1 00:00:01,200 --> 00:00:03,440 Speaker 1: This is the Bloomberg Business of Sports Show, where we 2 00:00:03,480 --> 00:00:05,880 Speaker 1: explore the big money issues in the world of sports. 3 00:00:05,960 --> 00:00:08,799 Speaker 1: I'm Scarlett Foo, Michael barr is off this week, and 4 00:00:08,960 --> 00:00:11,600 Speaker 1: in a few moments, Damien Sassaur will be joining me. 5 00:00:11,800 --> 00:00:14,320 Speaker 1: We've got an all female show on deck for you. Today, 6 00:00:14,520 --> 00:00:17,080 Speaker 1: We're gonna check in with Kara Nortman. She is co 7 00:00:17,160 --> 00:00:20,520 Speaker 1: founder and managing partner of Monarch Collective. It's a one 8 00:00:20,600 --> 00:00:23,560 Speaker 1: hundred million dollar fund pushing for equity in sports. 9 00:00:23,680 --> 00:00:25,480 Speaker 2: I meet with people who get it, who are reaching 10 00:00:25,520 --> 00:00:27,080 Speaker 2: out to me or calling me up. Some of the 11 00:00:27,120 --> 00:00:29,720 Speaker 2: most extraordinary people in the world who I would have 12 00:00:29,720 --> 00:00:31,920 Speaker 2: been dying to get meetings with ten years ago, who 13 00:00:31,960 --> 00:00:34,400 Speaker 2: were reading you know the why we're doing this post 14 00:00:34,440 --> 00:00:37,400 Speaker 2: on the Monarch website, which comes from the heart and 15 00:00:37,760 --> 00:00:39,720 Speaker 2: kind of makes the case from the head and the 16 00:00:39,720 --> 00:00:42,040 Speaker 2: heart as to why now is the time for women's sports. 17 00:00:42,120 --> 00:00:44,800 Speaker 1: Kara is also co founder of Angel City FC, one 18 00:00:44,800 --> 00:00:49,600 Speaker 1: of the newest National Women's Soccer League teams starts Joey 19 00:00:49,880 --> 00:00:53,360 Speaker 1: Arts Angel City Lab. That is on the way on 20 00:00:53,400 --> 00:00:56,000 Speaker 1: the Bloomberg Business of Sports Show. But first we talk 21 00:00:56,080 --> 00:00:58,720 Speaker 1: with one of the winningest athletes of all time, US 22 00:00:58,760 --> 00:01:00,520 Speaker 1: alpine skier Machael Shiffrin. 23 00:01:00,600 --> 00:01:02,080 Speaker 3: There it is the final. 24 00:01:02,120 --> 00:01:06,200 Speaker 4: Guess, God'll let you get that for Kayla Schiffred victory 25 00:01:06,440 --> 00:01:08,520 Speaker 4: number eighty three. 26 00:01:08,920 --> 00:01:11,280 Speaker 1: Since this moment, Michela has piled up more wins and 27 00:01:11,319 --> 00:01:15,319 Speaker 1: now holds the record for the most ski racing victories now. 28 00:01:15,400 --> 00:01:18,120 Speaker 1: Earlier in the year, we spoke with ron Krushevski, chairman 29 00:01:18,240 --> 00:01:21,440 Speaker 1: and CEO of Stifel Financial, which has a big sponsorship 30 00:01:21,440 --> 00:01:24,360 Speaker 1: deal with the US alpine ski team that's led by Shiffrin, 31 00:01:24,600 --> 00:01:26,680 Speaker 1: and he knows full well that he and his firm 32 00:01:26,760 --> 00:01:29,080 Speaker 1: lucked out in signing that deal just in time for 33 00:01:29,120 --> 00:01:31,440 Speaker 1: Schiffrin to go on a record breaking run. Talk about 34 00:01:31,480 --> 00:01:32,720 Speaker 1: catching lightning in a bottle. 35 00:01:33,200 --> 00:01:34,959 Speaker 3: We signed the steel last year. 36 00:01:35,080 --> 00:01:36,680 Speaker 1: No one thought she'd have this kind of year. 37 00:01:37,240 --> 00:01:38,960 Speaker 2: Maybe I did, but maybe. 38 00:01:38,680 --> 00:01:42,680 Speaker 1: That's about it. That was Stefol Financial chairman and CEO 39 00:01:42,880 --> 00:01:45,800 Speaker 1: ron Krushchevski on the Bloomberg Business of Sports talking about 40 00:01:45,800 --> 00:01:48,480 Speaker 1: his firm's sponsorship deal with the US Alpine ski team. 41 00:01:48,800 --> 00:01:51,560 Speaker 1: Of course, his firm has been part of Shiffrin's journey 42 00:01:51,600 --> 00:01:54,120 Speaker 1: through a bunch of record setting wins. She has a 43 00:01:54,160 --> 00:01:57,080 Speaker 1: two time Olympic champ and a seven time world champion. 44 00:01:57,360 --> 00:02:00,680 Speaker 1: Schiffrin has eighty eight World Cup victories across six disciplines. 45 00:02:01,080 --> 00:02:03,480 Speaker 1: The other thing, at just age twenty eight, she has 46 00:02:03,520 --> 00:02:06,000 Speaker 1: the winning a skier of all time, male or female. 47 00:02:06,080 --> 00:02:09,000 Speaker 1: The Queen of Killington again, just a few guys to 48 00:02:09,040 --> 00:02:14,880 Speaker 1: get by here by Kayla Schiffrin. So obviously Damian and 49 00:02:14,919 --> 00:02:16,919 Speaker 1: I were super excited to speak with her. Let's dive 50 00:02:16,960 --> 00:02:20,240 Speaker 1: straight into our conversation with Mikaela Schiffrin, the skiing superstar. 51 00:02:20,560 --> 00:02:24,440 Speaker 1: So I know that when it comes to skiing, awareness 52 00:02:24,800 --> 00:02:27,680 Speaker 1: peaks every four years during the Olympics. We all know 53 00:02:27,760 --> 00:02:30,000 Speaker 1: about it. We all know the big names starting with yours, 54 00:02:30,240 --> 00:02:32,160 Speaker 1: and then it kind of wanes in the years in between. 55 00:02:32,240 --> 00:02:35,720 Speaker 1: But you are working to create more awareness about the 56 00:02:35,720 --> 00:02:39,160 Speaker 1: sport of alpine skiing, and you've launched your own YouTube 57 00:02:39,200 --> 00:02:41,480 Speaker 1: series this season called Moving Right Along. Can you tell 58 00:02:41,520 --> 00:02:43,160 Speaker 1: us a little bit about how that came together and 59 00:02:43,160 --> 00:02:44,040 Speaker 1: what you want to get out of it. 60 00:02:44,440 --> 00:02:47,360 Speaker 3: The whole idea started with, basically, like you said, getting 61 00:02:47,480 --> 00:02:50,000 Speaker 3: ski racing a little bit more out there, and of 62 00:02:50,000 --> 00:02:53,040 Speaker 3: course the biggest struggle we have with the sport is 63 00:02:53,440 --> 00:02:57,400 Speaker 3: honestly basically rights to broadcasting and it's just so much 64 00:02:57,440 --> 00:03:02,200 Speaker 3: more complicated because there's so many entities involved. But I've 65 00:03:02,240 --> 00:03:06,919 Speaker 3: been working with a small crew of like a couple people, 66 00:03:07,080 --> 00:03:11,120 Speaker 3: one cameraman, one editor who's been helping to edit all 67 00:03:11,120 --> 00:03:13,760 Speaker 3: the content back home and trying to put to put 68 00:03:13,800 --> 00:03:16,280 Speaker 3: together a little bit more of a behind the scenes 69 00:03:16,320 --> 00:03:19,160 Speaker 3: of my life, but also trying to get as much 70 00:03:19,240 --> 00:03:22,600 Speaker 3: of other athletes and my teammates and the whole world, 71 00:03:22,639 --> 00:03:26,239 Speaker 3: the whole circus and everything that's involved there and show 72 00:03:26,320 --> 00:03:30,880 Speaker 3: people what happens on a yearly basis, on a daily basis, 73 00:03:30,919 --> 00:03:33,880 Speaker 3: and not not just every four years, like I think 74 00:03:33,919 --> 00:03:36,440 Speaker 3: a majority of the people have felt so far or 75 00:03:36,480 --> 00:03:38,840 Speaker 3: thought even like you said, it's a four year cycle 76 00:03:38,880 --> 00:03:41,360 Speaker 3: and people tune in for the games, but there's so 77 00:03:41,520 --> 00:03:43,960 Speaker 3: much more that goes into the sport beyond that, and 78 00:03:44,440 --> 00:03:46,120 Speaker 3: that's the story we're trying to tell. 79 00:03:46,000 --> 00:03:48,120 Speaker 4: Well, you know, MICHAELA. I mean, look, you know your 80 00:03:48,160 --> 00:03:51,040 Speaker 4: story goes you know, knows no bounds, clearly idiot World 81 00:03:51,080 --> 00:03:53,560 Speaker 4: Cup victories, but you know, with everything that's going on 82 00:03:53,640 --> 00:03:56,040 Speaker 4: in the world, you know, with Russia where you I 83 00:03:56,040 --> 00:03:58,400 Speaker 4: think one of one of your first championships and soci 84 00:03:58,480 --> 00:03:59,960 Speaker 4: you know, back in the Olympics back in you know, 85 00:04:00,040 --> 00:04:02,000 Speaker 4: of the early aughts and and you know all the 86 00:04:02,040 --> 00:04:04,120 Speaker 4: way forward to here with climate change and you know 87 00:04:04,160 --> 00:04:06,480 Speaker 4: all the obstacles that are facing you know, not just 88 00:04:06,520 --> 00:04:09,280 Speaker 4: skiing but winter sports in general. You know, what are 89 00:04:09,280 --> 00:04:11,320 Speaker 4: your thoughts? You know, what are you hearing from you know, 90 00:04:11,400 --> 00:04:13,520 Speaker 4: you know, boots on the ground from you know, different 91 00:04:13,520 --> 00:04:15,680 Speaker 4: investors in different you know, and your audience. You know, 92 00:04:15,840 --> 00:04:17,640 Speaker 4: like what is the passion? Is it still there? 93 00:04:17,720 --> 00:04:17,919 Speaker 2: Is it? 94 00:04:17,960 --> 00:04:18,159 Speaker 1: Is it? 95 00:04:18,200 --> 00:04:18,960 Speaker 4: Is it increasing? 96 00:04:19,400 --> 00:04:22,000 Speaker 3: Yeah? I would say there's a ton of passion there 97 00:04:22,080 --> 00:04:24,640 Speaker 3: and the ski the ski community or that maybe winter 98 00:04:24,760 --> 00:04:28,919 Speaker 3: snow sports community. It's it's a tight knit group. But 99 00:04:29,000 --> 00:04:31,720 Speaker 3: the first, like the first barrier we face and we're 100 00:04:31,760 --> 00:04:37,400 Speaker 3: looking at bringing more people to to that community is honestly, 101 00:04:37,400 --> 00:04:42,240 Speaker 3: it's accessibility. It's certainly not the most easily accessed sport 102 00:04:42,560 --> 00:04:44,719 Speaker 3: and a lot of that is really difficult to change 103 00:04:44,760 --> 00:04:48,920 Speaker 3: because we're so dependent on whether we're dependent on location. 