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Speaker 1: This is the business of sports. Should Major League Baseball

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Speaker 1: shorten up the season? How do we present football to

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Speaker 1: the audience of the future. I don't think that most

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Speaker 1: players understand the power that they have. Michael Barr. The

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Speaker 1: future of IndyCar racing is looking bright. Scott Sashnik very

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Speaker 1: basic math here, more bidders means more money. Evan Nobody Williams.

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Speaker 1: The team value has essentially quadruples. And the leaders in

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Speaker 1: the sports industry time to bring in our guest, Al Slimbrunner,

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Speaker 1: National Hockey League Commissioner Gary Betman, Atlanta Braves president Derek Schiller,

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Speaker 1: Patriots President Jonathan Kraft. Bloomberg Business of Sports from Bloomberg Radio. Hello,

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Speaker 1: I'm Scotts and I'm Michael Barr, Sans, Evan, Novie Williams,

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Speaker 1: and this is the Bloomberg Business of Sports podcast where

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Speaker 1: we explore the big money issues in the world of sports.

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Speaker 1: And today see sad Day. I've been dropped. His phone

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Speaker 1: by the way, he dropped as from he was on

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Speaker 1: a bike. He was biking and the phone dropped the

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Speaker 1: whole thing. Correct, So he's been incommunicado. I think he

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Speaker 1: borrowed somebody's phone to let me know that this happened.

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Speaker 1: So he's got to buy a phone. He's going to

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Speaker 1: get a new phone in Bois. I hope he has insurance.

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Speaker 1: If I know Evan, and I do, there's no way,

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Speaker 1: there's zero chance he's got insurance. Oh man, Oh Evan,

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Speaker 1: well come back home. You know, you know, could land

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Speaker 1: them some money to get the insurance in the phone.

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Speaker 1: I bet you as somebody who is in the Dallas

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Speaker 1: area and someone in the Dallas area Ezekiel Elliott, uh

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Speaker 1: ninety million dollars reportedly for the contract. Uh if you

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Speaker 1: were a big time fantasy player. When I say big

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Speaker 1: time is and I just love the hobby. Uh, And

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Speaker 1: you gambled on taking Ezekiel Elliott a few weeks ago

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Speaker 1: hoping that he would sign. Oh, you knew it. Signed,

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Speaker 1: you knew it. He played it perfectly. No training camp,

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Speaker 1: no preseason games. Frankly, if I owned an NFL team,

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Speaker 1: I don't think I'd have my guys hitting much in

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Speaker 1: training camp. No two a day stuff, certainly no starters

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Speaker 1: in preseason games. I mean, I just don't understand. I

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Speaker 1: just don't understand how folks having come around to this

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Speaker 1: and how do you want to look at this bar.

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Speaker 1: You you can look at it from the Elliott point

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Speaker 1: of view, the running back point of view, the Jerry

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Speaker 1: Jones point of view. How do you want to do this? Well,

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Speaker 1: there's so many areas. Let's start with the Jerry Jones

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Speaker 1: point of view. First, he was just on Bloomberg TV. Okay,

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Speaker 1: so Jerry said, you know, in typical Gerald fashion. Oh yeah,

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Speaker 1: I'm happy to happen. Back he's a he's a leader

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Speaker 1: in the locker room. But I'm almost a hundred million

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Speaker 1: dollars lighter. Oh boo hoo, Jerry Jones. I get the

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Speaker 1: feeling he's going to make that back up. Something tells

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Speaker 1: me a couple of wins. Yeah, even if they don't win.

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Speaker 1: That's the amazing thing about the Dallas Cowboys. Even if

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Speaker 1: they don't win, they still make tons of money. Now,

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Speaker 1: what has happened? And and this is what forgive me

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Speaker 1: for saying, Mr Jones, I hope you realize this. You

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Speaker 1: are now the talk your team, the talk of the

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Speaker 1: season because you have Zeke back. He's always used to that.

