1 00:00:02,720 --> 00:00:10,200 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. This is the Business 2 00:00:10,240 --> 00:00:10,840 Speaker 1: of Sports. 3 00:00:10,880 --> 00:00:13,760 Speaker 2: The business of sports can be intimidating or hard for 4 00:00:13,760 --> 00:00:14,760 Speaker 2: a starting to break into. 5 00:00:14,880 --> 00:00:17,880 Speaker 3: We really appreciate when our owners are actually there, you know, 6 00:00:17,960 --> 00:00:19,040 Speaker 3: with us through the journey. 7 00:00:19,040 --> 00:00:22,640 Speaker 4: Teams ours especially have been very intentional to diversify at 8 00:00:22,640 --> 00:00:23,600 Speaker 4: all levels of the company. 9 00:00:23,680 --> 00:00:26,079 Speaker 5: I think we're in bolden years for the NFL and 10 00:00:26,239 --> 00:00:26,920 Speaker 5: college football. 11 00:00:27,000 --> 00:00:30,000 Speaker 6: Our demographic reach has continued to expande. 12 00:00:30,120 --> 00:00:33,760 Speaker 4: This is going to be really unlocking the streaming platform 13 00:00:33,840 --> 00:00:34,800 Speaker 4: for sports fans. 14 00:00:34,880 --> 00:00:36,240 Speaker 2: Sports evaluations are rising. 15 00:00:36,360 --> 00:00:37,320 Speaker 7: We'll see when they peak. 16 00:00:37,400 --> 00:00:39,920 Speaker 2: You don't have to be the best in your sport 17 00:00:40,040 --> 00:00:42,960 Speaker 2: to make a whole ton of money. 18 00:00:43,080 --> 00:00:46,560 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio. 19 00:00:48,600 --> 00:00:51,559 Speaker 2: This is the Bloomberg Business of Sports, where we explore 20 00:00:51,600 --> 00:00:53,920 Speaker 2: the big money issues in the world of sports. I'm 21 00:00:53,960 --> 00:00:57,520 Speaker 2: Michael Barr, along with Vanessa Bernomo, my colleagues Scarlett Fou 22 00:00:57,680 --> 00:01:01,440 Speaker 2: and Damian Sasaur would join us later on in the show. 23 00:01:01,800 --> 00:01:06,080 Speaker 2: Coming up, we speak with Matt Troom Boxing chairman Eddie Hearn. 24 00:01:06,400 --> 00:01:08,959 Speaker 2: We'll talk about the big fight coming to New York 25 00:01:08,959 --> 00:01:12,000 Speaker 2: City on May second, plus get his take on the 26 00:01:12,040 --> 00:01:12,679 Speaker 2: state of the. 27 00:01:12,600 --> 00:01:16,040 Speaker 7: Sport just bonkers. The whole thing is bonkers and bizarre. 28 00:01:16,120 --> 00:01:20,199 Speaker 8: But boxing right now, in boxing's really rocketed over MMA 29 00:01:20,520 --> 00:01:24,280 Speaker 8: in my opinion, in the last twelve months, and it's 30 00:01:24,360 --> 00:01:25,119 Speaker 8: just non stop. 31 00:01:25,160 --> 00:01:28,160 Speaker 2: Every single week, plus we'll check in on a leading 32 00:01:28,200 --> 00:01:33,039 Speaker 2: sports private equity firm and one of its newest biggest investments. 33 00:01:33,120 --> 00:01:36,360 Speaker 2: All that is on the way on the Bloomberg Business 34 00:01:36,360 --> 00:01:38,760 Speaker 2: of Sports. But first, they had a lot of Braves. 35 00:01:38,959 --> 00:01:44,399 Speaker 2: They are the MLB's only publicly traded club in America 36 00:01:44,800 --> 00:01:47,480 Speaker 2: and they could get hit with a huge tax bill. 37 00:01:47,880 --> 00:01:51,080 Speaker 2: For more on the unique situation facing the Braves and 38 00:01:51,200 --> 00:01:53,000 Speaker 2: what it's trying to do to get out of it, 39 00:01:53,200 --> 00:01:57,040 Speaker 2: we welcome Bloomberg's Bill Allison. Bill, Welcome to the Bloomberg 40 00:01:57,080 --> 00:01:58,320 Speaker 2: Business of Sports. 41 00:01:58,720 --> 00:01:59,680 Speaker 5: Well, thanks for having me on. 42 00:02:00,040 --> 00:02:00,600 Speaker 7: Appreciate it. 43 00:02:00,720 --> 00:02:04,480 Speaker 2: You wrote an article recently and it involves the Atlanta Braves. 44 00:02:04,600 --> 00:02:09,120 Speaker 2: They are the only publicly traded Major League Baseball team 45 00:02:09,360 --> 00:02:12,800 Speaker 2: in America and they have a problem because now they're 46 00:02:12,840 --> 00:02:16,800 Speaker 2: facing off against the US tax code and it threatens 47 00:02:16,840 --> 00:02:19,680 Speaker 2: to cost the franchise millions. Can you explain what this 48 00:02:19,800 --> 00:02:20,720 Speaker 2: is all about. 49 00:02:20,800 --> 00:02:23,919 Speaker 5: There's a provision in the tax code that only applies 50 00:02:23,960 --> 00:02:27,520 Speaker 5: to publicly traded companies. And this is something that goes 51 00:02:27,560 --> 00:02:31,320 Speaker 5: back to the nineteen nineties, to the when corporate greed 52 00:02:31,440 --> 00:02:34,799 Speaker 5: was first becoming an issue. Bill Clinton ran and in 53 00:02:34,880 --> 00:02:39,520 Speaker 5: nineteen ninety two promising to end excess executive pay. Obviously 54 00:02:39,639 --> 00:02:41,840 Speaker 5: didn't quite do it, but one of the ways that 55 00:02:41,880 --> 00:02:44,600 Speaker 5: they tried to do it was by preventing companies from 56 00:02:44,639 --> 00:02:50,000 Speaker 5: deducting the salaries of their top executives. And this was 57 00:02:50,120 --> 00:02:52,800 Speaker 5: passed in nineteen ninety three. It's been around for years 58 00:02:52,840 --> 00:02:56,679 Speaker 5: and years. It's been modified by different times, and most recently, 59 00:02:56,720 --> 00:02:59,120 Speaker 5: what they did is they added the top five paid 60 00:03:00,160 --> 00:03:02,720 Speaker 5: executive employees, where you know, people who are not like 61 00:03:02,840 --> 00:03:07,200 Speaker 5: CEO and chief financial officer and so on. And that's 62 00:03:07,200 --> 00:03:09,080 Speaker 5: sort of where the braves come in. Because they're a 63 00:03:09,080 --> 00:03:13,720 Speaker 5: publicly traded company. There are pay players ten million, fifteen million, 64 00:03:13,760 --> 00:03:16,160 Speaker 5: eighteen million dollars. They give these big contracts so that 65 00:03:16,200 --> 00:03:20,040 Speaker 5: they can compete, and suddenly they can't deduct those as 66 00:03:20,080 --> 00:03:23,040 Speaker 5: expenses anymore, and that's going to increase their tax bill. 67 00:03:23,240 --> 00:03:26,120 Speaker 9: You know, it's interesting because I could imagine that when 68 00:03:26,200 --> 00:03:28,800 Speaker 9: they have, you know, put these bills in place, and 69 00:03:28,840 --> 00:03:30,840 Speaker 9: I feel like you mentioned it in your story that 70 00:03:30,919 --> 00:03:33,000 Speaker 9: this wasn't really something they thought about that it was 71 00:03:33,040 --> 00:03:34,960 Speaker 9: going to affect professional sports teams. 72 00:03:35,160 --> 00:03:36,880 Speaker 5: Yeah, it's really funny. I talked to a lot of 73 00:03:36,920 --> 00:03:41,560 Speaker 5: compensation executives or consultants and tax lawyers and kind of 74 00:03:41,560 --> 00:03:43,240 Speaker 5: everybody would say at the end of it, I just 75 00:03:43,280 --> 00:03:46,560 Speaker 5: can't imagine Congress meant this to apply to a professional 76 00:03:46,640 --> 00:03:48,920 Speaker 5: sports team. But you know, the rules are the rules, 77 00:03:48,960 --> 00:03:51,520 Speaker 5: and that's kind of how they're written. And the Braves 78 00:03:51,520 --> 00:03:54,880 Speaker 5: have hired lobbyists, they're working on Capitol Hill to try 79 00:03:54,920 --> 00:03:58,600 Speaker 5: to talk to Congress about this, and but yeah, I mean, 80 00:03:58,600 --> 00:04:01,520 Speaker 5: this is very much an un tended consequence of something 81 00:04:01,560 --> 00:04:04,280 Speaker 5: that you know, is really designed to raise revenue from 82 00:04:04,320 --> 00:04:07,800 Speaker 5: companies that where basically the employees aren't the product. I mean, 83 00:04:07,800 --> 00:04:09,760 Speaker 5: if you think about why people go to see the 84 00:04:09,800 --> 00:04:13,840 Speaker 5: Atlanta Braves, it's to see Akuna is to see their players, 85 00:04:13,840 --> 00:04:16,480 Speaker 5: and that's just like central to everything that they do. 86 00:04:17,520 --> 00:04:19,599 Speaker 5: Yet if they're going to get taxed by for it. 87 00:04:20,120 --> 00:04:22,640 Speaker 2: And this is the difference here like a privately owned 88 00:04:22,640 --> 00:04:26,040 Speaker 2: team like the New York Mets and Steve Goin that's 89 00:04:26,080 --> 00:04:31,600 Speaker 2: why he can pay all this money to Juan Soto 90 00:04:31,640 --> 00:04:34,599 Speaker 2: and this and that with seven hundred and sixty five 91 00:04:34,640 --> 00:04:39,200 Speaker 2: million dollars over fifteen years. But the Braves, you can't 92 00:04:39,240 --> 00:04:44,680 Speaker 2: compete with that. In the Toronto Blue Jays, they are 93 00:04:44,720 --> 00:04:48,719 Speaker 2: a publicly traded company, but they really aren't going to 94 00:04:48,760 --> 00:04:52,159 Speaker 2: have a problem because, according to the company spokesman, it's 95 00:04:52,160 --> 00:04:54,599 Speaker 2: not going to have a meaningful impact from the US 96 00:04:54,640 --> 00:04:55,359 Speaker 2: tax provision. 