1 00:00:00,920 --> 00:00:03,600 Speaker 1: This is the Bloomberg Business of Sports show. We explore 2 00:00:03,600 --> 00:00:05,840 Speaker 1: the big money issues the world of sports. On Michael Laren, 3 00:00:05,920 --> 00:00:08,960 Speaker 1: I'm Scarlett Food and Damian Tas. It has been a 4 00:00:09,039 --> 00:00:12,959 Speaker 1: great week to be a New York Yankees fan. They 5 00:00:13,119 --> 00:00:15,520 Speaker 1: punched their ticket to the postseason with a five two 6 00:00:15,560 --> 00:00:17,919 Speaker 1: win over the Toronto Blue Jays that clinched the a 7 00:00:18,239 --> 00:00:27,040 Speaker 1: L E. S S. Yankees win. Yankees, they assure themselves 8 00:00:27,160 --> 00:00:31,640 Speaker 1: a first round. Boy, they assure themselves home field in 9 00:00:31,680 --> 00:00:34,040 Speaker 1: their first series. And of course that's just one of 10 00:00:34,040 --> 00:00:36,159 Speaker 1: the things everyone's excited about. Because they got a few 11 00:00:36,200 --> 00:00:39,000 Speaker 1: more historic moments from the one and only Aaron Judge 12 00:00:39,040 --> 00:00:41,159 Speaker 1: in a home run chase. There goes that he loved it. 13 00:00:41,240 --> 00:00:47,640 Speaker 1: It's high Hennuspa has gone number sixty one. He times 14 00:00:47,920 --> 00:00:53,080 Speaker 1: Roger Marath for the American League single season record. HiT's 15 00:00:53,080 --> 00:00:56,440 Speaker 1: a two run Judge and Black. Here's the Yankees slugger 16 00:00:56,520 --> 00:00:58,520 Speaker 1: talking about what has been like for him as he 17 00:00:58,600 --> 00:01:02,480 Speaker 1: pursues baseball in mortality and how he feels being up 18 00:01:02,480 --> 00:01:04,280 Speaker 1: there with the greats when you talk about Ruth and 19 00:01:04,360 --> 00:01:07,640 Speaker 1: Maris and Mantle and all these you know Yankees greats 20 00:01:07,680 --> 00:01:09,440 Speaker 1: that did so many great things in this game. You know, 21 00:01:09,560 --> 00:01:11,240 Speaker 1: you know, you never imagine as a kid, you know, 22 00:01:11,319 --> 00:01:13,840 Speaker 1: getting mentioned with them, but you know, it's it's it's 23 00:01:13,840 --> 00:01:16,199 Speaker 1: an incredible honor. You know, something I don't take lightly 24 00:01:16,200 --> 00:01:20,639 Speaker 1: at all. That's crowd folks, Uh, Aaron Judge they're talking 25 00:01:20,680 --> 00:01:23,119 Speaker 1: about is jas to beat the all time Ale single 26 00:01:23,160 --> 00:01:26,800 Speaker 1: season omer and record last set by another Yankees slugging 27 00:01:26,880 --> 00:01:30,920 Speaker 1: outfielder Roger Marris. Here now to talk to us about 28 00:01:30,959 --> 00:01:34,160 Speaker 1: everything going on with the Bronx Bombers, heading into the 29 00:01:34,160 --> 00:01:37,440 Speaker 1: playoffs and maybe setting some records, is New York Yankees 30 00:01:37,440 --> 00:01:40,640 Speaker 1: team president Randy Levine. Randy, welcome to the Bloomberg Business 31 00:01:40,640 --> 00:01:43,080 Speaker 1: with Sports. Hey, guys, it's great to be with you, 32 00:01:43,200 --> 00:01:46,840 Speaker 1: and I'm delighted to be here. Well, let's start. First 33 00:01:46,840 --> 00:01:51,000 Speaker 1: of all, congratulations the Yankees have won the a LED East. 34 00:01:51,080 --> 00:01:54,560 Speaker 1: That is no small feat. The American League East is, 35 00:01:54,680 --> 00:01:57,560 Speaker 1: you know, the best division in baseball, the most competitive. 36 00:01:58,280 --> 00:02:01,160 Speaker 1: It's brutal, you know, almost I think four out of 37 00:02:01,200 --> 00:02:06,360 Speaker 1: five teams UH are still vying for playoff opportunities, and 38 00:02:06,480 --> 00:02:09,040 Speaker 1: the Red Sox we're right there until the very end. 39 00:02:09,760 --> 00:02:13,840 Speaker 1: So it's very competitive and very proud of these guys. 40 00:02:13,840 --> 00:02:16,160 Speaker 1: The way they hung in there to win the East. 41 00:02:16,280 --> 00:02:19,519 Speaker 1: You know, they had a spectacular first day, got a 42 00:02:19,520 --> 00:02:23,639 Speaker 1: little WOBBLI there for about a month, but as we 43 00:02:23,760 --> 00:02:27,640 Speaker 1: got healthy and this guy stepped up the great, great 44 00:02:27,639 --> 00:02:30,880 Speaker 1: accomplishment to win the East. And we're proud of the 45 00:02:31,040 --> 00:02:35,040 Speaker 1: entire organization and the great players and Aaron Boone and 46 00:02:35,080 --> 00:02:37,640 Speaker 1: his coaching staff and getting us there. But you know 47 00:02:37,680 --> 00:02:40,560 Speaker 1: the way it works here with the Yankees, it's uh, 48 00:02:40,720 --> 00:02:44,079 Speaker 1: it's a great first step, but we're not satisfied unless 49 00:02:44,120 --> 00:02:46,920 Speaker 1: we win World championship. Yes, that tone was set early on. 50 00:02:47,000 --> 00:02:49,800 Speaker 1: And we all know what the ultimate prizes. Another prize 51 00:02:49,800 --> 00:02:53,960 Speaker 1: of courses on waiting for Aaron Judge breaking a new record, 52 00:02:54,639 --> 00:02:57,880 Speaker 1: talk a little bit about what kind of excitement and 53 00:02:58,400 --> 00:03:02,920 Speaker 1: extra opportunities that anticipation has created for the team, for 54 00:03:02,960 --> 00:03:05,880 Speaker 1: the club in the second stretch of the season. Well, 55 00:03:05,880 --> 00:03:08,680 Speaker 1: he's just a great player and a great person. And 56 00:03:08,720 --> 00:03:12,399 Speaker 1: you know we're watching an historical season here. I mean, 57 00:03:13,080 --> 00:03:17,200 Speaker 1: in addition to breaking Roger Morris's record, I mean he 58 00:03:17,320 --> 00:03:19,440 Speaker 1: is on the verge of winning the triple Crown in 59 00:03:19,480 --> 00:03:22,560 Speaker 1: the same year, which I do not believe has been 60 00:03:22,600 --> 00:03:26,200 Speaker 1: done by Yankee since Mickey Mantel in N six, I believe, 61 00:03:26,240 --> 00:03:30,240 Speaker 1: which is a on its own, is an incredible accomplishment. 