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Speaker 1: But what really interested me and I want people to

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Speaker 1: really understand what goes on in the mind of owners

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Speaker 1: and how they look at the landscape. He was asked

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Speaker 1: sort of just about the the NFL as a product,

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Speaker 1: and he was talking, well, most media companies, he didn't

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Speaker 1: say sports league. He views the NFL as a media company.

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Speaker 1: And then he went into talk about how well we

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Speaker 1: even played a great time of year. We're on the

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Speaker 1: air in the fourth quarter that and that's the fourth

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Speaker 1: quarter of games, the fourth quarter of the year, you know, Thanksgiving, Christmas,

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Speaker 1: That's when advertisers really want to reach those consumers. I mean,

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Speaker 1: that's how he's viewing this. That's how people have to

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Speaker 1: start thinking about these sports leagues. They are giant media companies.

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Speaker 1: And the NFL is gonna have new deals in two

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Speaker 1: can you imagine with how with the importance that they

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Speaker 1: are to the linear TV networks. And then you've even

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Speaker 1: got these the Fangs and Zone everybody waiting in the wings,

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Speaker 1: and I don't know if they'll be real bidders, but

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Speaker 1: you know they want to get a piece in there.

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Speaker 1: You know they want it in with the NFL, all

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Speaker 1: of them. And you've got the wireless carry, the tell hose.

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Speaker 1: You just see the value of these teams. Skyrid. Well,

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Speaker 1: that's what I'm getting at about with Zekiel Elliott, and

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Speaker 1: now you are really the talk of the league. Like

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Speaker 1: you said, you wait until the fourth quarter now, as

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Speaker 1: in when we get towards the holidays, and the Cowboys

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Speaker 1: are now making a playoff run, which they will with

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Speaker 1: Ezekiel Elliott, and hopefully they'll get Dak Prescott all squared

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Speaker 1: away too. They'll take care of that. All right. Let's

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Speaker 1: let's talk enough on the running back point of view,

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Speaker 1: because you don't often want to spend a lot, a

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Speaker 1: lot amount money on running backs because it's such as

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Speaker 1: they say in the movies La, you know. But on

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Speaker 1: the plus, for Zeke's twenty four years old. That's why

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Speaker 1: from a running back perspective, I'm on his side. Hold

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Speaker 1: out as long. You need to get your money now,

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Speaker 1: because after you take another few seasons of beatings on

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Speaker 1: your shoulders, knees, hips, ankles, this money may not be

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Speaker 1: there for you. So you always look at what's guaranteed

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Speaker 1: in the NFL. Right, So this is being ninety whatever

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Speaker 1: the guaranteed part of the extension fifty million dollars good cash.

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Speaker 1: He was under contract through for almost four nine million

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Speaker 1: next season, so good money. But when you start seeing

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Speaker 1: highest paid in this and that throw that all out

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Speaker 1: because let's just see how much guaranteed he puts in

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Speaker 1: his podcast exactly. The guaranteed is the key part. And

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Speaker 1: something else that's important too, because you have two big

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Speaker 1: time running backs that were holding out. Ezekiel Elliott of

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Speaker 1: course he just settled. And now Melvin Gordon with Rams

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Speaker 1: is like what happens because he doesn't have the leverage

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Speaker 1: that Ezekiel Elliott has. So and I get what he's

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Speaker 1: trying to do, but I'm wondering if this is gonna

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Speaker 1: be another Levi on Bell moment. It's a it's a

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Speaker 1: fine calculus bar. Yes, you need running backs. The question

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Speaker 1: is how much in the salary cap world is their

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Speaker 1: value to be spent elsewhere on a running back maybe

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Speaker 1: not quite as talented, but in the bigger scheme of

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Speaker 1: of your analytics, of your salary cap, how much do

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Speaker 1: I want to devote to the running back instead of

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Speaker 1: say a left guard, a left tackle. That's the game

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Speaker 1: these days. Yeah, And speaking of the NFL, Forbes came

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Speaker 1: out with the evaluation of NFL teams. Guess who's number one?

