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Speaker 1: This is the Bloomberg Business of Sports Show, where we

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

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Speaker 1: I'm Scarlet Food here with Damian Sasaur. Michael Barr is

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Speaker 1: off for the week. Our guest right now is Jacob Turner.

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Speaker 1: Jacob is a former professional baseball player. He pitched for

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Speaker 1: teams including the Detroit Tigers, Miami Marlins, Chicago Cubs, Chicago

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Speaker 1: White Sox, and the Washington Nationals. Jacob now works as

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Speaker 1: a founding partner for Jail Strategic Wealth. It's a wealth

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Speaker 1: management company for athletes, entrepreneurs, and second generation wealth and

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Speaker 1: he joins us on the line from St. Louis. Jacob,

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Speaker 1: Welcome to the Bloomberg Business of Sports Show. Yeah, I

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Speaker 1: appreciate you guys having me. I'm really looking forward to

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Speaker 1: the conversations. And you know, you came to my attention

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Speaker 1: because you were tweeting something about the ten things that

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Speaker 1: folks don't hear about the draft, the MLB Draft and

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Speaker 1: signing for millions of dollars and pro sports. It was

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Speaker 1: kind of an eye opening thread about misconceptions, misperceptions and

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Speaker 1: surprise facts about pro athletes. Tell us a little bit

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Speaker 1: about your story because it begins with you were a

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Speaker 1: high school baseball star and you became a top ten

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Speaker 1: draft pick for the MLB. Yeah. I mean my story

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Speaker 1: is probably not super unique compared to a lot of

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Speaker 1: guys that have gotten drafted in the Major League Baseball draft. Um,

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Speaker 1: you know, as a dream of mine to play play

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Speaker 1: Major League baseball, I was fortunate to be given a

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Speaker 1: lot of given ability and ultimoly was drafted ninth overall

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Speaker 1: in two thousand nine by Detroit Tigers. And you know,

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Speaker 1: see your points, Carlett. I think there's a lot of

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Speaker 1: misconceptions about professional sports in general, and I think from

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Speaker 1: a fans side, a lot of times all we see

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Speaker 1: is maybe the game that we went to on two, say, Wednesday,

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Speaker 1: but we really don't see the journey that it took

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Speaker 1: for that player to be on the field, or even

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Speaker 1: what happens after the game that day. So Jacob, you know, look,

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Speaker 1: you played in the major leagues, you know for many,

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Speaker 1: many years. You know the ups and downs that come

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Speaker 1: hand in hand with it. How did that experience prepare

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Speaker 1: you for your role now as a producer of other

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Speaker 1: people's money. You know, the credibility, the trust level that

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Speaker 1: goes hand in hand with that. Yeah. Look, sports in business,

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Speaker 1: there's a lot of similarities there in the way that

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Speaker 1: I describe it as sports are an acceleration of your life.

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Speaker 1: So if you're in professional sports for ten years, you

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Speaker 1: might have had the fortunate opportunity to experience some life

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Speaker 1: lessons that might take people twenty or third years to experience.

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Speaker 1: So there's certainly a lot of lessons that can be

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Speaker 1: learned along the way in that sports journey, even for me,

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Speaker 1: you know, I mean my career was certainly not a

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Speaker 1: linear line straight up. There's a lot of ups and

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Speaker 1: downs I went along with that. So I think a

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Speaker 1: lot of those lessons I've been able to take into

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Speaker 1: the role that I'm in now serving clients. And one

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Speaker 1: of the lessons you learned that you included in your

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Speaker 1: thread is number three in your list of top ten

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Speaker 1: things that you should know, and one of them was

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Speaker 1: leverages everything you need to craft a good story. Can

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Speaker 1: you explain what that means, especially when it comes to

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Speaker 1: being a professional athlete as well as being someone who

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Speaker 1: started his own wealth management firm to be able to

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Speaker 1: pitch clients. Yeah, absolutely, I mean from the sports side,