62 00:03:30,800 --> 00:03:35,840 Speaker 1: So watching an historical, historical season, if anybody was at 63 00:03:35,920 --> 00:03:41,480 Speaker 1: Yankee Stadium the past weekend or before that, the places 64 00:03:41,760 --> 00:03:46,160 Speaker 1: is jammed, the energy is beyond belief. When he gets 65 00:03:46,240 --> 00:03:51,440 Speaker 1: up every pitch, the crowd gets silent with anticipation, and 66 00:03:51,880 --> 00:03:57,120 Speaker 1: it's just a remarkable, remarkable environment. So, I mean, you know, 67 00:03:57,120 --> 00:04:01,360 Speaker 1: we're watching history and you watch a great, great player 68 00:04:02,000 --> 00:04:06,800 Speaker 1: handling his pursuit of history with tremendous poise and tremendous dignity. 69 00:04:07,320 --> 00:04:10,440 Speaker 1: He's taken his walks because he's a team first guy 70 00:04:10,920 --> 00:04:13,760 Speaker 1: and the most important thing for him was to win 71 00:04:13,840 --> 00:04:16,520 Speaker 1: the division. Speaking history, I'd like your thoughts on on 72 00:04:16,560 --> 00:04:18,040 Speaker 1: the Curse of the Band. You know, you know that 73 00:04:18,080 --> 00:04:20,760 Speaker 1: trade of Babe Ruth marked the beginning of Boston's eighty 74 00:04:20,760 --> 00:04:23,760 Speaker 1: six year championship draft. My question for you is, are 75 00:04:23,800 --> 00:04:27,440 Speaker 1: you superstitious? Does that factor into your calculus? You know, 76 00:04:27,560 --> 00:04:30,400 Speaker 1: when you're trying to retain a homegrown talent like Aaron Judge. 77 00:04:30,440 --> 00:04:33,200 Speaker 1: He's having arguably one of the best baseball seasons of 78 00:04:33,240 --> 00:04:35,640 Speaker 1: all time. Well as old as I am, I wasn't around. 79 00:04:35,640 --> 00:04:38,920 Speaker 1: So the the trade of the Yankees, the red sack 80 00:04:39,000 --> 00:04:41,520 Speaker 1: for the Yankees. You know, I think we all have, 81 00:04:41,800 --> 00:04:44,880 Speaker 1: you know, superstitions, but not when it comes to business transactions. 82 00:04:44,920 --> 00:04:47,440 Speaker 1: I mean, Aaron Judge, you know, you've said over and 83 00:04:47,480 --> 00:04:51,840 Speaker 1: over again. You know, he's he's a a legendary Yankee. U. 84 00:04:52,160 --> 00:04:55,080 Speaker 1: As we said, we value him both as a person 85 00:04:55,160 --> 00:04:58,760 Speaker 1: as a player. We're gonna be extraordinarily competitive and trying 86 00:04:58,800 --> 00:05:02,680 Speaker 1: to make sure he's a long term Yankee. We we 87 00:05:02,920 --> 00:05:08,440 Speaker 1: engaged in some negotiations beginning of the season. Didn't didn't happen, 88 00:05:08,600 --> 00:05:12,280 Speaker 1: you know, And and and he took that burden on himself. 89 00:05:12,320 --> 00:05:16,880 Speaker 1: Has had a year for the Ages. But uh, you know, 90 00:05:17,120 --> 00:05:19,760 Speaker 1: I think he likes being a Yankee. Uh. We love 91 00:05:19,839 --> 00:05:22,480 Speaker 1: having him be a Yankee. You know, being a Yankee 92 00:05:22,600 --> 00:05:26,800 Speaker 1: is different than anything else. So I'm hopeful. All I 93 00:05:26,800 --> 00:05:30,960 Speaker 1: can tell you is hell Steinbrenner, the entire organization, myself, 94 00:05:31,080 --> 00:05:33,520 Speaker 1: Brian Kishman, We're not going to leave any stone unturned 95 00:05:33,920 --> 00:05:36,560 Speaker 1: and trying to bring him back. By the way, folks, 96 00:05:36,640 --> 00:05:39,680 Speaker 1: it's hard to get a home run in the major leagues. 97 00:05:40,200 --> 00:05:42,799 Speaker 1: And and Aaron Judge has just done a super job. 98 00:05:43,480 --> 00:05:45,400 Speaker 1: Can you talk about that. I mean, this is a 99 00:05:45,440 --> 00:05:49,320 Speaker 1: young man who, to me is the epitome of the 100 00:05:49,360 --> 00:05:53,320 Speaker 1: face not just of the Yankees, but a baseball in general. 101 00:05:53,360 --> 00:05:56,839 Speaker 1: The way he handles himself, the way he has handled 102 00:05:56,920 --> 00:06:00,880 Speaker 1: the crowd, and that, I mean, I just admire the guy. Yeah, 103 00:06:00,880 --> 00:06:04,560 Speaker 1: he's been spectacular. He's just been spectacular. I mean both 104 00:06:04,640 --> 00:06:06,880 Speaker 1: on the field, most of the field. I don't know 105 00:06:06,880 --> 00:06:09,640 Speaker 1: if you've seen, you know, from the free game shots. 106 00:06:09,680 --> 00:06:12,919 Speaker 1: I mean, you know, he's chasing history and chasing the 107 00:06:12,960 --> 00:06:16,240 Speaker 1: Triple Crown, and he's out for the game signing autographs 108 00:06:16,240 --> 00:06:20,960 Speaker 1: of kids. I mean, that's that's unbelievable. He's familing it professionally. 