1 00:00:01,240 --> 00:00:03,360 Speaker 1: This is the Bloomberg Business of Sports show, but we 2 00:00:03,400 --> 00:00:05,480 Speaker 1: explored the big money issues in the world of sports. 3 00:00:05,559 --> 00:00:08,200 Speaker 2: I'm Michael Barr, I'm Scarlett Fou and I'm the Immune 4 00:00:08,200 --> 00:00:08,719 Speaker 2: sas hour. 5 00:00:08,840 --> 00:00:11,400 Speaker 1: Coming up on the show, we'll talk with a pioneer 6 00:00:11,600 --> 00:00:17,640 Speaker 1: for athletes in business, former NBA pro and now successful entrepreneur, 7 00:00:18,280 --> 00:00:19,720 Speaker 1: Junior Bridgeman. 8 00:00:20,239 --> 00:00:21,919 Speaker 3: You know, I'm Jim Fitzgeral, who was the owner of 9 00:00:21,960 --> 00:00:24,120 Speaker 3: the Bucks when I was there. I remember sitting down 10 00:00:24,160 --> 00:00:26,840 Speaker 3: with him for breakfast and he made the statement that 11 00:00:27,000 --> 00:00:29,960 Speaker 3: you know, it's never about how much money you make, 12 00:00:30,040 --> 00:00:31,800 Speaker 3: It's always about what you'd. 13 00:00:31,600 --> 00:00:32,199 Speaker 1: Do with it. 14 00:00:32,440 --> 00:00:34,920 Speaker 4: We'll also talk with the CEO of the Orlando Magic, 15 00:00:35,000 --> 00:00:37,240 Speaker 4: Alex Martin's. The club is off to a good start 16 00:00:37,240 --> 00:00:39,680 Speaker 4: this season, plus their home court getting a new name. 17 00:00:40,720 --> 00:00:43,040 Speaker 1: All that and more straight ahead on the Bloomberg Business 18 00:00:43,040 --> 00:00:46,600 Speaker 1: of Sports. But first, A Rod's getting a new venger 19 00:00:46,760 --> 00:00:50,159 Speaker 1: that Bloomberg is reporting is valued at no less than 20 00:00:50,200 --> 00:00:52,360 Speaker 1: eight hundred million dollars. 21 00:00:52,840 --> 00:00:56,480 Speaker 2: That's right, Michael Barr. Former Major League Baseball slugger Alex 22 00:00:56,560 --> 00:01:00,640 Speaker 2: Rodriguez announced his back. We'll combine with link Global, a 23 00:01:00,760 --> 00:01:02,320 Speaker 2: satellite communications provider. 24 00:01:03,080 --> 00:01:05,839 Speaker 4: Alex Robert. You guys and Link CEO Charles Miller spoke 25 00:01:05,880 --> 00:01:09,080 Speaker 4: to our colleague at Ludlow about this deal and April 26 00:01:09,120 --> 00:01:11,560 Speaker 4: talked about how excited he is for this opportunity. 27 00:01:11,920 --> 00:01:14,240 Speaker 5: We are super disciplined that we rather not do us 28 00:01:14,240 --> 00:01:17,440 Speaker 5: back and take something public unless we felt really passionate 29 00:01:17,480 --> 00:01:20,560 Speaker 5: about it, where long term thinkers and our core values 30 00:01:20,959 --> 00:01:24,399 Speaker 5: are aligned. I mean, it's such an exciting space to 31 00:01:24,480 --> 00:01:28,679 Speaker 5: think that this is a trillion dollar business annually opportunity 32 00:01:29,120 --> 00:01:32,440 Speaker 5: and to connect the unconnected, to think that Charles and 33 00:01:32,480 --> 00:01:36,399 Speaker 5: Link can connect over a billion people more than we 34 00:01:36,480 --> 00:01:38,640 Speaker 5: have today. And if you think at Amazon, if you 35 00:01:38,640 --> 00:01:41,720 Speaker 5: think of Amazon ed how they've disrupted the retail business, 36 00:01:41,720 --> 00:01:44,560 Speaker 5: what Link is is the disrupting business where you have 37 00:01:44,640 --> 00:01:47,319 Speaker 5: these sale towers where you would need a football field 38 00:01:47,440 --> 00:01:51,160 Speaker 5: or two to provide. Charles has created one that his 39 00:01:51,280 --> 00:01:54,280 Speaker 5: satellites go in the size of a pizza box and 40 00:01:54,320 --> 00:01:56,000 Speaker 5: then you send them to orbit and over the next 41 00:01:56,040 --> 00:01:58,520 Speaker 5: five years there should be hundreds, if not thousands of 42 00:01:58,520 --> 00:01:59,440 Speaker 5: these up at orbit. 43 00:02:00,120 --> 00:02:00,400 Speaker 2: Wow. 44 00:02:00,640 --> 00:02:03,880 Speaker 1: For more insight into the deal, we welcome Bloomberg News 45 00:02:04,000 --> 00:02:07,320 Speaker 1: US deal reporter Crystal See. Crystal, thank you so much 46 00:02:07,320 --> 00:02:09,839 Speaker 1: for joining us on the Bloomberg Business of Sports. Hi, 47 00:02:09,960 --> 00:02:12,520 Speaker 1: thank you for having me eight hundred million dollars. That's 48 00:02:13,040 --> 00:02:18,720 Speaker 1: Damien sas our money. But I mean give it up 49 00:02:18,720 --> 00:02:22,160 Speaker 1: for a Rod because apparently from understand this technology will 50 00:02:22,200 --> 00:02:25,720 Speaker 1: work on everything, including flip phones, which is a good 51 00:02:25,720 --> 00:02:26,160 Speaker 1: thing for me. 52 00:02:27,120 --> 00:02:29,480 Speaker 6: Well, I don't know what phone you have, but according 53 00:02:29,480 --> 00:02:33,200 Speaker 6: to a Rod, this product is technology will work on 54 00:02:33,240 --> 00:02:34,920 Speaker 6: any phone, So it doesn't matter if you have a 55 00:02:34,919 --> 00:02:37,200 Speaker 6: flip phone, if you have a five G phone, doesn't 56 00:02:37,200 --> 00:02:39,920 Speaker 6: matter where you are. I think the point of this technology, 57 00:02:39,960 --> 00:02:42,000 Speaker 6: he's at the selling point of this is that it 58 00:02:42,000 --> 00:02:45,040 Speaker 6: doesn't matter where you are, however remote you are. Even 59 00:02:45,080 --> 00:02:47,760 Speaker 6: though there's no actual satellite coverage, even though there's no 60 00:02:47,880 --> 00:02:51,160 Speaker 6: actual cell tower coverage, you can get phone services based 61 00:02:51,160 --> 00:02:54,280 Speaker 6: on that. And the main difference between this product Link 62 00:02:54,320 --> 00:02:58,360 Speaker 6: Globo and Starlink, which has been used in very like 63 00:02:58,480 --> 00:03:01,919 Speaker 6: wall Zones of Disasters area is that this is a 64 00:03:01,960 --> 00:03:05,440 Speaker 6: B to B product. So if you have your Verizon 65 00:03:05,480 --> 00:03:07,800 Speaker 6: T Mobile and T Mobile is the customers of Link, 66 00:03:08,240 --> 00:03:10,800 Speaker 6: you can have the satellite phone service as well. So 67 00:03:10,840 --> 00:03:13,640 Speaker 6: you're now paying the extra dollar unless your cell company's 68 00:03:13,680 --> 00:03:14,120 Speaker 6: charging you. 69 00:03:15,040 --> 00:03:18,000 Speaker 4: So who is the company's competitor at this point, then 70 00:03:18,720 --> 00:03:20,840 Speaker 4: what is link Global competing with or who is link 71 00:03:20,840 --> 00:03:21,680 Speaker 4: Global competing with? 72 00:03:21,800 --> 00:03:25,280 Speaker 6: So the real competition here really is your old school 73 00:03:25,320 --> 00:03:31,800 Speaker 6: regular cell tower, the places where it's not extremely well covered. 74 00:03:32,200 --> 00:03:35,880 Speaker 6: One of their example existing customer is Rogers Communication and 75 00:03:36,280 --> 00:03:39,080 Speaker 6: a lot of Canada is still not very much covered 76 00:03:39,120 --> 00:03:42,600 Speaker 6: by regular cell tower. So they have successfully made the 77 00:03:42,640 --> 00:03:46,200 Speaker 6: first call from satellite to phone and that's the main 78 00:03:46,320 --> 00:03:49,400 Speaker 6: use case. They haven't really said anything about expanding it 79 00:03:49,440 --> 00:03:53,720 Speaker 6: into wall zones like after natural disasters, but that could 80 00:03:53,720 --> 00:03:56,160 Speaker 6: be another one and that's what starlink is famous for. 81 00:03:56,480 --> 00:03:59,280 Speaker 2: So my question is where are we now in this technology? 82 00:03:59,320 --> 00:04:01,840 Speaker 2: I mean, is ready to roll out within say the 83 00:04:01,880 --> 00:04:04,600 Speaker 2: next six months, one year? I mean how long until 84 00:04:04,600 --> 00:04:07,880 Speaker 2: we start seeing the service hit the everyday customer. 85 00:04:08,240 --> 00:04:12,280 Speaker 6: So they actually already sent three satellites to space, they 86 00:04:12,320 --> 00:04:15,560 Speaker 6: had made a successful phone calls in a Rogers partnership, 87 00:04:15,600 --> 00:04:18,520 Speaker 6: and it's not really rolled out to regular customers yet. 88 00:04:18,720 --> 00:04:21,120 Speaker 6: Rogers said they would do it in twenty twenty four. 89 00:04:21,240 --> 00:04:25,680 Speaker 6: There are other partnerships that are teasing with other cellar providers, 90 00:04:26,000 --> 00:04:28,960 Speaker 6: but we don't really know exactly when it will be 91 00:04:29,080 --> 00:04:32,640 Speaker 6: mass rolled out. It seems like it's making progress. 92 00:04:33,120 --> 00:04:35,800 Speaker 1: I want to give a shout out to a Rod Crystal. 93 00:04:35,800 --> 00:04:38,240 Speaker 1: Can you talk more about this. This gentleman has business 94 00:04:38,320 --> 00:04:41,880 Speaker 1: acumen up the skyscrapers. 