WEBVTT - George Pyne on Pro-Athletes Using Platform for Change

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Jason

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<v Speaker 1>Kelly on Bloomberg Radio. So excited about our next guest.

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<v Speaker 1>He's an old pal of mind known well to you

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<v Speaker 1>as well, Alex Steele, talking about George Pine, founder and

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<v Speaker 1>CEO Bruin Sports Capital, joining us on the phone from Connecticut.

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<v Speaker 1>And what a week, What a time to be talking

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<v Speaker 1>about sports and business. First of all, g P, how

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<v Speaker 1>are you do great? Jason, Thanks for having me all.

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<v Speaker 1>It's good to good to connect. Thank you so much

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<v Speaker 1>for the opportunity. It's really nice to hear your voice.

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<v Speaker 1>So what a time that we're living in when it

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<v Speaker 1>comes to sports, as I said, and especially good to

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<v Speaker 1>talk to you after last week where I feel like

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<v Speaker 1>we have thrown around the word unprecedented a lot in

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<v Speaker 1>these pandemic times, but I've never seen anything like last week.

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<v Speaker 1>I don't think you have either when it comes to sports.

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<v Speaker 1>Just stopping, what did you make of it? Well, you know,

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<v Speaker 1>I think it's positive as you have players and people

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<v Speaker 1>that I really want to see positive change, better things

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<v Speaker 1>for the country, and believe strongly in social justice. And

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<v Speaker 1>I think people you know, stood up for what they

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<v Speaker 1>believe and so I think fundamentally it's a really good thing.

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<v Speaker 1>It's kind of refreshing, and you know, you're seeing in

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<v Speaker 1>the case of these athletes really taking a stand on

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<v Speaker 1>something they believe is a real moral issue. Um, they

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<v Speaker 1>don't have to, that's there, that's not their responsibility, but

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<v Speaker 1>they as as citizens really standing up for something they

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<v Speaker 1>really believe in. So I I think it's fundamentally a

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<v Speaker 1>good thing. Why hasn't it something like this happened before? Well,

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<v Speaker 1>I think it's an evilution. I think it's an evolution.

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<v Speaker 1>I think also to watching what's happened, you know, on

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<v Speaker 1>on TV through social media, it's just so disturbing that

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<v Speaker 1>I think it's brought a real more emphasis to an

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<v Speaker 1>issue that we all know. It's been there a long time,

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<v Speaker 1>but you's key, it's just to watch you to say,

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<v Speaker 1>is visceral for so many people. So I think I

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<v Speaker 1>think it's a a good thing. And of course you've

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<v Speaker 1>had if you think back, I mean, I think these

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<v Speaker 1>moments also make you think about people like Bill Russell,

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<v Speaker 1>or Muhammad Ali or Jesse o Ands or Jackie Robinson,

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<v Speaker 1>and just the things that they did and the challenges

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<v Speaker 1>they must have faced. It just really makes you appreciate them,

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<v Speaker 1>I think a little bit more today as well. So

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<v Speaker 1>I guess sports has always been a platform for some change,

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<v Speaker 1>but I think now you're seeing it being used in

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<v Speaker 1>a more universal way, and I think a very constructive way. Well.

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<v Speaker 1>And it's interesting, George, to think about how sports are

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<v Speaker 1>being played right now. And I was speaking with somebody

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<v Speaker 1>earlier in the sports world today and they were saying

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<v Speaker 1>that the power is in part owing to the concentration

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<v Speaker 1>of athletes and the focus to some extent, I mean

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<v Speaker 1>this notion that just taking the NBA for a second,

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<v Speaker 1>that all of these players, all of these teams, you know,

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<v Speaker 1>the majority, not every team and not every player, but

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<v Speaker 1>the majority were in one place and able to get

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<v Speaker 1>together in one room and and make decisions. So the

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<v Speaker 1>moment in some ways has met them. And all of

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<v Speaker 1>this is sort of coming together, this nexus of the

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<v Speaker 1>of the pandemic, as well as facing down structural racism,

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<v Speaker 1>some of it in it in an almost perverse way,

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<v Speaker 1>has been made possible by the pandemic. Well, the fact

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<v Speaker 1>that the players were together it probably did make it

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<v Speaker 1>that much easier for them to act. I think the

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<v Speaker 1>other kind of inspiring moment and all this is all

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<v Speaker 1>the other sports that that joined in that weren't that

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<v Speaker 1>weren't in one location, and and you know, almost universally

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<v Speaker 1>professional sports and college sports, you know, stood together and

