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Speaker 1: Hello, I'm Scott Soft, I'm Evan Nobi Williams, and this

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Speaker 1: is the Bloomberg Business of Sports podcast, where we explore

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

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Speaker 1: Barr is once again taking the week off. Have we've

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Speaker 1: said that a few times already, haven't we? Man likes

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Speaker 1: his vacation. I respect he said Hershey Park this weekend.

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Speaker 1: We better get some chocolate on the way back. Right. Yeah,

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Speaker 1: you did you put any pressure on him to bring

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Speaker 1: stuff back? I did not, but I did a little bit.

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Speaker 1: He's got to write, all right, Well, we're gonna do

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Speaker 1: this without him. And we are beginning, Mr Novie Williams

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Speaker 1: with Washington Redskins running back Adrian Peterson. It sounds like

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Speaker 1: the man's gonna need a paycheck this year. Yeah. So

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Speaker 1: you know, Adrian Peterson is getting sued right now for

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Speaker 1: for not paying back five point two million dollar loan.

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Speaker 1: I believe you know, there's some other reports of a

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Speaker 1: couple other million dollars that he owes to some creditors.

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Speaker 1: A guy who's made a hundred million dollars hundred million

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Speaker 1: dollars on the field in his twelve thirteen year career.

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Speaker 1: That is a lot of money to go through to

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Speaker 1: suddenly be being dead a couple of millions. Yeah, this

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Speaker 1: is how the AREEO type of the fleeced athlete and

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Speaker 1: how things like THET broke get made. Where the statistics

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Speaker 1: in that Sports Illustrated article way back when of eight

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Speaker 1: percent of NBA players I think are in financial distress

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Speaker 1: three five years whatever after retirement, which by the way,

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Speaker 1: does not even pass the common sense test. But because

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Speaker 1: there are such high profile failures that when they go

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Speaker 1: wrong things like this, it just permeates out there that

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Speaker 1: boy athletes, they just lose their money and they don't

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Speaker 1: know what they're doing. Yeah, this this feels like the

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Speaker 1: two thousand and tens version of Antoine Walker, right, who

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Speaker 1: made a lot of money as an NBA player and

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Speaker 1: and squandered all of it. The scale here and you're right,

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Speaker 1: And we hear these stories all the time of athletes

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Speaker 1: who they trust their wrong person. They're obviously not business savvy,

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Speaker 1: especially when they're young. You know, they think paychecks are

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Speaker 1: coming forever. They spend a lot. And we don't know

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Speaker 1: the details specifically about Adrian Peterson and exactly how this

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Speaker 1: went down, but a hundred million dollars and that you know,

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Speaker 1: that's that's before tax sure, but he also had endorsements,

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Speaker 1: So let's say roughly the taxes cancel out the endorsements

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Speaker 1: is probably more on the plus side for him. But

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Speaker 1: to lose a hundred million dollars and twelve years, I mean,

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Speaker 1: if you if you do the math, that's it's twenty

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Speaker 1: three tho dollars a day spending and that that is

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Speaker 1: a crazy blame game right away. By the way, some

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Speaker 1: people on Twitter when the news came out, they pointed

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Speaker 1: to the lavish birthday party ridiculous. If you have a

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Speaker 1: hundred million, you can have that, you can do it.

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Speaker 1: You can't spend that money every day like that. But

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Speaker 1: rule number one, and if we do have any prospective

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Speaker 1: or current professional athletes and you're just getting a check,

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Speaker 1: rule number one, I'm gonna keep it very simple for you.

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Speaker 1: First piece of first and only piece of advice I

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Speaker 1: will give you. Then I'll let others talk about. You know,

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Speaker 1: tax and financial planners do not under any circumstance sign

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Speaker 1: power of attorney away. That is the number one piece

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Speaker 1: of advice that I will give to any prospective athlete

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Speaker 1: out there who may come in to some big bucks

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Speaker 1: in terms of assigning bonus or just big time checks.

