WEBVTT - Billionaire Athletes, CEO of Bridgestone Golf 0:00:02.960 --> 0:00:07.280 Bloomberg Audio Studios, Podcasts, Radio News. 0:00:08.640 --> 0:00:11.240 This is Bloomberg Business of Sports. 0:00:11.440 --> 0:00:15.280 Sports is business, and whenever you are procuring child you 0:00:15.360 --> 0:00:16.759 must start with the crime. 0:00:16.680 --> 0:00:19.840 Cherating owners of this league and wanting our league to 0:00:19.880 --> 0:00:21.840 be the best in the world. How do we make 0:00:21.840 --> 0:00:22.239 it better? 0:00:22.320 --> 0:00:24.320 The valuations are getting so high, at the list of 0:00:24.320 --> 0:00:26.680 people who could purchase a team that was getting really short. 0:00:26.720 --> 0:00:29.319 You have eight strategic investment areas when you look at. 0:00:29.200 --> 0:00:31.480 The world of sports, and these already in two hundred 0:00:31.480 --> 0:00:32.800 and ten countries around the world. 0:00:32.960 --> 0:00:36.120 NFL is an amazing things for the sports betting industry. 0:00:36.240 --> 0:00:38.400 We have the World's upcoming in twenty twenty six in 0:00:38.520 --> 0:00:39.320 North America. 0:00:39.400 --> 0:00:40.960 Hey, if I get a million dollars, We're going to 0:00:40.960 --> 0:00:42.160 a school testing. 0:00:42.280 --> 0:00:42.760 How be you there? 0:00:42.760 --> 0:00:46.640 Bloomberg Business of Sports from Bloomberg Radio. 0:00:47.280 --> 0:00:50.080 This is the Bloomberg Business of Sports show where we 0:00:50.120 --> 0:00:52.080 explored the big money issues in the world of sports. 0:00:52.240 --> 0:00:55.080 Michael Barr, I'm Scarlett Foo and I'm Memian sas hour 0:00:55.240 --> 0:00:55.920 on the lineup. 0:00:55.920 --> 0:01:00.240 Today. It is golf season, Babay. The air is warming up, 0:01:00.280 --> 0:01:03.400 the sun is setting later, and the grass is getting 0:01:03.400 --> 0:01:06.280 greener on this side. And we're going to talk with 0:01:06.440 --> 0:01:10.319 Dan Murphy, the president and CEO of bridge Stone Golf, 0:01:10.560 --> 0:01:13.720 on his company's partnership with Tiger Woods and the rold 0:01:13.720 --> 0:01:17.320 Tiger has in his company's development of golf balls and clubs. 0:01:17.680 --> 0:01:21.120 Plus, Bloomberg Originals Chief correspondent Jason Kelly stops by to 0:01:21.160 --> 0:01:25.000 talk about his new Bloomberg Originals TV program and podcasts 0:01:25.000 --> 0:01:28.240 with none other than a Rod The Baseball Legend. It's 0:01:28.280 --> 0:01:32.399 a program that showcases conversations with sports champions and business 0:01:32.480 --> 0:01:36.440 titans like Maria Sharapova and one Derek Jeter as they 0:01:36.480 --> 0:01:39.000 reveal some of their investment philosophies. 0:01:39.360 --> 0:01:42.080 That is straight ahead on the Bloomberg Business of Sports show. 0:01:42.120 --> 0:01:46.720 But first, preparing for retirement is not easy, no kidd, 0:01:47.200 --> 0:01:51.080 And for professional athletes, it's all about becoming a champion 0:01:51.160 --> 0:01:54.000 with hopes that the millions they made along the way 0:01:54.360 --> 0:01:57.919 is enough to help pay the bills. But nowadays athletes 0:01:58.080 --> 0:02:01.360 are looking to cash in and maintain their brand supremacy 0:02:01.720 --> 0:02:05.760 even after retirement. Lucky for them, there have never been 0:02:05.800 --> 0:02:09.640 more ways for athletes to earn billions. Joining us now 0:02:09.680 --> 0:02:12.720 to discuss how some of the most known athletes today 0:02:12.800 --> 0:02:17.160 are working toward that coveted billion dollars goal. You know, 0:02:17.240 --> 0:02:22.440 the man old friend of the show, Bloomberg News, Kim Bessen, Kim, 0:02:22.520 --> 0:02:25.000 welcome sports again. Up. 0:02:25.040 --> 0:02:26.079 How are we doing today? 