95 00:04:42,279 --> 00:04:44,160 Speaker 6: I think that's very true. I think he's probably one 96 00:04:44,160 --> 00:04:47,560 Speaker 6: of the very first athlete to get into the private 97 00:04:47,560 --> 00:04:50,560 Speaker 6: equity space, and now you're see more of them doing 98 00:04:50,640 --> 00:04:53,440 Speaker 6: venture capital during private equity. He really has kind of 99 00:04:53,480 --> 00:04:58,080 Speaker 6: transformed himself into this private equity persona, having this not 100 00:04:58,200 --> 00:05:00,680 Speaker 6: only private equity fund, and he has he has his 101 00:05:00,760 --> 00:05:04,599 Speaker 6: spack and after him, you see other athletes follow like 102 00:05:04,640 --> 00:05:07,360 Speaker 6: Shaku knew how to spack after that, and you see 103 00:05:07,400 --> 00:05:10,000 Speaker 6: him at these conferences. He's at milk and like mingling 104 00:05:10,040 --> 00:05:12,360 Speaker 6: with the big time you know, John Gray and all that. 105 00:05:12,760 --> 00:05:15,600 Speaker 6: So I mean it props to him. 106 00:05:15,680 --> 00:05:18,920 Speaker 4: Yeah, yeah, he's definitely pushed in that direction for a while. 107 00:05:19,200 --> 00:05:21,280 Speaker 4: And I'm glad you mentioned that he has a SPAC 108 00:05:21,320 --> 00:05:24,080 Speaker 4: and other athletes former athletes had SPACs as well. His 109 00:05:24,320 --> 00:05:27,880 Speaker 4: back called SLAM it was formed during the heyday of 110 00:05:27,920 --> 00:05:30,200 Speaker 4: this fact. So that was in what twenty twenty. Can 111 00:05:30,240 --> 00:05:32,200 Speaker 4: you tell us a little bit about what their intention 112 00:05:32,560 --> 00:05:34,920 Speaker 4: was in terms of what they what kind of investments 113 00:05:34,920 --> 00:05:38,159 Speaker 4: they were looking for and how that journey has gone 114 00:05:38,240 --> 00:05:41,480 Speaker 4: before it eventually found a partner in Link Global. 115 00:05:41,760 --> 00:05:44,840 Speaker 6: Yeah, it's not an easy journey for a rod or Slam. 116 00:05:44,920 --> 00:05:48,000 Speaker 6: They raised this vehicle with the intention to find targets 117 00:05:48,000 --> 00:05:52,000 Speaker 6: and sports, media, entertainment, health wellness, anything that's consumer facing, 118 00:05:52,040 --> 00:05:54,960 Speaker 6: but ended up finding Link Global, which we just discussed 119 00:05:55,000 --> 00:05:57,720 Speaker 6: is not very consumer facing. It's a B to B business, 120 00:05:57,920 --> 00:06:01,320 Speaker 6: is not necessarily not you know, it's not necessarily worth business, 121 00:06:01,360 --> 00:06:03,880 Speaker 6: but it's not what they intended to find. They actually 122 00:06:03,880 --> 00:06:09,120 Speaker 6: had initially had conversation with a sports card maker called 123 00:06:09,120 --> 00:06:12,200 Speaker 6: Pennini in Italy, and that deal eventually fell apart in 124 00:06:12,240 --> 00:06:16,640 Speaker 6: twenty twenty one according to our own reporting. But a 125 00:06:16,680 --> 00:06:20,520 Speaker 6: lot of the trouble isn't really finding you know, the 126 00:06:20,600 --> 00:06:22,680 Speaker 6: target that you wouldn't set up to find. It's well 127 00:06:22,760 --> 00:06:25,960 Speaker 6: so that investors kind of lost interest with the interest 128 00:06:26,040 --> 00:06:29,400 Speaker 6: rate going so hi, the interest that you're getting or 129 00:06:29,400 --> 00:06:31,240 Speaker 6: the upside that you're getting from putting your money in 130 00:06:31,240 --> 00:06:34,040 Speaker 6: the spac it's much lower. So they actually was hit 131 00:06:34,120 --> 00:06:36,720 Speaker 6: with the redemption where a lot of investors took their 132 00:06:36,720 --> 00:06:41,560 Speaker 6: money out and sixty percent of the investors redeemed their shares, 133 00:06:42,000 --> 00:06:45,040 Speaker 6: so that left them with about like two hundred million 134 00:06:45,440 --> 00:06:49,000 Speaker 6: when they were initially they had initially raised five hundred 135 00:06:49,000 --> 00:06:53,520 Speaker 6: and seving five million. So whatever this valuation, this deal is. 136 00:06:53,600 --> 00:06:56,120 Speaker 6: So they have signed a letter of intent saying that 137 00:06:56,640 --> 00:06:59,760 Speaker 6: the valuation of link Global will be no less than 138 00:06:59,760 --> 00:07:02,840 Speaker 6: a one hundred million, So this is them giving a commitment. 139 00:07:03,120 --> 00:07:04,880 Speaker 6: But it doesn't mean that all of that money is 140 00:07:04,880 --> 00:07:06,080 Speaker 6: coming from this spac So. 141 00:07:06,080 --> 00:07:09,279 Speaker 2: Chris, So, I remember when when a Rod and his 142 00:07:09,480 --> 00:07:12,600 Speaker 2: BAC were having talks with sports card maker Panini, and 143 00:07:12,640 --> 00:07:14,040 Speaker 2: I had always thought he was trying to get his 144 00:07:14,080 --> 00:07:16,160 Speaker 2: hands on a directory to Rookie card. But now we're 145 00:07:16,200 --> 00:07:19,760 Speaker 2: talking about satellite the phone technology. And my question is 146 00:07:19,760 --> 00:07:23,200 Speaker 2: a simple one. Do you believe in this technology? Does 147 00:07:23,240 --> 00:07:25,880 Speaker 2: this technology resonate with you? Because I know very little 148 00:07:25,880 --> 00:07:26,320 Speaker 2: about it. 149 00:07:27,360 --> 00:07:30,880 Speaker 6: See, it's really difficult for a consumer, individual consumer like 150 00:07:30,920 --> 00:07:33,120 Speaker 6: myself to say that I completely resonate with it. And 151 00:07:33,160 --> 00:07:36,559 Speaker 6: I think that was why initially Slam Corp. A Rod's 152 00:07:36,640 --> 00:07:39,000 Speaker 6: Bag was set out to find a consumer facing business, 153 00:07:39,280 --> 00:07:42,040 Speaker 6: and with him being such a household name, that theory 154 00:07:42,080 --> 00:07:45,160 Speaker 6: that that kind of sell totally makes sense. Yeah, but 155 00:07:46,000 --> 00:07:48,800 Speaker 6: being a B to B business also has its merits 156 00:07:48,880 --> 00:07:50,880 Speaker 6: even though if it doesn't even though it doesn't show 157 00:07:50,920 --> 00:07:53,200 Speaker 6: up on your phone as a brand of product, every day, 158 00:07:53,440 --> 00:07:56,280 Speaker 6: you're still using it. And a lot of the time, 159 00:07:56,400 --> 00:08:00,760 Speaker 6: the contracts with businesses are more stable and being then 160 00:08:00,840 --> 00:08:04,200 Speaker 6: the contracts with individual customers. So I guess it's not 161 00:08:04,240 --> 00:08:06,600 Speaker 6: really about whether it resonates, but it's you know, how 162 00:08:06,600 --> 00:08:09,040 Speaker 6: good is businesses and how good these contracts are going 163 00:08:09,080 --> 00:08:09,240 Speaker 6: to be. 164 00:08:10,240 --> 00:08:12,640 Speaker 1: I want to go back to something, and you alluded 165 00:08:12,680 --> 00:08:15,000 Speaker 1: to it, you know, because in Canada, like you said that, 166 00:08:15,040 --> 00:08:18,640 Speaker 1: there are some issues involved, and I have to remember, yes, 167 00:08:18,680 --> 00:08:21,200 Speaker 1: we're always thinking, you know, a rod connected to this. 168 00:08:21,200 --> 00:08:24,160 Speaker 1: This is the US deal. No, this is going to 169 00:08:24,480 --> 00:08:30,880 Speaker 1: hundreds of people in different nations. It's hundreds of nations 170 00:08:30,880 --> 00:08:35,520 Speaker 1: to help around the world. And this is a big thing. 171 00:08:36,280 --> 00:08:40,720 Speaker 6: Yeah, it's not really a US story. Only satellites. It's 172 00:08:40,760 --> 00:08:45,000 Speaker 6: in space. In theory, it could go to anywhere on Earth. 173 00:08:45,120 --> 00:08:48,400 Speaker 6: So this is a story I think more about developing country, 174 00:08:48,400 --> 00:08:52,920 Speaker 6: more about undercovered area, and it's about you know, bringing 175 00:08:52,920 --> 00:08:55,480 Speaker 6: people online, and that's been the trend for the past 176 00:08:55,559 --> 00:08:57,640 Speaker 6: you know, two decades, like bringing people online, bringing the 177 00:08:57,679 --> 00:09:00,200 Speaker 6: world culture. So yeah, I would say it's more than 178 00:09:00,240 --> 00:09:01,240 Speaker 6: a Canada Us story. 179 00:09:02,080 --> 00:09:04,720 Speaker 4: I mean, it makes sense. It sounds like it's a 180 00:09:04,800 --> 00:09:07,440 Speaker 4: utility whose time has come. But I go back to 181 00:09:07,960 --> 00:09:10,480 Speaker 4: what you said earlier, which is that Slam Corp. Was 182 00:09:10,520 --> 00:09:15,000 Speaker 4: meant initially to merge with Panini, which really aligns with 183 00:09:15,120 --> 00:09:17,839 Speaker 4: a Rod's history and what people know him as. Can 184 00:09:17,880 --> 00:09:20,120 Speaker 4: you tell us a little bit more about other SPACs 185 00:09:20,120 --> 00:09:24,080 Speaker 4: that were formed by former athletes? How have those turned out? 186 00:09:24,120 --> 00:09:25,679 Speaker 6: Actually I don't remember off the top of my head 187 00:09:25,720 --> 00:09:28,640 Speaker 6: how shag O Nub did, but I do know just 188 00:09:28,840 --> 00:09:33,600 Speaker 6: on just generally, we had seen so many redemptions and SPACs. 