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<v Speaker 1>made it made a statement. So I think, you know,

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<v Speaker 1>it's inspiring. I think it's a good thing. And uh,

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<v Speaker 1>you know, hopefully, you know, better things will come. I mean,

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<v Speaker 1>sports is not the panacy and to solve all problem,

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<v Speaker 1>but it is a platform. And uh, and people can't

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<v Speaker 1>make a positive contribution to hopefully moving things forward in

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<v Speaker 1>a constructive fashion. Um broughting it out a little bit

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<v Speaker 1>just to talk about playing sports? Um, what kind of

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<v Speaker 1>sports are we gonna keep playing? Like? Are we gonna

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<v Speaker 1>get used to? Oh, a bunch of these players got

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<v Speaker 1>to got tested and therefore we're gonna stop games for

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<v Speaker 1>about a week and then we'll pick it back up.

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<v Speaker 1>Like is that going to be the new normal for

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<v Speaker 1>sports now? Too? Well? I think so. I mean, as

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<v Speaker 1>long as you're living in the pandemic, you know, anything's possible.

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<v Speaker 1>I think when you look at it on balance, it's

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<v Speaker 1>been amazingly done well. I mean the NHL has had

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<v Speaker 1>zero positive tests, hasn't canceled a contest. I mean NBA

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<v Speaker 1>hasn't canceled a contest and has had very few positive tests.

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<v Speaker 1>You know, NASCAR's gone off well, PGA Tour, you know,

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<v Speaker 1>the National Women's Soccer League did really well and had

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<v Speaker 1>a really good TV ratings. The only sports it's had

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<v Speaker 1>a real, a real challenge has been baseball, where they

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<v Speaker 1>don't haven't played in the bubble, but even there they've

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<v Speaker 1>played the most games they've had a canceled, you know,

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<v Speaker 1>thirty five or forty games. But still I think I've

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<v Speaker 1>executed it safely and done really well. And you know,

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<v Speaker 1>the other other areas that have to get a lot

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<v Speaker 1>of coverage. You know, there's about seventy five college football

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<v Speaker 1>teams that have gone through a preseason and prior to

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<v Speaker 1>that train for eight or nine weeks and have done that,

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<v Speaker 1>you know, pretty safely. And that's consistent with what we're

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<v Speaker 1>seeing around the world. People are playing rugby, they're playing soccer,

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<v Speaker 1>and it's being played safely, and so, you know, so far,

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<v Speaker 1>so good. But in this world, in this day and age,

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<v Speaker 1>you know, I suppose anything is possible well, and economics

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<v Speaker 1>have driven some of that, whether we like it or not. George,

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<v Speaker 1>and this is something you and I caught up on

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<v Speaker 1>earlier this summer, right as we were getting into it,

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<v Speaker 1>and you were giving me some statistics then about the

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<v Speaker 1>economic impact taking college football specifically that those teams and

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<v Speaker 1>those programs have on their local markets. So part of

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<v Speaker 1>this is an economic recovery story, as much as people

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<v Speaker 1>wanting sports to come back because they like them. Yeah,

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<v Speaker 1>well it's a I think it's gonna be devastating what

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<v Speaker 1>happens here. I mean to take Tuscalosk, Alabama, whether Alabama

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<v Speaker 1>plays are not this year, the economic impact for one

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<v Speaker 1>games about twenty million dollars of games six animal million.

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<v Speaker 1>And but you put that out to Madison, Wisconsin, Columbus, Ohio,

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<v Speaker 1>and Knoxville, Tennessee, Autons, Georgia, and you know, communities are

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<v Speaker 1>really depending on these games take place. They're not gonna

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<v Speaker 1>if they take place, there's not gonna be anywhere near

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<v Speaker 1>the fans. And not to mention, you know, the game

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<v Speaker 1>day revenue, uh, you know includes people that sell tickets, security,

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<v Speaker 1>people that provide concessions, service industries. All those industries are

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<v Speaker 1>getting people losing jobs, are being furloughed. You know, it's

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<v Speaker 1>really gonna be very quite challenging and it's gonna be challenging,

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<v Speaker 1>not just this year. I mean, best I can tell,

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<v Speaker 1>I think about it every day. I think the first

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<v Speaker 1>half of next year for a lot anything live events

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<v Speaker 1>is going to be very difficult. And I think all

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<v Speaker 1>of a sudden, when you say let's go back to

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<v Speaker 1>live events, I don't think everyone's running back is going

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<v Speaker 1>to be very challenged and probably two and you hope

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<v Speaker 1>that you come out of it. Also, at a time

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<v Speaker 1>when your revenues are going down. I remember sweet sales, sponsorship, hospitality,

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<v Speaker 1>taking these consumer products. When those are all going down,

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<v Speaker 1>your costs to run these events are going to go

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<v Speaker 1>up because you have to create a safer environment. So, George,

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<v Speaker 1>you know, one of the interesting things since you and

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<v Speaker 1>I last talked is sports are back, and they're being

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<v Speaker 1>played in a very different way as we were discussing

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<v Speaker 1>at the top of the conversation. But people are watching it.