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Speaker 1: especially from the draft side. Um, when it comes to

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Speaker 1: the Major League Baseball Draft, the high school player, you

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Speaker 1: have a lot of leverage, right, You're committed to generally

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Speaker 1: a really good school, so you have the option to

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Speaker 1: go to school. So the team now all of a

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Speaker 1: sudden says, hey, well, if I'm gonna pay you, I

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Speaker 1: have to pay you a little bit more because you

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Speaker 1: have this really strong commitment to a school. And I

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Speaker 1: think alongside that, when particularly for the Major League Baseball Draft,

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Speaker 1: as as teams are navigating you know what it might

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Speaker 1: cost to sign a player, there's a lot of other

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Speaker 1: factors that come into play, and there's family dynamics, There's

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Speaker 1: you know, how much does the family need or want

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Speaker 1: the money? How much does the player want to become

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Speaker 1: a professional baseball player today versus potentially in three years

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Speaker 1: at the college. And I think the story that you

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Speaker 1: craft really starts twelve eighteen months before the draft. And

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Speaker 1: that's something that my agent, Um the Boards Corporation, did

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Speaker 1: a great job helping me figure out how important it

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Speaker 1: was how I communicated scarre out to your point about

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Speaker 1: how that communicates in our business today. I think you know,

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Speaker 1: in any business, right, communication is the number one key,

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Speaker 1: and particularly in our businesses, we're talking with clients as

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Speaker 1: we're meeting with aspects or articulating the value that we

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Speaker 1: offer to you know, whether it's an athlete or an entrepreneur,

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Speaker 1: communication is the main driver of those those conversations going

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Speaker 1: really well. Well, Jacob, it sounds like it's more than communication.

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Speaker 1: I mean, you know, at Jail Strategic, I mean, you

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Speaker 1: pride yourself on educating your clients, right, And when I

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Speaker 1: hear the word education, especially from the mouths of financial advisors,

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Speaker 1: it takes a number of different forms. I mean, do

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Speaker 1: you spend time when you're educating your clients? Is it

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Speaker 1: more on hey, this is a stock, this is a bond,

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Speaker 1: or is it you know, hey, how do I create

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Speaker 1: a balance portfolio? How do I look at multiple different

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Speaker 1: asset classes? And more to the even more than that,

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Speaker 1: just how do I manage my lifestyle? You know, I

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Speaker 1: have a fixed income? You know, how do you kind

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Speaker 1: of manage all of that in your pitch when you're

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Speaker 1: bringing in new business or when you're you know, servicing

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Speaker 1: your existing clientile. Yeah, well, I think a lot of

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Speaker 1: it starts from my own personal experiences. Right. So I

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Speaker 1: signed an eighteen years old. I was fortunate to have

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Speaker 1: a really good financial people in my life that directed

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Speaker 1: me and guide to me. But even and a lot

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Speaker 1: of those conversations, there was terms that were being thrown

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Speaker 1: out that to you and I might seem simple and basic,

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Speaker 1: but for me, I had no idea what they were.

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Speaker 1: I didn't know what the doc was. I didn't know

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Speaker 1: what a bomb was. I didn't know what a commission was,

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Speaker 1: or advisory fee or a balanced portfolio. Yet I'm sitting

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Speaker 1: here on the other side of the table and I'm

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Speaker 1: I'm kind of shaking my head. I'm listening, and you know,

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Speaker 1: this guy thinks he's explaining it to me in terms

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Speaker 1: I understand, and frankly, I had no clue what you

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Speaker 1: were talking about. Yet I also didn't want to ask

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Speaker 1: those questions and feel quote unquote stupid. So I think

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Speaker 1: for me, the biggest thing is making sure that we're

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Speaker 1: articulating and what I call real life terms. So instead

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Speaker 1: of percentages, I want to talk in teller figures, right,

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Speaker 1: instead of stock and bonds, I want to talk about,

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Speaker 1: you know, assets that might grow versus assets that are

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Speaker 1: position towards protection and just really helping particularly the athletes

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Speaker 1: we work with that are coming into this acceleration of

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Speaker 1: their life to understand why we're doing what we're doing.

