1 00:00:00,280 --> 00:00:03,760 Speaker 1: This is the business of sports. Should Major League Baseball 2 00:00:04,000 --> 00:00:06,840 Speaker 1: shorten up the season? How do we present football to 3 00:00:06,920 --> 00:00:08,920 Speaker 1: the audience of the future. I don't think that most 4 00:00:08,920 --> 00:00:12,040 Speaker 1: players understand the power that they have. Michael. The future 5 00:00:12,080 --> 00:00:15,920 Speaker 1: of IndyCar racing is looking bright. Scott Sashnik, very basic 6 00:00:15,960 --> 00:00:18,959 Speaker 1: math here, more bidders means more money. Evan Nobody Williams. 7 00:00:18,960 --> 00:00:22,079 Speaker 1: The team value has essentially quadruples. And the leaders in 8 00:00:22,120 --> 00:00:25,480 Speaker 1: the sports industry time to bring in our guest, al Stanbrunner, 9 00:00:25,600 --> 00:00:29,320 Speaker 1: National Hockey League Commissioner Gary Betman, Atlanta Braves President Derek Schiller, 10 00:00:29,400 --> 00:00:34,839 Speaker 1: Patriots President Jonathan Kraft. Bloomberg Business of Sports from Bloomberg Radio. Hello, 11 00:00:34,880 --> 00:00:37,919 Speaker 1: I'm Michael barn I'm Evan Nobody Williams, and I'm Scott Sashnik. 12 00:00:38,040 --> 00:00:40,400 Speaker 1: Every week at this time, plus Mondays and Wednesdays, we 13 00:00:40,440 --> 00:00:42,919 Speaker 1: explore the big money issues in the world of sports. 14 00:00:43,320 --> 00:00:45,960 Speaker 1: This week we talked with Colin Neville, managing director and 15 00:00:46,040 --> 00:00:49,280 Speaker 1: sports dealmaker at the Rain Group. The conversation has shifted 16 00:00:49,320 --> 00:00:52,240 Speaker 1: a little bit to how else can you monetize It's 17 00:00:52,280 --> 00:00:54,880 Speaker 1: not just the product on the field, and you know, 18 00:00:54,920 --> 00:00:56,960 Speaker 1: the next media rights deal. There's a lot of interesting 19 00:00:57,040 --> 00:00:59,480 Speaker 1: things happening. Well, I have more of our interview with 20 00:00:59,680 --> 00:01:02,600 Speaker 1: rain colin Neville in a few minutes, but first, let's 21 00:01:02,680 --> 00:01:05,560 Speaker 1: look at the top stories of the week. And let's 22 00:01:05,560 --> 00:01:08,640 Speaker 1: start with the president and CEO of a m B 23 00:01:08,840 --> 00:01:12,000 Speaker 1: group we talked about there. By the way, she add 24 00:01:12,000 --> 00:01:15,520 Speaker 1: they're hosting the Super Bowl at the Mercedes Men Stadium 25 00:01:15,520 --> 00:01:19,160 Speaker 1: in Atlanta, Georgia, and they're saying, look, if you're worried 26 00:01:19,200 --> 00:01:23,160 Speaker 1: about this shutdown that's going on, everything is going to 27 00:01:23,200 --> 00:01:26,760 Speaker 1: be fine. CEO Steve Kennet had this to say on 28 00:01:26,800 --> 00:01:29,520 Speaker 1: the government shutdown. Take a listen. We are not concerned 29 00:01:29,520 --> 00:01:32,080 Speaker 1: about the government shutdown. We've been assured from Atlanta Police 30 00:01:32,120 --> 00:01:35,080 Speaker 1: Department and the and the planning group, the host committee 31 00:01:35,080 --> 00:01:36,880 Speaker 1: that we've got the resources on the ground to pull 32 00:01:36,959 --> 00:01:40,560 Speaker 1: this off. We're very excited about bringing the hundreds of 33 00:01:40,560 --> 00:01:43,000 Speaker 1: thousands of people into town, and we're gonna do it 34 00:01:43,200 --> 00:01:45,399 Speaker 1: very safely. So what do you think, guys, I'm going 35 00:01:45,480 --> 00:01:47,360 Speaker 1: to be problem I told you I just came back 36 00:01:47,400 --> 00:01:53,360 Speaker 1: from Buffalo. Multiple flights canceled because of the air traffic controllers. 37 00:01:53,400 --> 00:01:56,960 Speaker 1: I would be concerned. You wonder, are folks not going 38 00:01:57,040 --> 00:01:59,680 Speaker 1: to show up for work? Are they will there be 39 00:02:00,000 --> 00:02:03,560 Speaker 1: sort of a sick out. How are they making sure 40 00:02:03,720 --> 00:02:07,120 Speaker 1: that the air traffic controllers show up? Atlanta is hard 41 00:02:07,160 --> 00:02:09,799 Speaker 1: to get out of anyway. My favorite part is, um, 42 00:02:09,880 --> 00:02:11,919 Speaker 1: we were talking about it in the office. If you've 43 00:02:11,919 --> 00:02:14,359 Speaker 1: ever tried to leave a major event in Atlanta, such 44 00:02:14,400 --> 00:02:16,000 Speaker 1: as I did with the NBA All Star Game all 45 00:02:16,040 --> 00:02:19,000 Speaker 1: those years ago, good luck. It takes a long time. 46 00:02:19,240 --> 00:02:22,320 Speaker 1: Well guess what. I guess they're aware of that because 47 00:02:22,360 --> 00:02:26,080 Speaker 1: they're opening the T s A lines at the airport 48 00:02:26,160 --> 00:02:29,600 Speaker 1: Atlanta like the day after the super Bowl at three am. 49 00:02:29,639 --> 00:02:33,040 Speaker 1: So somebody has an inkling that maybe this won't go 50 00:02:33,080 --> 00:02:36,519 Speaker 1: as smoothly as planned, so they better make some other plans. Yeah, 51 00:02:36,520 --> 00:02:39,320 Speaker 1: I mean outside of the travel. We just heard Steve 52 00:02:39,400 --> 00:02:42,480 Speaker 1: Cannon talking about the security, which has been a question 53 00:02:42,520 --> 00:02:45,000 Speaker 1: kind of floating out there for the past couple of weeks. 54 00:02:45,000 --> 00:02:47,680 Speaker 1: There were some people that incorrectly reported that the Super 55 00:02:47,720 --> 00:02:49,600 Speaker 1: Bowl is an n S S E event, which would 56 00:02:49,680 --> 00:02:52,040 Speaker 1: put it on on par with the with the State 57 00:02:52,080 --> 00:02:54,399 Speaker 1: of the Union address from a security standpoint, what state 58 00:02:54,400 --> 00:02:56,080 Speaker 1: of the Union? And we we know the State of 59 00:02:56,080 --> 00:02:59,079 Speaker 1: the Union may not be happening. The super Bowl is 60 00:02:59,080 --> 00:03:01,119 Speaker 1: actually one tier bo know that it's it's what's called 61 00:03:01,120 --> 00:03:04,239 Speaker 1: a seer one event. But in talking to folks part 62 00:03:04,240 --> 00:03:06,720 Speaker 1: of the planning committee, part of the host committee, it 63 00:03:06,880 --> 00:03:09,160 Speaker 1: is clear that the work that they've done with the FBI, 64 00:03:09,240 --> 00:03:12,440 Speaker 1: with Homeland Security, with with a handful of other national 65 00:03:12,520 --> 00:03:15,960 Speaker 1: law enforcement agents, that's all been done way ahead of time. 66 00:03:16,200 --> 