Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: You're listening to Bloomberg Business Week with Carol Masser and
Speaker 2: Tim Stenoveek on Bloomberg Radio. We've got an incredible duo
Speaker 2: with us right now, Ted leonsa scoder, chairman, managing partner
Speaker 2: and CEO of Monumental Sports and Entertainment. Here's a little
Speaker 2: bit of what they have. Home to the Wizards, the
Speaker 2: Washington Capitals, the Washington Mystics, Capital one Arena, eight teams,
Speaker 2: five venues, one media platform, and more. Once again, Monumental
Speaker 2: Sports and Entertainment ted with us along with Gary Bedman,
Speaker 2: longtime Commissioner of the NHL, former longtime General Council for
Speaker 2: the NBA. Both join us here on set at Power Players,
Speaker 2: New York. Welcome to both of you.
Speaker 3: Great to be with you.
Speaker 2: Well, we got a little bit of the panel earlier.
Speaker 2: We were able to take some of it and broadcast
Speaker 2: it to our audience across YouTube, radio and Bloomberg Originals.
Speaker 2: You're up there with Scarlett Food talking about the new
Speaker 2: fan experience. You've both been involved in the world of
Speaker 2: sports for a long time. A lot has changed streaming, sports, betting,
Speaker 2: Nil Carol, which I think is like the backdrop to
Speaker 2: everything that's happening here, the role of tech alone. What
Speaker 2: is this moment that we're living in right now?
Speaker 4: Well, I think AI is really the next big thing
Speaker 4: with sports.
Speaker 5: Oh yes, totally.
Speaker 4: How well, right now we're redoing our building and all
Speaker 4: we're talking about is physical AI.
Speaker 5: How do we collect data?
Speaker 4: How do we with three million people to come into
Speaker 4: our building? Where are they coming from? How old are they,
Speaker 4: who are they married to? How long have they had
Speaker 4: the tickets? What are they like when they eat? What
Speaker 4: do we what can we do to be anticipatory with
Speaker 4: our building? It's not just smart buildings anymore. It's build
Speaker 4: the intelligence and the data right into that experience.
Speaker 2: You know, I just want to ask you, Ted, because
Speaker 2: you were at AOL in the early days. I mean
Speaker 2: this is before you were in sports, you were in technology,
Speaker 2: so you understand the space is. Are we in a
Speaker 2: moment now that is is like when AOL brought us
Speaker 2: the World Wide Web?
Speaker 4: Well, I think the league's it seems like it's been
Speaker 4: a long time, but it's been a quick pivot to
Speaker 4: go from analog and bricks and mortar and linear distribution
Speaker 4: and local to be a global digital power plant if
Speaker 4: you will that we look at our teams. Obviously they
Speaker 4: have high fan avidity, but it's IP and how do
Speaker 4: we digitize everything that we're doing from the start and
Speaker 4: distributed over our own channels.
Speaker 5: That's why we bought our RSN.
Speaker 4: Everyone was running out of the burning house. We said,
Speaker 4: let's run in. It'll never be a better time to
Speaker 4: buy and reinvent the distribution model than there is right now.
Speaker 6: Gary wants you to come in on the role of technology.
Speaker 6: I think all of us were watching sports. I love it,
Speaker 6: whether it's tennis, whether it's golf, whether it's baseball, the
Speaker 6: statistics that hockey. Sorry, sorry, I was getting there.
Speaker 2: I was getting there.
Speaker 6: Sorry, Sorry, Well that's what I wanted to get to, though,
Speaker 6: like you know, how fast the puck is going or
Speaker 6: something like how much fans love that engagement.
Speaker 3: I'm going to respond to that, but I want to
Speaker 3: add on to what head says.
Speaker 6: So you know I have four brothers and growing up
Speaker 6: being an ice skating pond that they dug out of
Speaker 6: the woods in the back and would play hockey.