0:02:26.200 --> 0:02:29.000 Oh man, I'm now I'm thinking about retirement all over 0:02:29.120 --> 0:02:31.600 again and realize, you know, it won't be until I'm 0:02:31.600 --> 0:02:35.080 one hundred. But you know what, you don't have to 0:02:35.080 --> 0:02:37.160 be and you wrote this, you don't have to be 0:02:37.320 --> 0:02:42.480 the goat to hit the billionaire status as an athlete. 0:02:42.680 --> 0:02:43.840 Can you expand more? 0:02:43.919 --> 0:02:44.079 Yeah? 0:02:44.080 --> 0:02:48.000 I think when you think about like the richest athletes 0:02:48.040 --> 0:02:50.679 in the world, you the names that come up are 0:02:50.720 --> 0:02:54.600 like Tiger Woods, Michael Jordan, Lebron James, like among the 0:02:54.639 --> 0:02:56.840 best to ever do it in their sports every single time. 0:02:56.919 --> 0:02:57.079 Right. 0:02:57.960 --> 0:03:01.880 But now, for you don't have to be the best 0:03:01.880 --> 0:03:05.760 in your sport to make a whole ton of money. 0:03:05.760 --> 0:03:09.160 And that's because there's more routes, there's more opportunities, there's 0:03:09.280 --> 0:03:13.480 more ways to get into business and make a bunch 0:03:13.520 --> 0:03:14.320 of money for yourself. 0:03:14.360 --> 0:03:17.200 So you're saying, I got a chance, you still, let's 0:03:17.200 --> 0:03:17.520 do this. 0:03:18.120 --> 0:03:19.320 It's never too late, all right. 0:03:19.320 --> 0:03:21.120 So give us an example of someone who is not 0:03:21.360 --> 0:03:24.840 the goat in his or her sport and yet through 0:03:24.919 --> 0:03:32.200 savvy investments, through timely networking, and through well negotiated deals, 0:03:32.560 --> 0:03:35.520 has done a pretty good job for himself. Yeah, and 0:03:35.600 --> 0:03:36.880 it's him a lot of the times. 0:03:36.960 --> 0:03:37.560 Yeah, it is. 0:03:37.600 --> 0:03:39.640 It is him a lot of the times. I just 0:03:39.680 --> 0:03:43.320 want to give you an example of someone who is 0:03:43.400 --> 0:03:48.160 still young, and it's not even requiring him to step 0:03:48.320 --> 0:03:50.840 off the court and make a ton of money with 0:03:51.000 --> 0:03:54.119 businesses in the NBA. You can do this just by 0:03:54.440 --> 0:03:58.800 signing max contracts. Right, Jalen Brown is not the best 0:03:58.800 --> 0:04:01.320 player on his own team, and he's going to be 0:04:01.400 --> 0:04:05.760 making nearly three hundred million dollars over the next several years. Right, 0:04:06.240 --> 0:04:10.080 if you parse us out for the rookies, like the 0:04:10.120 --> 0:04:13.520 youngest players in the league who are entering right now, Yes, 0:04:13.560 --> 0:04:17.200 it looks like Victor Webbanyama is going to be absolutely incredible. 0:04:17.520 --> 0:04:22.000 Paolo Bankearo just made his first All Star team. Brandon 0:04:22.040 --> 0:04:25.520 Miller on the Hornets is starting to heat up over there. 0:04:25.960 --> 0:04:28.640 These are the kinds of kids who just have to 0:04:28.720 --> 0:04:32.000 keep signing max deals, And if they keep signing max deals, 0:04:32.000 --> 0:04:34.440 if they pan out over the course of their career, 0:04:34.960 --> 0:04:37.159 maybe you know, once in a while, making All NBA 0:04:37.360 --> 0:04:41.960 Third Team be an All Star a couple times, and 0:04:42.000 --> 0:04:45.120 they just keep signing Max deals, they will be billionaires 0:04:45.200 --> 0:04:46.080 in their thirties. 0:04:46.400 --> 0:04:48.520 Kim running through the numbers a little bit, because I've 0:04:48.560 --> 0:04:51.480 read that deck about Victor webin Yama, the seven foot 0:04:51.520 --> 0:04:54.520 four Spurs sensation, who is you know, if he keeps 0:04:54.560 --> 0:04:57.039 signing MAX contracts, will earn you know, I think a 0:04:57.080 --> 0:04:59.479 billion dollars or something by the time I'm well over that. 0:04:59.600 --> 0:05:02.080 But you know, if you compare that to Michael Jordan 0:05:02.360 --> 0:05:04.280 or you know, Tiger Woods or some of these people 0:05:04.279 --> 0:05:06.520 who have these huge marketing deals and who made money. 