00:03:20,120 Speaker 1: The shutdown itself is not going to affect the resources 67 00:03:20,160 --> 00:03:23,120 Speaker 1: that they've already set aside um that they already have 68 00:03:23,240 --> 00:03:26,560 Speaker 1: in place right now to secure the safeties. Let's talk 69 00:03:26,560 --> 00:03:32,000 Speaker 1: about Joe Montana. The greatest Super Bowl win that I 70 00:03:32,080 --> 00:03:35,440 Speaker 1: remember is Joe Montana and I only have to go 71 00:03:35,480 --> 00:03:38,360 Speaker 1: into it, but it was excellent and he's one of 72 00:03:38,400 --> 00:03:41,520 Speaker 1: the best quarterbacks ever to play the game. Uh, he's 73 00:03:41,520 --> 00:03:44,080 Speaker 1: doing weed. Now, Well, we don't know if he's doing 74 00:03:44,200 --> 00:03:47,520 Speaker 1: We know he's investing. That's what I'm saying. It's you 75 00:03:47,560 --> 00:03:50,000 Speaker 1: say he's doing We didn't mean it. Well, I'm sorry, 76 00:03:50,000 --> 00:03:52,080 Speaker 1: you're right, I'm sorry, Joe. I didn't mean it like that. 77 00:03:52,320 --> 00:03:57,000 Speaker 1: He's investing in weed? Yeah, well why not. You think 78 00:03:57,000 --> 00:04:00,440 Speaker 1: it's a profitable business these days? Right? Well, yeah, I 79 00:04:00,440 --> 00:04:03,280 Speaker 1: mean it's by the way, some specifics it is. Uh, 80 00:04:03,360 --> 00:04:08,640 Speaker 1: it's a caliber and which is out of California. It's 81 00:04:08,720 --> 00:04:11,520 Speaker 1: one of the top selling brands of marijuana products in 82 00:04:11,600 --> 00:04:17,080 Speaker 1: the States legal market. And a former Yahoo CEO, Carol Barts, 83 00:04:17,320 --> 00:04:19,960 Speaker 1: she also put some money into this well. Joe was 84 00:04:20,000 --> 00:04:23,800 Speaker 1: at the Bloomberg Athlete VC and Tech Summit in San 85 00:04:23,839 --> 00:04:26,280 Speaker 1: Francisco not long ago. He's been to both of them 86 00:04:26,320 --> 00:04:29,400 Speaker 1: so far, the inaugural and the first annual. He's into 87 00:04:29,400 --> 00:04:32,360 Speaker 1: a lot of things, uh to to listen to Joe's 88 00:04:32,400 --> 00:04:36,920 Speaker 1: investment strategy and the folks he works. He loves the 89 00:04:36,920 --> 00:04:41,400 Speaker 1: plush memory phone. Yeah, but Joe has a plan, uh 90 00:04:41,440 --> 00:04:45,000 Speaker 1: and he actually has obviously had a platform. He's got 91 00:04:45,000 --> 00:04:47,320 Speaker 1: a big name. He took advantage of it. He's obviously 92 00:04:47,360 --> 00:04:50,160 Speaker 1: not not the first and and won't be the last 93 00:04:50,320 --> 00:04:54,240 Speaker 1: celebrity or athlete, endorser or investor that is going to 94 00:04:54,320 --> 00:04:57,760 Speaker 1: get get into the weed industry. Certainly in an interest 95 00:04:57,839 --> 00:04:59,839 Speaker 1: interesting time right there. There's there's a lot of different 96 00:04:59,839 --> 00:05:01,600 Speaker 1: way is to spread your money into what is a 97 00:05:01,720 --> 00:05:04,400 Speaker 1: very nason industry. You can go kind of towards the 98 00:05:04,760 --> 00:05:08,039 Speaker 1: retail consumer product route. You can go towards the the 99 00:05:08,120 --> 00:05:11,680 Speaker 1: growth and cultivation route. I believe this company is more 100 00:05:11,720 --> 00:05:14,200 Speaker 1: of the ladder um. But yeah, we'll see. There's a 101 00:05:14,279 --> 00:05:16,480 Speaker 1: chance that this is uh, this will be a high 102 00:05:16,480 --> 00:05:20,240 Speaker 1: net worth investment for John Montana. The New York Liberty 103 00:05:20,520 --> 00:05:25,040 Speaker 1: uh W NBA team a new owner. Yeah, Josiah took 104 00:05:25,080 --> 00:05:31,839 Speaker 1: over from MSG a number of teams, the NBA teams. 105 00:05:31,839 --> 00:05:34,600 Speaker 1: The original owners who were part of the NBA w 106 00:05:34,720 --> 00:05:37,120 Speaker 1: n B at the start had been looking to exit 107 00:05:37,160 --> 00:05:40,520 Speaker 1: because it is not the most profitable a ventures. Josiah 108 00:05:40,600 --> 00:05:44,480 Speaker 1: is building a nice little portfolio of sports franchises. Has 109 00:05:45,480 --> 00:05:50,240 Speaker 1: the Brooklyn Nets probably taking over a greader percentage a 110 00:05:50,279 --> 00:05:53,560 Speaker 1: majority control pretty darn soon. He bottled across team in 111 00:05:53,600 --> 00:05:56,880 Speaker 1: San Diego. He believes in sport, the power of sport, 112 00:05:57,400 --> 00:05:59,440 Speaker 1: So it remains to be seen. This team is now 113 00:05:59,440 --> 00:06:01,800 Speaker 1: playing in west Chester. The attendance is not very good, 114 00:06:01,839 --> 00:06:05,560 Speaker 1: the team is not very good. What do you do 115 00:06:06,000 --> 00:06:09,880 Speaker 1: with the asset? I'm not sure. Let's see what Joe 116 00:06:10,000 --> 00:06:13,200 Speaker 1: has planned. It certainly can be a community play, as 117 00:06:13,240 --> 00:06:15,599 Speaker 1: ted Leonsis likes to do. It can be a testing 118 00:06:15,600 --> 00:06:19,039 Speaker 1: ground for all things technology rather than do it with 119 00:06:19,040 --> 00:06:21,159 Speaker 1: the big league club, the major sports club at the start. 120 00:06:21,440 --> 00:06:25,040 Speaker 1: You can test things there, So I'm assuming they will 121 00:06:25,120 --> 00:06:28,719 Speaker 1: do more. Joe will do more with the Liberty than 122 00:06:29,040 --> 00:06:32,920 Speaker 1: MSG had been doing because it had been an anchor 123 00:06:33,000 --> 00:06:35,520 Speaker 1: more than anything else. Now let's get to this week's 124 00:06:35,520 --> 00:06:39,760 Speaker 1: interview with Colin Nevile, Managing director at Rain. Colin, thank 125 00:06:39,800 --> 00:06:42,159 Speaker 1: you very much for joining us in studio. Thanks for 126 00:06:42,200 --> 00:06:43,720 Speaker 1: having me. So what do you like out there? What 127 00:06:43,839 --> 00:06:46,599 Speaker 1: you see business of sport? I'm giving you a full spectrum. Wow, 128 00:06:46,720 --> 00:06:49,839 Speaker 1: what's interesting. Look, there's a lot that's interesting, and I 129 00:06:49,880 --> 00:06:53,200 Speaker 1: think we're in a moment in time when you think 130 00:06:53,240 --> 00:06:57,200 Speaker 1: back over the last I'm generalizing, but fifteen to twenty years, 131 00:06:57,720 --> 00:07:02,039 Speaker 1: sports business has been relatively status quo. Right. It's you've 132 00:07:02,080 --> 00:07:06,960 Speaker 1: got four main revenue streams for the big sports, sponsorship, media, ticketing, 133 00:07:07,440 --> 00:07:11,320 Speaker 1: and merch and for a large part that's grown nicely. 