1 00:00:00,840 --> 00:00:05,040 Speaker 1: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 2 00:00:05,680 --> 00:00:08,280 Speaker 1: Hi everyone, I'm Jason Kelley, I'm Mike Lynch, and I'm 3 00:00:08,280 --> 00:00:11,520 Speaker 1: Michael Barr And this is the Bloomberg Business of Sports podcast, 4 00:00:11,520 --> 00:00:13,920 Speaker 1: where we explore the big money issues in the world 5 00:00:13,960 --> 00:00:16,160 Speaker 1: of sports. Guys. This is probably one where we should 6 00:00:16,160 --> 00:00:18,880 Speaker 1: have told our producer Tim Harritt just hit record earlier, 7 00:00:18,920 --> 00:00:21,119 Speaker 1: because we just went down a bunch of rabbit holes 8 00:00:21,400 --> 00:00:24,960 Speaker 1: before we actually started recording. Uh tons to talk about, 9 00:00:25,160 --> 00:00:27,800 Speaker 1: and I want to get to the valuations that Forbes 10 00:00:27,800 --> 00:00:30,040 Speaker 1: put out today about the teams. We were just going 11 00:00:30,120 --> 00:00:32,760 Speaker 1: down all sorts of rabbit holes and doing math and 12 00:00:33,080 --> 00:00:35,199 Speaker 1: geeking out. And we'll do that a little bit later on, 13 00:00:35,280 --> 00:00:38,839 Speaker 1: but first we got to talk about the Kentucky Derby, 14 00:00:38,960 --> 00:00:44,440 Speaker 1: Churchill Downs Bob Bafford, and the winner the Kentucky Derby, 15 00:00:44,479 --> 00:00:50,199 Speaker 1: Mike Lynch tested positive for drugs. This is a really big, 16 00:00:50,920 --> 00:00:56,200 Speaker 1: really disturbing and yet all together not that surprising story 17 00:00:56,360 --> 00:00:59,880 Speaker 1: right now. Bob Bafford's a little bit radioactive in the 18 00:01:00,040 --> 00:01:02,320 Speaker 1: horse racing world. He has been in trouble at a 19 00:01:02,320 --> 00:01:05,640 Speaker 1: lot of different states and race tracks around the country, 20 00:01:05,680 --> 00:01:09,640 Speaker 1: but his horse Madona Spirit, the post race drug test failed, 21 00:01:09,920 --> 00:01:13,479 Speaker 1: and Bob Bafford has been banned from Churchill Downs. I'll 22 00:01:13,480 --> 00:01:16,480 Speaker 1: think about this. This is like Tiger Woods being banned 23 00:01:16,520 --> 00:01:20,720 Speaker 1: from Augusta National, like Bill Belichick being banned from ever 24 00:01:20,760 --> 00:01:23,640 Speaker 1: competing in a Super Bowl. Again, that's how big this is. 25 00:01:23,680 --> 00:01:26,720 Speaker 1: And this hasn't happened. A Kentucky Derby winner hasn't been 26 00:01:26,760 --> 00:01:30,480 Speaker 1: de q fulfilling a drug test since Peter Fuller's dances 27 00:01:30,520 --> 00:01:37,440 Speaker 1: image back in nineteen Alright, gambler among us, Mr Michael 28 00:01:37,440 --> 00:01:41,080 Speaker 1: barre Um, how do you read this? I mean, first 29 00:01:41,080 --> 00:01:43,600 Speaker 1: of all, we should get out of the way. One 30 00:01:43,680 --> 00:01:46,480 Speaker 1: failed drug test, the horse has to be tested again. 31 00:01:46,880 --> 00:01:51,040 Speaker 1: Baffort denies that they in any way use this anti 32 00:01:51,040 --> 00:01:54,800 Speaker 1: inflammatory drug that he and his team did. He's sort 33 00:01:54,840 --> 00:01:58,240 Speaker 1: of crying foul that, you know, some either there's a 34 00:01:58,280 --> 00:02:01,720 Speaker 1: mistake or somebody has done him and his team wrong. 35 00:02:02,280 --> 00:02:04,800 Speaker 1: I did read a comment which I can't take credit for, 36 00:02:05,040 --> 00:02:08,200 Speaker 1: that said, because of Bob Efford and all of his 37 00:02:08,760 --> 00:02:12,840 Speaker 1: denials over the past year alone, this is like your 38 00:02:12,880 --> 00:02:15,680 Speaker 1: dog eating a semester is worth of homework, um in 39 00:02:15,760 --> 00:02:18,840 Speaker 1: terms of the excuses that he's making. But but what 40 00:02:18,880 --> 00:02:22,119 Speaker 1: do you make of this from the from the perspective 41 00:02:22,160 --> 00:02:25,239 Speaker 1: of someone who follows this game from the window as 42 00:02:25,240 --> 00:02:28,760 Speaker 1: we say this industry, Well, let me let me pointing 43 00:02:28,800 --> 00:02:32,720 Speaker 1: out the steroid is beta metha zone and it's you 44 00:02:33,120 --> 00:02:36,400 Speaker 1: sometimes to treat pain and information in horses, which is 45 00:02:36,440 --> 00:02:41,920 Speaker 1: a banned steroid. Now, having said that, I hate to 46 00:02:41,919 --> 00:02:47,040 Speaker 1: say this. These stories happen often at the local tracks 47 00:02:47,720 --> 00:02:50,720 Speaker 1: and they kind of slip under the radar. But this 48 00:02:50,919 --> 00:02:55,120 Speaker 1: you're talking the horse race of the year, and you're 49 00:02:55,160 --> 00:02:59,560 Speaker 1: talking the Hall of Fame trainer and this comes out. 50 00:03:00,160 --> 00:03:03,560 Speaker 1: It's o MG. I mean, I couldn't believe it. And 51 00:03:03,600 --> 00:03:05,840 Speaker 1: by the way, and we were talking about this earlier. 