1 00:00:00,760 --> 00:00:02,840 Speaker 1: This is the Business of Sports. 2 00:00:02,840 --> 00:00:06,240 Speaker 2: Sports are the greatest unscripted show owner. 3 00:00:06,120 --> 00:00:08,240 Speaker 3: The next generation of players who really grew up with 4 00:00:08,320 --> 00:00:09,600 Speaker 3: tech and believe in tech. 5 00:00:09,720 --> 00:00:12,000 Speaker 1: Your face is your ticket, your face is your wallet, 6 00:00:12,039 --> 00:00:14,239 Speaker 1: Your face is your access to a club. These are 7 00:00:14,280 --> 00:00:17,560 Speaker 1: such iconic and important buildings for businesses. 8 00:00:17,720 --> 00:00:20,160 Speaker 3: For fans, COVID was one of the best things that 9 00:00:20,200 --> 00:00:21,280 Speaker 3: ever happened to golf. 10 00:00:21,320 --> 00:00:23,360 Speaker 4: The NFL is a bulletproof business. 11 00:00:23,440 --> 00:00:26,079 Speaker 1: Racing is unique because there is absolutely no reason why 12 00:00:26,079 --> 00:00:27,280 Speaker 1: we can't compete with the guy if. 13 00:00:27,240 --> 00:00:28,360 Speaker 4: Wall it's pro pickaball real. 14 00:00:28,480 --> 00:00:30,640 Speaker 1: Are people really going to tune into this? If you're 15 00:00:30,680 --> 00:00:33,360 Speaker 1: playing moneyball with a huge bag of money, you're going 16 00:00:33,440 --> 00:00:34,400 Speaker 1: to be really, really good. 17 00:00:34,479 --> 00:00:37,600 Speaker 3: Bloomberg Business of Sports from Bloomberg Radio. 18 00:00:38,600 --> 00:00:41,440 Speaker 4: This is love Bloomberg Business of Sports. We explore the 19 00:00:41,440 --> 00:00:44,120 Speaker 4: big money issues in the world of sports. I'm Michael Barr, 20 00:00:44,440 --> 00:00:48,160 Speaker 4: Damien Sas Hour is off this week. Vanessa Perdomo, we'll 21 00:00:48,200 --> 00:00:50,720 Speaker 4: be joining us later on in the show. Coming up, 22 00:00:50,760 --> 00:00:53,640 Speaker 4: we'll talk some golf with the founder of the Big 23 00:00:53,760 --> 00:00:58,200 Speaker 4: Daddy Celebrity Golf Classic, Rich Big Daddy himself Sell Gatto. 24 00:00:58,600 --> 00:01:02,160 Speaker 4: It's an annual golf tournament that brings together celebrities, athletes, 25 00:01:02,320 --> 00:01:06,480 Speaker 4: and others in partnership with Tunnels to Towers Foundation to 26 00:01:06,560 --> 00:01:10,400 Speaker 4: raise money and awareness for military families and first responders. 27 00:01:10,640 --> 00:01:14,319 Speaker 3: One of the things that's really really fascinating is that 28 00:01:15,200 --> 00:01:21,399 Speaker 3: ninety three to ninety five percent of every dollar that 29 00:01:21,480 --> 00:01:24,200 Speaker 3: they've raised goes to the charity. 30 00:01:24,520 --> 00:01:25,880 Speaker 5: I mean, that's unheard of. 31 00:01:26,120 --> 00:01:29,840 Speaker 4: Plus, we'll also talk about how the PGA Tour is 32 00:01:29,920 --> 00:01:32,720 Speaker 4: making its way back to one of President Trump's golf 33 00:01:32,720 --> 00:01:35,600 Speaker 4: courses for the first time in about a decade. All 34 00:01:35,720 --> 00:01:38,759 Speaker 4: that is on the way on the Bloomberg Business of Sports. 35 00:01:38,880 --> 00:01:42,639 Speaker 4: But first, we've seen a lot of players lately get 36 00:01:42,680 --> 00:01:46,280 Speaker 4: in trouble for betting, and as sports betting continues to grow, 37 00:01:46,400 --> 00:01:49,040 Speaker 4: it's a problem that is not likely to go away. 38 00:01:49,360 --> 00:01:53,720 Speaker 4: Bloomberg News Global Business Sports reporter Iira Boudue has done 39 00:01:53,760 --> 00:01:56,240 Speaker 4: a lot of reporting on this and he is here 40 00:01:56,320 --> 00:01:58,720 Speaker 4: now to break it all down. Iira, welcome back to 41 00:01:58,760 --> 00:02:00,320 Speaker 4: the Bloomberg Business of Sports. 42 00:02:00,600 --> 00:02:01,040 Speaker 5: Thank you. 43 00:02:01,840 --> 00:02:07,080 Speaker 4: This is a very serious article and you wrote it. 44 00:02:07,080 --> 00:02:11,000 Speaker 4: It's about the leagues are struggling to deal with player 45 00:02:11,320 --> 00:02:18,400 Speaker 4: prop wagers in sports, and it's very serious because it 46 00:02:18,520 --> 00:02:22,840 Speaker 4: involves several players and especially one two of them recently 47 00:02:23,400 --> 00:02:27,320 Speaker 4: with the Cleveland Guardians. The pitchers tell us more about that. 48 00:02:27,560 --> 00:02:31,400 Speaker 1: Yeah, you've had two pitchers placed on leave. First was 49 00:02:31,480 --> 00:02:34,880 Speaker 1: Louis Ortiz, the starter, and then Emmanuel Classe, the closer. 50 00:02:35,080 --> 00:02:39,400 Speaker 1: And in the case of Ortiz, it was reported by 51 00:02:39,639 --> 00:02:42,960 Speaker 1: ESPN that a couple of pitches that he'd thrown had 52 00:02:42,960 --> 00:02:45,919 Speaker 1: been flagged by one of these monitoring agencies called IC 53 00:02:46,080 --> 00:02:49,760 Speaker 1: three sixty. They monitor the betting markets for suspicious activity, 54 00:02:50,240 --> 00:02:53,000 Speaker 1: and they saw that there was some unusual betting. I 55 00:02:53,040 --> 00:02:56,000 Speaker 1: would assume on pitches he'd thrown where it was the 56 00:02:56,040 --> 00:02:57,919 Speaker 1: first pitch of an inning and it was a ball, 57 00:02:58,480 --> 00:03:00,720 Speaker 1: and you can bet on that the first pitch of 58 00:03:00,720 --> 00:03:03,560 Speaker 1: an inning will be a ball or a strike. And 59 00:03:03,639 --> 00:03:07,200 Speaker 1: then we don't know really the details of why Class 60 00:03:07,480 --> 00:03:11,280 Speaker 1: was subsequently also placed on leave, but people went digging 61 00:03:11,280 --> 00:03:14,040 Speaker 1: through his stats and they saw that this year, his 62 00:03:14,200 --> 00:03:16,480 Speaker 1: first pitch of the ninth when he comes in typically 63 00:03:16,520 --> 00:03:19,520 Speaker 1: as a closer closer, it has been what they call 64 00:03:19,560 --> 00:03:22,320 Speaker 1: a wast pitch, which means not close to the strike 65 00:03:22,400 --> 00:03:27,080 Speaker 1: zone a really high rate, unusual for him, and so 66 00:03:27,120 --> 00:03:29,800 Speaker 1: people were speculating that that's what's going on. We're going 67 00:03:29,840 --> 00:03:33,560 Speaker 1: to find out. It's an ongoing investigation, but it brings 68 00:03:33,720 --> 00:03:36,520 Speaker 1: to light a real issue for leagues, which is that 69 00:03:36,720 --> 00:03:39,200 Speaker 1: when you have these prop bets, and when these prop 70 00:03:39,240 --> 00:03:42,160 Speaker 1: bets are on things as small as a single pitch, 71 00:03:42,920 --> 00:03:46,480 Speaker 1: it's an increased integrity risk. That's a really tempting and 72 00:03:46,640 --> 00:03:49,840 Speaker 1: easy thing to throw. It's not the same as like 73 00:03:49,880 --> 00:03:52,280 Speaker 1: we're going to lose this game on purpose, right, that's 74 00:03:52,320 --> 00:03:56,080 Speaker 1: a card conspiracy to execute. This is one guy. Somebody 75 00:03:56,080 --> 00:03:58,000 Speaker 1: says to him, Hey, just waste your first pitch of 76 00:03:58,080 --> 00:04:00,800 Speaker 1: the inning. No one will notice. We'll put some money 77 00:04:00,800 --> 00:04:03,200 Speaker 1: on that. We all make a little bit, no problem, 78 00:04:03,200 --> 00:04:05,760 Speaker 1: we move on with our lives. But as it turns out, 79 00:04:05,800 --> 00:04:09,200 Speaker 1: and as I argue in this piece, like players don't realize, 80 00:04:09,200 --> 00:04:12,120 Speaker 1: I think that you're going to get caught trying to 81 00:04:12,160 --> 00:04:15,280 Speaker 1: do that. Yeah, So, and the leagues need to figure 82 00:04:15,280 --> 00:04:16,080 Speaker 1: out what to do about it. 83 00:04:16,240 --> 00:04:21,000 Speaker 4: Adam Silver, NBA commissioner, wrote years ago that listen, we're 84 00:04:21,040 --> 00:04:23,640 Speaker 4: going to have gambling. You know, it doesn't make a 85 00:04:23,640 --> 00:04:26,719 Speaker 4: difference where it's going to come from. It's going to happen. 