97 00:04:56,400 --> 00:04:59,039 Speaker 5: The Blu Jays have revenues in the you know, they 98 00:04:59,240 --> 00:05:01,920 Speaker 5: they're part of a a big conglomerate. It's a big 99 00:05:01,960 --> 00:05:05,479 Speaker 5: media company. And one of the things that folks said 100 00:05:05,480 --> 00:05:07,679 Speaker 5: about this is is that you know, with tax planning, 101 00:05:07,760 --> 00:05:10,040 Speaker 5: you can set things up so that you move losses 102 00:05:10,080 --> 00:05:12,640 Speaker 5: around and you can kind of offset these penalties. But 103 00:05:13,320 --> 00:05:15,279 Speaker 5: the problem for the Braves is is that, you know, 104 00:05:15,279 --> 00:05:18,200 Speaker 5: we're about ninety percent of the revenue comes from the 105 00:05:18,240 --> 00:05:20,919 Speaker 5: baseball team. They also own some property and some other things, 106 00:05:20,960 --> 00:05:24,480 Speaker 5: but really it's the team that's the business, and so 107 00:05:25,000 --> 00:05:27,360 Speaker 5: they don't really have that option where Okay, well, we're 108 00:05:27,360 --> 00:05:29,440 Speaker 5: just going to take a huge loss in this division 109 00:05:29,440 --> 00:05:31,200 Speaker 5: and that's going to offset what we would owe in 110 00:05:31,320 --> 00:05:34,880 Speaker 5: taxes for these player contracts, and so that's really going 111 00:05:34,920 --> 00:05:37,719 Speaker 5: to put a straight jacket on the Braves, And you know, 112 00:05:37,760 --> 00:05:39,240 Speaker 5: as you said, you know, if you're sitting down with 113 00:05:39,279 --> 00:05:41,479 Speaker 5: an agent, you've got to be thinking, you know, well, 114 00:05:42,400 --> 00:05:44,640 Speaker 5: I'd love to sign this player, but you know, I've 115 00:05:44,680 --> 00:05:47,080 Speaker 5: got to think of the tax implications of it, not 116 00:05:47,320 --> 00:05:50,720 Speaker 5: just my normal budgetary implications. 117 00:05:51,440 --> 00:05:54,200 Speaker 9: When we're talking about private companies, like Michael mentioned, they're 118 00:05:54,240 --> 00:05:56,240 Speaker 9: the Mets and the Dodgers and the Yankees and all 119 00:05:56,240 --> 00:05:58,720 Speaker 9: these teams who spend a ton of money, but they 120 00:05:58,760 --> 00:06:01,520 Speaker 9: do have the luxury tax to deal with, right, That's 121 00:06:01,680 --> 00:06:06,400 Speaker 9: MLB's tax that they put on them. Is that anywhere comparable? 122 00:06:06,720 --> 00:06:09,200 Speaker 9: Like is it kind of playing in the same ballgame, 123 00:06:09,279 --> 00:06:11,599 Speaker 9: but just for basically getting taxed by different people. 124 00:06:12,600 --> 00:06:14,440 Speaker 5: I think the difference there is that, yes, you know, 125 00:06:14,480 --> 00:06:17,000 Speaker 5: there is a luxury tax on and the Braves have 126 00:06:17,080 --> 00:06:19,360 Speaker 5: been I think this is the first year that they've 127 00:06:19,400 --> 00:06:21,520 Speaker 5: been under the cap, but they were over it, you know, 128 00:06:21,560 --> 00:06:23,280 Speaker 5: the last year's. I mean, they've obviously been a very 129 00:06:23,279 --> 00:06:26,320 Speaker 5: successful team. They've won the World Series in twenty twenty one, 130 00:06:26,480 --> 00:06:31,240 Speaker 5: series of division championships, their perennial playoff team, and they have, 131 00:06:31,360 --> 00:06:33,560 Speaker 5: like you know, they're in the top third of payrolls 132 00:06:33,600 --> 00:06:36,960 Speaker 5: and they were over that I think the difference there, though, 133 00:06:37,120 --> 00:06:40,640 Speaker 5: is is that this is something that every team has 134 00:06:40,680 --> 00:06:45,800 Speaker 5: to contend with, whereas the deductibility of the of the 135 00:06:45,960 --> 00:06:49,680 Speaker 5: salaries of their star players is something that they're the 136 00:06:49,680 --> 00:06:52,400 Speaker 5: only team that's going to have to deal with this. 137 00:06:52,400 --> 00:06:55,719 Speaker 5: This is one extra expense that nobody else in baseball has. 138 00:06:56,600 --> 00:06:59,840 Speaker 2: Glad you said, it's more than just baseball, because it 139 00:07:00,200 --> 00:07:04,480 Speaker 2: will affect Madison Square Garden Sports. They own the NBA's 140 00:07:04,640 --> 00:07:09,520 Speaker 2: Knicks and the NHL's New York Rangers. For some reason, 141 00:07:09,720 --> 00:07:11,720 Speaker 2: They're going to fall under this same rule. 142 00:07:12,600 --> 00:07:16,360 Speaker 5: Yeah, it's a publicly traded company which owns the Knicks 143 00:07:16,360 --> 00:07:20,280 Speaker 5: and the Rangers, so it'll affect them too. I reached 144 00:07:20,280 --> 00:07:22,000 Speaker 5: out to them, they didn't want to talk about it, 145 00:07:22,040 --> 00:07:27,200 Speaker 5: they didn't respond to or they basically didn't comment. As 146 00:07:27,240 --> 00:07:30,320 Speaker 5: far as I can tell looking at congressional disclosures, they 147 00:07:30,320 --> 00:07:34,120 Speaker 5: have not hired lobbyists, so but I'm sure this is 148 00:07:34,160 --> 00:07:35,640 Speaker 5: going to be an issue for them. And one of 149 00:07:35,640 --> 00:07:38,640 Speaker 5: the problems with the team is that you know that 150 00:07:39,080 --> 00:07:42,200 Speaker 5: Madison Square Garden Group and its owner James Dolan and 151 00:07:42,200 --> 00:07:48,680 Speaker 5: the Dolan family have a long history of basically getting 152 00:07:48,720 --> 00:07:52,240 Speaker 5: special tax breaks and tax deals and that kind of 153 00:07:52,240 --> 00:07:55,440 Speaker 5: makes them a little bit more of an unpopular client 154 00:07:55,440 --> 00:07:57,480 Speaker 5: in the way that I think that the Braves sort 155 00:07:57,480 --> 00:07:58,800 Speaker 5: of are right. 156 00:07:59,120 --> 00:08:01,240 Speaker 9: I wanted to mention in there you obviously talked about 157 00:08:01,240 --> 00:08:06,280 Speaker 9: the Braves have hired lobbyists. So what are they trying, 158 00:08:06,320 --> 00:08:09,040 Speaker 9: you know, to get the to do. 159 00:08:09,280 --> 00:08:10,360 Speaker 6: I mean we've. 160 00:08:10,200 --> 00:08:14,160 Speaker 9: Spoken kind of about maybe this isn't what Hungers wanted, 161 00:08:14,280 --> 00:08:16,360 Speaker 9: you know, with the professional sports teams being a thing. 162 00:08:16,480 --> 00:08:19,520 Speaker 9: So are they trying to speak to people there and say, hey, 163 00:08:19,520 --> 00:08:21,880 Speaker 9: can you just like amend the law to not include 164 00:08:21,920 --> 00:08:25,360 Speaker 9: sports teams or in your in your piece, you mentioned 165 00:08:25,400 --> 00:08:27,880 Speaker 9: that you know, both sides of the parties are kind 166 00:08:27,880 --> 00:08:29,760 Speaker 9: of for this rule. 167 00:08:30,760 --> 00:08:33,520 Speaker 5: Yeah, so you know, I think that the simplest thing 168 00:08:33,600 --> 00:08:38,880 Speaker 5: to do would be if, you know, Congress could write 169 00:08:38,880 --> 00:08:43,120 Speaker 5: an exemption and something along the lines of, you know, 170 00:08:43,240 --> 00:08:46,800 Speaker 5: this this rule called one sixty two am shall not 171 00:08:46,920 --> 00:08:49,920 Speaker 5: apply to a professional sports team or to a corporation 172 00:08:50,080 --> 00:08:54,200 Speaker 5: that makes its money from running a professional sports team. 173 00:08:54,240 --> 00:08:58,040 Speaker 5: I mean, I think you could word it, you know, 174 00:08:58,120 --> 00:09:00,480 Speaker 5: could word in a way that it's very limited. Obviously 175 00:09:00,520 --> 00:09:07,560 Speaker 5: that might make the teams, you know, we're Yeah, I 176 00:09:07,640 --> 00:09:09,840 Speaker 5: seriously don't think there's any corporation that would go to 177 00:09:09,840 --> 00:09:12,000 Speaker 5: the expense and paying billions of dollars for a team 178 00:09:12,080 --> 00:09:16,360 Speaker 5: just to save money on the compensation when you're talking 179 00:09:16,360 --> 00:09:19,600 Speaker 5: about these big multinational conglomerates that this is supposed to 180 00:09:19,600 --> 00:09:22,120 Speaker 5: apply to. But it would get the Braves off the 181 00:09:22,120 --> 00:09:26,120 Speaker 5: hook in that sense for the taxes, and you would 182 00:09:26,200 --> 00:09:28,040 Speaker 5: think that that's sort of the kind of thing that 183 00:09:28,160 --> 00:09:30,920 Speaker 5: you know, you would be able to do. But again, 184 00:09:31,000 --> 00:09:35,400 Speaker 5: this is this is Congress, which is not the most 