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Speaker 1: This is the business of sports. Let's talk Super Bowl

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Speaker 1: and Fox Sports, every single thing that occurs. I want

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Speaker 1: people to remember, this is a business. Guaranteed money isn't

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Speaker 1: necessarily guaranteed. Michael Ball, How high can these valuations go? Scott,

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Speaker 1: everybody loves rooting against him, right, Evan, nobody Williams off

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Speaker 1: the field, the NBA has never been buzzier. And the

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Speaker 1: leaders in the sports industry Major League Baseball Commissioner Rob

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Speaker 1: Manfred Michael Roscoe is the commissioner of the American Athletic Conference.

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Speaker 1: Here In Smith, president of Ticketmasters and the race card driver,

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Speaker 1: Elio Castro and Evs Bloomberg Business of Sports from Bloomberg Radio. Hello,

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Speaker 1: I'm Scott So, I'm Evan, Novie Williams, and I'm Michael

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Speaker 1: bar And this is the Bloomberg Business of Sports podcast

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Speaker 1: where we explored the big money issues in the world

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Speaker 1: of sports, and let's talk about layoffs. There are a

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Speaker 1: number of teams, especially in the NHL, that are laying

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Speaker 1: off or reducing the pay for a number of players,

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Speaker 1: such as the Devils and the Canadians. Yeah. Well, Bart,

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Speaker 1: I think the biggest example we saw was Harris Blitzer

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Speaker 1: Sports and Entertainment. Of course, UH majority owned by Josh Harris,

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Speaker 1: the Apolloglobal co founder, owns the Philadelphias, have many Sixers,

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Speaker 1: the New Jersey Devils, and the Credential Center. And you

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Speaker 1: can't think of a worst case scenario, a worst case

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Speaker 1: scenario for an owner than to own a building and

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Speaker 1: to professional sports teams amid this coronavirus outbreak, because none

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Speaker 1: of it is happening. There's no concerts, there's no Disney

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Speaker 1: on ice, there's no nothing. So Josh Harris had initially

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Speaker 1: planned to ask some of his employees to take a

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Speaker 1: pay cut during the outbreak. Let's just say that did

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Speaker 1: not go over well on social media, and it did

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Speaker 1: not take long for Harris, who by the way, has

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Speaker 1: a network of about four billion dollars, to put out

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Speaker 1: a statement saying, I made a mistake. It can't just

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Speaker 1: be business that usual in these times, and I apologize.

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Speaker 1: He actually said, I apologize for the mistake, and looks

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Speaker 1: as if he's going to wind up paying everybody the

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Speaker 1: full salary. Quite a turnaround, Evan, from from the news

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Speaker 1: coming out to when he backtracked. Yeah, I think the

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Speaker 1: crazy thing about this story to me is that the

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Speaker 1: Devils were one of the first teams a week ago,

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Speaker 1: two weeks ago to say we're gonna be paying our

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Speaker 1: our hourly workers and our event staff at a time

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Speaker 1: when you know, not all the teams were saying that

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Speaker 1: it drew some good publication for them, um. And then

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Speaker 1: you know, flash forward a week or ten days, whatever

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Speaker 1: the distances, and then you know, the Devil's come out

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Speaker 1: with this statement that they then have to backtrack. You know,

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Speaker 1: I think we're at this point now, we're almost all

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Speaker 1: certainly not all, but I think almost all of the

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Speaker 1: sports teams are at least backstopping their hourly workers for now.

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Speaker 1: I do wonder, you know, if this continues to drag on,

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Speaker 1: you know, once the season would have ended, once the

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Speaker 1: playoffs maybe would have started, what it was the team

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Speaker 1: going to make the playoffs. I do think that that

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Speaker 1: we're gonna rapidly approach a point where more teams are

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Speaker 1: going to be making the decision to stop the backstop.

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Speaker 1: But at least for now, I think obviously the right

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Speaker 1: thing to do, especially if you're a billionaires. Josh Harris

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Speaker 1: is is net worth around four point three billion dollars um.