109 00:06:21,040 --> 00:06:25,200 Speaker 1: And you know, in this situation, a lot of players 110 00:06:25,200 --> 00:06:28,040 Speaker 1: that chose its team first, you know, they go outside 111 00:06:28,040 --> 00:06:30,159 Speaker 1: the strike zone, you know, try and hit the home run. 112 00:06:30,720 --> 00:06:33,119 Speaker 1: But he's not done that. You know. You know, Randy, 113 00:06:33,120 --> 00:06:35,360 Speaker 1: you mentioned house Time Brenner, you know, and love him 114 00:06:35,400 --> 00:06:37,640 Speaker 1: or hate him. His father, George was a larger than 115 00:06:37,680 --> 00:06:40,400 Speaker 1: life owner who's passion for winning imnated throughout the organization. 116 00:06:40,760 --> 00:06:42,200 Speaker 1: I wonder if you could just talk to us a 117 00:06:42,200 --> 00:06:45,280 Speaker 1: little bit about, you know, the front office under house 118 00:06:45,279 --> 00:06:48,920 Speaker 1: Steinbrenner how's it changed, how's it evolved, and how's it different. Well, 119 00:06:48,960 --> 00:06:51,320 Speaker 1: you know, there's only one George Steinbrenner. You know, I 120 00:06:51,400 --> 00:06:53,960 Speaker 1: work with him for a lot of years, you know, 121 00:06:54,160 --> 00:06:57,400 Speaker 1: over twenty years in many capacities, and you know there's 122 00:06:57,440 --> 00:06:59,640 Speaker 1: only one of him. But I can tell you how 123 00:06:59,680 --> 00:07:03,920 Speaker 1: Stime Brenner is a great owner. He has an incredible 124 00:07:04,000 --> 00:07:08,600 Speaker 1: passion to win. Uh, you know, he's done every single 125 00:07:08,640 --> 00:07:11,920 Speaker 1: time is an opportunity to upgrade the Yankees. He's stepped 126 00:07:12,000 --> 00:07:14,160 Speaker 1: up and he's done it. He has a different style 127 00:07:14,240 --> 00:07:16,680 Speaker 1: than his dad, but doesn't mean he's any less passionate, 128 00:07:16,760 --> 00:07:20,160 Speaker 1: doesn't mean he's any any less committed. And you just 129 00:07:20,200 --> 00:07:21,760 Speaker 1: look at his record. I mean, I think we have 130 00:07:21,840 --> 00:07:25,880 Speaker 1: the thaird highest payroll in baseball. This year. We continually 131 00:07:26,320 --> 00:07:29,200 Speaker 1: are in the top you know five, you know, usually 132 00:07:29,240 --> 00:07:33,840 Speaker 1: the top three. We signed big free agents. He's authorized trades, 133 00:07:34,560 --> 00:07:39,120 Speaker 1: so he's completely dedicated to this. He's here at Yankee 134 00:07:39,120 --> 00:07:41,640 Speaker 1: Stadium all the time. I want to talk to you 135 00:07:41,680 --> 00:07:46,240 Speaker 1: about the economics of baseball because we've seen how the 136 00:07:46,320 --> 00:07:49,320 Speaker 1: league is under pressure to make some changes. Because the 137 00:07:49,360 --> 00:07:53,920 Speaker 1: game is slow, it um may not be as attractive 138 00:07:53,960 --> 00:07:56,640 Speaker 1: to the younger generation. So there's gonna be pitch time, 139 00:07:56,680 --> 00:07:59,480 Speaker 1: there's gonna be bigger bases and limits on defensive shifts. 140 00:07:59,760 --> 00:08:04,720 Speaker 1: This comes on where do you stand on how much 141 00:08:04,720 --> 00:08:07,200 Speaker 1: of an impact this will have immediately versus something that 142 00:08:07,240 --> 00:08:09,000 Speaker 1: will take a couple of years to play out. And 143 00:08:09,120 --> 00:08:11,720 Speaker 1: I think it's gonna have a pretty immediate impact. I 144 00:08:11,760 --> 00:08:14,600 Speaker 1: think we've been talking about, as we call it, pace 145 00:08:14,640 --> 00:08:18,880 Speaker 1: of play for a long time. I think that the 146 00:08:18,920 --> 00:08:22,880 Speaker 1: one negative that people say, young people say about baseball 147 00:08:23,720 --> 00:08:27,600 Speaker 1: because you know, people in my generation, the fact that 148 00:08:27,640 --> 00:08:30,119 Speaker 1: there was no clock and the length of the game 149 00:08:30,360 --> 00:08:32,120 Speaker 1: was a plus. You know, you got to a ball game, 150 00:08:32,800 --> 00:08:35,440 Speaker 1: it's a leisurely afternoon, you watch it or your home 151 00:08:35,480 --> 00:08:38,439 Speaker 1: at TV. You know, all summer. It's like the running 152 00:08:38,440 --> 00:08:41,640 Speaker 1: soap opera fills time, you know. I think a lot 153 00:08:41,640 --> 00:08:45,119 Speaker 1: of young people today their attention spans uh and patience 154 00:08:45,280 --> 00:08:48,400 Speaker 1: isn't what somebody in my generation is. And so we 155 00:08:48,440 --> 00:08:50,760 Speaker 1: have to address that, and I think we have been 156 00:08:50,800 --> 00:08:54,000 Speaker 1: addressing it. And I think, you know, the pitch clock 157 00:08:54,520 --> 00:08:59,840 Speaker 1: is uh is a direct correlation to trying to shorten 158 00:08:59,880 --> 00:09:04,760 Speaker 1: the games. I think that uh uh, the shifts um 159 00:09:04,960 --> 00:09:08,080 Speaker 1: people like action, and I think, you know, like runs. 160 00:09:08,240 --> 00:09:10,960 Speaker 1: You know, people like scoring, and I think the shifts 161 00:09:10,960 --> 00:09:14,160 Speaker 1: have taken away a lot of scoring and that's why, 162 00:09:14,240 --> 00:09:18,280 Speaker 1: you know, batting averages and so forth away down. So 163 00:09:18,320 --> 00:09:21,000 Speaker 1: I think this is an attempt to just put more 164 00:09:21,160 --> 00:09:24,520 Speaker 1: action into the game, you know, putting the ball and play, 165 00:09:25,000 --> 00:09:27,840 Speaker 1: letting guys get on. And so I think all of 166 00:09:27,880 --> 00:09:31,520 Speaker 1: these will changes that have gone on have been productive. 