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Speaker 1: This is the Bloomberg Business of Sports podcasts, where we

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Speaker 1: cover the big money issues in the world of sports,

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Speaker 1: and we are bringing Bloomberg's Jason Kelly Vanessa Perdomo. They

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Speaker 1: are talking about their new series called Next in Sports,

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Speaker 1: where Jason Vanessa really feature a up and coming sport

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Speaker 1: and in this instance, you guys have looked into Formula one.

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Speaker 1: It's not exactly a sport that people can participate in

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Speaker 1: like a pickleball, which you covered earlier, but it is

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Speaker 1: something that has really started to take off in the

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Speaker 1: last year or so.

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Speaker 2: Yeah, I mean, this is I feel like if you

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Speaker 2: talk to people on the weekends, especially like we're in

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Speaker 2: the thick of the season right now, the interest in

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Speaker 2: Formula one here in the United States, which is really

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Speaker 2: what we were most interested in, has just skyrocketed over

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Speaker 2: the past years. There's one big reason the Netflix show

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Speaker 2: Drive to survive, but people really got hooked on it,

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Speaker 2: and so we wanted to find out whether this sort

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Speaker 2: of boom in the US is real and what it's

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Speaker 2: going to take to sustain.

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Speaker 1: And Vanessa, what I found interesting is this is obviously

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Speaker 1: not a new sport, but it's making a concerted effort

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Speaker 1: to win over the US market and cater to a

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Speaker 1: US audience in a way that it never did before.

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Speaker 3: Yeah, exactly, It's always been a more of a It's

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Speaker 3: a global sport, right, It's probably one of the most

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Speaker 3: global sports, if not the most global sport that we

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Speaker 3: covered in the series. And the funny thing is with

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Speaker 3: these global sports, we talked about pickball being very American,

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Speaker 3: so you have America as its own thing. We want

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Speaker 3: to have our own sports. So trying to crack the

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Speaker 3: US market has been tough. They've had races here in

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Speaker 3: the past that just haven't really worked out. And you know,

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Speaker 3: Vegas I think was in it with Caesar's Parking Lot

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Speaker 3: or something.

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Speaker 4: And nineteen eighty one.

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Speaker 3: Yeah, and then they had a race in Arizona where

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Speaker 3: the tires were melting and a bunch of cars did

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Speaker 3: not make it through. So they haven't really cracked the formula.

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Speaker 3: But now they've added Austin, which has been on for

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Speaker 3: a couple of years and done well. Miami was added

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Speaker 3: last year and was an unbelievable event, and Vegas, I

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Speaker 3: think is even supposed to be double what that was.

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Speaker 3: So they're doing a lot to make sure that you know,

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Speaker 3: this is they're they're building the audience here that it's

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Speaker 3: something we're really excited about. And like Jason said, I mean,

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Speaker 3: Drive to Survive made it very relatable to an American

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Speaker 3: audience because of the drama.

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Speaker 4: Yeah they show.

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Speaker 2: I mean there's so many people that I think we've

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Speaker 2: all talked to in our lives, and I mean notably,

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Speaker 2: I think a lot of women who were drawn to this.

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Speaker 2: I mean that was one thing that came up over

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Speaker 2: and over again in our reporting and even you know,

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Speaker 2: we went to a again this is our job, folks,

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Speaker 2: Like we we went to a bar on a Sunday

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Speaker 2: morning and like hung out with people who were there

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Speaker 2: to watch a race that was happening in the Middle East.

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Speaker 2: And I mean that bar was at least half women, right, one.

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Speaker 3: Hundred percent, And the owner of the bar even told us,

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Speaker 3: he was like, there's more women who come in. They

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Speaker 3: have their laptop side with the diagnostics of the.

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Speaker 1: Wait, well, what they're tracking the race on the laptop?

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Speaker 3: Oh yeah, you can. You can look at the diagnostics

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Speaker 3: of what the cars are doing the yeah, in real time,

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Speaker 3: So they're doing all of that and this barget's so packed.

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Speaker 3: You know, we talk to a lot of people who

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Speaker 3: go there. You know, the races are all over the world,

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Speaker 3: so some of them are at three in the morning.

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Speaker 3: They still go there three in the morning and it's

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Speaker 3: still packed. They set alarms on their phone for when

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Speaker 3: the reservations open up for this bar for the next race,

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Speaker 3: which is really incredible.

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Speaker 4: Yeah, this is shout out Pila.

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Speaker 2: This this bar down in Midtown, New York, which is

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Speaker 2: I mean, everybody just descends on this place.

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Speaker 4: It was jammed.

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Speaker 2: I mean it was like going to watch a Yankee

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Speaker 2: game or something like that.

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Speaker 3: It was just no hyperos playoffs like of some you know, big.

