01:51,559 Speaker 1: that you're going to end up having some possibly unsavory 37 00:01:51,640 --> 00:01:54,320 Speaker 1: comments or commentators that are that are saying things that 38 00:01:54,360 --> 00:01:56,559 Speaker 1: maybe Baseball doesn't want to have an acquaintance of ours 39 00:01:56,600 --> 00:01:58,840 Speaker 1: on Twitter had said something like it doesn't belong there, 40 00:01:58,840 --> 00:02:00,320 Speaker 1: And I know he's a hater. He's an old man. 41 00:02:00,360 --> 00:02:02,760 Speaker 1: He's a hater. For the whole experiment, because that I 42 00:02:02,800 --> 00:02:04,840 Speaker 1: want to guarantee if you're gonna have it on Facebook, 43 00:02:04,880 --> 00:02:06,480 Speaker 1: I want to guarantee that you're not going to get 44 00:02:06,520 --> 00:02:08,800 Speaker 1: stuff like this. So I tweeted back at him like 45 00:02:09,040 --> 00:02:11,799 Speaker 1: a guarantee, sort of like timber Lake Jackson halftime show 46 00:02:11,840 --> 00:02:14,680 Speaker 1: like that was on Facebook. Right, Yeah, I mean you're 47 00:02:14,680 --> 00:02:17,440 Speaker 1: gonna for people that the view these live streams all 48 00:02:17,480 --> 00:02:19,639 Speaker 1: the time. You have people that are pitching their own 49 00:02:19,919 --> 00:02:22,359 Speaker 1: mix tapes, you know, want to be rappers that are 50 00:02:22,680 --> 00:02:25,040 Speaker 1: you know, there's there's always people that are using public 51 00:02:25,080 --> 00:02:27,040 Speaker 1: forms like that to try to pitch their own business. 52 00:02:27,040 --> 00:02:30,240 Speaker 1: And this happens to be a porn bot. But you know, 53 00:02:30,280 --> 00:02:33,200 Speaker 1: this is unavoidable in some cases. Facebook obviously doesn't want 54 00:02:33,240 --> 00:02:35,040 Speaker 1: it and WELB doesn't want it, but but they're never 55 00:02:35,080 --> 00:02:37,240 Speaker 1: going to clear it totally. They're all working on getting 56 00:02:37,240 --> 00:02:43,560 Speaker 1: it right. Also working. Let's get this Fanatics rivaling Adidas 57 00:02:43,560 --> 00:02:46,160 Speaker 1: and Nike, and I didn't see this coming that they 58 00:02:46,160 --> 00:02:49,640 Speaker 1: signed a kit manufacturing deal with aston Villa And for 59 00:02:49,680 --> 00:02:53,079 Speaker 1: our listeners who are not located in the UK, kit 60 00:02:53,160 --> 00:02:56,799 Speaker 1: means uniform. It's sort of your jersey and your your stuff. Yeah, 61 00:02:56,840 --> 00:03:00,720 Speaker 1: Fanatics is using the full directed and sumer model that 62 00:03:00,760 --> 00:03:02,760 Speaker 1: they have here in the US. They're taking that over 63 00:03:02,840 --> 00:03:06,160 Speaker 1: to the UK for the first time. Exactly. Yeah, and 64 00:03:06,160 --> 00:03:08,320 Speaker 1: and a couple of years ago, when Leicester City was 65 00:03:08,320 --> 00:03:13,200 Speaker 1: the most important football story of the past a hundred years, UM, 66 00:03:13,520 --> 00:03:15,640 Speaker 1: Leicester City ran out of uniforms and T shirts to 67 00:03:15,639 --> 00:03:18,239 Speaker 1: sell and there was nothing about in November. You couldn't 68 00:03:18,280 --> 00:03:20,639 Speaker 1: even get it in Christmas, let alone the final three 69 00:03:20,680 --> 00:03:23,760 Speaker 1: or four months of the season. Uh Fanatics, We've talked 70 00:03:23,760 --> 00:03:25,840 Speaker 1: a lot about them and the and the framework they 71 00:03:25,880 --> 00:03:28,440 Speaker 1: have here. They saw that and they were astounded by 72 00:03:28,440 --> 00:03:30,720 Speaker 1: the fact that you could have the most compelling soccer 73 00:03:30,800 --> 00:03:33,240 Speaker 1: story in a long time and yet not have any 74 00:03:33,280 --> 00:03:35,400 Speaker 1: merchandise at all to sell for the final couple of 75 00:03:35,400 --> 00:03:37,320 Speaker 1: months of the Imagine that ever happening with the US 76 00:03:37,360 --> 00:03:39,200 Speaker 1: sports team Motor. I mean, you know, they'd be ready. 77 00:03:39,200 --> 00:03:40,640 Speaker 1: And that's why you think some of the owners like 78 00:03:40,720 --> 00:03:43,560 Speaker 1: Josh Harris, that they're getting involved in ownership over there. 79 00:03:43,680 --> 00:03:47,960 Speaker 1: Exactly their words, not mine. The sports marketing aspect of 80 00:03:48,000 --> 00:03:51,720 Speaker 1: sport is a decade exactly, uh and and fanatic spot 81 00:03:51,840 --> 00:03:54,760 Speaker 1: kit Bag, which was a soccer retailer over in the UK, 82 00:03:54,960 --> 00:03:57,840 Speaker 1: They are fully expecting to take the model they have 83 00:03:57,880 --> 00:04:01,240 Speaker 1: in the US and move that over to the UK, 84 00:04:01,520 --> 00:04:04,280 Speaker 1: and Aston Villa, which is a proud club that is 85 00:04:04,280 --> 00:04:06,400 Speaker 1: not in the Premier League right now, might move up 86 00:04:06,960 --> 00:04:08,880 Speaker 1: if they play well over the final part of the season. 87 00:04:09,160 --> 00:04:11,760 Speaker 1: But they're the kind of the testing ground, the first 88 00:04:11,800 --> 00:04:14,040 Speaker 1: the first client. So you give me easy segway. Speaking 89 00:04:14,080 --> 00:04:17,400 Speaker 1: of testing ground, NBA two k has launched Watch it 90 00:04:17,440 --> 00:04:23,760 Speaker 1: on Twitch. Looks like the opening broadcast drew nine thousand viewers. 91 00:04:24,240 --> 00:04:27,320 Speaker 1: Do we care about the first broadcast? Isn't it an 92 00:04:27,320 --> 00:04:31,200 Speaker 1: indication of anything or they're just happy to be experimenting 93 00:04:31,200 --> 00:04:33,360 Speaker 1: it on the platform. Yeah, I mean, I think from 94 00:04:33,360 --> 00:04:35,560 Speaker 1: a holistic view, you care about the first broadcast because 95 00:04:35,560 --> 00:04:37,360 Speaker 1: it's supposed to be the highest one, right. I mean, 96 00:04:37,400 --> 00:04:40,400 Speaker 1: if you look at MLB Facebook deal that we talked 97 00:04:40,400 --> 00:04:43,320 Speaker 1: about earlier, the first game that Mets Phillies game got 98 00:04:43,360 --> 00:04:47,039 Speaker 1: a lot higher numbers, get a lot of higher numbers 99 00:04:47,040 --> 00:04:49,839 Speaker 1: than they're getting right now. Uh, certainly nine thousand is 100 00:04:49,839 --> 00:04:53,279 Speaker 1: not a number that is going to be tremendously profitable. 101 00:04:53,320 --> 00:04:56,039 Speaker 1: It's probably not the ideal number that that major that 102 00:04:56,120 --> 00:04:58,880 Speaker 1: the NBA and and the Sports league are looking for 103 00:04:59,279 --> 00:05:02,119 Speaker 1: But as we've said many times, the NBA isn't getting 104 00:05:02,120 --> 00:05:04,599 Speaker 1: into this right now to turn a quick buck. They 105 00:05:04,760 --> 00:05:07,240 Speaker 1: understand that the product they're putting out there from an 106 00:05:07,240 --> 00:05:10,240 Speaker 1: E sports perspective is maybe not even all that popular 107 00:05:10,240 --> 00:05:13,279 Speaker 1: to traditional E sports fans, you know. But these teams 108 00:05:13,279 --> 00:05:18,200 Speaker 1: are selling digital courtside ads. They have official partners now 109 00:05:18,240 --> 00:05:21,719 Speaker 1: that do their headsets and their controllers, They have jersey 110 00:05:21,760 --> 00:05:24,480 Speaker 1: sponsors in the in the digital jersey learned by doing, 111 00:05:24,480 --> 00:05:26,680 Speaker 1: and they're doing. Yeah. There there's a lot of there's 112 00:05:26,680 --> 00:05:29,040 Speaker 1: a lot of marketing possibility here for teams. So whether 113 00:05:29,040 --> 00:05:31,800 Speaker 1: there's nine thousand people watching or or ninety thousand, they'd 114 00:05:31,800 --> 00:05:33,960 Speaker 1: obviously prefer the higher number, but they're not in it 115 00:05:34,080 --> 00:05:36,520 Speaker 1: right now to to put out tremendous numbers on Twitch. 