104 00:04:49,160 --> 00:04:51,400 Speaker 3: You have to be really creative if you want to 105 00:04:51,400 --> 00:04:53,960 Speaker 3: find a way to get you know, reached the mass 106 00:04:54,000 --> 00:04:57,000 Speaker 3: masses and for instance in cities to be able to 107 00:04:58,360 --> 00:05:01,120 Speaker 3: you know, help them experience and maybe a ski day 108 00:05:01,200 --> 00:05:03,080 Speaker 3: or even a snowboard day for the first time and 109 00:05:04,160 --> 00:05:07,160 Speaker 3: show them what that might feel like, because most people, 110 00:05:07,360 --> 00:05:09,320 Speaker 3: you know, when they look at, say, taking a week 111 00:05:09,440 --> 00:05:12,760 Speaker 3: vacation with their family, they're thinking about maybe going to 112 00:05:12,800 --> 00:05:15,640 Speaker 3: a beach somewhere, not necessarily going to a ski vacation. 113 00:05:16,360 --> 00:05:19,320 Speaker 3: And that's like, well, you might want to consider this 114 00:05:19,400 --> 00:05:21,599 Speaker 3: because it actually might just be the greatest time of 115 00:05:21,600 --> 00:05:24,840 Speaker 3: your life. It's a hard thing to imagine because it 116 00:05:24,920 --> 00:05:27,159 Speaker 3: is not the first thing that comes to people's minds. 117 00:05:27,200 --> 00:05:30,280 Speaker 3: But it is a world that it's a tight knit community. 118 00:05:30,279 --> 00:05:32,640 Speaker 3: It's a world that like, we support each other, and 119 00:05:33,080 --> 00:05:37,520 Speaker 3: as far as the snowsports industry goes, there's so much potential. 120 00:05:37,880 --> 00:05:40,600 Speaker 3: It's probably not growing on the level that we're all 121 00:05:40,720 --> 00:05:43,159 Speaker 3: like what we talk about every at all the ski 122 00:05:43,240 --> 00:05:47,120 Speaker 3: conventions and all the snowsports conferences. It's like, what's the 123 00:05:47,120 --> 00:05:50,160 Speaker 3: best way to show people what this world is and 124 00:05:50,200 --> 00:05:51,400 Speaker 3: why they need to be part of it. 125 00:05:51,520 --> 00:05:53,279 Speaker 4: Well, Michael, it sounds like you've been sitting around our 126 00:05:53,360 --> 00:05:55,440 Speaker 4: kitchen table when we're talking about where to go and vacation. 127 00:05:56,760 --> 00:05:59,520 Speaker 4: But you know, to that point, if I'm not mistaken, 128 00:05:59,560 --> 00:06:02,239 Speaker 4: you are indeed recently married, and I believe your husband 129 00:06:02,360 --> 00:06:05,600 Speaker 4: is another skier from Oslo, Norway. Hold on now, Mark, 130 00:06:05,680 --> 00:06:06,280 Speaker 4: hold on. 131 00:06:06,200 --> 00:06:06,560 Speaker 1: Hold on. 132 00:06:06,880 --> 00:06:10,320 Speaker 4: So there's some rumors going about Scarlett that MICHAELA might 133 00:06:10,440 --> 00:06:13,880 Speaker 4: be leaving the US and taking off my goodness, taking 134 00:06:13,960 --> 00:06:15,640 Speaker 4: up homage and aso, what's happening. 135 00:06:15,960 --> 00:06:19,880 Speaker 3: Okay, that was an April fool's joke and had nothing 136 00:06:19,880 --> 00:06:23,120 Speaker 3: to do with me. I can tell if you're joking 137 00:06:23,200 --> 00:06:25,800 Speaker 3: because I can't see you and herd we are joking. 138 00:06:25,839 --> 00:06:29,200 Speaker 4: We are joking with you now. But that's wonderful. Congratulations, 139 00:06:30,040 --> 00:06:30,400 Speaker 4: thank you. 140 00:06:30,560 --> 00:06:34,160 Speaker 3: Yeah, No, firmly tam Usa and my boyfriend I A 141 00:06:34,160 --> 00:06:38,280 Speaker 3: would say he's firmly team Norway as well. But we're 142 00:06:38,320 --> 00:06:39,960 Speaker 3: having a great He's here in New York City with 143 00:06:40,000 --> 00:06:43,080 Speaker 3: me as well, so we're having a great time and 144 00:06:43,680 --> 00:06:46,279 Speaker 3: we trained together as often as we can. We just 145 00:06:46,320 --> 00:06:49,279 Speaker 3: finished up a ski camp in Norway and got to 146 00:06:49,320 --> 00:06:51,960 Speaker 3: train a bunch together on snow, which is one of 147 00:06:52,040 --> 00:06:54,839 Speaker 3: the coolest things that I get to do, because it's 148 00:06:54,880 --> 00:06:56,800 Speaker 3: just it's so cool to see him work and it's 149 00:06:56,800 --> 00:06:58,640 Speaker 3: so amazing to work with him, and I feel like 150 00:06:58,680 --> 00:07:03,000 Speaker 3: I improved so much when I'm around him. So yeah, it's 151 00:07:03,000 --> 00:07:04,520 Speaker 3: a good it's a good situation. 152 00:07:04,960 --> 00:07:08,560 Speaker 1: So actually that's interesting how you guys are working together. 153 00:07:08,960 --> 00:07:13,720 Speaker 1: I'm curious what it looks like the institutional support for 154 00:07:13,800 --> 00:07:16,440 Speaker 1: skiing in a country like Norway versus here in the US. 155 00:07:16,520 --> 00:07:19,480 Speaker 1: Because Stiefel Financial, for instance, signed a four year sponsorship 156 00:07:19,480 --> 00:07:21,680 Speaker 1: deal with the US Alpine ski team, which you lead. 157 00:07:22,000 --> 00:07:25,200 Speaker 1: Of course that happened recently, and of course you are 158 00:07:25,320 --> 00:07:28,840 Speaker 1: very involved in working with and attracting new sponsors. Compare 159 00:07:28,840 --> 00:07:32,720 Speaker 1: and can trast the sponsorship situation for the US team 160 00:07:32,880 --> 00:07:34,760 Speaker 1: versus for say, Norway's team. 161 00:07:35,120 --> 00:07:37,000 Speaker 3: What I would say is in the US we are 162 00:07:37,200 --> 00:07:43,680 Speaker 3: much more capable of working with new partners, and as athletes, 163 00:07:43,840 --> 00:07:48,080 Speaker 3: we have quite a bit more ability to build more 164 00:07:48,120 --> 00:07:52,600 Speaker 3: of an individual brand, which is hugely important as a 165 00:07:52,640 --> 00:07:55,720 Speaker 3: professional athlete to be able to you know, you work 166 00:07:55,720 --> 00:07:58,720 Speaker 3: from your organization and USC and snowboard. We have quite 167 00:07:58,760 --> 00:08:02,200 Speaker 3: a few sponsors. It's like a canopy over all the athletes. 168 00:08:02,240 --> 00:08:06,080 Speaker 3: But then there's certain categories you can actually develop relationships 169 00:08:06,080 --> 00:08:09,640 Speaker 3: on your own with different brands, and there's quite a 170 00:08:09,680 --> 00:08:12,680 Speaker 3: lot more freedom for US than there is in Norway, 171 00:08:12,800 --> 00:08:16,600 Speaker 3: which that's something that they tend to struggle with there 172 00:08:16,680 --> 00:08:19,600 Speaker 3: because they have incredible sponsors for the Federation, but they 173 00:08:19,640 --> 00:08:24,880 Speaker 3: don't have nearly the access that we do to private funding, fundraisers, 174 00:08:24,920 --> 00:08:28,800 Speaker 3: events like that, so overall we have a bit more 175 00:08:28,840 --> 00:08:31,840 Speaker 3: freedom in the United States. It's something I'm very grateful 176 00:08:31,880 --> 00:08:35,520 Speaker 3: for and I hope that we're able to continue down 177 00:08:35,520 --> 00:08:38,320 Speaker 3: that path because it allows athletes to actually make a 178 00:08:38,400 --> 00:08:40,960 Speaker 3: living in the sports that we do in winter sports, 179 00:08:41,000 --> 00:08:43,480 Speaker 3: which you know, they're not more they're not so mainstream. 180 00:08:43,520 --> 00:08:46,480 Speaker 3: It's not football or baseball, and you don't have just 181 00:08:46,520 --> 00:08:49,480 Speaker 3: an underlining, you know, a retainer deal with the organization 182 00:08:49,679 --> 00:08:53,040 Speaker 3: because there's there's not that that funding doesn't exist, so 183 00:08:53,080 --> 00:08:56,400 Speaker 3: it's we're just looking for getting the resources from companies 184 00:08:56,559 --> 00:09:00,800 Speaker 3: like Stiefel. That has been an absolute game for us 185 00:09:00,840 --> 00:09:03,480 Speaker 3: and for the for the whole organization this season to 186 00:09:03,559 --> 00:09:07,120 Speaker 3: work with Stifel and to have their support really as 187 00:09:07,160 --> 00:09:10,720 Speaker 3: a front runner for our team and huge, huge amount 188 00:09:10,760 --> 00:09:13,600 Speaker 3: of resources for us to be able to train and compete. 189 00:09:14,080 --> 00:09:18,120 Speaker 3: And it's like our sports are all massively expensive, and 190 00:09:18,200 --> 00:09:20,439 Speaker 3: that's that's the first thing we have to look at. 191 00:09:20,480 --> 00:09:22,160 Speaker 3: And it's a little bit even a little bit more 192 00:09:22,200 --> 00:09:26,960 Speaker 3: expensive for the US because we're training, competing, and essentially 193 00:09:27,120 --> 00:09:30,720 Speaker 3: living out of our suitcases. In Europe for a majority 194 00:09:30,720 --> 00:09:33,600 Speaker 3: of the year, the entire snow season, but the majority 195 00:09:33,640 --> 00:09:36,319 Speaker 3: of the year as well, So it's the expenses accumulate 196 00:09:36,400 --> 00:09:39,440 Speaker 3: like crazy, and that's that's one of the reasons we 197 00:09:39,520 --> 00:09:44,480 Speaker 3: need like organizations for instance USK and Snowboard too to 198 00:09:44,559 --> 00:09:48,120 Speaker 3: find these supporters and create like a house for us 199 00:09:48,120 --> 00:09:50,959 Speaker 3: to be able to do and access these sports and 200 00:09:51,000 --> 00:09:51,920 Speaker 3: the training we need to do. 201 00:09:52,280 --> 00:09:55,200 Speaker 1: That was US Alpine skiing, you know, Mikaelay Shiffrin. We've 202 00:09:55,200 --> 00:09:57,120 Speaker 1: got more of our conversation with a two time Olympic 203 00:09:57,200 --> 00:09:57,800 Speaker 1: champ coming. 