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Speaker 1: Because when I found that that athletes really want to

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Speaker 1: note what's going on, I think there's this misconception that they,

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Speaker 1: you know, well, athletes aren't going with money, they don't

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Speaker 1: really care. And I can assure you they care, but

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Speaker 1: a lot of times they're not engaged in the process

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Speaker 1: because they're just confused about what's actually happening. I understand

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Speaker 1: what you're saying, but I feel like, um, you had

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Speaker 1: said earlier, sports is an accelerant um in the Internet age,

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Speaker 1: with n I L and with just people being a

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Speaker 1: lot more aware than perhaps, uh you are when you

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Speaker 1: started off. I'm curious as to the financial literacy of

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Speaker 1: some of the athletes that you work with now versus

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Speaker 1: when you first began your business. How has that changed? Yeah,

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Speaker 1: I think a lot of it has to do with

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Speaker 1: the family dynamics. Right. If a if a player is

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Speaker 1: coming from a situation where maybe mom and dad are

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Speaker 1: our college grads and they have quote unquote good jobs,

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Speaker 1: you know, the level of education for that individual might

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Speaker 1: be different than the level education for another athlete that

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Speaker 1: comes from a different family dynamics background. And I think

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Speaker 1: it's our job as the advisor to make sure that

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Speaker 1: we're articulating in ways that the client can ultimately understand.

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Speaker 1: I do think there's been a lot of great steps

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Speaker 1: with financial literacy, especially in in the sports athlete arena recently.

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Speaker 1: UM I think even just the documentary that SPAN has

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Speaker 1: documentary Are Broke, just kind of helps articulate, you know,

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Speaker 1: some of the challenges that these athletes go throughs. I

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Speaker 1: think it's really easy for people to look at the

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Speaker 1: situation and say, well, that guy made xt millions of dollars,

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Speaker 1: that can't believe he spent at all. I think that

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Speaker 1: documentary does a good job of articulating what it looks

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Speaker 1: like when these individuals become professional athletes and the amount

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Speaker 1: of people that are around them that are looking for

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Speaker 1: something from them. So it's certainly gotten better on the

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Speaker 1: financial literacy side, but I think we have a long

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Speaker 1: way to go. We are speaking with Jacob Turner right now,

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Speaker 1: former professional baseball player who is now the founding partner

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Speaker 1: for Jail Strategic Wealth based in St. Louis. Jacob, you

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Speaker 1: played an MLB for a number of years, then you

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Speaker 1: transitioned out of it and moved into wealth management. I'm curious.

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Speaker 1: I'm sure you have to share a lot of your

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Speaker 1: personal stories with the athletes and the clients that you

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Speaker 1: do sign. What's a money mistake that you've made in

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Speaker 1: your path that you think is really instructive to some

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Speaker 1: of the athletes that you now manage money for. Yeah, well,

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Speaker 1: I'll go to one that actually tweeted about here recently.

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Speaker 1: And I try to share a lot of my own

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Speaker 1: journey through social media because I find it's helpful for

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Speaker 1: for individuals. I think a lot of times we don't

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Speaker 1: talk about our own personal finances as advisors, yet we

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Speaker 1: ask clients to tell us everything that's going on in

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Speaker 1: their personal financial life. And one of the mistakes that

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Speaker 1: I've made actually cost me about twenty and I tweeted

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Speaker 1: about this recently, but it was this concept of in

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Speaker 1: two thousand and fifteen, the market I've been doing really well.

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Speaker 1: I got drafted in two thousand nine. That was my

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Speaker 1: first taste of investing. So from two thousand nine to

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Speaker 1: two thousand and fifteen, I think the SMP, which is

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Speaker 1: just a broader term for the market, is around a

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Speaker 1: hundred and so really solid returns, nothing to complain about.