0:05:06.560 --> 0:05:08.880 I mean Michael Jordan's case. You know, he's an owner 0:05:08.880 --> 0:05:12.200 of the Charlotte Hornets. You know, is it possible for 0:05:12.440 --> 0:05:15.520 somebody like a webin Yama to overtake career earning from 0:05:15.560 --> 0:05:18.359 someone like Michael Jordan or must he do something himself 0:05:18.640 --> 0:05:20.039 off the court in order to get there. 0:05:20.600 --> 0:05:23.760 Michael, I think, is the specialist of special cases, right 0:05:24.080 --> 0:05:27.920 his the Jordan brand is just so huge and he 0:05:28.080 --> 0:05:30.840 signed what the you know, the first royalty deal in 0:05:31.400 --> 0:05:34.080 signature shoe history, Once upon a time? 0:05:34.560 --> 0:05:35.440 How long ago is that? 0:05:35.520 --> 0:05:36.320 Forty years ago? 0:05:36.400 --> 0:05:36.880 Oh? Man? 0:05:37.240 --> 0:05:40.680 So he's a special case here. But team ownership is 0:05:40.720 --> 0:05:44.440 certainly like a path to wealth now, and you're seeing 0:05:44.480 --> 0:05:48.919 these players put money into and become minority owners in 0:05:49.520 --> 0:05:52.800 the other leagues that they're not currently playing in their 0:05:52.880 --> 0:05:54.760 in their home town. So like Miles Garrett on the 0:05:54.800 --> 0:05:59.120 Cleveland Browns has a stake in the Cavaliers basketball, and. 0:05:59.160 --> 0:06:01.200 We got the Jannis on the Bucks. 0:06:01.600 --> 0:06:04.279 He owns a part of the Brewers, and then Marshawn 0:06:04.320 --> 0:06:07.160 Lynch is in the Seattle Kraken the hockey team. Like 0:06:07.480 --> 0:06:11.400 these opportunities are they exist for these players. And again, 0:06:11.440 --> 0:06:13.320 they don't have to be the very best in the 0:06:13.360 --> 0:06:14.000 game to do it. 0:06:14.160 --> 0:06:16.120 You don't have to be And you wrote about this 0:06:16.200 --> 0:06:18.080 and I saw it. I'm like, oh man, you don't 0:06:18.120 --> 0:06:19.960 have to be in college. You don't have to be 0:06:20.000 --> 0:06:22.520 in high school, you don't have to be in middle school. 0:06:22.839 --> 0:06:26.479 There was a nine year old who signed in Snoop 0:06:26.560 --> 0:06:32.760 Dogg's youth football league and signed for six figures. He's nine. 0:06:32.880 --> 0:06:36.240 Oh yeah, I am depressed. Now just listen, kid, I'm 0:06:36.320 --> 0:06:38.360 happy for you. Yeah, I can say kid because I'm 0:06:38.400 --> 0:06:42.240 oldest dirt kid. I'm happy he's nine. He is, but 0:06:42.520 --> 0:06:44.880 this is it's amazing to me. 0:06:45.040 --> 0:06:45.960 Kim yeah. 0:06:46.200 --> 0:06:48.960 I mean, the the NCAA rule really opens up a 0:06:48.960 --> 0:06:52.040 lot of a lot of things for kids now right, 0:06:52.040 --> 0:06:54.400 You're not going to risk any kind of eligibility going forward. 0:06:55.240 --> 0:06:58.279 It's like it is fascinating. 0:06:58.440 --> 0:07:00.640 I think when we saw at the very it was 0:07:00.800 --> 0:07:04.760 the college kids actually signing these deal student athletes who 0:07:04.760 --> 0:07:07.400 have garnered some sort of social following and so on 0:07:07.600 --> 0:07:10.400 at the very very start of the rule change at 0:07:10.400 --> 0:07:13.280 the NCAA had, but it was kind of natural that 0:07:13.320 --> 0:07:16.840 they would go younger. You saw high school kids getting signed, 0:07:16.880 --> 0:07:20.920 and now it's we're getting further down there, nine years old. 0:07:21.320 --> 0:07:24.600 You know, it's okay at age time. Here I go again. 0:07:24.760 --> 0:07:26.960 I remember when you were nine years old, the only 0:07:27.000 --> 0:07:28.800 way you could really make some money was to go 0:07:29.040 --> 0:07:32.880 on the game show, the kids version of the Hollywood Squares. 