134 00:07:11,720 --> 00:07:14,360 Speaker 1: You know, contracts have gotten bigger. Now you're at a 135 00:07:14,360 --> 00:07:16,920 Speaker 1: point in time over the last couple of years, given 136 00:07:16,960 --> 00:07:19,640 Speaker 1: everything that's happening in the media landscape, whether it's the 137 00:07:19,680 --> 00:07:23,760 Speaker 1: mergers of the big companies UM, whether it's uh the 138 00:07:23,800 --> 00:07:27,720 Speaker 1: emergence of the digital platforms bidding on sports rights, whether 139 00:07:27,760 --> 00:07:33,360 Speaker 1: it's the online gambling becoming a major trend, you know 140 00:07:33,440 --> 00:07:36,720 Speaker 1: e sports, All these ancillary businesses around sports. I think 141 00:07:37,320 --> 00:07:40,240 Speaker 1: the conversation has shifted a little bit too. How else 142 00:07:40,280 --> 00:07:43,680 Speaker 1: can you monetize It's not just the product on the field, 143 00:07:43,800 --> 00:07:45,800 Speaker 1: and you know, the next media rights deal. There's a 144 00:07:45,800 --> 00:07:49,040 Speaker 1: lot of interesting things happening. So what do folks who 145 00:07:49,080 --> 00:07:52,240 Speaker 1: are seeking your advice want to know? Are these folks 146 00:07:52,240 --> 00:07:56,880 Speaker 1: who they know sports business? Some are newbies to sports business, 147 00:07:56,920 --> 00:07:59,560 Speaker 1: they don't really get it. What is it first and 148 00:07:59,640 --> 00:08:02,880 Speaker 1: formal that they want to know from you? I mean 149 00:08:02,880 --> 00:08:05,240 Speaker 1: it's a combination. You know, we work with people that 150 00:08:05,560 --> 00:08:08,920 Speaker 1: UM own sports rights, that are in the business UM, 151 00:08:08,960 --> 00:08:10,920 Speaker 1: and we we work with people that are either looking 152 00:08:10,920 --> 00:08:14,520 Speaker 1: to buy a team UM or acquire interest in the team. 153 00:08:14,640 --> 00:08:18,400 Speaker 1: And at times they're very versed in sports and all 154 00:08:18,440 --> 00:08:21,280 Speaker 1: the businesses that surround the team. A lot of times 155 00:08:21,280 --> 00:08:23,240 Speaker 1: they're not. So it really depends on the situation. You know, 156 00:08:23,280 --> 00:08:27,200 Speaker 1: we're involved in, frankly, things across the spectrum UM. At 157 00:08:27,280 --> 00:08:31,800 Speaker 1: RAIN we focus on sports, media, entertainment, technology, UM and 158 00:08:31,880 --> 00:08:35,520 Speaker 1: all of those trends and UH themes sort of intersect 159 00:08:35,520 --> 00:08:37,360 Speaker 1: in a lot of ways. You can't separate those things anymore. 160 00:08:37,360 --> 00:08:39,560 Speaker 1: If you're gonna own a sports team and real estate 161 00:08:39,679 --> 00:08:44,240 Speaker 1: media check, and you better figure out where the live entertainment, um, 162 00:08:44,280 --> 00:08:46,960 Speaker 1: you know, the sort of sports cities and the focus 163 00:08:47,000 --> 00:08:49,960 Speaker 1: on how do you get people to spend money and 164 00:08:50,120 --> 00:08:53,000 Speaker 1: stay at the stadium or around the stadium before and 165 00:08:53,040 --> 00:08:55,320 Speaker 1: after the game and on non game days, and all 166 00:08:55,360 --> 00:08:59,400 Speaker 1: these trends are intersecting and where we focus of our time. 167 00:08:59,520 --> 00:09:02,160 Speaker 1: Let's start with the media portion of it, because I 168 00:09:02,200 --> 00:09:04,760 Speaker 1: feel like for the fifth straight year, the changing media 169 00:09:04,840 --> 00:09:06,680 Speaker 1: landscape is the biggest story happening. But you saw the 170 00:09:06,679 --> 00:09:09,079 Speaker 1: price water House Cooper's study. This is the first year 171 00:09:09,120 --> 00:09:12,720 Speaker 1: where media will eclipse gate in terms of revenue. I mean, 172 00:09:12,800 --> 00:09:14,680 Speaker 1: media is the number one source of revenue now for 173 00:09:14,720 --> 00:09:16,960 Speaker 1: these teams in leagues. Well, that's been true for a while, 174 00:09:17,000 --> 00:09:20,240 Speaker 1: depending on what any you're looking at. I'm talking across 175 00:09:20,240 --> 00:09:23,240 Speaker 1: the entire North American platform. That finally, media is number one. 176 00:09:24,559 --> 00:09:27,680 Speaker 1: Is there a scenario in which the fractured media world 177 00:09:27,800 --> 00:09:32,600 Speaker 1: is bad for teams and leagues at the top tier 178 00:09:32,720 --> 00:09:35,439 Speaker 1: so you know you're Big four, Big five leagues, it's 179 00:09:35,440 --> 00:09:39,240 Speaker 1: a great question. Um, I think over the long term, no, 180 00:09:39,800 --> 00:09:42,960 Speaker 1: I think having more bidders for the content is ultimately 181 00:09:43,000 --> 00:09:45,600 Speaker 1: a good thing for the league's I think some of 182 00:09:45,720 --> 00:09:49,839 Speaker 1: some of what's happening now, um, whether it's pressure on 183 00:09:49,880 --> 00:09:53,040 Speaker 1: the RSN model, um, pressure that the MVP T m 184 00:09:53,120 --> 00:09:55,880 Speaker 1: v p D s are facing. Um, you may see 185 00:09:55,960 --> 00:09:58,600 Speaker 1: some hiccups. UM. But I think, look, the cream will 186 00:09:58,720 --> 00:10:01,320 Speaker 1: rise to the top always around sports. It still is 187 00:10:01,760 --> 00:10:05,160 Speaker 1: and we believe the most powerful form of content um. 188 00:10:05,360 --> 00:10:09,240 Speaker 1: And so you know, whether it's Facebook, Twitter, Amazon, the 189 00:10:09,400 --> 00:10:13,040 Speaker 1: Zone ten cent Ali baba um, I think that the 190 00:10:13,040 --> 00:10:15,400 Speaker 1: demand will always be there. Uh. And I think it's 191 00:10:15,400 --> 00:10:17,600 Speaker 1: a good thing for you know, premium sports. I think 192 00:10:17,640 --> 00:10:20,920 Speaker 1: some of the emerging sports now also have other ways 193 00:10:20,960 --> 00:10:24,640 Speaker 1: to distribute their product. You know, Historically a new sport 194 00:10:24,720 --> 00:10:27,320 Speaker 1: may may have had trouble getting carriage on you know, 195 00:10:27,400 --> 00:10:29,800 Speaker 1: linear TV, or had to pay for that carriage. And 196 00:10:29,840 --> 00:10:31,920 Speaker 1: now you're you just have more options. So you have 197 00:10:32,440 --> 00:10:34,920 Speaker 1: digital streaming platforms that are willing to take