Speaker 3: I knew I liked you and your family, but you
Speaker 3: grew up with it. Sports tends to focus people at
Speaker 3: an instant, at a moment in time, the score of
Speaker 3: the game, what's the result. I don't think we're at
Speaker 3: a moment of time. I think we're on a journey,
Speaker 3: and we've been on a journey for decades. And the
Speaker 3: speed limits change on the road, road conditions change, there
Speaker 3: are curves, there are hills. But at the end of
Speaker 3: the day, it starts with the authenticity of sports and
Speaker 3: how important sports are in people's lives, and how it
Speaker 3: brings people in communities together, and take has enabled us
Speaker 3: to connect better with our fans. So AI we're like
Speaker 3: any other consumer business. It's going to help us do
Speaker 3: business better, but also it's going to help us make
Speaker 3: sure that our games stay true to themselves. It's I
Speaker 3: always tell particularly my tech and strategy guys, we're not
Speaker 3: going to change the game to make it more tech
Speaker 3: savvy or a tech you know favorable. What we're going
Speaker 3: to do is use technology to make the game more consumable,
Speaker 3: more connected, and so pucking player tracking at hl edge
Speaker 3: is a function of that. We're gathering millions of data
Speaker 3: points a minute, but it's enabling us to take people
Speaker 3: inside the game, maybe even people who don't know the
Speaker 3: game and understand it and let them say, wow, that
Speaker 3: pup you know, traveled fourteen miles with averaged eighty eight
Speaker 3: miles an hour. This player can skate as fast as
Speaker 3: thirty five miles an hour, and he's already skated six
Speaker 3: miles in this game. This gets people to understand and
Speaker 3: feel more connected, and it's going to let us give
Speaker 3: them the game on their terms, because with all the
Speaker 3: streaming platforms, you're going to be able to sit at
Speaker 3: home and decide how you want to watch the game,
Speaker 3: not the way we've done it from a linear standpoint
Speaker 3: since I was a little kid, and people my age
Speaker 3: are used to sitting on the couch and doing it.
Speaker 3: But we used to get in.
Speaker 6: Front of my dad and be like, you know, get down,
Speaker 6: get down, because good rewinded.
Speaker 3: But if you're a gen Z or a Jena and
Speaker 3: you want to focus on a particular player and you
Speaker 3: want Dana simultaneously and you want to place a bet,
Speaker 3: you're going to be able to do all that and
Speaker 3: buy a jersey all at the same time. In addition,
Speaker 3: what fucking player tracking has enabled us to do is
Speaker 3: use the metaverse. We use animated versions of our game
Speaker 3: in real time. We were the first sports league to
Speaker 3: do that, and it works really well and it engages
Speaker 3: young people and their parents.
Speaker 2: You know, I'm thinking about this all this, and I'm
Speaker 2: thinking about the technology and thinking about the investment that's
Speaker 2: being made, and it reminds me of the way that
Speaker 2: we've seen sports turn into this premium experience now in
Speaker 2: the premiumization, this idea of it being a luxury good,
Speaker 2: And I'm wondering how you think about that, Ted, and
Speaker 2: how you know it's not like you go to the
Speaker 2: ball ball Well, I guess ball games are still affordable.
Speaker 2: But apart from that, I mean, some tickets just end
Speaker 2: up being so expensive. How do you think about that
Speaker 2: for your customers.
Speaker 5: Many of us have run big public tech companies, and.
Speaker 4: When you come into sports, you say, oh, the model
Speaker 4: is like a software company. We have nothing but blue
Speaker 4: chip clients, naming rights, sweet sales, big sponsorships, media deals
Speaker 4: with the biggest companies in the world, Amazon and NBC,
Speaker 4: Comcast and ESPN, and they pay us over ten years
Speaker 4: or longer with escalator. So the model looks just like Salesforce,
Speaker 4: dot Com or Oracle. Those are very valuable companies. It's
Speaker 4: why they're valued and a multiple of revenues, not a
Speaker 4: multiple of ebita. Okay, so that's what's happened.
Speaker 5: To sports teams.
Speaker 4: It's this where six times eight times, ten times twelve
Speaker 4: times revenues.
Speaker 1: Right.
Speaker 4: But for those of us who came in from public
Speaker 4: companies and tech companies that go, we don't have an
Speaker 4: R and D budget, think about that.
Speaker 5: We didn't have a CTO.
Speaker 4: We were one of the first teams that I mean,
Speaker 4: we made a major high.
Speaker 5: We have software developers. There's like those software.
Speaker 4: Developers in these teams. That's a big part of the pivot. Right,
Speaker 4: If you're going to be digitized or die, if you're
Speaker 4: going to try to get your products and services out,
Speaker 4: build brand and build audience on a global basis, it
Speaker 4: all starts with, you know, taking a a pixel and
Speaker 4: digitizing it. And we're now you know, I've owned the
Speaker 4: team twenty six years. But there's now a lot of
Speaker 4: the big markets and more innovative companies that have said, yeah,
Speaker 4: we are we're not We're not just a hockey team.