0:07:33.000 --> 0:07:35.440 They didn't even pay you in regular money because they 0:07:35.480 --> 0:07:38.400 had the rule where you got savings bonds, which was 0:07:38.480 --> 0:07:40.600 half of what dang. 0:07:40.360 --> 0:07:43.120 Man, he's outraged. He is properly outraged. 0:07:44.000 --> 0:07:47.120 Let's go from a nine year old tackle football player 0:07:47.280 --> 0:07:50.960 in Snoop's youth football league to Steph Curry, the goat 0:07:51.120 --> 0:07:54.680 for the Golden State Warriors, and you know, three point 0:07:54.840 --> 0:07:58.000 shot man extraordinary. You wrote a story about him and 0:07:58.040 --> 0:08:01.200 how he has He's done well in terms of his 0:08:01.320 --> 0:08:04.280 sneaker sponsorship under Armoor. He put them on the map 0:08:04.320 --> 0:08:07.360 when it comes to sneakers, but not so much in 0:08:07.480 --> 0:08:11.400 terms of really winning over big sneaker fans, the sneaker 0:08:11.440 --> 0:08:13.480 heads out there. What's the difference here and why is 0:08:13.520 --> 0:08:14.520 it important to him? 0:08:14.720 --> 0:08:14.960 Yeah? 0:08:14.960 --> 0:08:18.200 I mean Stephen told me I met up with him 0:08:18.240 --> 0:08:24.080 at All Star weekend in Indianapolis, as you do, Kim, 0:08:21.760 --> 0:08:28.520 and he said he's planning to retire in four or 0:08:28.560 --> 0:08:32.400 five years, So the clock is running low here. It 0:08:32.480 --> 0:08:36.480 seems like he wants to leave the game while still 0:08:36.520 --> 0:08:39.240 playing at a high level. I don't think we're gonna 0:08:39.240 --> 0:08:42.480 see Steph Curry standing in the corner at forty three 0:08:42.880 --> 0:08:44.880 just knocking down a couple threes a game. I think 0:08:44.920 --> 0:08:48.400 he wants to be a superstar until the day he 0:08:48.760 --> 0:08:52.319 steps away. So if he's gonna leave fairly soon, that 0:08:52.760 --> 0:08:55.800 would put him at about forty, which is when Michael 0:08:55.840 --> 0:08:58.679 Jordan retired Lebron. Seems like he's gonna go back if 0:08:58.679 --> 0:09:00.520 he keeps playing like this still nine. 0:09:00.600 --> 0:09:01.520 I think he's gonna give you going. 0:09:02.480 --> 0:09:05.800 But there's limited time left for for Stephan Curry to 0:09:06.160 --> 0:09:08.640 have that kind of influence on the court, being on 0:09:08.760 --> 0:09:11.720 TV eighty two times a year and then playing in 0:09:11.720 --> 0:09:13.319 the playoffs and all the hype around that and the 0:09:13.360 --> 0:09:16.320 All Star Game and everything. So whatever he's doing after 0:09:16.840 --> 0:09:19.880 his basketball career, it won't be quite the same. So 0:09:20.320 --> 0:09:23.720 what he wants to do is really develop off the 0:09:23.840 --> 0:09:28.240 court shoes, shoes that are in sneaker culture, shoes that that. 0:09:28.000 --> 0:09:31.840 That people are are, you know, lining up around the block. 0:09:31.600 --> 0:09:34.400 For like you see with with some other with some 0:09:34.440 --> 0:09:39.880 other brand, Jordan's with Jordan's absolutely, And yeah, he said explicitly, 0:09:40.240 --> 0:09:46.040 the Jordan brand is the pinnacle of what an athlete 0:09:46.040 --> 0:09:50.040 can do with their platform, and he wants to make 0:09:50.080 --> 0:09:52.520 his own version of that and wants that to be 0:09:52.600 --> 0:09:53.400 part of his legacy. 0:09:53.400 --> 0:09:55.400 He also said, like, what's my legacy going to be? 0:09:55.679 --> 0:09:57.720 And I'm like, Steph, Man, he's wondering about that. 0:09:57.800 --> 0:10:02.920 Yeah, you're the best shooter ever, Like there's no four championships. 