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Speaker 1: Do not sign away power of attorney, which means if

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Speaker 1: you don't know what that means, that means that other

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Speaker 1: person whoever has power of attorney can sign your name

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Speaker 1: as if it is. You can open counts, close accounts,

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Speaker 1: do with it what he or she will. So that's

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Speaker 1: my first piece of advice. We've had athletes, a number

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Speaker 1: of athletes on the show, and and we a lot

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Speaker 1: of them we talked to about, you know, the way

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Speaker 1: they handled their money, but also kind of holistically in

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Speaker 1: locker rooms. It seems as though a lot of athletes say,

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Speaker 1: now people are getting smarter the athletes today two thousand

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Speaker 1: nineteen or maybe more aware of both the pitfalls and

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Speaker 1: the proper way of managing your money. Uh do you

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Speaker 1: think that's true? I mean, Adrian Peterson, is he kind

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Speaker 1: of more of an outlier now than that maybe it

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Speaker 1: would have been. He's kind of old school, Yeah, he's

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Speaker 1: he didn't come up at a time when perhaps Bloomberg

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Speaker 1: TV and some others are on the in the locker

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Speaker 1: room right, Um. I told to the old story where

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Speaker 1: grand Hill and Pat Garretty they didn't want to name

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Speaker 1: names but they were the old men in the locker

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Speaker 1: room in Orlando, right, and literally the cartoon network was

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Speaker 1: on in the training room and they would wait for

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Speaker 1: you know, the year olds to leave the room before

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Speaker 1: they would put on something else. No matter would be.

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Speaker 1: You know, it might be, but that I don't think

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Speaker 1: that's happening much anymore. The conversations are different. It doesn't

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Speaker 1: have to keep close because everybody knows how much you're making.

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Speaker 1: And the adage is it's not how much money you make,

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Speaker 1: it's how much of it do you keep? And you

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Speaker 1: gotta you have a long horizon when you're professing lat

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Speaker 1: that you've done at thirty five, if you're lucky, you're

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Speaker 1: done at thirty five. That's a long runway to real retirement.

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Speaker 1: You gotta do something, so you gotta forgot a way

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Speaker 1: to do it anyway. Alright, move on. That is pro football.

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Speaker 1: Let's go to in part college football. PAC twelve wants

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Speaker 1: you to get up super early and watch the games. Yeah.

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Speaker 1: Larry Scott, the commissioner of the PAC twelve conference, at

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Speaker 1: at the at the Football Media Day last week, said

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Speaker 1: that he was working or at least in conversations right

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Speaker 1: now about the possibility of moving up some games so

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Speaker 1: that they are earlier on the on the East coast.

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Speaker 1: And the time that he was talking about was nine

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Speaker 1: am Pacific, right, which would be noon on the on

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Speaker 1: the East coast. By the way, good for you to

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Speaker 1: do that on the radio, because here's a little there's

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Speaker 1: but here are things something that people do not know about.

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Speaker 1: Evan Novie Williams struggles mightily doing the conversion, whether it's

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Speaker 1: Eastern time, specific time struggles. I'm usually always wrong. I

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Speaker 1: had three when I should subtract three, and I subtract

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Speaker 1: three when I should add three. But I wrote it down, Yeah,

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Speaker 1: not nine am to twelve as what it says in

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Speaker 1: the notebook. Um, but yeah, so this is this is

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Speaker 1: follows a lot of controversy and complaining from folks in

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Speaker 1: pac twelve land. You know, coaches are upset that they

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Speaker 1: air so late at night. You know, athletic directors who

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Speaker 1: have fans on the East coast in New York or

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Speaker 1: big cities Washington, d C. Who you know, complained that

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Speaker 1: they have to stay up until two am to watch

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Speaker 1: the end of the Let's be fair. I mean, I

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Speaker 1: see I watched college football every now and then, and

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Speaker 1: it's the same schools in my head all the time,

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Speaker 1: and it's it's not the PAC twell. I mean, I

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Speaker 1: see the promos. I know U c. L a Is

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Speaker 1: gonna play Washington, but I'm not watching because it starts

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Speaker 1: on the East coast. Um and you know, and and

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Speaker 1: this is kind of part and parcel. But the PAC

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Speaker 1: twelve has has been has struggled on the field, both

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Speaker 1: football and basketball. We're talking mostly about football right now,

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Speaker 1: but but the conference is kind of lagging behind. And

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Speaker 1: the money is the same thing. You know, the Big

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Speaker 1: Ten shares fifty four million dollars amongst its to each

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Speaker 1: of its members. The SEC is at forty five or so.