a bet 198 00:10:34,960 --> 00:10:37,160 Speaker 1: on an emerging player in the space. So I think 199 00:10:37,520 --> 00:10:41,280 Speaker 1: long term, I think competition is always good. It seems 200 00:10:41,280 --> 00:10:43,160 Speaker 1: like the best way to go. We were talking about 201 00:10:43,200 --> 00:10:46,080 Speaker 1: buying sports teams. The best way to go now if 202 00:10:46,120 --> 00:10:48,560 Speaker 1: you want to bargain is to buy a soccer team, 203 00:10:48,600 --> 00:10:51,600 Speaker 1: Because you try to buy a football team is gonna 204 00:10:51,800 --> 00:10:55,920 Speaker 1: cost you a country now, at least a soccer team 205 00:10:56,280 --> 00:10:58,400 Speaker 1: you have a chance to own a decent branch. Is 206 00:10:58,480 --> 00:11:00,520 Speaker 1: now a good time to say that he advised or 207 00:11:00,600 --> 00:11:03,880 Speaker 1: heymus and David Beckham on the Miami team in MLS 208 00:11:04,480 --> 00:11:06,880 Speaker 1: has a good time right there. Well, by the way, 209 00:11:06,920 --> 00:11:10,880 Speaker 1: it'll cost you a country overseas in some instances when 210 00:11:10,880 --> 00:11:13,199 Speaker 1: you're talking about the Premier League and some of the 211 00:11:13,200 --> 00:11:16,760 Speaker 1: biggest clubs in the world. UM. But yes, look, we've 212 00:11:16,760 --> 00:11:20,240 Speaker 1: been bullish on the MLS at Rain for a while now. Um. 213 00:11:20,280 --> 00:11:23,640 Speaker 1: The youth trends support the growth of the league. UM. 214 00:11:23,679 --> 00:11:25,880 Speaker 1: I think over the last five years you've seen a 215 00:11:25,960 --> 00:11:29,600 Speaker 1: pretty important influx of new ownership. UM. You know, the 216 00:11:29,679 --> 00:11:32,679 Speaker 1: quality of a league is often determined by the quality 217 00:11:32,720 --> 00:11:35,360 Speaker 1: and the strength of the individual owners. UM. And I 218 00:11:35,400 --> 00:11:38,280 Speaker 1: think you know we we worked with the MLS I 219 00:11:38,280 --> 00:11:41,440 Speaker 1: think in two thousand fourteen and selling the franchise rights 220 00:11:41,440 --> 00:11:46,040 Speaker 1: to n y cfc um to Manchester City. They paid 221 00:11:46,040 --> 00:11:49,040 Speaker 1: a hundred million dollars. Fast forward twenty years. People are 222 00:11:49,040 --> 00:11:51,080 Speaker 1: gonna look back on that, as you know, one of 223 00:11:51,080 --> 00:11:53,480 Speaker 1: the steels of the century to get a major sport 224 00:11:53,600 --> 00:11:56,360 Speaker 1: and the biggest media market in the world. Um, the 225 00:11:56,400 --> 00:12:00,720 Speaker 1: Miami situation was a long four year slog. Um. You know, 226 00:12:00,760 --> 00:12:03,839 Speaker 1: I think people know the story that David had UH 227 00:12:03,880 --> 00:12:06,160 Speaker 1: the option to acquire a team. It took a long 228 00:12:06,200 --> 00:12:08,040 Speaker 1: time to get that deal done because the missing link 229 00:12:08,080 --> 00:12:10,920 Speaker 1: there was local ownership, which is important to the MLS, 230 00:12:10,960 --> 00:12:13,760 Speaker 1: important to every league. And Jorge Moss and his brother 231 00:12:13,840 --> 00:12:19,160 Speaker 1: Jose provided the final push to get that deal done. Um. 232 00:12:19,200 --> 00:12:21,520 Speaker 1: You know it's not disclosed what they paid, but it's 233 00:12:21,520 --> 00:12:24,120 Speaker 1: a very good deal. I'll put it that way. Um, 234 00:12:24,160 --> 00:12:27,120 Speaker 1: and Lacoorges UH is going to do big things in Miami. 235 00:12:27,200 --> 00:12:30,240 Speaker 1: Whose idea was it for David to have the rights 236 00:12:30,280 --> 00:12:32,800 Speaker 1: to a future team? Did he say this is something 237 00:12:32,880 --> 00:12:35,400 Speaker 1: I want to do after I'm done playing, or is 238 00:12:35,440 --> 00:12:37,720 Speaker 1: that when an advisor does it. Hey, David, you're a 239 00:12:37,800 --> 00:12:41,680 Speaker 1: unique opportunity right now where MLS really needs your presence. 240 00:12:42,080 --> 00:12:47,440 Speaker 1: Let's use that. It was into the two thousand six. Um. 241 00:12:47,960 --> 00:12:50,240 Speaker 1: I wasn't around then. I was you were around, you 242 00:12:50,280 --> 00:12:54,680 Speaker 1: just were I studying for exams. Um. I think it 243 00:12:54,760 --> 00:12:57,800 Speaker 1: was a combination of of David and his business partner 244 00:12:58,040 --> 00:13:01,920 Speaker 1: Simon Fuller at the time having incredible foresight to say, 245 00:13:02,320 --> 00:13:06,040 Speaker 1: I think teams were trading for ten million dollars roughly. Um, 246 00:13:06,080 --> 00:13:08,480 Speaker 1: you know, back then in the MLS to say I 247 00:13:08,520 --> 00:13:12,120 Speaker 1: will forego you know, some salary in exchange for an 248 00:13:12,160 --> 00:13:14,839 Speaker 1: option to acquire a team. It was a pretty big 249 00:13:14,880 --> 00:13:17,719 Speaker 1: bet on the league. But David had the influence in 250 00:13:17,760 --> 00:13:20,240 Speaker 1: the impact that few people, uh you know, could have 251 00:13:20,280 --> 00:13:23,079 Speaker 1: had on the league. So worked out incredibly well for him. 252 00:13:23,360 --> 00:13:26,600 Speaker 1: You know, he's a very savvy businessman. Um. And you know, 253 00:13:26,640 --> 00:13:30,720 Speaker 1: Miami will be is a very important market for the league. 254 00:13:30,760 --> 00:13:34,360 Speaker 1: It's the it's the gateway to South America. Um. And 255 00:13:34,440 --> 00:13:35,800 Speaker 1: you know, they have a big vision. So I think 256 00:13:35,920 --> 00:13:38,000 Speaker 1: I think the league is ultimately pretty happy how it 257 00:13:38,040 --> 00:13:41,280 Speaker 1: turned out, albeit maybe a little bit longer than everyone wanted. 258 00:13:41,320 --> 00:13:44,760 Speaker 1: But um, you know, good good ending. So everyone's happy. 