189 00:09:33,720 --> 00:09:37,720 Speaker 6: So SPACs. A refresher of SPACs is that you put 190 00:09:37,760 --> 00:09:41,840 Speaker 6: ten dollars in the vehicle and you're participating in the 191 00:09:41,880 --> 00:09:45,320 Speaker 6: potential acquisition that they will do by the end of 192 00:09:45,360 --> 00:09:47,480 Speaker 6: the two year cycle. So each of these SPACs have 193 00:09:47,520 --> 00:09:49,880 Speaker 6: a two year timeline. What we have been seeing is 194 00:09:49,880 --> 00:09:51,400 Speaker 6: that a lot of these SPACs have run into a 195 00:09:51,440 --> 00:09:56,400 Speaker 6: deadline and they're being hit with redemptions. Investors are getting 196 00:09:56,440 --> 00:09:59,120 Speaker 6: sick of locking their money up for more than two years. 197 00:09:59,200 --> 00:10:01,679 Speaker 6: They don't want to give than the extension of more time. 198 00:10:02,120 --> 00:10:04,280 Speaker 6: So a lot of these companies, a lot of these 199 00:10:04,360 --> 00:10:06,839 Speaker 6: vehicles end up having to return investors' money and not 200 00:10:06,880 --> 00:10:09,720 Speaker 6: do any deal at all. So itter's finance here. It 201 00:10:09,760 --> 00:10:13,080 Speaker 6: is athletes, celebrities, They're all facing pretty much the same problem. 202 00:10:13,200 --> 00:10:14,920 Speaker 1: And when I think it's back, it shows you how 203 00:10:15,000 --> 00:10:17,920 Speaker 1: old I am. I'm thinking of like plastic wrap. But anyway, 204 00:10:17,920 --> 00:10:24,280 Speaker 1: don't believe me. Uh, Crystal Cee, Bloomberg News US Deal Reporter, 205 00:10:24,760 --> 00:10:26,559 Speaker 1: thank you so much for joining us on the Bloomberg 206 00:10:26,600 --> 00:10:29,160 Speaker 1: Business of Sports. We really appreciate it. Coming up on 207 00:10:29,200 --> 00:10:32,320 Speaker 1: the show, we talk with the CEO of the Orlando Magic, 208 00:10:32,840 --> 00:10:36,400 Speaker 1: Alex Martins. You're listening to the Bloomberg Business of Sports 209 00:10:36,440 --> 00:10:47,600 Speaker 1: frum Bloomberg Radio around the world. This is the Bloomberg 210 00:10:47,640 --> 00:10:49,839 Speaker 1: Business of Sports show. Will we explore the big money 211 00:10:49,840 --> 00:10:52,000 Speaker 1: issues the world of sports on Michael Barr along with 212 00:10:52,000 --> 00:10:56,360 Speaker 1: Scarlett Foo and Damian Sasauer the Orlando Magic. They are 213 00:10:56,400 --> 00:10:59,200 Speaker 1: off to a pretty good start this NBA season with 214 00:10:59,320 --> 00:11:02,640 Speaker 1: young rising stars like Paolo Moncio. 215 00:11:03,000 --> 00:11:05,400 Speaker 4: Plus on the business side, they just entered a new 216 00:11:05,480 --> 00:11:06,760 Speaker 4: arena naming rights deal. 217 00:11:07,240 --> 00:11:11,240 Speaker 1: Yeah, buddy, the talk about that deal and the future 218 00:11:11,240 --> 00:11:15,400 Speaker 1: of the club. We welcome Orlando Magic Chief executive Officer 219 00:11:15,920 --> 00:11:19,760 Speaker 1: Alex Martin's Alex, thank you so much for joining us 220 00:11:19,840 --> 00:11:22,319 Speaker 1: on the Bloomberg Business of Sports. We really do appreciate it. 221 00:11:22,480 --> 00:11:24,000 Speaker 7: Thank you, thank you for having me. 222 00:11:24,240 --> 00:11:28,480 Speaker 1: Well, let's start with the new naming rights. You guys 223 00:11:29,480 --> 00:11:32,600 Speaker 1: are going to have Kia replacing am We. 224 00:11:33,080 --> 00:11:38,400 Speaker 7: That's correct. We've done a partnership with Kia America and 225 00:11:39,000 --> 00:11:42,360 Speaker 7: our building will now be called the Kia Center. We're 226 00:11:42,400 --> 00:11:46,200 Speaker 7: extremely excited about it to have this incredible global brand 227 00:11:46,600 --> 00:11:50,200 Speaker 7: on our building and to be associated with Kia. Actually, 228 00:11:50,440 --> 00:11:53,000 Speaker 7: you know, they're a partner of ours for the last 229 00:11:53,080 --> 00:11:56,800 Speaker 7: sixteen years and this is just a major expansion of 230 00:11:56,800 --> 00:11:57,439 Speaker 7: that partnership. 231 00:11:57,480 --> 00:11:57,800 Speaker 1: I see. 232 00:11:57,840 --> 00:11:59,840 Speaker 4: Thank you for explaining that. So you're really deepening the 233 00:11:59,840 --> 00:12:02,520 Speaker 4: part partnership that you already have with Kia. That being 234 00:12:02,559 --> 00:12:04,160 Speaker 4: the case, can you tell us a little bit about 235 00:12:04,160 --> 00:12:06,280 Speaker 4: what Kia has brought to the table and what you 236 00:12:06,360 --> 00:12:08,200 Speaker 4: hope it will continue to bring to the table with 237 00:12:08,240 --> 00:12:11,680 Speaker 4: the magic that you hope they can really activate around. 238 00:12:11,559 --> 00:12:14,839 Speaker 7: Well, Scarlett, you know, Kia has been a long time 239 00:12:15,400 --> 00:12:18,480 Speaker 7: NBA partner. They've been the official vehicle of the NBA 240 00:12:18,600 --> 00:12:20,960 Speaker 7: and the WNBA and the G League for many years, 241 00:12:21,480 --> 00:12:24,040 Speaker 7: and as I stated, they've been our partner here at 242 00:12:24,040 --> 00:12:27,560 Speaker 7: the Orlando Magic This is their sixteenth season. Now, this 243 00:12:27,640 --> 00:12:30,720 Speaker 7: expanded partnership is really going to give us an opportunity 244 00:12:30,800 --> 00:12:34,240 Speaker 7: to take more of a global approach with Kia as 245 00:12:34,240 --> 00:12:36,880 Speaker 7: our partner. Of course, Kia has been one of the 246 00:12:36,920 --> 00:12:43,560 Speaker 7: fastest rising automobile manufacturers in the world. Certainly, you know, 247 00:12:43,679 --> 00:12:45,679 Speaker 7: more Kias are sold in the state of Florida than 248 00:12:45,679 --> 00:12:48,720 Speaker 7: any state in the United States. And this gives us 249 00:12:48,760 --> 00:12:52,280 Speaker 7: the opportunity to use that platform to expand our brand, 250 00:12:52,360 --> 00:12:56,640 Speaker 7: but also to help them activate with our brand as well, 251 00:12:56,920 --> 00:12:59,520 Speaker 7: not just here in the local Central Florida market, but 252 00:12:59,559 --> 00:13:00,280 Speaker 7: throughout the world. 253 00:13:00,440 --> 00:13:02,520 Speaker 2: Well, Alex, I mean, this isn't the only stadium I 254 00:13:02,520 --> 00:13:05,240 Speaker 2: believe that Kia has naming rights over. I believe they also. 255 00:13:05,640 --> 00:13:08,360 Speaker 2: I believe their name is also on the Historic Forum 256 00:13:08,360 --> 00:13:10,400 Speaker 2: in Los Angeles, if I'm not mistaken. And also I 257 00:13:10,440 --> 00:13:13,240 Speaker 2: think they have another deal with a tennis venue at 258 00:13:13,280 --> 00:13:16,720 Speaker 2: Melbourne Park. My question for you, though, is with the 259 00:13:17,520 --> 00:13:20,400 Speaker 2: you know, the new media deal that's projected to go 260 00:13:20,440 --> 00:13:23,880 Speaker 2: to market here for the NBA. What goes into that? 261 00:13:23,920 --> 00:13:25,959 Speaker 2: I mean, how does Kia get involved with that? Does 262 00:13:26,000 --> 00:13:28,440 Speaker 2: this help them in any way, shape or form in 263 00:13:28,480 --> 00:13:31,319 Speaker 2: terms of getting their branding out. I'm just curious to 264 00:13:31,360 --> 00:13:32,960 Speaker 2: hear how that kind of factored into the deal. 265 00:13:33,640 --> 00:13:37,439 Speaker 7: Well, Damien, you know, really, when it comes to naming 266 00:13:37,520 --> 00:13:41,559 Speaker 7: rights on a building, particularly with a professional sports franchise, 267 00:13:41,600 --> 00:13:44,840 Speaker 7: as you know, when all of the accounts of a 268 00:13:44,920 --> 00:13:49,320 Speaker 7: specific game are broadcast, or are written about, or go 269 00:13:49,360 --> 00:13:51,800 Speaker 7: out through social media, et cetera, the name of the 270 00:13:51,800 --> 00:13:56,680 Speaker 7: building is typically associated with that particular contest. And what 271 00:13:56,800 --> 00:14:00,960 Speaker 7: Kia sees here is the opportunity again to broadcasts their 272 00:14:01,040 --> 00:14:06,160 Speaker 7: brand worldwide, associated with a strong NBA brand in the 273 00:14:06,240 --> 00:14:09,959 Speaker 7: Orlando Magic That goes beyond any of the other naming 274 00:14:09,960 --> 00:14:12,680 Speaker 7: opportunities that they've had in the past. The key of Forum, 275 00:14:12,720 --> 00:14:17,160 Speaker 7: for example, although it is a great entertainment venue, very 276 00:14:17,240 --> 00:14:20,120 Speaker 7: historic as we all know, there's no professional sports team 277 00:14:20,800 --> 00:14:23,760 Speaker 7: playing there in the Kia Forum. So this gives Keya 278 00:14:23,800 --> 00:14:28,560 Speaker 7: the opportunity again to be on the international landscape through media. 279 00:14:29,400 --> 00:14:33,040 Speaker 7: And as you say, as the NBA begins to go 280 00:14:33,080 --> 00:14:35,400 Speaker 7: into their new media deal in the next couple of years, 281 00:14:36,040 --> 00:14:41,920 Speaker 7: we certainly expect that those media rights will expand the 282 00:14:41,960 --> 00:14:45,680 Speaker 7: exposure of the NBA. In addition to the fact that 283 00:14:46,040 --> 00:14:49,440 Speaker 7: the NBA is one of the if not the most 284 00:14:49,600 --> 00:14:52,760 Speaker 7: followed professional sports league and social media with over two 285 00:14:52,760 --> 00:14:57,960 Speaker 7: point one billion followers of NBA content and media. That 286 00:14:58,040 --> 00:15:01,320 Speaker 7: will give Kia another oper or tunity through that medium 287 00:15:01,840 --> 00:15:03,000 Speaker 7: to expose their brand. 