Speaker 4: You've got to have the hockey team as the ethos,
Speaker 4: you know, for the competition for the fans. But as
Speaker 4: a business, these have become big businesses. We're going to
Speaker 4: be doing two years from now billion dollars in revenue.
Speaker 2: You were valued at about four billion dollars back in
Speaker 2: twenty twenty three with the Victoris.
Speaker 5: Meant we've been valued now close to seven.
Speaker 2: It's big growth in three years.
Speaker 3: Good business, it's good bus.
Speaker 5: But we're doing seven and fifty million dollars in revenue.
Speaker 3: But the landscape, and it relates to everything that's going
Speaker 3: on with the distribution of content. No matter what platform
Speaker 3: you're talking about, sports is the most compelling, most valuable
Speaker 3: content and that's what's driving a great values that you're seeing, right.
Speaker 6: Because there's so much stuff out there, But you're right,
Speaker 6: people tune in can be something.
Speaker 5: It's it's reality TV.
Speaker 4: I mean it really is, right, But I think one
Speaker 4: thing that people miss to the world's in chaos and
Speaker 4: it's not going to get more calm. But there's something
Speaker 4: about you. You go to a game and you know
Speaker 4: it's the puck's going to drop at seven oh six.
Speaker 4: You know where the game is going to be televised,
Speaker 4: you know where your seats are. The players know if
Speaker 4: you make the wrong pass, it's you know it goes
Speaker 4: over the blue line. They know what penalties are, there's
Speaker 4: referees and while there's people will boom guardrail.
Speaker 5: I'm saying that that there's there's structure, right. Yeah.
Speaker 4: I was amazed that at the World Cup you have
Speaker 4: countries fighting each other, at war with each other, yet
Speaker 4: they get on the pitch and it's I know this
Speaker 4: line is out of bounds, that this is a boundary.
Speaker 4: I think we crave that we want a level playing field,
Speaker 4: and you want meritocracy and you want to see how
Speaker 4: people can compete.
Speaker 6: And yet politics, geopolitics have played gotten their way into sports.
Speaker 6: And I think about the NHL being kind of the
Speaker 6: most international and Canadian of all US pro sports, and
Speaker 6: yet geopolitics coming from the White House, weather it was
Speaker 6: ever trading terror policies.
Speaker 3: We saw that play out, certainly it did during the
Speaker 3: Four Nations in February. Canada was playing the US in
Speaker 3: two games, including the final game. But what's great about
Speaker 3: sports and it transcends geopolitics because sports brings out people's
Speaker 3: passion and it brings people together, even if their rivals,
Speaker 3: their interest in seeing the game in the outcome, and
Speaker 3: even within a particular country. You know, no matter how
Speaker 3: diverse a country is on whatever basis, you're figuring out
Speaker 3: what the diversity is. People come together, It brings communities together.
Speaker 3: And when you have assets franchises like TED has in Washington,
Speaker 3: they make a difference in people's lives, their outreach in
Speaker 3: the community, their youth programs using sports to teach young
Speaker 3: people life lessons. That's as important as anything else that
Speaker 3: we can do in sports, and I think monumental of
Speaker 3: what Ted does in Washington is a great example of
Speaker 3: being outward facing in the community and making a difference.
Speaker 4: So we helped the White House have the inaugural at
Speaker 4: our arena recalled the world's most important arena, and that
Speaker 4: same week there was a study out on who is
Speaker 4: the most popular and best athlete in Washington sports history
Speaker 4: and it's a Russian alex Ovechkin. Right, he broke Wayne
Speaker 4: Gretzky's record last year and he is beloved in Washington,
Speaker 4: d C. Yesterday we announced the naming rights deal with Coupon,
Speaker 4: No South Korean company e commerce company. We're we're global, right,
Speaker 4: we are exporting our ip around the world. We have
Speaker 4: these icons, these great global brands. Advertisers want to reach
Speaker 4: those fans and so you know, it's just ironic.
Speaker 5: Here we are in Washington, d C.
Speaker 4: As I said, I could see the White House, and
Speaker 4: while they're churning on on things, sports is the great United.