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Speaker 1: The PAC twelve is barely at forty all at a time,

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Speaker 1: by the way, put it in context now, all at

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Speaker 1: a time when the Pack twelve is looking to sell

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Speaker 1: a new media entity, and by the way, at a

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Speaker 1: time when the Pack twelve controls all of its media

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Speaker 1: will be up at once and the Packed twelve can

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Speaker 1: go out and mass and l all of its media properties. Yeah,

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Speaker 1: and we'll we'll see if this happens. I mean, you

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Speaker 1: can obviously understand the drawbacks. Here a kickoff game at

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Speaker 1: nine am or or ten AM. If you're Colorado or Utah,

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Speaker 1: you know you're not gonna be tailgating and drinking much

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Speaker 1: before that game. A lot of students are probably not

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Speaker 1: even awake that early on a Saturday out there. I mean,

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Speaker 1: it changes the experience for fans, um, and I think

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Speaker 1: there's a reasonable question to ask about whether it really

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Speaker 1: gives them much more exposure. You know, there are Big

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Speaker 1: ten games, there are SEC games that kickoff at noon

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Speaker 1: and eastern. Um. Certainly the three thirty window, which I

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Speaker 1: think would be the ideal one for Pack twelve, is

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Speaker 1: just dominated by your Alabama's and your Michigan's and your

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Speaker 1: Ohio states. You know, you're not all the time, Yeah,

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Speaker 1: I know. I know Wisconsin is playing Michigan Ohio State

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Speaker 1: at Alabama the way it is right now, the PAC

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Speaker 1: twelve owns the late night I mean there's Mountain West

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Speaker 1: games also, But if you're turning on a college football

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Speaker 1: game at eleven o'clock eastern on on Saturday night, you're

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Speaker 1: getting a PAC twelve game right that they own that

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Speaker 1: you're not watching by Utah. Well you tell maybe, yeah,

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Speaker 1: that's I mean the counts in my opinion, But yeah,

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Speaker 1: I think that. The question now is do they want

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Speaker 1: to move up earlier and compete more with the bigger conferences,

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Speaker 1: or do you stay in your late time zone, which

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Speaker 1: which might be you know, frustrating for East Coast fans,

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Speaker 1: but at least gives you some kind of exclusive window

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Speaker 1: in the Saturday landscape. All right, let's finish it up

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Speaker 1: with Kyle Giesdorff. You know him. I never heard of,

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Speaker 1: sixteen years old from Pennsylvania. You know what he put

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Speaker 1: in his pocket last yester? Yeah? Nice, nice three million

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Speaker 1: dollar million dollars because one Fortnite Fortnite World Cup. By

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Speaker 1: the way, we were out all day. We got we

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Speaker 1: drove home past the National Tennis Center, and I debated

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Speaker 1: whether to tell my son that's where it's all happening,

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Speaker 1: because I was I feared the let's go, let's go,

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Speaker 1: pull up, let's do, let's do. But he was like, okay.

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Speaker 1: But as soon as we got home, boom. He put

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Speaker 1: it on and he was watching to see when the

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Speaker 1: three email, and I like, what's what's the other guy?