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Speaker 1: Guess who's number one? And when you say Cowboys number one,

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Speaker 1: you gotta start looking worldwide franchises number one. I mean,

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Speaker 1: what do they pick? What they pick? The five point

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Speaker 1: five billion dollars. And one of the big reasons is

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Speaker 1: the Cowboys. Let's say, how many straight is thirteen straight

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Speaker 1: years they've they've topped the list. More importantly, because of course,

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Speaker 1: everybody shares the national revenue. Here's where the Dallas Cowboys

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Speaker 1: separate themselves from everybody else. A T and T stadium,

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Speaker 1: which is what I call the cash register. They lead

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Speaker 1: the NFL and revenue from sweets, club seats, sponsorship and

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Speaker 1: non NFL stadium events. That thing is generating cash flow

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Speaker 1: every day of the year. And most importantly to Gerald Jones,

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Speaker 1: he does not share that money with the others. That's

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Speaker 1: the back part of it, the non sporting events that

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Speaker 1: come there, all the concerts and all the others up.

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Speaker 1: I'm amazed people pay big dollars to go tour that thing.

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Speaker 1: It's a stadium. No. Well, you know what my wife,

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Speaker 1: as everybody knows if you've listened to the show, she's

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Speaker 1: a big forty Niners fan. When the old Candlestick Park

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Speaker 1: was still around and it was the Windlestick and she

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Speaker 1: wanted to go, she wanted just to see the park.

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Speaker 1: We didn't go because we just missed the chance because

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Speaker 1: we couldn't get in and we couldn't get her two

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Speaker 1: tickets to We could not get two tickets to go

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Speaker 1: see Candlestick when it was the last season for the

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Speaker 1: forty Niners. I wonder she has some pent up this

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Speaker 1: thing for you. Sorry, Linda, but now I know where

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Speaker 1: it comes from. What do you mean you couldn't get

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Speaker 1: to we where we were in San Francisco, We asked

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Speaker 1: the concierge, can we get two tickets? That was the

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Speaker 1: extent of your attempt to get two tickets to a

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Speaker 1: baseball game for your wife. No, I'm talking for the

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Speaker 1: forty n all the Niners or that she wanted to see.

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Speaker 1: And yeah, pretty much. And I is kind of left

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Speaker 1: it alone being a Lions fan. It's like, that's a

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Speaker 1: friend of the program. Al Guido, if you're listening, let

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Speaker 1: us get Linda into Levi Stadium. And it's not windows thing.

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Speaker 1: But maybe Michael bar can somehow make it up to her,

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Speaker 1: because this is the only word that comes to mind,

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Speaker 1: is pathetic. Give me some who the other team, followed

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Speaker 1: by the Patriots, the Giants, the Rams, and the forty nine.

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Speaker 1: And by the way, you go two ways here the

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Speaker 1: Patriots Stadium. Have you been down route yea, yeah, let

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Speaker 1: I don't have the number in front of me. But

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Speaker 1: it's not one of these like two five billion dollar

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Speaker 1: stadiums like Chronkies building. It costs like four million million bucks.

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Speaker 1: I mean, that's how the Patriots chose to amazing that

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Speaker 1: it doesn't have all the bells and mostly add on.

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Speaker 1: But they own the land they're looking to. It's a

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Speaker 1: retail around the restaurants. Very interesting. By the way, my

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Speaker 1: sister is a Patriot season ticket holder. She got an email.

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Speaker 1: One of the options you have. They're trying to ease

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Speaker 1: the ingress and egress because it is bad on Route one.

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Speaker 1: You can have a full season parking pass, but and

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Speaker 1: one of the lots you can do the regular but

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Speaker 1: of course, but in one of the lots, but you

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Speaker 1: have to wait seventy five minutes I think it was

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Speaker 1: seven going my memory here, seventy five minutes after the

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Speaker 1: game ends to leave. Well, but it also says, why

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Speaker 1: don't you go to the restaurant. That's what this is

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Speaker 1: all about. Since we've got you. Well, you can do that,

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Speaker 1: or you can sit in traffic for forty five minutes

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Speaker 1: to an hour trying to get out there. So they're

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Speaker 1: just saying, hey, here's an option that actually is a

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Speaker 1: very smart, good idea. Right, we should have thought of

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Speaker 1: that if we owned the team, we probably would. Uh,

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Speaker 1: this is your story and when I when I first

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Speaker 1: read it, I'm like, Wow, this is pretty good and

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Speaker 1: this is going to lead the way I think in

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Speaker 1: many other sports teams down the road. Uh, NBA, the

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Speaker 1: league is looking into a financial instrument to buy minority stakes.