185 00:09:35,440 --> 00:09:40,400 Speaker 5: functional organization on earth. So you know, it's I think 186 00:09:40,480 --> 00:09:43,360 Speaker 5: is questionable whether that's going to happen or not. 187 00:09:43,840 --> 00:09:46,800 Speaker 2: Yeah, I was just going to ask that it's the 188 00:09:47,200 --> 00:09:50,960 Speaker 2: principle of what you're saying is there. But the chances 189 00:09:51,120 --> 00:09:53,880 Speaker 2: of this happening, I don't know how it's going to 190 00:09:53,920 --> 00:09:54,439 Speaker 2: go through in. 191 00:09:54,400 --> 00:09:58,240 Speaker 5: This Congress exactly. And when you think about everything that 192 00:09:58,280 --> 00:10:02,600 Speaker 5: the Trump administration has propos everything from reducing taxes on 193 00:10:02,679 --> 00:10:07,000 Speaker 5: tips and Social Security benefits, and it's a whole host 194 00:10:07,080 --> 00:10:12,719 Speaker 5: of things that they've promised, and you know, the you know, 195 00:10:12,840 --> 00:10:15,559 Speaker 5: while it's very important to the Braves and Braves fans, 196 00:10:16,040 --> 00:10:18,280 Speaker 5: you know, I'm wondering just how important an issue in 197 00:10:18,320 --> 00:10:20,880 Speaker 5: Congress it's going to be that, you know, the payroll 198 00:10:21,080 --> 00:10:25,600 Speaker 5: of of a baseball team, the deductibility of it compared 199 00:10:25,640 --> 00:10:26,800 Speaker 5: to all of these other issues. 200 00:10:28,080 --> 00:10:31,360 Speaker 9: I guess that's fair, right for sure, And while they're 201 00:10:31,400 --> 00:10:34,600 Speaker 9: still playing well, it doesn't seem like it would matter 202 00:10:34,640 --> 00:10:36,839 Speaker 9: to them at the current moment. But when we're talking 203 00:10:36,840 --> 00:10:39,800 Speaker 9: about you said signing free agents and things like that, 204 00:10:39,960 --> 00:10:44,480 Speaker 9: is is something is a creative way for something to 205 00:10:44,520 --> 00:10:48,080 Speaker 9: get around that? Adopting a show hey Otani sort of 206 00:10:48,120 --> 00:10:52,600 Speaker 9: a model where they sign a free agent but delay 207 00:10:52,679 --> 00:10:55,360 Speaker 9: some of the contracts so that maybe not everyone is 208 00:10:56,160 --> 00:10:57,320 Speaker 9: being hit in the same year. 209 00:10:57,520 --> 00:10:57,720 Speaker 6: Is that? 210 00:10:58,000 --> 00:10:59,640 Speaker 9: Is that a creative way to get around it? So 211 00:10:59,679 --> 00:11:04,280 Speaker 9: if this goes into effect, how do they you know, 212 00:11:04,440 --> 00:11:04,920 Speaker 9: get there? 213 00:11:06,520 --> 00:11:11,199 Speaker 5: So that's you know, that's a good question. There used 214 00:11:11,240 --> 00:11:16,800 Speaker 5: to be an loophole in this rule where if you 215 00:11:16,840 --> 00:11:21,200 Speaker 5: were paying people based on performance rather than you know, 216 00:11:21,280 --> 00:11:24,679 Speaker 5: basically an incentive laden contract, that that wouldn't be taxable. 217 00:11:24,720 --> 00:11:28,440 Speaker 5: But the problem there is which player is going to say, well, 218 00:11:28,480 --> 00:11:30,760 Speaker 5: I'm going to take an incentive based contract rather than 219 00:11:30,760 --> 00:11:33,480 Speaker 5: a guaranteed contract. I mean, there's you know, I think 220 00:11:33,559 --> 00:11:38,080 Speaker 5: and of course that exemption no longer exists, so you know, 221 00:11:38,840 --> 00:11:40,680 Speaker 5: among the things they could do. They could try to 222 00:11:40,720 --> 00:11:42,560 Speaker 5: take the team private. I mean, that would be one 223 00:11:42,600 --> 00:11:44,360 Speaker 5: way to get out of this. You know, it's really 224 00:11:44,440 --> 00:11:46,880 Speaker 5: just because they're publicly traded that they're subject to this. 225 00:11:48,400 --> 00:11:53,439 Speaker 5: Another option would be, you know, and I think that 226 00:11:53,440 --> 00:11:56,160 Speaker 5: that's I'm sorry, that's really the only option that that 227 00:11:56,240 --> 00:12:00,839 Speaker 5: they have unless Congress acts to do something to get 228 00:12:00,840 --> 00:12:02,640 Speaker 5: them out of And of course the other option, the 229 00:12:02,679 --> 00:12:05,960 Speaker 5: last option, is they could trim back their sales and 230 00:12:06,000 --> 00:12:12,320 Speaker 5: not pay their players as much and you know, and basically, 231 00:12:12,559 --> 00:12:14,800 Speaker 5: you know, assume that they're going to be paying these taxes. 232 00:12:15,760 --> 00:12:20,240 Speaker 2: Bloomberg campaign finance reporter Bill Allison on his recent story 233 00:12:20,280 --> 00:12:23,440 Speaker 2: on the Atlanta Braves, always dropping some knowledge on us, 234 00:12:23,960 --> 00:12:27,480 Speaker 2: we appreciated. Thank you, Bill, Thank you both. Our thanks 235 00:12:27,520 --> 00:12:30,199 Speaker 2: to Bloomberg's Bill Allison for joining us up. Next, we 236 00:12:30,360 --> 00:12:34,040 Speaker 2: turn to private equity and a big new investment from 237 00:12:34,040 --> 00:12:38,240 Speaker 2: a leading sports private equity firm, or Vanessa Perdomo. I'm 238 00:12:38,240 --> 00:12:41,200 Speaker 2: Michael Barm. You're listening to the Bloomberg Business of Sports 239 00:12:41,200 --> 00:12:43,480 Speaker 2: from Bloomberger Radio around the world. 240 00:12:58,200 --> 00:13:02,200 Speaker 1: This is Bloomberg Business Sports from Bloomberg Radio. 241 00:13:03,440 --> 00:13:06,000 Speaker 2: This is the Bloomberg Business of Sports, where we explore 242 00:13:06,040 --> 00:13:08,960 Speaker 2: the big money issues in the world of sports. Michael Barr, 243 00:13:09,120 --> 00:13:13,520 Speaker 2: along with my colleagues Scarlett fu and Damian Sasauur Vanessa Perdomo, 244 00:13:13,679 --> 00:13:17,040 Speaker 2: will be back later in the show. Velocity Capital Management 245 00:13:17,240 --> 00:13:19,760 Speaker 2: is a top private equity firm with a big focus 246 00:13:19,800 --> 00:13:24,120 Speaker 2: on sports. It just announced a new strategic investment in 247 00:13:24,360 --> 00:13:29,079 Speaker 2: Unique Sports Group, a top five ranked UK based football 248 00:13:29,200 --> 00:13:33,920 Speaker 2: talent representation agency. For more on the investment, the growth 249 00:13:33,960 --> 00:13:37,160 Speaker 2: of sports in the private equity world, and of course soccer, 250 00:13:37,360 --> 00:13:40,760 Speaker 2: we welcome David Abram's co founder and managing partner at 251 00:13:40,800 --> 00:13:45,360 Speaker 2: Velocity Capital Management, and Will Saldhause, CEO at Unique Sports Group. 252 00:13:45,520 --> 00:13:48,520 Speaker 2: David and Will, welcome to the Bloomberg Business of Sports. 253 00:13:48,880 --> 00:13:50,880 Speaker 10: Thanks Mike, Thank you David. 254 00:13:50,920 --> 00:13:54,880 Speaker 2: I'm going to start with you because with Velocity Capital Management, 255 00:13:55,200 --> 00:13:58,280 Speaker 2: you guys are a private equity firm when it comes 256 00:13:58,320 --> 00:14:01,559 Speaker 2: to acquiring sports teams, and you guys have been in 257 00:14:01,600 --> 00:14:05,280 Speaker 2: the business for sixty years, but especially now, you guys 258 00:14:05,320 --> 00:14:08,280 Speaker 2: are like biscuits, honey and butter. You guys are a 259 00:14:08,320 --> 00:14:09,040 Speaker 2: hot commodity. 260 00:14:09,280 --> 00:14:11,960 Speaker 3: That's a great combination, biscuits, honey and butter. I'm gonna 261 00:14:11,960 --> 00:14:16,040 Speaker 3: have to try that. It's definitely an active time for us. 262 00:14:16,280 --> 00:14:18,880 Speaker 3: I think, as we've talked about, you know, we've chosen 263 00:14:19,160 --> 00:14:22,120 Speaker 3: to not focus on investing in sports teams, but the 264 00:14:22,160 --> 00:14:26,360 Speaker 3: activity in the broader ecosystem continues. 265 00:14:25,840 --> 00:14:29,920 Speaker 10: To be, you know, very active. And you know, our. 266 00:14:29,800 --> 00:14:33,200 Speaker 3: Partnership with Will and Unique Sports Group you know, goes 267 00:14:33,240 --> 00:14:36,280 Speaker 3: back three years and is a transaction we're excited to 268 00:14:36,320 --> 00:14:36,920 Speaker 3: talk to you about. 269 00:14:37,160 --> 00:14:39,320 Speaker 4: So Will, let's bring you into this conversation and talk 270 00:14:39,360 --> 00:14:41,360 Speaker 4: to us a little bit about what Unique Sports Group 271 00:14:41,480 --> 00:14:45,960 Speaker 4: does and why it fits in to a private equity 272 00:14:46,000 --> 00:14:51,160 Speaker 4: ownership model where there can be synergies and other points 273 00:14:51,200 --> 00:14:56,360 Speaker 4: of commonalities between the different parts and Velocity's holdings. 