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Speaker 1: Tofu tooth tough foo. I don't know he was. He

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Speaker 1: was participating to that. There's a pro am there. Ninja

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Speaker 1: participated earlier in the weekend. What did you guys watch

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Speaker 1: on He was on Xbox, so he watched in the game,

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Speaker 1: did you know? And I like this by the way

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Speaker 1: to I don't whether it's a way to boost the

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Speaker 1: number or whether it just made sense, But if you

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Speaker 1: logged on Xbox simply to play Fortnite, you had to

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Speaker 1: the screen popped up of the live broadcast, so you

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Speaker 1: had no choice. It just came up. So you were

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Speaker 1: watching the World Cup while you were simply trying to

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Speaker 1: play shades of Yahoo, it was like a second and ething.

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Speaker 1: Three second counts. It counts as a as a viewer.

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Speaker 1: But I mean, what do we say was like upwards

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Speaker 1: of two million concurrent above two million concurrent streams and

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Speaker 1: that that's Twitch, that's YouTube, that's Facebook, that's Xbox, etcetera. Um, yeah,

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Speaker 1: which is which is a good number? You know, it's

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Speaker 1: not certainly not a record by any means for sports

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Speaker 1: Leaks would sign up for it? Yeah? Absolutely? Yeah, And

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Speaker 1: it's interesting. I was gonna ask you if your son

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Speaker 1: did watch, because I know he's played a lot and

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Speaker 1: maybe his his playing habits are shifting others interesting, which

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Speaker 1: is I mean, he's not alone obviously. Um, but this

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Speaker 1: was the first ever Fortnite World Cup thirty million dollar

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Speaker 1: prize pers overall. The three million for the winner, you know,

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Speaker 1: that's more than your Wimbledon winner gets. It's more than

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Speaker 1: Tiger one for the master. Let's just keep it. I mean,

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Speaker 1: you've got the US Open coming up in that very

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Speaker 1: same stadium. The winner there gets a check for three

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Speaker 1: point eight Yeah. So do US Open versus forte Yeah.

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Speaker 1: And it's money, that's real money. Yeah. And and and

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Speaker 1: a lot of the sports conversation and most of the

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Speaker 1: ones that we have on this podcast kind of stem

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Speaker 1: around the team, the team leagues, you know, your Overwatch league,

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Speaker 1: your League of Legends. Uh. Fortnite for the most part,

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Speaker 1: is a singular sport, right, these guys are on teams,

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Speaker 1: but it's a it's the guy who wanted it's a

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Speaker 1: solo actor. Um. Really a nice kind of benchmark for

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Speaker 1: another corner of the sports world that doesn't get talked

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Speaker 1: about all that much. And that was funny. You know

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Speaker 1: more about it than I do. But when I said

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Speaker 1: something about the players and the teams, like dad, that's Overwatch, Like,

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Speaker 1: oh sorry, dude, I did not know. But if we

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Speaker 1: should have had them on for this one here. I

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Speaker 1: wonder how many kids now that the argument about, you know,

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Speaker 1: stop playing video games, you should focus on your studies whatever.

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Speaker 1: Kids can now come back and say, look, I can

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Speaker 1: win win three million dollars when when I'm still in

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Speaker 1: high school, if I'm good enough at this game. I

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Speaker 1: wonder if that's conversation is happening in households around the country.

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Speaker 1: Let's go back to sort of when we had the

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Speaker 1: coach of the Connecticut Junior Rangers on, Jeff Hamilton's I

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Speaker 1: think it's a ridiculous argument. If you're if you're looking

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Speaker 1: ahead to that your kids going to get a scholarship

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Speaker 1: to college or whatever, you're better off just not playing

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Speaker 1: and save them money. As I've said million times, I

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Speaker 1: can just I can just pay for college if my

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Speaker 1: kid wasn't playing hard. All right. This is the Bloomberg

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Speaker 1: Business of Sports podcast. I am Scott Sashnik along with

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Speaker 1: Evan W. Williams. We're here each and every Monday, Wednesday

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Speaker 1: and Thursday exploring the world of money in sports. Join

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

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Speaker 1: speak with Bleacher Reports EEO Howard Mittman speaking of skewing

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Speaker 1: younger you're listening to Bloomberg Business of Sports on Bloomberg

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Speaker 1: Radio around the world, online, wherever you get your podcast