259 00:13:44,800 --> 00:13:47,480 Speaker 1: You're you're represented Steve Bomber. You advised Steve Bomber a 260 00:13:47,559 --> 00:13:50,440 Speaker 1: two billion dollar purchase at the time, and even with 261 00:13:50,480 --> 00:13:52,599 Speaker 1: the Dodgers, everybody was nuts. This is this is what 262 00:13:52,679 --> 00:13:55,120 Speaker 1: I laugh at. Every single person who spends more than 263 00:13:55,160 --> 00:13:59,000 Speaker 1: anybody else had before on a professional sports franchise, whether 264 00:13:59,080 --> 00:14:02,360 Speaker 1: it be n b A or NFL, they're nuts too much. 265 00:14:02,400 --> 00:14:04,080 Speaker 1: They never should have done it. Right, a lot of 266 00:14:04,080 --> 00:14:08,400 Speaker 1: head scratching. Well get easy, easily justified nowadays in hindsight, 267 00:14:08,480 --> 00:14:11,080 Speaker 1: looks like a pretty smart, a good bargain, right, Yeah, 268 00:14:11,160 --> 00:14:13,480 Speaker 1: I mean, look, beach front property, think of it as 269 00:14:13,520 --> 00:14:17,120 Speaker 1: real estate. And how often these massive you know, the 270 00:14:17,200 --> 00:14:20,480 Speaker 1: analogy is buying a building on Fifth Avenue, right, this 271 00:14:20,560 --> 00:14:23,000 Speaker 1: is this is the definition of beach front property. It's 272 00:14:23,000 --> 00:14:25,880 Speaker 1: in l A. I don't think a team, a basketball 273 00:14:25,920 --> 00:14:29,640 Speaker 1: team in l A had been sold ever. Um Steve 274 00:14:29,720 --> 00:14:33,359 Speaker 1: was motivated to own a franchise. He had looked previously 275 00:14:33,400 --> 00:14:34,920 Speaker 1: at a few others that we had helped him with, 276 00:14:35,000 --> 00:14:39,080 Speaker 1: and you know, he had the fortunate position of being 277 00:14:39,080 --> 00:14:43,720 Speaker 1: able to move really quick. Um having the cash help 278 00:14:43,800 --> 00:14:45,240 Speaker 1: to do that. Yeah, you can just write the check. 279 00:14:45,280 --> 00:14:46,960 Speaker 1: You don't need to and we're gonna get back to 280 00:14:47,000 --> 00:14:49,360 Speaker 1: wherey moss in the Marlins. Don't worry about needing the 281 00:14:49,400 --> 00:14:51,240 Speaker 1: cast and we'll we'll get back on that track. Evin. 282 00:14:51,720 --> 00:14:53,360 Speaker 1: But but on this one, yeah, I mean, he had 283 00:14:53,360 --> 00:14:55,320 Speaker 1: the cash to do it. Yeah, And it's in l A. 284 00:14:55,760 --> 00:14:59,040 Speaker 1: NBA franchise. You know, we think one of the best 285 00:14:59,320 --> 00:15:02,280 Speaker 1: investments in the world in sports is an NBA team. 286 00:15:02,280 --> 00:15:05,480 Speaker 1: It's global. I think Evan alluded to it. It represents 287 00:15:05,480 --> 00:15:08,560 Speaker 1: basketball in every country. It's it's the premium, it's what 288 00:15:08,600 --> 00:15:12,120 Speaker 1: everyone strives for. Um. You know, football or soccer doesn't 289 00:15:12,160 --> 00:15:14,760 Speaker 1: have that globally. There's a lot of fragmentation as you 290 00:15:14,800 --> 00:15:17,720 Speaker 1: as you said with different leagues throughout Europe. In the US, 291 00:15:18,360 --> 00:15:21,480 Speaker 1: this is owning, you know, franchise in one of the 292 00:15:21,480 --> 00:15:26,320 Speaker 1: biggest media markets in the world. Um. And someone that thinks, uh, 293 00:15:26,560 --> 00:15:30,120 Speaker 1: thinks outside the box. Um. And so I think yes. 294 00:15:30,160 --> 00:15:33,080 Speaker 1: At the time, people said, how could you justify two 295 00:15:33,080 --> 00:15:36,200 Speaker 1: billion dollar purchase price? It was not cheap for sure, 296 00:15:36,280 --> 00:15:39,560 Speaker 1: But in hindsight looks really good. And I think as 297 00:15:39,560 --> 00:15:41,680 Speaker 1: long as you take a long term mentality as an 298 00:15:41,720 --> 00:15:45,560 Speaker 1: owner of sports teams, you'll make your money back. He asked. 299 00:15:46,000 --> 00:15:47,600 Speaker 1: Has been the case? He asked me to beta test 300 00:15:47,720 --> 00:15:50,120 Speaker 1: his new app. I don't know if if you've seen it. 301 00:15:50,280 --> 00:15:51,920 Speaker 1: I haven't, and I've told these guys one of the 302 00:15:52,000 --> 00:15:56,080 Speaker 1: things is you watched the game on your phone, and 303 00:15:56,520 --> 00:15:58,880 Speaker 1: right above the guy's heads like a like a thought bubble, 304 00:15:59,280 --> 00:16:01,440 Speaker 1: is the shooting person image if they took the shot 305 00:16:01,480 --> 00:16:04,160 Speaker 1: from that particular spot on the floor. Yeah, is that 306 00:16:04,600 --> 00:16:07,800 Speaker 1: second spectrum? Yeah, yeah, that's one of our portfolio companies. 307 00:16:07,840 --> 00:16:09,600 Speaker 1: Look at you getting that in there. Well well done. 308 00:16:10,040 --> 00:16:13,240 Speaker 1: He's been super supportive of that business, thinking about next 309 00:16:13,280 --> 00:16:16,680 Speaker 1: gen data stats. That's what I'm getting. Steve sees he 310 00:16:16,720 --> 00:16:18,320 Speaker 1: didn't just buy a basketball and we know he likes 311 00:16:18,360 --> 00:16:20,720 Speaker 1: basketball and he likes to hoot and holler. That's great. 312 00:16:21,000 --> 00:16:24,840 Speaker 1: But Steve saw a technology play. He sees a real 313 00:16:24,960 --> 00:16:27,560 Speaker 1: estate play. He doesn't want to be Yes the Platform 314 00:16:27,560 --> 00:16:29,360 Speaker 1: Force team. He doesn't want to be a tenant and 315 00:16:29,400 --> 00:16:33,320 Speaker 1: Staples Center and get treated like the third wheel. Steve 316 00:16:33,400 --> 00:16:35,560 Speaker 1: wants ability. So it's real estate and maybe he'll do 317 00:16:35,560 --> 00:16:39,440 Speaker 1: it along with Stan Cronki in in that great thing 318 00:16:39,440 --> 00:16:40,880 Speaker 1: the building out there. I mean, not know what the 319 00:16:40,880 --> 00:16:43,000 Speaker 1: price tag is anymore, but he saw way more than 320 00:16:43,000 --> 00:16:45,960 Speaker 1: basketball or is there anybody Can you survive anymore just 321 00:16:46,080 --> 00:16:48,040 Speaker 1: wanting to own a team or do you need to 322 00:16:48,080 --> 00:16:50,560 Speaker 1: have the other ten poles? I think you can still 323 00:16:50,560 --> 00:16:54,200 Speaker 1: survive for sure. I mean these businesses, um in certain 324 00:16:54,280 --> 00:16:58,920 Speaker 1: leagues especially are essentially you know, dividend models where you're 325 00:16:59,000 --> 00:17:02,840 Speaker 1: you're generating so much cash that um it's it's you're 326 00:17:02,840 --> 00:17:06,720 Speaker 1: you're making money every years as a team owner. Um 327 00:17:06,760 --> 00:17:10,120 Speaker 1: So I think some of the more innovative forward thinking. Um, 328 00:17:10,200 --> 00:17:14,040 Speaker 1: you know the recent influx of owners that didn't inherit 329 00:17:14,080 --> 00:17:18,199 Speaker 1: teams but had built businesses outside of sports, and a 330 00:17:18,200 --> 00:17:21,520 Speaker 1: lot of guys that have made great moves in business 331 00:17:21,520 --> 