116 00:05:36,560 --> 00:05:38,280 Speaker 1: All right, Evan, we'll see where it goes from here. 117 00:05:38,320 --> 00:05:41,400 Speaker 1: My thanks to Bloomberg Sports Business reporter Eban W. W W. Williams, 118 00:05:41,400 --> 00:05:43,680 Speaker 1: Now Michael Barr and I get into our interview with 119 00:05:43,800 --> 00:05:47,839 Speaker 1: Redbird managing partner Jerry Cardinal Scott. Jerry has quite the resume. 120 00:05:47,960 --> 00:05:50,800 Speaker 1: He is the managing partner and chief executive officer of 121 00:05:50,839 --> 00:05:54,640 Speaker 1: Redbird Capital Partners. Jerry retired from Goldman Sachs after a 122 00:05:54,720 --> 00:05:57,320 Speaker 1: twenty year career where he was a partner of the 123 00:05:57,320 --> 00:05:59,599 Speaker 1: firm and a senior leader of the Merchant Banks private 124 00:05:59,640 --> 00:06:03,600 Speaker 1: equity investing business, which managed over one billion dollars of 125 00:06:03,680 --> 00:06:09,440 Speaker 1: private capital across equity, debt, real estate, and infrastructure investment strategies. 126 00:06:09,680 --> 00:06:13,000 Speaker 1: Over the course of his career, Mr Cardinal invested across 127 00:06:13,000 --> 00:06:15,880 Speaker 1: a range of industries and developed a particular track record 128 00:06:16,160 --> 00:06:21,279 Speaker 1: and expertise in the media, entertainment and telecommunications industries, as 129 00:06:21,279 --> 00:06:24,240 Speaker 1: well as in sports and sports media. Jerry, thanks for 130 00:06:24,320 --> 00:06:26,520 Speaker 1: joining us. Good to be with you. I want to 131 00:06:26,560 --> 00:06:30,799 Speaker 1: start with your presence at the milk In conference. More 132 00:06:30,839 --> 00:06:34,279 Speaker 1: and more you're seeing people affiliated with sports who like 133 00:06:34,400 --> 00:06:37,880 Speaker 1: to attend. You were the moderator for a panel. Who 134 00:06:37,920 --> 00:06:39,280 Speaker 1: was on your panel and what do they want to 135 00:06:39,320 --> 00:06:42,000 Speaker 1: talk about? Yeah? You know it was a great panel. Um. 136 00:06:42,279 --> 00:06:45,400 Speaker 1: I when Mike Milkin asked me to do this, I 137 00:06:45,480 --> 00:06:48,960 Speaker 1: asked for one thing, which was the ability to choose 138 00:06:48,960 --> 00:06:51,920 Speaker 1: the panelists h and I was really pleased with how 139 00:06:51,960 --> 00:06:55,839 Speaker 1: it came together. We had Jonathan Kraft, obviously the president 140 00:06:55,839 --> 00:06:59,280 Speaker 1: of the New England Patriots. We had Josh Harris, who 141 00:06:59,560 --> 00:07:02,240 Speaker 1: is men partner of the Sixers Devils in Crystal Palace. 142 00:07:02,839 --> 00:07:06,440 Speaker 1: We had Casey Washerman, who's the CEO of Washerman Media Group, 143 00:07:06,560 --> 00:07:09,480 Speaker 1: but as I think everyone knows, it's not a remarkable 144 00:07:09,560 --> 00:07:13,320 Speaker 1: job bringing the Olympics back to Los Angeles. Uh. And 145 00:07:13,360 --> 00:07:15,200 Speaker 1: we had Don Garber, who was the commissioner of MLS, 146 00:07:15,240 --> 00:07:17,800 Speaker 1: who really has just done a spectacular job with with 147 00:07:17,880 --> 00:07:21,160 Speaker 1: that whole league since his since coming on board. So 148 00:07:21,200 --> 00:07:23,360 Speaker 1: how do you feel about three of those four panelists 149 00:07:23,400 --> 00:07:27,160 Speaker 1: have been guests on this show. I'm not surprised, guy, 150 00:07:27,760 --> 00:07:30,040 Speaker 1: you have the following. You know what I love about 151 00:07:30,400 --> 00:07:34,160 Speaker 1: Jonathan Kraft though he may be one of the most 152 00:07:34,200 --> 00:07:38,400 Speaker 1: powerful people in the NFL because not because of the 153 00:07:38,440 --> 00:07:41,520 Speaker 1: Patriots and they're good in their history of winning, because 154 00:07:41,520 --> 00:07:44,480 Speaker 1: he chairs the Digital Committee. If you're looking at the 155 00:07:44,520 --> 00:07:47,040 Speaker 1: future of football and look no further than this reup 156 00:07:47,080 --> 00:07:49,960 Speaker 1: deal with Amazon, he will have a lot to say 157 00:07:50,040 --> 00:07:52,120 Speaker 1: about how the future of the NFL is shaped, will 158 00:07:52,120 --> 00:07:54,880 Speaker 1: he not? I absolutely agree. I mean, Jonathan in a 159 00:07:54,880 --> 00:07:57,520 Speaker 1: lot of ways is the owner of the future. You know, 160 00:07:57,600 --> 00:08:00,720 Speaker 1: he's he's spent. You know, we we talked about how 161 00:08:00,920 --> 00:08:04,520 Speaker 1: his family bought the Patriots back in the twenty year 162 00:08:04,920 --> 00:08:08,960 Speaker 1: trajectory that they've built this this dynasty, uh, and you 163 00:08:09,000 --> 00:08:11,800 Speaker 1: know they're they're they're so far ahead just in terms 164 00:08:11,800 --> 00:08:15,320 Speaker 1: of winning performance, all done under a league system that's 165 00:08:15,360 --> 00:08:18,680 Speaker 1: designed to keep that from happening. But Jonathan, you know, 166 00:08:18,840 --> 00:08:22,400 Speaker 1: is he's a great statesman, He's an amazing human being. 167 00:08:22,440 --> 00:08:25,480 Speaker 1: But to your point, you know, he has been very 168 00:08:25,520 --> 00:08:29,040 Speaker 1: good at keeping pace with developments and evolving as these 169 00:08:29,080 --> 00:08:31,240 Speaker 1: things go. Obviously, when they bought the Patriots in ninety four, 170 00:08:31,240 --> 00:08:34,400 Speaker 1: it's a very different world, uh than than we have today. 171 00:08:34,440 --> 00:08:37,079 Speaker 1: But even with um we talked, we touched briefly on 172 00:08:37,640 --> 00:08:40,720 Speaker 1: data and analytics, and I think, you know, they've created 173 00:08:40,760 --> 00:08:45,400 Speaker 1: an amazing data company behind Jessica Gellman also has been 174 00:08:45,400 --> 00:08:47,880 Speaker 1: a guest on this show. We love Jessica really cutting 175 00:08:47,960 --> 00:08:50,079 Speaker 1: edge stuff. So it's very proud. You're You're absolutely right, 176 00:08:50,120 --> 00:08:51,839 Speaker 1: and he's He's story. I think we will see more 177 00:08:51,880 --> 00:08:54,199 Speaker 1: from him in more leadership from him at the league. 178 00:08:54,600 --> 00:08:56,280 Speaker 1: What do you think is the secret sauce then for 179 00:08:56,280 --> 00:09:00,079 Speaker 1: those Patriots in a league design for parody? Is it 180 00:09:00,280 --> 00:09:03,840 Speaker 1: the football operations that they see things differently? Isn't that 181 00:09:03,880 --> 00:09:07,640 Speaker 1: they paid like three hundred and something million for their stadium, 182 00:09:07,640 --> 00:09:09,320 Speaker 1: and they don't have a lot of debt, so they 183 00:09:09,360 --> 00:09:11,400 Speaker 1: can win off the field on the field, What is 184 00:09:11,400 --> 00:09:13,040 Speaker 1: the secret sauce there? As far as you can tell, 185 00:09:13,760 --> 00:09:16,360 Speaker 1: you know, it's funny, you know. I I'm by no 186 00:09:16,440 --> 00:09:19,199 Speaker 1: means an expert on that part of the sports ecosystem, 187 00:09:19,240 --> 00:09:21,880 Speaker 1: but as a fan, I think about that a lot, 188 00:09:21,920 --> 00:09:23,840 Speaker 1: and I would tell you they should be doing business 189 00:09:23,880 --> 00:09:28,160 Speaker 1: Harvard Business School case studies on that organization. It sounds trite, 190 00:09:28,240 --> 00:09:30,240 Speaker 1: but I would tell you a culture is a huge 191 00:09:30,280 --> 00:09:33,240 Speaker 1: part of it. Uh. And you know, and they don't 192 00:09:33,240 --> 00:09:35,680 Speaker 1: really they don't get emotional about the business. You know, 193 00:09:35,679 --> 00:09:38,760 Speaker 1: they're very disciplined. Uh you'll see, you know as as 194 00:09:39,200 --> 00:09:44,360 Speaker 1: they're starting to now face player turnover. Um rebuilding is 195 00:09:44,400 --> 00:09:46,120 Speaker 1: probably too strong of a word, but you know, as 196 00:09:46,160 --> 00:09:49,000 Speaker 1: a fan watching these guys, I mean, they're just incredibly disciplined. 