Speaker 3: And then that poll will also say that you were
Speaker 3: the most popular owner.
Speaker 2: Let the record show ten did not answer the question.
Speaker 6: To be bother, it's good to hear that. It's good
Speaker 6: to hear that that sports really kind of brings people together.
Speaker 6: We do see that over and over, gentlemen, Thank you
Speaker 6: so much.
Speaker 3: Thanks for harding.
Speaker 6: Ted Ley Ownes's founder, chairman Managing Partners ATUO of Monumental
Speaker 6: Sports and Entertainment. Gary Bettman, Commissioner of the NHL.
Speaker 2: Stay with us. More from Bloomberg Business Week Daily coming
Speaker 2: up after this.
Speaker 5: This is Bloomberg Business Week with Carol Masser and Tim
Speaker 5: Steneveek on Bloomberg Radio.
Speaker 2: College is under a lot of pressure right now. Just
Speaker 2: this afternoon, Northwestern University president and Michael Schill resigned after
Speaker 2: a three year tenure marked by controversy over protests on campus,
Speaker 2: conflict with the Trump administration over research funding, and a
Speaker 2: hazing scandal in its football program. College athletics not immune
Speaker 2: to all this pressure either, fair to say, Nil also
Speaker 2: known as name image and likeness has completely changed college athletics.
Speaker 2: There have also been labor challenges that have come along with.
Speaker 6: This makes it interesting on college campuses. View from one campus,
Speaker 6: we have my charity with us Haldeman Family Director of
Speaker 6: Athletics and Recreation over at Dartmouth College. Also with us
Speaker 6: A Bloomberg News Higher Education finance reporter Janet Lauren, both
Speaker 6: here at Power Players, New York, and they were both
Speaker 6: up on stage, weren't you. College athletics going through a lot.
Speaker 6: We were just talking about the ability for college players
Speaker 6: to move around and kind of, you know, find the
Speaker 6: best deal. Tell us what it's like to be an
Speaker 6: athletic director in today's environment. And you're also a lot
Speaker 6: of colleges and administrations, I mean a lot of academic
Speaker 6: administrations are also catching the attention of the White House.
Speaker 6: So what's it like to do your job?
Speaker 1: YEA, just a few things going on, Just a few things.
Speaker 1: First of all, thank you for having me honor to
Speaker 1: be here. You know, at Dartmouth and in the IVY League.
Speaker 1: We're really distinct as it relates to everything going on
Speaker 1: nationally in terms of the House settlement with revenue sharing, name,
Speaker 1: image and likeness we have real nil as it was
Speaker 1: originally intended. That means an athlete can can you know,
Speaker 1: have a sports camp using their name, or be an
Speaker 1: entrepreneur and start their own business. But any kind of
Speaker 1: pay for play, that's that is not something that we
Speaker 1: that's you know, aligned with our values and our presidents
Speaker 1: have made it clear in the IVY League that that
Speaker 1: is not something that we're going to do.
Speaker 2: So that's an IVY League rule or a art myth rule.
Speaker 1: That's an IVY League role, okay, yep, and voted on
Speaker 1: by all the presidents in the IVY League and certainly
Speaker 1: supported by the athletic directors. So but having said all that,
Speaker 1: you know, we're still very competitive nationally. The Learfield Director's Cup,
Speaker 1: which measures postseason success in NCAA Championships, there's a power four.
Speaker 1: Those are the top four conferences when you measure that,
Speaker 1: we're the fifth. When there was a power five, we
Speaker 1: were six. So competing at the national level, and you know,
Speaker 1: the sport sports across the across the board has been
Speaker 1: a really really shows that we can have the primacy
Speaker 1: of academics and also you know, pursue excellence and athletics
Speaker 1: and those things are not mutually exclusive.
Speaker 2: Does it make our harder to recruit though athletes?
Speaker 1: I think it actually makes it easier in today's world,
Speaker 1: and that our value prop is has always been different.
Speaker 1: In the IVY League, we do not give athletic scholarships.
Speaker 1: It's always been need based financial aid. That has not changed.
Speaker 1: So that was a differentiator between scholarships and that, and
Speaker 1: now we can we're doubling down on our distinctions. And
Speaker 1: what we're finding is as powerful institutions are emphasizing certain sports,
Speaker 1: primarily football, basketball, maybe one beyond that, the Olympic sports
Speaker 1: are being de emphasized, reduction and scholarships, reduction, opportunities compete
Speaker 1: and we're sitting right there to benefit from that, and
Speaker 1: we already our coaches are telling me that we already are.