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Speaker 1: I want to pick up on this. Why are there

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Speaker 1: so many women that are attracted to Formula one? It

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Speaker 1: can't just be Drive to Survive that that did it? Like,

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Speaker 1: what in particular do they see about the sport or

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Speaker 1: maybe the professionals who are playing the sport or in

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Speaker 1: this case racing the cars that appeals to them.

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Speaker 2: So I think Vanessa nailed that. It's the story retelling

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Speaker 2: and the drama behind it. I mean, I think what

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Speaker 2: was the drama Drive to Survive introduced it, and what

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Speaker 2: really comes forth is that you have these teams. It's

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Speaker 2: just a different sport than we're used to. So there

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Speaker 2: are ten teams on the grid, two drivers in each one.

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Speaker 2: They're both competing against the other teams, but they're also

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Speaker 2: competing against each other. Then you have this whole cast

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Speaker 2: of characters of the team principles, whether it's total Wolf

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Speaker 2: with Mercedes or Christian Horner for Red Bull or good

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Speaker 2: thur Steiner for has that people have gotten to know.

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Speaker 2: And by the way, ESPN has totally embraced this, and

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Speaker 2: so they're showing, you know, the garages during the race

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Speaker 2: and so you're seeing their reactions and you're hearing the

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Speaker 2: back and forth over the radio of how they're talking

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Speaker 2: to the drivers, and it's just it's super compelling.

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Speaker 3: In such a competitive sport when there's literally only twenty

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Speaker 3: drivers on the circuit. Uh, there is enormous amounts drama.

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Speaker 3: There's there's no you know, lack of it at all. Also,

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Speaker 3: to finally put cameras in there and show that, I

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Speaker 3: think that is definitely you know, women we love. We've

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Speaker 3: done a lot of you know, storytelling on what sports

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Speaker 3: fans want when they're watching anything, you know, whether it

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Speaker 3: be women's sports, whether it be basketball, football, whatever it is,

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Speaker 3: and it's women. Sports fans are really compelled by storytelling.

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Speaker 3: They want to know about the people, and so putting

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Speaker 3: faces to and stories behind these drivers was exactly.

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Speaker 2: Behind the scenes action, yeah, and being able to see

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Speaker 2: it in real time and sort of knowing. I mean,

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Speaker 2: I you know, it's like I've watched Driver to Survive

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Speaker 2: with my wife who's now a fan, and like a

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Speaker 2: bunch of her college girlfriends. You know, we interviewed several

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Speaker 2: groups of women at fy La Barr who you know,

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Speaker 2: they refer to themselves as the f one babes. They

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Speaker 2: get together and you know, they come from like Broadway

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Speaker 2: and finance and all these things, and they sort of

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Speaker 2: gather around it. It's a really it's a really interesting

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Speaker 2: kind of cross section of people who are watching this.

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Speaker 1: And you got to interview one of the Formula one

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Speaker 1: drivers as well, a young guy too.

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Speaker 3: Yes, he's twenty two years old, the first American driver

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Speaker 3: for Formula one since twenty fifteen. And he is very young,

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Speaker 3: you know, you can tell that babyface. But like also

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Speaker 3: he came to Europe at twelve years old to start

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Speaker 3: his kind of journey into becoming a Formula one driver.

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Speaker 3: Logan Sergeant Logan Sergeant who drives through Williams and he

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Speaker 3: came to Europe from Florida at twelve years old and

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Speaker 3: never really questioned it. Obviously, you're twelve, you don't really

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Speaker 3: question why you're doing these things. And I thought that

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Speaker 3: was very funny. And he said that his parents were

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Speaker 3: His dad was the one who was really into Formula

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Speaker 3: one racing. And I asked him, wow, is he really

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Speaker 3: proud of you to finally get here? And he was like, wow,

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Speaker 3: I've never asked him that.

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Speaker 4: You know.

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Speaker 3: It's just like this whole thing that's been his life,

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Speaker 3: you know, and he's finally out in the car, and

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Speaker 3: I think it's really interesting. And he does understand what

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Speaker 3: it means to be the first American driver in a

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Speaker 3: long time and to be able to have these races.

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Speaker 3: And he said he was ready to try and be

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Speaker 3: that driver that everyone can root for in America.

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Speaker 2: He's not quite there yet. I mean, he's not competitive yet.

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Speaker 2: I mean, which is a bummer and yet not.

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Speaker 3: Necessarily his fault yet. Right, that's the difference between Formula

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Speaker 3: one and other things. Williams suspen at the bottom of

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Speaker 3: the paddocks for a while, I see, and their cars aren't.