204 00:09:57,640 --> 00:10:00,120 Speaker 3: Up next to there's a lot of discussion about what 205 00:10:00,120 --> 00:10:02,640 Speaker 3: what is the best way to target the snow sports 206 00:10:02,640 --> 00:10:06,959 Speaker 3: season and make it accessible at the right time that 207 00:10:07,080 --> 00:10:10,760 Speaker 3: works in an environmentally a far more friendly way. 208 00:10:10,880 --> 00:10:14,040 Speaker 1: On the Bloomberg Business of Sports from Bloomberg Radio. Around 209 00:10:14,080 --> 00:10:21,200 Speaker 1: the world, you're. 210 00:10:21,160 --> 00:10:25,040 Speaker 2: Listening to Bloomberg Business of Sports from Bloomberg Radio. 211 00:10:27,400 --> 00:10:29,560 Speaker 1: This is the Bloomberg Business of Sports show where we 212 00:10:29,600 --> 00:10:32,000 Speaker 1: explore the big money issues in the world of sports. 213 00:10:32,200 --> 00:10:34,920 Speaker 1: I'm Scarlet Food. Damien Sassaro will be joining me shortly. 214 00:10:35,040 --> 00:10:37,600 Speaker 1: Michael Barr is off this week, so we have an 215 00:10:37,600 --> 00:10:40,360 Speaker 1: all female guest list today because still to come is 216 00:10:40,400 --> 00:10:43,480 Speaker 1: our conversation with Karen Nortman, co founder of one of 217 00:10:43,520 --> 00:10:47,440 Speaker 1: the newest National Women's Soccer League teams, Angel FC. She's 218 00:10:47,480 --> 00:10:49,920 Speaker 1: also co founder and managing partner of a one hundred 219 00:10:49,920 --> 00:10:52,480 Speaker 1: million dollar fund that pushes for equity in sports. 220 00:10:52,600 --> 00:10:54,520 Speaker 2: That's what activated me. I wanted to get the women 221 00:10:54,559 --> 00:10:56,199 Speaker 2: pain and they were the best women in the world, 222 00:10:56,240 --> 00:10:58,400 Speaker 2: and so I think that's a huge part of what 223 00:10:58,520 --> 00:10:59,800 Speaker 2: led to Angel City and Monarch. 224 00:11:00,080 --> 00:11:02,080 Speaker 1: You'll want to stick around for that, but first let's 225 00:11:02,120 --> 00:11:05,360 Speaker 1: get back to a conversation with a true coat skiing 226 00:11:05,400 --> 00:11:06,760 Speaker 1: superstar Mikaela Shiffrin. 227 00:11:06,840 --> 00:11:09,240 Speaker 4: Mikayla. I want to go back to, you know, your 228 00:11:09,400 --> 00:11:12,280 Speaker 4: new YouTube series Moving right Along, which is set to 229 00:11:12,320 --> 00:11:15,240 Speaker 4: launch soon, and I want to just ask you what 230 00:11:15,280 --> 00:11:17,440 Speaker 4: it was like, you know. I mean, look, you've been 231 00:11:17,480 --> 00:11:19,199 Speaker 4: racing since you're sixteen, so you know you've been on 232 00:11:19,240 --> 00:11:21,080 Speaker 4: the spotlight, you know, your whole life. But what's it 233 00:11:21,200 --> 00:11:25,319 Speaker 4: like to be followed around by cameras and by staff 234 00:11:25,640 --> 00:11:28,400 Speaker 4: and by you know, makeup artists. I mean, what's that like? 235 00:11:28,480 --> 00:11:30,840 Speaker 4: What's that been? What's that experience experience been like for you? 236 00:11:31,160 --> 00:11:34,840 Speaker 3: What I would say this this season when we started 237 00:11:34,880 --> 00:11:38,040 Speaker 3: the vog, I wasn't totally sure what to expect. The 238 00:11:38,080 --> 00:11:41,800 Speaker 3: cameraman I work with Mike Dawzy. He's someone I've worked 239 00:11:41,800 --> 00:11:46,040 Speaker 3: with for a couple different projects with different sponsors, and 240 00:11:46,280 --> 00:11:48,640 Speaker 3: every single time I worked with him, I love the 241 00:11:48,720 --> 00:11:52,480 Speaker 3: eye that he has for shooting video and photos. I 242 00:11:52,640 --> 00:11:55,360 Speaker 3: like working with him. He's he when he's flying the wall, 243 00:11:55,400 --> 00:11:57,400 Speaker 3: he's actually flying on the wall, I literally don't know 244 00:11:57,440 --> 00:12:00,319 Speaker 3: he's there. So if it was pretty much anyone else, 245 00:12:00,360 --> 00:12:03,360 Speaker 3: I probably wouldn't have taken the risk to say, like, yeah, 246 00:12:04,000 --> 00:12:06,839 Speaker 3: most of the basically every day, day in and day 247 00:12:06,880 --> 00:12:09,679 Speaker 3: out for the whole season, follow me around and have 248 00:12:09,800 --> 00:12:13,000 Speaker 3: point back camera at me, because when I work with him, 249 00:12:13,200 --> 00:12:15,800 Speaker 3: I don't notice it, and he still gets the greatest 250 00:12:15,840 --> 00:12:18,400 Speaker 3: shots ever I've ever seen anyone take of me. So 251 00:12:19,640 --> 00:12:23,240 Speaker 3: it helps to work with people who you know, you trust, 252 00:12:23,480 --> 00:12:25,960 Speaker 3: You like the work that they do, you feel like 253 00:12:26,040 --> 00:12:29,040 Speaker 3: it aligns with who you are as a person, your values. 254 00:12:29,120 --> 00:12:32,760 Speaker 3: You just line up. Really well, that's probably that's really 255 00:12:32,760 --> 00:12:35,120 Speaker 3: the only reason I was willing to start doing this, 256 00:12:35,200 --> 00:12:40,240 Speaker 3: And I'm so overly excited, like gone above and beyond 257 00:12:40,240 --> 00:12:43,880 Speaker 3: my expectations, So I'm really I'm really looking forward to 258 00:12:43,920 --> 00:12:47,200 Speaker 3: continuing with these projects, and it's opened a lot of 259 00:12:47,240 --> 00:12:49,760 Speaker 3: doors as well for the work that I can do 260 00:12:49,840 --> 00:12:52,480 Speaker 3: with partners and actually giving them a little bit more 261 00:12:52,520 --> 00:12:55,120 Speaker 3: access on a daily basis. Because Dozzie can do that 262 00:12:55,240 --> 00:12:59,240 Speaker 3: work instead of looking at you know, one sponsor, production 263 00:12:59,400 --> 00:13:03,160 Speaker 3: day or you know whatever it might be in my contracts, 264 00:13:03,440 --> 00:13:06,280 Speaker 3: We're able to get like blips and pieces throughout the 265 00:13:06,440 --> 00:13:10,360 Speaker 3: entire season and actually get them more access and worked 266 00:13:10,400 --> 00:13:13,360 Speaker 3: harder on those partnerships as well, without putting in a 267 00:13:13,400 --> 00:13:15,520 Speaker 3: whole lot more effort from my side, so I can 268 00:13:15,559 --> 00:13:16,240 Speaker 3: still focus. 269 00:13:16,320 --> 00:13:16,640 Speaker 2: I can. 270 00:13:17,120 --> 00:13:18,839 Speaker 3: I mean, he's been at the start of almost every 271 00:13:18,840 --> 00:13:23,040 Speaker 3: single race this season getting content for the YouTube and 272 00:13:23,320 --> 00:13:25,880 Speaker 3: I don't even know. I don't even know he's there. 273 00:13:26,880 --> 00:13:31,200 Speaker 1: The trust factor is huge to increase that access. Damian 274 00:13:31,240 --> 00:13:35,440 Speaker 1: mentioned earlier how global warming is changing winter sports overall, 275 00:13:35,480 --> 00:13:37,800 Speaker 1: and certainly for skiing. I know that COVID made skiing 276 00:13:37,840 --> 00:13:40,320 Speaker 1: more popular than ever, but global warming has made it 277 00:13:40,360 --> 00:13:45,400 Speaker 1: difficult for ski resorts to operate, to really financially operate 278 00:13:45,440 --> 00:13:47,440 Speaker 1: the way that they would like to, whether it's in 279 00:13:47,480 --> 00:13:50,440 Speaker 1: the northeast of the US or in Europe. From where 280 00:13:50,480 --> 00:13:53,240 Speaker 1: you sit in the years that you've been skiing professionally, 281 00:13:53,840 --> 00:13:56,160 Speaker 1: what's the biggest change you've seen when it comes to 282 00:13:56,440 --> 00:14:00,160 Speaker 1: your ability to practice and to train and to compete 283 00:14:00,840 --> 00:14:02,800 Speaker 1: around the world because of climate change. 284 00:14:03,000 --> 00:14:05,920 Speaker 3: Yeah, I mean the biggest change, the most obvious change 285 00:14:05,920 --> 00:14:09,240 Speaker 3: that I see is how different winter looks and how 286 00:14:09,280 --> 00:14:12,760 Speaker 3: different snow looks than it used to. Even when I 287 00:14:12,800 --> 00:14:15,439 Speaker 3: first came into the World Cup scene about twelve years ago, 288 00:14:15,880 --> 00:14:19,920 Speaker 3: the glaciers, they really were seeded so so much since then, 289 00:14:20,440 --> 00:14:22,320 Speaker 3: and that's you know, that's kind of the first thing 290 00:14:22,360 --> 00:14:26,240 Speaker 3: that we talked about as a snow community is what 291 00:14:26,280 --> 00:14:29,160 Speaker 3: we're kind of losing in terms of snow. Then you 292 00:14:29,240 --> 00:14:33,080 Speaker 3: see more extreme weather patterns. You see excessive amounts of 293 00:14:33,120 --> 00:14:35,520 Speaker 3: snow in the West coast of the United States this season, 294 00:14:35,640 --> 00:14:40,000 Speaker 3: but in Europe, all across Europe, there was literally nothing. 