197 00:09:49,120 --> 00:09:51,480 Speaker 1: And I gotta tell you, I use I use Belichick's 198 00:09:51,640 --> 00:09:53,800 Speaker 1: ethos even in my own firm, which is, you know, 199 00:09:53,880 --> 00:09:56,440 Speaker 1: if everybody does their job, then the collective whole will win. 200 00:09:56,880 --> 00:09:59,560 Speaker 1: You know that in today's world where I think there's 201 00:09:59,559 --> 00:10:02,160 Speaker 1: a headline this past week that you know, Lionel MESSI 202 00:10:02,320 --> 00:10:06,560 Speaker 1: just want a court fight, UH to UH ensure that 203 00:10:06,600 --> 00:10:10,880 Speaker 1: he um registered himself as a trademark. Right in a 204 00:10:10,920 --> 00:10:15,200 Speaker 1: world where these individual players are becoming brands themselves. UM, 205 00:10:15,360 --> 00:10:17,920 Speaker 1: some of the parts is, you know what's going to 206 00:10:17,960 --> 00:10:21,120 Speaker 1: distinguish these teams. They have a culture that you know, 207 00:10:21,160 --> 00:10:24,000 Speaker 1: Belichick and the Craft family have instilled, which is it's 208 00:10:24,000 --> 00:10:26,080 Speaker 1: not about the individual, it's about the collective. Hall. It's 209 00:10:26,120 --> 00:10:29,560 Speaker 1: really impressive talking about the NFL. You have a connection 210 00:10:29,679 --> 00:10:33,160 Speaker 1: to location experiences. Can you tell us about that? Yeah, 211 00:10:33,240 --> 00:10:36,800 Speaker 1: look on location, UM is really it's been a twenty 212 00:10:36,880 --> 00:10:40,040 Speaker 1: year journey. And when when people ask me that question, UM, 213 00:10:40,080 --> 00:10:43,000 Speaker 1: I really have to put it on the transom of 214 00:10:43,040 --> 00:10:45,319 Speaker 1: the twenty years that I've been investing in sports. You know, 215 00:10:45,360 --> 00:10:48,960 Speaker 1: I started with the S Network in two thousand and one, UM, 216 00:10:49,040 --> 00:10:52,680 Speaker 1: and then helped the Cowboys and the Yankees put Legends 217 00:10:52,720 --> 00:10:55,160 Speaker 1: Hospitality together in two thousand and eight, two thousand and 218 00:10:55,240 --> 00:10:59,439 Speaker 1: nine around their stadiums. This is really just a continuum 219 00:10:59,480 --> 00:11:03,440 Speaker 1: on a trajectory where the fan experience, I think is 220 00:11:03,480 --> 00:11:08,400 Speaker 1: now the last frontier. UM. Monetizing the fan is something 221 00:11:08,400 --> 00:11:12,200 Speaker 1: that is very very hard. Creating businesses around the live 222 00:11:12,280 --> 00:11:14,680 Speaker 1: event is something that really hasn't been done before. You know, 223 00:11:14,720 --> 00:11:17,040 Speaker 1: we basically have grown up in the culture. It's a 224 00:11:17,120 --> 00:11:20,240 Speaker 1: build it and they will come culture. You think in 225 00:11:20,480 --> 00:11:23,000 Speaker 1: the good old days, right, you build a stadium, you'd 226 00:11:23,040 --> 00:11:26,640 Speaker 1: sell tickets, people would come and it took care of itself. Today, 227 00:11:27,160 --> 00:11:30,479 Speaker 1: you know, as you guys know, technology and technology disintermediation 228 00:11:30,760 --> 00:11:35,880 Speaker 1: has led to a huge fragmentation in consumption media consumption. Um, 229 00:11:35,920 --> 00:11:39,000 Speaker 1: you have the millennial phenomenon overlaid onto that as well, 230 00:11:39,360 --> 00:11:41,640 Speaker 1: and it's not in it. And and then on top 231 00:11:41,679 --> 00:11:44,920 Speaker 1: of it, you've got these escalation and asset values for teams. 232 00:11:45,400 --> 00:11:47,480 Speaker 1: You know, when you put that all in the mix, Uh, 233 00:11:47,640 --> 00:11:51,040 Speaker 1: team owners and leagues have to work so much harder 234 00:11:51,440 --> 00:11:55,560 Speaker 1: to make a compelling value proposition to fans to come 235 00:11:55,559 --> 00:11:58,640 Speaker 1: out to the games, stay for several hours. Uh. And 236 00:11:58,640 --> 00:12:00,160 Speaker 1: then if they're doing it right, they'll fall all of 237 00:12:00,240 --> 00:12:02,520 Speaker 1: that fan you know, out of the stadium and they'll 238 00:12:02,520 --> 00:12:06,160 Speaker 1: have an engaged uh connectivity with them. So on location 239 00:12:06,280 --> 00:12:08,800 Speaker 1: was really you know, when if you looked at Yes 240 00:12:08,840 --> 00:12:11,720 Speaker 1: being the monetiz monetization of the intellectual property the New 241 00:12:11,800 --> 00:12:14,400 Speaker 1: York Yankees, and you looked at Legends as being the 242 00:12:14,440 --> 00:12:18,120 Speaker 1: monetization of the intellectual property of those two stadiums. What 243 00:12:18,240 --> 00:12:20,600 Speaker 1: NFL on Location was about is, you know, could we 244 00:12:21,000 --> 00:12:24,360 Speaker 1: create a live of inexperiential business that monetizes you know, 245 00:12:24,400 --> 00:12:27,920 Speaker 1: this last phase of uh, the economic stream, which is 246 00:12:27,960 --> 00:12:32,480 Speaker 1: fan engagement. We're talking to Jerry Cardinal, the managing partner 247 00:12:32,520 --> 00:12:36,360 Speaker 1: and chief executive officer of Red Bird Capital Partners, and 248 00:12:36,440 --> 00:12:38,880 Speaker 1: I also want to ask about the YES network, which 249 00:12:38,920 --> 00:12:43,400 Speaker 1: you talked about earlier, and what it takes today to 250 00:12:43,600 --> 00:12:47,520 Speaker 1: make something like that stay number one, if that makes 251 00:12:47,559 --> 00:12:50,840 Speaker 1: any sense. Yeah. Again, you know, I go back to 252 00:12:51,360 --> 00:12:54,840 Speaker 1: UM number one is elusive today that the targets keep moving, 253 00:12:54,840 --> 00:12:59,720 Speaker 1: the parameters keep moving because of UM new media technology, disintermediation, 254 00:12:59,760 --> 00:13:03,640 Speaker 1: and the way media is consumed. UM. You know, i'd 255 00:13:03,679 --> 00:13:06,440 Speaker 1: say first and foremost. You know, everyone talks about content 256 00:13:06,520 --> 00:13:10,360 Speaker 1: being king. When we launched Yes, Uh, it was interesting. 257 00:13:10,360 --> 00:13:12,880 Speaker 1: You know, we actually signed the deal for Yes on 258 00:13:13,000 --> 00:13:15,719 Speaker 1: September ten, two thou and one, and we were we 259 00:13:15,720 --> 00:13:19,000 Speaker 1: were set to announce it the next day. UM, there 260 00:13:19,080 --> 00:13:21,400 Speaker 1: was We didn't there was no business plan, there was 261 00:13:21,440 --> 00:13:24,960 Speaker 1: no precedence. UH. This is pretty much in the domain 262 00:13:25,000 --> 00:13:28,560 Speaker 1: of corporates. UH. And this was George Steinbrenner to his 263 00:13:28,640 --> 00:13:31,640 Speaker 1: immense credit, saying that you know, wait a minute. You know, 264 00:13:31,679 --> 00:13:33,600 Speaker 1: we are the ones that are the content owners. We 265 00:13:33,640 --> 00:13:35,840 Speaker 1: are the ones that are taking the risk to put 266 00:13:35,840 --> 00:13:38,160 Speaker 1: these compelling teams on the field here and in year out. 267 00:13:38,679 --> 00:13:41,640 Speaker 1: Why are we getting a fee for the consumption of 268 00:13:41,679 --> 00:13:44,000 Speaker 1: that content? Why are we not owning that? And and 269 00:13:44,040 --> 00:13:47,040 Speaker 1: George's view is that if we were able to capitalize 270 00:13:47,080 --> 00:13:51,000 Speaker 1: that put a multiple on it. Theoretically, at least his 271 00:13:51,120 --> 00:13:53,400 Speaker 1: view was that it could be worth more than the team. 272 00:13:54,160 --> 00:13:56,719 Speaker 1: And you know, and so it hasn't. You haven't. One 273 00:13:56,720 --> 00:13:58,720 Speaker 1: of the questions it's really interesting, is why hasn't that 274 00:13:58,760 --> 00:14:01,360 Speaker 1: been done since you really haven't seen another Yes network 275 00:14:02,240 --> 00:14:04,800 Speaker 1: since we did this in two thousand