00:17:25,240 Speaker 1: and private equity and investing, understand business and are thinking 332 00:17:25,440 --> 00:17:28,640 Speaker 1: sort of three dimensionally. Um, those guys are the ones 333 00:17:28,680 --> 00:17:30,520 Speaker 1: to keep your eyes on going forward because they are 334 00:17:30,560 --> 00:17:33,720 Speaker 1: give us some names that were touching Lass three and yeah, 335 00:17:34,960 --> 00:17:38,520 Speaker 1: I think what, um, what what Blitzer and Josh Harris 336 00:17:38,520 --> 00:17:41,679 Speaker 1: are doing with Scott O'Neil at the seventy six and 337 00:17:41,680 --> 00:17:44,240 Speaker 1: the Devils you know what with the sports business they're 338 00:17:44,240 --> 00:17:46,679 Speaker 1: building around it. Um, I think you look at what 339 00:17:46,720 --> 00:17:49,320 Speaker 1: the forty nine have done with Jed York and in 340 00:17:49,400 --> 00:17:53,479 Speaker 1: Algito around um, you know, the the stadium business they 341 00:17:53,480 --> 00:17:57,280 Speaker 1: owned Benu next but also elevate and uh. The sort 342 00:17:57,280 --> 00:18:00,159 Speaker 1: of innovative approach to selling sponsorships and then take love 343 00:18:00,240 --> 00:18:02,680 Speaker 1: it by the way, also includes the Harrisplitter sports in 344 00:18:02,880 --> 00:18:04,520 Speaker 1: rime and so that they're they're all getting together and 345 00:18:04,520 --> 00:18:06,680 Speaker 1: figuring out what can we do how do we utilize 346 00:18:06,720 --> 00:18:09,320 Speaker 1: all of our assets correct? And that is a trend 347 00:18:09,320 --> 00:18:12,439 Speaker 1: we're starting to see you know, throughout sports when you 348 00:18:12,520 --> 00:18:15,120 Speaker 1: have people that are thinking of sports as a business, 349 00:18:15,160 --> 00:18:18,800 Speaker 1: not just you know, a hobby, and that's that's really changed. 350 00:18:18,800 --> 00:18:21,119 Speaker 1: Ten years ago, that wasn't necessarily the case. It was 351 00:18:21,640 --> 00:18:25,040 Speaker 1: frankly a media play and um getting people in seats 352 00:18:25,040 --> 00:18:28,800 Speaker 1: and starting to understand customer data and do sensitivity on 353 00:18:28,840 --> 00:18:32,040 Speaker 1: ticket pricing and sort of tweaking things but not really 354 00:18:32,040 --> 00:18:34,400 Speaker 1: moving the needle in a big way. But remind me, Evan, 355 00:18:34,440 --> 00:18:35,760 Speaker 1: you've got to get me back to Hory Moss in 356 00:18:35,760 --> 00:18:41,080 Speaker 1: the Martins. We have to talk about that deal. But DraftKings. 357 00:18:41,200 --> 00:18:46,679 Speaker 1: It's daily fantasy. But what revenue now comes from sports betting? 358 00:18:47,200 --> 00:18:50,159 Speaker 1: I see a big pivot higher higher, Evan, He's he's 359 00:18:50,160 --> 00:18:54,080 Speaker 1: pushing me, like the prices right higher. This thing is 360 00:18:54,119 --> 00:18:57,640 Speaker 1: not going to be a daily fantasy sports company much longer. Well, 361 00:18:57,800 --> 00:19:00,040 Speaker 1: it will be. We will always have a day a 362 00:19:00,119 --> 00:19:04,120 Speaker 1: fantasy sports product. Um. You know, there there's a misconception 363 00:19:04,119 --> 00:19:07,959 Speaker 1: out there that, um, people just want to bet on 364 00:19:08,000 --> 00:19:12,080 Speaker 1: sports or or just wanna play daily fantasy. Um. You know, 365 00:19:12,119 --> 00:19:15,960 Speaker 1: we've seen an incredible crossover of players in the early 366 00:19:16,000 --> 00:19:19,359 Speaker 1: days here of having a sports gambling product of daily 367 00:19:19,400 --> 00:19:23,360 Speaker 1: fantasy players going to gambling and vice versa. Um, they're 368 00:19:23,440 --> 00:19:26,880 Speaker 1: ultimately their different experiences and you know, playing with your 369 00:19:26,920 --> 00:19:29,879 Speaker 1: friends or against your friends is very different than you know, 370 00:19:30,000 --> 00:19:35,760 Speaker 1: betting on the Saints, sorry Michael um to to win 371 00:19:35,800 --> 00:19:39,880 Speaker 1: the the NFC Championship. Um. But certainly, look when when 372 00:19:39,920 --> 00:19:43,240 Speaker 1: we invested in the company four years ago, we had 373 00:19:43,640 --> 00:19:46,880 Speaker 1: an inkling that this day was coming. Um. We didn't 374 00:19:46,960 --> 00:19:49,879 Speaker 1: certainly underwrite our investment based on that. But you know, 375 00:19:49,880 --> 00:19:54,960 Speaker 1: obviously pretty happy to see the laws change and legislation move. Um. 376 00:19:55,040 --> 00:19:58,040 Speaker 1: But it's it's a massive area of growth. I think 377 00:19:58,080 --> 00:20:00,480 Speaker 1: it's probably the hottest topic in sports the last year. 378 00:20:00,600 --> 00:20:05,760 Speaker 1: So UM, the company proactively, you know, before the legislation 379 00:20:05,840 --> 00:20:08,040 Speaker 1: was passed, you know, started to build the technology and 380 00:20:08,080 --> 00:20:11,479 Speaker 1: the platform to prepare for this day, which was an 381 00:20:11,520 --> 00:20:14,000 Speaker 1: incredible move. And you got to give credit to the 382 00:20:14,040 --> 00:20:17,480 Speaker 1: management team there because it was a gamble. Um, sorry 383 00:20:17,480 --> 00:20:20,200 Speaker 1: for the bad pun. Uh, that's starting to pay off. 384 00:20:20,240 --> 00:20:22,400 Speaker 1: So I didn't I didn't see this coming. But where 385 00:20:22,440 --> 00:20:27,320 Speaker 1: the majority of the revenue from sports betting is made. 386 00:20:27,720 --> 00:20:30,520 Speaker 1: Isn't just you know, like some geys are like me, Okay, 387 00:20:30,560 --> 00:20:32,880 Speaker 1: I'll bet the money line for the Saints. It's from 388 00:20:32,880 --> 00:20:36,359 Speaker 1: the prompt betting. Yeah, you'd be shocked at the types 389 00:20:36,400 --> 00:20:40,080 Speaker 1: of things that people are willing to bet on. But 390 00:20:41,160 --> 00:20:44,600 Speaker 1: you know it's Jeff Kings is more than a betting company. 391 00:20:44,640 --> 00:20:48,480 Speaker 1: We're working on a media strategy. Um. So. The idea 392 00:20:48,520 --> 00:20:51,000 Speaker 1: is it can be a home for all things sports. 393 00:20:51,359 --> 00:20:53,720 Speaker 1: Um and there there's a lot of competition out there, 394 00:20:53,760 --> 00:20:58,760 Speaker 1: but they've built an incredible brand. Um They've got more 395 00:20:58,800 --> 00:21:03,840 Speaker 1: than ten million accounts and users playing every day. UM. 396 00:21:03,880 --> 00:21:05,320 Speaker 1: So we think we have a lot of the pieces 397 00:21:05,320 --> 00:21:09,200 Speaker 1: in place to to create a lasting next generation sports. 