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Speaker 1: Yet here I am looking at some of these individual

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Speaker 1: stocks that have gone a thousand plus percent and thinking,

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Speaker 1: why wan't my returns to look like that? And here

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Speaker 1: I am asking my advisor what do you think? And

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Speaker 1: he was saying, you know, I don't think that's a

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Speaker 1: great idea for you. We're not This isn't the framework

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Speaker 1: that we're going on in terms of the best thing.

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Speaker 1: And I thought, well, I think I think we should

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Speaker 1: put some money towards it. And you know, I did

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Speaker 1: a little bit of research. That's a that's a loose

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Speaker 1: term research, maybe ten minutes worth of going to the

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Speaker 1: stock app on my phone and looking at the ten

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Speaker 1: year chart and saying, well, what if I would have

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Speaker 1: bought that at that point. Um. So that's what my

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Speaker 1: research looked like in as a as a baseball player,

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Speaker 1: not knowing what I note today, And I ended up

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Speaker 1: buying individual stock that it went up for a little bit,

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Speaker 1: and then when earnings came U they unfortunately we're not

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Speaker 1: doing well internally, and earnings came out in the stock page.

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Speaker 1: The lesson I learned from it was just this concept

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Speaker 1: of hey, individual stocks carry significant risk. Um. At the

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Speaker 1: same time, the framework that I was investing on was

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Speaker 1: having a diversified portfolio and understanding that as a baseball player,

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Speaker 1: my home run was the career that I was earning.

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Speaker 1: The money in my home run wasn't going to be

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Speaker 1: my investments, and it didn't need to be. I need

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Speaker 1: to be able to consistently hit what I would call

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Speaker 1: singles and doubles in a portfolio. I didn't need to

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Speaker 1: consistently try to hit home runs. So that was one

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Speaker 1: of the biggest lessons that I've learned. It's probably a

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Speaker 1: good lesson for me, although it cost me. I would

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Speaker 1: say that if I would have made money off that

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Speaker 1: sock and might have position myself differently in the future

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Speaker 1: and cost myself more. So what are you telling clients now, Jacob?

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Speaker 1: I mean, this is an unprecedented arrow. We're living in

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Speaker 1: very volatile period from markets, you know, I mean the

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Speaker 1: death of sixty forty all that stuff. I mean, what

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Speaker 1: are you telling your clients now? Yeah? I think it

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Speaker 1: just starts with that big picture framework of what are

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Speaker 1: we ultimately trying to accomplish with the money that we have,

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Speaker 1: before we get too granular about any specific investment strategy,

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Speaker 1: just helping them to understand why we're investing the money

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Speaker 1: in the first place, right, And I think I would

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Speaker 1: call it a statement of financial purpose. But this concept

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Speaker 1: of every decision that we make from an investment standpoint

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Speaker 1: needs to align with that statement of financial purpose. What

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Speaker 1: do we want to do with it? What do we

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Speaker 1: want to connect it to in our lives? And I

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Speaker 1: think ultimately answering those questions first helps open the door

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Speaker 1: to whatever strategies we want to use it. To your point,

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Speaker 1: I mean we are living in unprecedent times. I mean

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Speaker 1: seeing inflation words at today, seeing the rise of interest

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Speaker 1: rates obviously, the COVID pandemic, and the volatility in the market.

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Speaker 1: There's certainly things that the combination of them has not

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Speaker 1: been seeing before. I liked what you said earlier about

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Speaker 1: how your career was the home run and what you

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Speaker 1: needed to do was hit singles and doubles in your

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Speaker 1: portfolio when you invested. But at the same time, investing

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Speaker 1: is can be a hobby for a lot of people,

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Speaker 1: and it helps educate them if they are invested emotionally

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Speaker 1: in it. And it's hard to get invested emotionally in

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Speaker 1: something if you're only investing in index funds or something

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Speaker 1: really boring. How much of your of an athlete's portfolio,

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Speaker 1: could they risk or could they put out there as

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Speaker 1: you know, something to really take a flyer on. You know,

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Speaker 1: you have the bulk of your money in something boring

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Speaker 1: and vanilla, but there are some things that you can

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Speaker 1: decide to to go explore and and perhaps bet on

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Speaker 1: a single stock or a cryptocurrency or something a little

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Speaker 1: bit more out there. Yeah, and to your point, Scarlett,

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Speaker 1: you know, investing in money in general is extremely emotional.