295 00:14:40,040 --> 00:14:44,080 Speaker 3: They were for ski races. They were helicoptering snow piles 296 00:14:44,080 --> 00:14:47,080 Speaker 3: in from other areas to just to cover the raceflope 297 00:14:47,080 --> 00:14:49,720 Speaker 3: that we had to race on, and everything else is green. 298 00:14:49,760 --> 00:14:52,520 Speaker 3: I mean, winter looks different, but it also comes at 299 00:14:52,760 --> 00:14:55,560 Speaker 3: a different time, and I think we're at a crossroads 300 00:14:55,600 --> 00:14:59,360 Speaker 3: with our whole world of trying to target winter when 301 00:14:59,360 --> 00:15:01,880 Speaker 3: it seems to actually be happening, which might be it 302 00:15:01,960 --> 00:15:04,400 Speaker 3: might be a shorter period of time, might be a 303 00:15:04,400 --> 00:15:08,720 Speaker 3: little bit later. You know, normally the areas open around 304 00:15:09,240 --> 00:15:12,720 Speaker 3: you know, early November to mid December, but we might 305 00:15:12,760 --> 00:15:15,680 Speaker 3: be looking at different target dates for opening days and 306 00:15:15,880 --> 00:15:19,120 Speaker 3: a different length of season and things that it's working 307 00:15:19,160 --> 00:15:24,680 Speaker 3: in a more efficient way economically and environmentally, not running 308 00:15:24,760 --> 00:15:27,080 Speaker 3: all the operations at a time when people can't go 309 00:15:27,120 --> 00:15:29,520 Speaker 3: and can't ski, but running operations at a time when 310 00:15:29,520 --> 00:15:31,680 Speaker 3: people want to go and enjoy it. And there's a 311 00:15:31,680 --> 00:15:34,240 Speaker 3: lot of discussion about what what is the best way 312 00:15:34,280 --> 00:15:38,720 Speaker 3: to target the snow sports season and make it accessible 313 00:15:38,920 --> 00:15:43,080 Speaker 3: at the right time that works in an environmentally far 314 00:15:43,160 --> 00:15:46,720 Speaker 3: more friendly way. And then there's a lot so much 315 00:15:47,000 --> 00:15:51,600 Speaker 3: broader discussions about what we do in our community and 316 00:15:51,640 --> 00:15:55,480 Speaker 3: how it does affect, like innately affect the environment, and 317 00:15:55,520 --> 00:15:58,640 Speaker 3: how we can work harder to be part of a 318 00:15:58,680 --> 00:16:02,080 Speaker 3: solution at least the part of the conversations for the solution, 319 00:16:02,880 --> 00:16:08,040 Speaker 3: like countries and governments understand the systemic changes that may 320 00:16:08,080 --> 00:16:11,320 Speaker 3: need to be made and at least working towards finding solutions. 321 00:16:11,360 --> 00:16:14,360 Speaker 3: And the USK and Snowboard partnered with how this year 322 00:16:14,400 --> 00:16:17,320 Speaker 3: to create our World Championships race suits. At the very least, 323 00:16:17,360 --> 00:16:19,640 Speaker 3: there's a lot of discussions and there's a lot of 324 00:16:19,840 --> 00:16:23,720 Speaker 3: innovation going on in the whole snowsports industry to make 325 00:16:23,840 --> 00:16:26,600 Speaker 3: take this crossroads and actually take the right path and 326 00:16:26,640 --> 00:16:30,560 Speaker 3: allow us to experience snowsports for many years to come. 327 00:16:30,840 --> 00:16:36,120 Speaker 4: So, Mikaila, before we lose you, I have to embarrass 328 00:16:36,120 --> 00:16:37,760 Speaker 4: you first. I just have to do it because you 329 00:16:38,640 --> 00:16:41,840 Speaker 4: And here's my question. Look, you are the winningest slalom 330 00:16:41,840 --> 00:16:43,640 Speaker 4: skier of all time. You have forty one World Cup 331 00:16:43,680 --> 00:16:47,160 Speaker 4: slom victories. Okay, you've surpassed the Swedish legend Stan Mark's 332 00:16:47,160 --> 00:16:49,480 Speaker 4: previous record of forty back in twenty nineteen. You have 333 00:16:49,600 --> 00:16:53,200 Speaker 4: eighty eight career World Cup wins and you're only twenty 334 00:16:53,320 --> 00:16:56,000 Speaker 4: eight years old. Are you ready to retire? Are you 335 00:16:56,080 --> 00:16:58,880 Speaker 4: just getting started here? I mean, what can we expect? 336 00:17:00,000 --> 00:17:02,720 Speaker 3: You know, it's an interesting it is a really interesting question. 337 00:17:02,840 --> 00:17:05,800 Speaker 3: I guess the best answer for that is after one 338 00:17:06,480 --> 00:17:09,399 Speaker 3: eighty seven this year. You know, that was the record 339 00:17:09,440 --> 00:17:12,959 Speaker 3: resetting victory, And the biggest question I got was what 340 00:17:12,960 --> 00:17:15,000 Speaker 3: are you going to do now? Where are you going 341 00:17:15,080 --> 00:17:17,000 Speaker 3: to Are you still motivated? Are you going to be done. 342 00:17:17,080 --> 00:17:19,359 Speaker 3: And this whole time I've been thinking, like, I hope 343 00:17:19,359 --> 00:17:21,920 Speaker 3: I don't just win eighty seven races and decide, Okay, 344 00:17:22,000 --> 00:17:24,119 Speaker 3: that's it, Like that's all all she wrote, that's all 345 00:17:24,160 --> 00:17:26,679 Speaker 3: I want, and now I'm done, because it would go 346 00:17:26,880 --> 00:17:29,680 Speaker 3: so much against everything I've been saying the whole time 347 00:17:29,680 --> 00:17:32,520 Speaker 3: that I actually love doing the sport and I'm motivated 348 00:17:32,880 --> 00:17:36,320 Speaker 3: just like almost by improving itself, which is it's maybe 349 00:17:36,359 --> 00:17:39,000 Speaker 3: not what people want to hear. It's sometimes it's a 350 00:17:39,040 --> 00:17:42,760 Speaker 3: little bit more of a boring concept or like it's 351 00:17:42,840 --> 00:17:44,879 Speaker 3: like people are like, yeah, right, but what do you 352 00:17:45,040 --> 00:17:47,840 Speaker 3: do actually really love? Like you want to you want 353 00:17:47,840 --> 00:17:50,760 Speaker 3: to break records, right, and and that's that's a much 354 00:17:51,040 --> 00:17:53,920 Speaker 3: more romantic way to think about the sport, and just 355 00:17:53,960 --> 00:17:58,320 Speaker 3: sports in general is breaking, you know, breaking records and 356 00:17:58,359 --> 00:18:01,639 Speaker 3: farriers and all this. But after I won eighty seven, 357 00:18:01,800 --> 00:18:04,199 Speaker 3: I think the most important race maybe in my career 358 00:18:04,320 --> 00:18:07,280 Speaker 3: so far, was getting the eighty eighth victory because when 359 00:18:07,320 --> 00:18:09,840 Speaker 3: I was standing at the start for the second run 360 00:18:10,160 --> 00:18:13,880 Speaker 3: that race, I had every right to basically not care 361 00:18:13,920 --> 00:18:16,600 Speaker 3: at all and feel no pressure and not be nervous 362 00:18:16,640 --> 00:18:19,320 Speaker 3: because what is there left to accomplish? And I was 363 00:18:19,359 --> 00:18:22,200 Speaker 3: still standing at the start gate like I am. I've 364 00:18:22,200 --> 00:18:25,800 Speaker 3: got the butterflies. I want to do well, but you 365 00:18:25,840 --> 00:18:26,639 Speaker 3: were built to comput. 366 00:18:26,840 --> 00:18:28,960 Speaker 1: That's what it comes down to. I mean, you're pursuing excellence. 367 00:18:29,000 --> 00:18:31,280 Speaker 1: That's what you've been training for your entire life. And 368 00:18:31,640 --> 00:18:34,320 Speaker 1: it's not saying anyone can turn off Mikaela. Thank you 369 00:18:34,440 --> 00:18:36,560 Speaker 1: so much for your time. E've been so generous with us. 370 00:18:36,800 --> 00:18:38,120 Speaker 3: Well, thank you guys so much. 371 00:18:38,640 --> 00:18:41,600 Speaker 1: That was mi Kayla Shiffrin, the winningest skier of all time. 372 00:18:41,760 --> 00:18:43,520 Speaker 1: By the way, if you miss any of that conversation, 373 00:18:43,640 --> 00:18:46,520 Speaker 1: listen to it now on the Bloomberg Business of Sports podcasts, 374 00:18:46,760 --> 00:18:49,359 Speaker 1: on demand now at Bloomberg dot com, slash podcast, and 375 00:18:49,400 --> 00:18:52,920 Speaker 1: of course on your favorite podcast platform. Now still more 376 00:18:52,920 --> 00:18:55,199 Speaker 1: to come. We go from one record breaking woman in 377 00:18:55,240 --> 00:18:57,639 Speaker 1: sports to someone who's pushing to help give more women 378 00:18:57,920 --> 00:19:01,359 Speaker 1: the chance to follow in Michaela's footsteps. Kara Nortman, co 379 00:19:01,440 --> 00:19:04,080 Speaker 1: founder and CEO of Monarch Collective, will be with us next. 380 00:19:04,160 --> 00:19:06,200 Speaker 2: I feel like this and back to the future too, 381 00:19:06,280 --> 00:19:10,520 Speaker 2: sometimes holding me on up and I can see the 382 00:19:10,600 --> 00:19:14,239 Speaker 2: future and I don't know why more people don't see it, 383 00:19:14,280 --> 00:19:16,200 Speaker 2: but I think it has to do with focus and 384 00:19:16,320 --> 00:19:17,119 Speaker 2: fun size. 385 00:19:17,280 --> 00:19:19,800 Speaker 1: That is straight ahead on the Bloomberg Business of Sports 386 00:19:19,880 --> 00:19:33,399 Speaker 1: from Bloomberg Radio. 387 00:19:34,040 --> 00:19:38,200 Speaker 2: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 388 00:19:39,520 --> 00:19:41,440 Speaker 1: Thank you for joining us on the Bloomberg Business of 389 00:19:41,480 --> 00:19:43,800 Speaker 1: Sports show, where we explored the big money issues in 390 00:19:43,840 --> 00:19:46,720 Speaker 1: the world of sports. I'm Scarlett Food, Damian Sasara will 391 00:19:46,720 --> 00:19:49,320 Speaker 1: be with us shortly. Michael Barr is off this week. 392 00:19:49,680 --> 00:19:52,320 Speaker 1: Monarch Collective is a new investment fund with a pretty 393 00:19:52,400 --> 00:19:55,320 Speaker 1: key mission advocating for women in pro sports. The fund 394 00:19:55,359 --> 00:19:58,120 Speaker 1: has already raised one hundred million dollars and is looking 395 00:19:58,160 --> 00:20:01,040 Speaker 1: to put that money into teams, league and more. Damie 396 00:20:01,040 --> 00:20:02,640 Speaker 1: and I got a chance to talk about the fund 397 00:20:02,680 --> 00:20:06,560 Speaker 1: with Kara Nortman, co founder and managing partner of Monarch Collective. 