86 00:04:27,200 --> 00:04:33,200 Speaker 4: So he was a supporter of legalizing online gambling, and 87 00:04:33,240 --> 00:04:38,040 Speaker 4: then later on you get the problems with porter and 88 00:04:38,080 --> 00:04:43,080 Speaker 4: everything going down. What I wonder now is we're not 89 00:04:43,200 --> 00:04:46,560 Speaker 4: and by the way, you know we're not talking about okay, 90 00:04:46,760 --> 00:04:50,799 Speaker 4: is this kicker going to you know, kick a fifty 91 00:04:50,800 --> 00:04:54,640 Speaker 4: plus yard field goal or something like that. We're talking about. 92 00:04:54,960 --> 00:04:58,919 Speaker 4: I mean, you can see it if you are really 93 00:04:58,960 --> 00:05:03,720 Speaker 4: paying attention as a fan. And I just wonder, now, 94 00:05:03,880 --> 00:05:06,919 Speaker 4: why has it taken this long for something like this 95 00:05:07,040 --> 00:05:07,680 Speaker 4: to catch up? 96 00:05:08,279 --> 00:05:10,839 Speaker 1: Yeah, I mean I think you have seen. You're right, So, 97 00:05:10,920 --> 00:05:13,400 Speaker 1: Adam Silver that was a sea change twenty fourteen, he said, 98 00:05:13,440 --> 00:05:16,360 Speaker 1: I'd like to legalize this then, because and the argument 99 00:05:16,360 --> 00:05:19,440 Speaker 1: has always been that if this is in the light, 100 00:05:19,440 --> 00:05:21,560 Speaker 1: people are gonna bet, people are gonna gamble on sports. 101 00:05:22,320 --> 00:05:24,400 Speaker 1: If you do it in a regulated market, you have 102 00:05:24,480 --> 00:05:28,240 Speaker 1: more visibility. The rules basically are that all of these DraftKings, 103 00:05:28,279 --> 00:05:31,040 Speaker 1: FANDLED they have to share information about what's going on 104 00:05:31,560 --> 00:05:35,960 Speaker 1: and flag suspicious things to these groups like IC three 105 00:05:36,080 --> 00:05:37,919 Speaker 1: sixty as a company that basically what it does is 106 00:05:37,960 --> 00:05:41,480 Speaker 1: monitor markets, and they by rule have to talk to 107 00:05:41,520 --> 00:05:43,960 Speaker 1: the regulators and to the monitors about what's going on 108 00:05:44,000 --> 00:05:46,000 Speaker 1: in their markets in a way that an offshore book 109 00:05:46,320 --> 00:05:49,400 Speaker 1: or a corner bookie is not going to do. And 110 00:05:49,480 --> 00:05:52,120 Speaker 1: so I think the argument is, look, we're catching it 111 00:05:52,160 --> 00:05:55,240 Speaker 1: now because it's that in the open, we can see 112 00:05:55,240 --> 00:05:57,760 Speaker 1: into it. And so yeah, you're hearing about it, but like, 113 00:05:58,120 --> 00:06:00,200 Speaker 1: it's better this than it happening in the shadow and 114 00:06:00,200 --> 00:06:02,520 Speaker 1: you don't even know until it erupts in a big way. 115 00:06:02,960 --> 00:06:06,120 Speaker 4: And the tip off you mentioned also one of the 116 00:06:06,240 --> 00:06:08,960 Speaker 4: several tip offs, was that all of a sudden, and 117 00:06:09,000 --> 00:06:11,440 Speaker 4: I believe it was Louis Ortiz, all of a sudden, 118 00:06:11,440 --> 00:06:15,599 Speaker 4: you get this action on the bets that hey, he's 119 00:06:15,960 --> 00:06:18,600 Speaker 4: gonna go outside and this and that whatever. It's like, well, 120 00:06:18,600 --> 00:06:20,920 Speaker 4: wait a minute, that didn't make any sense. 121 00:06:21,080 --> 00:06:24,240 Speaker 1: That's what usually where it begins. It's not somebody's watching 122 00:06:24,240 --> 00:06:26,040 Speaker 1: that game and goes, why did Ortiz throw a ball? 123 00:06:26,040 --> 00:06:30,159 Speaker 1: Because you wouldn't think twice. What happens is somebody's watching 124 00:06:30,200 --> 00:06:33,200 Speaker 1: the markets, whether that's one of the betting houses, and 125 00:06:33,240 --> 00:06:34,960 Speaker 1: they go, what the heck is so much action on 126 00:06:35,120 --> 00:06:39,479 Speaker 1: orties first pitch twice? Now this has happened, and they 127 00:06:39,600 --> 00:06:41,839 Speaker 1: might flag it to the monitors and say, hey, we're 128 00:06:41,839 --> 00:06:44,560 Speaker 1: seeing weird action on this, or the monitors might sit 129 00:06:44,600 --> 00:06:47,279 Speaker 1: there and look and go seeing a lot of bets 130 00:06:47,320 --> 00:06:49,960 Speaker 1: a lot of lines are moving strangely for no reason 131 00:06:50,279 --> 00:06:52,520 Speaker 1: on this or that game that we can discern. There's 132 00:06:52,560 --> 00:06:55,159 Speaker 1: no injury, there's no weather change, there's nothing that's changed 133 00:06:55,160 --> 00:06:58,360 Speaker 1: but suddenly, and that's what their business is. And then 134 00:06:58,360 --> 00:07:00,719 Speaker 1: they go from there and they unravel there is something 135 00:07:00,839 --> 00:07:05,400 Speaker 1: or not, and I think players don't necessarily know. I 136 00:07:05,400 --> 00:07:07,360 Speaker 1: think the leagues need to do a better job explaining 137 00:07:07,400 --> 00:07:10,840 Speaker 1: to them that that's happening. That if you're John tay Porter, 138 00:07:10,880 --> 00:07:12,600 Speaker 1: you think you're going to get away with this, and 139 00:07:12,600 --> 00:07:14,520 Speaker 1: that you can you know he had gambling, That's he 140 00:07:14,560 --> 00:07:17,840 Speaker 1: said when he played guilty, Like you could go and 141 00:07:18,520 --> 00:07:20,840 Speaker 1: pay your debts off easily by just checking out of 142 00:07:20,880 --> 00:07:23,080 Speaker 1: a game a few minutes early. Why wouldn't you write 143 00:07:23,920 --> 00:07:26,040 Speaker 1: If you know that there's somebody sitting there at a 144 00:07:26,040 --> 00:07:29,200 Speaker 1: computer who's going to see that action and raise a flag, 145 00:07:29,680 --> 00:07:32,120 Speaker 1: maybe you don't do it. And so I think they 146 00:07:32,280 --> 00:07:34,760 Speaker 1: I know the leagues are trying and they have outreached. 147 00:07:34,760 --> 00:07:37,520 Speaker 1: They post the gambling rules in their clubhouses and locker rooms. 148 00:07:37,840 --> 00:07:41,200 Speaker 1: They have mandatory sessions where the players have to learn 149 00:07:41,680 --> 00:07:44,640 Speaker 1: about like the risks and best practices. But I think 150 00:07:44,720 --> 00:07:46,760 Speaker 1: they need to figure out a way to bring in 151 00:07:47,560 --> 00:07:49,360 Speaker 1: people to say here's how we're going to catch you, 152 00:07:49,760 --> 00:07:52,400 Speaker 1: to bring in players who have gotten caught, say, man, 153 00:07:52,480 --> 00:07:53,520 Speaker 1: I wish i'd never done this. 154 00:07:53,560 --> 00:07:54,400 Speaker 5: That was stupid. 155 00:07:54,840 --> 00:07:57,560 Speaker 1: And to bring in potentially people who are into match 156 00:07:57,600 --> 00:07:59,880 Speaker 1: fixing and say here's how I'm going to get my 157 00:08:00,120 --> 00:08:02,960 Speaker 1: hooks into you right here. So I'm going to kind 158 00:08:02,960 --> 00:08:06,080 Speaker 1: of get you kind of in my debt right and 159 00:08:06,120 --> 00:08:08,280 Speaker 1: then I'm going to say, hey, you want to settle 160 00:08:08,320 --> 00:08:10,640 Speaker 1: that up, just here's a little favor you can do 161 00:08:10,720 --> 00:08:13,320 Speaker 1: for me. I think that kind of education, now that 162 00:08:13,440 --> 00:08:17,680 Speaker 1: the gambling is so widespread, is so easy. I think 163 00:08:17,680 --> 00:08:20,559 Speaker 1: they're going to need to figure out how to educate 164 00:08:20,560 --> 00:08:23,320 Speaker 1: their players better, you know, or they're going to continue 165 00:08:23,320 --> 00:08:26,760 Speaker 1: to see events like this that make fans not trust 166 00:08:26,840 --> 00:08:27,480 Speaker 1: what they're watching. 