398 00:21:09,200 --> 00:21:13,760 Speaker 1: Doesn't feel like I'm hearing first screen second screen experience soon, Colin, 399 00:21:13,800 --> 00:21:16,119 Speaker 1: I want to go back to the Miami Marlins because 400 00:21:16,119 --> 00:21:18,880 Speaker 1: people may not know how your business works. How many 401 00:21:18,960 --> 00:21:22,639 Speaker 1: man hours would you say you put in? And by 402 00:21:22,680 --> 00:21:24,239 Speaker 1: the way, great photo when you were there with you know, 403 00:21:24,320 --> 00:21:26,160 Speaker 1: Jorgey at the All Star Game. I know that got 404 00:21:26,200 --> 00:21:28,439 Speaker 1: a lot of shivery. That's the height. When is he 405 00:21:28,440 --> 00:21:30,280 Speaker 1: going to get the team? Is you know Jeters? Anytime 406 00:21:30,320 --> 00:21:33,120 Speaker 1: Jeters involved, you know it's going to be a sexy transaction. 407 00:21:33,760 --> 00:21:36,879 Speaker 1: But how many man hours did you put in for 408 00:21:37,200 --> 00:21:41,159 Speaker 1: your guy, your horse not to win? And how frustrating 409 00:21:41,200 --> 00:21:45,360 Speaker 1: is that. How often does that occur? Wow? Never been 410 00:21:45,400 --> 00:21:48,040 Speaker 1: asked that. Um, A lot of man hours. I honestly 411 00:21:48,080 --> 00:21:51,280 Speaker 1: couldn't even probably better off asking your wife exactly. UM, 412 00:21:51,320 --> 00:21:53,320 Speaker 1: a lot of late night calls. I mean that's the 413 00:21:53,359 --> 00:21:58,000 Speaker 1: business though. UM, you know, basically focused on it for 414 00:21:59,000 --> 00:22:02,480 Speaker 1: two month period there in the summer of two thousand 415 00:22:02,520 --> 00:22:07,680 Speaker 1: and seventeen. Uh. Look, any by side engagement, meaning representing 416 00:22:07,680 --> 00:22:11,399 Speaker 1: a buyer, comes with risk that they're not gonna win. UM. 417 00:22:11,440 --> 00:22:14,479 Speaker 1: You know, Jorge was someone that um wanted to do 418 00:22:14,560 --> 00:22:18,639 Speaker 1: something big in sports, and if if it wasn't the Marlins, 419 00:22:18,800 --> 00:22:21,159 Speaker 1: which obviously ended up not being, he was going to 420 00:22:21,200 --> 00:22:24,119 Speaker 1: do something. And we're about long term relationships, so we 421 00:22:24,160 --> 00:22:26,240 Speaker 1: don't do that. We don't take on by side assignments 422 00:22:26,240 --> 00:22:30,320 Speaker 1: with with just anyone. UM, we have a pretty tight filter. Um. 423 00:22:30,359 --> 00:22:32,520 Speaker 1: But you know, I ended up working out great because 424 00:22:32,520 --> 00:22:35,920 Speaker 1: we knew Joe was up to speed on the sports industry. Um. 425 00:22:35,960 --> 00:22:39,840 Speaker 1: The Miami MLS situation was somewhat fortuitous and opportunistic. You 426 00:22:40,040 --> 00:22:43,639 Speaker 1: had he won the moralins, you would not have probably 427 00:22:43,720 --> 00:22:47,760 Speaker 1: pursued the football franchise and so on. Balanced where that 428 00:22:47,840 --> 00:22:52,080 Speaker 1: deal shook out. UM, I'm pretty sure he's happy where 429 00:22:52,119 --> 00:22:55,359 Speaker 1: he is versus you know, paying one point two billion 430 00:22:55,440 --> 00:22:58,800 Speaker 1: for for the Marlins, which look Derek will do a 431 00:22:58,800 --> 00:23:01,520 Speaker 1: great job there, I have no doubt. But I think 432 00:23:02,240 --> 00:23:05,160 Speaker 1: focused on the football team ended up working out well 433 00:23:05,240 --> 00:23:08,440 Speaker 1: all right. Time. Now to put a visual on everybody 434 00:23:08,440 --> 00:23:10,600 Speaker 1: who's driving that will make you hit a treat. Just 435 00:23:10,720 --> 00:23:16,440 Speaker 1: think of uh six one fifty pound gray haired guy 436 00:23:16,760 --> 00:23:20,119 Speaker 1: taking a Zoomba fitness class. We're buying bar at six one. 437 00:23:20,640 --> 00:23:23,880 Speaker 1: This is like a college basketball recruit six one man 438 00:23:24,000 --> 00:23:27,280 Speaker 1: and with my I just want this segment to be over. 439 00:23:30,560 --> 00:23:34,520 Speaker 1: I have to ask Zoomba Fitness, I that's that's something 440 00:23:34,600 --> 00:23:36,359 Speaker 1: I didn't see where there's a lot of money to 441 00:23:36,359 --> 00:23:40,679 Speaker 1: be made, but yes there is. Zooma is an incredible story. 442 00:23:40,920 --> 00:23:45,160 Speaker 1: Um I should I should say in fitness and sort 443 00:23:45,200 --> 00:23:50,840 Speaker 1: of lifestyle around fitness falls under sports. That's bars lifestyle. 444 00:23:50,920 --> 00:23:53,959 Speaker 1: He's around the fitness, he's not a participant in the 445 00:23:54,000 --> 00:23:57,960 Speaker 1: fitness like is He's around the polish device. He's got 446 00:23:57,960 --> 00:24:01,000 Speaker 1: the chicken wings as a as a looker of the fitness, 447 00:24:02,040 --> 00:24:04,960 Speaker 1: we've looked at the fitness space. Zoomba was our first 448 00:24:05,000 --> 00:24:08,960 Speaker 1: investment um We've since invested in um A yoga festival 449 00:24:09,000 --> 00:24:12,520 Speaker 1: business UH in brand called Wanderlust. UM. We've made another 450 00:24:12,560 --> 00:24:15,680 Speaker 1: investment in the space, which hasn't been disclosed. It's an 451 00:24:15,760 --> 00:24:18,840 Speaker 1: area that we're super focused on because of the trends 452 00:24:18,840 --> 00:24:24,399 Speaker 1: in on demand fitness, on training at home, fitness general UM, 453 00:24:24,440 --> 00:24:29,080 Speaker 1: you know, perception and growth of a healthy lifestyle. UM. 454 00:24:29,280 --> 00:24:32,840 Speaker 1: We like the content. We like that it's evergreen typically, 455 00:24:33,040 --> 00:24:35,160 Speaker 1: but Zoomba is one where you know, I think even 456 00:24:35,160 --> 00:24:36,960 Speaker 1: we scratched our head a little bit when we first 457 00:24:37,160 --> 00:24:39,400 Speaker 1: UM went down to see the business. But think of 458 00:24:40,200 --> 00:24:47,639 Speaker 1: UM two hundred thousand instructors wearing neon spandex UH doing 459 00:24:47,680 --> 00:24:50,440 Speaker 1: fitness in the form of dance classes. And it's a lifestyle. 