0:10:02.360 --> 0:10:03.040 Two MVPs. 0:10:03.120 --> 0:10:04.199 Well, he really doesn't see that. 0:10:04.400 --> 0:10:07.199 I think, I mean, he shouldn't be worried. He shouldn't 0:10:07.240 --> 0:10:08.080 be worried about this. 0:10:08.240 --> 0:10:08.440 Man. 0:10:08.960 --> 0:10:10.520 Can I ask you a quick question I mean, I'm 0:10:10.559 --> 0:10:13.480 looking at under Armour shares here at nine dollars down, 0:10:13.679 --> 0:10:15.839 you know, roughly a third of what they were in 0:10:15.920 --> 0:10:18.520 late twenty twenty one. You know, just how a creative 0:10:19.000 --> 0:10:23.760 could steph Curry b to the share price to under 0:10:23.880 --> 0:10:27.040 Armour and for that matter, in the environment we're coming 0:10:27.080 --> 0:10:30.000 out of. I mean, look at what just happened with Adidas, 0:10:30.080 --> 0:10:32.680 with Nike. I mean, you know, what are the chances 0:10:32.679 --> 0:10:35.720 for success and how's that going to kind of translate 0:10:35.760 --> 0:10:36.600 through into the share price. 0:10:36.720 --> 0:10:39.600 Under Armour is going through a major transformation right now. 0:10:39.640 --> 0:10:42.360 So they brought in a new CEO last year, Stephanie 0:10:42.440 --> 0:10:47.960 Lennartz from Marriott International, and she has has started on 0:10:48.080 --> 0:10:52.000 this three year turnaround plan for under Armour and the 0:10:52.040 --> 0:10:56.400 whole athletic wear industry over the past year has had trouble, 0:10:56.480 --> 0:10:59.520 right so when the pandemic hit, it was like stores closed, 0:10:59.640 --> 0:11:02.520 just does in twenty twenty twenty one. We don't have 0:11:02.640 --> 0:11:06.760 enough inventory because it was hard to run our supply chains. 0:11:06.800 --> 0:11:08.880 At the time twenty twenty two and twenty three, they 0:11:08.880 --> 0:11:11.080 had too much inventory because they ordered too much stuff. 0:11:11.240 --> 0:11:14.040 And now we're finally getting to the end of that. 0:11:14.160 --> 0:11:18.240 So we're seeing a reset with brands, with brands like 0:11:18.320 --> 0:11:22.400 under Armour. So this brand under Armour, she is prioritizing 0:11:23.120 --> 0:11:26.920 a couple things here, so more women's wear, more footwear, 0:11:27.400 --> 0:11:30.240 and then more what they call they're calling sports style, 0:11:30.280 --> 0:11:33.960 which just means, you know, casual clothes that one would 0:11:34.000 --> 0:11:38.520 wear not in the gym. So those are the three things. 0:11:38.559 --> 0:11:41.920 And Curry brand is what gave them permission to enter 0:11:42.000 --> 0:11:45.640 footwear to begin with back in twenty thirteen, right, that 0:11:45.720 --> 0:11:48.719 really solidified their place to give the permission to play 0:11:48.720 --> 0:11:50.640 in basketball, which is which is the most important thing. 0:11:50.679 --> 0:11:54.040 Basketball and running are just so crucial. Curry is their star. 0:11:54.120 --> 0:11:57.199 He's for sure, they're top star, and they're going to 0:11:57.240 --> 0:11:58.320 try to build this around him. 0:11:58.440 --> 0:12:00.720 You mentioned about Nike, by the way, I wonder if 0:12:00.800 --> 0:12:04.800 Nike screwed up because they had Curry in a round 0:12:04.840 --> 0:12:08.400 right when when it started, and then something happened, and then, 0:12:08.440 --> 0:12:11.439 like you said, Kim twenty thirteen, then he signs with. 0:12:11.440 --> 0:12:14.640 Underham There's a there's a fascinating story that ESPN got 0:12:14.679 --> 0:12:18.480 into a few years ago, that the saga of Stephen 0:12:18.520 --> 0:12:22.240 Curry leaving Nike for under Armour. 