274 00:14:56,800 --> 00:14:59,800 Speaker 11: Well, first I'll answer the first question, which is what 275 00:15:00,160 --> 00:15:04,800 Speaker 11: we do. Obviously, we represent footballers you call it soccer players. 276 00:15:06,280 --> 00:15:12,200 Speaker 11: We mainly that involves contraction, negotiation and negotiating their contract 277 00:15:12,200 --> 00:15:16,800 Speaker 11: between clubs. And I started on that journey eighteen years 278 00:15:16,840 --> 00:15:22,680 Speaker 11: ago by representing a friend and soon became a player 279 00:15:22,680 --> 00:15:25,240 Speaker 11: in the space of lower league football where I saw 280 00:15:25,280 --> 00:15:28,960 Speaker 11: a gap in the market, players that weren't represented, given 281 00:15:29,080 --> 00:15:32,160 Speaker 11: given a voice pretty much, where a lot of people 282 00:15:32,240 --> 00:15:35,320 Speaker 11: overlooked them and went straight to the top league. I 283 00:15:35,360 --> 00:15:37,880 Speaker 11: looked at what did you call in baseball, be called 284 00:15:38,040 --> 00:15:40,680 Speaker 11: the minor leagues, right, So I was scouted the minor 285 00:15:40,760 --> 00:15:44,600 Speaker 11: leagues and found some players that really came through and 286 00:15:44,640 --> 00:15:47,160 Speaker 11: shot through those leagues to the premier league, and I 287 00:15:47,240 --> 00:15:49,400 Speaker 11: kind of rode the way for them, and that's where 288 00:15:49,520 --> 00:15:51,040 Speaker 11: unique Sports is today. 289 00:15:52,040 --> 00:15:56,600 Speaker 6: Obviously, we used I think a different type of strategy. 290 00:15:56,160 --> 00:15:59,200 Speaker 11: At that time, which was data, which now is obviously 291 00:15:59,800 --> 00:16:02,960 Speaker 11: very evident right the way through soccer and football. But 292 00:16:03,320 --> 00:16:05,560 Speaker 11: I did that on my own by buying the local 293 00:16:05,600 --> 00:16:08,800 Speaker 11: newspaper at the time and making my own data on 294 00:16:08,840 --> 00:16:12,880 Speaker 11: the games, and waiting outside players lounges and waiting outside 295 00:16:12,920 --> 00:16:14,360 Speaker 11: training grounds and meeting. 296 00:16:14,240 --> 00:16:16,320 Speaker 6: Up with guys and saying, look, could I give you 297 00:16:16,360 --> 00:16:16,720 Speaker 6: a voice? 298 00:16:16,760 --> 00:16:18,400 Speaker 11: Could I go and speak to some of these clubs 299 00:16:18,400 --> 00:16:21,800 Speaker 11: on your behalf, because I think you're an undermarket product. 300 00:16:21,920 --> 00:16:25,200 Speaker 11: And I was very lucky that I got in front 301 00:16:25,200 --> 00:16:27,040 Speaker 11: of guys who had elite talent and they gave me 302 00:16:27,080 --> 00:16:29,640 Speaker 11: the opportunity and we really never looked back from there. 303 00:16:29,720 --> 00:16:32,920 Speaker 11: Since then, we've built i'd say the largest independent football 304 00:16:32,960 --> 00:16:35,520 Speaker 11: agency in the world, with a level of clients that 305 00:16:35,520 --> 00:16:39,080 Speaker 11: we've got on transfer market, the values, the number of 306 00:16:39,080 --> 00:16:42,000 Speaker 11: agents the number of transactions in the UK market. To 307 00:16:42,120 --> 00:16:45,640 Speaker 11: answer the second question, where there's a Velocity and David's 308 00:16:45,640 --> 00:16:48,720 Speaker 11: team fit into that, we are now on a journey 309 00:16:48,720 --> 00:16:52,800 Speaker 11: where we've grown the business organically. We were looking for 310 00:16:52,880 --> 00:16:56,840 Speaker 11: a partner that had the same vision really about unique 311 00:16:56,880 --> 00:16:58,960 Speaker 11: as what we did, which was, look, this is a 312 00:16:59,000 --> 00:17:02,880 Speaker 11: business that can really they've got something special. It's something 313 00:17:02,880 --> 00:17:07,119 Speaker 11: that can go into a global structure with other verticals. 314 00:17:07,200 --> 00:17:09,520 Speaker 11: And as soon as I sat down with David and 315 00:17:09,520 --> 00:17:11,960 Speaker 11: the Velocity team, it was really clear to me that 316 00:17:12,000 --> 00:17:14,960 Speaker 11: these guys just they had exactly the same vision as 317 00:17:15,000 --> 00:17:17,040 Speaker 11: I did for where we wanted to go. And I 318 00:17:17,040 --> 00:17:20,080 Speaker 11: had various approaches that I'd kind of batted off over 319 00:17:20,119 --> 00:17:25,200 Speaker 11: the eighteen years from major sport management or entertainment businesses, 320 00:17:25,520 --> 00:17:27,679 Speaker 11: and for one reason or another, we didn't. 321 00:17:27,440 --> 00:17:28,119 Speaker 6: Do those deals. 322 00:17:28,160 --> 00:17:30,360 Speaker 11: And it's obviously going to pay dividends now because we've 323 00:17:30,880 --> 00:17:33,920 Speaker 11: we've now got our same principles, but now we've got 324 00:17:33,920 --> 00:17:35,440 Speaker 11: more firepower as such. 325 00:17:35,240 --> 00:17:39,240 Speaker 6: To go into the market and look at agents like. 326 00:17:39,240 --> 00:17:42,359 Speaker 11: Myself who are independent and giving them a home and 327 00:17:42,400 --> 00:17:44,720 Speaker 11: a platform that they wouldn't have otherwise. 328 00:17:45,320 --> 00:17:47,919 Speaker 4: The needs of the business and the dynamics of the 329 00:17:47,960 --> 00:17:52,359 Speaker 4: business are intact regardless of what may be happening politically 330 00:17:53,040 --> 00:17:56,439 Speaker 4: in the US or overseas in Europe. But I wonder 331 00:17:56,920 --> 00:18:00,520 Speaker 4: how much the economic uncertainty that is really come across 332 00:18:00,520 --> 00:18:06,920 Speaker 4: over the last three four weeks has affected the negotiations 333 00:18:07,040 --> 00:18:10,520 Speaker 4: or the timing of this deal. Did that come into 334 00:18:10,520 --> 00:18:11,080 Speaker 4: play at all? 335 00:18:11,359 --> 00:18:11,679 Speaker 1: David? 336 00:18:12,119 --> 00:18:14,840 Speaker 3: Well, well, I'll turn over the question of you first 337 00:18:14,960 --> 00:18:18,200 Speaker 3: on how you view tariffs, and then I'll talk a 338 00:18:18,240 --> 00:18:19,800 Speaker 3: little bit about our perspective. 339 00:18:19,920 --> 00:18:24,040 Speaker 11: Yeah, but there's no tariffs on football, so there's but 340 00:18:24,080 --> 00:18:26,320 Speaker 11: there's a lot of uncertainty and people are nervous and 341 00:18:26,359 --> 00:18:28,679 Speaker 11: they don't want to commit to anything, right. 342 00:18:29,240 --> 00:18:33,000 Speaker 10: Yeah, Charlyn I had. That's Will's famous line. So he 343 00:18:33,200 --> 00:18:37,359 Speaker 10: was from an investment perspective. 344 00:18:37,880 --> 00:18:41,760 Speaker 3: One of the very exciting aspects of Unique is it's 345 00:18:42,080 --> 00:18:48,000 Speaker 3: incredible foundational business in the Premier League. The Premier League 346 00:18:48,000 --> 00:18:51,919 Speaker 3: by far has the largest global media rights deal and 347 00:18:52,000 --> 00:18:55,960 Speaker 3: continues to grow internationally. The value of the international media 348 00:18:56,040 --> 00:18:59,800 Speaker 3: rights deal for the Premier League is significantly larger than 349 00:18:59,840 --> 00:19:03,119 Speaker 3: all the other European football leagues put together, right, and 350 00:19:03,160 --> 00:19:07,000 Speaker 3: so irrespective of the economic environment, these are long term 351 00:19:07,040 --> 00:19:10,520 Speaker 3: meteorites deals that means clubs will have a very consistent 352 00:19:10,560 --> 00:19:15,679 Speaker 3: revenue stream, and our perspective is as capital flows in 353 00:19:15,880 --> 00:19:20,200 Speaker 3: to acquire teams and to grow their commercial operations, it's 354 00:19:20,440 --> 00:19:25,040 Speaker 3: critical to be successful on the field, and Unique is 355 00:19:25,080 --> 00:19:29,439 Speaker 3: effectively a partner to owners of professional football clubs on 356 00:19:29,640 --> 00:19:31,800 Speaker 3: putting the best players on. 357 00:19:31,800 --> 00:19:35,520 Speaker 10: The field so they can you know, succeed. So we didn't. 358 00:19:36,040 --> 00:19:39,720 Speaker 3: Obviously the economic environment is something that we're watching, you know, 359 00:19:39,760 --> 00:19:42,360 Speaker 3: as a private equity firm, but it did not have 360 00:19:42,400 --> 00:19:45,600 Speaker 3: a direct impact on you know, the final structure and 361 00:19:45,680 --> 00:19:46,520 Speaker 3: pricing of the deal. 362 00:19:46,840 --> 00:19:49,479 Speaker 12: The Premier League this transfer window, if my numbers are right, 363 00:19:49,520 --> 00:19:52,400 Speaker 12: and for our audience, three hundred and seventy million pounds 364 00:19:52,400 --> 00:19:54,320 Speaker 12: spent during the winter window, is that right? 