167 00:09:31,559 --> 00:09:34,840 Speaker 1: They've been exciting. Uh. And I think it's only going 168 00:09:34,920 --> 00:09:37,400 Speaker 1: to get better, you know, like like everything in life, 169 00:09:37,840 --> 00:09:39,800 Speaker 1: you know, baseball is the sport in the business that 170 00:09:39,880 --> 00:09:43,320 Speaker 1: has to evolve. What do you think about now because 171 00:09:43,360 --> 00:09:47,200 Speaker 1: some of the games, obviously they're going away from old 172 00:09:47,240 --> 00:09:50,800 Speaker 1: style TV. Uh. And I am even saying old style 173 00:09:50,960 --> 00:09:54,680 Speaker 1: from cable. Uh. Now they're being streamed. In fact, the 174 00:09:54,800 --> 00:09:59,560 Speaker 1: night where everybody was watching Aaron Judge, it was streamed 175 00:09:59,600 --> 00:10:03,360 Speaker 1: on Bowl Television. Uh. And some people, if you are 176 00:10:03,640 --> 00:10:06,600 Speaker 1: in the younger crowd, yeah, you have Apple TV, you 177 00:10:06,600 --> 00:10:09,200 Speaker 1: have the app. But if you're an old geezer like me, 178 00:10:09,280 --> 00:10:11,160 Speaker 1: you gotta ask your wife. It's like, do we have 179 00:10:11,280 --> 00:10:14,320 Speaker 1: this on our TV? And and thank god we did 180 00:10:14,360 --> 00:10:17,040 Speaker 1: so I could watch the game. Uh. Where do you 181 00:10:17,080 --> 00:10:20,800 Speaker 1: see that going with streaming now? With baseball, I see it. 182 00:10:21,000 --> 00:10:25,880 Speaker 1: You know, it's happening in all sports, in all entertainment everywhere. 183 00:10:25,920 --> 00:10:31,000 Speaker 1: I think you're seeing a combination of the old you know, 184 00:10:31,559 --> 00:10:37,280 Speaker 1: basic cable model and streaming services. And it's not only 185 00:10:37,320 --> 00:10:40,480 Speaker 1: with sports, it's entertainment. And I think you're going to 186 00:10:40,600 --> 00:10:43,720 Speaker 1: see you know, them coexisting for a period of time. 187 00:10:44,240 --> 00:10:49,080 Speaker 1: In the beginning, everybody thought the cable model, you know, uh, 188 00:10:49,240 --> 00:10:53,560 Speaker 1: with hemorrhaging and and and you know, they're still losing subscribers, 189 00:10:53,600 --> 00:10:56,640 Speaker 1: but it's slowed down. Uh. And I one thought, you know, 190 00:10:56,679 --> 00:10:59,880 Speaker 1: the streaming services would dominate. But I think what's happened 191 00:10:59,880 --> 00:11:04,880 Speaker 1: to the streaming services have become like the old cable 192 00:11:04,960 --> 00:11:07,920 Speaker 1: systems in the sense that you know, if you want 193 00:11:07,960 --> 00:11:10,080 Speaker 1: to buy a streaming service, you have to buy one 194 00:11:10,160 --> 00:11:12,480 Speaker 1: and then the other. So the costs of buying lily 195 00:11:12,559 --> 00:11:16,360 Speaker 1: streaming services are getting expensive, and as a result, young 196 00:11:16,440 --> 00:11:19,320 Speaker 1: people are going back to the cable bundle because it's 197 00:11:19,320 --> 00:11:22,920 Speaker 1: actually less expensive. So I think there's going to be 198 00:11:23,480 --> 00:11:28,480 Speaker 1: a period of time where the two is going to coexist, 199 00:11:29,320 --> 00:11:31,839 Speaker 1: and there's going to be you know, a time with 200 00:11:32,600 --> 00:11:35,800 Speaker 1: this old gets sorted out and the new week delibrium 201 00:11:36,040 --> 00:11:38,480 Speaker 1: takes place. I think there's room for both of them. 202 00:11:39,040 --> 00:11:41,760 Speaker 1: But at the end of the day, you know, it's different, 203 00:11:41,840 --> 00:11:46,480 Speaker 1: it changes, and it's hard. So uh. You know, we 204 00:11:46,600 --> 00:11:49,640 Speaker 1: at the Yankees, you know, we try to do everything 205 00:11:49,679 --> 00:11:55,000 Speaker 1: we can to make our customers are fans, educate them 206 00:11:55,080 --> 00:11:56,760 Speaker 1: as to how to get the game, where to get 207 00:11:56,760 --> 00:11:58,959 Speaker 1: the game. So I think it's going to be an evolution. 208 00:11:59,160 --> 00:12:02,000 Speaker 1: We just got word that Lebron James is going to 209 00:12:02,080 --> 00:12:06,560 Speaker 1: invest in pickleball, and and I see this more and 210 00:12:06,640 --> 00:12:10,120 Speaker 1: more with big time athletes. Do you see that as 211 00:12:10,160 --> 00:12:14,760 Speaker 1: the future in baseball where athletes who may have even 212 00:12:14,800 --> 00:12:18,559 Speaker 1: been in the sport are part owners of teams. I 213 00:12:18,960 --> 00:12:20,680 Speaker 1: can see it. I mean I just read, you know, 214 00:12:20,720 --> 00:12:23,960 Speaker 1: Bus Supposy, who was a great catches for the Giants, 215 00:12:24,160 --> 00:12:27,679 Speaker 1: board a limited partnership in the San Francisco Giants. You know, 216 00:12:27,800 --> 00:12:29,559 Speaker 1: a lot of these guys have made a lot of money, 217 00:12:29,679 --> 00:12:32,480 Speaker 1: and they're good businessmen, and they have companies and you 218 00:12:32,520 --> 00:12:35,079 Speaker 1: know they partner some of them with great private equity 219 00:12:35,160 --> 00:12:38,520 Speaker 1: or other groups, and they make you know, sound investments. 