167 00:08:27,680 --> 00:08:29,080 Speaker 4: Now, I'm going to go a little bit off the 168 00:08:29,080 --> 00:08:31,920 Speaker 4: board here, but this is a story that broke as 169 00:08:31,960 --> 00:08:36,719 Speaker 4: we were doing this interview, India's government introduced a parliamentary 170 00:08:36,760 --> 00:08:41,800 Speaker 4: bill a band online gambling, citing concerns over addiction, financial harm, 171 00:08:42,160 --> 00:08:48,520 Speaker 4: potential links to money laundering and terrorism financing and that part. 172 00:08:48,559 --> 00:08:51,560 Speaker 4: And already it's been established, you know, because they have 173 00:08:51,679 --> 00:08:55,840 Speaker 4: the pokers set up and cricket apps. I mean, my goodness, 174 00:08:55,840 --> 00:09:01,040 Speaker 4: the fantasy cricket apps are wild. So question now is 175 00:09:02,080 --> 00:09:06,160 Speaker 4: if this passes in India, is this going to be 176 00:09:06,200 --> 00:09:11,920 Speaker 4: the reverse of online gaming across many countries here, including 177 00:09:11,920 --> 00:09:12,480 Speaker 4: the US. 178 00:09:13,120 --> 00:09:13,400 Speaker 5: Yeah. 179 00:09:13,440 --> 00:09:17,520 Speaker 1: I mean the US is an interesting place because it's 180 00:09:17,679 --> 00:09:20,920 Speaker 1: state by state. The rules are managed at a state 181 00:09:20,920 --> 00:09:24,520 Speaker 1: by state level. What we have seen is the slow 182 00:09:24,679 --> 00:09:28,560 Speaker 1: down of the rollout Texas, California, these big states that 183 00:09:28,960 --> 00:09:32,240 Speaker 1: they want to get into those markets, the sports betting 184 00:09:32,240 --> 00:09:35,400 Speaker 1: operators do, and they haven't yet, right, And I think 185 00:09:35,400 --> 00:09:38,960 Speaker 1: there's increasing resistance and a desire to stiffen the rules. 186 00:09:38,960 --> 00:09:41,839 Speaker 1: A bit of a backlash, I would say, happening partly 187 00:09:41,880 --> 00:09:44,120 Speaker 1: around some of these instances of corruption that we're talking 188 00:09:44,200 --> 00:09:48,240 Speaker 1: about coming to light. I also think the addiction, right, 189 00:09:48,280 --> 00:09:51,040 Speaker 1: the social costs are becoming more real. I think now 190 00:09:51,120 --> 00:09:55,600 Speaker 1: that not only is legalization changing, you know how easy 191 00:09:55,640 --> 00:09:58,520 Speaker 1: this is to do, but the smartphone, let's just put 192 00:09:58,520 --> 00:10:00,640 Speaker 1: it in your pocket in a way that is for 193 00:10:00,840 --> 00:10:05,320 Speaker 1: people who struggle with this kind of thing is incredibly difficult, 194 00:10:05,440 --> 00:10:08,959 Speaker 1: right to not slip into addiction. When you've got it 195 00:10:09,000 --> 00:10:10,840 Speaker 1: in your pocket, you can do whenever you want there's 196 00:10:10,880 --> 00:10:13,439 Speaker 1: always a market on something, and in many cases, the 197 00:10:13,480 --> 00:10:16,880 Speaker 1: sports books are kind of leading you along. They're saying, hey, 198 00:10:16,960 --> 00:10:19,920 Speaker 1: here's five hundred free bets. Hey, we noticed you haven't 199 00:10:19,920 --> 00:10:21,520 Speaker 1: bet in a while. Here, let me give you some 200 00:10:21,600 --> 00:10:25,360 Speaker 1: extra juice on this or that bet. Right, this is 201 00:10:25,440 --> 00:10:26,960 Speaker 1: there's a real cost of that. And there's been some 202 00:10:27,040 --> 00:10:30,520 Speaker 1: interesting research lately in the US about kind of where 203 00:10:30,559 --> 00:10:33,400 Speaker 1: states that have sports betting versus those that don't, the 204 00:10:33,480 --> 00:10:36,360 Speaker 1: kind of damage to people's personal finance that's happening. So 205 00:10:36,800 --> 00:10:39,679 Speaker 1: I do think there's a bit of a reconsideration happening 206 00:10:39,679 --> 00:10:42,679 Speaker 1: now that you know, we're seven years on from the 207 00:10:42,720 --> 00:10:45,240 Speaker 1: Supreme Court ruling that opened the way for more states 208 00:10:45,240 --> 00:10:49,160 Speaker 1: to legalize sports betting. I think we're seeing some questions 209 00:10:49,160 --> 00:10:52,280 Speaker 1: about like where do the guardrails need to be, and 210 00:10:52,360 --> 00:10:54,640 Speaker 1: are they strict enough the way we have them now. 211 00:10:54,679 --> 00:10:57,000 Speaker 1: I don't think you're going to see like a full 212 00:10:57,040 --> 00:11:01,600 Speaker 1: on federal prohibition going backwards. That would surprise me. 213 00:11:02,000 --> 00:11:03,440 Speaker 4: And I want to expand more and then I know 214 00:11:03,480 --> 00:11:06,200 Speaker 4: we're running out of time. But back in the day, 215 00:11:06,400 --> 00:11:09,280 Speaker 4: you wanted to place a bet, you had to get dressed, 216 00:11:09,320 --> 00:11:12,080 Speaker 4: you had to go to the casino, In fact, before 217 00:11:12,080 --> 00:11:15,559 Speaker 4: you had casinos even pot up, I'm talking about land casinos, 218 00:11:15,800 --> 00:11:18,200 Speaker 4: you had to go to Vegas or Atlantic City if 219 00:11:18,200 --> 00:11:20,800 Speaker 4: you wanted to place a bet. Now you then came 220 00:11:20,920 --> 00:11:25,560 Speaker 4: the building casinos, and then came online betting, and now 221 00:11:25,800 --> 00:11:29,040 Speaker 4: you can bet in your pajamas with just a phone. 222 00:11:29,760 --> 00:11:34,800 Speaker 4: And especially to the younger people out there who are 223 00:11:34,880 --> 00:11:41,200 Speaker 4: doing this, please use some common sense, folks, because it's 224 00:11:41,600 --> 00:11:44,600 Speaker 4: in older people the same way too, because it can 225 00:11:44,720 --> 00:11:46,120 Speaker 4: destroy you if you don't pay attention. 226 00:11:46,240 --> 00:11:48,240 Speaker 1: Yeah, I think you're very right. Good point that you 227 00:11:48,320 --> 00:11:50,840 Speaker 1: make that, Like there used to be more friction. You 228 00:11:50,920 --> 00:11:53,440 Speaker 1: either had to get yourself to a casino or maybe 229 00:11:53,480 --> 00:11:55,480 Speaker 1: you had to go talk to a bookie who would 230 00:11:55,559 --> 00:11:57,720 Speaker 1: you know, maybe rough you up if you didn't pay. Like, 231 00:11:57,760 --> 00:11:59,920 Speaker 1: there was some risks, there was things you had to do. 232 00:12:00,040 --> 00:12:03,200 Speaker 1: There were barriers to doing this. It wasn't just click 233 00:12:03,240 --> 00:12:06,439 Speaker 1: click click, And I think we're finding out that when 234 00:12:06,480 --> 00:12:08,920 Speaker 1: it's that easy, you know, there's a little bit more 235 00:12:08,960 --> 00:12:12,440 Speaker 1: of an issue with addiction. So you know, it's a 236 00:12:12,440 --> 00:12:15,200 Speaker 1: lot of I think interesting questions that regulators are going 237 00:12:15,280 --> 00:12:17,040 Speaker 1: to have to wrestle with and leagues are going to 238 00:12:17,080 --> 00:12:18,760 Speaker 1: have to wrestle with in the year's aad. 239 00:12:19,080 --> 00:12:22,640 Speaker 4: Our thanks to Bloomberg News Global Business sports reporter and 240 00:12:22,960 --> 00:12:25,680 Speaker 4: friend of the show, I reboil It for joining us. 241 00:12:26,040 --> 00:12:29,199 Speaker 4: Check out his latest work. Leagues are struggling to deal 242 00:12:29,320 --> 00:12:34,280 Speaker 4: with a certain type of sports betting, featuring in Bloomberg Business. 243 00:12:34,360 --> 00:12:36,679 Speaker 4: Up next, we turn to golf and how the PGA 244 00:12:36,840 --> 00:12:39,959 Speaker 4: Tour is heading back to one of President Trump's courses. 245 00:12:40,240 --> 00:12:43,720 Speaker 4: I'm Michael Barr. You are listening to the Bloomberg Business 246 00:12:43,720 --> 00:12:46,760 Speaker 4: of Sports from Bloomberg Radio around the world. 247 00:12:50,960 --> 00:12:54,960 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 248 00:12:56,240 --> 00:12:58,760 Speaker 4: This is the Bloomberg Business of Sports where we explore 249 00:12:58,760 --> 00:13:01,520 Speaker 4: the big money issues in the world sports. Michael Barr, 250 00:13:01,559 --> 00:13:05,040 Speaker 4: along with Vanessa Perdomo Damian sas Hour is off this week. 251 00:13:05,320 --> 00:13:07,840 Speaker 4: For the first time in about a decade, President Donald 252 00:13:07,840 --> 00:13:11,440 Speaker 4: Trump's Miami area golf course will host the PGA Tour 253 00:13:11,480 --> 00:13:15,960 Speaker 4: in twenty twenty six. Bloomberg News Wealth reporter Annie Massa 254 00:13:16,240 --> 00:13:18,920 Speaker 4: has been following this and joins us now to talk 255 00:13:18,960 --> 00:13:22,360 Speaker 4: about it. Annie, Welcome to the Bloomberg Business of Sports. 256 00:13:22,679 --> 00:13:23,640 Speaker 2: Thanks for having me. 257 00:13:24,200 --> 00:13:28,440 Speaker 4: The I can't use the phrase the Durrell Open is 258 00:13:28,480 --> 00:13:32,040 Speaker 4: going to come back because I think it's the Miami Championship. 