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<v Speaker 1>I think many people agree, especially when it comes to

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<v Speaker 1>the NBA, it's a pretty good product. What have we

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<v Speaker 1>learned about consumption and media and how does that become

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<v Speaker 1>investable for someone like you, Well, I think what you're

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<v Speaker 1>learning is that, you know, boy, it's a strong television product.

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<v Speaker 1>I think, you know, going into the pandemic, sports was

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<v Speaker 1>eight eight or eighty nine of the top hundred programs

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<v Speaker 1>on television and you know that hasn't changed here and

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<v Speaker 1>and and on top of it, I mean you have

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<v Speaker 1>sports on top of sports, on top of sports, and

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<v Speaker 1>they're all their ratings are up, so they're getting strong ratings.

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<v Speaker 1>So I think, you know, long term, it's a great sector.

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<v Speaker 1>And for us, the things that we see that you know,

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<v Speaker 1>we have a number of we operating thirty countries and

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<v Speaker 1>you know what we're seeing is that you're streaming data, design,

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<v Speaker 1>things around digital are really accelerating and doing well. So

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<v Speaker 1>you know, and that's not surprising. And you know, again,

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<v Speaker 1>I think even the live event space will I mentioned

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<v Speaker 1>it's gonna be very difficult. I think there'll be reinvenged opportunities.

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<v Speaker 1>You know, one interesting thing I think is what ted

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<v Speaker 1>Leces is doing and DC. I think, you know, gambling

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<v Speaker 1>and arenas are gonna be places where you're gonna go

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<v Speaker 1>with your friends to place bets and probably gamble on game,

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<v Speaker 1>not just one game, but a number of games. I mean,

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<v Speaker 1>you say, Yankee Stadium, you'll go take your buddies and

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<v Speaker 1>go to watch a game. I'm one place bets maybe

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<v Speaker 1>when the game's not playing, and maybe even when there's

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<v Speaker 1>not a baseball season. So I think I think you're

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<v Speaker 1>gonna see growth in all of those areas in the future,

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<v Speaker 1>but the next a couple of years and be a

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<v Speaker 1>little chopped in terms of just financially, to be a

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<v Speaker 1>lot of pressure on teams and leagues and federations and

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<v Speaker 1>in the companies around them. So there's sort of two

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<v Speaker 1>parts of that, and one is like the ancillery businesses

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<v Speaker 1>that exist now that are going to be struggling versus

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<v Speaker 1>the new ancillary businesses that are up and coming. UM,

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<v Speaker 1>talk to me about the former and what kind of

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<v Speaker 1>opportunities you see there. Well for us, so we we've

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<v Speaker 1>we've invested in data, so we're at data analytics. I

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<v Speaker 1>think the way sponsorship is going to change UM streaming

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<v Speaker 1>and technology are areas. And one of the companies we

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<v Speaker 1>have a design company. While I was like, why is

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<v Speaker 1>design doing so well? But in the digital world, design

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<v Speaker 1>is more important. So I think all things did jell,

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<v Speaker 1>all things gaming. I think those are really going to

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<v Speaker 1>be strong irrespective of the pandemic and are really unaffected

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<v Speaker 1>by the pandemic. And then, like you said, Alex, there

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<v Speaker 1>will be new companies coming along that will be able

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<v Speaker 1>to take advantage of live events or established companies that

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<v Speaker 1>are as part of their return, they're going to have

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<v Speaker 1>to adjust to new opportunities in the world. So George

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<v Speaker 1>talked to us about the racing world, because it's when

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<v Speaker 1>you're very familiar with having helped run NASCAR, and you

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<v Speaker 1>have gotten involved on a founding level with the Superstar

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<v Speaker 1>Racing experience that's gonna launch next year, I believe. But

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<v Speaker 1>you just announced it in the last couple of months

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<v Speaker 1>and last month or so. Tell us what that is

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<v Speaker 1>and what the idea underneath it is. Well, the we're

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<v Speaker 1>launching next summer on National TV on CBS on the

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<v Speaker 1>major network, prime times in the summertime. We're doing in

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<v Speaker 1>partnership with Tony Stewart was a Hall of Fame race

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<v Speaker 1>car driver, and Aberdeen was a Hall of Fame crew

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<v Speaker 1>chief and really the smartest guy when it comes to

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<v Speaker 1>cars I've ever met. He was Jeff Gordon street chief

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<v Speaker 1>when he won all the championships. And another gentleman, Sandy

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<v Speaker 1>montagu who was a partner of mine, and uh, you

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<v Speaker 1>know what we're trying to do is bring racing back

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<v Speaker 1>to where the fans are kind of in the heartland.