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Speaker 1: If you're a billionaire, I think it's it's pretty much

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Speaker 1: table stakes right now to be providing for for the

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Speaker 1: the hourly workers who are not working when when your

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Speaker 1: games are canceled. So bar, what do we think of

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Speaker 1: the Montreal Canadians parent company that's laying off. I'm amazed

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Speaker 1: that that has not happened to other teams. And I

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Speaker 1: know it's a cruel thing to be laid off, but

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Speaker 1: if you're not getting any income at all, uh, it

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Speaker 1: seems that that could be an avenue that a lot

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Speaker 1: of teams might take. Even though yes, it's nice to

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Speaker 1: have good pr but this can happen. I mean, I

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Speaker 1: know my stepdaughter, she got laid off from her job,

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Speaker 1: and it really is a sad things anybody going through this, uh,

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Speaker 1: And the hearts go out to you because trying to

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Speaker 1: make money and keep your house and put food on

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Speaker 1: the table, it's a tough thing. And the question I

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Speaker 1: have is it fair? I'm not saying yes or no.

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Speaker 1: I'm asking the question is it fair for an owner

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Speaker 1: to want to look at the business ent today? And

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Speaker 1: let's just take Josh Harris as an example. Can he

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Speaker 1: remove the New Jersey Devils from the entire portfolio, from

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Speaker 1: everything else he does and just say I need to

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Speaker 1: do what I need to do for this business to

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Speaker 1: at least break even. Or is that asking too much

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Speaker 1: in an extraordinary time where you perhaps say, uh, this

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Speaker 1: is not business that usual, and I cannot think that's fair.

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Speaker 1: I don't know. I don't know if, if, if fair

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Speaker 1: is the right word for it. But it's a business.

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Speaker 1: And I think of the automobile industry. If something happen

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Speaker 1: is to disrupt the supply for making automobiles, people are

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Speaker 1: going to get laid off, and it's it's again, it's

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Speaker 1: a cruel thing, but it's something that happens. It's I

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Speaker 1: hate to say it. It's a business. Yeah, it's a business,

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Speaker 1: and you know it's fair. It's certainly Josh Harris owns

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Speaker 1: an asset and he's allowed to do kind of whatever

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Speaker 1: he wants with the asset um. But again, I think

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Speaker 1: that in times like this, when you are that wealthy

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Speaker 1: and the people who are working for you are that

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Speaker 1: is the difference is so large that yes, I think

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Speaker 1: the right the right thing to do is to dip

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Speaker 1: into maybe your own pockets to help pay for that.

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Speaker 1: Let me ask you this. The NHL also asking its

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Speaker 1: employees to take salary cuts. Now the NHL gets its

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Speaker 1: funding from league wide revenue. I mean that's the collection

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Speaker 1: of all the owners. Could could or should all the

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Speaker 1: owners pony up to keep the league employees at full scale.

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Speaker 1: I think it's an interesting question. I would argue that

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Speaker 1: you're potentially talking about a less endangered status of the

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Speaker 1: workforce about league office personnel versus the person who takes

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Speaker 1: out the garbage at the Prudential Center at the end

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Speaker 1: of every Devil's at the end of every Devil's game

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Speaker 1: or end of every concert, you know. So, I mean,

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Speaker 1: I think there's a I think it would be great, obviously,

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Speaker 1: be great. It would be a nice gesture if they

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Speaker 1: did that. Again, I think it's maybe a little less

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Speaker 1: incumbent on on them to do it in that way

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Speaker 1: if you're thinking about just maybe social impact and social good.

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Speaker 1: But I think it's great that we're having these conversations.

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Speaker 1: I think it's great that, you know, Josh Harris, at

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Speaker 1: least to his credit, made a decision and then read

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Speaker 1: the backlash, saw what his fans were saying, saw what

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Speaker 1: his co owners were saying, so what the media was saying,

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Speaker 1: and then at least accepted that he was wrong. I

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Speaker 1: think that's uh, that's progress as well. Again, I do

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Speaker 1: think that we're eventually, at some point possibly going to

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Speaker 1: hit a point where owners are going to have to say,

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Speaker 1: financially or for other reasons, enough is enough. Um. But

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Speaker 1: I think at least at this point, you know, two

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Speaker 1: weeks into the NHL season being suspended, um, I think

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Speaker 1: we're still in that period where where where billionaire owners

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Speaker 1: should be should be doing what they can to backstop

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Speaker 1: their workers. Speaking of billionaire owners, Steve Bomber and he

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Speaker 1: has a deal to buy the form, let's talk about that. Yeah,

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Speaker 1: I think are the important part of this story is

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Speaker 1: not that Bomber but the Forum. It's that it resolves

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Speaker 1: the legal fight that it was keeping him from building

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Speaker 1: a new arena for the Clippers in Inglewood, joining the

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Speaker 1: cron Key project. That's the significant here. If you need

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Speaker 1: the headline, the bold, that's what we've got here. That

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Speaker 1: the Bomber, who we know. You called him a billionaire owner,

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Speaker 1: he's a multi multi billionaire owner. Uh, Steve has the

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Speaker 1: cash to build this world class, state of the art

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Speaker 1: basketball only facility in Inglewood. And Jim Dolan, who owned

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Speaker 1: the Forum, was standing in his way, what this does

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Speaker 1: clears the path for Bomber to have his new building.