259 00:13:32,720 --> 00:13:36,240 Speaker 4: But you know, old geezers like me remember back in 260 00:13:36,280 --> 00:13:40,240 Speaker 4: the day when the old Darrel Open was from like 261 00:13:40,400 --> 00:13:44,800 Speaker 4: sixty two to two thousand and six. Now it's making 262 00:13:44,920 --> 00:13:50,559 Speaker 4: news again because Donald Trump, who owns the course, he 263 00:13:50,679 --> 00:13:53,560 Speaker 4: is able now to get the PGA Tour to come 264 00:13:53,640 --> 00:13:55,400 Speaker 4: back for twenty twenty six. 265 00:13:56,000 --> 00:14:00,360 Speaker 2: That's right. So the PGA Tour announced that they will 266 00:14:00,360 --> 00:14:04,760 Speaker 2: return to Trump's Durrell Resort in twenty twenty six. And 267 00:14:04,800 --> 00:14:08,440 Speaker 2: this is at the end of a decade long absence 268 00:14:08,480 --> 00:14:12,840 Speaker 2: from the course. They used to regularly hold championships there. 269 00:14:13,520 --> 00:14:16,720 Speaker 2: And it's a big deal because it's yet another mark 270 00:14:16,880 --> 00:14:21,760 Speaker 2: of company, or it's yet another mark of how different 271 00:14:21,880 --> 00:14:25,960 Speaker 2: kinds of businesses, both in sports and elsewhere, have warmed 272 00:14:26,120 --> 00:14:29,760 Speaker 2: to Trump in his second presidency and cozied back up 273 00:14:29,800 --> 00:14:33,880 Speaker 2: to him even after long absences or after stepping away. 274 00:14:34,280 --> 00:14:36,240 Speaker 6: That was what I wanted to ask you about. What 275 00:14:36,400 --> 00:14:40,000 Speaker 6: was the reason for this thull after freezing him out 276 00:14:40,080 --> 00:14:41,960 Speaker 6: for the ten years or so. 277 00:14:42,600 --> 00:14:46,480 Speaker 2: I mean, one can only guess, but he's in a position, 278 00:14:46,600 --> 00:14:49,320 Speaker 2: he's in a position of huge power now again he's 279 00:14:49,320 --> 00:14:52,560 Speaker 2: the president, and I think that it's important to recognize 280 00:14:52,560 --> 00:14:57,040 Speaker 2: that after he left office the first time, many businesses 281 00:14:58,600 --> 00:15:01,440 Speaker 2: kind of kept their distance or dropped him in some way. 282 00:15:01,960 --> 00:15:05,760 Speaker 2: So the PGA of America was slated to host an 283 00:15:05,800 --> 00:15:09,440 Speaker 2: event at a Trump property, and they walked that back 284 00:15:09,480 --> 00:15:13,440 Speaker 2: after the attack at the Capitol. And that was just 285 00:15:13,600 --> 00:15:17,040 Speaker 2: one type of business that moved away from the Trump's 286 00:15:17,040 --> 00:15:20,880 Speaker 2: and the Trump organization. We all remember that his social 287 00:15:20,920 --> 00:15:24,080 Speaker 2: media accounts were he was kind of deplatformed. This is 288 00:15:24,200 --> 00:15:26,320 Speaker 2: something he talks about a lot. So there was a 289 00:15:26,520 --> 00:15:31,560 Speaker 2: sort of corporate reaction against the Trumps in that moment. 290 00:15:31,720 --> 00:15:35,120 Speaker 2: And so to have the PGA Tour coming to Durrell 291 00:15:35,280 --> 00:15:38,760 Speaker 2: next year, it's a mark of how the PGA is 292 00:15:38,800 --> 00:15:41,440 Speaker 2: warming back up to him. Also, in the interim, you 293 00:15:41,520 --> 00:15:44,280 Speaker 2: have Lived Golf stepping into the fray. So that's a 294 00:15:44,280 --> 00:15:45,320 Speaker 2: whole other conversation. 295 00:15:45,960 --> 00:15:49,000 Speaker 4: Yes, that brings us to the next point with Live 296 00:15:49,160 --> 00:15:54,360 Speaker 4: coming in play now with this and the PGA, and 297 00:15:54,400 --> 00:15:57,760 Speaker 4: they're still trying to iron things out. It's like, can't 298 00:15:57,800 --> 00:16:02,600 Speaker 4: we all get along here? The thing now is will 299 00:16:02,680 --> 00:16:07,400 Speaker 4: we see one day the I want to clarify this 300 00:16:08,480 --> 00:16:13,480 Speaker 4: Durrell where Trump owns mister Trump. Will we see Live 301 00:16:13,680 --> 00:16:16,320 Speaker 4: come play? At Durrell, So. 302 00:16:16,320 --> 00:16:19,840 Speaker 2: Live has been hosting in the interim, So since Trump 303 00:16:19,960 --> 00:16:23,000 Speaker 2: left office, in the interim, Live has been repeatedly hosting 304 00:16:23,000 --> 00:16:26,080 Speaker 2: its own events at Durrell. That was true in April 305 00:16:26,120 --> 00:16:29,560 Speaker 2: of this year, and it's a big TVD. What will 306 00:16:29,600 --> 00:16:33,680 Speaker 2: happen with Live and the PGA. Trump has at times 307 00:16:33,680 --> 00:16:38,480 Speaker 2: weighed in on that himself, and it's it's a question. 308 00:16:38,680 --> 00:16:40,840 Speaker 2: I don't I don't have the answers to that, unfortunately, 309 00:16:40,920 --> 00:16:44,760 Speaker 2: but you do have these two different golf fleas that 310 00:16:44,800 --> 00:16:48,320 Speaker 2: are at odds obviously and looking for some kind of 311 00:16:48,560 --> 00:16:54,040 Speaker 2: marriage perhaps both now coming to the Trump's properties, I 312 00:16:54,040 --> 00:16:58,960 Speaker 2: should also say the courses are owned by the Trump 313 00:16:59,080 --> 00:17:02,320 Speaker 2: organization or the courses are Trump organization properties. 314 00:17:02,720 --> 00:17:05,400 Speaker 6: It's interesting there because you were saying Trump has been 315 00:17:05,600 --> 00:17:09,600 Speaker 6: very has backed Live Golf intensely, and it has been 316 00:17:09,640 --> 00:17:13,080 Speaker 6: a supporter of Live Golf intensely. I've went to an 317 00:17:13,119 --> 00:17:15,080 Speaker 6: event for Live Golf that was held in New Jersey 318 00:17:15,520 --> 00:17:17,520 Speaker 6: very you know. You know a lot of people were there, 319 00:17:18,080 --> 00:17:19,840 Speaker 6: a lot of people from both sides were there from 320 00:17:20,000 --> 00:17:23,560 Speaker 6: for different reasons. But Trump was there himself and he's 321 00:17:23,600 --> 00:17:26,520 Speaker 6: shown a lot of support for them, which is surprising 322 00:17:26,560 --> 00:17:30,199 Speaker 6: that the PJA would now decide to saw this relationship 323 00:17:30,600 --> 00:17:33,520 Speaker 6: with him, considering how much he's been a supporter of 324 00:17:33,600 --> 00:17:37,919 Speaker 6: their rival league Live. Does that it's it's surprising to 325 00:17:37,960 --> 00:17:39,800 Speaker 6: me that they have that hasn't deterred them at all, 326 00:17:39,880 --> 00:17:42,439 Speaker 6: And does that also do you think then show that 327 00:17:42,560 --> 00:17:45,199 Speaker 6: maybe we don't know what's happening with the mergence of 328 00:17:45,240 --> 00:17:48,440 Speaker 6: the two, but maybe they're a little bit closer because 329 00:17:48,480 --> 00:17:51,639 Speaker 6: of this joint relationship that they now will have the 330 00:17:51,640 --> 00:17:52,920 Speaker 6: Trump organization. 331 00:17:53,200 --> 00:17:58,560 Speaker 2: There's there's a branding question, I guess, and the appeal 332 00:17:58,680 --> 00:18:01,680 Speaker 2: of the PGA brand and then having the PGA come 333 00:18:01,760 --> 00:18:06,320 Speaker 2: to a Trump property is probably irresistible for the Trump organization. 334 00:18:07,040 --> 00:18:09,359 Speaker 2: And it is a different brand. It's a very different 335 00:18:09,400 --> 00:18:12,119 Speaker 2: kind of brand, Like it's got this like whole venerable 336 00:18:12,840 --> 00:18:17,560 Speaker 2: old school vibe versus the more raucous, upset energy of 337 00:18:17,640 --> 00:18:24,119 Speaker 2: Live and Live also has the albatross or overhang of 338 00:18:24,760 --> 00:18:28,000 Speaker 2: the fact that you know, it's Saudi money backing this, 339 00:18:28,440 --> 00:18:33,160 Speaker 2: and that's been controversial for its own reasons, not everyone. 