52 00:03:06,240 --> 00:03:09,000 Speaker 1: If you were on if you made a bet, and 53 00:03:09,160 --> 00:03:12,040 Speaker 1: even if you were on the online betting side and 54 00:03:12,120 --> 00:03:16,040 Speaker 1: you bet Medina Spirit, you get the money. They can't 55 00:03:16,080 --> 00:03:18,640 Speaker 1: take it back. It's it's over and done worth And 56 00:03:18,680 --> 00:03:21,359 Speaker 1: let's now let's also keep this in perspective. They have 57 00:03:21,440 --> 00:03:25,040 Speaker 1: in d Q the horse yet uh so let's let's 58 00:03:25,040 --> 00:03:30,120 Speaker 1: make sure to say that. But my goodness, this is huge. 59 00:03:30,400 --> 00:03:33,639 Speaker 1: And if that happens where they d Q Medina Spirit 60 00:03:33,720 --> 00:03:35,800 Speaker 1: and by the way, the horse is set the run 61 00:03:35,800 --> 00:03:39,360 Speaker 1: of the Preakness this Saturday. I don't know what happens, 62 00:03:40,440 --> 00:03:44,760 Speaker 1: and so Lynchy we talked about this a little bit. 63 00:03:44,920 --> 00:03:50,400 Speaker 1: I believe leading up to the Derby that racing horse 64 00:03:50,480 --> 00:03:52,600 Speaker 1: racing knows it has a problem. And in the midst 65 00:03:52,600 --> 00:03:54,600 Speaker 1: of the pandemic there was there was a lot going on, 66 00:03:55,000 --> 00:03:58,920 Speaker 1: obviously because of a global pandemic, and eyes were elsewhere. Um, 67 00:03:58,960 --> 00:04:02,040 Speaker 1: there has in some legislation paths that that is trying 68 00:04:02,080 --> 00:04:04,520 Speaker 1: to lock this down a little bit more to clean 69 00:04:04,600 --> 00:04:08,560 Speaker 1: up the sport. It obviously hasn't happened yet, but I mean, 70 00:04:08,640 --> 00:04:11,720 Speaker 1: this is a one of the comparisons that I also 71 00:04:11,760 --> 00:04:14,680 Speaker 1: saw in reading about this over the weekend is there's 72 00:04:14,680 --> 00:04:18,599 Speaker 1: a Lance Armstrong sort of echo here in some ways 73 00:04:18,640 --> 00:04:20,880 Speaker 1: with with the denials. And I'm looking at the Sports 74 00:04:20,920 --> 00:04:26,360 Speaker 1: Illustrated headline and subhead says Bob Bafford's leaking credibility reaches 75 00:04:26,400 --> 00:04:30,440 Speaker 1: saturation saturation point after Derby drug positive. When it comes 76 00:04:30,480 --> 00:04:32,840 Speaker 1: to drug testing in sports, the denials are always vigorous, 77 00:04:32,880 --> 00:04:37,279 Speaker 1: often fanciful, but are rarely compelling. This is bad for 78 00:04:37,320 --> 00:04:40,679 Speaker 1: the sport. It is, and it happens in the sports 79 00:04:40,680 --> 00:04:43,120 Speaker 1: biggest event. This is like something happening in the daytone 80 00:04:43,120 --> 00:04:46,280 Speaker 1: of five hundred or the super Bowl or the Master's Tournament. 81 00:04:47,040 --> 00:04:50,080 Speaker 1: Best Bafford is a slippery guy, as everybody knows. He 82 00:04:50,120 --> 00:04:54,000 Speaker 1: had a problem in Arkansas last year and this this 83 00:04:54,080 --> 00:04:57,760 Speaker 1: year had a record betting the only had more interest 84 00:04:58,360 --> 00:05:01,400 Speaker 1: betting interests in the Kentucky Derby. UH then this year 85 00:05:01,440 --> 00:05:03,200 Speaker 1: as well. So a lot of people came back and 86 00:05:03,240 --> 00:05:05,160 Speaker 1: a lot of people who want to stay away from 87 00:05:05,200 --> 00:05:07,760 Speaker 1: the sport because they think it's a little bit shady 88 00:05:08,120 --> 00:05:10,920 Speaker 1: are gonna be a little bit disappointed. Again. It's it's 89 00:05:11,000 --> 00:05:14,120 Speaker 1: bad public relations for the sport. Um. You know, you 90 00:05:14,160 --> 00:05:16,360 Speaker 1: can just say, well, there's one bad apple, Baffort. There's 91 00:05:16,400 --> 00:05:18,280 Speaker 1: a lot of bad apples in that sport, and they 92 00:05:18,400 --> 00:05:21,640 Speaker 1: an image polishing, uh is job one for them, and 93 00:05:21,640 --> 00:05:24,800 Speaker 1: this doesn't help well. And I do think it is 94 00:05:24,920 --> 00:05:29,880 Speaker 1: hard to overstate the prominence of Baffort and his horses 95 00:05:30,520 --> 00:05:33,680 Speaker 1: in this sport. In many ways, this is not someone 96 00:05:33,760 --> 00:05:36,720 Speaker 1: who is in any way Michael barr on the fringes. 97 00:05:36,839 --> 00:05:40,320 Speaker 1: I mean, he is one of the most decorated when 98 00:05:40,320 --> 00:05:44,440 Speaker 1: it comes to big time horse racing, and so that 99 00:05:44,560 --> 00:05:48,440 Speaker 1: starts to influence the perception that ultimately starts to influence 100 00:05:48,440 --> 00:05:52,120 Speaker 1: the economics of this business. You know, we had a 101 00:05:52,520 --> 00:05:55,080 Speaker 1: great conversation I thought leading up to the derby with 102 00:05:55,120 --> 00:05:58,320 Speaker 1: the CEO of Churchill Downs. We know how much money 103 00:05:58,400 --> 00:06:01,800 Speaker 1: is on the line, not just from the gate as 104 00:06:01,839 --> 00:06:04,520 Speaker 1: it were, but from the online betting that they have 105 00:06:04,800 --> 00:06:07,360 Speaker 1: stood up there with twin spires. That is a driving 106 00:06:07,400 --> 00:06:10,040 Speaker 1: force of this. But people are not going to participate 107 00:06:10,040 --> 00:06:12,880 Speaker 1: in Again, I turned to you as our gambling expert here. 108 00:06:13,120 --> 00:06:17,479 Speaker 1: If people think it is fixed in any way, um, 109 00:06:17,600 --> 00:06:20,240 Speaker 1: or there's cheating, I should say in any way, I 110 00:06:20,240 --> 00:06:23,279 Speaker 1: mean I would imagine at some point people start to 111 00:06:23,560 --> 00:06:26,240 Speaker 1: step back or am I wrong? They're no, No, You're 112 00:06:26,279 --> 00:06:30,520 Speaker 1: not wrong at all. Uh. In in fact, there were 113 00:06:30,560 --> 00:06:34,719 Speaker 1: I got a Twitter comment that was really negative about 114 00:06:34,839 --> 00:06:38,800 Speaker 1: horse racing. Uh And and of course I said, well, 115 00:06:38,800 --> 00:06:41,479 Speaker 1: of course you're You're entitled to your opinion. And I 116 00:06:41,520 --> 00:06:44,719 Speaker 1: get it. I get why people feel that way. Now 117 00:06:45,440 --> 00:06:49,039 Speaker 1: when you dope, if it happened, if you dope a horse, 118 00:06:49,160 --> 00:06:52,200 Speaker 1: well no it has happened because Bafford said, yeah that 119 00:06:52,400 --> 00:06:56,600 Speaker 1: the horse tested positive for this. Now it's like, according 120 00:06:56,680 --> 00:07:00,159 Speaker 1: to Churchill Downs, failure to comply with rules and the 121 00:07:00,200 --> 00:07:03,520 