0:12:22.840 --> 0:12:24.000 This is the sequel, by the way. 0:12:24.320 --> 0:12:26.679 Name Yeah, they pick Durant's name on the presentation, right, 0:12:26.720 --> 0:12:28.000 they put Duran's name on the. 0:12:28.600 --> 0:12:30.480 This this needs to be made into a movie, kind 0:12:30.480 --> 0:12:32.640 of like how Matt Damon or I should say Ben 0:12:32.640 --> 0:12:33.880 Affleck made air. 0:12:34.160 --> 0:12:37.320 And they kept calling him like Stephen like no, yeah, 0:12:37.520 --> 0:12:38.280 I remember that. 0:12:38.280 --> 0:12:38.880 That's not good. 0:12:39.640 --> 0:12:40.400 Yeah. 0:12:40.640 --> 0:12:43.720 Old friend of the show, Kim Bessen, thank you, my man. 0:12:44.160 --> 0:12:45.319 We really do appreciate it. 0:12:45.360 --> 0:12:45.480 Man. 0:12:45.520 --> 0:12:46.880 You always drop some knowledge on this. 0:12:47.040 --> 0:12:47.199 Man. 0:12:47.440 --> 0:12:49.680 I love hearing you. Appreciate you all. Up next on 0:12:49.720 --> 0:12:52.000 the show, we speak with our friend Jason Kelly on 0:12:52.080 --> 0:12:55.320 his newest Bloomberg Originals program that he co hosts with 0:12:55.440 --> 0:13:02.400 former baseball player and New York Yankees icon Rodriguez. You're 0:13:02.400 --> 0:13:05.680 listening to the Bloomberg Business of Sports from Bloomberg Radio 0:13:05.760 --> 0:13:11.760 around the world. 0:13:11.800 --> 0:13:17.520 This is Bloomberg Business of Sports from Bloomberg Radio. This 0:13:17.720 --> 0:13:20.120 is the Bloomberg Business of Sports show. But we explored 0:13:20.120 --> 0:13:22.240 the big money issues the world of sports. I'm Michael 0:13:22.280 --> 0:13:27.320 Varre alongside Carlott Fu and Damian Sasauur. When sports, business 0:13:27.320 --> 0:13:30.680 and culture collide, there's often a deal to be made. 0:13:31.080 --> 0:13:35.960 Alex Rodriguez and Bloomberg correspondent Jason Kelly get the inside 0:13:36.000 --> 0:13:40.920 track from corporate titans, sports champions, and game changing entrepreneurs 0:13:41.120 --> 0:13:45.240 on investing, strategy, reinvention and the ones that got away. 0:13:45.760 --> 0:13:49.080 The Deal with Alex Rodriguez and Jason Kelly is a 0:13:49.120 --> 0:13:55.840 Bloomberg Podcasts and Bloomberg original series that's passionate, relaxed, insightful, 0:13:56.000 --> 0:13:59.480 and inspirational. If you think you know these icons, prepare 0:13:59.520 --> 0:14:03.160 to be Here is a tease of the show airing 0:14:03.280 --> 0:14:05.960 now featuring tennis icon Maria Showerpova. 0:14:06.160 --> 0:14:08.200 There's going to be viewers that have watched this that 0:14:08.240 --> 0:14:11.440 are founders that have a business that their dream would 0:14:11.440 --> 0:14:13.680 be for Maria to invest in their business. Can you 0:14:13.720 --> 0:14:15.840 tell us a little bit about how you think about 0:14:15.920 --> 0:14:19.800 businesses which sectors kind of broadly check sizes. How do 0:14:19.840 --> 0:14:22.160 you think about being a value added investor. 0:14:22.440 --> 0:14:25.000 One of my first investments, actually the first investment was 0:14:25.040 --> 0:14:28.360 into a sunscreen brand called Supergoup. I was a user 0:14:28.400 --> 0:14:31.520 myself founded a Sephora market. I think that was their 0:14:31.520 --> 0:14:34.240 only distribution at the time. This was twelve years ago. 0:14:34.560 --> 0:14:37.720 I knocked on the door of the founder and I said, 0:14:37.800 --> 0:14:40.120 I love your product. It's the only one I can 0:14:40.160 --> 0:14:42.160 wear while I play doesn't run in my eyes. It 0:14:42.160 --> 0:14:44.720 doesn't burn my eyes or sting them. Can I please 0:14:44.760 --> 0:14:46.640 help you out. I don't know what stage you're at, 0:14:46.680 --> 0:14:48.440 I don't know how young or old you are, but 0:14:48.640 --> 0:14:51.200 I love what you're doing and from what I've read, 0:14:51.240 --> 0:14:54.080 I love your mission. That was it, and two years 0:14:54.120 --> 0:14:56.360 ago they sold seventy five percent of their steak for 0:14:56.800 --> 0:14:59.160 close to a billion dollars. It was the first time 0:14:59.160 --> 0:15:01.720 where I didn't take that paycheck at the beginning, and 0:15:01.760 --> 0:15:05.240 I said, let me invest, let me give you my time, 