365 00:19:54,520 --> 00:19:55,480 Speaker 7: Talk to us a little bit. 366 00:19:55,400 --> 00:19:58,600 Speaker 12: About how you approach these transfer windows, how does it work. 367 00:19:58,760 --> 00:20:01,119 Speaker 11: What we're dealing with right now is kind of the 368 00:20:01,160 --> 00:20:05,480 Speaker 11: floating period, which you'd call where clubs are looking at 369 00:20:05,920 --> 00:20:08,000 Speaker 11: who they're going to take and obviously at the moment 370 00:20:08,040 --> 00:20:12,080 Speaker 11: we're speaking to many people and finding out it's required. 371 00:20:12,119 --> 00:20:15,240 Speaker 11: We call it requirements, and there will be a requirement 372 00:20:15,280 --> 00:20:18,160 Speaker 11: which will be a certain type of profile for each 373 00:20:18,200 --> 00:20:21,080 Speaker 11: position which a club will or a manager and a 374 00:20:21,119 --> 00:20:25,000 Speaker 11: recruitment team will work out what that requirement is in 375 00:20:25,040 --> 00:20:28,720 Speaker 11: regards to what is it the general requirement of each 376 00:20:28,840 --> 00:20:31,479 Speaker 11: player in each position and what do they want from 377 00:20:31,560 --> 00:20:33,640 Speaker 11: that player, and then off the back of that, then 378 00:20:33,680 --> 00:20:36,679 Speaker 11: the names will start to move in the next few months, 379 00:20:37,320 --> 00:20:40,800 Speaker 11: and then as we get into the transfer window opening, 380 00:20:40,920 --> 00:20:44,200 Speaker 11: and then it starts to get manic because obviously clubs 381 00:20:44,200 --> 00:20:47,639 Speaker 11: go after their first targets. A lot of other clubs 382 00:20:47,640 --> 00:20:50,040 Speaker 11: are obviously on the same first target. Then a club 383 00:20:50,080 --> 00:20:52,800 Speaker 11: misses the first target, they're working on the second, and 384 00:20:52,840 --> 00:20:55,439 Speaker 11: so on, so forth. And as we move down the 385 00:20:55,480 --> 00:20:58,200 Speaker 11: transfer windown, when you get into the last week, that's 386 00:20:58,240 --> 00:21:01,960 Speaker 11: when complete bedlam and mayhem sets in, when people realize 387 00:21:02,000 --> 00:21:04,600 Speaker 11: that they're not got their fifth or sixth or even 388 00:21:04,600 --> 00:21:07,879 Speaker 11: their eighth target, and they're literally running around thinking we 389 00:21:07,920 --> 00:21:11,320 Speaker 11: need to fill positions. And that's where obviously the workload 390 00:21:11,359 --> 00:21:14,160 Speaker 11: steps up for an agent right the way through the TRANSFORDO. 391 00:21:14,480 --> 00:21:18,840 Speaker 11: But look, clubs from when I started eighteen years ago 392 00:21:18,840 --> 00:21:22,000 Speaker 11: a far more organized and they're far more efficient than 393 00:21:22,040 --> 00:21:22,960 Speaker 11: they've ever been. 394 00:21:23,600 --> 00:21:26,520 Speaker 6: At recruitment and have a bigger team, and. 395 00:21:26,720 --> 00:21:30,840 Speaker 11: They're a lot more strategic, whereas eighteen going back right 396 00:21:30,880 --> 00:21:33,800 Speaker 11: the way through, they weren't as organized, weren't as strategic, 397 00:21:34,200 --> 00:21:38,160 Speaker 11: and wouldn't have as many people in the recruitment department. 398 00:21:38,200 --> 00:21:42,280 Speaker 6: Obviously, now we've got so many different tools that have 399 00:21:42,400 --> 00:21:43,000 Speaker 6: come into the. 400 00:21:42,920 --> 00:21:45,360 Speaker 11: Game that have made it a lot more innovation. 401 00:21:45,280 --> 00:21:46,399 Speaker 6: Especially in recruitment. 402 00:21:47,520 --> 00:21:50,440 Speaker 11: It's been completely dynamic over the last four or five 403 00:21:50,520 --> 00:21:52,720 Speaker 11: years to how it used to be. The moneyball, which 404 00:21:52,760 --> 00:21:56,280 Speaker 11: you'd see, which you're probably aware of, is very evident 405 00:21:56,320 --> 00:21:57,240 Speaker 11: within the Premier League. 406 00:21:57,240 --> 00:21:58,600 Speaker 6: You know that concept. 407 00:21:58,800 --> 00:22:02,760 Speaker 12: Are you seeing greater competition for sound investments in the 408 00:22:02,760 --> 00:22:05,560 Speaker 12: space or are you able to uncover more unique sports groups? 409 00:22:05,560 --> 00:22:07,000 Speaker 12: Are there opportunities about. 410 00:22:06,880 --> 00:22:10,320 Speaker 3: There certainly are a lot of firms that are focusing 411 00:22:10,359 --> 00:22:13,159 Speaker 3: on this broader ecosystem. What we try to say is 412 00:22:13,920 --> 00:22:16,600 Speaker 3: we stick to what we do and what we know best, 413 00:22:16,640 --> 00:22:21,000 Speaker 3: which is being a very operationally focused private equity firm 414 00:22:21,440 --> 00:22:25,240 Speaker 3: and partnering with fantastic founders and management teams. And I 415 00:22:25,240 --> 00:22:27,440 Speaker 3: think the difference in a lot of the organizations that 416 00:22:28,320 --> 00:22:29,760 Speaker 3: have come on the air and that you talk to 417 00:22:29,920 --> 00:22:33,200 Speaker 3: is they're either focusing on investing in sports teams, which 418 00:22:33,200 --> 00:22:37,680 Speaker 3: we don't do. Some cases, they're just very passive minority 419 00:22:37,720 --> 00:22:40,640 Speaker 3: investors in someone else's business and we. 420 00:22:40,560 --> 00:22:41,600 Speaker 10: Don't do either of those. 421 00:22:42,040 --> 00:22:45,679 Speaker 3: We are a very active partner and that was an 422 00:22:45,720 --> 00:22:49,400 Speaker 3: important part of how Will and I organize the structure. 423 00:22:49,520 --> 00:22:50,960 Speaker 10: He didn't want us capital and. 424 00:22:51,000 --> 00:22:54,959 Speaker 2: No, we're running out of time. One source of money 425 00:22:55,560 --> 00:22:58,000 Speaker 2: is out there, and that's from Saudi Arabia. They just 426 00:22:58,160 --> 00:23:00,920 Speaker 2: recently announced that they were going to invest a lot 427 00:23:00,960 --> 00:23:03,720 Speaker 2: of money in boxing and bring it back to the 428 00:23:03,800 --> 00:23:07,960 Speaker 2: level of the old Don King era. How much of 429 00:23:08,520 --> 00:23:12,280 Speaker 2: competition is that when you're dealing with that much money 430 00:23:12,800 --> 00:23:14,600 Speaker 2: that is out there for you games. 431 00:23:14,800 --> 00:23:17,800 Speaker 11: I think Saudi, as you've seen obviously, have the World 432 00:23:17,880 --> 00:23:20,879 Speaker 11: Cup approaching in I think it's ten years. I think 433 00:23:21,480 --> 00:23:23,240 Speaker 11: if you look at what they're doing right the way 434 00:23:23,280 --> 00:23:27,200 Speaker 11: through sport, they're here to stay. They're not just going 435 00:23:27,320 --> 00:23:31,160 Speaker 11: investing in talent as far as players, they're actually investing 436 00:23:31,160 --> 00:23:37,240 Speaker 11: in infrastructure, sporting directors' CEOs and now stadium's training grounds. 437 00:23:38,040 --> 00:23:43,040 Speaker 6: They're taking it very seriously, and it's the first one 438 00:23:43,040 --> 00:23:44,760 Speaker 6: to say they're here to stay for the long term. 439 00:23:44,760 --> 00:23:45,600 Speaker 6: And it will take time. 440 00:23:45,840 --> 00:23:48,920 Speaker 11: It's going to take time in their national team to 441 00:23:50,040 --> 00:23:53,000 Speaker 11: see the changes and see the improvement. But I think 442 00:23:53,080 --> 00:23:55,840 Speaker 11: in the next five to six years you'll see how 443 00:23:55,880 --> 00:23:58,480 Speaker 11: strong the league has been. I think each year it's 444 00:23:58,480 --> 00:24:02,200 Speaker 11: going to improve and look me personally spending a lot 445 00:24:02,200 --> 00:24:04,919 Speaker 11: of time in that market. Obviously, I just broken the 446 00:24:04,960 --> 00:24:07,960 Speaker 11: deal in January which is the largest transfer deal of 447 00:24:08,040 --> 00:24:12,080 Speaker 11: John Duran from Aston Villa, who's who's a young player 448 00:24:12,080 --> 00:24:14,320 Speaker 11: at twenty one, who decided that he wanted to go 449 00:24:14,359 --> 00:24:16,720 Speaker 11: and plan right Nowo's team and drive it forward. And 450 00:24:16,960 --> 00:24:21,560 Speaker 11: I know he's enjoying it. So it shows the intent 451 00:24:23,119 --> 00:24:24,879 Speaker 11: from that of where they want to go. But I 452 00:24:24,920 --> 00:24:26,680 Speaker 11: think I don't want to get away. I want to 453 00:24:26,720 --> 00:24:28,679 Speaker 11: try and get away from that. They're not just buying 454 00:24:28,720 --> 00:24:32,320 Speaker 11: players that they are investing in infrastructure and investing in 455 00:24:32,359 --> 00:24:36,879 Speaker 11: really experienced people to drive to drive everything forward. And 456 00:24:36,880 --> 00:24:39,760 Speaker 11: I think I would say watch this space to where 457 00:24:39,800 --> 00:24:43,040 Speaker 11: it can go, and I can see it being one 458 00:24:43,080 --> 00:24:46,280 Speaker 11: of the top three top four leagues in world football. 