340 00:18:34,280 --> 00:18:36,840 Speaker 2: You know, something that critics would point out is this 341 00:18:36,880 --> 00:18:39,880 Speaker 2: is a Saudi back league that's really generating a lot 342 00:18:39,880 --> 00:18:43,320 Speaker 2: of generating a lot of business. For when you bring 343 00:18:43,359 --> 00:18:45,320 Speaker 2: a big event to a Trump property, you generate a 344 00:18:45,320 --> 00:18:48,560 Speaker 2: lot of business for the property, of course, So you 345 00:18:48,560 --> 00:18:51,720 Speaker 2: know that's where it raised questions of propriety as well. 346 00:18:51,880 --> 00:18:53,800 Speaker 6: One of the questions I did have actually was when 347 00:18:53,840 --> 00:18:57,800 Speaker 6: they when PGA first stepped back from their relationship and 348 00:18:57,880 --> 00:19:00,720 Speaker 6: holding events at the Trump properties, how much of that 349 00:19:00,800 --> 00:19:04,199 Speaker 6: revenue did they take away from the Trump properties? 350 00:19:05,080 --> 00:19:08,920 Speaker 2: That is not entirely clear. You can't you can't exactly 351 00:19:09,000 --> 00:19:12,200 Speaker 2: see that line item broken out on his financial disclosures, 352 00:19:12,240 --> 00:19:15,120 Speaker 2: but you can just you can just imagine that when 353 00:19:15,119 --> 00:19:18,320 Speaker 2: you do host the event, there there are some there 354 00:19:18,359 --> 00:19:20,880 Speaker 2: are some fees associated with it, but it's really you bring. 355 00:19:21,160 --> 00:19:25,480 Speaker 2: You bring, You bring customers to the property. People come 356 00:19:25,520 --> 00:19:29,080 Speaker 2: and stay in the hotels. It brings in all kinds 357 00:19:29,119 --> 00:19:32,040 Speaker 2: of money in other ways, like affiliated with the course. 358 00:19:32,440 --> 00:19:34,760 Speaker 2: It was the black eye really of the PGA of 359 00:19:34,800 --> 00:19:37,119 Speaker 2: America saying we're not going to hold our event. 360 00:19:37,840 --> 00:19:40,520 Speaker 4: I want to go back to the Durrel Open and 361 00:19:40,720 --> 00:19:43,600 Speaker 4: why it ended in two thousand and six. It was 362 00:19:43,600 --> 00:19:48,760 Speaker 4: the four championship at Darrel and the last winner was 363 00:19:48,840 --> 00:19:51,720 Speaker 4: Tiger Woods in two thousand and six, and then they 364 00:19:51,800 --> 00:19:55,399 Speaker 4: ran into sponsorship problems, and that was it for the 365 00:19:55,480 --> 00:20:01,520 Speaker 4: Durraw Open. Now that it's the Miami Championship, will we 366 00:20:01,680 --> 00:20:06,600 Speaker 4: have a problem because President Trump owns that land of 367 00:20:06,720 --> 00:20:12,080 Speaker 4: getting a sponsorship for maybe going back to the old 368 00:20:12,160 --> 00:20:13,120 Speaker 4: Dround Open name. 369 00:20:13,920 --> 00:20:18,520 Speaker 2: That's such a good question. I mean, the scale of 370 00:20:18,600 --> 00:20:23,800 Speaker 2: the Trump organization and the companies that want to do 371 00:20:23,880 --> 00:20:28,119 Speaker 2: business with it across all of these different areas just 372 00:20:28,760 --> 00:20:31,720 Speaker 2: is staggering, and golf is just one one piece. 373 00:20:31,800 --> 00:20:35,760 Speaker 4: Really, I just wonder, because now you're talking about the man, 374 00:20:36,359 --> 00:20:40,240 Speaker 4: the president of the United States, what do you run into? 375 00:20:40,440 --> 00:20:43,239 Speaker 4: Do you run into any problems? If I'm for it? 376 00:20:43,240 --> 00:20:46,720 Speaker 4: It's like, okay, well do I go back and sponsor 377 00:20:46,800 --> 00:20:50,159 Speaker 4: this again even though it's owned by President Trump? And 378 00:20:50,440 --> 00:20:52,600 Speaker 4: that's not you know, I'm not talking about politics. I'm 379 00:20:52,640 --> 00:20:55,760 Speaker 4: just talking about you know, emoluments, clauses and all the 380 00:20:55,840 --> 00:20:59,680 Speaker 4: other stuff and this and that. Whatever it's It seems 381 00:20:59,720 --> 00:21:03,560 Speaker 4: like it might be some issues about that, but maybe 382 00:21:03,560 --> 00:21:04,400 Speaker 4: it can be worked. 383 00:21:04,160 --> 00:21:06,520 Speaker 2: Out, or maybe it's a selling point, or maybe it's 384 00:21:06,560 --> 00:21:08,720 Speaker 2: a selling point to a sponsor. You don't know. I mean, 385 00:21:08,760 --> 00:21:12,600 Speaker 2: in Trump's last term, there were several lawsuits related to 386 00:21:12,600 --> 00:21:17,239 Speaker 2: the emolument's clause and his hotel properties and those were 387 00:21:17,280 --> 00:21:20,280 Speaker 2: all those all ended up being dropped, and so it 388 00:21:20,359 --> 00:21:24,720 Speaker 2: might embolden, it might embolden brands to want to sponsor 389 00:21:24,800 --> 00:21:25,879 Speaker 2: the other who knows. 390 00:21:26,200 --> 00:21:29,520 Speaker 6: Yeah. Absolutely. In your piece, you cited a text message 391 00:21:29,640 --> 00:21:32,080 Speaker 6: that Eric Trump had sent saying it was a great 392 00:21:32,760 --> 00:21:35,679 Speaker 6: honor to be welcome back to the PGA. I'm curious 393 00:21:35,720 --> 00:21:38,560 Speaker 6: what his relationship is to the deal in terms of 394 00:21:38,640 --> 00:21:41,640 Speaker 6: his relationship, like what he oversees for the Trump organization 395 00:21:41,760 --> 00:21:44,080 Speaker 6: in terms of like was he part of bringing the 396 00:21:44,160 --> 00:21:47,480 Speaker 6: PJA back here? What is his place that. 397 00:21:48,080 --> 00:21:51,800 Speaker 2: Eric Trump now runs the day to day business of 398 00:21:51,840 --> 00:21:56,040 Speaker 2: the Trump organization. When Trump took office, he handed his 399 00:21:56,080 --> 00:22:00,560 Speaker 2: business over to Eric Trump and Donald Trump or they're 400 00:22:00,560 --> 00:22:04,600 Speaker 2: both executive vice president, both executive vice presidents, but Eric 401 00:22:04,640 --> 00:22:06,159 Speaker 2: Trump is the one who's kind of the day to 402 00:22:06,240 --> 00:22:10,160 Speaker 2: day leader of the Trump organization. But you can't get 403 00:22:10,160 --> 00:22:13,640 Speaker 2: away from the name that's on the door, I guess. 404 00:22:13,760 --> 00:22:17,000 Speaker 4: In terms of brand. Now, that's let's blenda. I mentioned 405 00:22:17,000 --> 00:22:20,320 Speaker 4: Tiger Woods earlier, and I should also add that recently 406 00:22:20,520 --> 00:22:22,760 Speaker 4: Tiger Woods. He's going to lead a group that could 407 00:22:22,760 --> 00:22:27,840 Speaker 4: reshape the PGA Tour's competitive model, and he is now 408 00:22:28,320 --> 00:22:34,000 Speaker 4: part of this board to help reshape PGA Tour events. 409 00:22:34,640 --> 00:22:37,359 Speaker 4: How much of an impact do you think that will 410 00:22:37,400 --> 00:22:41,680 Speaker 4: have on the upcoming season with the with the draw, 411 00:22:42,600 --> 00:22:45,720 Speaker 4: the tournament and beyond. 412 00:22:47,320 --> 00:22:50,280 Speaker 2: That's a good question. I mean, doesn't Tiger Woods have 413 00:22:50,320 --> 00:22:52,880 Speaker 2: his own relationship to the Trump family? 414 00:22:53,240 --> 00:23:04,440 Speaker 4: Well that, yeah, that's another love connection story. Can they 415 00:23:05,160 --> 00:23:09,000 Speaker 4: in terms of golfing in general? Though? In terms of 416 00:23:09,240 --> 00:23:15,160 Speaker 4: the PGA tournament itself, what is it going to take 417 00:23:15,240 --> 00:23:19,880 Speaker 4: for the PGA too, because right now they are trying 418 00:23:19,920 --> 00:23:23,679 Speaker 4: to compete with all this money sounding money. What is 419 00:23:23,720 --> 00:23:25,800 Speaker 4: it going to take for them to say, hey, you 420 00:23:25,840 --> 00:23:29,160 Speaker 4: know what, we let's stop this, let's all get along. 421 00:23:30,320 --> 00:23:31,160 Speaker 4: What's it going to take? 422 00:23:31,359 --> 00:23:35,200 Speaker 2: Well, we know that it's something that Trump cares about personally. Obviously, golf. 423 00:23:35,520 --> 00:23:39,040 Speaker 2: Golf is huge to Trump. He loves he loves golf 424 00:23:39,080 --> 00:23:42,480 Speaker 2: and it's a big part of his business. And and 425 00:23:42,560 --> 00:23:46,800 Speaker 2: he has weighed in on wanting on wanting some kind 426 00:23:46,800 --> 00:23:51,120 Speaker 2: of resolution between this PGA Tour and live standoff. So 427 00:23:51,880 --> 00:23:56,840 Speaker 2: maybe that's one of the peacemaking, you know, endeavors he'd 428 00:23:56,840 --> 00:23:57,600 Speaker 2: be interested in. 429 00:23:57,840 --> 00:24:00,800 Speaker 6: Who knows, one of the things. I mean, Trump became 430 00:24:00,840 --> 00:24:04,360 Speaker 6: a big supporter of Live after he was out of office, 431 00:24:04,440 --> 00:24:06,560 Speaker 6: after he was out of his first term. So now 432 00:24:06,560 --> 00:24:09,640 Speaker 6: that he's back in office, has there bring criticism about 433 00:24:09,720 --> 00:24:13,720 Speaker 6: him supporting this league still with all this Saudi back money. 