0:15:05.360 --> 0:15:08.840 my platform, my voice, and help share this message about 0:15:08.840 --> 0:15:11.760 preventing skin cancer. And that was a successful example, and 0:15:11.800 --> 0:15:15.640 there's been several others not so. But the point is 0:15:15.640 --> 0:15:19.240 is that it came from loving the product. It came 0:15:19.320 --> 0:15:22.920 from the mission that the founder had that I resonated with, 0:15:23.160 --> 0:15:25.200 and the fact that I could help it. Like I 0:15:25.280 --> 0:15:28.640 was realistic that I had the right platform and that 0:15:28.720 --> 0:15:31.760 I had the right usership in order to help them grow. 0:15:32.120 --> 0:15:34.440 So I think all that was it was a good 0:15:34.440 --> 0:15:38.200 foundation in my investment story. And not to say that 0:15:38.280 --> 0:15:40.680 there's something that I may not be familiar with or 0:15:40.720 --> 0:15:43.000 that I'm taking a chance on. I still should take 0:15:43.000 --> 0:15:45.440 the call. I still should spend time with the founders, 0:15:45.440 --> 0:15:47.960 But ultimately I want to have a good feel of 0:15:47.960 --> 0:15:50.120 what this is, right. I want to spend time. I 0:15:50.120 --> 0:15:52.760 want to have dinner with these people, right. So I 0:15:52.800 --> 0:15:55.440 want to believe in people that know how to lose 0:15:55.480 --> 0:15:58.000 and how that will come up and find ways to win. 0:15:58.280 --> 0:16:01.200 So joining us now to give us some more inside 0:16:01.280 --> 0:16:04.120 his co host of the show and friend of ours, 0:16:04.480 --> 0:16:08.160 Jason Kelly. Jason, your new show is called The Deal. 0:16:08.400 --> 0:16:09.440 Tell us about it. 0:16:09.440 --> 0:16:12.200 It's all happening. Yeah, it's been in the worst for 0:16:12.240 --> 0:16:13.920 a while. This is a show that Alex and I 0:16:14.000 --> 0:16:17.680 conceived a little more than a year ago, and you know, 0:16:17.760 --> 0:16:18.920 the concept. 0:16:18.520 --> 0:16:19.520 Was sort of straightforward. 0:16:19.560 --> 0:16:21.920 At One of the stories that I've told that I 0:16:21.920 --> 0:16:25.400 think you guys will appreciate is we had gotten to 0:16:25.400 --> 0:16:27.760 know each other over the course of me working on 0:16:27.800 --> 0:16:29.920 a documentary about him for a series we did called 0:16:29.920 --> 0:16:33.240 Athlete Empire and Bloomberg Originals, And we were having lunch 0:16:33.320 --> 0:16:35.960 and talking about wanting to do something together, and we 0:16:36.000 --> 0:16:39.240 started talking about this idea of the podcast, and we 0:16:39.520 --> 0:16:43.200 kind of wandered around in conversationally and we were talking 0:16:43.200 --> 0:16:46.000 about NBA ownership, which obviously he's a part of. 0:16:46.080 --> 0:16:47.320 Now we were talking about. 0:16:47.200 --> 0:16:51.480 Valuations, talking about various things, and at one point, as 0:16:51.520 --> 0:16:53.800 we started talking about the podcast again, he said, what 0:16:53.840 --> 0:16:56.760 would it be? And I basically said, well, this this 0:16:56.800 --> 0:16:58.840 is the show. Like this is the show, like Seinfeld, 0:16:58.880 --> 0:17:03.160 this is the show. And the concept is there is 0:17:03.240 --> 0:17:05.840 this collision as you guys are living every week of 0:17:06.160 --> 0:17:10.720 call it business, sports, culture, technology, politics, all of it, 0:17:10.760 --> 0:17:14.840 and there are some fascinating people doing deals at the 0:17:14.880 --> 0:17:16.840 core of it. And so that's what we set out 0:17:16.880 --> 0:17:19.520 to do. And we went and found some I think 0:17:19.720 --> 0:17:21.640 super interesting people to talk to, and. 0:17:21.560 --> 0:17:25.199 You talked to Maria Sharapova among others. How many of 0:17:25.240 --> 0:17:28.480 the folks that you talked to are people that alex 0:17:28.560 --> 0:17:31.080 Ardriguez has done deals with because he's out there. 