398 00:20:07,160 --> 00:20:09,280 Speaker 1: Kara is also co founder of one of the newest 399 00:20:09,400 --> 00:20:12,720 Speaker 1: National Women's Soccer League teams, Angel City FC. So let's 400 00:20:12,800 --> 00:20:15,359 Speaker 1: dive straight into our conversation. Kara, it's so great to 401 00:20:15,400 --> 00:20:18,520 Speaker 1: speak with you here on Bloomberg Business of Sports. Thank 402 00:20:18,560 --> 00:20:19,360 Speaker 1: you for taking the time. 403 00:20:19,680 --> 00:20:21,640 Speaker 2: Absolutely, it's just love to be here with you guys. 404 00:20:22,200 --> 00:20:25,080 Speaker 1: So investing in sports is all the rage right now. 405 00:20:25,560 --> 00:20:29,040 Speaker 1: Institutional investors have discovered it, or I shouldn't say discovered it, 406 00:20:29,119 --> 00:20:32,800 Speaker 1: but have really started to appreciate how it's not correlated 407 00:20:32,840 --> 00:20:35,720 Speaker 1: to the rest of the financial markets, and that the 408 00:20:35,840 --> 00:20:38,080 Speaker 1: growth trajectory is only up, up and up to the right. 409 00:20:38,600 --> 00:20:40,680 Speaker 1: Can you talk a little bit about the pitch that 410 00:20:40,880 --> 00:20:43,399 Speaker 1: you give, that you are expected to give, and that 411 00:20:43,480 --> 00:20:45,399 Speaker 1: you do give each time you're talking about investing in 412 00:20:45,520 --> 00:20:49,240 Speaker 1: women's sports right now, Why that moment is so opportune 413 00:20:49,440 --> 00:20:50,000 Speaker 1: at this moment. 414 00:20:50,160 --> 00:20:52,359 Speaker 2: Yeah, no, absolutely, And it's important to put this all 415 00:20:52,400 --> 00:20:54,439 Speaker 2: in context. Right three years ago, we were wondering if 416 00:20:54,440 --> 00:20:57,360 Speaker 2: anyone would show up in a stadium again, and now 417 00:20:57,440 --> 00:20:59,720 Speaker 2: it's all the talk, and I think, you know, men's 418 00:20:59,720 --> 00:21:02,520 Speaker 2: sports and women's sports are a very different point in 419 00:21:02,600 --> 00:21:06,280 Speaker 2: their evolution, and so my pitch on on women's sports is, 420 00:21:06,400 --> 00:21:09,159 Speaker 2: you know, number one, it is all the things you know, 421 00:21:09,480 --> 00:21:14,840 Speaker 2: so you know, in financial terms, inflation heads uncorrelated retains value. 422 00:21:14,960 --> 00:21:18,440 Speaker 2: On the women's side, you can see venture like multiples, 423 00:21:18,480 --> 00:21:21,240 Speaker 2: So there's a real like risk, I would say risk 424 00:21:21,400 --> 00:21:24,280 Speaker 2: kind of almost like arbitrage. I sometimes call it an 425 00:21:24,440 --> 00:21:27,479 Speaker 2: arbitrage on sexism, where if you're getting into the right 426 00:21:27,640 --> 00:21:31,080 Speaker 2: teams and leagues and rights the downside is quite limited, 427 00:21:31,480 --> 00:21:33,800 Speaker 2: but the upside you could see multiples like what I 428 00:21:33,920 --> 00:21:36,000 Speaker 2: saw in the early years of my venture career in 429 00:21:36,080 --> 00:21:40,680 Speaker 2: the late nineties. It is a place where, you know, 430 00:21:41,080 --> 00:21:44,160 Speaker 2: kind of you can build these community You can build 431 00:21:44,359 --> 00:21:46,680 Speaker 2: you know, kind of an investor base and a C 432 00:21:46,840 --> 00:21:51,879 Speaker 2: suite and a team that represents your community. So you know, women, men, black, brown, white, 433 00:21:51,960 --> 00:21:55,879 Speaker 2: all sexual preferences, all political preferences. And so we're starting 434 00:21:55,920 --> 00:21:59,280 Speaker 2: at much lower enterprise values of these teams where you 435 00:21:59,359 --> 00:22:02,320 Speaker 2: can build community, and that actually drives revenue, and then 436 00:22:02,359 --> 00:22:05,119 Speaker 2: it drives the enterprise volume people pay attention, and then 437 00:22:05,160 --> 00:22:06,919 Speaker 2: I mean some of the things are the same. Right, 438 00:22:07,000 --> 00:22:11,440 Speaker 2: These are essentially, you know, kind of the most exciting 439 00:22:11,680 --> 00:22:16,680 Speaker 2: IP platforms and entertainment experiences. And so if you build 440 00:22:16,720 --> 00:22:20,400 Speaker 2: these sort of joyful movements in these stadiums that represent 441 00:22:20,560 --> 00:22:25,480 Speaker 2: your city or your country, you can build these businesses 442 00:22:25,520 --> 00:22:28,600 Speaker 2: that generate hundreds of millions of dollars of revenue and 443 00:22:28,720 --> 00:22:31,160 Speaker 2: can grow and innovate in different ways with all kinds 444 00:22:31,200 --> 00:22:32,720 Speaker 2: of different thinkers around the table. 445 00:22:32,920 --> 00:22:38,360 Speaker 4: Okay, you sold me Cara, right, Tyra so badly want 446 00:22:38,400 --> 00:22:40,440 Speaker 4: to ask you about Julia Artz. But before we do that, 447 00:22:40,600 --> 00:22:43,800 Speaker 4: for our audience. You mention it your venture career. Your 448 00:22:43,840 --> 00:22:46,959 Speaker 4: story is so fascinating. Can you just give our audience 449 00:22:47,000 --> 00:22:48,520 Speaker 4: a little bit of a flavor of you know how 450 00:22:48,600 --> 00:22:50,399 Speaker 4: you came up, your early start at MS, you know 451 00:22:50,560 --> 00:22:51,960 Speaker 4: how you got to where you are today. 452 00:22:52,119 --> 00:22:54,000 Speaker 2: Yeah, I mean one hundred percent. I mean, first of all, 453 00:22:54,080 --> 00:22:56,560 Speaker 2: I think sometimes what we don't do is as important 454 00:22:56,640 --> 00:22:59,720 Speaker 2: is what we do do. And coming out of college, 455 00:22:59,760 --> 00:23:01,840 Speaker 2: I was deciding to go work in a consumer protection 456 00:23:02,000 --> 00:23:06,240 Speaker 2: nonprofit or into the most quantitative, you know, kind of 457 00:23:06,720 --> 00:23:10,280 Speaker 2: hardcore number crunching group at Morgan Stanley or one of them, 458 00:23:10,320 --> 00:23:13,280 Speaker 2: which was their merchant bank, essentially their captive private equity firm. 459 00:23:13,560 --> 00:23:15,920 Speaker 2: And I got some advice where I learned the form 460 00:23:16,359 --> 00:23:19,480 Speaker 2: the quant side, I'd have a lot more time to 461 00:23:19,560 --> 00:23:23,399 Speaker 2: do the nonprofit work. And so I mean my path was, 462 00:23:23,480 --> 00:23:25,040 Speaker 2: I mean, I think a combination of what I did 463 00:23:25,160 --> 00:23:28,080 Speaker 2: formerly private equity and then I went into venture in 464 00:23:28,200 --> 00:23:31,399 Speaker 2: ninety nine. I think that was an important moment for 465 00:23:31,600 --> 00:23:35,159 Speaker 2: me in the sense that people questioned that decision. Right. 466 00:23:35,200 --> 00:23:37,600 Speaker 2: I went to a firm called Battery Ventures, which you know, 467 00:23:37,880 --> 00:23:40,639 Speaker 2: was one of the firms that's gone on to you know, 468 00:23:40,800 --> 00:23:45,280 Speaker 2: generate very consistent returns and has been in a high 469 00:23:45,359 --> 00:23:50,800 Speaker 2: performer with incredibly wonderful, humble, high integrity, hard working, studying 470 00:23:50,840 --> 00:23:53,920 Speaker 2: the craft people candidly some of my first LPs, which 471 00:23:54,440 --> 00:23:57,159 Speaker 2: you know, made me feel like, wow, maybe I have 472 00:23:57,280 --> 00:24:00,880 Speaker 2: been doing well for twenty years or twenty five years. 473 00:24:00,920 --> 00:24:02,920 Speaker 2: You don't really realize it until you don't have people 474 00:24:02,960 --> 00:24:05,919 Speaker 2: for money and they give it to you, and then 475 00:24:05,960 --> 00:24:08,199 Speaker 2: you think, oh my gosh, I really have to generate 476 00:24:08,280 --> 00:24:11,320 Speaker 2: returns for these people. But I think that what I 477 00:24:11,400 --> 00:24:14,400 Speaker 2: talk about now is it wasn't obvious to go into 478 00:24:14,560 --> 00:24:17,240 Speaker 2: venture back then. Now it is, but back then it 479 00:24:17,320 --> 00:24:19,160 Speaker 2: was a small pocket of the world. We had something 480 00:24:19,240 --> 00:24:21,000 Speaker 2: to prove. It was a small part of the what 481 00:24:21,119 --> 00:24:23,920 Speaker 2: we asked class. I took a pay cut, I turned 482 00:24:23,960 --> 00:24:27,320 Speaker 2: down private equity job, but it was you know, it 483 00:24:27,560 --> 00:24:29,560 Speaker 2: was similar to all the way I you know, I 484 00:24:29,640 --> 00:24:32,760 Speaker 2: sort of feel sometimes like being an associated battery in 485 00:24:32,840 --> 00:24:35,440 Speaker 2: ninety nine is very similar to how it feels to 486 00:24:35,520 --> 00:24:38,600 Speaker 2: be in women's sports right now, where you know, there's 487 00:24:38,640 --> 00:24:41,800 Speaker 2: only been a few firms really focused on putting money 488 00:24:41,800 --> 00:24:43,880 Speaker 2: into these high growth