220 00:12:39,240 --> 00:12:43,880 Speaker 1: Professional sports is a very sound investment. The value seems 221 00:12:43,920 --> 00:12:46,400 Speaker 1: to always go up. These teams don't seem to lose 222 00:12:46,440 --> 00:12:49,000 Speaker 1: the value, and even if you know, they don't throw 223 00:12:49,000 --> 00:12:52,160 Speaker 1: off the cash flow you want. Usually if you hold it, 224 00:12:52,520 --> 00:12:56,040 Speaker 1: by the time you sell, you share your interest. Uh, you'll, you'll, 225 00:12:56,080 --> 00:12:58,800 Speaker 1: you'll make money and increased value. Up next on the show, 226 00:12:58,880 --> 00:13:02,440 Speaker 1: more of our converse astion with Randy Levine and we'll 227 00:13:02,480 --> 00:13:05,640 Speaker 1: talk more about the Bronx Bombers. Straight ahead on the 228 00:13:05,679 --> 00:13:09,840 Speaker 1: Bloomberg Business of Sports. I'm sorry, Mets fans, uh, Michael 229 00:13:09,840 --> 00:13:13,920 Speaker 1: bar you can follow me on Twitter at Big Bar 230 00:13:14,040 --> 00:13:16,760 Speaker 1: Sports and I'm on Twitter at Scarlett fool Friend. I'm 231 00:13:16,800 --> 00:13:21,720 Speaker 1: on Twitter at t sas. This is Bloomberg Business of Sports. 232 00:13:28,240 --> 00:13:30,800 Speaker 1: This is the Bloomberg Business of Sports show. We explored 233 00:13:30,800 --> 00:13:32,400 Speaker 1: the big money issues in the world of sports on 234 00:13:32,520 --> 00:13:36,200 Speaker 1: Michael Barr along with Scarlet Foo and Damien sass Sour 235 00:13:36,679 --> 00:13:40,320 Speaker 1: and Yankees president Randy Levine is dropping his knowledge on 236 00:13:40,400 --> 00:13:43,520 Speaker 1: us about the Bronx Bombers and baseball in general. Let's 237 00:13:43,640 --> 00:13:46,440 Speaker 1: join more of our conversation. Randy. You know, I wonder 238 00:13:46,440 --> 00:13:48,240 Speaker 1: if you could help me understand. You know, you've been 239 00:13:48,240 --> 00:13:51,720 Speaker 1: involved in some of the biggest you know, negotiations, player negotiations, 240 00:13:51,720 --> 00:13:55,440 Speaker 1: contract no set negotiations, imaginable you know the New York Yankees. 241 00:13:55,480 --> 00:13:58,040 Speaker 1: I mean, you know, you've often referred to the economic 242 00:13:58,120 --> 00:14:00,800 Speaker 1: benefit of playing for the Yankees as a major selling 243 00:14:00,840 --> 00:14:03,240 Speaker 1: point during these negotiations, and I wonder if you could 244 00:14:03,440 --> 00:14:05,360 Speaker 1: expand on that a bit. I mean, how do you 245 00:14:05,440 --> 00:14:09,280 Speaker 1: quantify that benefit during the course of these negotiations. I mean, 246 00:14:09,600 --> 00:14:13,280 Speaker 1: I know, advertising opportunity, sponsorship engagements, and the like. But 247 00:14:13,600 --> 00:14:17,000 Speaker 1: you know, similarly, I mean, you've got this newfound tax 248 00:14:17,040 --> 00:14:18,960 Speaker 1: disadvantage for the state of New York, growth of the 249 00:14:18,960 --> 00:14:21,080 Speaker 1: places like Florida, Like, how do you how do you 250 00:14:21,120 --> 00:14:22,920 Speaker 1: deal with that when you're talking to players, when you're 251 00:14:22,920 --> 00:14:24,560 Speaker 1: trying to convince them to come play for the Anks. 252 00:14:24,720 --> 00:14:27,440 Speaker 1: You know, I'm not going to get into anything regarding 253 00:14:27,480 --> 00:14:31,560 Speaker 1: any specific negotiation or how it comes in doesn't come in. 254 00:14:31,600 --> 00:14:35,760 Speaker 1: But you know, when you have the most recognized, most valuable, 255 00:14:35,840 --> 00:14:39,400 Speaker 1: most famous sports franchise I believe in the world, with 256 00:14:39,440 --> 00:14:42,840 Speaker 1: a history that's second to none, in the city that's 257 00:14:42,880 --> 00:14:46,720 Speaker 1: the media capital of the world, Insissippi, that's the financial 258 00:14:46,760 --> 00:14:50,680 Speaker 1: capital of the world. Um, I think it's pretty obvious 259 00:14:51,520 --> 00:14:54,520 Speaker 1: when you play for the New York Yankees. Everyone knows 260 00:14:54,720 --> 00:14:58,280 Speaker 1: who you play for, who you are, and it's just different. 261 00:14:58,480 --> 00:15:03,680 Speaker 1: It's different covered differently. You get opportunities that are different 262 00:15:03,880 --> 00:15:07,400 Speaker 1: than people in other teams. Uh, it's just different. That's 263 00:15:07,440 --> 00:15:11,360 Speaker 1: why the national networks take all of our games. That's 264 00:15:11,360 --> 00:15:16,240 Speaker 1: why we're always you know, front and center, uh and 265 00:15:16,240 --> 00:15:19,280 Speaker 1: and everything. That's why people from all over the world 266 00:15:19,320 --> 00:15:22,720 Speaker 1: come Panky Stadium to see it. It's it's it's you know, 267 00:15:22,800 --> 00:15:25,120 Speaker 1: the cathedral of baseball. So at the end of the day, 268 00:15:25,560 --> 00:15:29,400 Speaker 1: you know, it's just different, and there's good and bed. 269 00:15:29,600 --> 00:15:32,240 Speaker 1: I mean, you know, there are certain players you just 270 00:15:32,280 --> 00:15:35,360 Speaker 1: saw with Joey Gallo, who's a great player, a good guy. 271 00:15:35,440 --> 00:15:38,360 Speaker 1: They just can't handle New York. Can't handle being a Yankee. 272 00:15:38,360 --> 00:15:41,240 Speaker 1: You know, they just can't do it. The pressure, the attention, 273 00:15:41,280 --> 00:15:43,600 Speaker 1: you know, two sides of a coinment with all the 274 00:15:43,640 --> 00:15:47,360 Speaker 1: benefits come all you know, and all the recognition and 275 00:15:47,360 --> 00:15:51,520 Speaker 1: and everything. You guys work here. It's say, it's everything 276 00:15:51,640 --> 00:15:55,200 Speaker 1: is magnified. Some people's personalities that doesn't make them good 277 00:15:55,280 --> 00:15:57,280 Speaker 1: or bed or whatever. They're just not built for it. 278 00:15:57,920 --> 00:16:00,520 Speaker 1: So you know, at the end of the day, you 279 00:16:00,560 --> 00:16:03,960 Speaker 1: get a guy like Jose Trevino who came to New 280 00:16:04,040 --> 00:16:07,640 Speaker 1: York catcher and he just thrived on it and now 281 00:16:07,680 --> 00:16:10,840 Speaker 1: he's an All Star catcher. So different people are different. 