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Speaker 2: But he could potentially switch teams too, he could, yeah,

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Speaker 2: and I mean and so there's all of this, you know,

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Speaker 2: anticipation around it getting into America. And to Vanessa's point,

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Speaker 2: it's like having an American you know face, you know, somebody,

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Speaker 2: I mean, he really is. That's like he looks like

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Speaker 2: your next door like you're very handsome next door neighbor,

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Speaker 2: who's you know, really good at driving cars. You know

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Speaker 2: the three American races that Vanessa mentioned, and you know,

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Speaker 2: sort of looming in this in off screen is you

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Speaker 2: have Michael Andretti, who has done a deal with Cadillac,

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Speaker 2: and you know they're trying to get a car onto

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Speaker 2: the circuit in the next couple of years. That would

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Speaker 2: be huge to have a team actually based in Indianapolis

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Speaker 2: or in Indiana where they're building this huge headquarters.

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Speaker 4: Just sort of.

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Speaker 2: Marry it with a lot of the motorsports enthusiasm here.

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Speaker 2: You know, Michael Andretti himself raced in Formula one back

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Speaker 2: in the day. Didn't go well in the early nineties

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Speaker 2: for him. His father was a very successful Formula one racer.

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Speaker 2: So there's just there are these great storylines, and I

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Speaker 2: mean Vegas, Vegas, Vegas, is what everyone talks about.

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Speaker 3: Right, absolutely, it is something that they're they're trying to

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Speaker 3: make Vegas the next Monaco, the next biggest, the one

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Speaker 3: that all the drivers are looking forward to, the one

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Speaker 3: that everyone's flying in town for. They want it to

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Speaker 3: be huge, and I mean no doubt that it's going

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Speaker 3: to be huge this year.

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Speaker 2: It is going to be massive. I mean, and you

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Speaker 2: think about like the spectacle of it. So it's going

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Speaker 2: to be a night race on the streets of Vegas,

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Speaker 2: like they are going to fly down the strip.

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Speaker 4: Yeah, that's pretty incredible miles now.

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Speaker 2: I mean, it's gonna be, if nothing else, something that

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Speaker 2: everybody is going to watch. There's some crazy statistic that

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Speaker 2: there are four hundred thousand hotel rooms that have a

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Speaker 2: view that had that are like within a mile of

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Speaker 2: the track or within walking distance of the track.

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Speaker 1: That's not so you can be looking out of your

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Speaker 1: hotel room watching the race and.

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Speaker 2: Just the whole scene around it. And I don't know,

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Speaker 2: like everyone that I talked to around this, like we

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Speaker 2: even went to this classic car club in New York

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Speaker 2: again for work.

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Speaker 4: And okay, rub it in and you know.

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Speaker 2: They were talking about what a big deal, what a

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Speaker 2: big deal is going to be because if it hits

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Speaker 2: in America, that changes the whole trajectory of it.

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Speaker 1: So this is in contrast to pickleball, where a lot

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Speaker 1: of people can participate in the sport and maybe we're

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Speaker 1: not sure about the professional prospects of the sport as

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Speaker 1: something that people can watch as viewers and fans. This

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Speaker 1: has a lot of fans, but most people are not

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Speaker 1: going to get into a Formula one vehicle and start

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Speaker 1: driving it, or even a NASCAR vehicle. And forgive me

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Speaker 1: if I sound like I don't know the difference between

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Speaker 1: the two cars. But Vanessa, you actually got a chance

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Speaker 1: to sit in one of these cars, right.

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Speaker 3: Yes, I did. I went to England and I you know,

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Speaker 3: we went.

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Speaker 1: To again for work.

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Speaker 3: Yeah, again again for work, and we went to you know,

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Speaker 3: a car lot that they have all these different kinds

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Speaker 3: of cars that people can rent out. But the Formula

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Speaker 3: one car is really hard. It's not for everyone. So

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Speaker 3: I had to do a lot of training, a lot

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Speaker 3: of safety training, a lot of what can go wrong training,

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Speaker 3: and another car which is basically like drift training, which

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Speaker 3: is actually really fun. And then getting into the Formula

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Speaker 3: one car and the track was really small. You know,

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Speaker 3: there's only one straightaway where you can kind of test

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Speaker 3: the speed and I only got up to really sixty

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Speaker 3: miles per hour and it felt like exhilarating. So I

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Speaker 3: could not imagine what it's like to be going two

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Speaker 3: hundred miles per hour and also taking turns at that,

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Speaker 3: you know Jason was talking about. We did sim at

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Speaker 3: the Classic Car Club. They have a sim that you

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Speaker 3: can do, and I much much better at driving the

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Speaker 3: real car. The sim I could not. I could not

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Speaker 3: get it.

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Speaker 1: It doesn't give you a real feel then for how

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Speaker 1: it would be deeper.

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Speaker 3: It doesn't give you the real feel as in like

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Speaker 3: you're not in a car, but there is like the

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Speaker 3: motions of everything like that.

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Speaker 2: We were both nauseous when we got out of our sims.