459 00:24:46,480 --> 00:24:48,520 Speaker 6: And it's quite exciting to be. 460 00:24:48,520 --> 00:24:52,199 Speaker 11: Involved and speaking to owners and teams who are at 461 00:24:52,200 --> 00:24:55,359 Speaker 11: a stage of building and that's where obviously, from my 462 00:24:55,480 --> 00:25:00,000 Speaker 11: experience over the last eighteen years, it's been great because 463 00:25:00,080 --> 00:25:02,480 Speaker 11: we've been able to go in and advise in a 464 00:25:02,480 --> 00:25:06,560 Speaker 11: consultancy capacity in a few places of our views on 465 00:25:06,960 --> 00:25:09,920 Speaker 11: how things are in the outside world with football. 466 00:25:09,600 --> 00:25:13,080 Speaker 2: You know our thanks to both David Abrams and William 467 00:25:13,119 --> 00:25:16,479 Speaker 2: Salthouse for joining us. David is co founder and managing 468 00:25:16,520 --> 00:25:20,520 Speaker 2: partner at Velocity Capital Management and he is also former 469 00:25:20,760 --> 00:25:24,840 Speaker 2: CIO of Harris Blitzer's Sports and Entertainment and Will is 470 00:25:24,960 --> 00:25:28,920 Speaker 2: CEO at Unique Sports Group. Up next, we turned to boxing. 471 00:25:29,320 --> 00:25:31,560 Speaker 2: Big match coming up to the Big Apple next week 472 00:25:31,800 --> 00:25:35,720 Speaker 2: for my colleague Scarlett fu and Damian Sasauer. I'm Michael Barr. 473 00:25:36,000 --> 00:25:39,080 Speaker 2: Stay tuned for more of the Bloomberg Business of Sports 474 00:25:39,200 --> 00:25:41,640 Speaker 2: from Bloomberg Radio around the world. 475 00:25:47,560 --> 00:25:51,560 Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio. 476 00:25:52,600 --> 00:25:55,040 Speaker 2: Thanks for joining us on the Bloomberg Business of Sports, 477 00:25:55,040 --> 00:25:57,280 Speaker 2: where we explore the big money issues in the world 478 00:25:57,280 --> 00:26:00,000 Speaker 2: of sports. I'm Michael Barr along with my colleagues day 479 00:26:00,080 --> 00:26:04,040 Speaker 2: me In Sassaur and Vanessa Perdomo. There is a big 480 00:26:04,200 --> 00:26:08,000 Speaker 2: fight coming to the Big Apple on Friday May second. 481 00:26:08,080 --> 00:26:10,960 Speaker 2: Ryan Garcia makes a long way to return to the 482 00:26:11,040 --> 00:26:14,560 Speaker 2: ring against Raleigh Romero and here to get us excited 483 00:26:14,560 --> 00:26:17,520 Speaker 2: about the bout. See what I did there, plus do 484 00:26:17,720 --> 00:26:20,360 Speaker 2: a pulse check on the state of the world of boxing. 485 00:26:20,400 --> 00:26:25,080 Speaker 2: We welcome Totty Hernese, chairman of Matchroom Boxing. Addie, welcome 486 00:26:25,119 --> 00:26:27,000 Speaker 2: to the Bloomberg Business of Sports. 487 00:26:27,359 --> 00:26:28,479 Speaker 7: Thanks for having me. Guys. 488 00:26:28,720 --> 00:26:32,800 Speaker 2: Well, boxing it's making a big comeback, and I say 489 00:26:32,840 --> 00:26:40,000 Speaker 2: that because just recently Saudi Arabia and the boxing body 490 00:26:40,040 --> 00:26:42,720 Speaker 2: over there, they're putting a lot of money into boxing 491 00:26:42,880 --> 00:26:44,800 Speaker 2: to bring it back to the level of the Don 492 00:26:44,920 --> 00:26:48,560 Speaker 2: King era. Your thoughts about that, first she got Saudi 493 00:26:48,600 --> 00:26:52,720 Speaker 2: Arabia putting their money into it and boxing coming around, 494 00:26:53,560 --> 00:26:56,880 Speaker 2: playing big time with Muhammad Ali in the era that 495 00:26:57,200 --> 00:26:59,240 Speaker 2: I remember it very well as an old man. 496 00:26:59,560 --> 00:27:03,119 Speaker 8: Your thought, Yeah, I mean I think boxing, to be 497 00:27:03,160 --> 00:27:05,640 Speaker 8: honest with you, is it's always hot. You know, every 498 00:27:05,680 --> 00:27:09,920 Speaker 8: business is cyclical, every sport is cyclical, and for many, 499 00:27:09,960 --> 00:27:12,960 Speaker 8: many years people have talked about, you know, boxings dying, 500 00:27:13,560 --> 00:27:16,639 Speaker 8: Boxing's broke, and I think it couldn't have been further 501 00:27:16,680 --> 00:27:20,200 Speaker 8: from the truth. Globally, the sport exists with the huge 502 00:27:20,200 --> 00:27:24,160 Speaker 8: commercial presence, but of course when Saudi Arabia comes along 503 00:27:24,200 --> 00:27:26,760 Speaker 8: with ambition and a lot of money as well and 504 00:27:26,840 --> 00:27:29,760 Speaker 8: starts making some of the big fights, it lifts the 505 00:27:29,920 --> 00:27:33,040 Speaker 8: entire ecosystem of the sport of boxing globally, and we've 506 00:27:33,080 --> 00:27:36,600 Speaker 8: seen that, you know, and we've seen huge fights in 507 00:27:36,680 --> 00:27:41,040 Speaker 8: read We've seen those huge fights in America. In Britain, 508 00:27:41,280 --> 00:27:44,800 Speaker 8: you know, we had Anthony Joshua ninety five thousand fighting 509 00:27:44,880 --> 00:27:48,240 Speaker 8: Daniel Dubois last September. This weekend we have been against 510 00:27:48,320 --> 00:27:52,040 Speaker 8: U Bank sixty five thousand. I mean, boxing's red hot. 511 00:27:52,280 --> 00:27:55,240 Speaker 8: And obviously now with like you said, the influx of 512 00:27:55,280 --> 00:27:59,000 Speaker 8: the Saudi Arabia investment, there's huge opportunities for everybody. 513 00:27:59,240 --> 00:28:01,560 Speaker 12: What's dig into it, Daddy, I mean Tartanham, you know, 514 00:28:01,720 --> 00:28:03,800 Speaker 12: April twenty six kind of been Chris Eubank and then 515 00:28:03,800 --> 00:28:06,800 Speaker 12: I think in New York City Michael Barmy second, Ryan 516 00:28:06,840 --> 00:28:09,480 Speaker 12: Garcia against Riley Romero. I mean talked us a little 517 00:28:09,480 --> 00:28:11,879 Speaker 12: bit some of these matchups. I mean, it is peak primetime. 518 00:28:11,920 --> 00:28:14,680 Speaker 8: Here is it night, Eddie, Yeah, I mean it's really 519 00:28:14,680 --> 00:28:17,280 Speaker 8: interesting the difference of the dynamics of the event. So 520 00:28:17,480 --> 00:28:20,760 Speaker 8: next weekend's a wild one. On Friday night, there's a 521 00:28:20,840 --> 00:28:24,359 Speaker 8: Ring Magazine event in New York. Now it's not a 522 00:28:24,440 --> 00:28:27,640 Speaker 8: Madison Square Garden, it's not the Barkley Center. It's in 523 00:28:27,800 --> 00:28:32,240 Speaker 8: the middle of Times Square. Get Out only with a 524 00:28:32,240 --> 00:28:35,800 Speaker 8: couple one hundred people, you know, Ring Magazine, Turkula, Shape. 525 00:28:35,600 --> 00:28:36,880 Speaker 7: Match Room, Golden Boy. 526 00:28:36,920 --> 00:28:40,720 Speaker 8: We are shutting down Times Square for this kind of 527 00:28:40,880 --> 00:28:45,520 Speaker 8: historic one off event that features Ryan Garcia against Rody Romero, 528 00:28:45,960 --> 00:28:50,000 Speaker 8: Devin Hainey against Ramirez, and tier Fimo Lopez against Barbosa, 529 00:28:50,360 --> 00:28:53,400 Speaker 8: kind of all of these real big young stars of 530 00:28:53,440 --> 00:28:56,800 Speaker 8: the sport. And if that wasn't enough, twenty four hours later, 531 00:28:57,320 --> 00:29:00,080 Speaker 8: Canelo Alvarez will fight for the first time in We 532 00:29:00,120 --> 00:29:04,640 Speaker 8: had Snaudi Arabia on the Saturday night early Sunday morning 533 00:29:04,640 --> 00:29:07,400 Speaker 8: and really had prime time for the American audience on 534 00:29:07,480 --> 00:29:08,200 Speaker 8: Cinco de Mayo. 535 00:29:08,360 --> 00:29:12,720 Speaker 7: So it just bonkers. The whole thing is bonkers and bizarre. 