288 00:15:03,680 --> 00:15:06,600 Speaker 1: And we're going to file this under the Cool Fringe 289 00:15:06,720 --> 00:15:11,160 Speaker 1: Benefits part because part of the deal with you guys Kia, 290 00:15:11,200 --> 00:15:15,000 Speaker 1: they're going to install electric car charging stations outside of 291 00:15:15,040 --> 00:15:17,960 Speaker 1: the arena, which means I probably am going to have 292 00:15:18,000 --> 00:15:20,280 Speaker 1: to dump my nineteen seventy two Vega to get one 293 00:15:20,280 --> 00:15:21,800 Speaker 1: of these new electric bigs. 294 00:15:23,760 --> 00:15:27,720 Speaker 7: Well, Michael, this namy actually comes at a very opportune 295 00:15:27,800 --> 00:15:31,920 Speaker 7: time for Kia, as they have just launched in this 296 00:15:32,360 --> 00:15:38,040 Speaker 7: past week or so. They're new EV nine, three seat suv, 297 00:15:38,960 --> 00:15:44,440 Speaker 7: really the first three seat electric suv of its kind 298 00:15:44,920 --> 00:15:49,320 Speaker 7: in its class, and so this really gives Kia an 299 00:15:49,320 --> 00:15:51,800 Speaker 7: opportunity to use this platform of putting their name on 300 00:15:51,880 --> 00:15:55,400 Speaker 7: the building to help them launch that vehicle, and our 301 00:15:55,440 --> 00:15:57,600 Speaker 7: fans are going to be able to benefit from that certainly, 302 00:15:57,920 --> 00:16:01,200 Speaker 7: you know the additional electric charging stations in our parking 303 00:16:01,280 --> 00:16:04,680 Speaker 7: garage here at the Kia Center. In addition to the 304 00:16:04,680 --> 00:16:08,800 Speaker 7: fact that this expanded partnership is going to bring opportunities 305 00:16:09,000 --> 00:16:13,160 Speaker 7: for Kia vehicle owners. We'll have a special lounge here 306 00:16:13,160 --> 00:16:16,240 Speaker 7: at the Kia Center for those that own Kia vehicles, 307 00:16:16,520 --> 00:16:19,160 Speaker 7: and we'll have a lot of different perks and benefits 308 00:16:19,160 --> 00:16:23,640 Speaker 7: throughout the course of the season, specifically for those who 309 00:16:23,680 --> 00:16:24,680 Speaker 7: own Kia vehicles. 310 00:16:24,840 --> 00:16:24,960 Speaker 2: Well. 311 00:16:25,000 --> 00:16:27,480 Speaker 4: As you said, Alex, this is really just about deepening 312 00:16:27,480 --> 00:16:31,720 Speaker 4: and building building upon an existing relationship with Kia. Damien 313 00:16:31,760 --> 00:16:35,320 Speaker 4: had mentioned about the NBA media deal that'll be expiring 314 00:16:35,400 --> 00:16:38,200 Speaker 4: next year, and we know that the NBA has discussed 315 00:16:38,240 --> 00:16:42,000 Speaker 4: potentially bringing in one or two more partners, for instance 316 00:16:42,000 --> 00:16:45,680 Speaker 4: in Netflix or an Amazon. From where you sit, what 317 00:16:45,800 --> 00:16:47,840 Speaker 4: do you think a new media partner has to have 318 00:16:47,920 --> 00:16:50,440 Speaker 4: in order to do business well with the NBA, Because 319 00:16:50,480 --> 00:16:53,080 Speaker 4: you're it's not just doing business with each other, but 320 00:16:53,320 --> 00:16:55,560 Speaker 4: there's a lot of cross branding and synergies that need 321 00:16:55,600 --> 00:16:56,760 Speaker 4: to be considered as well. 322 00:16:56,760 --> 00:16:59,600 Speaker 7: Without a doubt, I mean, that's definitely evidenced by our 323 00:16:59,640 --> 00:17:04,560 Speaker 7: relationship and ships with our current media partners with Disney, ABC, ESPN, 324 00:17:05,000 --> 00:17:08,000 Speaker 7: and then of course Warner Brothers Discovery with our tn 325 00:17:08,080 --> 00:17:11,320 Speaker 7: T partnership, and those partnerships have been in place for many, 326 00:17:11,359 --> 00:17:16,200 Speaker 7: many years, and both the NBA and those media outlets 327 00:17:16,280 --> 00:17:20,439 Speaker 7: have benefited equally, you know, from the exposure of the 328 00:17:20,560 --> 00:17:25,040 Speaker 7: NBA through those through those mediums. A streaming platform such 329 00:17:25,119 --> 00:17:29,840 Speaker 7: as Netflix or Amazon will broaden that even further, and 330 00:17:30,040 --> 00:17:33,000 Speaker 7: we certainly believe, you know, the NBA and the strength 331 00:17:33,040 --> 00:17:36,639 Speaker 7: of its brand and the strength of its product, we'll 332 00:17:36,640 --> 00:17:39,800 Speaker 7: be able to help those mediums grow as well, just 333 00:17:39,880 --> 00:17:44,359 Speaker 7: as ESPN and ABC and tn T have seen, you know, 334 00:17:44,880 --> 00:17:48,240 Speaker 7: their mediums grow tremendously with the Association and the NBA. 335 00:17:48,440 --> 00:17:53,919 Speaker 7: So I think that will transform itself into streaming whatever platform, 336 00:17:54,040 --> 00:17:57,440 Speaker 7: you know, the NBA ultimately ends up on, and there'll 337 00:17:57,480 --> 00:17:59,800 Speaker 7: be strong partnerships, just like the partnerships that we have 338 00:18:00,000 --> 00:18:01,640 Speaker 7: currently with our national media partners. 339 00:18:01,760 --> 00:18:03,840 Speaker 2: You know, Alex, I'd love to to spend all our 340 00:18:03,880 --> 00:18:06,280 Speaker 2: time talking about the Kia brand in the Orlando area 341 00:18:06,280 --> 00:18:09,160 Speaker 2: and what it means for your team. But I mean, 342 00:18:09,280 --> 00:18:11,520 Speaker 2: can we just for one second talk about Jalen Suggs. 343 00:18:11,600 --> 00:18:13,720 Speaker 2: I mean, give me a break. I mean, what a 344 00:18:13,840 --> 00:18:16,199 Speaker 2: revival here, man. And you know, I'm looking right now 345 00:18:16,240 --> 00:18:17,840 Speaker 2: at the odds for the Magic to win. I mean, 346 00:18:17,840 --> 00:18:20,520 Speaker 2: the Magic are fourth in the East odds to win 347 00:18:20,560 --> 00:18:23,080 Speaker 2: the NBA Championship. I mean, you guys are below the 348 00:18:23,080 --> 00:18:25,479 Speaker 2: Indiana Pacers, who are barely above five hundred. I mean, 349 00:18:25,520 --> 00:18:27,400 Speaker 2: what's up with that? Talk to us about the team. 350 00:18:27,600 --> 00:18:30,080 Speaker 2: What are your prospects for the rest of the season. 351 00:18:30,280 --> 00:18:33,399 Speaker 7: Well, we're certainly excited about the start to this season 352 00:18:33,400 --> 00:18:37,360 Speaker 7: that we've had. The team, as you know, has been 353 00:18:37,560 --> 00:18:40,440 Speaker 7: in a rebuilding mode for the last several years and 354 00:18:40,600 --> 00:18:43,280 Speaker 7: we've built primarily through the draft, and so we have 355 00:18:43,400 --> 00:18:46,280 Speaker 7: a great young core of players that now are coming 356 00:18:46,359 --> 00:18:49,040 Speaker 7: into their own, you know, players like Jalen Suggs and 357 00:18:49,080 --> 00:18:53,560 Speaker 7: Pollo Bancaro and Franz Wagner and many more. But the 358 00:18:53,600 --> 00:18:56,879 Speaker 7: team has really come together. They've geled together. They have 359 00:18:57,119 --> 00:19:02,679 Speaker 7: a great camaraderie and chemistry amongst themselves, coached by a 360 00:19:02,720 --> 00:19:06,359 Speaker 7: great young coach and Jamal Moseley now his third season 361 00:19:06,400 --> 00:19:09,000 Speaker 7: as our head coach, and the team has really come 362 00:19:09,040 --> 00:19:10,560 Speaker 7: together here at the beginning of the season. But we 363 00:19:10,600 --> 00:19:13,760 Speaker 7: all know it is a long season and health is 364 00:19:13,800 --> 00:19:16,520 Speaker 7: an important factor that needs to be maintained during the 365 00:19:16,560 --> 00:19:18,600 Speaker 7: course of the year if we're going to continue to 366 00:19:18,640 --> 00:19:20,240 Speaker 7: play at the level that we've played here in the 367 00:19:20,280 --> 00:19:23,560 Speaker 7: early season. But we're excited about it. We certainly believe 368 00:19:23,560 --> 00:19:26,360 Speaker 7: that this is a team that has the opportunity to 369 00:19:26,400 --> 00:19:29,320 Speaker 7: make it into the playoffs this year, and then once 370 00:19:29,320 --> 00:19:31,920 Speaker 7: we're in the playoffs, we'll see what happens. But we're 371 00:19:31,960 --> 00:19:34,520 Speaker 7: excited about it. A great young team on the rise, 372 00:19:34,920 --> 00:19:38,960 Speaker 7: and that really, you know, coincides with a great young brand. 373 00:19:39,000 --> 00:19:41,639 Speaker 7: Really when you talk about automotive brands and Kia on 374 00:19:41,720 --> 00:19:45,600 Speaker 7: the rise at the same time. As President Yun from Kia, 375 00:19:46,000 --> 00:19:49,639 Speaker 7: you know, described to me prior to our announcement, you know, 376 00:19:49,720 --> 00:19:54,720 Speaker 7: he really feels that we're in concurrent places. An automobile 377 00:19:54,800 --> 00:19:58,560 Speaker 7: manufacturing company that is certainly on the rise and growing 378 00:19:59,320 --> 00:20:03,280 Speaker 7: on an annual basis, and a young NBA basketball team 379 00:20:03,320 --> 00:20:05,880 Speaker 7: that's on the rise and growing into contention. 