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Speaker 3: Absolutely nauseous, Like it was it was real, you know,

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Speaker 3: like you're feeling all the motions. Just the thing that

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Speaker 3: wasn't the most real is when I was driving the

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Speaker 3: Formula one car. The steering is really hard, you know,

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Speaker 3: it's it's tough to try. Yeah, And in the sim

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Speaker 3: car you could go all the way around whatever it was.

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Speaker 3: You could over steer a ton, but I think you know,

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Speaker 3: to your points card that they have a lot of

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Speaker 3: fans that aren't able to do it. But I think

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Speaker 3: that that's something that American sports fans love, at least

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Speaker 3: I can say as an American sports fan. That's why

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Speaker 3: the NFL is the biggest, you know, league in the country,

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Speaker 3: because people want to see people do great things that

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Speaker 3: they could never do. Right, So watching people do f

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Speaker 3: one and drive these cars, you're like, how can they

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Speaker 3: possibly do that? And it's so fun to see someone

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Speaker 3: do something, especially with a little danger involved, that they

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Speaker 3: could never do. In pickleball, You're like, well, I could

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Speaker 3: do exactly what they're doing. Annali said that when I

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Speaker 3: talked to her, she was saying, people come to me

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Speaker 3: all the time thinking that they could play with me.

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Speaker 3: Not necessarily that they can, but they think that they

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Speaker 3: can because they play too.

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Speaker 4: Yeah, it's I mean, they're you would never say that,

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Speaker 4: Touluis Hamilton.

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Speaker 2: No, I mean then there is something I don't know, Like,

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Speaker 2: I think there's also something sort of exotic about it

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Speaker 2: and romantic, and you know, Vanessa mentioned Monaco and so

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Speaker 2: you know, you get this. Once you become a fan

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Speaker 2: of Formula one, like you really engage in all like

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Speaker 2: all the different races, you know, and I have a

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Speaker 2: number of friends who are like super ambilical about it.

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Speaker 2: They talk about, you know, changing tires, they talk about

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Speaker 2: like a street course versus you know, a more traditional

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Speaker 2: sort of track that's not on the streets of a city,

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Speaker 2: and you know, they they get into all of those

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Speaker 2: sort of technical aspects. So there's a lot of data,

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Speaker 2: as you mentioned, and I know people just like totally

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Speaker 2: nerd out on it.

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Speaker 1: People can plan their next vacations around it too.

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Speaker 4: It sounds like, oh yeah.

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Speaker 2: For sure, all right, Vegas one. Vegas is in November.

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Speaker 2: It's the second to last race of the year. I mean,

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Speaker 2: it's an interesting season right now too. I mean I

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Speaker 2: think we both have started watching it a little more closely.

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Speaker 2: It's an interesting season because red Bull and Max firstap

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Speaker 2: and are like way ahead of everybody else. And yet

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Speaker 2: one of the things, actually this is something I hadn't

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Speaker 2: thought of as much until just now. One of the

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Speaker 2: things that Formula one has done is really make you care.

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Speaker 2: Because of the point system and the way that the

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Speaker 2: business works and the way revenue is allocated, you have

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Speaker 2: a lot of focus beyond even just who wins. And

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Speaker 2: so it's like who's on the podium, and then if

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Speaker 2: you come in the top ten, you still get a point,

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Speaker 2: and all those points accrue to the final standings and

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Speaker 2: that's how money is distributed.

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Speaker 1: So it's you're invested in the season.

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Speaker 2: You're invested in the season, and everybody sort of has

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Speaker 2: their team. Like even looking around the bar when we went,

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Speaker 2: you know, people were kind of sitting under different flags

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Speaker 2: and they're and they're rooting for different drivers for for

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Speaker 2: different reasons. And it's very interesting. I mean, the one

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Speaker 2: other thing that I think is really important about this

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Speaker 2: story from a business perspective is Liberty Media is the owner.

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Speaker 4: You know, they own the Atlanta Braves.

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Speaker 1: John Malon, Liberty City exactly.

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Speaker 2: And it and and they are really behind this big

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Speaker 2: push into America, like to the point where they actually

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Speaker 2: own the Vegas Race, which is not typical. And they

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Speaker 2: even have essentially secundered their chief administrative and legal officer,

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Speaker 2: a woman named Renee Wilms, so I talked to for

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Speaker 2: the piece to be the CEO of the Vegas Grand Prix.

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Speaker 2: So they are you know, not to be too Vegas

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Speaker 2: about it. They are all in yeah on making this work.

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Speaker 1: All right, excellent, It's a fantastic episode if anyone wants

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Speaker 1: to check it out, It's available, of course, on YouTube

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Speaker 1: and Bloomberg dot Com, but Horse Next and Sports is

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Speaker 1: available Wednesdays on Bloomberg Television at ten pm Eastern, so

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Speaker 1: check it out or go online to find it on demand.