536 00:29:12,720 --> 00:29:15,920 Speaker 8: But boxing right now, in boxing's really you know, rocketed 537 00:29:15,960 --> 00:29:19,560 Speaker 8: over MMA in my opinion, in the last twelve months, 538 00:29:20,080 --> 00:29:22,200 Speaker 8: and it's just NonStop every single week. 539 00:29:22,640 --> 00:29:24,680 Speaker 9: That is somewhat of a heart take, But I feel 540 00:29:24,680 --> 00:29:27,040 Speaker 9: like you did lay out some really good groundwork to 541 00:29:27,560 --> 00:29:29,200 Speaker 9: prove your point there. I want to talk a little 542 00:29:29,200 --> 00:29:31,720 Speaker 9: bit more about Ryan Garcia. You know, this is you know, 543 00:29:31,800 --> 00:29:34,480 Speaker 9: his first fight back after being suspended, and really he 544 00:29:34,720 --> 00:29:38,040 Speaker 9: was America's biggest or one of, you know, the biggest 545 00:29:38,360 --> 00:29:41,560 Speaker 9: top stars in boxing. Before that all happened, you really 546 00:29:41,600 --> 00:29:43,680 Speaker 9: made a name for himself on social media and things 547 00:29:43,720 --> 00:29:45,760 Speaker 9: like that. So do you think like him having a 548 00:29:45,800 --> 00:29:48,160 Speaker 9: comeback is great for the sport of boxing or is 549 00:29:48,200 --> 00:29:51,280 Speaker 9: it really a personal journey to get him back up top. 550 00:29:52,440 --> 00:29:54,640 Speaker 8: Yeah, I mean I think that obviously, everything that happened 551 00:29:54,680 --> 00:29:57,040 Speaker 8: to him, he made mistakes, and you know, I think 552 00:29:57,120 --> 00:30:01,120 Speaker 8: psychologically he you know, had pretty much I think some 553 00:30:01,240 --> 00:30:03,760 Speaker 8: kind of mental and emotional breakdown en route. You know, 554 00:30:03,800 --> 00:30:07,040 Speaker 8: you saw his antics across social media, which is wild 555 00:30:07,120 --> 00:30:09,800 Speaker 8: really and it was sad to watch, you know, such 556 00:30:09,840 --> 00:30:13,280 Speaker 8: a great young fighter and personality and a great looking 557 00:30:13,360 --> 00:30:17,720 Speaker 8: kid just kind of unfold and unravel on social media 558 00:30:17,760 --> 00:30:19,840 Speaker 8: in front of your eyes. So I think that it's 559 00:30:19,840 --> 00:30:21,360 Speaker 8: good to see him back in the sport. You know, 560 00:30:21,600 --> 00:30:24,760 Speaker 8: he's served his band and he's ready to return, and 561 00:30:24,760 --> 00:30:26,880 Speaker 8: he's an exciting fighter, and you know, he's the kind 562 00:30:26,920 --> 00:30:30,280 Speaker 8: of young fighter that's going to invigorate that younger audience. 563 00:30:30,320 --> 00:30:32,959 Speaker 8: And that's as is a lot of the fighters on 564 00:30:33,200 --> 00:30:34,160 Speaker 8: the Times Square show. 565 00:30:34,200 --> 00:30:35,960 Speaker 7: Next week, I want to talk. 566 00:30:35,800 --> 00:30:39,280 Speaker 2: More about Ryan Garcia and what happened to him. According 567 00:30:39,320 --> 00:30:43,640 Speaker 2: to the New York State Athletic commission he failed a 568 00:30:43,760 --> 00:30:48,440 Speaker 2: drug test, so then the fight that he was in 569 00:30:49,080 --> 00:30:54,360 Speaker 2: was ruled a no contest with HAINI. Now the thing 570 00:30:54,400 --> 00:30:57,000 Speaker 2: of it is, I wonder if the punishment was too much, 571 00:30:57,040 --> 00:30:59,840 Speaker 2: because first of all, he got suspended for a year, 572 00:31:00,520 --> 00:31:03,840 Speaker 2: and then he had to pay a ten thousand dollars fine, 573 00:31:04,240 --> 00:31:07,240 Speaker 2: and then the one point one million dollars that he 574 00:31:07,440 --> 00:31:11,240 Speaker 2: made the commission rule that was going to the promoter. 575 00:31:11,760 --> 00:31:13,400 Speaker 2: I just want to get your thoughts. I mean, it's 576 00:31:13,640 --> 00:31:19,440 Speaker 2: it's unfortunate what happened. I'm just wondering your thoughts about 577 00:31:19,800 --> 00:31:21,120 Speaker 2: the punishment in general. 578 00:31:22,000 --> 00:31:24,800 Speaker 8: Yeah, I mean, the promoters for the event were Golden Boy. 579 00:31:24,800 --> 00:31:26,760 Speaker 8: It's quite a bizarre thing for the money to go 580 00:31:26,840 --> 00:31:30,280 Speaker 8: back to the promoters. It's quite bizarre and unique. But 581 00:31:30,600 --> 00:31:32,320 Speaker 8: you know, I think in terms of the fine, we 582 00:31:32,400 --> 00:31:36,080 Speaker 8: have to really take a strict stance on performance enhancing 583 00:31:36,160 --> 00:31:38,719 Speaker 8: drugs within the sport. You know, there's always the element 584 00:31:38,800 --> 00:31:41,560 Speaker 8: of fighters that do get unlucky, and sometimes there is 585 00:31:41,640 --> 00:31:45,600 Speaker 8: cat contamination that can affect testing results. But nine times 586 00:31:45,600 --> 00:31:48,000 Speaker 8: out of ten, the fighter is generally guilty or the 587 00:31:48,040 --> 00:31:51,280 Speaker 8: team is guilty of some kind of cheating. So Ryan 588 00:31:51,600 --> 00:31:54,479 Speaker 8: protests his innocence. I guess we'll never know, But at 589 00:31:54,480 --> 00:31:56,280 Speaker 8: the same time, we have to make the sport as 590 00:31:56,320 --> 00:31:59,560 Speaker 8: clean and safe as possible. So if that crime was 591 00:31:59,600 --> 00:32:02,680 Speaker 8: in the un UK UK had the UK Anti Doping 592 00:32:02,960 --> 00:32:05,720 Speaker 8: Agency probably would have banned him a minimum of two years. 593 00:32:06,280 --> 00:32:08,240 Speaker 7: So one year I think, you. 594 00:32:08,200 --> 00:32:11,560 Speaker 8: Know, was fairly light in the respect of Ryan getting 595 00:32:11,600 --> 00:32:14,280 Speaker 8: himself right and returning to the sport. So you know, 596 00:32:14,320 --> 00:32:16,400 Speaker 8: one of the problems was he failed his drugstest the 597 00:32:16,480 --> 00:32:19,720 Speaker 8: day before the fight and on the night of the fight, 598 00:32:20,320 --> 00:32:22,320 Speaker 8: and you don't get those results back for a couple 599 00:32:22,360 --> 00:32:26,080 Speaker 8: of weeks after, so effectively he went into the fight 600 00:32:26,720 --> 00:32:30,160 Speaker 8: with those substances in his body, which of course is 601 00:32:30,200 --> 00:32:33,160 Speaker 8: an unfair advantage, it would seem, And in turn, the 602 00:32:33,200 --> 00:32:36,760 Speaker 8: New York State Athletic Commission ruled that it was a 603 00:32:36,800 --> 00:32:39,880 Speaker 8: no contest, So although Devin Haney lost on the night, 604 00:32:40,480 --> 00:32:43,800 Speaker 8: he actually remains undefeated. It is actually a wild turn 605 00:32:43,840 --> 00:32:45,760 Speaker 8: of events across the board. But I feel as though 606 00:32:45,800 --> 00:32:46,760 Speaker 8: it was handled correctly. 607 00:32:47,120 --> 00:32:47,360 Speaker 10: Andy. 608 00:32:47,440 --> 00:32:49,760 Speaker 12: I know you've been in the business like your whole life, 609 00:32:49,840 --> 00:32:51,640 Speaker 12: I mean, going back to your father, Barry Hearn, I 610 00:32:51,640 --> 00:32:54,480 Speaker 12: mean you've been the bathroom specifically since two thousand, So 611 00:32:54,800 --> 00:32:57,880 Speaker 12: promoting one fighter and losing him to another promoter. I 612 00:32:57,920 --> 00:32:59,520 Speaker 12: mean this happens all the time. And the reason I 613 00:32:59,600 --> 00:33:02,440 Speaker 12: ask is because Schakure Stevenson twenty three and Oh eleven KOs. 614 00:33:02,560 --> 00:33:03,680 Speaker 7: Is he still going to fight to Peter? 615 00:33:03,880 --> 00:33:05,760 Speaker 8: Yes, he finds a paid in July to what we're 616 00:33:05,880 --> 00:33:08,000 Speaker 8: just so you know that you fight deal with him. Okay, 617 00:33:08,160 --> 00:33:10,400 Speaker 8: he's the final fight of our deal. So again, I 618 00:33:10,440 --> 00:33:11,640 Speaker 8: hopefully it can be extended. 619 00:33:11,640 --> 00:33:12,560 Speaker 7: But so let's talk. 620 00:33:12,480 --> 00:33:13,520 Speaker 10: About Chachristie Ivenson. 621 00:33:13,600 --> 00:33:15,080 Speaker 12: I mean he's got a fight coming up in July 622 00:33:15,200 --> 00:33:17,840 Speaker 12: with Williams of Peter thirty three and Oh twenty seven KOs. 623 00:33:17,840 --> 00:33:20,920 Speaker 12: Both are undefeated, kind of risking all to face a Peter. 624 00:33:21,240 --> 00:33:22,600 Speaker 12: What are your thoughts there? I mean it's going to 625 00:33:22,680 --> 00:33:25,880 Speaker 12: be obviously an awesome fight, but if he doesn't perform, well, 626 00:33:25,920 --> 00:33:27,280 Speaker 12: I mean I'll bets are off. 627 00:33:27,320 --> 00:33:28,920 Speaker 7: No, yeah, I mean it's a great fight. 628 00:33:28,960 --> 00:33:31,720 Speaker 8: I think Shaquez Stephenson is the best lightweight in the world, 629 00:33:31,760 --> 00:33:33,760 Speaker 8: and you know he's twenty seven years of age, he's 630 00:33:33,760 --> 00:33:35,120 Speaker 8: a three division world champion. 631 00:33:35,560 --> 00:33:37,880 Speaker 7: But more importantly, he's in a great fight with Zapaida. 632 00:33:37,880 --> 00:33:40,440 Speaker 8: It will be another Ring Magazine card in New York 633 00:33:40,520 --> 00:33:42,960 Speaker 8: on July twelfth, and I think he's a perfect fight 634 00:33:43,000 --> 00:33:45,200 Speaker 8: for Shakur to really make a statement and then I think, 635 00:33:45,240 --> 00:33:49,600 Speaker 8: go on and fight Sorry, Javonta Davis. I think that's 636 00:33:49,640 --> 00:33:52,360 Speaker 8: one of the best fights in American boxing. But certainly 637 00:33:52,360 --> 00:33:55,080 Speaker 8: he's a paider, a tough opponent, a dangerous opponent, and 638 00:33:55,120 --> 00:33:57,560 Speaker 8: it'll be part of a huge night on July twelfth. 