areas that most of the world 489 00:24:44,000 --> 00:24:47,040 Speaker 2: was not yet paying attention to, and you could work hard, 490 00:24:47,160 --> 00:24:50,520 Speaker 2: be a good person, you know, show up, price things 491 00:24:50,560 --> 00:24:54,199 Speaker 2: in a reasonable way, exit at reasonable you know, multiples, 492 00:24:54,680 --> 00:24:57,720 Speaker 2: and reference well so that you know, people still want 493 00:24:57,760 --> 00:24:59,720 Speaker 2: to work with the firms that were there then that 494 00:25:00,240 --> 00:25:02,879 Speaker 2: and Sequoia and Kliner and some of the firms that 495 00:25:03,240 --> 00:25:05,119 Speaker 2: some of the firms know. But the you know, I mean, 496 00:25:05,160 --> 00:25:07,879 Speaker 2: I think that is the opportunity is very similar. And 497 00:25:08,040 --> 00:25:10,239 Speaker 2: so final thing I'll say is the analogy I make 498 00:25:10,359 --> 00:25:13,840 Speaker 2: to venture back in ninety nine, is it sort of 499 00:25:14,320 --> 00:25:17,840 Speaker 2: today feels like I'm holding I feel like this and 500 00:25:18,000 --> 00:25:22,359 Speaker 2: back to the future too, sometimes holding me all en 501 00:25:22,400 --> 00:25:25,400 Speaker 2: off and I can see the future and I don't 502 00:25:25,480 --> 00:25:27,480 Speaker 2: know why more people don't see it, but I think 503 00:25:27,520 --> 00:25:30,600 Speaker 2: it has to do with focus and sun size. And 504 00:25:30,680 --> 00:25:32,560 Speaker 2: the funal thing is, I mean, I spent about ten 505 00:25:32,680 --> 00:25:35,000 Speaker 2: years operating, and so most of that time at I 506 00:25:35,240 --> 00:25:37,560 Speaker 2: see running the M and a group and then in 507 00:25:37,680 --> 00:25:40,480 Speaker 2: operating roles running big business unit small ones. We were 508 00:25:40,520 --> 00:25:43,639 Speaker 2: incubating things like Vimeo and tindered or running big turnarounds, 509 00:25:43,760 --> 00:25:45,919 Speaker 2: and so you know, I think one of the things 510 00:25:46,080 --> 00:25:48,480 Speaker 2: important for women's sports is you don't just come in 511 00:25:48,640 --> 00:25:53,680 Speaker 2: and see everything like a financial structuring exercise that is 512 00:25:53,760 --> 00:25:56,560 Speaker 2: similar each time, and you come in with creativity, and 513 00:25:56,680 --> 00:25:58,680 Speaker 2: you come in with an operational skill set that you're 514 00:25:58,680 --> 00:26:01,840 Speaker 2: going to put behind that create financial products, and you 515 00:26:01,960 --> 00:26:05,560 Speaker 2: do work that will really reference well over over decades. 516 00:26:05,760 --> 00:26:08,040 Speaker 4: Kara, you know, you've just mentioned something that was very 517 00:26:08,119 --> 00:26:10,440 Speaker 4: very interesting to me because we've had John patrickkaf from 518 00:26:10,440 --> 00:26:13,080 Speaker 4: Athletes Unlimited on, you know, and we've talked about investing 519 00:26:13,119 --> 00:26:15,080 Speaker 4: in women's sports for quite some time here on the show, 520 00:26:15,480 --> 00:26:17,639 Speaker 4: and you said, you and what makes it exciting for you, 521 00:26:17,720 --> 00:26:19,520 Speaker 4: I guess is that you're still out there selling people 522 00:26:19,560 --> 00:26:21,920 Speaker 4: on that very concept. Is that right? I mean, what 523 00:26:22,080 --> 00:26:24,640 Speaker 4: aren't people getting about women's sports? 524 00:26:25,000 --> 00:26:27,320 Speaker 2: Oh, it's such a fun time. I mean it was 525 00:26:27,359 --> 00:26:29,000 Speaker 2: a fun time when one hundred people said no to 526 00:26:29,119 --> 00:26:31,960 Speaker 2: us at Angel City too, because I believed in mysel 527 00:26:32,160 --> 00:26:34,280 Speaker 2: they were wrong. And there are you know, there aren't 528 00:26:34,320 --> 00:26:36,000 Speaker 2: too many times in my life where I'd get a 529 00:26:36,080 --> 00:26:38,680 Speaker 2: hundred notes and believe it can still work. But it's 530 00:26:38,760 --> 00:26:42,840 Speaker 2: more fun now because sometimes I get deep skeptics who 531 00:26:42,880 --> 00:26:46,680 Speaker 2: are like that's cute, you know, call me in gen 532 00:26:46,800 --> 00:26:50,359 Speaker 2: years or you know, just all the embedded biases we 533 00:26:50,480 --> 00:26:53,080 Speaker 2: have as consumers kind of still over into how we 534 00:26:53,200 --> 00:26:56,639 Speaker 2: see the world, or hey, can I make billions of. 535 00:26:56,720 --> 00:26:57,440 Speaker 3: Dollars off of this? 536 00:26:58,160 --> 00:27:02,119 Speaker 2: It's ROI exactly yeah. And you know, but then I 537 00:27:02,400 --> 00:27:04,280 Speaker 2: meet with people who get it, who are reaching out 538 00:27:04,320 --> 00:27:05,920 Speaker 2: to me, 're calling me up, some of the most 539 00:27:05,960 --> 00:27:08,399 Speaker 2: extraordinary people in the world, who I would have been 540 00:27:08,480 --> 00:27:10,639 Speaker 2: dying to get meetings with ten years ago, who were 541 00:27:10,760 --> 00:27:13,080 Speaker 2: reading you know, the why We're doing this post on 542 00:27:13,160 --> 00:27:16,520 Speaker 2: the Monarch website, which comes from the heart and kind 543 00:27:16,560 --> 00:27:18,520 Speaker 2: of makes the case from the head and the heart 544 00:27:18,560 --> 00:27:20,640 Speaker 2: as to why now is the time for women's sports. 545 00:27:20,800 --> 00:27:23,600 Speaker 2: But you know, I would say that now we have data. 546 00:27:24,160 --> 00:27:27,080 Speaker 2: We have data like stadiums being packed for Angel City 547 00:27:27,160 --> 00:27:30,359 Speaker 2: in the San Diego Waves and the fourth division Newcastle 548 00:27:30,440 --> 00:27:33,399 Speaker 2: women's team, you know, for their second, you know, the 549 00:27:33,680 --> 00:27:36,840 Speaker 2: second game ever hosted at I think the men's stadium 550 00:27:36,880 --> 00:27:39,879 Speaker 2: and they're packing it too, And so, you know, I 551 00:27:39,920 --> 00:27:43,360 Speaker 2: think the data helps more people pay attention. But then 552 00:27:44,119 --> 00:27:47,280 Speaker 2: people are curious around, you know, how to actually do that, 553 00:27:47,600 --> 00:27:50,440 Speaker 2: And it isn't just gowing up with the financial instrument 554 00:27:50,840 --> 00:27:53,719 Speaker 2: and hoping the investment'll see twenty investments, hope they'll flo 555 00:27:53,800 --> 00:27:55,800 Speaker 2: on their lap. I really think you have to be 556 00:27:55,920 --> 00:27:58,960 Speaker 2: very intentional about where you're spending time, what your value 557 00:27:59,000 --> 00:28:02,639 Speaker 2: proposition is, how you're building a coalition, you know, how 558 00:28:02,720 --> 00:28:05,240 Speaker 2: you're structuring things, the talent you're bringing to the table. 559 00:28:05,480 --> 00:28:09,200 Speaker 2: So yeah, I've gotten pretty philosophical on this stuff and 560 00:28:09,840 --> 00:28:12,000 Speaker 2: was reading a little I mean truly was reading a 561 00:28:12,040 --> 00:28:16,000 Speaker 2: little Matchiavelli. My brother show me this weekend. And you know, 562 00:28:16,080 --> 00:28:18,520 Speaker 2: there is one quote I found in The Prince that 563 00:28:18,560 --> 00:28:20,639 Speaker 2: I don't think I've found since I was like a 564 00:28:20,680 --> 00:28:23,840 Speaker 2: political theory major in college or political major in college. 565 00:28:23,880 --> 00:28:26,880 Speaker 2: But it's we don't really believe in new things until 566 00:28:26,960 --> 00:28:29,760 Speaker 2: we have a long experience of them, and we still 567 00:28:29,960 --> 00:28:34,320 Speaker 2: only have a very short experience of extraordinary data. But 568 00:28:34,640 --> 00:28:37,440 Speaker 2: some many more people are paying attention to that data, 569 00:28:37,520 --> 00:28:40,440 Speaker 2: and so you're seeing people show up with interest both 570 00:28:40,520 --> 00:28:44,280 Speaker 2: due to joy and greed. And so it's an interesting 571 00:28:44,360 --> 00:28:46,600 Speaker 2: moment in time because there's a lot more carets and stick. 572 00:28:47,040 --> 00:28:51,480 Speaker 1: I love that, both due to joy and greed. That 573 00:28:51,760 --> 00:28:55,240 Speaker 1: was Kara Nortman, co founder and managing partner of Monarch Collective. 574 00:28:55,480 --> 00:28:57,520 Speaker 1: We've got more of that conversation coming up next on 575 00:28:57,600 --> 00:29:00,160 Speaker 1: the Bloomberg Business of Sports Show from Bloomberg. Grade you, 576 00:29:10,920 --> 00:29:13,040 Speaker 1: this is the Bloomberg Business of Sports show, where we 577 00:29:13,120 --> 00:29:15,400 Speaker 1: explore the big money issues in the world of sports. 578 00:29:15,640 --> 00:29:18,280 Speaker 1: I'm Scarlett Food. Damien Sassau will be with us shortly. 579 00:29:18,640 --> 00:29:22,360 Speaker 1: Michael Barr is off now. Kara Nortman is co founder 580 00:29:22,440 --> 00:29:25,320 Speaker 1: and managing partner of Monarch Collective. It's a one hundred 581 00:29:25,360 --> 00:29:28,479 Speaker 1: million dollar fund that aims to elevate women in pro sports. 582 00:29:29,040 --> 00:29:30,840 Speaker 1: Damian and I had the pleasure of talking with her 583 00:29:30,880 --> 00:29:33,280 Speaker 1: about the fund as well as her other work in sports, 584 00:29:33,360 --> 00:29:37,320 Speaker 1: including with Angel City FC. Let's return to that conversation. 