460 00:24:50,480 --> 00:24:53,200 Speaker 1: People have tattoos, you know a lot of ways like 461 00:24:53,880 --> 00:24:57,240 Speaker 1: iron Man, and it's changing people's lives and it's it's 462 00:24:57,280 --> 00:25:01,720 Speaker 1: a way to get healthy, fit built community. UM that 463 00:25:02,000 --> 00:25:05,280 Speaker 1: is not intimidating, it's very welcoming. It's appeals to the 464 00:25:05,280 --> 00:25:08,639 Speaker 1: broadest possible demo. Oh rains Colin Neville, you were so 465 00:25:08,720 --> 00:25:10,639 Speaker 1: kind to come and talk with us. Thanks for having me. 466 00:25:10,640 --> 00:25:12,480 Speaker 1: I mean, I think you might be able to bid 467 00:25:12,480 --> 00:25:16,639 Speaker 1: on the Twitter handle without the underscore. Yes, there's actually 468 00:25:16,640 --> 00:25:18,800 Speaker 1: there's a there's an at E m W that's available. 469 00:25:18,840 --> 00:25:21,800 Speaker 1: I think like AOC she changed when she got elected, 470 00:25:22,200 --> 00:25:24,800 Speaker 1: could be the new AOC. I'll be your bi side adviser. 471 00:25:25,240 --> 00:25:28,480 Speaker 1: We can talk about we're talking, well, what's what you gotta? 472 00:25:28,840 --> 00:25:31,560 Speaker 1: We're talking what's the fee? It's the first question. We'll 473 00:25:31,560 --> 00:25:36,600 Speaker 1: talk about that. Well, update everybody how this turns out? Coin. 474 00:25:36,640 --> 00:25:41,399 Speaker 1: Thank you? Time now for takeaways? Uh, yes, I know 475 00:25:41,480 --> 00:25:43,320 Speaker 1: I want to do a zoomba class. But that what 476 00:25:45,000 --> 00:25:50,240 Speaker 1: I really got was I just stop. You know again, 477 00:25:50,320 --> 00:25:52,960 Speaker 1: It's like he's got his hand in so many things. 478 00:25:53,200 --> 00:25:56,440 Speaker 1: And with a soccer here in the US. Man, if 479 00:25:56,440 --> 00:25:59,320 Speaker 1: I had a wat of cash, that would be the 480 00:25:59,320 --> 00:26:01,840 Speaker 1: team that I would investing. That is a turn from 481 00:26:01,920 --> 00:26:05,000 Speaker 1: Michael Barb once asked the Deputy Commissioner of MLS, when 482 00:26:05,040 --> 00:26:07,800 Speaker 1: is soccer going to be big in the Did now 483 00:26:07,880 --> 00:26:12,800 Speaker 1: you think it is? All right? And I didn't you know, 484 00:26:13,000 --> 00:26:15,240 Speaker 1: I know I had to ask it as a geaser, 485 00:26:15,440 --> 00:26:18,440 Speaker 1: but it but yeah, I believe in it. My takeaway 486 00:26:18,480 --> 00:26:21,720 Speaker 1: is very simple. The sophistication of the owners these days. 487 00:26:22,080 --> 00:26:24,840 Speaker 1: It's not mom and pop anymore, remember the Simpsons. Mom 488 00:26:24,840 --> 00:26:28,880 Speaker 1: and Pop Hardware a subdivision of Global Dominance, Inc. Well 489 00:26:29,480 --> 00:26:32,280 Speaker 1: that's where we are. You're at the stage where these 490 00:26:32,359 --> 00:26:37,800 Speaker 1: franchises which are sold as sort of mom and pop community. Trust, No, 491 00:26:38,200 --> 00:26:42,880 Speaker 1: they are not. They are mature, sophisticated businesses that fit 492 00:26:43,040 --> 00:26:47,120 Speaker 1: into a larger plan. Whether it's real estate, whether it's media. 493 00:26:47,560 --> 00:26:50,639 Speaker 1: There are ten poles and these are just part of it. 494 00:26:50,840 --> 00:26:53,399 Speaker 1: Time now for the number of the week. This is 495 00:26:53,440 --> 00:26:59,480 Speaker 1: so easy when you never no, no, This one is 496 00:26:59,520 --> 00:27:02,480 Speaker 1: no way you can miss this one. The number four. 497 00:27:04,280 --> 00:27:06,720 Speaker 1: Evan and I look at each other quizzically. Come on 498 00:27:07,600 --> 00:27:11,800 Speaker 1: the number of the number of career savings from Ariano Rivera. 499 00:27:12,000 --> 00:27:15,840 Speaker 1: You're close, you are close. I'm glad that was the 500 00:27:15,960 --> 00:27:17,919 Speaker 1: That was the number of votes he got. That's it, 501 00:27:18,359 --> 00:27:22,080 Speaker 1: Boom boom. I would not have gotten it. I wrote 502 00:27:22,080 --> 00:27:26,040 Speaker 1: it set up man and closer than Well done, Evan, 503 00:27:26,200 --> 00:27:34,000 Speaker 1: well done Evans Association, and he got them all that 504 00:27:34,040 --> 00:27:37,919 Speaker 1: has never happened before. I spoke to Brandon Steiner the 505 00:27:38,000 --> 00:27:41,240 Speaker 1: day after, and he said that unanimous means a lot 506 00:27:41,400 --> 00:27:44,040 Speaker 1: like all the collectibles that are gonna you know those guys, 507 00:27:44,040 --> 00:27:45,960 Speaker 1: they want Yankees, they want Hall of Famers, and to 508 00:27:46,040 --> 00:27:49,280 Speaker 1: have that unanimous tag, the price will be a little 509 00:27:49,280 --> 00:27:51,480 Speaker 1: bit higher. But it's not really so much as price 510 00:27:51,560 --> 00:27:54,040 Speaker 1: that's going to be impacted by the unanimous. It's going 511 00:27:54,080 --> 00:27:56,360 Speaker 1: to be the demand that they now want to go out. 512 00:27:56,480 --> 00:27:59,000 Speaker 1: These collectors want to go out and get the Mariano 513 00:27:59,320 --> 00:28:03,760 Speaker 1: because he's so popular. Guard Man. Yeah, he must have that. 514 00:28:03,880 --> 00:28:06,439 Speaker 1: As he said, you have been listening to Bloomberg Business 515 00:28:06,440 --> 00:28:08,399 Speaker 1: of Sports, and we're here each and every week at 516 00:28:08,400 --> 00:28:11,479 Speaker 1: the same time, plus online as an Apple podcast. You 517 00:28:11,520 --> 00:28:14,600 Speaker 1: can catch that Monday's, Wednesdays and Thursdays. I'm Michael Bar 518 00:28:14,680 --> 00:28:17,440 Speaker 1: on Twitter at Big Bar Sports. I'm Eben Novie, Williams 519 00:28:17,480 --> 00:28:21,679 Speaker 1: at nov Underscore Williams Still, I'm Scotts. You can follow 520 00:28:21,680 --> 00:28:24,040 Speaker 1: me on Twitter at Sshnick. Thank you very much for 521 00:28:24,160 --> 00:28:26,879 Speaker 1: joining us. Please tune in next week when we speak 522 00:28:26,920 --> 00:28:29,680 Speaker 1: with the biggest and brightest in the sports business industry. 523 00:28:29,760 --> 00:28:31,240 Speaker 1: Didn you tell me to get over it with the 524 00:28:31,280 --> 00:28:35,199 Speaker 1: Saints underscore? Get over it? You heard Colin Neville of 525 00:28:35,320 --> 00:28:38,080 Speaker 1: the Rain Group say it's no good. Change it. He's 526 00:28:38,080 --> 00:28:43,000 Speaker 1: a smart man. Look, you're listening to Bloomberg Business of 527 00:28:43,080 --> 00:28:45,840 Speaker 1: Sports from Bloomberg Radio around the world.