Speaker 1: So that's really exciting.
Speaker 7: So take us back to what happened last year with
Speaker 7: the men's basketball team. There was a vote of thirteen
Speaker 7: to two. I believe it was to unionize and then
Speaker 7: they pulled back earlier this year. What was that like
Speaker 7: being in the athletic director's chair.
Speaker 1: Yeah, there's no playbook for it. You know. When I
Speaker 1: took the job and start in July of twenty twenty two.
Speaker 1: If you would have told me that Dartmouth men's basketball
Speaker 1: was the first union in college athletics history, I would
Speaker 1: have called you crazy, but a lot. Dartmouth has a
Speaker 1: long history of supporting unions, including student worker unions. We
Speaker 1: just fundamentally believe that student athletes are not employees for
Speaker 1: many reasons, one of which is one of which is
Speaker 1: the athletic endeavor itself we view as an extension of
Speaker 1: the educational core mission of Dartmouth, and so our presidency
Speaker 1: on Bilock, a phenomenal leader, was public and saying that
Speaker 1: we would appeal that all the way up to the
Speaker 1: Supreme Court. They did withdraw their their unionization effort right
Speaker 1: around New Year's Eve, and I'll note that the team
Speaker 1: went on to have the best on court season and
Speaker 1: twenty five years after that.
Speaker 5: Pretty impressive.
Speaker 6: Well, so, what is the greatest challenge for you today
Speaker 6: when it comes to college sports?
Speaker 2: Yeah?
Speaker 1: For us, you know, we're always thinking about how do
Speaker 1: we best deliver on the promise that we make to
Speaker 1: the recruits who come to our institution. You know, Dartmous
Speaker 1: mission is to attract the whitest swath of really motivated
Speaker 1: you know, students and send them off into the world
Speaker 1: as responsible leaders, and we play a key role in that.
Speaker 1: So we have thirty five varsity sports, we have over
Speaker 1: nine hundred varsity athletes. They're roughly twenty two percent of
Speaker 1: the undergraduate enrollment at Dartmouth. So I wake up every
Speaker 1: day thinking about how do we better support them to
Speaker 1: strive for their aspirations and help support their holistic development
Speaker 1: as students, as people, as athletes. And I know that
Speaker 1: sounds really lofty, but everything we do from driving revenue philanthropy.
Speaker 1: We landed the biggest gift in dart athletics history from
Speaker 1: the Lewinstein family two years ago. All that goes back
Speaker 1: into supporting their health, wellness and overall development.
Speaker 7: So earlier in the conference today, we were talking with
Speaker 7: some athletic directors who are writing very big checks to
Speaker 7: their students. Could you talk a little bit about the
Speaker 7: difference in what's going on on your end where you
Speaker 7: have to approve or you have to attest to nils
Speaker 7: that are two thousand dollars short.
Speaker 2: And I just want to clarify for everyone, Janet Jenet,
Speaker 2: what you're saying is these the school they're actually the
Speaker 2: ones that are funding these.
Speaker 3: Athletes, right, they have to pony up.
Speaker 7: Okay, if you're at a power for a conference twenty
Speaker 7: point five million dollars a year.
Speaker 1: Two athletes, Okay, sorry, go ahead, We do not. But
Speaker 1: what I'll say is we have a variety of rules
Speaker 1: that ensure that the presidential direct the president's are a
Speaker 1: presidents have directed that there is no pay for play.
Speaker 1: So with that, yes, every deal two thousand dollars and above,
Speaker 1: I review personally to evaluate that. And also we attest
Speaker 1: as athletic directors that we are not in any way
Speaker 1: directly or indirectly, you know, asking a donor alum to
Speaker 1: give money to somebody as a recruited inducement or if
Speaker 1: they want to go in the transfer portal, as a
Speaker 1: retention inducement. So so we're and it's really the spirit
Speaker 1: of it that that we as ads have all really
Speaker 1: committed to in our conversations because I believe our distinction
Speaker 1: is a strength in today's world women's sports.
Speaker 2: Yeah, what's changed?
Speaker 6: I mean, we feel like there's been such an explode,
Speaker 6: getting a lot more attention. Yeah, the media rites a viewership,
Speaker 6: certainly on a professional level, but for you guys, in
Speaker 6: terms of college sports.