Speaker 1: medication protocols that jeopardizes the safety of the horses and 122 00:07:03,600 --> 00:07:09,039 Speaker 1: the jockeys, the sports integrity and the derby's reputation, and 123 00:07:09,040 --> 00:07:13,040 Speaker 1: and as a better now it turns into it's like, okay, 124 00:07:13,040 --> 00:07:15,360 Speaker 1: now I gotta get Benny on the back in the 125 00:07:15,400 --> 00:07:17,680 Speaker 1: stall to see if he's got any info on this, 126 00:07:18,080 --> 00:07:20,080 Speaker 1: and nobody's gonna do that. A lot of people just 127 00:07:20,120 --> 00:07:23,920 Speaker 1: go to the track. They will study the racing book 128 00:07:24,000 --> 00:07:26,680 Speaker 1: and it's like, Okay, this is the program, and this 129 00:07:26,720 --> 00:07:28,600 Speaker 1: is where we're gonna go and and let's see what 130 00:07:28,640 --> 00:07:32,080 Speaker 1: the times are. But you know this, this is crazy 131 00:07:32,280 --> 00:07:35,440 Speaker 1: and and in the biggest sport, I guess that's where 132 00:07:35,600 --> 00:07:39,200 Speaker 1: I'm like freaking out. Yeah, it just let me let 133 00:07:39,480 --> 00:07:41,440 Speaker 1: me ask this though, Is this an indictment on the 134 00:07:41,520 --> 00:07:44,560 Speaker 1: on horse racing itself or should strictly be on Bob 135 00:07:44,560 --> 00:07:47,120 Speaker 1: Baffort because this is the fifth time a horse that 136 00:07:47,160 --> 00:07:49,560 Speaker 1: he has trained has failed a drug test. Well, you 137 00:07:49,640 --> 00:07:53,080 Speaker 1: got to remember too, it's not only just bath Remember 138 00:07:53,160 --> 00:07:57,240 Speaker 1: the Santa Anita affair where people with the horses were 139 00:07:57,280 --> 00:08:00,000 Speaker 1: just you know, breaking down and they had to put 140 00:08:00,040 --> 00:08:04,440 Speaker 1: the horse down. And this this is a mess. And 141 00:08:04,560 --> 00:08:08,520 Speaker 1: it's you're right, Lynchy, it's it's a combination of both, 142 00:08:09,120 --> 00:08:12,080 Speaker 1: but especially with Bafford, is like, come on, man, it's 143 00:08:12,880 --> 00:08:15,920 Speaker 1: you're the man, you're the trainer. You are, You're in 144 00:08:15,960 --> 00:08:18,080 Speaker 1: the Hall of fame, and you could be out of 145 00:08:18,120 --> 00:08:22,000 Speaker 1: the hall of fame if if this is true. So 146 00:08:23,240 --> 00:08:25,040 Speaker 1: I don't know what to say. I mean, I go 147 00:08:25,120 --> 00:08:28,120 Speaker 1: back to the Lance Armstrong comparison, in part because I 148 00:08:28,160 --> 00:08:31,840 Speaker 1: do think that one of the ways that this has 149 00:08:31,920 --> 00:08:34,760 Speaker 1: been allowed to go on is under the guise of 150 00:08:34,840 --> 00:08:38,920 Speaker 1: everybody does it, which was certainly I think a lot 151 00:08:39,000 --> 00:08:41,679 Speaker 1: of the defensive If you read some of the terrific 152 00:08:41,720 --> 00:08:44,600 Speaker 1: books and articles and watch some of the documentaries that 153 00:08:44,640 --> 00:08:47,240 Speaker 1: have been done about Lance Armstrong, he is very much 154 00:08:47,280 --> 00:08:50,800 Speaker 1: of the belief that everybody was doing it and that 155 00:08:51,200 --> 00:08:54,400 Speaker 1: if you wanted to be competitive, you had to cut 156 00:08:54,440 --> 00:08:58,679 Speaker 1: some corners and you had to do certain things. And 157 00:08:58,760 --> 00:09:04,440 Speaker 1: so I don't think I mean based on and I 158 00:09:04,520 --> 00:09:06,640 Speaker 1: do not know as much as as you do, Michael 159 00:09:06,679 --> 00:09:09,760 Speaker 1: Barr about this, and probably less than you do as well, 160 00:09:09,880 --> 00:09:13,920 Speaker 1: Um Lynchy. But it doesn't feel like this is just 161 00:09:13,960 --> 00:09:17,080 Speaker 1: a bad apple situation. It feels like there is something 162 00:09:17,120 --> 00:09:22,200 Speaker 1: broken with the sport, as there was clearly in cycling 163 00:09:22,800 --> 00:09:24,959 Speaker 1: in many ways that you know, this was something that 164 00:09:25,400 --> 00:09:27,800 Speaker 1: either people got away with for some amount of time. 165 00:09:28,120 --> 00:09:31,120 Speaker 1: And I will tell you if if cycling is any 166 00:09:31,120 --> 00:09:38,000 Speaker 1: indication it it crushes the economics of a sport when 167 00:09:38,679 --> 00:09:42,440 Speaker 1: people find out that there is widespread cheating. Now, listen, 168 00:09:42,800 --> 00:09:46,080 Speaker 1: there is cheating that has gone on and probably continues 169 00:09:46,120 --> 00:09:48,840 Speaker 1: to go on in other major sports as well. Um. 170 00:09:48,920 --> 00:09:51,679 Speaker 1: You know, baseball certainly had its moment dealing with its 171 00:09:51,840 --> 00:09:54,960 Speaker 1: its own steroid crisis and and yet was sort of 172 00:09:55,000 --> 00:09:57,839 Speaker 1: able to to get through. We'll talk about the existential 173 00:09:57,880 --> 00:10:01,240 Speaker 1: crisis in baseball another time. But you know, to me, 174 00:10:02,320 --> 00:10:06,360 Speaker 1: this this looks really bad. Um, and I think comes 175 00:10:06,360 --> 00:10:09,719 Speaker 1: at a time when this is not something that that 176 00:10:09,760 --> 00:10:12,760 Speaker 1: the sports needs sports needs. Now again, we we should 177 00:10:12,760 --> 00:10:16,920 Speaker 1: point out there's another test to go. It's a split sample, 178 00:10:17,000 --> 00:10:19,800 Speaker 1: as they say, so they're going to they're going to 179 00:10:19,880 --> 00:10:22,000 Speaker 1: do a second test on on the same sample that 180 00:10:22,040 --> 00:10:25,439 Speaker 1: they got from the horse, and uh, and we'll see, 181 00:10:25,559 --> 00:10:28,720 Speaker 1: you know, whether the suspension holds up, whether the horse 182 00:10:28,800 --> 00:10:35,439 Speaker 1: is disqualified. You know, I think, barring something very strange happening, 183 00:10:36,000 --> 00:10:38,120 Speaker 1: UH probably aren't going to see a triple crown winner 184 00:10:38,240 --> 00:10:40,199 Speaker 1: this year. And if we were to see a triple 185 00:10:40,240 --> 00:10:43,520 Speaker 1: crown winner. I think people would would like rush to 186 00:10:44,200 --> 00:10:47,400 Speaker 1: write the biggest permanent marker asterisk on this that we've 187 00:10:47,400 --> 00:10:52,400 Speaker 1: ever seen. So, uh, we'll see what happens. But it is, uh, 188 00:10:52,679 --> 00:10:56,199 Speaker 1: it is not something certainly to to be taken lightly. 