and one. And 276 00:14:04,880 --> 00:14:07,959 Speaker 1: you know, look, I'd say, um, that's really a function 277 00:14:08,160 --> 00:14:11,720 Speaker 1: of the corporates. The media companies kind of woke up 278 00:14:11,760 --> 00:14:13,120 Speaker 1: and they said, you know, wait a minute, this is 279 00:14:13,160 --> 00:14:16,760 Speaker 1: our domain. We shouldn't be disintermediated by private capital. I 280 00:14:16,760 --> 00:14:18,720 Speaker 1: would say, you know, there's a lot of risk attached 281 00:14:18,720 --> 00:14:20,320 Speaker 1: to it. And and and all the credit in the 282 00:14:20,320 --> 00:14:22,480 Speaker 1: world goes to the Steinbrenner family and being the pace 283 00:14:22,560 --> 00:14:24,560 Speaker 1: car and the Trailblazers and things like that. It's not 284 00:14:24,880 --> 00:14:27,600 Speaker 1: that's not for everyone. But it comes back to the 285 00:14:27,600 --> 00:14:30,480 Speaker 1: final point I'd say, which is that you know, this 286 00:14:30,560 --> 00:14:33,520 Speaker 1: concept of content is king. If you asked me what 287 00:14:33,600 --> 00:14:35,800 Speaker 1: was the business plan? You know, I wrote a business 288 00:14:35,800 --> 00:14:37,840 Speaker 1: plan for yes, but at the end of the day, 289 00:14:38,120 --> 00:14:41,120 Speaker 1: you know, it was spreadsheet math. What what ultimately we 290 00:14:41,120 --> 00:14:43,960 Speaker 1: were relying on. The ultimate investment thesis was that in 291 00:14:44,000 --> 00:14:47,200 Speaker 1: the tri state area of eight million people New York, 292 00:14:47,200 --> 00:14:49,680 Speaker 1: New Jersey, Connecticut, that the New York Yankees were going 293 00:14:49,720 --> 00:14:52,960 Speaker 1: to get carried and it somehow it would figure itself out. 294 00:14:53,200 --> 00:14:55,320 Speaker 1: So you know, that is I would say, there is 295 00:14:55,360 --> 00:14:57,920 Speaker 1: no better must carry content in that tri state area 296 00:14:58,080 --> 00:15:00,520 Speaker 1: than the New York Yankees. Uh And when you see 297 00:15:00,560 --> 00:15:03,240 Speaker 1: watings for the Yankees and Red Sox when they play 298 00:15:03,320 --> 00:15:06,720 Speaker 1: it outpaces just about everything. So that's that That really, 299 00:15:06,800 --> 00:15:09,040 Speaker 1: ultimately is the punchline today. It's just a lot more 300 00:15:09,080 --> 00:15:12,080 Speaker 1: com complicated that you just you know, no one really knows. 301 00:15:12,120 --> 00:15:14,600 Speaker 1: If I were doing this today, I would tell you 302 00:15:14,640 --> 00:15:17,200 Speaker 1: I would really pause even I mean, you know, hindsight, 303 00:15:17,280 --> 00:15:19,560 Speaker 1: so you have the benefit of hindsight. If I if 304 00:15:19,600 --> 00:15:21,840 Speaker 1: I knew what I knew, now, you know what I 305 00:15:21,840 --> 00:15:23,560 Speaker 1: have done yes back and no one, I don't know. 306 00:15:23,680 --> 00:15:26,040 Speaker 1: I mean that it's amazing what we were able to 307 00:15:26,040 --> 00:15:29,360 Speaker 1: do today. Jeez, I'll tell you it's it's how do 308 00:15:29,400 --> 00:15:32,160 Speaker 1: you how do you incredibly even spreadsheet math your way 309 00:15:32,200 --> 00:15:34,880 Speaker 1: to a five year or ten year underwriting on you know, 310 00:15:34,920 --> 00:15:36,640 Speaker 1: when you don't really know what the carriage is gonna 311 00:15:36,680 --> 00:15:38,800 Speaker 1: look like or how it's gonna how it's gonna be carried. 312 00:15:38,840 --> 00:15:40,880 Speaker 1: So you know, it's a brave new world. But you 313 00:15:40,920 --> 00:15:43,480 Speaker 1: know there'll be more Steinbrenner families out there who will 314 00:15:43,480 --> 00:15:46,080 Speaker 1: continue to reinvent us a scary world. And we're chatting 315 00:15:46,080 --> 00:15:48,080 Speaker 1: with Jerry Carter and Olive Redbird Capital and Jerry I 316 00:15:48,200 --> 00:15:50,000 Speaker 1: point to stand Caston, who's been a guest on this 317 00:15:50,040 --> 00:15:52,560 Speaker 1: show as well. With the Dodgers, I mean, all the 318 00:15:52,560 --> 00:15:55,720 Speaker 1: math works out because they were guaranteed payment from Time 319 00:15:55,760 --> 00:15:59,360 Speaker 1: Warner regardless of carriage. But how much damage is done 320 00:16:00,000 --> 00:16:02,520 Speaker 1: if you're getting the money? But on the Dodgers and 321 00:16:02,600 --> 00:16:05,160 Speaker 1: my fans locally cannot see me play, I mean that's 322 00:16:05,160 --> 00:16:07,960 Speaker 1: a big risk. Yeah it is, and and that's that 323 00:16:08,120 --> 00:16:11,240 Speaker 1: that's the Faustian bargain here, Scott, which is it? Uh, 324 00:16:11,840 --> 00:16:15,880 Speaker 1: you can't you can't have a unilateral or shifting of risk. 325 00:16:16,200 --> 00:16:19,360 Speaker 1: There has to be a shared risk ecosystem. Uh. And 326 00:16:19,520 --> 00:16:21,960 Speaker 1: you know we struck that sort of fulcrum if you will, 327 00:16:23,040 --> 00:16:29,040 Speaker 1: between the team owner, the network and UM the distributors UM. 328 00:16:29,120 --> 00:16:32,640 Speaker 1: And you can't have the situation that happened on the 329 00:16:32,640 --> 00:16:35,280 Speaker 1: West Coast maybe was you know, it was a shifting 330 00:16:35,320 --> 00:16:37,240 Speaker 1: of risk and and my hat my hats off to 331 00:16:37,680 --> 00:16:39,760 Speaker 1: the owners of the Dodgers for what they were pulled off. 332 00:16:39,800 --> 00:16:41,640 Speaker 1: But at the end of the day, are the one 333 00:16:41,640 --> 00:16:43,440 Speaker 1: thing that Steinburners taught me is the fan has to 334 00:16:43,480 --> 00:16:47,160 Speaker 1: come first. You can't have a situation where a bilateral 335 00:16:47,200 --> 00:16:52,080 Speaker 1: shifting of risk leads to any kind of diminution in access, experience, 336 00:16:52,600 --> 00:16:55,200 Speaker 1: availability of the content. At the end of the day, 337 00:16:55,400 --> 00:16:58,080 Speaker 1: we all have to realize in this very big money 338 00:16:58,120 --> 00:17:02,640 Speaker 1: world that a lot of this is a social good. Uh. 339 00:17:02,640 --> 00:17:04,760 Speaker 1: You know we we we dealt with that when we 340 00:17:04,760 --> 00:17:10,720 Speaker 1: were going through our um formation. Yes. Uh. And you know, 341 00:17:10,760 --> 00:17:13,560 Speaker 1: if you remember Cable Vision, you know we had a 342 00:17:13,560 --> 00:17:15,920 Speaker 1: spat with Cable Vision that we had to work through 343 00:17:15,960 --> 00:17:17,639 Speaker 1: in the first year. And I think you know, one 344 00:17:17,640 --> 00:17:19,200 Speaker 1: premise that we had was at the end of the 345 00:17:19,280 --> 00:17:22,080 Speaker 1: day this is you know, the Baseball America's past time. 346 00:17:22,160 --> 00:17:25,520 Speaker 1: It's a social good. Uh And and everybody in that ecosystem, 347 00:17:25,560 --> 00:17:26,840 Speaker 1: even though they may be on the other side of 348 00:17:26,880 --> 00:17:31,520 Speaker 1: the table, has some some minimum responsibility to effectuate and 349 00:17:31,520 --> 00:17:34,960 Speaker 1: and you know, um meet that social good. So you 350 00:17:35,040 --> 00:17:36,920 Speaker 1: got to keep that in mind. Sometimes it's a lot 351 00:17:36,960 --> 00:17:39,520 Speaker 1: harder with these big stakes that we're dealing with. Today. 