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Speaker 1: Pretty nice. To spend all this money, hundreds of millions

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Speaker 1: of dollars, just to clear a legal headache for for

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Speaker 1: for a billion dollar project that you want to do. Well,

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Speaker 1: let's see how it worked out for him though. I mean,

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Speaker 1: first of all, it's a really great deal for Jim

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Speaker 1: Dolan and MSG. Yeah, selling for four hundred million, we

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Speaker 1: should say so, there's good r O Y. But they

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Speaker 1: are going to keep the Forum open as a concert venue,

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Speaker 1: and a quick look at venues now UH tells me

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Speaker 1: that the Forum was number seven in ticket sales last year.

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Speaker 1: That's not bad. I feel like every time we've had

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Speaker 1: a number of owners of l A teams on the podcast,

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Speaker 1: and every time one of them comes on, we asked

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Speaker 1: the same question. Is l A getting saturated? There's two

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Speaker 1: new and a NFL team, There's a new MLS stadium,

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Speaker 1: There's gonna be a brand new, state of the art

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Speaker 1: NFL NFL stadium, This Clippers gonna be building a new arena.

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Speaker 1: The Forum is going to stay open at some point.

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Speaker 1: Do we just hit a saturation point or is l

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Speaker 1: A just that big of an entertainment mega hub that

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Speaker 1: just having more and more brand new, state of the

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Speaker 1: art venues doesn't actually affect any of them from a

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Speaker 1: financial standpoint. Well, I mean, you and I have talked

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Speaker 1: about this. I think it's always interesting to approach it

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Speaker 1: from the fact of let's say I'm Taylor Swift and

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Speaker 1: I'm going on tour. I want to know how do

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Speaker 1: I decide which venues I want to play? Is it

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Speaker 1: simply who's going to pay me the most money to

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Speaker 1: do it? Because if you're in New York, let's say

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Speaker 1: you've got Barkley Center, You've got MSG, you've got Credential nearby,

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Speaker 1: you've got a new arena coming on for the Islanders,

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Speaker 1: you've got the Nassau Colisseum. Now, of course, so many

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Speaker 1: of those were tired to l a as well. Do

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Speaker 1: I play Staples? Do I play the forums? Am I

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Speaker 1: going to play this new building that Palmer's building? What's

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Speaker 1: the difference? And how do I get convinced to pay

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Speaker 1: the venue? I'm not sure, but it's it's it's an

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Speaker 1: excellent question worthy of asking is what is the saturation point?

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Speaker 1: And who win and who loses? And final let's talk

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Speaker 1: about the Olympics or no Olympics this summer, and it

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Speaker 1: eventually was going to happen UH, and that they had

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Speaker 1: a meeting earlier this week. UH. The Japanese Premnistution Zohabe

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Speaker 1: made a call to the i o C head and

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Speaker 1: they talked and they said, okay, we're gonna put the

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Speaker 1: games off for a year now. For athletes, I know

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Speaker 1: they're disappointed, but many athletes also say, we get it,

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Speaker 1: we understand. The question is for our purposes for Tokyo,

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Speaker 1: what does it mean for their economy? Bad things? I

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Speaker 1: think it's the easy answer. I mean, I think this

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Speaker 1: is this is not a good result. If you're if

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Speaker 1: you're if you're Tokyo. UM. You know, obviously hundreds of millions,

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Speaker 1: I think that the estimate was six hundred million foreigners

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Speaker 1: that were supposed to come to town this summer. You

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Speaker 1: know countless, you know, billions that have been invested in

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Speaker 1: the infrastructure. I think the big question now is how

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Speaker 1: much of that just translates over to next year. You know,

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Speaker 1: the IOC has said these games will be held at

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Speaker 1: some point in the in the first half of UH.

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Speaker 1: Do you get the same amount of foreigners coming in?