189 00:10:56,240 --> 00:10:59,000 Speaker 1: And I think in this grand return that we've been 190 00:10:59,040 --> 00:11:00,880 Speaker 1: talking about, and we did talked about the CEO of 191 00:11:00,920 --> 00:11:04,439 Speaker 1: Churchill downs couple a couple of weeks ago, Um, this 192 00:11:04,520 --> 00:11:06,880 Speaker 1: was not how they wanted the Derby to to go 193 00:11:06,960 --> 00:11:10,239 Speaker 1: off in any form or fashion. All right, let's talk valuations, 194 00:11:10,240 --> 00:11:12,880 Speaker 1: can we? Because I just went down we we talked 195 00:11:12,920 --> 00:11:17,720 Speaker 1: about this. I went down so many rabbit hole I can't, 196 00:11:17,760 --> 00:11:20,400 Speaker 1: I really can't. And and uh And what was funny 197 00:11:20,520 --> 00:11:23,720 Speaker 1: is I give a shout out to and Uh, an 198 00:11:23,760 --> 00:11:26,120 Speaker 1: email newsletter that I read just about every morning. Kendall 199 00:11:26,160 --> 00:11:28,800 Speaker 1: Baker writes it for XCO Sports. And you know, there 200 00:11:28,800 --> 00:11:32,280 Speaker 1: are a number of different valuations that come out around sports. 201 00:11:32,280 --> 00:11:34,040 Speaker 1: Team sports is one of the ones that that we 202 00:11:34,080 --> 00:11:35,800 Speaker 1: all look at. Sport Toco. Our friends over there do 203 00:11:35,840 --> 00:11:39,040 Speaker 1: a nice one as well. But you know, this is 204 00:11:39,120 --> 00:11:42,559 Speaker 1: one Lynchy where I do think there are some surprises 205 00:11:42,600 --> 00:11:46,280 Speaker 1: as you go through the top ten the number one 206 00:11:46,679 --> 00:11:50,440 Speaker 1: without any further ado. The Dallas Cowboys, who you know, 207 00:11:50,600 --> 00:11:54,400 Speaker 1: they're the most valuable sports team in the world, single 208 00:11:54,440 --> 00:11:57,280 Speaker 1: sports team the NFL. I haven't won a Super Bowl 209 00:11:57,280 --> 00:12:00,600 Speaker 1: in quite some time, but Jerry Jones man and he's 210 00:12:00,640 --> 00:12:04,280 Speaker 1: got something that is very very appealing and very very valuable. 211 00:12:04,320 --> 00:12:06,280 Speaker 1: What do you make of that, Well, it's not surprising 212 00:12:06,480 --> 00:12:09,120 Speaker 1: when they were tagged America's team in the seventies would 213 00:12:09,080 --> 00:12:10,840 Speaker 1: start back in them. It just sort of became a 214 00:12:10,840 --> 00:12:14,080 Speaker 1: moniker that they never shook, and a lot of people 215 00:12:14,160 --> 00:12:16,640 Speaker 1: in different parts of the country a Dallas Cowboy fans, 216 00:12:16,679 --> 00:12:18,960 Speaker 1: they buy their jerseys, they buy their merchandise, they make 217 00:12:18,960 --> 00:12:21,520 Speaker 1: an annual trip down there. He's got this stadium that 218 00:12:21,559 --> 00:12:24,240 Speaker 1: can see a hundred and ten thousand people, He's got 219 00:12:24,240 --> 00:12:26,480 Speaker 1: a great local TV contract, and he was one of 220 00:12:26,520 --> 00:12:28,520 Speaker 1: the first guys that broke away. The NFL had to 221 00:12:28,559 --> 00:12:31,400 Speaker 1: deal with Coca Cola, and he was the renegade. He 222 00:12:31,400 --> 00:12:34,280 Speaker 1: made a deal with Pepsicola that I think tripled his 223 00:12:34,480 --> 00:12:37,320 Speaker 1: uh his profit on on soda sales. This was back 224 00:12:37,400 --> 00:12:39,559 Speaker 1: maybe fifteen years ago, right after we bought the club. 225 00:12:40,160 --> 00:12:42,760 Speaker 1: So I'm not surprised that their number one UM you know, 226 00:12:42,840 --> 00:12:45,560 Speaker 1: the Yankees, you would say they are probably the most 227 00:12:45,559 --> 00:12:48,079 Speaker 1: profitable baseball team. But then we get into some other 228 00:12:48,120 --> 00:12:51,360 Speaker 1: ones which are kind of surprising. The first NB the 229 00:12:51,400 --> 00:12:54,680 Speaker 1: Knicks are und there at number three, but number six, 230 00:12:54,720 --> 00:12:58,200 Speaker 1: the Golden State Warriors value with more than the Los 231 00:12:58,200 --> 00:13:02,920 Speaker 1: Angeles Lakers, the New England Patriots, the New York Football Giants. 232 00:13:02,960 --> 00:13:05,240 Speaker 1: That shocked me. Yeah, that was the one that I 233 00:13:05,320 --> 00:13:07,760 Speaker 1: think stood out to all of us. So by the 234 00:13:07,800 --> 00:13:10,720 Speaker 1: numbers of Golden State Warriors, the value according for its 235 00:13:10,760 --> 00:13:14,600 Speaker 1: four point seven billion dollars. Now here's something that is 236 00:13:14,800 --> 00:13:17,400 Speaker 1: really amazing. And this just shows you what a jug 237 00:13:17,440 --> 00:13:20,439 Speaker 1: or not this franchise is. So the current ownership group 238 00:13:20,480 --> 00:13:26,400 Speaker 1: bought this team, they paid wait for it, million dollars. 