282 00:16:10,920 --> 00:16:13,400 Speaker 1: But you know, you don't have to sell the Yankees. 283 00:16:13,480 --> 00:16:16,120 Speaker 1: The Yankees are the yank So New York is New York. 284 00:16:16,360 --> 00:16:18,520 Speaker 1: That being the case, Randy, who do you consider what 285 00:16:18,800 --> 00:16:23,760 Speaker 1: team do you consider your biggest competitor in attracting players 286 00:16:24,000 --> 00:16:26,880 Speaker 1: retaining players. Who's the biggest rival out there? Not on 287 00:16:26,920 --> 00:16:32,200 Speaker 1: the field, just in terms of being an employer. Come on, 288 00:16:32,440 --> 00:16:35,240 Speaker 1: narrow that down for us, please, no. I mean it's 289 00:16:35,240 --> 00:16:38,480 Speaker 1: old twenty nine and our system. Once player gets the 290 00:16:38,520 --> 00:16:42,560 Speaker 1: free agency, every team has the opportunity to bid on him. 291 00:16:42,600 --> 00:16:45,720 Speaker 1: Every team has the opportunity to do stuff. And you know, 292 00:16:45,760 --> 00:16:48,440 Speaker 1: you've gone through the years and you've gotten great players 293 00:16:48,800 --> 00:16:51,040 Speaker 1: who have gone to teams that are unexpected. I mean, 294 00:16:51,160 --> 00:16:53,680 Speaker 1: who ever thought Carlos Korea would be with the Minnesota 295 00:16:53,720 --> 00:16:57,920 Speaker 1: Twins this year. Nobody thought thought Glory Seeger would be 296 00:16:57,960 --> 00:17:01,920 Speaker 1: with the Texas Rangers. So the two is every team. 297 00:17:01,960 --> 00:17:03,880 Speaker 1: You know, Randy, in your time as president of the Yankees, 298 00:17:03,880 --> 00:17:07,119 Speaker 1: you found about the Yes Network and Legends hospitality. I 299 00:17:07,160 --> 00:17:08,600 Speaker 1: wonder if you could talk to us a bit about 300 00:17:08,600 --> 00:17:12,080 Speaker 1: the impact of sports gambling on Major League baseball, how 301 00:17:12,160 --> 00:17:14,760 Speaker 1: that is changing the in game experience, and how you 302 00:17:14,760 --> 00:17:17,840 Speaker 1: see the New York Yankees organization adapting and evolving alongside 303 00:17:17,880 --> 00:17:23,280 Speaker 1: this great question. And I've you know, really taken the 304 00:17:23,359 --> 00:17:26,600 Speaker 1: lead in a lot of ways, uh in the whole 305 00:17:26,640 --> 00:17:32,479 Speaker 1: mobile sports betting in New York. UM pretty outspoken on it. 306 00:17:32,640 --> 00:17:36,240 Speaker 1: I put a coalition together, you know, we can't get 307 00:17:36,240 --> 00:17:38,399 Speaker 1: a license the Yankees, but you know, we put a 308 00:17:38,400 --> 00:17:43,600 Speaker 1: coalition together which want a license, you know, with Dan Duel, DraftKings, MGM, 309 00:17:44,000 --> 00:17:48,520 Speaker 1: and uh Vali's Um. We have many sponsors, all of 310 00:17:48,560 --> 00:17:53,640 Speaker 1: those uh pretty much our sponsors and h New York 311 00:17:53,680 --> 00:17:57,800 Speaker 1: State is doing phenomenal. There's a problem with it. The 312 00:17:57,880 --> 00:18:01,879 Speaker 1: problem is that the volume is off the chart in 313 00:18:01,960 --> 00:18:04,120 Speaker 1: New York. But the problem is, you know, they're being 314 00:18:04,160 --> 00:18:07,400 Speaker 1: these companies are being taxed that like over a six rate, 315 00:18:07,680 --> 00:18:10,840 Speaker 1: so they're all losing money. It makes no sense whatsoever. 316 00:18:11,560 --> 00:18:15,159 Speaker 1: And you know, after a while, when you lose money, uh, 317 00:18:15,720 --> 00:18:17,520 Speaker 1: you just don't go here. You can go right across 318 00:18:17,560 --> 00:18:21,159 Speaker 1: the river Neue, Jersey, where I think it's like tax rate. 319 00:18:21,200 --> 00:18:24,320 Speaker 1: So I've been you know, arguing that. But it's completely 320 00:18:24,440 --> 00:18:28,840 Speaker 1: you know, transformed and will continue to transform a baseball effect. 321 00:18:28,880 --> 00:18:31,879 Speaker 1: I think baseball will be helped more than anyone. Why. 322 00:18:32,080 --> 00:18:35,680 Speaker 1: It's a great game to to be interactive with. When 323 00:18:35,680 --> 00:18:38,080 Speaker 1: you're a fan. There's so many things to bet on. 324 00:18:38,160 --> 00:18:40,679 Speaker 1: You can bet on. You know, the score you compet 325 00:18:40,760 --> 00:18:43,119 Speaker 1: on is a guy in the batter than at a 326 00:18:43,119 --> 00:18:45,399 Speaker 1: home run, the triple at double is even going to 327 00:18:45,480 --> 00:18:48,480 Speaker 1: get a hit? What's the pitch, fastball, slider, inning by 328 00:18:48,480 --> 00:18:52,119 Speaker 1: inning score. I mean, there's countless ways you can do it. 329 00:18:52,200 --> 00:18:56,800 Speaker 1: And that's what fans want, interaction. And you know, some 330 00:18:56,800 --> 00:19:00,280 Speaker 1: some clubs and different the stake by stage thing kind 331 00:19:00,280 --> 00:19:03,720 Speaker 1: of sports betting, actual key asks on your property. Not 332 00:19:03,840 --> 00:19:06,159 Speaker 1: here in New York yet, but if it happens, and 333 00:19:06,240 --> 00:19:08,480 Speaker 1: I think it will happen in New York like elsewhere. 