380 00:20:06,000 --> 00:20:09,440 Speaker 1: Again, speaking as a date of Detroit or Alex, can 381 00:20:09,480 --> 00:20:13,560 Speaker 1: you call up the Pistons just to give some advice speaking, 382 00:20:14,400 --> 00:20:16,760 Speaker 1: you know, asking for a friend, and you know, because 383 00:20:16,760 --> 00:20:17,680 Speaker 1: we're having such. 384 00:20:17,480 --> 00:20:23,959 Speaker 7: A great season, No, we've we've all been there. You know, 385 00:20:24,119 --> 00:20:26,360 Speaker 7: you have to go through the down times to get 386 00:20:26,400 --> 00:20:30,480 Speaker 7: to the competitive times again. And I'm sure everybody in 387 00:20:30,520 --> 00:20:32,960 Speaker 7: Detroit is going to do a great job of rebuilding 388 00:20:32,960 --> 00:20:35,080 Speaker 7: that team and get them back into contention. You know, 389 00:20:35,240 --> 00:20:35,960 Speaker 7: here soon. 390 00:20:35,880 --> 00:20:38,160 Speaker 1: Oh, Alex, you are such a class act. Because there's 391 00:20:38,240 --> 00:20:41,600 Speaker 1: down and then there's reel down, and then there's where 392 00:20:41,640 --> 00:20:44,920 Speaker 1: my Detroit Pistons are under the carpet. Right now, they're 393 00:20:44,920 --> 00:20:48,280 Speaker 1: going to rebuild, not that right now. They probably won't 394 00:20:48,320 --> 00:20:52,199 Speaker 1: make the playoffs like the Orlando Magic will this season 395 00:20:52,280 --> 00:20:55,280 Speaker 1: because you guys have a great team and Alex at 396 00:20:55,359 --> 00:20:59,520 Speaker 1: good luck to you guys again. Alex Martin's, chief executive 397 00:20:59,560 --> 00:21:02,720 Speaker 1: officer of the NBA's Orlando Magic. Thank you again for 398 00:21:02,760 --> 00:21:05,320 Speaker 1: talking with us. Thank you all very much. Coming up, 399 00:21:05,359 --> 00:21:08,359 Speaker 1: we talk with a pioneer for athletes in business, former 400 00:21:08,480 --> 00:21:13,080 Speaker 1: NBA pro and successful entrepreneur, Junior Bridgeman. That is up 401 00:21:13,080 --> 00:21:16,280 Speaker 1: next on the Bloomberg Business of Sports from Bloomberg Radio 402 00:21:16,480 --> 00:21:25,800 Speaker 1: around the world. Thanks for joining us on the Bloomberg 403 00:21:25,840 --> 00:21:28,560 Speaker 1: Business of Sports show, where we explore the big old 404 00:21:28,600 --> 00:21:31,280 Speaker 1: money issues in the world of sports. Michael Barr, along 405 00:21:31,359 --> 00:21:34,960 Speaker 1: with my coll leagues Scarlett Fu and Damian Sassaur. Junior 406 00:21:34,960 --> 00:21:37,800 Speaker 1: Bridgeman was able to turn a nice career in the 407 00:21:37,880 --> 00:21:40,560 Speaker 1: NBA into a big career in business. 408 00:21:40,880 --> 00:21:43,760 Speaker 4: And Bridgman, of course, played for twelve years in the NBA, 409 00:21:43,920 --> 00:21:48,400 Speaker 4: mostly with the Milwaukee Bucks. After retiring, he became a restauranteur, 410 00:21:48,520 --> 00:21:51,640 Speaker 4: founding a company called Mana, Inc. Which is now one 411 00:21:51,680 --> 00:21:54,680 Speaker 4: of the largest restaurant franchise operators in the country. 412 00:21:55,480 --> 00:21:58,360 Speaker 2: Yeah, one of the largest. But now he is CEO 413 00:21:58,600 --> 00:22:02,399 Speaker 2: of Heartland Coca, the bottling company, the culmination of a 414 00:22:02,440 --> 00:22:05,680 Speaker 2: relationship he started with the Sodamaker back during his playing days. 415 00:22:05,840 --> 00:22:09,520 Speaker 1: But now I'm hungry and thirsty Scarlett Damien and Bloomberg. 416 00:22:09,720 --> 00:22:13,720 Speaker 1: US sports business reporter Randon Williams recently got a chance 417 00:22:13,760 --> 00:22:16,720 Speaker 1: to chat with Bridgman about his pivot from the pros 418 00:22:16,760 --> 00:22:20,080 Speaker 1: to a successful career in the fast food business and more. 419 00:22:20,359 --> 00:22:21,879 Speaker 1: Let's listen in on that conversation. 420 00:22:22,160 --> 00:22:25,720 Speaker 4: You are one of the world's wealthiest former athletes, despite 421 00:22:25,840 --> 00:22:28,600 Speaker 4: never making more than three hundred and fifty thousand dollars 422 00:22:28,720 --> 00:22:31,560 Speaker 4: thereabouts a season during your NBA career. So my question 423 00:22:31,640 --> 00:22:33,560 Speaker 4: to you is, did you spend a lot of time 424 00:22:33,600 --> 00:22:36,720 Speaker 4: plotting out life after basketball while playing in the NBA 425 00:22:37,080 --> 00:22:39,639 Speaker 4: or did you address it mainly after retiring. 426 00:22:40,040 --> 00:22:43,680 Speaker 3: Now, a lot of it went on while I was playing, 427 00:22:43,760 --> 00:22:48,320 Speaker 3: and you got to think back. As I think back 428 00:22:48,320 --> 00:22:52,360 Speaker 3: to that time, very few players back in my time 429 00:22:52,400 --> 00:22:57,040 Speaker 3: were going to retire with enough accumulated money where they 430 00:22:57,040 --> 00:23:01,679 Speaker 3: didn't have to do anything to their life, so to speak. 431 00:23:01,720 --> 00:23:05,600 Speaker 3: And so, you know, unlike maybe today today's world. So 432 00:23:05,880 --> 00:23:08,960 Speaker 3: everybody back then had an eye on what am I 433 00:23:09,000 --> 00:23:11,400 Speaker 3: going to do when my playing career is over with? 434 00:23:12,040 --> 00:23:14,399 Speaker 3: And so a lot of us worked in the summertime. 435 00:23:14,440 --> 00:23:18,280 Speaker 3: And I've spent a couple of years working at Howard 436 00:23:18,359 --> 00:23:20,800 Speaker 3: Johnson's learning the hotel business. 437 00:23:21,040 --> 00:23:22,000 Speaker 1: Great hot time I worked. 438 00:23:22,720 --> 00:23:26,600 Speaker 3: Yeah, really, I worked at an insurance consulting firm for 439 00:23:26,640 --> 00:23:29,600 Speaker 3: a couple of years. And you did all that just 440 00:23:29,600 --> 00:23:33,080 Speaker 3: trying to get experience and also thinking is this an 441 00:23:33,119 --> 00:23:36,800 Speaker 3: area that may make sense for me whenever the playing 442 00:23:36,920 --> 00:23:37,679 Speaker 3: time is over with? 443 00:23:37,920 --> 00:23:39,840 Speaker 2: Well, Junior, let's go back in time. Let's go back 444 00:23:39,840 --> 00:23:41,520 Speaker 2: all the way to nineteen seventy five. You were a 445 00:23:41,560 --> 00:23:45,080 Speaker 2: rookie coming into the NBA three weeks in and all 446 00:23:45,119 --> 00:23:47,440 Speaker 2: of a sudden, you traded from the Los Angeles Lakers 447 00:23:47,560 --> 00:23:50,359 Speaker 2: to the Milwaukee Bucks in exchange for cream abdul Jabbar, 448 00:23:50,560 --> 00:23:53,840 Speaker 2: and that began, you know, the showtime Lakers, I guess 449 00:23:53,880 --> 00:23:55,199 Speaker 2: is what you want to call it. So let's just, 450 00:23:55,280 --> 00:23:57,280 Speaker 2: you know, imagine that in reverse. Let's say that trade 451 00:23:57,320 --> 00:24:00,760 Speaker 2: never happened and you're in Los Angeles, you think that 452 00:24:00,840 --> 00:24:03,840 Speaker 2: you're going to find your way into fast food franchises 453 00:24:03,840 --> 00:24:07,399 Speaker 2: when these Chilis you know, the bread, the butter, everything, Junior, 454 00:24:07,440 --> 00:24:09,240 Speaker 2: you know, how did you get to where you are? 455 00:24:09,320 --> 00:24:11,240 Speaker 2: Do you think that if that trade never happened, your 456 00:24:11,280 --> 00:24:12,840 Speaker 2: life would be much different than it is today? 457 00:24:13,800 --> 00:24:17,720 Speaker 3: Oh, I definitely think so. It's really interesting that the 458 00:24:17,880 --> 00:24:20,960 Speaker 3: area of the country so to speak, or of the 459 00:24:21,080 --> 00:24:24,320 Speaker 3: area that you that you're living in, how that influences 460 00:24:24,440 --> 00:24:29,560 Speaker 3: your perspective on things to do. And obviously in LA 461 00:24:29,840 --> 00:24:33,240 Speaker 3: you meet a lot of people that were in the 462 00:24:33,280 --> 00:24:36,600 Speaker 3: industry of making movies or making TV shows and met 463 00:24:36,600 --> 00:24:40,280 Speaker 3: a lot of Hollywood people. So you probably would have 464 00:24:40,440 --> 00:24:43,760 Speaker 3: if I had started there would have been influencing into 465 00:24:43,960 --> 00:24:47,760 Speaker 3: maybe getting involved in some aspects of the movie or 466 00:24:47,840 --> 00:24:48,440 Speaker 3: TV or. 467 00:24:48,440 --> 00:24:51,160 Speaker 4: Yeah, you would have been an airplane right exactly. 468 00:24:52,840 --> 00:24:54,240 Speaker 3: Well, it would have been a great movie to be 469 00:24:54,320 --> 00:24:57,600 Speaker 3: in with Kareem back then. But you never know. I mean, 470 00:24:57,880 --> 00:25:00,119 Speaker 3: do I think I'd have been a movie No, but 471 00:25:00,840 --> 00:25:04,639 Speaker 3: you might have been in the background doing something, maybe 472 00:25:04,720 --> 00:25:07,840 Speaker 3: helping to produce her or something along those lines. 