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Speaker 1: You get the same amount of Japanese citizens who want

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Speaker 1: to go to games. If the fearer around the Summer

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Speaker 1: Games is the same as what was expected or would

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Speaker 1: have been around the Summer Games, I think a lot

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Speaker 1: of people end up getting made whole. Not everybody, but

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Speaker 1: a lot of them. If in some way the postponement

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Speaker 1: and maybe even the virus or the lingering effects of

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Speaker 1: the global pandemic affect the the the enthusiasm for the

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Speaker 1: Olympics next year, then you're talking about a much much

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Speaker 1: bigger financial hit for the companies involved in certainly the

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Speaker 1: city and the country of Japan. Am I taking the

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Speaker 1: easy way out, evan to say, there are just so

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Speaker 1: many more questions than answers at this point. The marketing

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Speaker 1: deals that were supposed to expire UH in twenty will

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Speaker 1: now be extended. However, new deals for the following Olympics

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Speaker 1: have already been signed. So you have conflicting companies in

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Speaker 1: the same category now involved. UH. You have NBC now

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Speaker 1: needs to change the broadcast schedule, and what about all

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Speaker 1: the advertising that it has sold already? Are you getting

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Speaker 1: the same bang for a bucket at different time of year? Again?

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Speaker 1: Question question question, I don't believe we'll have any significant

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Speaker 1: answers until we see how it shakes out. Right. No,

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Speaker 1: you're right, and I mean I'll toss some more questions

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Speaker 1: out there. Millions of hotel nights that were booked, you know,

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Speaker 1: five years in advance, that are probably in a hotels

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Speaker 1: that already have bookings for next year. And then a

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Speaker 1: number of venues that are you know, mega exposition halls

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Speaker 1: that have you know, other conferences or other you know,

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Speaker 1: toy toy festivals or robot festivals that are already booked

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Speaker 1: for their venues next year. Clearing just the the infrastructure

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Speaker 1: within the game's let alone your caterers, your event spaces,

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Speaker 1: the all the temporary structures that sponsors wanted to build

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Speaker 1: on the ground there that we're gonna be set up

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Speaker 1: and then torn down or sold to new renters. The

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Speaker 1: Athlete Village is to me a great example also. They

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Speaker 1: were going to take the Athlete Village and turn it

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Speaker 1: into one of the biggest condo projects Tokyo has ever seen,

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Speaker 1: and they already sold a number of those condos for

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Speaker 1: people to move into in three I would imagine that

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Speaker 1: that a year extension on Athlete Village means that maybe

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Speaker 1: those those condos aren't ready to be moved into when

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Speaker 1: when people who bought them for a million plus dollars

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Speaker 1: thought they would. You know, there's so many questions, you're right, Scott,

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Speaker 1: and and a lot of them may get answered kind

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Speaker 1: of soon, but I think a lot of them are

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Speaker 1: just gonna have the open question marks for the next five, six, seven,

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Speaker 1: eight nine months. Talk about question marks. There are other

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Speaker 1: big summer events also scheduled. The Tour de France. It's

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Speaker 1: still they're crossing their fingers that it will still go on. Uh.

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Speaker 1: And if they do hold it, they will hold a

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Speaker 1: paired back version of it. Uh. But it's unclear what's

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Speaker 1: going to happen. And one manager for the Belgium cycling

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Speaker 1: team says, if you cancel the tour of the fronts

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Speaker 1: cycling is going to take a major hit. Well, for sure,

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Speaker 1: it's for sure event in the sport, absolutely, But if

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Speaker 1: you look at what's going on in totality, Uh, they're

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Speaker 1: in no better or worse shape, I would say than

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Speaker 1: anybody else. Because people are right now they're factoring in

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Speaker 1: all these cancelations. Will it get rerun maybe maybe not.

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Speaker 1: Can it be running another time maybe maybe not. But

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Speaker 1: we know things like the n C A tournament like

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Speaker 1: that was wiped out. That is not like we'll do

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Speaker 1: it two months from now. It's over, it's gone, it

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Speaker 1: will never happen. But something tells the next year's tournament

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Speaker 1: will still be just as popular. This is the Bloomberg

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Speaker 1: Business of Sports podcast on Michael Barr along with Scott

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Speaker 1: Sashnik and Evan Novi Williams. We are here and every Monday,

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Speaker 1: Wednesday and Thursday exploring the world with money in sports.

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Speaker 1: Join us again. At the end of the week. We're

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Speaker 1: speaking with Draft Kings CEO Jason Robbins about what to

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Speaker 1: do when you run a sports betting company and there

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Speaker 1: are no sports. You're listening to Bloomberg Business of Sports

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Speaker 1: on blue Bird Radio around the world and online wherever

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