352 00:17:40,080 --> 00:17:42,560 Speaker 1: We're chatting with Jerry Carter and Olive Redbird Capital and Jerry, 353 00:17:42,560 --> 00:17:46,920 Speaker 1: I'd love to say the fans always come first when 354 00:17:46,960 --> 00:17:48,760 Speaker 1: I go to sports. And you don't have to name 355 00:17:48,800 --> 00:17:53,679 Speaker 1: clubs individually here, but I don't get the feeling that 356 00:17:53,800 --> 00:17:57,159 Speaker 1: fans always come first to professional sports franchises. Do you 357 00:17:57,840 --> 00:17:59,920 Speaker 1: good question? You know, going back to the earlier question 358 00:18:00,040 --> 00:18:03,399 Speaker 1: on on location and what we're trying to do there. Um, 359 00:18:03,440 --> 00:18:06,639 Speaker 1: that's that's going to be really critical. You know. I 360 00:18:06,680 --> 00:18:10,200 Speaker 1: mentioned something earlier about a value proposition, and I think 361 00:18:10,240 --> 00:18:12,239 Speaker 1: what has to be more and more in front of 362 00:18:12,800 --> 00:18:15,920 Speaker 1: rights holders, team owners, leagues is making sure that you're 363 00:18:15,920 --> 00:18:20,439 Speaker 1: delivering a credible value proposition to the fan. Uh. You know, 364 00:18:20,480 --> 00:18:22,919 Speaker 1: the concept of the fan comes first has has evolved, 365 00:18:22,920 --> 00:18:25,320 Speaker 1: it's gotten more complicated. What does it mean, in my view, 366 00:18:25,440 --> 00:18:27,439 Speaker 1: is that you know, what's happening here when you have 367 00:18:27,520 --> 00:18:31,120 Speaker 1: these these these teams today are all multibillion dollar multinational 368 00:18:31,240 --> 00:18:35,359 Speaker 1: entertainment companies. It's that simple. Uh. And in order to 369 00:18:36,320 --> 00:18:39,520 Speaker 1: you know, continue to feed them, UM, they've got to 370 00:18:39,560 --> 00:18:42,400 Speaker 1: bring in revenue. And they bring in revenue through media consumption, 371 00:18:42,440 --> 00:18:45,560 Speaker 1: they bring in revenue through the gate, the tickets. Uh. 372 00:18:45,600 --> 00:18:49,240 Speaker 1: They bring in revenue in stadium. Uh. And you know 373 00:18:49,320 --> 00:18:52,040 Speaker 1: that things are going up, prices are going up. You 374 00:18:52,080 --> 00:18:54,880 Speaker 1: can't have a situation where the fan feels like they're 375 00:18:54,920 --> 00:18:57,680 Speaker 1: not coming first. If they're getting galuged at a stadium 376 00:18:57,720 --> 00:19:00,399 Speaker 1: and the product that's being delivered is not enter it 377 00:19:00,400 --> 00:19:02,800 Speaker 1: with what they're paying if the if the product is good. 378 00:19:02,800 --> 00:19:05,200 Speaker 1: But we found with Legends, if the project product is good, 379 00:19:05,480 --> 00:19:08,000 Speaker 1: the fan will pay. And but but you know, again 380 00:19:08,040 --> 00:19:10,480 Speaker 1: the Steinbrenner family taught me, you know, don't cross the 381 00:19:10,560 --> 00:19:13,159 Speaker 1: line where you're not delivering the value proposition and the 382 00:19:13,200 --> 00:19:16,720 Speaker 1: fan feels like they're not getting a reasonable deal. And 383 00:19:16,760 --> 00:19:18,480 Speaker 1: that's what we're trying to figure out. You know, I'll 384 00:19:18,520 --> 00:19:21,600 Speaker 1: give a shout out to Don Garber at um uh 385 00:19:21,920 --> 00:19:24,480 Speaker 1: Sunday here in l A, we went to the opening 386 00:19:24,560 --> 00:19:27,560 Speaker 1: of the new l A f C Stadium, Bank of 387 00:19:27,600 --> 00:19:30,159 Speaker 1: California Stadium, right next to the L A Coliseum. I 388 00:19:30,200 --> 00:19:31,720 Speaker 1: have to tell you I was blown away. And the 389 00:19:31,760 --> 00:19:34,199 Speaker 1: thing that I was remarking to people about is the 390 00:19:34,240 --> 00:19:38,280 Speaker 1: fan experience. You had a situation. It was packed, stadium 391 00:19:38,280 --> 00:19:42,200 Speaker 1: was filled twenty five to thirty thousand people. Uh. Everybody 392 00:19:42,280 --> 00:19:45,240 Speaker 1: in in the stadium was wearing the black shirts for 393 00:19:45,280 --> 00:19:47,919 Speaker 1: the l A f C team. You had sections of 394 00:19:47,960 --> 00:19:51,360 Speaker 1: the stadium in the stands that were all in unison, cheering, 395 00:19:51,520 --> 00:19:54,960 Speaker 1: waving flags and banners. Uh. And and it was it 396 00:19:55,040 --> 00:19:59,480 Speaker 1: was and it was a very diverse, multi ethnic um 397 00:19:59,600 --> 00:20:03,119 Speaker 1: uh group and everybody got along. Everyone was having a 398 00:20:03,119 --> 00:20:06,080 Speaker 1: great time. It really if they I said to Don afterwards, 399 00:20:06,080 --> 00:20:07,800 Speaker 1: I mean, if there's ever a case to be made 400 00:20:07,840 --> 00:20:11,840 Speaker 1: for the power of sports as it convening um uh, 401 00:20:12,240 --> 00:20:15,560 Speaker 1: you know, a form of content, uh, and the value 402 00:20:15,720 --> 00:20:18,280 Speaker 1: the value in that um it was at that experience. 403 00:20:18,359 --> 00:20:20,760 Speaker 1: So um, we're definitely seeing you know, guys are doing 404 00:20:20,760 --> 00:20:22,560 Speaker 1: a great job. You know, these leagues and these teams 405 00:20:22,560 --> 00:20:24,520 Speaker 1: are and these rights holders are really going out of 406 00:20:24,560 --> 00:20:26,840 Speaker 1: their way to try to deliver that value proposition. And 407 00:20:26,840 --> 00:20:28,880 Speaker 1: so I think so far we're doing When I look 408 00:20:28,920 --> 00:20:31,639 Speaker 1: across the country, I think we're doing pretty well, certainly 409 00:20:31,680 --> 00:20:34,360 Speaker 1: visa the you know, our counterparts in Europe, I think, 410 00:20:34,400 --> 00:20:37,240 Speaker 1: you know, the US is definitely ahead of the world 411 00:20:37,240 --> 00:20:39,760 Speaker 1: in this. You just fell right into my next question 412 00:20:40,320 --> 00:20:43,600 Speaker 1: outside you mentioned, of course the Steinbrenner family gets it, 413 00:20:43,640 --> 00:20:46,480 Speaker 1: but what other owners out there get it? As in, 414 00:20:47,040 --> 00:20:51,040 Speaker 1: this is going to be the future of sports. Yeah. Look, 415 00:20:51,040 --> 00:20:53,919 Speaker 1: I'd say a lot of them do. I mean, we 416 00:20:53,960 --> 00:20:58,840 Speaker 1: talked about the Craft family, Um, they they really get it. Um. Obviously, 417 00:20:58,960 --> 00:21:02,520 Speaker 1: the Jones family in Dallas get it. Um. You know, 418 00:21:03,000 --> 00:21:06,880 Speaker 1: Josh Harris and David Blitzer done a tremendous job. Uh. 419 00:21:07,040 --> 00:21:11,000 Speaker 1: With Scott O'Neill in Philadelphia. Uh. So, you know, i'd say, 420 00:21:11,040 --> 00:21:14,520 Speaker 1: you know, everyone gets it. It's just a question of 421 00:21:15,480 --> 00:21:20,440 Speaker 1: where people are on on their the priorities of of 422 00:21:20,760 --> 00:21:22,960 Speaker 1: you know, building and owning these teams. I will tell 423 00:21:23,000 --> 00:21:25,879 Speaker 1: you buying one of these teams today is not for 424 00:21:25,920 --> 00:21:28,240 Speaker 1: the faint of heart. This is this is like what 425 00:21:28,320 --> 00:21:30,560 Speaker 1: I do in my corporate life. This is buying a company. 426 00:21:31,119 --> 00:21:34,840 Speaker 1: It's now they're multibillion dollar companies. The names that I mentioned. 427 00:21:35,119 --> 00:21:38,040 Speaker 1: You know, it's amazing about those names. The names I mentioned. 