239 00:13:26,400 --> 00:13:31,000 Speaker 1: That's ten x, guys, that's ten times your investment for 240 00:13:31,080 --> 00:13:33,560 Speaker 1: Joe Lacob and Peter Gruber and the rest of the 241 00:13:33,600 --> 00:13:36,880 Speaker 1: gang um. And we were digging into it a little bit, 242 00:13:36,960 --> 00:13:40,040 Speaker 1: Michael Bardett to try and figure out what it is. Obviously, 243 00:13:40,080 --> 00:13:44,640 Speaker 1: Steph Curry, Draymond Green, you know, the Splash Brothers, all 244 00:13:44,679 --> 00:13:48,600 Speaker 1: of that. Winning championships certainly helps that new arena downtown 245 00:13:48,600 --> 00:13:51,959 Speaker 1: San Francisco. Apparently that's a big difference, putting them ahead 246 00:13:51,960 --> 00:13:54,640 Speaker 1: of the Lakers. Oh yeah. And if it comes down 247 00:13:54,679 --> 00:13:58,880 Speaker 1: to the players bumping the value of the team, and 248 00:13:58,960 --> 00:14:01,439 Speaker 1: if I'm a player and everybody's like, oh, these guys 249 00:14:01,480 --> 00:14:05,280 Speaker 1: get old. There's money. Yeah because of this. And if 250 00:14:05,480 --> 00:14:08,199 Speaker 1: if I'm bringing in a lot of money for a 251 00:14:08,280 --> 00:14:12,040 Speaker 1: sports team and I'm up there, it's like, you're dog 252 00:14:12,120 --> 00:14:14,560 Speaker 1: on right, I want to get paid. One thing that 253 00:14:14,640 --> 00:14:18,160 Speaker 1: surprised me about this, I thought the Los Angeles Dodgers 254 00:14:18,200 --> 00:14:21,520 Speaker 1: were going to be higher, but their number sixteen, they're 255 00:14:21,600 --> 00:14:25,000 Speaker 1: valued at three point fifty seven billion dollars. And I 256 00:14:25,040 --> 00:14:28,320 Speaker 1: thought then at the time, remember when Googleheim Baseball Management, 257 00:14:28,320 --> 00:14:32,920 Speaker 1: when they purchased the team back in for two billion dollars, 258 00:14:32,920 --> 00:14:36,280 Speaker 1: I'm like, oh, guys, that seem crazy. It seemed crazy. 259 00:14:36,400 --> 00:14:40,920 Speaker 1: And now they're they're almost approaching knocking on two times 260 00:14:40,960 --> 00:14:44,720 Speaker 1: their investment. So it shows you how much money is 261 00:14:44,760 --> 00:14:48,400 Speaker 1: involved in these teams. One more bit on the Warriors 262 00:14:48,400 --> 00:14:50,880 Speaker 1: and then I have a question for you, Lynchy. So 263 00:14:51,000 --> 00:14:54,120 Speaker 1: the Warriors, Uh, they have the biggest five year change 264 00:14:54,280 --> 00:14:59,040 Speaker 1: in value in the top ten by a long shot scent. 265 00:14:59,280 --> 00:15:01,840 Speaker 1: That is the h five year change in value. And 266 00:15:01,880 --> 00:15:04,920 Speaker 1: as we said, Uh, in terms of the overall valuation 267 00:15:05,000 --> 00:15:08,840 Speaker 1: since the club was purchased by Lacobin friends is ten 268 00:15:09,120 --> 00:15:13,600 Speaker 1: x so Um, your New England Patriots are there. The 269 00:15:13,600 --> 00:15:16,680 Speaker 1: Boston Red Sox round out the top twenty. I do 270 00:15:16,800 --> 00:15:19,040 Speaker 1: think it's important to point out that there's only one 271 00:15:19,080 --> 00:15:22,680 Speaker 1: ownership group that we can see that actually has two 272 00:15:22,720 --> 00:15:26,600 Speaker 1: teams in the top twenty, and it is Lynch Liverpool 273 00:15:26,640 --> 00:15:30,560 Speaker 1: and the group exactly so I mean and interesting, especially 274 00:15:30,600 --> 00:15:34,240 Speaker 1: because we've been talking about Liverpool in a different context 275 00:15:34,600 --> 00:15:37,080 Speaker 1: over the past few weeks with the European Super League 276 00:15:37,480 --> 00:15:42,120 Speaker 1: and all of its woes and who knows whether what 277 00:15:42,120 --> 00:15:44,520 Speaker 1: what happens next on that and we can talk about 278 00:15:44,560 --> 00:15:46,640 Speaker 1: that a little bit more in a minute. But you know, 279 00:15:46,840 --> 00:15:54,080 Speaker 1: here you have two incredibly valuable, fast growing franchises, certainly Liverpool. Uh. 280 00:15:54,120 --> 00:15:59,360 Speaker 1: You know what's interesting is the football teams. The soccer teams, 281 00:15:59,400 --> 00:16:02,120 Speaker 1: I should say for our American audience who are in 282 00:16:02,200 --> 00:16:05,560 Speaker 1: the top ten are not English football teams. You have 283 00:16:05,720 --> 00:16:09,840 Speaker 1: Munich Buyer Munich in there, and you have Barcelona. I 284 00:16:09,880 --> 00:16:12,280 Speaker 1: think those are the in Real Madrid excuse me, um, 285 00:16:12,360 --> 00:16:15,080 Speaker 1: so those those are all three of them in the 286 00:16:15,080 --> 00:16:17,600 Speaker 1: top ten. Liverpool is just outside the top ten, and 287 00:16:17,640 --> 00:16:21,080 Speaker 1: then the Red Sox there in the top twenty. So 288 00:16:21,400 --> 00:16:24,120 Speaker 1: that is a very very that probably is the most 289 00:16:24,320 --> 00:16:29,920 Speaker 1: valuable sports group at least according to this list in 290 00:16:30,040 --> 00:16:34,000 Speaker 1: terms of across there and those Boston Sports can't sleep 291 00:16:34,080 --> 00:16:36,920 Speaker 1: on it. They got they got to right there and 292 00:16:37,160 --> 00:16:39,080 Speaker 1: right there in the top twenty. Although you know New 293 00:16:39,160 --> 00:16:42,360 Speaker 1: York probably it's what we do. Richer, I'm just saying, 294 00:16:42,400 --> 00:16:44,120 Speaker 1: that's fine, that's what that's what we do. We just 295 00:16:44,200 --> 00:16:49,480 Speaker 1: hang banners around here. Man conference championships, we just hang 296 00:16:49,640 --> 00:16:52,680 Speaker 1: World Championship banners. There you go, there you go. Any 297 00:16:52,720 --> 00:16:55,480 Speaker 1: other surprises for you on this lynch E No, I 298 00:16:55,520 --> 00:16:58,200 Speaker 1: think that you know that that that's the people that 299 00:16:58,320 --> 00:17:01,720 Speaker 1: really haven't paid much attention to European football are having 300 00:17:01,760 --> 00:17:05,160 Speaker 1: their eyes open first with this failed super league what 301 00:17:05,200 --> 00:17:08,119 Speaker 1: has been happening now with this list and saying, wow, 302 00:17:08,200 --> 00:17:10,800 Speaker 1: this is really something that you know this, you know 303 00:17:10,840 --> 00:17:13,120 Speaker 1: we pay attention once every four years in the World Cup. 304 00:17:13,160 --> 00:17:17,080 Speaker 1: Basically the majority of viewers around here are forced sport. 