434 00:24:14,840 --> 00:24:20,119 Speaker 2: Yes, I mean there's been renewed scrutiny of these relationships 435 00:24:20,200 --> 00:24:23,639 Speaker 2: absolutely since he's been in office. So since that is 436 00:24:23,920 --> 00:24:28,479 Speaker 2: Saudi money, he's back actively in office this year. You know, 437 00:24:28,520 --> 00:24:32,040 Speaker 2: even though LIV had hosted events at Trump properties for 438 00:24:32,240 --> 00:24:35,960 Speaker 2: several years running after he left office, this year was 439 00:24:36,000 --> 00:24:40,440 Speaker 2: the first time that Live hosted at a Trump property 440 00:24:40,520 --> 00:24:44,440 Speaker 2: while he was sitting president, and that makes a difference, 441 00:24:45,040 --> 00:24:49,080 Speaker 2: and so that did re up critiques and questions about 442 00:24:51,359 --> 00:24:56,520 Speaker 2: about the relationship there. I mean, effectively, you have a 443 00:24:56,560 --> 00:25:01,159 Speaker 2: golf tournament that's financed by Saudi su for wealth fund 444 00:25:01,840 --> 00:25:08,040 Speaker 2: coming and bringing in that attention and that business to 445 00:25:08,200 --> 00:25:12,080 Speaker 2: a Trump property. So it's only one of it's only 446 00:25:12,160 --> 00:25:16,360 Speaker 2: one of many of these connections that are really better 447 00:25:16,359 --> 00:25:18,159 Speaker 2: in the spotlight in his second term. 448 00:25:18,680 --> 00:25:21,879 Speaker 4: Our thanks to Bloomberg News Wealth reporting any massive for 449 00:25:21,960 --> 00:25:25,240 Speaker 4: joining us. Up. Next, we stick with golf and turn 450 00:25:25,320 --> 00:25:28,600 Speaker 4: to a tournament that raises money and awareness for military 451 00:25:28,680 --> 00:25:33,000 Speaker 4: families and first responders for Vanessa Bernomo. I'm Michael Barr. 452 00:25:33,359 --> 00:25:36,960 Speaker 4: You're listening to the Bloomberg Business of Sports Bloomberg Radio 453 00:25:37,080 --> 00:25:38,040 Speaker 4: around the world. 454 00:25:42,880 --> 00:25:47,280 Speaker 3: This is Bloomberg Business of Sports from Bloomberg Radio. 455 00:25:48,040 --> 00:25:50,560 Speaker 4: Thanks for joining us on the Bloomberg Business of Sports, 456 00:25:50,560 --> 00:25:52,760 Speaker 4: where we explore the big money issues in the world 457 00:25:52,800 --> 00:25:56,920 Speaker 4: of sports. Michael Barr, along with Vanessa Perdomo Damien Sassauur 458 00:25:57,119 --> 00:26:00,919 Speaker 4: off this week. The Big Daddy Celebrity Classic as an 459 00:26:00,920 --> 00:26:04,600 Speaker 4: annual event that partners with Tunnels to Towers to raise 460 00:26:04,640 --> 00:26:09,040 Speaker 4: money and awareness for military families and first responders, bringing 461 00:26:09,080 --> 00:26:13,000 Speaker 4: together celebrities, athletes, and more for that cause. This year's 462 00:26:13,000 --> 00:26:16,120 Speaker 4: tournament was earlier this month, and here now to talk 463 00:26:16,160 --> 00:26:19,639 Speaker 4: about it is Big Daddy himself for the Big Daddy 464 00:26:19,680 --> 00:26:24,119 Speaker 4: Celebrity Golf Classic founder Rich Salgado. Rich is also a 465 00:26:24,160 --> 00:26:29,199 Speaker 4: founder and CEO at Coastal Advisors. Rich, thank you and 466 00:26:29,400 --> 00:26:31,880 Speaker 4: welcome to the Bloomberg Business of Sports. 467 00:26:32,320 --> 00:26:33,840 Speaker 5: I'm glad to be here. Thank you. 468 00:26:34,240 --> 00:26:36,880 Speaker 4: Well, now there's a lot to talk about here because 469 00:26:37,480 --> 00:26:40,800 Speaker 4: you are the I don't know, let me start this way. 470 00:26:41,680 --> 00:26:45,000 Speaker 4: You are the founder of the Big Daddy Celebrity Golf Classic. 471 00:26:46,160 --> 00:26:50,760 Speaker 4: It was held this past Monday. Yes, and tell us 472 00:26:50,800 --> 00:26:53,960 Speaker 4: more about that and what that's all about. 473 00:26:54,240 --> 00:26:57,439 Speaker 3: Well it you know, we did leave out that my 474 00:26:58,640 --> 00:27:04,280 Speaker 3: co founder host is Angelika stein Olsen, so let me 475 00:27:04,320 --> 00:27:06,439 Speaker 3: make sure I get that straight or else, you know, 476 00:27:06,480 --> 00:27:14,960 Speaker 3: I'll get I'll get reminded. But anyway, wrist right, Yeah, yeah, yeah, 477 00:27:14,160 --> 00:27:19,040 Speaker 3: uh So we partnered up with Tunnel to Towers and 478 00:27:20,000 --> 00:27:24,000 Speaker 3: Great Foundation. I mean, you know, Frank Siller is, as 479 00:27:24,040 --> 00:27:27,320 Speaker 3: I say, even though he fights it, you know, he's 480 00:27:27,320 --> 00:27:30,560 Speaker 3: an American hero, you know, for what he's done his 481 00:27:30,680 --> 00:27:33,800 Speaker 3: brother who tragically died on that day. He's in a here, 482 00:27:33,840 --> 00:27:37,680 Speaker 3: he's in another American hero, and they just go out 483 00:27:37,680 --> 00:27:40,239 Speaker 3: of their way to make sure that they save you know, 484 00:27:40,840 --> 00:27:43,240 Speaker 3: lives and families. You know, when you have these first 485 00:27:43,280 --> 00:27:49,840 Speaker 3: responders and these former soldiers that you know tragically pass away, 486 00:27:50,040 --> 00:27:53,199 Speaker 3: and you know, he's paying off mortgages and setting up 487 00:27:53,240 --> 00:27:57,480 Speaker 3: families for the future. And that whole thing caught me 488 00:27:58,400 --> 00:28:02,399 Speaker 3: like boom, you know, and being a New Yorker just 489 00:28:02,640 --> 00:28:04,920 Speaker 3: made me feel like I had to be a part 490 00:28:04,960 --> 00:28:08,320 Speaker 3: of it. So Angelic and I just jumped in and said, 491 00:28:08,400 --> 00:28:08,960 Speaker 3: let's do it. 492 00:28:09,440 --> 00:28:11,960 Speaker 6: So tell us more about the partnership. How the golf 493 00:28:12,080 --> 00:28:14,840 Speaker 6: tournament worked with Tunnels of Towers and how it benefited 494 00:28:14,840 --> 00:28:15,200 Speaker 6: each other. 495 00:28:15,560 --> 00:28:18,320 Speaker 3: Well, you know, just to have that brand, I mean, 496 00:28:18,440 --> 00:28:21,720 Speaker 3: be affiliated with them and you know, be an ambassador 497 00:28:22,440 --> 00:28:25,160 Speaker 3: to that foundation is you know. 498 00:28:26,600 --> 00:28:27,479 Speaker 5: You dream about it. 499 00:28:27,520 --> 00:28:30,040 Speaker 3: I guess if that's the way to put it, because 500 00:28:30,400 --> 00:28:32,200 Speaker 3: you know, you don't wake up one day and say, hey, 501 00:28:32,240 --> 00:28:34,280 Speaker 3: I'm gonna raise money and who am I doing it for. 502 00:28:34,359 --> 00:28:36,960 Speaker 3: You know, it's just got it's got to make sense. 503 00:28:37,000 --> 00:28:40,040 Speaker 3: I mean, you know, one of the things that's really 504 00:28:40,160 --> 00:28:47,320 Speaker 3: really fascinating is that ninety three to ninety five percent 505 00:28:47,840 --> 00:28:52,160 Speaker 3: of every dollar that they've raised goes to the charity. 506 00:28:53,040 --> 00:28:55,960 Speaker 3: I mean, that's unheard of. You know, you can look 507 00:28:56,080 --> 00:28:58,040 Speaker 3: up their books, you can look at their numbers. There's 508 00:28:58,040 --> 00:29:02,920 Speaker 3: no lying it is. It's as plain as day. So 509 00:29:03,280 --> 00:29:08,080 Speaker 3: that really also, you know, motivated me to open up 510 00:29:08,120 --> 00:29:10,840 Speaker 3: my rolodex and go out to my friends and get 511 00:29:10,920 --> 00:29:15,280 Speaker 3: you know, these big companies to sponsor and write checks 512 00:29:15,320 --> 00:29:17,400 Speaker 3: and show up for the golfounding and also for the 513 00:29:17,400 --> 00:29:18,080 Speaker 3: evening Gala. 514 00:29:19,160 --> 00:29:21,400 Speaker 4: And one of the biggest things that you are also 515 00:29:21,440 --> 00:29:26,680 Speaker 4: connected with is ensuring athletes, which is something that's a 516 00:29:26,760 --> 00:29:30,880 Speaker 4: hard thing to do because we see it all the time, 517 00:29:31,200 --> 00:29:36,920 Speaker 4: every day, whether it's football, whether it's baseball, whether it's hockey, 518 00:29:37,120 --> 00:29:42,200 Speaker 4: and just go on, there's always a major injury. How 519 00:29:42,240 --> 00:29:48,400 Speaker 4: do you assess as a business model trying to ensure 520 00:29:48,480 --> 00:29:49,240 Speaker 4: an athlete. 