473 00:25:08,080 --> 00:25:11,160 Speaker 8: Now, when did you realize that all of the classes 474 00:25:11,160 --> 00:25:12,880 Speaker 8: you were taking and the things that you were investing 475 00:25:12,920 --> 00:25:15,439 Speaker 8: in were a good opportunity, because obviously these things have 476 00:25:15,520 --> 00:25:18,159 Speaker 8: grown over time. But at one point did you realize like, Okay, 477 00:25:18,200 --> 00:25:19,600 Speaker 8: this is going to be really good. 478 00:25:19,840 --> 00:25:24,479 Speaker 3: You know, I don't think that that thought ever really 479 00:25:24,560 --> 00:25:29,880 Speaker 3: came about until you really had a company that had 480 00:25:30,040 --> 00:25:33,119 Speaker 3: some size, and by that I mean we were doing maybe, 481 00:25:33,440 --> 00:25:35,879 Speaker 3: you know, five hundred million a year more in sale. 482 00:25:36,320 --> 00:25:40,280 Speaker 3: I think up to that that time, you just thought 483 00:25:40,480 --> 00:25:44,239 Speaker 3: about just growing a company, and as we group, we 484 00:25:44,240 --> 00:25:47,920 Speaker 3: were able to provide opportunities for people to enhance their 485 00:25:47,960 --> 00:25:50,679 Speaker 3: life or have a better way of living. So not 486 00:25:50,840 --> 00:25:53,240 Speaker 3: until I think we got to a point like that 487 00:25:53,280 --> 00:25:56,040 Speaker 3: where people started to take notice and say, well, now 488 00:25:56,119 --> 00:25:59,639 Speaker 3: you're somewhat of a significant company investment. Definitely in the 489 00:25:59,680 --> 00:26:02,879 Speaker 3: rest on business we were a significant size. 490 00:26:03,200 --> 00:26:05,200 Speaker 4: I think it's so interesting what you were saying about 491 00:26:05,240 --> 00:26:08,400 Speaker 4: how most of the players back then in the seventies 492 00:26:08,400 --> 00:26:10,359 Speaker 4: and the eighties had to think about what they're going 493 00:26:10,440 --> 00:26:13,680 Speaker 4: to do after their career. They were spending their summers interning, 494 00:26:13,840 --> 00:26:18,440 Speaker 4: essentially looking for different opportunities, trying out different things. Talk 495 00:26:18,480 --> 00:26:22,679 Speaker 4: about the differences between NBA players back then and you 496 00:26:22,720 --> 00:26:25,840 Speaker 4: know what has happened since then, in the nineties, in 497 00:26:25,840 --> 00:26:28,760 Speaker 4: the millennium. Obviously, players today make a lot more, but 498 00:26:28,880 --> 00:26:32,800 Speaker 4: is there enough emphasis on money management, on career management, 499 00:26:32,880 --> 00:26:36,120 Speaker 4: on career development, and having a post career plan that 500 00:26:36,160 --> 00:26:39,640 Speaker 4: they can really engage with as opposed to just kind 501 00:26:39,640 --> 00:26:41,760 Speaker 4: of making as much money as they can right now 502 00:26:41,760 --> 00:26:43,440 Speaker 4: and then seeing what happens later. 503 00:26:44,480 --> 00:26:46,280 Speaker 3: You know, Jim Fitzgeral, who was the owner of the 504 00:26:46,320 --> 00:26:48,520 Speaker 3: Bucks when I was there, I remember sitting down with 505 00:26:48,600 --> 00:26:51,560 Speaker 3: him for breakfast and he made the statement that, you know, 506 00:26:51,600 --> 00:26:54,919 Speaker 3: it's never about how much money you make, It's always 507 00:26:55,000 --> 00:26:58,600 Speaker 3: about what you'd do with it. And it didn't it 508 00:26:58,640 --> 00:27:02,640 Speaker 3: didn't really hit home with me until later on, and 509 00:27:02,720 --> 00:27:07,119 Speaker 3: thinking back, you know, I'll give you one one quick example. 510 00:27:07,200 --> 00:27:09,560 Speaker 3: When I came into the league in nineteen seventy five, 511 00:27:09,640 --> 00:27:13,400 Speaker 3: the total salary for the Milwaukee Bucks as twelve players 512 00:27:13,520 --> 00:27:16,679 Speaker 3: and three coaches, fifteen guys, a total salary for our 513 00:27:16,760 --> 00:27:20,480 Speaker 3: team that year was one point eight million dollars. And 514 00:27:20,720 --> 00:27:28,440 Speaker 3: so yeah, yeah, really, and so comparatively, you know, there 515 00:27:28,560 --> 00:27:32,480 Speaker 3: wasn't a lot of thoughts on you know, financial planning 516 00:27:32,520 --> 00:27:35,200 Speaker 3: and all of that, and as things have progressed and 517 00:27:35,920 --> 00:27:39,280 Speaker 3: the players, you know, make a lot more money. They've 518 00:27:39,440 --> 00:27:42,960 Speaker 3: they've instituted programs and had people come in and talk 519 00:27:43,040 --> 00:27:46,520 Speaker 3: to them about what to do with your money, saving 520 00:27:46,560 --> 00:27:49,040 Speaker 3: your money and getting involved in scams and all of that. 521 00:27:49,119 --> 00:27:51,960 Speaker 3: But even with all of that, unfortunately, too many, too 522 00:27:51,960 --> 00:27:57,080 Speaker 3: many players still today wind up getting involved in in 523 00:27:57,119 --> 00:27:59,720 Speaker 3: the wrong things or doing the wrong things, and it's 524 00:28:00,320 --> 00:28:04,240 Speaker 3: and end up losing their money. And you know, when 525 00:28:04,280 --> 00:28:07,400 Speaker 3: I was involved heavily with the Players Association, we saw 526 00:28:07,520 --> 00:28:10,600 Speaker 3: that year in and year out, and it didn't matter 527 00:28:10,640 --> 00:28:13,080 Speaker 3: how much money you made. If you went the wrong 528 00:28:13,160 --> 00:28:15,719 Speaker 3: way or did the wrong things, you could just as 529 00:28:15,760 --> 00:28:18,400 Speaker 3: easily lose your money as somebody who made a little 530 00:28:18,400 --> 00:28:19,040 Speaker 3: bit of money. 531 00:28:19,280 --> 00:28:21,760 Speaker 2: Well, junior's what you do with your money. I mean, 532 00:28:21,800 --> 00:28:23,520 Speaker 2: let's take a step back for an audience. Here. One 533 00:28:23,640 --> 00:28:26,600 Speaker 2: hundred and sixty three Wendy's Old Fashioned Hamburger restaurants in 534 00:28:26,600 --> 00:28:29,280 Speaker 2: five states, twenty four Chiles restaurants in four states. By 535 00:28:29,320 --> 00:28:31,000 Speaker 2: the way, this is Man Inc. And this isn't even 536 00:28:31,000 --> 00:28:34,000 Speaker 2: the company that you're currently involved with, right, I mean, 537 00:28:34,080 --> 00:28:36,399 Speaker 2: I think, if I'm not mistaken, you're in now the 538 00:28:36,440 --> 00:28:40,440 Speaker 2: CEO of Heartland Coca Cola Bottling company. So how do 539 00:28:40,480 --> 00:28:42,760 Speaker 2: you make that switch from being a restaurant tour into 540 00:28:42,880 --> 00:28:46,040 Speaker 2: smart Water, Monster Energy, Coke, Spriton Fanta. I mean, what's 541 00:28:46,360 --> 00:28:46,960 Speaker 2: that all about? 542 00:28:48,320 --> 00:28:51,080 Speaker 3: You know? The thing that I learned early on is 543 00:28:51,120 --> 00:28:54,160 Speaker 3: that what did it? Thought back, what did it take 544 00:28:54,200 --> 00:28:56,480 Speaker 3: for you to get to the NBA? And you know 545 00:28:56,720 --> 00:28:59,080 Speaker 3: Malcolm gladwell In is one of his books right that 546 00:28:59,280 --> 00:29:03,280 Speaker 3: you know it takes thousand hours any one area for 547 00:29:03,400 --> 00:29:07,400 Speaker 3: you to become proficient and really skilled in that area. 548 00:29:07,400 --> 00:29:10,600 Speaker 3: And I thought back to basketball, and yeah, I probably 549 00:29:10,680 --> 00:29:14,040 Speaker 3: put in ten thousand and more hours practicing basketball growing 550 00:29:14,120 --> 00:29:17,000 Speaker 3: up and was fortunate enough to get to that level. 551 00:29:17,080 --> 00:29:20,360 Speaker 3: So what would make you think that you could just 552 00:29:20,600 --> 00:29:23,800 Speaker 3: leave the game of basketball and go into something some 553 00:29:23,960 --> 00:29:28,280 Speaker 3: other area and be great at it. And that's where 554 00:29:28,320 --> 00:29:30,400 Speaker 3: I think a lot of players make a mistake. They 555 00:29:31,120 --> 00:29:33,840 Speaker 3: make the mistake of thinking that just because I've played 556 00:29:34,440 --> 00:29:36,920 Speaker 3: and I'm a professional athlete, that I should step in 557 00:29:36,960 --> 00:29:40,120 Speaker 3: and be the executive vice president or the CEO of 558 00:29:40,120 --> 00:29:43,200 Speaker 3: a company. And I really don't know how the business 559 00:29:43,240 --> 00:29:44,960 Speaker 3: really worked. So it was the same thing for me, 560 00:29:45,480 --> 00:29:47,560 Speaker 3: and I went back when I got in the restaurant business, 561 00:29:47,680 --> 00:29:50,200 Speaker 3: I went back and learned how to do everything from 562 00:29:50,520 --> 00:29:55,800 Speaker 3: mopping the floor, cleaning the bathrooms and making hamburgers and 563 00:29:56,280 --> 00:29:58,400 Speaker 3: everything all the way up and spend a lot of 564 00:29:58,440 --> 00:30:02,960 Speaker 3: time earning the business and it's it's been the same 565 00:30:02,960 --> 00:30:06,440 Speaker 3: way with whatever we do now. He's surrounding yourself with 566 00:30:06,480 --> 00:30:08,560 Speaker 3: a lot of people that still know more than you do. 567 00:30:09,200 --> 00:30:14,280 Speaker 3: But you can't expect to be successful, in my opinion, 568 00:30:14,480 --> 00:30:18,840 Speaker 3: unless you really know what you're getting involved in, and 569 00:30:18,920 --> 00:30:21,280 Speaker 3: the nuances of every business is different. 