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Speaker 1: So the best plan is the one that we can

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Speaker 1: stick with. The best plan isn't the one that maybe

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Speaker 1: has the best numbers behind it. If we have the

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Speaker 1: best numbers behind it, but we can't stick with it

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Speaker 1: over the long term, it doesn't really matter. And I

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Speaker 1: take to your point, using some of the money in

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Speaker 1: a portfolio to really position it in a way that

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Speaker 1: either scratches the itch for the client or allows them to,

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Speaker 1: you know, have skin in the game and something that

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Speaker 1: they really care about or something that they feel very

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Speaker 1: strongly about. I think it's really important. I think you're

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Speaker 1: seeing that more with athletes, you know, whether it be

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Speaker 1: cryptocurrency or whether it be I wouldn't even say individual stocks,

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Speaker 1: but I would say that a lot of the athletes

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Speaker 1: now a position brand to the point of, hey, instead

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Speaker 1: of me taking you know, money from this brand, we

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Speaker 1: want to have equity in the brand and we want

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Speaker 1: to help build the brand through maybe their social media

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Speaker 1: engine or through their own personal brand. Understanding that hey,

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Speaker 1: this equity you could really turn into something long term

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Speaker 1: for me, as opposed to me just taking a payout

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Speaker 1: up front. You know, to say, I love that you

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Speaker 1: said about a statement of financial purpose. It's very Jerry McGuire,

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Speaker 1: you know, that whole mission statement complex. So I mean

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Speaker 1: just just like I mean, how are you growing your business?

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Speaker 1: I mean, like the business of wealth management, of managing

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Speaker 1: you know, money for you know, high net worth or

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Speaker 1: any individual for that matter, is very very difficult. You know,

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Speaker 1: how are you building out your team? You know, what

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Speaker 1: do you think your clients need? And how do you

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Speaker 1: see the growth going forward? Yeah, I think the industry

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Speaker 1: has a whole lot has changed a lot two decades. Really,

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Speaker 1: I think we've gone from this an industry where there

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Speaker 1: was a lot of I would describe as just a

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Speaker 1: traditional stockbroker where they're telling you, you know, they're they're

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Speaker 1: picking the investments and that's really the only thing that

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Speaker 1: they're kind of doing for the clients too, you know.

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Speaker 1: I think nowadays, especially for the athletes and the entrepreneurs

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Speaker 1: we work with, it's really coming in and saying like,

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Speaker 1: how can we help not only build out the team

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Speaker 1: of people around you, because it needs to be more

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Speaker 1: than just Jacob, and also how can we help coordinate

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Speaker 1: with all those individuals? And you know, an example that

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Speaker 1: I would use is, as an athlete, you know your

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Speaker 1: your biggest lifetime expense is going to be your taxes,

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Speaker 1: So making sure that we not only build out the

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Speaker 1: CPA team around you that understands multi state taxation and

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Speaker 1: some of the intricacies that go into professional but also

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Speaker 1: making sure that we're coordinating with them consistently, since then

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Speaker 1: that way we're doing everything in our power to reduce

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Speaker 1: that lifetime tax bill. I think another example for athletes

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Speaker 1: is just purely from the risk management, making sure that

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Speaker 1: from a liability standpoint that they're covered right they're the

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Speaker 1: easiest thing to do is google a professional athletes name

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Speaker 1: and within ten seconds you can figure out basically exactly