521 00:29:49,920 --> 00:29:54,520 Speaker 3: Well, you know there's as you said, there's all different marketplaces. 522 00:29:54,600 --> 00:29:58,040 Speaker 3: You know, you have the four sports and everything is 523 00:29:58,120 --> 00:30:00,760 Speaker 3: based like I'll tell an athlete, Look, this is not 524 00:30:00,800 --> 00:30:04,080 Speaker 3: an event. It's a process. I've been doing this for 525 00:30:04,120 --> 00:30:08,240 Speaker 3: thirty years. And you know it's not just ensuring athletes 526 00:30:08,280 --> 00:30:10,920 Speaker 3: for being on the field and off the field. It's 527 00:30:10,960 --> 00:30:15,600 Speaker 3: also protecting them, you know, with life insurance, estate planning. 528 00:30:16,160 --> 00:30:19,640 Speaker 3: I mean, now it's even getting more technical with this nil. 529 00:30:19,920 --> 00:30:22,200 Speaker 3: You know, you've got kids that are making more money 530 00:30:22,240 --> 00:30:25,320 Speaker 3: than rookies in the NFL for instance, in college, and 531 00:30:25,400 --> 00:30:28,080 Speaker 3: I know because I've already started working on some of them. 532 00:30:28,280 --> 00:30:31,800 Speaker 3: And when you see these numbers, you're just like, you know, 533 00:30:32,920 --> 00:30:35,680 Speaker 3: most of these kids in college won't ever see that 534 00:30:35,840 --> 00:30:38,720 Speaker 3: type of money, and these guys are getting it as 535 00:30:38,880 --> 00:30:42,719 Speaker 3: freshmen to come to a school. So that's why I 536 00:30:42,760 --> 00:30:46,600 Speaker 3: think when you you you hear about the president now 537 00:30:46,680 --> 00:30:49,480 Speaker 3: saying this something has to be done because you got 538 00:30:49,560 --> 00:30:51,840 Speaker 3: you know, this is getting out of hand because it's 539 00:30:51,880 --> 00:30:53,680 Speaker 3: you know, it's who outbids who. 540 00:30:54,360 --> 00:30:54,560 Speaker 5: You know. 541 00:30:54,680 --> 00:30:56,400 Speaker 3: Let's say you go to school A and you don't 542 00:30:56,400 --> 00:30:57,840 Speaker 3: play well, you know what, I'm out of here. 543 00:30:57,840 --> 00:30:59,160 Speaker 5: I'm gonna go get money at school B. 544 00:30:59,680 --> 00:31:02,120 Speaker 3: You know, it's just gonna And it's really that's where 545 00:31:02,120 --> 00:31:04,400 Speaker 3: this is heading right now. But to get back to 546 00:31:04,440 --> 00:31:08,800 Speaker 3: your question, I think because you know, we are firm 547 00:31:08,880 --> 00:31:12,600 Speaker 3: is nameworthy, has been recognized all over the place nationally 548 00:31:12,920 --> 00:31:16,200 Speaker 3: and people know, you know, like I go to I 549 00:31:16,360 --> 00:31:18,720 Speaker 3: just did a couple of team visits and it's you know, 550 00:31:18,760 --> 00:31:21,400 Speaker 3: at the NFL camps and you know, everyone's like, who's that, 551 00:31:21,480 --> 00:31:23,080 Speaker 3: Who's that? And then it's like, you know, big daddy, 552 00:31:23,120 --> 00:31:25,440 Speaker 3: Big daddy, Big daddy. And it comes from all the 553 00:31:25,440 --> 00:31:27,680 Speaker 3: way at the top to the bottom. I mean, it 554 00:31:27,760 --> 00:31:30,440 Speaker 3: goes from a head coach to an assistant coach, to 555 00:31:30,520 --> 00:31:33,760 Speaker 3: a general manager, even to the equipment manager. They know 556 00:31:33,880 --> 00:31:36,520 Speaker 3: who I am and I get in front of people 557 00:31:36,520 --> 00:31:40,320 Speaker 3: and I don't hard sell anybody. I explain, Look, I'm 558 00:31:40,440 --> 00:31:44,680 Speaker 3: here to help you, I'm here to protect you. I'm 559 00:31:44,720 --> 00:31:46,920 Speaker 3: not here to ask you for your money. I'm not 560 00:31:47,000 --> 00:31:49,760 Speaker 3: here to ask you for your family or your autograph 561 00:31:49,840 --> 00:31:52,719 Speaker 3: or any of those things. I'm here to show you 562 00:31:52,880 --> 00:31:56,480 Speaker 3: why our firm is a leader in this business. 563 00:31:57,040 --> 00:31:59,440 Speaker 6: So when you go to camps, that's mainly what you're 564 00:31:59,480 --> 00:32:01,320 Speaker 6: going there for. I know you've been around the league 565 00:32:01,360 --> 00:32:03,800 Speaker 6: for a long time, so when you're at those it's 566 00:32:03,840 --> 00:32:06,800 Speaker 6: really for your business perspective to be there for the 567 00:32:06,800 --> 00:32:09,800 Speaker 6: athletes you already protect and to talk to new athletes 568 00:32:09,920 --> 00:32:12,520 Speaker 6: or are there other roles you play within your relationships 569 00:32:12,520 --> 00:32:13,080 Speaker 6: with the NFL. 570 00:32:13,200 --> 00:32:15,760 Speaker 3: To answer your you answered the question, it's I'm there 571 00:32:15,800 --> 00:32:19,040 Speaker 3: to see current existing and meet new ones. And then 572 00:32:19,640 --> 00:32:23,240 Speaker 3: you know, we were joking around yesterday with one of 573 00:32:23,280 --> 00:32:26,040 Speaker 3: the guys that I was with and I said that 574 00:32:26,160 --> 00:32:28,920 Speaker 3: there's some clients that i've been short for six seven 575 00:32:29,000 --> 00:32:32,680 Speaker 3: years I never met, you know, uh, And one of 576 00:32:32,680 --> 00:32:35,680 Speaker 3: those was Troy Polamalo. Right, So I go to a 577 00:32:35,880 --> 00:32:39,720 Speaker 3: college Hall of Fame dinner and I said, hey, Troy, 578 00:32:39,720 --> 00:32:42,000 Speaker 3: and my name is And I was kind of like 579 00:32:42,040 --> 00:32:45,120 Speaker 3: I threw them off because I said, hey, I'm rich Salgato. 580 00:32:45,240 --> 00:32:46,800 Speaker 3: Nice to meet you. And he's like, oh, hey, nice 581 00:32:46,800 --> 00:32:48,960 Speaker 3: to meet you. You guys you having fun blah blah. I said, yeah, 582 00:32:49,000 --> 00:32:51,600 Speaker 3: you know, I got a couple of clients here. You 583 00:32:51,640 --> 00:32:55,360 Speaker 3: know that I'm here to see And he said, uh, oh, 584 00:32:55,400 --> 00:32:57,479 Speaker 3: well like who And I said, well, I'm big daddy, 585 00:32:57,640 --> 00:32:58,480 Speaker 3: and he was like what. 586 00:33:06,800 --> 00:33:07,720 Speaker 5: He actually did insure? 587 00:33:09,320 --> 00:33:11,840 Speaker 3: You know, it was funny to get the look that 588 00:33:11,920 --> 00:33:14,360 Speaker 3: I got from him, and then like we hugged and 589 00:33:14,360 --> 00:33:15,880 Speaker 3: he was like, hey, man, you know, thank you for 590 00:33:16,600 --> 00:33:21,200 Speaker 3: because you get referred by agents, financial people. You know, 591 00:33:21,360 --> 00:33:24,120 Speaker 3: I have the luxury of doing so much interviews like 592 00:33:24,200 --> 00:33:27,480 Speaker 3: these that get us out there and people watch and 593 00:33:27,560 --> 00:33:29,560 Speaker 3: hear and listen. Then you get parents that call you. 594 00:33:29,600 --> 00:33:31,920 Speaker 3: I had one time a client the wife called me 595 00:33:32,520 --> 00:33:35,200 Speaker 3: and that and she set it up. And you know, 596 00:33:35,400 --> 00:33:37,440 Speaker 3: our business, you know, it's grown. 597 00:33:37,760 --> 00:33:37,920 Speaker 5: Uh. 598 00:33:38,040 --> 00:33:39,640 Speaker 3: You know, I'm here in New York, so I am 599 00:33:39,680 --> 00:33:42,600 Speaker 3: a New Yorker and uh but I have a partner. 600 00:33:42,680 --> 00:33:45,000 Speaker 3: His name is Chris Muro and he we have an 601 00:33:45,000 --> 00:33:49,080 Speaker 3: office in Boca. So we've really expanded our reach and 602 00:33:49,360 --> 00:33:51,320 Speaker 3: uh again, we're just here to do the right thing 603 00:33:51,320 --> 00:33:51,960 Speaker 3: for everybody. 