334 00:19:08,720 --> 00:19:10,960 Speaker 1: I mean, you know, you come to Yankee Stadium and 335 00:19:11,000 --> 00:19:13,120 Speaker 1: you're on your phone betting. I mean you know, you're 336 00:19:13,240 --> 00:19:18,080 Speaker 1: you're basically the stadium is a casino, Randy, the Yankees 337 00:19:18,080 --> 00:19:20,879 Speaker 1: are sports club their media jugger. Not really. At this point, 338 00:19:21,240 --> 00:19:24,680 Speaker 1: when you and your associates at the organization talk and 339 00:19:24,760 --> 00:19:27,879 Speaker 1: look at other companies in the media business, in the 340 00:19:27,920 --> 00:19:31,080 Speaker 1: content business, what do you look at in terms of 341 00:19:31,080 --> 00:19:33,600 Speaker 1: a good example of someone who's doing something well that 342 00:19:33,640 --> 00:19:35,800 Speaker 1: you think, oh we could we could bring that over 343 00:19:35,840 --> 00:19:39,840 Speaker 1: to the Yankees, to MLB. What company inspires you, I think, 344 00:19:39,880 --> 00:19:42,439 Speaker 1: you know, we inspire ourselves. You know, we look for 345 00:19:42,520 --> 00:19:47,119 Speaker 1: best practices, but we look constantly what kind of content 346 00:19:47,240 --> 00:19:50,879 Speaker 1: can we add that's a little different that brings yours. 347 00:19:50,920 --> 00:19:53,679 Speaker 1: I mean, you know, we're very proud. For example, you know, 348 00:19:54,160 --> 00:19:56,840 Speaker 1: we did a deal with John Boy, who is you know, 349 00:19:57,200 --> 00:20:02,240 Speaker 1: very very cutting edge technology beany you know that really 350 00:20:02,600 --> 00:20:06,680 Speaker 1: specializes in video and getting into angles of the game. 351 00:20:07,040 --> 00:20:10,800 Speaker 1: And you know, young fans, middle fans, they really middle 352 00:20:10,800 --> 00:20:13,280 Speaker 1: aged fans love this. So you know, we did a 353 00:20:13,320 --> 00:20:15,919 Speaker 1: transaction where we brought them onto the S network and 354 00:20:15,960 --> 00:20:18,760 Speaker 1: provided a lot of a lot of content. And then 355 00:20:18,760 --> 00:20:21,359 Speaker 1: well you know, we have the S app which is 356 00:20:21,400 --> 00:20:25,040 Speaker 1: doing phenomenal where we try and round out some of 357 00:20:25,040 --> 00:20:27,720 Speaker 1: the coverage to bring new fans who aren't only you know, 358 00:20:27,920 --> 00:20:31,439 Speaker 1: sports fans. And addition obviously to the Yankees, the S 359 00:20:31,480 --> 00:20:34,000 Speaker 1: has the Brooklyn Nets in New York City Football Club 360 00:20:34,080 --> 00:20:38,440 Speaker 1: and we show Manchester City games one day or two 361 00:20:38,520 --> 00:20:41,480 Speaker 1: after uh, the Yankees made investment in the Serie A 362 00:20:41,600 --> 00:20:44,760 Speaker 1: team great team may see Milan so we share those games, 363 00:20:44,800 --> 00:20:46,639 Speaker 1: but you know, if you're not a sports fan, we 364 00:20:46,720 --> 00:20:48,840 Speaker 1: try and round it out. So we have programs on 365 00:20:48,880 --> 00:20:51,520 Speaker 1: our app with that try and get you more. On 366 00:20:51,560 --> 00:20:55,040 Speaker 1: the entertainment side, they're try and bring new fans. For example, 367 00:20:55,880 --> 00:20:58,880 Speaker 1: we have a show with the great chef Marcus Samuelson 368 00:20:58,920 --> 00:21:03,439 Speaker 1: called called Plate where we have people who are celebrities 369 00:21:03,480 --> 00:21:05,560 Speaker 1: and well known New york Is all over the city 370 00:21:06,040 --> 00:21:08,280 Speaker 1: go to restaurants and you know, it's a it's a 371 00:21:08,359 --> 00:21:11,080 Speaker 1: it's a cooking and dining show that's doing incredibly well 372 00:21:12,080 --> 00:21:14,480 Speaker 1: to bring you know, different type of fan in. That's 373 00:21:14,480 --> 00:21:17,560 Speaker 1: on our streaming service on our app. We have have 374 00:21:17,600 --> 00:21:21,000 Speaker 1: an arrangement with that Montepire Hospital, a great Dr Phil 375 00:21:21,040 --> 00:21:24,600 Speaker 1: Aswa who's the chairman, where we produce a wellness and 376 00:21:24,640 --> 00:21:28,479 Speaker 1: health show where again we go out and try and 377 00:21:28,560 --> 00:21:32,200 Speaker 1: find you know, state of the art health and wellness 378 00:21:32,400 --> 00:21:34,919 Speaker 1: issues to bring to our fans. And then we have 379 00:21:35,560 --> 00:21:40,640 Speaker 1: another show that we're partners with Passion Instituto Technology, which 380 00:21:40,680 --> 00:21:43,160 Speaker 1: is all about fashion because athletes are very much into 381 00:21:43,200 --> 00:21:47,040 Speaker 1: fashion and uh it's a great show where you know, 382 00:21:47,119 --> 00:21:49,960 Speaker 1: some of the young students at f i T actually 383 00:21:50,000 --> 00:21:54,760 Speaker 1: work with you know, Mariann or Rivera or uh so 384 00:21:54,920 --> 00:21:58,119 Speaker 1: far Richard Jefferson or an Aaron Boone try and design 385 00:21:58,200 --> 00:22:00,840 Speaker 1: some clothes. So we're trying to spa it out, you know, 386 00:22:00,920 --> 00:22:04,879 Speaker 1: our bases sports, you know, the Yankees and Mets, but 387 00:22:05,240 --> 00:22:07,399 Speaker 1: we're trying to spread it out. And what we've learned is, 388 00:22:07,600 --> 00:22:09,760 Speaker 1: you know, you've got to track new viewers. And there 389 00:22:09,760 --> 00:22:13,760 Speaker 1: are certain people who want to see things other than sports. 