Speaker 1: It's exciting. It's so exciting. Mean though, well, I'll tell
Speaker 1: you I was at Notre Dame when when women's basketball
Speaker 1: won a national championship, and I saw how it mobilized
Speaker 1: that community in a way that I hadn't seen before
Speaker 1: in my then twenty years in college athletics. It's amazing.
Speaker 1: Here what I'm mostly concerned about, Yes, that is all true.
Speaker 1: And also as the power for the revenue sharing happens,
Speaker 1: there will be the emphasis on Olympic sports, which would
Speaker 1: include both men's and women's sports. But so when you're
Speaker 1: focused on football, maybe men's and women's basketball to be
Speaker 1: de emphasis on the swimmings, the tennis is, the golfs,
Speaker 1: the you know and so on. So that's an advantage.
Speaker 6: It isn't being committed that coming in for those Olympic sports.
Speaker 1: And I think you know a lot of presidents in
Speaker 1: athletic orcus have been public about sharing that that's a
Speaker 1: reality of that they're they need to pay you know,
Speaker 1: some sec an sec Schoo announced, for example, eighty five
Speaker 1: percent of their twenty point five million was going to football.
Speaker 1: The other fifteen percent was split amongst basketballs and maybe
Speaker 1: one other sports. So the opportunity for us in a
Speaker 1: broad based program in the IVY League, which we believe
Speaker 1: strongly in, is that we'll always have those opportunities for them.
Speaker 1: We're not cutting sports. We're we're very committed to the
Speaker 1: broad based program and that includes women's sports. As a
Speaker 1: as a father of two daughters fifteen and twelve, who
Speaker 1: were gymnasts and soccer players, it's really exciting.
Speaker 2: I just can't believe it's so different at the IVY
Speaker 2: League versus I know, and we still compete at national level,
Speaker 2: don't forget that. Yeah, we're still lining up and winning.
Speaker 2: And it's also just completely different in just a few years.
Speaker 2: I mean, this was all unheard of. A lot of
Speaker 2: it was happening. Look, a lot of this was happening,
Speaker 2: was it.
Speaker 8: I I went to a party at here we go, Yeah,
Speaker 8: like at a car dealership owner's house during a tournament,
Speaker 8: and saw a lot of players from a basketball team there.
Speaker 2: This was all before nil and it was like they're like, oh, yeah,
Speaker 2: they just hang out, you know. It was like an
Speaker 2: official sort of like I don't know if they were
Speaker 2: getting a car, but they were very comfortable and they
Speaker 2: knew him very well and like he wasn't a part
Speaker 2: of the school. It was very interesting. Let's just say that.
Speaker 6: Just last questions, So do you when you think about
Speaker 6: your career and I know you obviously sound like you
Speaker 6: like where you're at, but with that shape, you do
Speaker 6: you want to stay kind of being an athletic director
Speaker 6: within the ivy league community because it does seem a
Speaker 6: little bit more pure.
Speaker 1: Well, well said, I appreciate the question. I love it here.
Speaker 1: My family loves it here. We have a fantastic presidency
Speaker 1: on Bylock. The trustees are very supportive of what we're doing.
Speaker 6: I think also to be president of my alma ma oh.
Speaker 1: Barnard, yes, oh, so you know how great she is.
Speaker 1: She's incredible and a huge sportsman. I believes in the
Speaker 1: power of athletics. And what I'd say is, I have
Speaker 1: a lot of friends who are power for athletic directors
Speaker 1: and I'm right where I would I would I'd love
Speaker 1: to be during this time.
Speaker 2: That's so interesting game, I really.
Speaker 5: Is okay, good stuff.
Speaker 6: Thank you both of you.
Speaker 2: I really appreciate it.
Speaker 1: Thank you.
Speaker 5: Yeah.
Speaker 6: Mike Party, he's huld him in family Director of Athletics
Speaker 6: and Recreation PG. No yeah, no, Why does he say
Speaker 6: PGA of America.
Speaker 2: It's that he's a Darmit. I wish I could play. Also, Jennel,
Speaker 2: it's been a long day.
Speaker 6: Thank you, good luck at you playing.
Speaker 2: Appreciate it, Yeah, really appreciate it.
Speaker 6: Green Yeah, exactly.
Speaker 1: M