604 00:33:52,360 --> 00:33:53,760 Speaker 6: One of the things I wanted to get back to 605 00:33:53,840 --> 00:33:56,120 Speaker 6: that you brought up earlier was the nil aspect of 606 00:33:56,160 --> 00:33:59,000 Speaker 6: it and how you're working with those players, because you 607 00:33:59,040 --> 00:34:01,400 Speaker 6: said they're making a lot more money than they've ever. 608 00:34:01,640 --> 00:34:04,240 Speaker 6: I mean they're freshmen, they're kids, they're eighteen years old. 609 00:34:04,280 --> 00:34:07,320 Speaker 6: How they're going to understand. And what we've seen also 610 00:34:07,520 --> 00:34:10,440 Speaker 6: in that space is some of these contracts not going through. 611 00:34:10,920 --> 00:34:12,920 Speaker 6: Kids going to schools and not getting the money that 612 00:34:12,960 --> 00:34:16,120 Speaker 6: they were guaranteed or they were supposed to get. Is 613 00:34:16,160 --> 00:34:19,520 Speaker 6: that what you're helping them with guaranteeing those contracts. 614 00:34:19,080 --> 00:34:22,600 Speaker 3: Or no, well it's become twofold like this. Two years ago, 615 00:34:23,360 --> 00:34:28,720 Speaker 3: you weren't able to ensure the the amount of money 616 00:34:28,719 --> 00:34:30,759 Speaker 3: that the school was giving out. So for instance, of 617 00:34:30,840 --> 00:34:34,960 Speaker 3: your university X, and you give me a million, you 618 00:34:35,000 --> 00:34:37,080 Speaker 3: want to ensure that million. They weren't doing that. They 619 00:34:37,120 --> 00:34:40,040 Speaker 3: were only going up to like two point fifty. Now 620 00:34:40,360 --> 00:34:43,600 Speaker 3: they're doing the school is able to ensure the money 621 00:34:43,640 --> 00:34:46,279 Speaker 3: because if a kid, if I take the million from 622 00:34:46,320 --> 00:34:49,319 Speaker 3: you and I pull ship, jump ship, or get hurt, 623 00:34:50,280 --> 00:34:52,200 Speaker 3: well you don't want to be out a million bucks. 624 00:34:52,640 --> 00:34:54,480 Speaker 3: So you know, here's the insurance to cover that. 625 00:34:54,600 --> 00:34:55,560 Speaker 6: So you're working with the schools. 626 00:34:55,640 --> 00:34:57,719 Speaker 5: Yeah, I'm starting to work with the schools. I was 627 00:34:57,760 --> 00:34:59,040 Speaker 5: just made a school. 628 00:34:58,800 --> 00:35:02,520 Speaker 3: Visit about a week ago, and then you have these 629 00:35:02,600 --> 00:35:05,879 Speaker 3: kids where so I told the young man, I said, listen, 630 00:35:05,960 --> 00:35:07,920 Speaker 3: you know you're getting this money. That's great, but you 631 00:35:07,960 --> 00:35:10,360 Speaker 3: better get an accountant because remember, if they give you 632 00:35:10,400 --> 00:35:13,360 Speaker 3: a million dollars, you're not able to spend that whole million. 633 00:35:13,640 --> 00:35:15,840 Speaker 3: You got to put this thing, you know, set up 634 00:35:15,880 --> 00:35:18,640 Speaker 3: an LLC, do something to protect yourself so you can 635 00:35:18,680 --> 00:35:23,840 Speaker 3: pay yourself and have you know, your tax stuff in place, 636 00:35:23,880 --> 00:35:26,719 Speaker 3: and nobody comes after you, because if you spend that 637 00:35:26,800 --> 00:35:29,040 Speaker 3: whole million, how are you going to pay the tax? 638 00:35:29,719 --> 00:35:31,960 Speaker 3: You can't, you know, not unless you have some money 639 00:35:31,960 --> 00:35:36,360 Speaker 3: that I'm not aware of. And then the old way 640 00:35:36,840 --> 00:35:40,120 Speaker 3: or the past way of getting insurance for college kids was, 641 00:35:40,840 --> 00:35:43,040 Speaker 3: you know, you would go you would come to me, 642 00:35:43,400 --> 00:35:45,120 Speaker 3: and you would go to an underwriter. 643 00:35:45,760 --> 00:35:47,080 Speaker 5: You didn't have the money to pay. 644 00:35:47,200 --> 00:35:50,440 Speaker 3: The NCAA had a lending arm and they paid it 645 00:35:50,760 --> 00:35:53,840 Speaker 3: and then they paid the premium back to the lender when. 646 00:35:53,719 --> 00:35:55,040 Speaker 5: They got out of school. 647 00:35:55,760 --> 00:35:58,400 Speaker 3: Well, now that these guys are getting you know, half million, 648 00:35:58,440 --> 00:36:02,160 Speaker 3: a million dollars, the kids paying the premium direct. And 649 00:36:02,200 --> 00:36:05,960 Speaker 3: I said, that's a benefit to you because if someone 650 00:36:05,960 --> 00:36:08,680 Speaker 3: else pays for it and you collect on the benefit, 651 00:36:08,920 --> 00:36:11,879 Speaker 3: you get taxed on that benefit because someone else wrote 652 00:36:11,880 --> 00:36:12,239 Speaker 3: the check. 653 00:36:13,000 --> 00:36:16,879 Speaker 4: Rich Big Danny Sogano. Man. See, every time I come 654 00:36:16,920 --> 00:36:20,279 Speaker 4: in this booth, I always have a guess that just 655 00:36:20,880 --> 00:36:23,759 Speaker 4: makes me smarter. And you just made me smarter ten 656 00:36:23,880 --> 00:36:24,680 Speaker 4: times fold. 657 00:36:25,480 --> 00:36:28,560 Speaker 3: Well, listen, I will be the first one to tell 658 00:36:28,600 --> 00:36:31,240 Speaker 3: you that I'm not the smartest guy on the planet. 659 00:36:31,840 --> 00:36:34,520 Speaker 3: That's why I have a great partner and Chris, and 660 00:36:35,120 --> 00:36:37,200 Speaker 3: you know, he came up with something and I'll make 661 00:36:37,200 --> 00:36:39,080 Speaker 3: you guy's laugh real quick. You know a lot of 662 00:36:39,120 --> 00:36:41,800 Speaker 3: people say to me, Hey, am I big enough to 663 00:36:41,840 --> 00:36:44,279 Speaker 3: work with you? And I'm like, well, what does that mean? 664 00:36:44,360 --> 00:36:45,960 Speaker 3: Like you have to be way. 665 00:36:45,760 --> 00:36:49,719 Speaker 5: More than me or taller than me? What does that mean? 666 00:36:49,760 --> 00:36:51,720 Speaker 5: And everybody gets like, you guys are laughing? 667 00:36:51,800 --> 00:36:55,040 Speaker 3: Right, So my partner came up with something called my 668 00:36:55,360 --> 00:36:59,360 Speaker 3: termlife dot ai okay, and we turned this into a 669 00:36:59,400 --> 00:37:03,120 Speaker 3: fun thing because we let everyone go on there, and 670 00:37:03,160 --> 00:37:06,160 Speaker 3: everyone who's listening and watching and whatnot should go on there. 671 00:37:06,480 --> 00:37:09,520 Speaker 3: And we got tickets to the Jets home opener and 672 00:37:09,560 --> 00:37:12,839 Speaker 3: the Giants home opener, and I let everyone sign up 673 00:37:12,880 --> 00:37:17,399 Speaker 3: for it, and we're gonna have you know, what's the word, 674 00:37:17,440 --> 00:37:20,440 Speaker 3: We'll pick a winner for both games and at the 675 00:37:20,560 --> 00:37:25,239 Speaker 3: same time, at no cost, you can look up insurance 676 00:37:25,280 --> 00:37:29,040 Speaker 3: for yourself and see what it costs. So we you know, 677 00:37:29,120 --> 00:37:31,920 Speaker 3: we we obviously take care of two things. 678 00:37:31,640 --> 00:37:35,280 Speaker 5: At one one, you know, one screen real quickly. 679 00:37:35,360 --> 00:37:37,759 Speaker 4: I know we're out of time, but you know, I'm 680 00:37:37,760 --> 00:37:41,000 Speaker 4: gonna ask this. Jets are giants, man, how far are 681 00:37:41,040 --> 00:37:41,520 Speaker 4: they going to go? 682 00:37:42,360 --> 00:37:46,200 Speaker 3: I like both and I have a vested interest in both, 683 00:37:46,600 --> 00:37:51,040 Speaker 3: so I've got to be politically correct, so I love 684 00:37:51,120 --> 00:37:51,720 Speaker 3: both teams. 685 00:37:52,320 --> 00:37:55,600 Speaker 4: We thanks to Rich Big Daddy Selgatto for joining us. 686 00:37:55,760 --> 00:37:59,880 Speaker 4: He's founder and CEO at Coastal Advisors and founder or 687 00:37:59,920 --> 00:38:03,080 Speaker 4: the Big Daddy Celebrity Golf Classic. That does it for 688 00:38:03,160 --> 00:38:06,920 Speaker 4: this edition of The Bloomberg Business of Sports. For Vanessa Perdomo, 689 00:38:07,080 --> 00:38:09,360 Speaker 4: I'm Michael Barr. Tune in again next week for the 690 00:38:09,440 --> 00:38:12,080 Speaker 4: latest on the stories moving big old money in the 691 00:38:12,120 --> 00:38:14,800 Speaker 4: world of sports, and don't forget to catch our podcast 692 00:38:14,880 --> 00:38:18,520 Speaker 4: on all your podcast platforms. You're listening to The Bloomberg 693 00:38:18,600 --> 00:38:22,000 Speaker 4: Business of Sports from Bloomberger Radio around the world.