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<v Speaker 1>So we're going to short tracks, seats will sell them out,

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<v Speaker 1>and gonna have a new form of racing meaning what

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<v Speaker 1>we're we're bringing the car so the no car owners,

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<v Speaker 1>it's gonna be close, it's going to be on the driver,

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<v Speaker 1>and it's gonna be with recognizable guys champions that have

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<v Speaker 1>won championship before competing. So it'll be kind of fun.

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<v Speaker 1>It'll be new and innovative. It'll be short an hour

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<v Speaker 1>racing now and fifteen minutes close competitive with deeply you

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<v Speaker 1>recognized on national TV. Will be a lot of fun. Um.

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<v Speaker 1>It's been well received by the racing fans who want

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<v Speaker 1>to watch races on the driver's skill and not technology.

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<v Speaker 1>And again we're bringing it, you know, really to the

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<v Speaker 1>C and D counties, you know where the fans are.

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<v Speaker 1>So we had a lot of fun with it. It's

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<v Speaker 1>fun for me, you know, to go back and work

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<v Speaker 1>with Ray Abraham and Tony Stewart who I cut my

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<v Speaker 1>cheek with over over twenty years ago. And in terms

0:12:11.280 --> 0:12:13.320
<v Speaker 1>of then how you so is it just live like

0:12:13.440 --> 0:12:16.040
<v Speaker 1>is it streaming? Like what's the relationship between giving those

0:12:16.080 --> 0:12:20.280
<v Speaker 1>events to the fans versus the streaming capabilities. Well, well

0:12:20.320 --> 0:12:22.080
<v Speaker 1>you can do you know, with this, you can do

0:12:22.120 --> 0:12:24.640
<v Speaker 1>so much. So this will be live on CBS, will

0:12:24.679 --> 0:12:28.000
<v Speaker 1>also streaming outside the US on Facebook. But also there's

0:12:28.040 --> 0:12:32.760
<v Speaker 1>so many stories you can tell um digitally through just

0:12:33.080 --> 0:12:36.200
<v Speaker 1>you know, non live content, building a car, talking to

0:12:36.240 --> 0:12:38.080
<v Speaker 1>old race car drivers, and you can do that really

0:12:38.080 --> 0:12:39.920
<v Speaker 1>in any sports. So I think, you know, the future

0:12:40.040 --> 0:12:41.880
<v Speaker 1>of the world there is going to be you know,

0:12:41.960 --> 0:12:45.800
<v Speaker 1>streaming people consuming content on other devices and also different

0:12:45.960 --> 0:12:50.200
<v Speaker 1>short format content in addition to the live games. Yeah,

0:12:50.280 --> 0:12:52.440
<v Speaker 1>it's so interesting to to think about that. I feel

0:12:52.480 --> 0:12:55.320
<v Speaker 1>like we've learned so much about content in this pandemic

0:12:55.400 --> 0:12:57.800
<v Speaker 1>and Alex you and I joke about like we'll go

0:12:57.880 --> 0:13:00.160
<v Speaker 1>down a rabbit hole, you know, both like learn think

0:13:00.160 --> 0:13:03.640
<v Speaker 1>about something. And there's so much out there that people

0:13:03.640 --> 0:13:07.000
<v Speaker 1>want to get smarter, like the Olympic packages when they're like,

0:13:07.120 --> 0:13:09.640
<v Speaker 1>let me tell you about this art, this athlete that

0:13:09.679 --> 0:13:12.560
<v Speaker 1>then it makes you want to cry. Yeah, exactly, exactly.

0:13:12.600 --> 0:13:14.880
<v Speaker 1>All right, great to catch up with George Pine, founder

0:13:14.880 --> 0:13:17.600
<v Speaker 1>and CEO of Bruin Sports Capital Jonius on the phone

0:13:17.600 --> 0:13:18.400
<v Speaker 1>from Connecticut,