305 00:17:17,840 --> 00:17:20,840 Speaker 1: Um that that's their on their on their menu pretty much. 306 00:17:21,119 --> 00:17:24,040 Speaker 1: So um. The other one that that sort of surprised 307 00:17:24,040 --> 00:17:26,359 Speaker 1: me a little bit was the Rams but I think 308 00:17:26,400 --> 00:17:28,520 Speaker 1: it's only because they only had a year or so 309 00:17:28,640 --> 00:17:31,240 Speaker 1: in that stadium. They haven't had a foil year with fans. 310 00:17:31,440 --> 00:17:33,280 Speaker 1: They're gonna they're gonna vault up a little bit and 311 00:17:33,400 --> 00:17:37,840 Speaker 1: can Cronkie owns uh Arsenal I think over in them. Yeah, 312 00:17:38,359 --> 00:17:40,840 Speaker 1: so this is going to change over the next year 313 00:17:40,920 --> 00:17:45,200 Speaker 1: or so. Yeah, absolutely that stadium. UH is certainly going 314 00:17:45,240 --> 00:17:49,119 Speaker 1: to continue to contribute their SOFI Stadium, which as of 315 00:17:49,200 --> 00:17:52,840 Speaker 1: right now is scheduled to host the next Super Bowl 316 00:17:53,119 --> 00:17:55,760 Speaker 1: as well. I did want to do a beat if 317 00:17:55,800 --> 00:17:59,560 Speaker 1: we could, on college sports before we wrap up this conversation. 318 00:18:00,040 --> 00:18:04,240 Speaker 1: Big interview with Mark Emeric in the New York Times 319 00:18:04,240 --> 00:18:07,119 Speaker 1: over the weekend, talking about name, image and likeness. This 320 00:18:07,200 --> 00:18:09,159 Speaker 1: is something we've talked about on this show quite a 321 00:18:09,240 --> 00:18:11,640 Speaker 1: few times. A lot of states, including my home state 322 00:18:11,640 --> 00:18:16,160 Speaker 1: of Georgia, have recently pushed through this notion that players 323 00:18:16,160 --> 00:18:21,080 Speaker 1: should be paid for can and should be paid by 324 00:18:21,240 --> 00:18:23,680 Speaker 1: companies who want to use their name, image and likeness 325 00:18:23,720 --> 00:18:27,080 Speaker 1: to promote their products. And here we go the n 326 00:18:27,080 --> 00:18:29,679 Speaker 1: C double A finally saying yeah, we probably should go 327 00:18:29,720 --> 00:18:32,440 Speaker 1: ahead and do something about this. We actually are going 328 00:18:32,480 --> 00:18:35,119 Speaker 1: to vote, you know, Lynchy, I know you have some 329 00:18:35,240 --> 00:18:39,080 Speaker 1: opinions about this in terms of you, you decide and 330 00:18:39,119 --> 00:18:41,000 Speaker 1: I'll let you say it for yourself. But sort of 331 00:18:41,080 --> 00:18:44,280 Speaker 1: on the side of the UM, there's a lot of 332 00:18:44,320 --> 00:18:46,880 Speaker 1: value in college education, which I think nobody would would 333 00:18:46,960 --> 00:18:50,080 Speaker 1: argue with. But it feels like this train is leaving 334 00:18:50,119 --> 00:18:52,600 Speaker 1: the station to some extent on the name, image and 335 00:18:52,680 --> 00:18:55,720 Speaker 1: likeness side as well. Right well, I'm gonna lose on 336 00:18:55,760 --> 00:18:58,000 Speaker 1: this because it's going to happen the double A would 337 00:18:58,040 --> 00:19:01,040 Speaker 1: like to happen happen by July one. UM. I talked 338 00:19:01,040 --> 00:19:03,439 Speaker 1: to my sister last night. Her daughter just got admitted 339 00:19:03,440 --> 00:19:06,880 Speaker 1: to Boston College and the room board and tuition, thank 340 00:19:06,920 --> 00:19:12,520 Speaker 1: you eighty thousand per year. Wow. So that's three thousand 341 00:19:12,600 --> 00:19:18,440 Speaker 1: dollar education. So I my uh soapbox that I stand 342 00:19:18,440 --> 00:19:22,760 Speaker 1: on say, it's a mutually beneficial relationship. The school gives 343 00:19:22,760 --> 00:19:26,520 Speaker 1: exposure to an athlete that otherwise wouldn't have it if 344 00:19:26,520 --> 00:19:29,800 Speaker 1: they were not playing for that particular school. Uh. The 345 00:19:29,880 --> 00:19:33,359 Speaker 1: athletes statue rises through all the appearances on television. If 346 00:19:33,359 --> 00:19:36,480 Speaker 1: Trevor Lawrence didn't go to Clemson, would he be the 347 00:19:36,560 --> 00:19:38,959 Speaker 1: number one draft choice in the National Football League right now? 348 00:19:38,960 --> 00:19:41,560 Speaker 1: If he played like pick up football. No, he did 349 00:19:41,560 --> 00:19:44,359 Speaker 1: because he went to Clemson, and so now he's gonna 350 00:19:44,440 --> 00:19:47,080 Speaker 1: he gets a contract that's you know, worth thirty six 351 00:19:47,119 --> 00:19:50,600 Speaker 1: million dollars a year. I know it's coming. If it's coming, 352 00:19:50,600 --> 00:19:52,600 Speaker 1: I want the money put into a trust so they 353 00:19:52,640 --> 00:19:54,840 Speaker 1: can't be spent while they're in school, and they draw 354 00:19:54,880 --> 00:19:57,440 Speaker 1: on the trust when they leave college. That's that's as 355 00:19:57,440 --> 00:20:00,359 Speaker 1: far as I'm going with this one. So a couple 356 00:20:00,359 --> 00:20:02,159 Speaker 1: of things is that, I mean, Michael Bart is important 357 00:20:02,200 --> 00:20:04,920 Speaker 1: to point out that, you know, this is not the 358 00:20:04,960 --> 00:20:08,000 Speaker 1: colleges at this point in time, and this could change 359 00:20:08,080 --> 00:20:11,560 Speaker 1: down the road. This is not the colleges paying players directly. 