390 00:22:13,760 --> 00:22:16,439 Speaker 1: So if somebody's watching is a foodie and is watching 391 00:22:16,440 --> 00:22:19,560 Speaker 1: a cookie show with Mark and families, and maybe they'll 392 00:22:19,600 --> 00:22:22,920 Speaker 1: turn into and into watching. I know we're running out 393 00:22:22,920 --> 00:22:24,640 Speaker 1: of time, but I want to ask you one thing. 394 00:22:25,160 --> 00:22:29,879 Speaker 1: Just recently, there was a ruling about the minor league 395 00:22:29,920 --> 00:22:35,760 Speaker 1: teams being able to hopefully enjoy some more of the 396 00:22:35,840 --> 00:22:40,879 Speaker 1: fruits of baseball in general. Uh, they're trying to get 397 00:22:40,920 --> 00:22:44,760 Speaker 1: more money because quite frankly, the minor league players, you know, 398 00:22:44,880 --> 00:22:47,639 Speaker 1: they they deserve to be paid more and and it 399 00:22:47,760 --> 00:22:52,360 Speaker 1: struggled a lot to make a living. There your thoughts 400 00:22:52,680 --> 00:22:56,560 Speaker 1: about minor league teams in general and the minor league 401 00:22:56,560 --> 00:23:00,639 Speaker 1: players trying to unionize, well, I think the commissioner, the 402 00:23:00,680 --> 00:23:05,240 Speaker 1: minor league teams, the Major League Baseball Players Association sort 403 00:23:05,680 --> 00:23:11,240 Speaker 1: recognition for the minor league players. I believe you know, Uh, 404 00:23:12,160 --> 00:23:14,919 Speaker 1: I'm a label lawyer in addition to being President Yankees. 405 00:23:15,040 --> 00:23:19,800 Speaker 1: I'm aware of how this works. And they had enough 406 00:23:20,040 --> 00:23:24,359 Speaker 1: recognition cards, and the Commissioner Baseball, who represents you know, 407 00:23:24,560 --> 00:23:29,439 Speaker 1: the employers, recognized it. Uh. You know, the minor leagues 408 00:23:29,440 --> 00:23:33,560 Speaker 1: have now been transformed where they come under the guidance 409 00:23:33,600 --> 00:23:36,320 Speaker 1: of the and the authority of the Commissioner of Baseball. 410 00:23:36,680 --> 00:23:39,040 Speaker 1: That happened a couple of years ago. So there's going 411 00:23:39,119 --> 00:23:41,520 Speaker 1: to be a collective bargaining agreement that's going to be 412 00:23:41,560 --> 00:23:46,359 Speaker 1: negotiated between the minor league ers and the union, which 413 00:23:46,400 --> 00:23:51,840 Speaker 1: is the Players Association and UH and and major League Baseball. Well, 414 00:23:52,400 --> 00:23:55,080 Speaker 1: I leave that to the to the negotiators. You know, 415 00:23:55,119 --> 00:24:00,000 Speaker 1: we just as you know, finished a a new basically 416 00:24:00,000 --> 00:24:03,240 Speaker 1: agreement on the major league side. So now I got 417 00:24:03,280 --> 00:24:06,239 Speaker 1: to work on this. But you know, minor leagues are 418 00:24:06,280 --> 00:24:09,960 Speaker 1: an integral part of the system. You know, these are 419 00:24:10,440 --> 00:24:14,520 Speaker 1: young players and they come up and get the major 420 00:24:14,600 --> 00:24:19,200 Speaker 1: league team, and there are players who just can't quite 421 00:24:19,240 --> 00:24:23,280 Speaker 1: get to the major leagues, and they're important in the 422 00:24:23,320 --> 00:24:25,680 Speaker 1: minor leagues because they helped devote those players who will 423 00:24:25,720 --> 00:24:29,040 Speaker 1: actually get there. So hopefully, uh, they'll they'll reach an 424 00:24:29,119 --> 00:24:34,280 Speaker 1: equitable agreement and uh and and everybody will be as 425 00:24:34,440 --> 00:24:37,800 Speaker 1: I say, labor negotiations and minimally unhappy at the end 426 00:24:37,840 --> 00:24:41,920 Speaker 1: of it. New York Yankees President Randy Levine on the 427 00:24:41,960 --> 00:24:45,040 Speaker 1: state of the Bronx Bombers. By the way, shout out 428 00:24:45,080 --> 00:24:47,720 Speaker 1: to John Sterling. I I love him. I think he's 429 00:24:47,760 --> 00:24:51,520 Speaker 1: one of the best announcers in baseball today. It just 430 00:24:51,920 --> 00:24:54,480 Speaker 1: every time I hear him and I hear a home run, 431 00:24:54,800 --> 00:24:57,760 Speaker 1: I think that guy makes me laugh. All right, I 432 00:24:57,920 --> 00:25:01,640 Speaker 1: love him very much, Randy, Thank you so much, the best. 433 00:25:02,080 --> 00:25:04,640 Speaker 1: Always great to be with you guys. Stay safe and 434 00:25:04,680 --> 00:25:10,200 Speaker 1: healthy and go Yankees. Randy. This has been the Bloomberg 435 00:25:10,240 --> 00:25:12,399 Speaker 1: Business of Sports, where we explore some of the big 436 00:25:12,480 --> 00:25:14,679 Speaker 1: muddy issues in the world of sports. I'm Michael bar 437 00:25:14,760 --> 00:25:16,479 Speaker 1: You can follow me on Twitter at Dick bar Sports. 438 00:25:16,640 --> 00:25:19,439 Speaker 1: I'm on Twitter at Scarlett Fou and I'm on Twitter 439 00:25:19,520 --> 00:25:22,240 Speaker 1: at d sass Hour. Hey, by the way, don't forget 440 00:25:22,280 --> 00:25:25,320 Speaker 1: you can catch our podcast that's every Monday's, Wednesdays and 441 00:25:25,359 --> 00:25:30,520 Speaker 1: Thursday's right here on Bloomberg wherever you download your podcast. 442 00:25:30,760 --> 00:25:33,320 Speaker 1: And by the way, Thank you for joining the Bloomberg 443 00:25:33,359 --> 00:25:37,440 Speaker 1: Business of Sports. Bloomberg Business of Sports, join us all 444 00:25:37,440 --> 00:25:38,080 Speaker 1: around the Burg.