639 00:33:58,000 --> 00:33:59,400 Speaker 9: So one of the other things, you know, I want 640 00:33:59,440 --> 00:34:01,440 Speaker 9: to talk about you you got to it a little bit, 641 00:34:01,560 --> 00:34:04,320 Speaker 9: you know, when we were talking about having the fight 642 00:34:04,400 --> 00:34:07,520 Speaker 9: in Times Square, and you know, all of that excitement 643 00:34:07,560 --> 00:34:09,880 Speaker 9: sounds really incredible. A lot of the fights who have 644 00:34:10,000 --> 00:34:13,480 Speaker 9: coming up our New York, London and places like that, 645 00:34:13,640 --> 00:34:17,360 Speaker 9: and it doesn't seem like Saudi Arabia is on the 646 00:34:17,400 --> 00:34:20,239 Speaker 9: map as of right now. And a couple of your 647 00:34:20,360 --> 00:34:22,800 Speaker 9: more recent fights. Talk to me a little bit about 648 00:34:22,840 --> 00:34:25,879 Speaker 9: spreading the love between other places other than just having 649 00:34:25,920 --> 00:34:28,040 Speaker 9: every fight in Vegas and Saudi Arabia. 650 00:34:28,160 --> 00:34:31,600 Speaker 8: Yeah, I mean, I think we're the only global promotional 651 00:34:31,600 --> 00:34:34,360 Speaker 8: company in the world. So we stage over thirty of 652 00:34:34,520 --> 00:34:37,640 Speaker 8: enty year globally. So we just had a show in Sydney, 653 00:34:38,239 --> 00:34:41,640 Speaker 8: we had a show in Quebec, in Canada, we had 654 00:34:41,680 --> 00:34:45,600 Speaker 8: a show in Mexico recently, We're in Atlantic City last week, 655 00:34:45,640 --> 00:34:48,479 Speaker 8: We're in London this week, so we're all over the world. 656 00:34:48,800 --> 00:34:51,440 Speaker 7: In terms of the Middle East, it's quite cyclical. 657 00:34:52,200 --> 00:34:56,800 Speaker 8: Read Season happens between October and March. Obviously, the weather 658 00:34:56,880 --> 00:34:59,839 Speaker 8: is a lot kinder to the fans during that per 659 00:35:00,080 --> 00:35:03,640 Speaker 8: it as well, so it's reasonably quiet throughout those summer months. 660 00:35:03,800 --> 00:35:06,840 Speaker 8: And then as we approach I mean, Canelo Alvoriz fights 661 00:35:06,840 --> 00:35:10,480 Speaker 8: in Read next weekend, and then after that we'll be 662 00:35:10,520 --> 00:35:13,000 Speaker 8: back in Read in October for the start of what 663 00:35:13,040 --> 00:35:15,160 Speaker 8: they call read Season, which is kind of like their 664 00:35:15,160 --> 00:35:20,719 Speaker 8: big commercial calendar for major sporting, music, arts events. And yeah, 665 00:35:21,040 --> 00:35:23,040 Speaker 8: our big focus at Matrim is, like I said, just 666 00:35:23,040 --> 00:35:26,040 Speaker 8: to be that number one global promotional company. All other 667 00:35:26,080 --> 00:35:28,600 Speaker 8: promotional companies just kind of tend to operate in their 668 00:35:28,640 --> 00:35:31,520 Speaker 8: respective markets, but we do it week in week out 669 00:35:31,560 --> 00:35:32,200 Speaker 8: all over the world. 670 00:35:32,280 --> 00:35:34,960 Speaker 12: Pronessa, can you imagine Eddie's travel schedule. I mean, this 671 00:35:35,040 --> 00:35:39,640 Speaker 12: is just bunkers, I know, And I mean you're bouncing 672 00:35:39,719 --> 00:35:41,879 Speaker 12: from times onto time zone and it's not just any 673 00:35:41,880 --> 00:35:43,920 Speaker 12: times on These are like ten hour flips, you know. 674 00:35:44,000 --> 00:35:45,960 Speaker 10: So it's like we where you are exactly. 675 00:35:46,400 --> 00:35:48,279 Speaker 12: So last question I have for you, Eddie. I mean, look, 676 00:35:48,320 --> 00:35:50,880 Speaker 12: you know the sport of boxing, right obviously, MMA, the 677 00:35:50,960 --> 00:35:53,640 Speaker 12: influence all of that good stuff, you know, talk to 678 00:35:53,719 --> 00:35:55,319 Speaker 12: us a little bit about it, you know. I mean, 679 00:35:55,360 --> 00:35:57,600 Speaker 12: do you still see it as you know, a benefit 680 00:35:57,640 --> 00:35:59,960 Speaker 12: to the sport. Do you see those two sports coming together? 681 00:36:00,440 --> 00:36:02,400 Speaker 12: And also if you could just tell you know just 682 00:36:02,719 --> 00:36:05,440 Speaker 12: a little you know, you know Michael Barry, he likes 683 00:36:05,480 --> 00:36:07,200 Speaker 12: to gamble on sports, and you know he's kind of 684 00:36:07,200 --> 00:36:09,759 Speaker 12: looking for you. He's just curious. You know, he got 685 00:36:09,800 --> 00:36:10,799 Speaker 12: some bouts coming up. 686 00:36:10,840 --> 00:36:11,920 Speaker 10: You know, what do you like here? 687 00:36:11,960 --> 00:36:12,520 Speaker 7: What's going on? 688 00:36:12,920 --> 00:36:15,920 Speaker 2: Boots on the ground, boots on the ground. What if 689 00:36:15,920 --> 00:36:16,480 Speaker 2: I do here? 690 00:36:16,800 --> 00:36:19,400 Speaker 8: Yeah, I think, like I said earlier, all sports is cyclical, 691 00:36:19,440 --> 00:36:21,840 Speaker 8: and I think this is a very hot period for boxing. 692 00:36:22,239 --> 00:36:23,680 Speaker 7: MMA has been hot for years. 693 00:36:23,800 --> 00:36:26,680 Speaker 8: UFC is a fantastic business, But right now I think 694 00:36:26,680 --> 00:36:29,440 Speaker 8: they're lacking star power if I'm honest, and you know 695 00:36:29,520 --> 00:36:32,560 Speaker 8: the time of keabeeb and you know, Connin McGregor and 696 00:36:32,600 --> 00:36:35,360 Speaker 8: these kind of standout big names, I think they're just 697 00:36:35,360 --> 00:36:37,640 Speaker 8: going through a little bit of a you know, maybe 698 00:36:37,680 --> 00:36:40,200 Speaker 8: a little bit of a development period for those younger 699 00:36:40,200 --> 00:36:42,799 Speaker 8: fighters coming through, And in the meantime, it seems like 700 00:36:42,880 --> 00:36:46,440 Speaker 8: all the narrative for fight sports and digital conversations seems 701 00:36:46,440 --> 00:36:49,440 Speaker 8: to be around boxing, which is a nice change, you know. 702 00:36:49,560 --> 00:36:52,239 Speaker 8: And I'm sure MMA will be back, but right now 703 00:36:52,239 --> 00:36:54,480 Speaker 8: I think boxing is hotter than ever and it seems 704 00:36:54,480 --> 00:36:57,120 Speaker 8: to be controlling a lot of those conversations, you know, 705 00:36:57,160 --> 00:37:01,080 Speaker 8: between sports rights holders executives, but more important online And 706 00:37:01,120 --> 00:37:03,600 Speaker 8: as I said, those digital conversations. 707 00:37:04,200 --> 00:37:13,960 Speaker 2: Could Garcia win a match room top fighter Jared boots innis. 708 00:37:13,719 --> 00:37:16,479 Speaker 8: For me, Jaron Boots andys he's kind of our number 709 00:37:16,520 --> 00:37:19,239 Speaker 8: one fighter in America. I think he's a pound for 710 00:37:19,320 --> 00:37:22,200 Speaker 8: pound great fighter. I think he's a future pound for 711 00:37:22,320 --> 00:37:28,080 Speaker 8: pound star. And Brian Garcier is exciting, you know. He's 712 00:37:28,520 --> 00:37:31,480 Speaker 8: he's temperamental, he's a little bit out there sometimes, but 713 00:37:31,520 --> 00:37:34,279 Speaker 8: he's dangerous, he's fast, he's dangerous, and he's great to 714 00:37:34,320 --> 00:37:37,120 Speaker 8: watch as well. So I think Jaron Ennis against Ryan Garcia, 715 00:37:37,680 --> 00:37:39,759 Speaker 8: he's actually a fight that could be one of the 716 00:37:39,800 --> 00:37:41,000 Speaker 8: biggest in American boxing. 717 00:37:41,200 --> 00:37:45,279 Speaker 2: Well, let's hope. I've got money itching in my pocket, man. 718 00:37:45,600 --> 00:37:47,400 Speaker 7: I mean, thank you, thank. 719 00:37:47,239 --> 00:37:51,239 Speaker 2: You, thank you, Eddie hearn See, I'm giving up all 720 00:37:51,280 --> 00:37:54,360 Speaker 2: my Secrets, chairman of Matt Room Boxing. Thank you again, sir. 721 00:37:54,239 --> 00:37:56,880 Speaker 7: Thank you guys, Hey, thank you for joining us. 722 00:37:57,120 --> 00:38:00,919 Speaker 2: For my colleagues Damien Sassaur, Vanessa Brodomo and Fou, I'm 723 00:38:00,920 --> 00:38:04,280 Speaker 2: Michael Barr. Make sure to subscribe to The Bloomberg Business 724 00:38:04,280 --> 00:38:07,520 Speaker 2: of Sports podcasts. Find it down on Apple, Spotify and 725 00:38:07,560 --> 00:38:11,279 Speaker 2: all your favorite podcast platforms. Tune in again next week 726 00:38:11,320 --> 00:38:13,880 Speaker 2: for the latest on the stories moving big money in 727 00:38:13,920 --> 00:38:17,360 Speaker 2: the world of sports. You're listening to The Bloomberg Business 728 00:38:17,360 --> 00:38:20,440 Speaker 2: of Sports from Bloomberg Radio around the world.