428 00:21:38,320 --> 00:21:40,879 Speaker 1: You know, these are the Steinbrenners and the Joneses and 429 00:21:40,960 --> 00:21:43,840 Speaker 1: the Crafts. I mean, you know, these are iconic families 430 00:21:43,880 --> 00:21:47,080 Speaker 1: and owners in sports. They managed to buy at a 431 00:21:47,119 --> 00:21:50,400 Speaker 1: time where the aggregate dollars in today's world or were 432 00:21:50,640 --> 00:21:52,920 Speaker 1: more manageable. But you know, if you listen to all 433 00:21:52,920 --> 00:21:55,959 Speaker 1: their anecdotes around that original purchase, you know these were 434 00:21:56,000 --> 00:21:58,639 Speaker 1: all cash flow negative businesses and there's a lot of 435 00:21:58,640 --> 00:22:02,679 Speaker 1: work to do today. Entry prices multibillion dollar uh, and 436 00:22:02,720 --> 00:22:05,960 Speaker 1: the stakes are higher um and and it's just very 437 00:22:06,080 --> 00:22:09,880 Speaker 1: you know, I'd say it's very um difficult to try 438 00:22:09,880 --> 00:22:11,919 Speaker 1: to hit all of these things all at once. And 439 00:22:11,960 --> 00:22:13,639 Speaker 1: so when you buy a team, you sort of have 440 00:22:13,680 --> 00:22:15,520 Speaker 1: to take your time to sort of figure out, how 441 00:22:15,560 --> 00:22:17,120 Speaker 1: do you know, how do we All the guys who 442 00:22:17,119 --> 00:22:19,880 Speaker 1: buy teams, they're wealthy and they've made money in their 443 00:22:19,880 --> 00:22:22,199 Speaker 1: respective industries and then they come over and they're just 444 00:22:22,240 --> 00:22:26,480 Speaker 1: basically buying into a whole new industry. Uh. And there's 445 00:22:26,480 --> 00:22:28,520 Speaker 1: a learning curve that goes with that. So I would say, 446 00:22:28,720 --> 00:22:31,119 Speaker 1: based on everyone I've always talked to, people get it. 447 00:22:31,119 --> 00:22:32,719 Speaker 1: It's just a question of you know, how do they 448 00:22:32,800 --> 00:22:35,080 Speaker 1: how do they prioritize and how do they time, you know, 449 00:22:35,160 --> 00:22:37,040 Speaker 1: getting to all of these things that they need to do. 450 00:22:37,560 --> 00:22:39,640 Speaker 1: You talk about trying to buy a team. Yeah, ask 451 00:22:39,680 --> 00:22:43,400 Speaker 1: anybody in the contest for the Carolina Panthers right now. 452 00:22:43,480 --> 00:22:45,600 Speaker 1: Scott and I we had about a couple of twenties 453 00:22:45,640 --> 00:22:49,040 Speaker 1: in our wallet and we got as as far as 454 00:22:49,040 --> 00:22:51,720 Speaker 1: trying to get the football, and that's about it. I 455 00:22:51,720 --> 00:22:55,879 Speaker 1: don't see how people today can buy a team like this, 456 00:22:56,119 --> 00:23:01,040 Speaker 1: Like you said, yeah, you know, I I agree with you. 457 00:23:01,280 --> 00:23:03,240 Speaker 1: I think you know, when you look at the e 458 00:23:03,440 --> 00:23:08,080 Speaker 1: p L in Europe, Um, Russian oligarchs, Middle Eastern shakes, 459 00:23:08,160 --> 00:23:10,280 Speaker 1: you have to ask yourself, you know, how do you 460 00:23:10,320 --> 00:23:13,439 Speaker 1: compete in that ecosystem when you come over here and 461 00:23:13,520 --> 00:23:17,000 Speaker 1: you look at the prices that these teams are going for, 462 00:23:17,600 --> 00:23:20,440 Speaker 1: and you look at the rules that many of these 463 00:23:20,520 --> 00:23:23,679 Speaker 1: leagues have that require a certain minimum ownership for the 464 00:23:23,720 --> 00:23:27,600 Speaker 1: control owner, a limit on the number of owners, and 465 00:23:27,720 --> 00:23:30,120 Speaker 1: a limit on the amount of debt that you can deploy, 466 00:23:30,560 --> 00:23:33,360 Speaker 1: and also a restriction on the kind of institutional capital 467 00:23:33,600 --> 00:23:38,240 Speaker 1: going in. You're really the question that I'm thinking about 468 00:23:38,640 --> 00:23:41,360 Speaker 1: is how do you continue a linear progression in these 469 00:23:41,400 --> 00:23:45,400 Speaker 1: asset valuations. Uh, there's no doubt that this content is valuable. 470 00:23:45,440 --> 00:23:47,960 Speaker 1: There's no doubt that there's a scarcity value attached to 471 00:23:48,000 --> 00:23:51,480 Speaker 1: these teams. There's no doubt that we've had labor peace, 472 00:23:51,520 --> 00:23:54,359 Speaker 1: we've had meteor rights deals. Uh. You know, all the 473 00:23:54,440 --> 00:23:58,280 Speaker 1: elements for continued value progression are there. But when you 474 00:23:58,320 --> 00:24:02,320 Speaker 1: start to see these other restrictions and around league rules 475 00:24:02,440 --> 00:24:07,560 Speaker 1: that that guide and determine ownership, you're really pushing ownership 476 00:24:07,640 --> 00:24:11,120 Speaker 1: to a very rare level of just megawealth. And there's 477 00:24:11,119 --> 00:24:13,439 Speaker 1: only so much of that, and so you know that. 478 00:24:13,640 --> 00:24:15,800 Speaker 1: And the other point I'd make is I just think 479 00:24:15,800 --> 00:24:19,040 Speaker 1: that when these teams get sold, I think there needs 480 00:24:19,040 --> 00:24:22,320 Speaker 1: to be a coordination between the team owner and the league. 481 00:24:22,720 --> 00:24:25,680 Speaker 1: I don't think it's healthy to have these teams just 482 00:24:25,880 --> 00:24:28,560 Speaker 1: on their own, unilaterally selling. I think there needs to 483 00:24:28,560 --> 00:24:30,440 Speaker 1: be when someone buys a team. I just think there 484 00:24:30,440 --> 00:24:32,719 Speaker 1: needs to be something in the contract, in the purchase 485 00:24:32,760 --> 00:24:35,240 Speaker 1: agreement that says when you sell um, there will be 486 00:24:35,320 --> 00:24:39,000 Speaker 1: a coordinated selling effort between the team owner and the 487 00:24:39,520 --> 00:24:43,000 Speaker 1: league's Because you know there's this This is once again 488 00:24:43,000 --> 00:24:44,280 Speaker 1: I go back to the concept of some of the 489 00:24:44,280 --> 00:24:46,360 Speaker 1: parts being greater than the whole, and I think how 490 00:24:46,440 --> 00:24:50,240 Speaker 1: these sales go the pricing, uh and making sure there's 491 00:24:50,280 --> 00:24:53,399 Speaker 1: there's adult supervision and responsibility, and we don't see some 492 00:24:53,480 --> 00:24:56,480 Speaker 1: huge spike in pricing that is ahead of itself. All 493 00:24:56,480 --> 00:24:58,159 Speaker 1: that kind of stuff really needs to be thought of 494 00:24:58,200 --> 00:25:00,640 Speaker 1: for the collective good of the whole. Chatting with Jerry 495 00:25:00,640 --> 00:25:03,920 Speaker 1: Cardinal of Redbird Capital and Jerry, for those who might 496 00:25:03,960 --> 00:25:06,000 Speaker 1: have heard what you just said, I'm gonna try and 497 00:25:06,040 --> 00:25:08,960 Speaker 1: boil it down. The Buffalo Bills sold at one point 498 00:25:09,000 --> 00:25:10,720 Speaker 1: four a couple of years ago, you're now looking at 499 00:25:10,760 --> 00:25:13,679 Speaker 1: around to five to six for the Carolina Panthers, with 500 00:25:13,760 --> 00:25:17,679 Speaker 1: the underpinnings pretty much similar. I'm not sure why you 501 00:25:17,680 --> 00:25:20,880 Speaker 1: get from one four to two five in such little time, 502 00:25:20,960 --> 00:25:24,840 Speaker 1: but if you want that value progression, what you're saying 503 00:25:24,960 --> 00:25:28,639 Speaker 1: is the rules are limiting the available buyers. Like David 504 00:25:28,680 --> 00:25:31,440 Speaker 1: Tepper is in the mix, but he's the only one 505 00:25:32,080 --> 00:25:34,560 Speaker 1: of the whales that's in the mix. If you're gonna 506 00:25:34,560 --> 00:25:37,120 Speaker 1: sell these sorts of assets, don't you want three four, 507 00:25:37,280 --> 00:25:41,159 Speaker 1: five six David Tepper's bidding Look from from just a 508 00:25:41,280 --> 00:25:45,960 Speaker 1: process and auction process standpoint, the answers yes, I would 509 00:25:45,960 --> 00:25:49,000 Speaker 1: tell you from you know, a methodology standpoint, from a 510 00:25:49,080 --> 00:25:54,160 Speaker 1: substantive standpoint. I'm looking at the buffalo bills being sold 511 00:25:54,160 --> 00:25:56,800 Speaker 1: at one four back in you know, was it six 512 00:25:56,880 --> 00:26:01,480 Speaker 1: years ago? Seven years ago? Uh? And then you see 513 00:26:01,480 --> 00:26:03,920 Speaker 1: the step up to the numbers that you're talking about 514 00:26:03,960 --> 00:26:06,240 Speaker 1: around the panthers, And I don't think anyone you spend 515 00:26:06,240 --> 00:26:09,520 Speaker 1: I don't think anybody spends enough time talking about how 516 00:26:09,760 --> 00:26:14,919 Speaker 1: that bridge occurs. Um. And one of the things that 517 00:26:15,040 --> 00:26:17,800 Speaker 1: I'm looking at is is there a way that we 518 00:26:17,920 --> 00:26:20,960 Speaker 1: can help perspective owners look at buying into these teams 519 00:26:21,320 --> 00:26:23,880 Speaker 1: and not just leave after they buy it, but work 520 00:26:23,960 --> 00:26:27,000 Speaker 1: with them not only co underwrite a business plan on 521 00:26:27,040 --> 00:26:29,679 Speaker 1: the way in, but help but also own it with 522 00:26:29,760 --> 00:26:32,680 Speaker 1: them going forward. That's how people I need to start 523 00:26:32,680 --> 00:26:34,399 Speaker 1: thinking that way, because you know the concept of just 524 00:26:34,480 --> 00:26:37,280 Speaker 1: an auction where you know, I call it the forbes 525 00:26:37,280 --> 00:26:41,679 Speaker 1: ification of the of these assets trading where you know, 526 00:26:41,720 --> 00:26:44,960 Speaker 1: you basically look at where the last trade was, you know, 527 00:26:44,760 --> 00:26:47,040 Speaker 1: you look at what where things are on the Forbes list, 528 00:26:47,080 --> 00:26:49,680 Speaker 1: you market up and that's your methodology. You know, when 529 00:26:49,680 --> 00:26:52,760 Speaker 1: you start getting the multibillion dollar assets, that's just irresponsible. 