585 00:29:37,760 --> 00:29:40,720 Speaker 1: Let's talk a little bit about Angel City FC. What 586 00:29:40,920 --> 00:29:43,560 Speaker 1: is the backstory here? What was the first phone call 587 00:29:43,640 --> 00:29:46,440 Speaker 1: that led to your being a key member in fine 588 00:29:46,840 --> 00:29:49,520 Speaker 1: in founding this club? Who brought it up first? How 589 00:29:49,560 --> 00:29:50,200 Speaker 1: did it come about? 590 00:29:50,400 --> 00:29:52,080 Speaker 2: You know, it actually came up for me kind of. 591 00:29:52,120 --> 00:29:53,640 Speaker 2: The first thing that happened was I went to the 592 00:29:53,680 --> 00:29:56,920 Speaker 2: twenty fifteen World Cup game, and so it was kind of, 593 00:29:57,160 --> 00:30:00,120 Speaker 2: you know, seven or eight years in the making to 594 00:30:00,160 --> 00:30:03,240 Speaker 2: the game. I was completely activated by I felt like 595 00:30:03,320 --> 00:30:05,160 Speaker 2: I was twelve again. I couldn't buy a jersey, I 596 00:30:05,200 --> 00:30:07,760 Speaker 2: couldn't find content, and I started this journey of what 597 00:30:07,920 --> 00:30:10,800 Speaker 2: was then sort of accidental market research and then turned 598 00:30:10,840 --> 00:30:13,840 Speaker 2: into very intentional market research. And so the road for 599 00:30:13,960 --> 00:30:17,600 Speaker 2: me went through I truly was like told that I 600 00:30:17,680 --> 00:30:19,840 Speaker 2: was the only person who couldn't find like wanted to 601 00:30:19,880 --> 00:30:23,240 Speaker 2: buy jerseys and watch content, but Instagram existed, and so 602 00:30:23,280 --> 00:30:25,520 Speaker 2: there were a couple of things that kept happening. I 603 00:30:25,600 --> 00:30:27,480 Speaker 2: ended up meeting a bunch of the players and helping, 604 00:30:27,720 --> 00:30:29,360 Speaker 2: you know, just as a friends with their business. The 605 00:30:29,400 --> 00:30:32,240 Speaker 2: head of the US national team who pulled me into 606 00:30:32,280 --> 00:30:34,240 Speaker 2: the pay equity fight and asked me to be an advisor. 607 00:30:34,240 --> 00:30:35,600 Speaker 2: And I didn't even know what that meant. I was 608 00:30:35,640 --> 00:30:40,000 Speaker 2: a capitalist being asked to help socialism, but but I 609 00:30:40,120 --> 00:30:42,200 Speaker 2: was very That's what activated me. I wanted to get 610 00:30:42,240 --> 00:30:43,800 Speaker 2: the women paid and they were the best women in 611 00:30:43,840 --> 00:30:45,960 Speaker 2: the world. And so I think that's a huge part 612 00:30:46,040 --> 00:30:48,200 Speaker 2: of what led to Angel City and Monarch is sort 613 00:30:48,200 --> 00:30:50,720 Speaker 2: of the full view of all stakeholders and if you 614 00:30:51,000 --> 00:30:54,600 Speaker 2: kind of bring everything together and you think about how 615 00:30:54,640 --> 00:30:56,920 Speaker 2: to lift up all stakeholders and it's not perfect that 616 00:30:57,000 --> 00:30:59,560 Speaker 2: you can build something. So anyway, that's the backstory. I 617 00:30:59,600 --> 00:31:02,920 Speaker 2: think we ended up pulling Natalie Portman into the pay 618 00:31:03,000 --> 00:31:05,760 Speaker 2: equity fight. We'd met through some of our gender equity 619 00:31:05,840 --> 00:31:09,920 Speaker 2: work and started throwing events together and candidly one day 620 00:31:09,960 --> 00:31:12,240 Speaker 2: she said, why don't we start a team? And I said, 621 00:31:12,280 --> 00:31:14,160 Speaker 2: are you nuts? Like I have a full time job, 622 00:31:14,240 --> 00:31:16,760 Speaker 2: three kids, you know, And she said, well, don't you 623 00:31:16,840 --> 00:31:19,680 Speaker 2: know how to do this? I said yeah, I mean 624 00:31:19,760 --> 00:31:22,040 Speaker 2: she's like, don't you know, like I can. I can 625 00:31:22,120 --> 00:31:24,240 Speaker 2: do this, but usually I don't need a stadium in 626 00:31:24,280 --> 00:31:28,239 Speaker 2: an exclusive license to bring something to market. You can 627 00:31:28,280 --> 00:31:30,440 Speaker 2: just start building a dating app and maybe it turns 628 00:31:30,440 --> 00:31:33,200 Speaker 2: into gender, maybe it doesn't, and you know that's okay. 629 00:31:34,800 --> 00:31:37,640 Speaker 2: But honestly, I say, now, you know, the Queen of 630 00:31:37,680 --> 00:31:40,880 Speaker 2: Star Wars, the first female source, says, don't you. 631 00:31:40,960 --> 00:31:41,640 Speaker 1: Know how to do this? 632 00:31:41,800 --> 00:31:43,040 Speaker 2: Or to start a soccer team? 633 00:31:43,120 --> 00:31:44,320 Speaker 1: And that's a challenging. 634 00:31:45,920 --> 00:31:48,720 Speaker 2: Yeah, it's like, okay, growth much set, let's go, or 635 00:31:48,800 --> 00:31:52,920 Speaker 2: as the women's national team would say, LFG. So that 636 00:31:53,160 --> 00:31:55,440 Speaker 2: was really we have a text exchange. It's actually on 637 00:31:55,520 --> 00:31:57,520 Speaker 2: Twitter somewhere, and I think it is in our HBO 638 00:31:57,640 --> 00:32:00,520 Speaker 2: documentary you'll see it in the in the trail for it. 639 00:32:00,640 --> 00:32:03,760 Speaker 2: But I started doing research and I realized it was feasible. 640 00:32:03,800 --> 00:32:06,200 Speaker 2: I started talking to men's team, stadium, different people in 641 00:32:06,360 --> 00:32:08,680 Speaker 2: US soccer et cetera. And then I realized that we 642 00:32:08,760 --> 00:32:10,360 Speaker 2: needed somebody to operate a day to day and I 643 00:32:10,440 --> 00:32:13,960 Speaker 2: started looking for a president, and I recruited in Julie Rman, 644 00:32:14,000 --> 00:32:17,400 Speaker 2: who became our third co founder. We played basketball against 645 00:32:17,400 --> 00:32:20,000 Speaker 2: each other in high school, so I'd known her, you know, 646 00:32:20,320 --> 00:32:23,720 Speaker 2: for twenty five thirty five years. She's much better than me, 647 00:32:23,960 --> 00:32:26,920 Speaker 2: for the record, and I now only play against her 648 00:32:27,040 --> 00:32:28,960 Speaker 2: because she's so competitive. I don't want to lose for 649 00:32:29,040 --> 00:32:32,720 Speaker 2: her in a pickup game. But yeah, that's what started it. 650 00:32:32,840 --> 00:32:34,200 Speaker 2: And then, you know, like to say, we got one 651 00:32:34,280 --> 00:32:37,000 Speaker 2: hundred no's, we raised our first million dollars before COVID, 652 00:32:37,240 --> 00:32:40,200 Speaker 2: and you know, we were now doing many tens of 653 00:32:40,240 --> 00:32:43,920 Speaker 2: millions of dollars in revenue, marine dollars and contracted sponsorships, 654 00:32:43,960 --> 00:32:47,800 Speaker 2: and we're out stadiums. But most importantly, it's the first 655 00:32:47,880 --> 00:32:52,480 Speaker 2: majority female, you know, own female bath professional sports team 656 00:32:52,520 --> 00:32:55,120 Speaker 2: in the country, and we've done it where we make 657 00:32:55,200 --> 00:32:58,320 Speaker 2: decisions based on mission and finances and finances sometimes comes 658 00:32:58,400 --> 00:33:01,040 Speaker 2: second to mission, which I think will help us try 659 00:33:01,120 --> 00:33:04,600 Speaker 2: finances over many generations and not just over two or 660 00:33:04,640 --> 00:33:05,040 Speaker 2: three years. 661 00:33:05,360 --> 00:33:07,960 Speaker 4: Kara, it is such a special story. I mean, I 662 00:33:08,000 --> 00:33:10,640 Speaker 4: mean when I think of the new Angel City docuseries, Scarlett, 663 00:33:10,640 --> 00:33:12,360 Speaker 4: I think of the Captain, I think of Last Dance 664 00:33:12,400 --> 00:33:14,840 Speaker 4: Winning time. I mean, my question, Kara is you know 665 00:33:14,920 --> 00:33:17,200 Speaker 4: you mentioned Natalie Portman. Are you prepared to become a 666 00:33:17,240 --> 00:33:18,640 Speaker 4: TV star? What are you going to say when you 667 00:33:18,760 --> 00:33:21,760 Speaker 4: accept that Emmy after this thing goes viral? I mean, 668 00:33:21,840 --> 00:33:23,040 Speaker 4: it's such a great story. 669 00:33:23,560 --> 00:33:27,120 Speaker 2: Yeah, well, let's say that. I'm totally comfortable with the 670 00:33:27,200 --> 00:33:29,880 Speaker 2: fact the fact that people are more interested in seeing 671 00:33:30,280 --> 00:33:33,320 Speaker 2: somebody like Natalie on a screen or Julie's day to day. 672 00:33:33,360 --> 00:33:35,000 Speaker 2: A lot of what I do is in the boardroom. 673 00:33:35,040 --> 00:33:38,880 Speaker 2: I'm behind the scenes. I'm definitely in the story I think. 674 00:33:39,960 --> 00:33:42,440 Speaker 2: I mean it is special, and getting the outreach from 675 00:33:42,680 --> 00:33:46,000 Speaker 2: just people seeing the trailer and seeing our text exchange 676 00:33:46,040 --> 00:33:48,800 Speaker 2: and stuff like that, I sort of it just doesn't 677 00:33:48,840 --> 00:33:51,040 Speaker 2: feel real to me. I guess I pinched myself. And 678 00:33:51,080 --> 00:33:53,280 Speaker 2: they played it in the stadium, the sold out crowd, 679 00:33:53,360 --> 00:33:56,120 Speaker 2: We played the waves, and they've played it a few times, 680 00:33:56,200 --> 00:33:58,720 Speaker 2: and I just sort of the first time I've stopped 681 00:33:58,960 --> 00:34:02,760 Speaker 2: and just watched it in this pack stadium, and I 682 00:34:02,800 --> 00:34:05,000 Speaker 2: don't know how to explain it. I think last year 683 00:34:05,640 --> 00:34:08,759 Speaker 2: I didn't really stop and allow myself to feel just 684 00:34:08,880 --> 00:34:12,960 Speaker 2: preasent and proud. I think I was nervous, what this 685 00:34:13,120 --> 00:34:15,640 Speaker 2: is too good to be true? I just I feel 686 00:34:15,760 --> 00:34:17,680 Speaker 2: very proud of what we've done, and I know things 687 00:34:17,680 --> 00:34:19,920 Speaker 2: will go right and wrong. I sort of joke around that, 688 00:34:20,160 --> 00:34:22,799 Speaker 2: you know, in my eighties, if something isn't going right, 689 00:34:22,880 --> 00:34:26,120 Speaker 2: I'd be back in there, you know, kind of you know, 690 00:34:26,440 --> 00:34:29,800 Speaker 2: like rolling up much leaves with not much turtleneck. But 691 00:34:30,080 --> 00:34:30,960 Speaker 2: you know, whatever it is. 692 00:34:31,560 --> 00:34:34,759 Speaker 4: It's funny, she's so Cutey's nervous now, but like give 693 00:34:34,800 --> 00:34:36,680 Speaker 4: her a few years and she's gonna be like that Julia. 