360 00:20:11,760 --> 00:20:16,240 Speaker 1: We have effectively sort of nationally tabled that at least 361 00:20:16,280 --> 00:20:18,359 Speaker 1: for the time being, although there is a Supreme Court 362 00:20:18,400 --> 00:20:22,120 Speaker 1: case that could throw that uh into question as well 363 00:20:22,160 --> 00:20:23,960 Speaker 1: that has been arguing before the court, and the Court 364 00:20:24,040 --> 00:20:29,440 Speaker 1: is meant to rule probably in the June time frame. UH. 365 00:20:29,480 --> 00:20:32,800 Speaker 1: That's more related to to colleges and there and the 366 00:20:32,880 --> 00:20:35,960 Speaker 1: n C double A and its antitrust exemption and what 367 00:20:36,040 --> 00:20:39,119 Speaker 1: that may mean for for colleges paying directly. The one 368 00:20:39,280 --> 00:20:41,960 Speaker 1: thing that that I would say, and I take your 369 00:20:42,000 --> 00:20:46,000 Speaker 1: point Lynchy on on the Trevor Lawrence example. One fascinating 370 00:20:46,040 --> 00:20:48,280 Speaker 1: thing that that really came to the four as I 371 00:20:48,320 --> 00:20:51,240 Speaker 1: was researching this for a recent documentary, is that the 372 00:20:51,920 --> 00:20:58,280 Speaker 1: beneficiaries of this particular name, image and likeness legislation, whether 373 00:20:58,320 --> 00:21:01,480 Speaker 1: it's through the n C double, are through the individual states, interestingly, 374 00:21:02,200 --> 00:21:05,960 Speaker 1: may end up not being even though the Trevor Lawrences 375 00:21:06,000 --> 00:21:08,959 Speaker 1: and the Zion Williamson's in the world will you know, 376 00:21:09,240 --> 00:21:13,000 Speaker 1: almost certainly benefit from this. It will be interesting to 377 00:21:13,040 --> 00:21:16,720 Speaker 1: see whether teams and individual players on say the Yukon 378 00:21:16,720 --> 00:21:21,719 Speaker 1: women's basketball team, whether it is Olympic caliber, athletes who 379 00:21:21,760 --> 00:21:26,040 Speaker 1: are in college get to benefit from this um stars 380 00:21:26,080 --> 00:21:30,920 Speaker 1: who might not otherwise get to get that big NFL 381 00:21:31,000 --> 00:21:33,320 Speaker 1: pay day or that big NBA play day, that this 382 00:21:33,359 --> 00:21:35,560 Speaker 1: will be the paid excuse me, that this will be 383 00:21:35,600 --> 00:21:40,000 Speaker 1: the pinnacle of their athletic achievement. And you know, you're 384 00:21:40,040 --> 00:21:44,080 Speaker 1: you're often talking about the say just using the Yukon 385 00:21:44,080 --> 00:21:46,480 Speaker 1: women's basketball team as an example, these are the most 386 00:21:46,480 --> 00:21:49,800 Speaker 1: famous athletes in Connecticut for a time, and you know, 387 00:21:50,280 --> 00:21:53,760 Speaker 1: and my argument would be they deserve to be compensated 388 00:21:53,800 --> 00:21:57,240 Speaker 1: that for that in in some former fashion. So I 389 00:21:57,280 --> 00:22:00,960 Speaker 1: take your argument, Lynchy about you know, wanting to be 390 00:22:01,480 --> 00:22:04,440 Speaker 1: safe and sound with with your money. But I think 391 00:22:04,440 --> 00:22:07,639 Speaker 1: that the tide has shifted and probably rightly on this, 392 00:22:07,840 --> 00:22:11,080 Speaker 1: and I do think most importantly the n C Double 393 00:22:11,119 --> 00:22:13,560 Speaker 1: A thank god they actually are going to act on this, 394 00:22:13,600 --> 00:22:16,359 Speaker 1: because I do think bar it would be a hell 395 00:22:16,400 --> 00:22:17,879 Speaker 1: of a mess if you just left it up to 396 00:22:17,920 --> 00:22:19,600 Speaker 1: the states, and then you're going to have a lot 397 00:22:19,600 --> 00:22:22,359 Speaker 1: of different elements here here. So the n C Double 398 00:22:22,359 --> 00:22:24,800 Speaker 1: A needs to get off its collective butt and and 399 00:22:24,840 --> 00:22:27,840 Speaker 1: really make something happen. And let's add the laws we're 400 00:22:27,840 --> 00:22:30,960 Speaker 1: talking about about the states Florida, Alabama, Georgia, Mississippi, and 401 00:22:30,960 --> 00:22:34,160 Speaker 1: New Mexico. Those are the states right now that are 402 00:22:34,200 --> 00:22:38,160 Speaker 1: pushing for this. And it's funny, I'm listening to this discussion. 403 00:22:38,200 --> 00:22:41,480 Speaker 1: I'm listening to Lynch's argument, and you know, my argument 404 00:22:41,760 --> 00:22:45,080 Speaker 1: as a degenerate gambler, get paid ladies and gentlemen as 405 00:22:45,160 --> 00:22:49,359 Speaker 1: much as you can legally. But we come to one 406 00:22:49,480 --> 00:22:52,720 Speaker 1: point of a compromise that we agree on, Lynchi, and 407 00:22:52,760 --> 00:22:55,800 Speaker 1: that is I could go with put the money in 408 00:22:55,840 --> 00:23:00,399 Speaker 1: a trust and then when you graduate, there's that money 409 00:23:00,400 --> 00:23:03,440 Speaker 1: for you. Because don't give a college athlete a wat 410 00:23:03,440 --> 00:23:07,480 Speaker 1: of cash, because we know what's gonna happen for a 411 00:23:07,520 --> 00:23:09,760 Speaker 1: lot of these people if they do it, and it's 412 00:23:09,760 --> 00:23:13,200 Speaker 1: going to be spent, So that's interesting. Yeah, I mean, 413 00:23:13,280 --> 00:23:16,879 Speaker 1: I do think that the one other argument that I've 414 00:23:16,880 --> 00:23:20,280 Speaker 1: heard around this, that I'm sure I've said on this 415 00:23:20,720 --> 00:23:24,679 Speaker 1: show before and I've said in many private conversations, is 416 00:23:25,320 --> 00:23:29,600 Speaker 1: I do think that it is reasonable to expect that 417 00:23:29,800 --> 00:23:33,960 Speaker 1: an athlete should be able to benefit from his or 418 00:23:34,000 --> 00:23:38,280 Speaker 1: her own accomplishments