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Speaker 1: Now you need to explain that. Let me just say this.

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Speaker 1: They are looking into it is just peeking, let's see

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Speaker 1: if this works. But they did send a memo. The

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Speaker 1: league executive did send a memo to all the owners. Uh.

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Speaker 1: This all stems from that. Several limited partners or LPs

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Speaker 1: as they're known, had tried to sell their stakes recently

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Speaker 1: and could not get the number they wanted. As we've said,

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Speaker 1: with the valuations going so high, who's gonna pay all

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Speaker 1: this money for a limited partners stake where you get

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Speaker 1: no board seat, no governance. It's a lot of money

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Speaker 1: for not a lot of stuff. So this is across

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Speaker 1: sports now, folks are having trouble getting out of these positions.

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Speaker 1: So the league is saying, perhaps we should create a

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Speaker 1: financial a financial vehicle whereas we as the league can

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Speaker 1: buy these limited position stakes from any of all teams.

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Speaker 1: It's it could be the Rockets, it could be the Knicks,

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Speaker 1: it could be the Warriors, it could be the Jazz,

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Speaker 1: it could be the Spurs. You're trying, you have somebody

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Speaker 1: trying to get out, we can acquire it and then

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Speaker 1: Letten Maybe down the road there's somebody who's looking to

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Speaker 1: buy in, and then they can get it to that person.

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Speaker 1: So they're looking to just bull stir the values of

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Speaker 1: those limited partner positions for their their stakeholders around the league.

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Speaker 1: Why wouldn't this catch on like wildfire? Who knows. Let's

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Speaker 1: see what the owners have to say. I talked to

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Speaker 1: Mark Cuban while I emailed with Mark Cuban before I

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Speaker 1: was writing it, and Mark was funny when he said,

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Speaker 1: I didn't really respond to the league because it doesn't

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Speaker 1: affect me. I don't care, so no LP he's a

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Speaker 1: majority owner. But he was just like, yes, whatever, Um,

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Speaker 1: this is gonna be a very interesting and they're asking

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Speaker 1: for feedback today. By as a matter of fact, was

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Speaker 1: the deadline for owners to get back. So maybe I'll

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Speaker 1: make some calls and see what the owners said, and

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Speaker 1: we'll be talked about at the owner's meeting next month.

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Speaker 1: We're in September, sorry, this month, September twenty in New York.

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Speaker 1: It'll be on the agenda and one of those things

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Speaker 1: they'll discuss. I just I just think that that's again

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Speaker 1: we're just talking over here with the NBA. But this

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Speaker 1: is gonna I can see this big time in the NFL.

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Speaker 1: I can see it happening in baseball anywhere people are

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Speaker 1: strug going to get out of these positions. They would

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Speaker 1: welcome the opportunity to have some sort of vehicle to

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Speaker 1: to do so, to sell because right now it's very

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Speaker 1: hard to sell out. This has been the Bloomberg Business

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Speaker 1: of Sports podcast at Michael Barr along with Scott Slashnik

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Speaker 1: and we miss you, eman O W. Williams. Good luck

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Speaker 1: with the phone. We are here each and every Monday,

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Speaker 1: Wednesday and Thursday. We explore the world of money and sports.

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Speaker 1: Join us again at the end of the week when

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Speaker 1: we speak with the US Open is going on. Louis Schure,

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Speaker 1: the Chief Revenue Officer of the United States Tennis Association.

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Speaker 1: You're listening to Bloomberg Business of Sports on Bloomberg Radio

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