570 00:30:21,880 --> 00:30:25,640 Speaker 1: That's Junior Bridgeman, former NBA pro and a pioneer for 571 00:30:25,720 --> 00:30:29,560 Speaker 1: athletes in business. We've got more from Junior Bridgeman coming up. 572 00:30:29,600 --> 00:30:33,520 Speaker 3: When David Stern was the commissioner, you could have bought 573 00:30:33,520 --> 00:30:35,920 Speaker 3: an NBA team. I remember talking to him and they 574 00:30:35,920 --> 00:30:40,080 Speaker 3: were selling for four or five hundred billion, and he said, 575 00:30:40,840 --> 00:30:42,560 Speaker 3: you know, if you're going to get involved, you better 576 00:30:42,600 --> 00:30:46,240 Speaker 3: get involved now because in a year or two it'll 577 00:30:46,240 --> 00:30:46,880 Speaker 3: be out of reach. 578 00:30:47,080 --> 00:30:49,360 Speaker 1: That's straight ahead on the Bloomberg Business of Sports from 579 00:30:49,400 --> 00:30:59,680 Speaker 1: Bloomberg Radio around the world. This is the Bloomberg Business 580 00:30:59,680 --> 00:31:01,920 Speaker 1: of a show, but we explored the big money issues 581 00:31:01,920 --> 00:31:04,760 Speaker 1: in the world of sports. Michael Barr, along with Scarlet 582 00:31:04,760 --> 00:31:08,200 Speaker 1: Foo and Damian Sasaur. We're listening in on a conversation 583 00:31:08,280 --> 00:31:12,520 Speaker 1: Scarlett Damien and Bloomberg US sports business reporter Randa Williams 584 00:31:12,560 --> 00:31:16,720 Speaker 1: had with a former NBA pro and now business extraordinary, 585 00:31:16,920 --> 00:31:20,080 Speaker 1: Junior Bridgeman. Let's listen to more of their discussion. 586 00:31:20,240 --> 00:31:22,040 Speaker 8: So now I want to ask you about what could 587 00:31:22,120 --> 00:31:24,240 Speaker 8: potentially be next because as we know, the business is 588 00:31:24,320 --> 00:31:28,719 Speaker 8: sports world is ballooning, franchise valuations arising, everybody is buying 589 00:31:28,760 --> 00:31:31,600 Speaker 8: something for you. Could you see yourself owning a piece 590 00:31:31,600 --> 00:31:33,840 Speaker 8: of a team or maybe even a w NBA franchise. 591 00:31:36,160 --> 00:31:38,880 Speaker 3: You know, ironically I was a minority owner and a 592 00:31:39,000 --> 00:31:42,240 Speaker 3: team NBA team out on the West Coast, I won't 593 00:31:42,280 --> 00:31:45,160 Speaker 3: say which one or you know, and I got out 594 00:31:45,240 --> 00:31:49,400 Speaker 3: after a year because maybe that was the wrong thing 595 00:31:49,400 --> 00:31:54,440 Speaker 3: to do. Regret that, yeah, yeah, looking at it today, 596 00:31:54,960 --> 00:31:59,560 Speaker 3: probably not a smart move. But what being a minority 597 00:31:59,640 --> 00:32:01,520 Speaker 3: or a limit the partner, you don't have a lot 598 00:32:01,520 --> 00:32:03,880 Speaker 3: of say so and maybe the direction of the team. 599 00:32:03,920 --> 00:32:06,600 Speaker 3: And I thought that back at that time, because I 600 00:32:06,600 --> 00:32:08,600 Speaker 3: had played, I could I could have added a lot 601 00:32:08,640 --> 00:32:11,680 Speaker 3: more than what they maybe wanted to do or wanted 602 00:32:11,720 --> 00:32:13,680 Speaker 3: to get from me. And plus it was a going 603 00:32:13,960 --> 00:32:17,000 Speaker 3: traveling from the mid middle part of the country all 604 00:32:17,000 --> 00:32:21,320 Speaker 3: over to west coast. A game didn't wasn't that efficient either, 605 00:32:21,480 --> 00:32:24,920 Speaker 3: But today, well I'll even go back. So when David 606 00:32:24,960 --> 00:32:31,800 Speaker 3: Stern was the uh you knowsion basically this commissioner, you 607 00:32:31,840 --> 00:32:34,320 Speaker 3: could have bought an NBA team. I remember talking to 608 00:32:34,400 --> 00:32:36,840 Speaker 3: him and they were selling for four or five hundred million, 609 00:32:37,360 --> 00:32:41,160 Speaker 3: and he said, you know, if you're going to get involved, 610 00:32:41,160 --> 00:32:44,320 Speaker 3: you better get involved now because in a year or 611 00:32:44,360 --> 00:32:48,600 Speaker 3: two it'll be out of reach. And and you know, 612 00:32:48,720 --> 00:32:50,800 Speaker 3: you're thinking, Okay, is this for real or is he 613 00:32:51,000 --> 00:32:54,920 Speaker 3: just trying to to kind of tell you on what's 614 00:32:55,000 --> 00:32:59,080 Speaker 3: going to happen? And he was trying to tell me, 615 00:32:59,120 --> 00:33:03,200 Speaker 3: and I was too hard ahead listen. Nowadays, the values, 616 00:33:03,280 --> 00:33:05,360 Speaker 3: I mean, I don't know. And I'm thinking the same 617 00:33:05,360 --> 00:33:08,000 Speaker 3: way as you know, three billion, four billion, five billion, 618 00:33:08,040 --> 00:33:12,040 Speaker 3: four team, who's going to come in and pay seven 619 00:33:12,120 --> 00:33:14,720 Speaker 3: eighty nine billion? You know how many people can do 620 00:33:14,760 --> 00:33:17,280 Speaker 3: that or how many is it going to be pe 621 00:33:17,400 --> 00:33:21,520 Speaker 3: firms or whatever? But somebody, you know, the history of 622 00:33:21,640 --> 00:33:24,520 Speaker 3: history keeps has shown us there's always somebody out there 623 00:33:24,560 --> 00:33:27,640 Speaker 3: willing to pay, willing to be an owner. So but 624 00:33:27,800 --> 00:33:30,880 Speaker 3: for me, I think the time has passed. 625 00:33:31,360 --> 00:33:33,760 Speaker 4: The time may have passed for you to come in 626 00:33:33,800 --> 00:33:37,120 Speaker 4: as an owner of an NBA team or another sports franchise, 627 00:33:37,160 --> 00:33:39,560 Speaker 4: but you, I believe, are the current owner of Ebony 628 00:33:39,600 --> 00:33:43,479 Speaker 4: and Jet magazines, so you have an interest in media. 629 00:33:43,880 --> 00:33:47,120 Speaker 4: I'm wondering how you're thinking about media rights and live 630 00:33:47,240 --> 00:33:50,440 Speaker 4: sports rights from that media perspective, because that has also 631 00:33:50,440 --> 00:33:53,880 Speaker 4: skyrocketed and that's where the real money can be made. 632 00:33:54,760 --> 00:33:58,360 Speaker 3: Yeah, I agree totally. And you know, having something, being 633 00:33:58,360 --> 00:34:03,239 Speaker 3: able to present something live on TV is what the 634 00:34:03,280 --> 00:34:06,240 Speaker 3: content that everybody kind of wants at this time. Yeah, 635 00:34:06,280 --> 00:34:10,160 Speaker 3: my daughter pretty much runs Ebony and Jet magazine. And 636 00:34:10,360 --> 00:34:13,759 Speaker 3: you know, the real the piesis behind that acquisition was 637 00:34:14,600 --> 00:34:18,479 Speaker 3: Ebany had seventy five years of content and you think 638 00:34:18,520 --> 00:34:21,200 Speaker 3: back to some of the movies like Hidden Figures. Yeah, 639 00:34:21,280 --> 00:34:23,480 Speaker 3: that was a pretty good move that was first written 640 00:34:23,480 --> 00:34:25,680 Speaker 3: about in Ebony, I don't know how many years ago, 641 00:34:25,760 --> 00:34:28,560 Speaker 3: and I think that's where they got the ideas. So 642 00:34:28,560 --> 00:34:33,040 Speaker 3: so everybody being a lot of your you know, your 643 00:34:33,080 --> 00:34:36,719 Speaker 3: your your services that are that are on cable, they 644 00:34:36,760 --> 00:34:40,439 Speaker 3: all want to have access to Ebany because they want 645 00:34:40,480 --> 00:34:43,400 Speaker 3: the content over all those years to make it into 646 00:34:43,480 --> 00:34:46,600 Speaker 3: maybe a movie, another movie, or a three part series whatever. 