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Speaker 1: how much money they've made and probably figure out about

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Speaker 1: how much money they might have today. And then from

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Speaker 1: a growth standpoint, the industry has changed a little bit

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Speaker 1: in my belief that I think financial advice today is

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Speaker 1: more specific than it's ever been, which I think is

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Speaker 1: great for the end client, but I also think it

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Speaker 1: makes advisors have to niche down more be able to

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Speaker 1: provide more specific financial advice. And the example I would

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Speaker 1: give there it would be another athlete example. If an

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Speaker 1: athlete gets drafted, there's certain things that they can do

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Speaker 1: to either reduce their tax bill, make sure that the

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Speaker 1: contracts structure the right way, and you want to make

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Speaker 1: sure that you have people on your team that understand

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Speaker 1: all those intricacies as opposed to somebody that's more of

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Speaker 1: a generalist. Right. I'm curious how you adapt or perhaps

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Speaker 1: customize UM your advice for female athletes. And I asked

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Speaker 1: about this because black Rock recently unveiled model portfolios for

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Speaker 1: female investors to take into account UM some key differences

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Speaker 1: such as women have a longer lifespan than men, they

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Speaker 1: make less money than men UH during their working careers,

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Speaker 1: and they have to take breaks often to have children

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Speaker 1: or to care for family members. So what does that

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Speaker 1: mean in terms of how you advise for female athletes

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Speaker 1: who if they choose to start a family, um mean

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Speaker 1: that they take a break from their career and until

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Speaker 1: very recently, meant that their endorsements were put on pause

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Speaker 1: as well. There's a couple of pros and cons to

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Speaker 1: being a female athlete. I think, you know, in a

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Speaker 1: traditional sense, in the past two decades, you know, female

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Speaker 1: athletes have not been paid, in my opinion, what they

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Speaker 1: deserve to get paid. I think we're starting to see

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Speaker 1: a small all shift in that, We're starting to see

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Speaker 1: the attraction of hey, like, these women can really play,

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Speaker 1: that's what they're playing for. That. Yeah, Seria Williams obviously

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Speaker 1: been a huge driver of that, and I think you're

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Speaker 1: you're continuing to see that in professional sports. But to

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Speaker 1: your point, Scarlett, there's obviously uniqueness with any client situation,

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Speaker 1: and when when it comes to a female athlete in particular,

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Speaker 1: there are you know, intricacies that go into extremely uneven

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Speaker 1: cash flow because to your point, there are things that

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Speaker 1: could happen in their career where their career all of

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Speaker 1: a sudden gets put on pause. So what does that

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Speaker 1: look like from a cash flow standpoint as opposed to

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Speaker 1: a male athlete who's saying, like, hey, I'm probably gonna

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Speaker 1: be in his career for the next five or ten years,

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Speaker 1: barring a significant injury that we can generally protect against UM.

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Speaker 1: So they're definitely planning scenarios that would go into play

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Speaker 1: there just to make sure that everybody understands, Hey, what

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Speaker 1: are we trying to get to? But I think it

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Speaker 1: goes back to that original you know, what is the

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Speaker 1: statement of financial purpose? Like what is the reason why

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Speaker 1: we're trying to invest this money When we get done playing?

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Speaker 1: What position do we want to be in to vault

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Speaker 1: our so whatever we want to do next. So I

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Speaker 1: think that's the most important thing for an athlete, male

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Speaker 1: or female to understand, is that, Hey, whether you are

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Speaker 1: Serena Williams, Lebron James, or Jacob Turner, at some point

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Speaker 1: professional sports is going to be over, and how are

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Speaker 1: we going to position ourselves while we're still playing to

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Speaker 1: vault ourselves? So whatever we're gonna do next, you know, Jacob,

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Speaker 1: I have to say, I just want to hit back

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Speaker 1: on your gut reaction when I asked you, you know

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Speaker 1: what you know how a you're building out your business