530 00:26:52,800 --> 00:26:54,800 Speaker 1: You can't do it. Uh. And it's what I was 531 00:26:54,800 --> 00:26:56,480 Speaker 1: saying earlier, which is that you know, people need to 532 00:26:56,480 --> 00:26:58,600 Speaker 1: step back and there needs to be a coordination between 533 00:26:58,640 --> 00:27:03,960 Speaker 1: individual team owners, league um capital bankers where everybody you 534 00:27:04,000 --> 00:27:06,280 Speaker 1: know is communicating. You know, one of things I want 535 00:27:06,280 --> 00:27:08,280 Speaker 1: to do is always communicate like we're doing here and 536 00:27:08,320 --> 00:27:11,520 Speaker 1: try to get the word out on experiences and data 537 00:27:11,560 --> 00:27:14,119 Speaker 1: points and analytics. Start thinking a little bit more of 538 00:27:14,160 --> 00:27:16,439 Speaker 1: exactly what you said, Scott, which is like, what's the 539 00:27:16,440 --> 00:27:19,600 Speaker 1: bridge between one four in Buffalo and the mid two's 540 00:27:19,720 --> 00:27:22,440 Speaker 1: in in Carolina? I mean, you know, how how does 541 00:27:22,480 --> 00:27:24,800 Speaker 1: that work? And what does that mean going forward in 542 00:27:24,920 --> 00:27:27,960 Speaker 1: terms of potential returns and the health of the business, 543 00:27:28,200 --> 00:27:30,080 Speaker 1: And what does it mean also in terms of the 544 00:27:30,160 --> 00:27:33,000 Speaker 1: rules in terms of ownership and minimum ownership for the 545 00:27:33,000 --> 00:27:35,600 Speaker 1: control and the number of owners and the dead limit, etcetera. 546 00:27:35,760 --> 00:27:38,200 Speaker 1: So it's definitely something that's going to have to start 547 00:27:38,240 --> 00:27:39,919 Speaker 1: to get looked at. I feel we're getting sort of 548 00:27:39,920 --> 00:27:42,240 Speaker 1: to the tipping point here where all of that's going 549 00:27:42,280 --> 00:27:45,200 Speaker 1: to need to be looked at and and potentially adjusted. 550 00:27:45,760 --> 00:27:48,480 Speaker 1: If I am a prospective owner of a pro franchise 551 00:27:48,520 --> 00:27:50,360 Speaker 1: and I come to you, Jerry Cardinal, and I say 552 00:27:50,359 --> 00:27:53,160 Speaker 1: all right. I want a team. I'm looking at sort 553 00:27:53,200 --> 00:27:56,560 Speaker 1: of this Thomas Friedman world is flat world where someone 554 00:27:56,600 --> 00:27:59,840 Speaker 1: in China, India may want to plenty ups for highlights 555 00:27:59,840 --> 00:28:01,640 Speaker 1: from my league, from my team. I want to take 556 00:28:01,680 --> 00:28:05,840 Speaker 1: my brand global, Jerry, I want value for my investment. 557 00:28:06,320 --> 00:28:09,600 Speaker 1: Where are you pointing me? What league, what sport, what team? 558 00:28:09,600 --> 00:28:13,600 Speaker 1: Where should I get my best value? It's great, you know, 559 00:28:13,680 --> 00:28:16,000 Speaker 1: I think about that a lot. It's a great question. 560 00:28:16,240 --> 00:28:18,600 Speaker 1: You know. Look, I would say it's funny, you know 561 00:28:18,640 --> 00:28:21,399 Speaker 1: when when people look at buying into teams in the 562 00:28:21,480 --> 00:28:24,600 Speaker 1: US and they ask themselves that question. There's there's there's 563 00:28:24,600 --> 00:28:28,639 Speaker 1: this current prevailing buzz that you know, there's a lot 564 00:28:28,680 --> 00:28:30,480 Speaker 1: of headwinds facing the NFL. There's a lot of tail 565 00:28:30,520 --> 00:28:33,680 Speaker 1: winds facing the m b A. Um, the NBA seems 566 00:28:33,760 --> 00:28:36,280 Speaker 1: to have the momentum right now. And when I ask people, well, 567 00:28:36,320 --> 00:28:39,280 Speaker 1: why is that there's some of the noise around the 568 00:28:39,400 --> 00:28:42,680 Speaker 1: NFL and some of the you know, the concussion stuff 569 00:28:42,720 --> 00:28:44,520 Speaker 1: and things like that. I think that they will work 570 00:28:44,520 --> 00:28:48,320 Speaker 1: through that. Uh, it's more about the globalization potential of 571 00:28:48,400 --> 00:28:49,880 Speaker 1: the n b A. A lot of people that I 572 00:28:49,920 --> 00:28:53,120 Speaker 1: talked to say that, um, you know, basque professional basketball 573 00:28:53,120 --> 00:28:57,400 Speaker 1: in the United States is the one UH league that 574 00:28:57,760 --> 00:29:00,880 Speaker 1: and the one product that can travel globally, particularly in China, 575 00:29:01,280 --> 00:29:03,080 Speaker 1: and interestingly in China when you know, I spent a 576 00:29:03,080 --> 00:29:05,160 Speaker 1: bunch of time in China. When you go over there, uh, 577 00:29:05,200 --> 00:29:06,720 Speaker 1: and you ask people, well, why is it that the 578 00:29:06,800 --> 00:29:09,080 Speaker 1: NBA play it plays well in China. I always thought 579 00:29:09,080 --> 00:29:11,000 Speaker 1: it was Michael Jordan's I always thought it was the 580 00:29:11,040 --> 00:29:12,640 Speaker 1: fact that you know, there are a lot of tall 581 00:29:12,680 --> 00:29:14,800 Speaker 1: people in China and they play basketball. Now that it's 582 00:29:14,800 --> 00:29:18,360 Speaker 1: really simple, it's yelling. Uh. He's an icon over there. 583 00:29:19,080 --> 00:29:21,760 Speaker 1: He made a world over here, I made a world different. 584 00:29:21,920 --> 00:29:24,080 Speaker 1: So you know, look, I'll tell you Scott, I I 585 00:29:24,120 --> 00:29:26,880 Speaker 1: think that I personally believe that you can make the 586 00:29:26,920 --> 00:29:29,320 Speaker 1: case for every one of these leagues. I think that 587 00:29:29,360 --> 00:29:31,840 Speaker 1: you know it's today if you're looking at an NBA 588 00:29:31,920 --> 00:29:34,040 Speaker 1: team trading at two billion dollars, if you look at 589 00:29:34,080 --> 00:29:36,360 Speaker 1: an NFL team trading at two billion dollars, if you 590 00:29:36,360 --> 00:29:40,440 Speaker 1: look at an NHL and and a major league soccer 591 00:29:40,480 --> 00:29:43,959 Speaker 1: team trading in the five hundreds, right, I mean is there? 