694 00:34:36,800 --> 00:34:38,640 Speaker 4: It's like, why isn't she running down the field. 695 00:34:39,040 --> 00:34:44,320 Speaker 2: Ah? Well, Fortunately I stay exclusively on the business side. 696 00:34:44,360 --> 00:34:46,600 Speaker 2: So if you want to talk about the holding mid 697 00:34:47,719 --> 00:34:50,239 Speaker 2: and and you know what one needs to do in 698 00:34:50,320 --> 00:34:53,600 Speaker 2: that sixth lot, we can do it. But I truly, 699 00:34:54,640 --> 00:34:57,120 Speaker 2: you know, I think my role in sports is the 700 00:34:57,239 --> 00:35:00,680 Speaker 2: building the cap table. It's building the revenue dreams, it's 701 00:35:01,160 --> 00:35:03,120 Speaker 2: all that sexy stuff. But then I think it is 702 00:35:03,200 --> 00:35:05,760 Speaker 2: bringing people over from tech and media and men sports 703 00:35:05,840 --> 00:35:08,040 Speaker 2: and giving them someone they want to walk with and 704 00:35:08,040 --> 00:35:10,840 Speaker 2: would enjoy talking to you every day. And that's I 705 00:35:11,000 --> 00:35:13,080 Speaker 2: leave I leave. I mean, I can definitely tell you 706 00:35:13,200 --> 00:35:16,040 Speaker 2: how amazing Julia Arts is because she is that's not 707 00:35:16,160 --> 00:35:20,200 Speaker 2: a human being in every way like cursition smiss on 708 00:35:20,320 --> 00:35:23,040 Speaker 2: the field amazing. But I also had nothing to do 709 00:35:23,160 --> 00:35:26,040 Speaker 2: with it. So give all the credit to Angela who 710 00:35:26,080 --> 00:35:28,719 Speaker 2: runs sporting and FORER coach and Julia Orman on that one. 711 00:35:28,800 --> 00:35:32,000 Speaker 1: But what you drove, of course, is the formation of 712 00:35:32,080 --> 00:35:35,520 Speaker 1: this team and bringing in investors. And they're, as you mentioned, 713 00:35:35,640 --> 00:35:38,799 Speaker 1: so many prominent investors. I imagine that at some point 714 00:35:39,880 --> 00:35:41,600 Speaker 1: you were you were kind of good, You're like, Okay, 715 00:35:41,719 --> 00:35:44,279 Speaker 1: we we have enough of what we need. What does 716 00:35:44,320 --> 00:35:47,160 Speaker 1: the success of Angel City mean when it comes to 717 00:35:47,560 --> 00:35:51,200 Speaker 1: new franchises, because there are reports of UH teams starting 718 00:35:51,239 --> 00:35:53,600 Speaker 1: in Boston or the Bay Area. I mean, are some 719 00:35:53,760 --> 00:35:55,920 Speaker 1: of the people who might have been interested in investing 720 00:35:55,960 --> 00:35:59,240 Speaker 1: in Angel City FC now looking to a team in Boston, 721 00:35:59,360 --> 00:36:01,080 Speaker 1: a team in San Francisco or Oakland? 722 00:36:01,320 --> 00:36:03,360 Speaker 2: Yeah? I mean, my favorite quote from high school is 723 00:36:03,760 --> 00:36:05,719 Speaker 2: if I am seeing something like if I can see 724 00:36:05,760 --> 00:36:08,239 Speaker 2: further than others, it is only because I'm standing on 725 00:36:08,280 --> 00:36:10,920 Speaker 2: the shoulders of giants, and I sort of That's the 726 00:36:10,960 --> 00:36:13,640 Speaker 2: way I look at women's sports. Women's soccer, women's basketball, 727 00:36:13,719 --> 00:36:16,879 Speaker 2: women's cricket, rugby racing. You know, you've the ninety nine 728 00:36:17,000 --> 00:36:21,239 Speaker 2: ers who inspired three leagues, and then finally the NWSL, 729 00:36:21,280 --> 00:36:23,719 Speaker 2: which is the league right led by Jess Berman. And 730 00:36:23,760 --> 00:36:26,160 Speaker 2: then you had the Portland Thorns, and they, you know, 731 00:36:26,840 --> 00:36:29,000 Speaker 2: had the Portland Thorns are the ones who kind of 732 00:36:29,400 --> 00:36:31,279 Speaker 2: rolled out the red carpet for us, showed us what 733 00:36:31,400 --> 00:36:33,919 Speaker 2: a pack stadium looks like, how to build a supporters group. 734 00:36:33,960 --> 00:36:37,600 Speaker 2: We went and then studied everyone, the Founders, Barcelona, everyone, 735 00:36:38,440 --> 00:36:40,520 Speaker 2: And so when we were coming in, we had one 736 00:36:40,600 --> 00:36:43,120 Speaker 2: team to look at. Now you have multiple teams to 737 00:36:43,200 --> 00:36:46,359 Speaker 2: look at. You have dozens and dozens of We were 738 00:36:46,400 --> 00:36:49,640 Speaker 2: a single bit. Kansas City came in for a bunch 739 00:36:49,680 --> 00:36:51,200 Speaker 2: of reasons. But I got a phone call the day 740 00:36:51,239 --> 00:36:53,600 Speaker 2: we announced from my college friend to Aie Long you 741 00:36:53,640 --> 00:36:54,920 Speaker 2: know that I always say, it's the first time the 742 00:36:54,960 --> 00:36:58,000 Speaker 2: all girls all the old girls network works for me. 743 00:36:58,120 --> 00:37:02,800 Speaker 2: And she called me up and used my nicknames and said, hey, Nordy, 744 00:37:02,880 --> 00:37:04,680 Speaker 2: how do you do this and how do I do this? 745 00:37:04,840 --> 00:37:06,680 Speaker 2: And I said, well, let me do for you what 746 00:37:06,800 --> 00:37:09,400 Speaker 2: Portland did for us, And we gave her our model 747 00:37:09,400 --> 00:37:10,959 Speaker 2: and I introduced to people I got on the phone 748 00:37:11,000 --> 00:37:13,000 Speaker 2: and I put her in touch with Julie and then 749 00:37:13,040 --> 00:37:15,319 Speaker 2: they were ready for when Salt Lake was selling their 750 00:37:15,360 --> 00:37:17,879 Speaker 2: franchise and they bought it for twice the price of ours, 751 00:37:17,880 --> 00:37:19,960 Speaker 2: and I thought it was a crazy price. Well we're 752 00:37:20,000 --> 00:37:22,520 Speaker 2: now at ten x that price, you know, And it 753 00:37:22,640 --> 00:37:25,080 Speaker 2: is why I couldn't. I sort of call it my 754 00:37:25,160 --> 00:37:29,200 Speaker 2: Jerry Maguire moment where I realized I needed to leave, 755 00:37:29,440 --> 00:37:33,399 Speaker 2: you know, tech Venture and dedicate my life to kind 756 00:37:33,440 --> 00:37:37,399 Speaker 2: of repeating Angel City models and investing in women's sports 757 00:37:37,440 --> 00:37:40,680 Speaker 2: teams in leagues and rights around the world, because I 758 00:37:40,760 --> 00:37:43,880 Speaker 2: think the NWSL and leagues around the world will be 759 00:37:43,920 --> 00:37:47,760 Speaker 2: strong when when every team is packing stadiums and anything 760 00:37:47,840 --> 00:37:52,000 Speaker 2: I can do to capitalize that. And there's capital available 761 00:37:52,160 --> 00:37:55,359 Speaker 2: now right, there's a lot more people interested, But how 762 00:37:55,440 --> 00:37:57,520 Speaker 2: do you build that syndicate to get the talent in 763 00:37:57,800 --> 00:38:01,680 Speaker 2: and pack the stadiums and figure out all the multifaceted 764 00:38:01,800 --> 00:38:04,239 Speaker 2: components that get people that want to show up and 765 00:38:04,320 --> 00:38:06,520 Speaker 2: keep showing up, and then innovator around the model, like 766 00:38:07,160 --> 00:38:09,480 Speaker 2: that's what we're doing with Monarch in a very hands on, 767 00:38:09,800 --> 00:38:13,680 Speaker 2: concentrated way, so we can show Angel City type things 768 00:38:13,760 --> 00:38:16,200 Speaker 2: can be replicated multiple times. And my partner did it 769 00:38:16,280 --> 00:38:19,600 Speaker 2: at the Niners in almost every operational role when they 770 00:38:19,640 --> 00:38:22,799 Speaker 2: were moving from Candlestick to Levis And so we look 771 00:38:22,840 --> 00:38:25,399 Speaker 2: at men's sports too, you know. And so I think 772 00:38:25,440 --> 00:38:28,080 Speaker 2: it's just the beginning for women's sports, and there's a 773 00:38:28,160 --> 00:38:30,200 Speaker 2: lot of purposeful work to do, probably for the rest 774 00:38:30,239 --> 00:38:32,160 Speaker 2: of our lives and men's Kara. 775 00:38:32,480 --> 00:38:34,400 Speaker 4: So much fun having you. Thank you so much for 776 00:38:34,480 --> 00:38:36,160 Speaker 4: joining us here on the Bloomberg Business of Sports. 777 00:38:36,520 --> 00:38:38,520 Speaker 2: Thank you guys, it's such a pleasure to be here. 778 00:38:38,800 --> 00:38:40,080 Speaker 2: Let your work appreciate it. 779 00:38:40,360 --> 00:38:42,279 Speaker 1: Thank you so much for joining us. Tune in again 780 00:38:42,400 --> 00:38:44,520 Speaker 1: next week for the latest on the stories moving big 781 00:38:44,600 --> 00:38:47,600 Speaker 1: money in sports. You're listening to Bloomberg Business of Sports 782 00:38:47,640 --> 00:38:48,520 Speaker 1: from Bloomberg Radio.