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Speaker 1: and you said you're trying to create UM, you know,

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Speaker 1: a competency in in tax advisory, right, and that makes

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Speaker 1: perfect sense to me. I mean, you look at the

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Speaker 1: preponderance of athletes who you know, would prefer to, you know,

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Speaker 1: to play in places like Florida and even Texas because

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Speaker 1: of the advantageous tax jurisdiction there. You know, I'm just curious,

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Speaker 1: you know, how hard is that, you know, to communicate

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Speaker 1: to athletes and quite frankly, to clients today. I mean,

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Speaker 1: do they really are they starting to get it? Do

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Speaker 1: they understand the impact of an after tax return on

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Speaker 1: investment relative to pre tax I mean, how long does

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Speaker 1: it take to really get them to understand that, especially

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Speaker 1: over the long term, you know, over the life cycle

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Speaker 1: of their investments. Yeah, and it's a great point, right.

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Speaker 1: I think even when I think about my own journey

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Speaker 1: and some of the conversations I had with my advisory

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Speaker 1: team when I was playing, no taxes were brought up,

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Speaker 1: but they were always brought up in terms of a strategy,

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Speaker 1: like we want to do this row conversion, or we

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Speaker 1: want to established state residency or whatever it may be.

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Speaker 1: I want to prepay agency something of that nature, where

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Speaker 1: we could, you know, increase our deductions. But I think

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Speaker 1: for us, it's really taking it back to saying like,

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Speaker 1: how can we help educate the client, And instead of

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Speaker 1: talking in a strategy term, we might say the name

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Speaker 1: of the strategy, but I wanted to be on one page,

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Speaker 1: one piece of paper, and then actual numbers form for

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Speaker 1: the client to be able to see, because I think

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Speaker 1: that's ultimately where they get better educated on it. If

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Speaker 1: somebody says this strategy is a really good strategy for you,

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Speaker 1: but they don't articulate in dollar terms a lot of times,

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Speaker 1: that doesn't mean anything to an athlete. Yet if you said, hey,

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Speaker 1: there's a strategy want to use. Before we talk about

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Speaker 1: what the strategy is, here's the numbers behind day, and

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Speaker 1: we think it could save you x amount of dollars

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Speaker 1: over the next five years, they're going to be a

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Speaker 1: lot more engaged in that conversation. I think ultimately that

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Speaker 1: falls on advisors involved on the wealth management industry as

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Speaker 1: a whole, that we just need to do a better

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Speaker 1: job explaining the clients the strategies that we're using in

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Speaker 1: real life terms. Yeah, in terms that they can apply

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Speaker 1: and is concrete, Jacob, really fantastic conversation. Thank you so

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Speaker 1: much for your time. Jacob Turner, former professional baseball player,

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Speaker 1: founding partner at Jail Strategic Wealth and to learn more

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Speaker 1: about his firm and what they can offer you, you

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Speaker 1: can head over to j l s Wealth dot com.

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Speaker 1: Thank you, I appreciate it. You've been listening to the

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Speaker 1: Bloomberg Business of Sports show. We're here each and every

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Speaker 1: week at the same time. Of course, we're also online

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Speaker 1: wherever you get your podcasts, and in case you didn't

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00:19:44,600 --> 00:19:46,560
Speaker 1: catch the whole episode or you want to catch some

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Speaker 1: more back episodes, we've got this whole archive. You can

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Speaker 1: catch everything on our website and also on Monday's, Wednesdays

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Speaker 1: and Thursdays. I'm Scarlett Foul. You can also find me

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Speaker 1: on Twitter at Scarlet Fool and I'm Damien sass how

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Speaker 1: you can follow me on Twitter at the hour. Again,

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Speaker 1: thank you so much for joining us. Hope you enjoyed

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Speaker 1: the program and join us next week for the latest

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Speaker 1: stories moving big money in the world of sports. This

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Speaker 1: is Bloomberg Business of Sports from Bloomberg Radio around the world.