in the same way that another college 419 00:23:38,280 --> 00:23:42,200 Speaker 1: student who also may be on a scholarship of some 420 00:23:42,280 --> 00:23:45,760 Speaker 1: sort and maybe getting the benefit of a reduced price 421 00:23:46,000 --> 00:23:49,000 Speaker 1: or a free education at one of these schools, if 422 00:23:49,080 --> 00:23:51,760 Speaker 1: he or she writes a book or invents an app, 423 00:23:51,920 --> 00:23:54,640 Speaker 1: or you know, make some sort of medical discovery that 424 00:23:55,240 --> 00:24:00,200 Speaker 1: is ultimately commercialized, there's no restriction on them getting aid. 425 00:24:00,320 --> 00:24:03,639 Speaker 1: So we'll see where where this turns out. Um, but 426 00:24:03,800 --> 00:24:06,439 Speaker 1: certainly a big step forward with the n C double A, 427 00:24:07,040 --> 00:24:09,919 Speaker 1: which it is effectively tabled this and I think the 428 00:24:09,960 --> 00:24:12,359 Speaker 1: pressure was really growing. You know, some of the reaction 429 00:24:12,400 --> 00:24:13,720 Speaker 1: that I got over the weekend, just as I was 430 00:24:13,720 --> 00:24:16,960 Speaker 1: tweeting about it, was largely around so what happens with 431 00:24:17,080 --> 00:24:21,240 Speaker 1: Congress here? Because in the US Congress Chris Murphy, UM, 432 00:24:21,440 --> 00:24:24,960 Speaker 1: Senator from Connecticut. Maybe not surprisingly given everything we've just 433 00:24:25,000 --> 00:24:27,680 Speaker 1: been talking about, really the Connecticut he is very much 434 00:24:27,760 --> 00:24:30,840 Speaker 1: in favor this legislation. I spoke with him for this 435 00:24:30,920 --> 00:24:34,719 Speaker 1: documentary that that I UM worked on around this. So 436 00:24:34,760 --> 00:24:38,480 Speaker 1: there is some federal legislation that is making its way through. Obviously, 437 00:24:39,119 --> 00:24:41,959 Speaker 1: the Congress is dealing with things like COVID relief and 438 00:24:42,080 --> 00:24:45,520 Speaker 1: infrastructure and all sorts of things, so we may see 439 00:24:45,560 --> 00:24:48,440 Speaker 1: that this summer. So they're there, do need to be 440 00:24:48,920 --> 00:24:51,639 Speaker 1: um some rules here. One quick story I do remember 441 00:24:51,640 --> 00:24:54,120 Speaker 1: when I was in college, I worked at a football 442 00:24:54,200 --> 00:24:56,159 Speaker 1: camp run by one of our assistant coaches, and I 443 00:24:56,240 --> 00:24:59,120 Speaker 1: drove about forty five minutes every morning, spent eight hours there, 444 00:24:59,119 --> 00:25:01,320 Speaker 1: and I was not allowed to get paid because I 445 00:25:01,359 --> 00:25:03,320 Speaker 1: was an n C double a athlete. A friend of 446 00:25:03,359 --> 00:25:05,439 Speaker 1: mine was in the school band, you know, played at 447 00:25:05,440 --> 00:25:09,280 Speaker 1: halftime in the summertime. He could play, uh he played 448 00:25:09,320 --> 00:25:11,840 Speaker 1: the saxophone and could play with his gig and they 449 00:25:11,840 --> 00:25:15,119 Speaker 1: were making money at all these jazz clubs and in 450 00:25:15,200 --> 00:25:17,840 Speaker 1: restaurants and in pubs. And you know, he'd come back 451 00:25:17,880 --> 00:25:19,080 Speaker 1: at the end of the summer and have like two 452 00:25:19,080 --> 00:25:21,240 Speaker 1: grand in his pocket, and I had to go spray 453 00:25:21,320 --> 00:25:23,360 Speaker 1: mosquitoes at the town of swampscot to make the two 454 00:25:23,359 --> 00:25:27,119 Speaker 1: dollars and thirty. I couldn't make any money teaching anybody 455 00:25:27,119 --> 00:25:31,040 Speaker 1: how to throw a spiral or kick a winning field goal, right, 456 00:25:31,080 --> 00:25:34,439 Speaker 1: I mean, it's like, come on, you're not telling me 457 00:25:34,520 --> 00:25:36,600 Speaker 1: Lynch that you wouldn't have showed up at a local 458 00:25:36,640 --> 00:25:40,959 Speaker 1: car dealership. He'd be like Lyngei, the hero of Harvard, 459 00:25:41,720 --> 00:25:43,720 Speaker 1: kicking through the uprights and get a deal on a 460 00:25:43,840 --> 00:25:46,879 Speaker 1: new Mercities. All I know is, I know you had 461 00:25:46,920 --> 00:25:49,520 Speaker 1: to do some handyman work for that football you put 462 00:25:49,520 --> 00:25:53,280 Speaker 1: through that ladies window. Man, that's right through there. This 463 00:25:53,320 --> 00:25:56,320 Speaker 1: is the Bloomberg Business of Sports podcast on Michael bar 464 00:25:56,440 --> 00:25:58,560 Speaker 1: on Twitter at Big Bar Sports. And I'm Lynchy. I 465 00:25:58,560 --> 00:26:00,679 Speaker 1: know when I'm beat, I'm waving the white flag on 466 00:26:00,720 --> 00:26:03,360 Speaker 1: this naming image and likeness. But I had to get 467 00:26:03,400 --> 00:26:04,880 Speaker 1: my two cents. Said. You can find me at Lynch 468 00:26:05,119 --> 00:26:07,600 Speaker 1: w CBB, and I have Jason Kelly find me on 469 00:26:07,600 --> 00:26:10,000 Speaker 1: Twitter at Jason Kelly Newser Here each and every Monday, 470 00:26:10,000 --> 00:26:13,120 Speaker 1: Wednesday and Thursday exploring the world of money in sports 471 00:26:13,119 --> 00:26:15,879 Speaker 1: and speaking of those Golden State Warriors check us out. 472 00:26:15,920 --> 00:26:17,520 Speaker 1: At the end of the week, we're gonna check in 473 00:26:17,680 --> 00:26:21,000 Speaker 1: with Brandon Schneider. He is the CFO of the Warriors, 474 00:26:21,000 --> 00:26:23,520 Speaker 1: so he's gonna tell us all about how to build 475 00:26:23,960 --> 00:26:27,359 Speaker 1: one of the world's most valuable sports franchises. You're listening 476 00:26:27,400 --> 00:26:30,199 Speaker 1: to Bloomberg Business of Sports on Bloomberg Radio around the 477 00:26:30,240 --> 00:26:32,560 Speaker 1: world and online wherever you get your podcasts.