592 00:29:44,000 --> 00:29:46,240 Speaker 1: You know they're all they're all facing the same thing 593 00:29:46,320 --> 00:29:49,200 Speaker 1: for their respective economics, which is that I think you 594 00:29:49,240 --> 00:29:50,600 Speaker 1: need to go in there and you need to have 595 00:29:50,600 --> 00:29:53,480 Speaker 1: a business plan, and you don't need to rely on China, 596 00:29:53,560 --> 00:29:57,120 Speaker 1: you don't need to rely on globalization. To the comments earlier, 597 00:29:57,240 --> 00:29:59,920 Speaker 1: you know, just just what we're doing with on location, 598 00:30:00,080 --> 00:30:04,120 Speaker 1: thinking about the next frontier and data analytics, fan monetization, uh, 599 00:30:04,680 --> 00:30:08,280 Speaker 1: you know, creating new revenue opportunities around team ownership. There's 600 00:30:08,520 --> 00:30:10,520 Speaker 1: there's more than enough to do here in the States, 601 00:30:11,000 --> 00:30:13,480 Speaker 1: you know, for you know, in looking at investing in 602 00:30:13,480 --> 00:30:15,719 Speaker 1: these teams. Going back to my point earlier on the rules, 603 00:30:16,200 --> 00:30:19,080 Speaker 1: I would say, you know, it's it's it's one thing 604 00:30:19,120 --> 00:30:21,680 Speaker 1: to be the control owner, but if you are, you know, 605 00:30:21,720 --> 00:30:23,760 Speaker 1: not the control owner. You know, how do you how 606 00:30:23,800 --> 00:30:27,240 Speaker 1: do you feel about having to write a nine figure check? Uh? 607 00:30:27,240 --> 00:30:29,080 Speaker 1: And you know what kind of governance do you get 608 00:30:29,120 --> 00:30:31,800 Speaker 1: and what kind of responsibilities do you get? And does 609 00:30:32,120 --> 00:30:33,920 Speaker 1: you know does this need to be more of a 610 00:30:33,920 --> 00:30:37,120 Speaker 1: collaborative group ownership or just a uniladdal controllership. It's a 611 00:30:37,200 --> 00:30:39,040 Speaker 1: lot of that that that needs to be worked out. 612 00:30:39,320 --> 00:30:43,080 Speaker 1: Jerry Cartin, now, thank you so much. You have graced 613 00:30:43,160 --> 00:30:46,160 Speaker 1: us with a lot of knowledge, and you have so 614 00:30:46,160 --> 00:30:49,280 Speaker 1: many titles I should add to that you bring so 615 00:30:49,360 --> 00:30:51,280 Speaker 1: much to the table with this. Thank you so much. 616 00:30:51,280 --> 00:30:54,680 Speaker 1: Their Absolutely it's great talking to you guys. Thanks so much. Michael. 617 00:30:54,720 --> 00:30:58,959 Speaker 1: My takeaway from Jerry Carternal there's this tipping point coming 618 00:30:59,560 --> 00:31:03,360 Speaker 1: you one under when do the numbers not work out 619 00:31:03,440 --> 00:31:06,280 Speaker 1: on the back of the napkin. You're talking to five 620 00:31:06,440 --> 00:31:10,160 Speaker 1: for the Carolina Panthers, and you're just wondering with some headwinds, 621 00:31:10,600 --> 00:31:15,800 Speaker 1: what is driving the valuations of these franchises. Can't just 622 00:31:16,000 --> 00:31:18,240 Speaker 1: be for the long term the scarcity value that well, 623 00:31:18,280 --> 00:31:20,440 Speaker 1: there aren't that many of them. At some point, you 624 00:31:20,480 --> 00:31:22,640 Speaker 1: have to make money on these investments, and we saw 625 00:31:22,680 --> 00:31:24,920 Speaker 1: some problems with the Miami Marlins with the number that 626 00:31:24,960 --> 00:31:29,000 Speaker 1: was paid there. Jerry crystallizes it there. If you want 627 00:31:29,040 --> 00:31:32,320 Speaker 1: this progression to continue, you better come up with some 628 00:31:32,360 --> 00:31:34,760 Speaker 1: new revenue streams. Yeah, that's the same thing I was 629 00:31:34,800 --> 00:31:41,280 Speaker 1: thinking about, is how I see Bulkan mind, mild I 630 00:31:41,400 --> 00:31:45,800 Speaker 1: just wonder it's like, how can these teams continue to exist? 631 00:31:45,840 --> 00:31:48,960 Speaker 1: Like you said, you have to make money at some point, 632 00:31:49,320 --> 00:31:51,600 Speaker 1: and you have to have people to step up to 633 00:31:51,720 --> 00:31:54,280 Speaker 1: be able to pay this money. And you're talking about 634 00:31:54,320 --> 00:31:57,720 Speaker 1: shakes and and many movers and shakers who have said 635 00:31:57,920 --> 00:32:00,760 Speaker 1: you know what. I don't need this, thank you very much. Well, 636 00:32:00,760 --> 00:32:02,760 Speaker 1: you talked about a world where it really is only 637 00:32:02,800 --> 00:32:06,400 Speaker 1: Middle Eastern shakes who can buy these teams and coming 638 00:32:06,440 --> 00:32:09,520 Speaker 1: in bid or a Chinese billion or Russian oligar. There's 639 00:32:09,600 --> 00:32:13,520 Speaker 1: only so many and when you're limiting that buyer pool, 640 00:32:14,040 --> 00:32:15,960 Speaker 1: you wonder when the numbers start to come down. We 641 00:32:16,040 --> 00:32:18,479 Speaker 1: got a shot, though, I'm telling you, you put your 642 00:32:18,520 --> 00:32:23,000 Speaker 1: lottery tickets together, we can buy the goal post. I'll 643 00:32:23,080 --> 00:32:26,400 Speaker 1: wait for you to cash in your fortune. Or or 644 00:32:26,560 --> 00:32:34,080 Speaker 1: dare I? Dare I just say depart. Feels better to 645 00:32:34,080 --> 00:32:36,080 Speaker 1: be number one than number five. I'll wear a number 646 00:32:36,120 --> 00:32:37,680 Speaker 1: because of Mike. We have a chance to go for 647 00:32:37,720 --> 00:32:39,440 Speaker 1: three in a row. Kid numbers in a good time, 648 00:32:39,440 --> 00:32:41,520 Speaker 1: and let's first started wearing the number. I would just 649 00:32:41,600 --> 00:32:46,800 Speaker 1: have you floomberg. Business of sports, the number of the week. 650 00:32:47,600 --> 00:32:49,960 Speaker 1: Time now for the number of the week, and the 651 00:32:50,080 --> 00:32:55,080 Speaker 1: number is too now full disclosure and in transparency to 652 00:32:55,240 --> 00:32:58,960 Speaker 1: our listeners, who we respect. We do sometimes talk about 653 00:32:59,000 --> 00:33:02,200 Speaker 1: these ahead of time. Not always when you go NASCAR 654 00:33:02,240 --> 00:33:03,800 Speaker 1: on me, I'll let you do that all by yourself. 655 00:33:04,520 --> 00:33:07,080 Speaker 1: But we decided that we wanted to chat about se 656 00:33:07,200 --> 00:33:12,920 Speaker 1: Kwon Barkley going at number two because the response in 657 00:33:13,040 --> 00:33:17,120 Speaker 1: New York has been so great. Like common wisdom says 658 00:33:17,480 --> 00:33:21,120 Speaker 1: running back top pick, No, don't do it. But this 659 00:33:21,200 --> 00:33:24,560 Speaker 1: kid resonates, well this you're talking about one of the 660 00:33:24,600 --> 00:33:27,600 Speaker 1: best running backs to come into the game in a 661 00:33:27,640 --> 00:33:31,360 Speaker 1: long time. I hope, Yes, yeah, we hope. So for 662 00:33:31,440 --> 00:33:33,959 Speaker 1: the Giant's sake, yes, I know you have to always 663 00:33:33,960 --> 00:33:36,480 Speaker 1: plug up the old line. I mean that continues on. 664 00:33:36,600 --> 00:33:39,160 Speaker 1: But this kid is something mush. What we know is 665 00:33:39,400 --> 00:33:43,840 Speaker 1: the fans thing. So because he has sold more jerseys 666 00:33:43,840 --> 00:33:49,440 Speaker 1: than any rookie in NFL history, So the optimism among 667 00:33:49,720 --> 00:33:54,840 Speaker 1: the fan base is there. Now. I feel like Odell 668 00:33:54,880 --> 00:33:58,040 Speaker 1: Beckham Jr. When he made that catch on National TV. 669 00:33:58,600 --> 00:34:00,960 Speaker 1: If this kid goes out and with the smile and 670 00:34:01,040 --> 00:34:05,760 Speaker 1: he lights it up, you're looking at perhaps the new 671 00:34:05,880 --> 00:34:09,200 Speaker 1: face of sports in New York. That's the bold statement 672 00:34:09,280 --> 00:34:11,319 Speaker 1: right there. That would be the quote, right I think 673 00:34:11,320 --> 00:34:13,879 Speaker 1: you're looking he's got that kind of potential. I've got 674 00:34:13,920 --> 00:34:16,800 Speaker 1: you on tape saying this, Well, don't destroy the tape. 675 00:34:17,800 --> 00:34:20,399 Speaker 1: You've been listening to Bloomberg Business of Sports. We're here 676 00:34:20,480 --> 00:34:22,560 Speaker 1: each and every week at the same time exploring the 677 00:34:22,600 --> 00:34:25,640 Speaker 1: world of Money and Sports. I'm Michael barn and I'm 678 00:34:25,680 --> 00:34:28,040 Speaker 1: Scott Sashnik. Thanks for joining us. Please turn in next 679 00:34:28,040 --> 00:34:29,840 Speaker 1: week when we speak with the biggest and brightest in 680 00:34:29,880 --> 00:34:33,120 Speaker 1: the sports business industry. You're listening to Bloomberg Business of 681 00:34:33,160 --> 00:34:36,799 Speaker 1: Sports from Bloomberg Radio around the world and online as 682 00:34:36,840 --> 00:34:38,400 Speaker 1: an Apple podcast on iTunes.