647 00:34:46,719 --> 00:34:50,920 Speaker 3: So that's where they saw the real value with bringing 648 00:34:50,920 --> 00:34:53,640 Speaker 3: Ebony back in the future with Abny, and I think 649 00:34:53,640 --> 00:34:56,880 Speaker 3: it's the same thing somewhat with media. I agree with 650 00:34:56,920 --> 00:34:59,200 Speaker 3: you that if you can figure out where to go, 651 00:34:59,239 --> 00:35:02,760 Speaker 3: what to do, I think that's where the tremendous amount 652 00:35:02,880 --> 00:35:04,240 Speaker 3: or the big money can be made. 653 00:35:04,320 --> 00:35:07,160 Speaker 2: And you know, Junior, I look at Heartland Heartland Coca 654 00:35:07,160 --> 00:35:09,040 Speaker 2: Cola Bottling Company, and I look at how it serves 655 00:35:09,080 --> 00:35:12,160 Speaker 2: the Illinois, Kansas, Missouri, et cetera. And then you go 656 00:35:12,200 --> 00:35:13,839 Speaker 2: on a website and you look at who your partners are, 657 00:35:13,920 --> 00:35:16,839 Speaker 2: you know, the chiefs, the cardinals, the monarchs as well 658 00:35:16,840 --> 00:35:18,960 Speaker 2: as six Flags, and so you know, I take that 659 00:35:19,040 --> 00:35:20,560 Speaker 2: and I and I look at that and I think about, 660 00:35:20,600 --> 00:35:22,879 Speaker 2: you know, your media deals and all the opportunities that 661 00:35:23,200 --> 00:35:26,200 Speaker 2: afforded someone like you, you know, where you've come from, 662 00:35:26,200 --> 00:35:29,560 Speaker 2: your experiences with the NBA, with the Players Association, and 663 00:35:29,600 --> 00:35:34,160 Speaker 2: how you can make that work for the company now, yeah, yeah. 664 00:35:33,960 --> 00:35:36,520 Speaker 3: And and and that's what we try to do. We 665 00:35:36,640 --> 00:35:39,560 Speaker 3: try to bring, you know, not just sell products in 666 00:35:39,640 --> 00:35:43,279 Speaker 3: their in their venues, but we try to help them 667 00:35:43,480 --> 00:35:47,920 Speaker 3: same thing, promote their product. You know their team, they 668 00:35:48,040 --> 00:35:53,040 Speaker 3: certain players and add value other than just okay, you 669 00:35:53,040 --> 00:35:56,640 Speaker 3: know we're here trying to sell different different products when 670 00:35:56,760 --> 00:35:59,120 Speaker 3: when the fans are in the stands. We did and 671 00:35:59,160 --> 00:36:01,120 Speaker 3: I'll tell you we did a great product for the 672 00:36:01,560 --> 00:36:03,879 Speaker 3: Kansas City Chiefs a number of years ago. We did 673 00:36:04,400 --> 00:36:09,480 Speaker 3: a can, a soda can, coke can, and if you 674 00:36:09,560 --> 00:36:12,879 Speaker 3: went on and downloaded the Kansas City app, you could 675 00:36:12,880 --> 00:36:14,879 Speaker 3: hold that up to the can and it would show 676 00:36:14,960 --> 00:36:20,120 Speaker 3: you a special moment in history of the Kansas City Chiefs. 677 00:36:20,160 --> 00:36:22,759 Speaker 3: Are all those come on your phone and so you 678 00:36:22,840 --> 00:36:25,360 Speaker 3: know that those are the kind of things that we 679 00:36:25,640 --> 00:36:30,279 Speaker 3: got to do to add value to everybody that we 680 00:36:30,680 --> 00:36:34,279 Speaker 3: work with and are fortunate enough to you know, to 681 00:36:34,320 --> 00:36:37,240 Speaker 3: be a customer or a client of ours. 682 00:36:37,719 --> 00:36:39,840 Speaker 8: And I want to close with one more question about 683 00:36:39,880 --> 00:36:42,560 Speaker 8: diversity in sports. Finding someone from your era who was 684 00:36:42,600 --> 00:36:45,560 Speaker 8: able to grow their business and their earnings the way 685 00:36:45,560 --> 00:36:48,239 Speaker 8: that you have is very rare. When you're talking to 686 00:36:48,280 --> 00:36:52,520 Speaker 8: athletes of today and really business people at large. What 687 00:36:52,520 --> 00:36:54,719 Speaker 8: are your what is your advice to them, and what 688 00:36:54,760 --> 00:36:57,319 Speaker 8: do you say to help them grow? Similar to you? 689 00:36:59,160 --> 00:37:01,799 Speaker 3: Well, you know, well, the first thing I try to 690 00:37:01,800 --> 00:37:03,759 Speaker 3: get them to understand is they're starting at it from 691 00:37:03,760 --> 00:37:05,920 Speaker 3: a different point. I mean, you know, I've talked to 692 00:37:06,200 --> 00:37:10,400 Speaker 3: several teams and you know, looked around the room of 693 00:37:10,480 --> 00:37:13,680 Speaker 3: the athletes and you know you got guys making ten million, 694 00:37:13,800 --> 00:37:17,440 Speaker 3: twelve million in some one case, nineteen twenty million a 695 00:37:17,560 --> 00:37:20,840 Speaker 3: year and even more than that now. So you know, 696 00:37:20,880 --> 00:37:24,520 Speaker 3: I try to get them to understand they have a 697 00:37:24,600 --> 00:37:30,279 Speaker 3: great opportunity and preserving where they are now and what 698 00:37:30,400 --> 00:37:33,399 Speaker 3: they have at the end of their career should be 699 00:37:33,560 --> 00:37:36,520 Speaker 3: what's most important to them. It shouldn't be about trying 700 00:37:36,520 --> 00:37:38,560 Speaker 3: to go out and you know, I want to buy 701 00:37:38,600 --> 00:37:41,600 Speaker 3: this condominium development or I want to buy this or that. 702 00:37:43,560 --> 00:37:46,880 Speaker 3: Figure out where you're going to be when your career 703 00:37:46,960 --> 00:37:49,160 Speaker 3: is over with and how much money you want to 704 00:37:49,239 --> 00:37:52,080 Speaker 3: have a mask at that point in time. And for 705 00:37:52,200 --> 00:37:56,040 Speaker 3: a lot of them, I mean, they will be basically 706 00:37:56,160 --> 00:37:59,439 Speaker 3: rich or wealthy just from doing that right. And then 707 00:37:59,480 --> 00:38:02,840 Speaker 3: I say, okay, now, if you want to do something, 708 00:38:03,400 --> 00:38:05,839 Speaker 3: go figure out how to do something, how to get 709 00:38:05,840 --> 00:38:09,560 Speaker 3: involved with the business or or a company or something 710 00:38:09,640 --> 00:38:14,480 Speaker 3: like that that you understand and you know, not investing 711 00:38:14,560 --> 00:38:17,840 Speaker 3: in something that your second cousin on your mom's side 712 00:38:18,120 --> 00:38:20,880 Speaker 3: brought to you and thought that it should be something 713 00:38:20,960 --> 00:38:23,600 Speaker 3: that that you should do the true store. I had 714 00:38:23,640 --> 00:38:26,320 Speaker 3: a player come to me and tell me he wanted 715 00:38:26,360 --> 00:38:29,280 Speaker 3: to get involved in the restaurant business. I said, so, okay, 716 00:38:29,280 --> 00:38:30,399 Speaker 3: what do you want to do. He said, I want 717 00:38:30,440 --> 00:38:34,400 Speaker 3: to get involved with this Princel company. And I said, so, 718 00:38:34,640 --> 00:38:36,279 Speaker 3: why do you want to do that? Oh, you know, 719 00:38:36,360 --> 00:38:39,960 Speaker 3: I love the prencels. I said, well, okay, that's that's good. 720 00:38:40,840 --> 00:38:43,120 Speaker 3: But let me ask you when you retire, how much 721 00:38:43,160 --> 00:38:44,799 Speaker 3: money do you want to have in the bank. And 722 00:38:44,800 --> 00:38:46,799 Speaker 3: he and he was there with his representative and they 723 00:38:46,920 --> 00:38:50,440 Speaker 3: thought about it, and they said, well, when he's all done, 724 00:38:50,840 --> 00:38:53,680 Speaker 3: he should have eighty million dollars in the bank. And 725 00:38:53,760 --> 00:38:56,320 Speaker 3: so I said, well, when you have eighty million dollars 726 00:38:56,400 --> 00:38:59,480 Speaker 3: in the bank, come talk to me about the Princel business. 727 00:38:59,480 --> 00:39:02,840 Speaker 3: Then not taking what you have now and investing and 728 00:39:02,920 --> 00:39:05,720 Speaker 3: trying to get involved in a whole bunch of principal 729 00:39:05,800 --> 00:39:09,120 Speaker 3: restaurants that may or may not be successful, and if 730 00:39:09,160 --> 00:39:12,760 Speaker 3: they're not, could cost you a third of what you 731 00:39:13,120 --> 00:39:16,040 Speaker 3: could have been massed at that time. I said, there's 732 00:39:16,040 --> 00:39:18,680 Speaker 3: no reason for you to do that now. And as 733 00:39:18,719 --> 00:39:21,399 Speaker 3: he thought about it, you know, I think he came 734 00:39:21,440 --> 00:39:24,960 Speaker 3: to realization that, yeah, you know, I don't know who's 735 00:39:25,000 --> 00:39:27,200 Speaker 3: really going to run it. I don't know the business. 736 00:39:27,320 --> 00:39:30,920 Speaker 3: I'm relying on somebody taking a risk. Why am I 737 00:39:31,040 --> 00:39:34,120 Speaker 3: doing that? And hopefully and well I know he didn't 738 00:39:34,239 --> 00:39:36,080 Speaker 3: he didn't go out and get involved in the business 739 00:39:36,120 --> 00:39:36,960 Speaker 3: at that time. 740 00:39:37,280 --> 00:39:42,200 Speaker 2: Junior bridge Man, Chief executive officer Heartland Coca Cola Bottling Company, 741 00:39:42,280 --> 00:39:45,239 Speaker 2: former Milwaukee Buck thank you so much for joining us 742 00:39:45,239 --> 00:39:46,920 Speaker 2: here on the Bloomberg Business of Sports. 743 00:39:47,080 --> 00:39:49,680 Speaker 3: Thank you now it's been my pleasure. Thank you and 744 00:39:50,160 --> 00:39:51,919 Speaker 3: look forward to hearing Thank you. 745 00:39:52,120 --> 00:39:54,920 Speaker 1: For listening to the Bloomberg Business of Sports show. We 746 00:39:55,000 --> 00:39:57,000 Speaker 1: are here each and every week at the same time. 747 00:39:57,080 --> 00:39:59,960 Speaker 1: I'm Michael Barr, from my colleague Scarlett Foo and Damien 748 00:40:00,160 --> 00:40:03,640 Speaker 1: sas Hour with a special thank you to Bloomberg US 749 00:40:03,719 --> 00:40:07,439 Speaker 1: Sports Business reporter Randa Williams. Tune in again next week 750 00:40:07,600 --> 00:40:10,200 Speaker 1: for the latest on the stories moving big old money 751 00:40:10,239 --> 00:40:12,759 Speaker 1: in the world of sports. You're listening to the Bloomberg 752 00:40:12,800 --> 00:40:16,520 Speaker 1: Business of Sports from Bloomberg Radio around the world.