0:17:31.320 --> 0:17:33.199 He is out there, and it's a great point. I mean, 0:17:33.280 --> 0:17:35.439 he's out there quite a bit. And it's funny you 0:17:35.560 --> 0:17:39.240 talk about Maria. One of the funniest moments of the episode, 0:17:39.800 --> 0:17:41.360 she actually gives him a little bit of a hard 0:17:41.359 --> 0:17:45.399 time about like not calling her for deals and because 0:17:45.440 --> 0:17:48.440 they have looked at stuff together. I mean, as you 0:17:48.480 --> 0:17:50.919 guys well know, because a lot of these folks have 0:17:50.960 --> 0:17:54.960 been on this show. The circle as it were, of 0:17:56.000 --> 0:18:00.440 really top tier athletes who are super serious about making investments. 0:18:00.520 --> 0:18:04.639 Is actually a relatively small club, and they they certainly bounce, 0:18:05.280 --> 0:18:07.680 bounce off of each other and run into each other. 0:18:07.960 --> 0:18:10.000 So there are a few people that that Alex has 0:18:10.040 --> 0:18:13.119 doesn't work with. I mean, he worked very closely with 0:18:13.520 --> 0:18:17.960 Derek jeeter Is, who's a guest on college show up Coming. 0:18:18.000 --> 0:18:20.959 They were they were colleagues, and you know, we joked 0:18:20.960 --> 0:18:22.879 in in that episode. 0:18:23.040 --> 0:18:25.200 I mean I sort of half joked that. 0:18:25.680 --> 0:18:27.800 You know, one of the most important deals you could 0:18:27.880 --> 0:18:31.240 argue that happened in New York Yankees history was the 0:18:31.280 --> 0:18:33.439 deal for Alex to move to third base so that 0:18:33.560 --> 0:18:36.320 he could play next to Jeter. Uh and they won 0:18:36.359 --> 0:18:39.800 a World Series and obviously a complicated relationship, and we 0:18:39.920 --> 0:18:41.120 dig into that a lot in the show. 0:18:41.200 --> 0:18:42.960 I can't wait, well, Jason, I mean, you went right there, 0:18:42.960 --> 0:18:44.520 so I'm gonna have to. I'm gonna have to, you know, 0:18:44.560 --> 0:18:47.480 trump that. I mean, think about the contract that Derek 0:18:47.560 --> 0:18:49.920 Jeter signed with the New York Yankees and the business 0:18:49.920 --> 0:18:53.200 side of that and what Alex rodriguez Is negotiations did 0:18:53.240 --> 0:18:54.560 to pad. 0:18:54.400 --> 0:18:55.040 That for him. 0:18:55.080 --> 0:18:57.040 I wonder if you guys got into that. But story 0:18:57.080 --> 0:18:59.200 for another day. Talk to us a little bit about, 0:18:59.400 --> 0:19:01.159 you know, some of the other guests you hope to 0:19:01.160 --> 0:19:03.040 have on the show going forward. I mean, you know, 0:19:03.200 --> 0:19:07.640 Alex runs in these crazy circles that expand beyond sports, 0:19:07.680 --> 0:19:11.520 into media, into finance. You know, where do you find 0:19:11.600 --> 0:19:12.920 Alex to be most comfortable? 0:19:13.600 --> 0:19:16.800 You know, it's a really interesting question, Damian. You know, 0:19:17.119 --> 0:19:21.399 I found him to be comfortable really across the board. 0:19:21.720 --> 0:19:25.840 You know, this is a guy who really started thinking 0:19:25.880 --> 0:19:30.159 about business off the field, almost from the moment he 0:19:30.200 --> 0:19:32.600 became a professional athlete, which he did coming out of 0:19:32.680 --> 0:19:35.199 high school, as you guys know, you know, drafted but 0:19:35.400 --> 0:19:38.360 number one by the Mariners. And you know, he bought 0:19:38.440 --> 0:19:44.119 his first multi family real estate property in Miami essentially 0:19:44.160 --> 0:19:46.680 with his first check, and it's sort of built from there. 0:19:47.240 --> 0:19:51.399 And he is he's a total sponge and really a student. 0:19:51.440 --> 0:19:55.240 And he talks about you know, being a young athlete 0:19:55.400 --> 0:19:57.639