Bloomberg Business of Sports

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Stocks, Bonds and Spencer Dinwiddie’s $34 Million Deal Oct 24, 2019

Show notes

Galatioto Sports Partners founder Sal Galatioto joins Scott Soshnick, Eben Novy-Williams and Michael Barr to discuss a host of issues related to the business of sports, including his new $500 million baseball fund (only Galatioto’s lawyers told him he couldn’t talk about the fund). He did, however, discuss limited partnerships in sports and why professional sports leagues are changing their ownership rules to add liquidity to the market. Also discussed is an idea by Brooklyn Nets player Spencer Dinwiddie, who has created a financial instrument that would allow him and other professional athletes to take advantage of their earnings by securitizing their multi-million-dollar contracts. Galatioto also talks about the process of educating prospective team buyers, and why his approach is team and market specific -- not league specific -- when he seeks buying opportunities. He also talks about working with some of the early investors in sports, including the late Pistons and Lightning owner Bill Davidson and the late New York Giants owner Wellington Mara. Before founding GSP in 2005 Galatioto ran the sports and advisory group at Lehman Brothers.

Hosts: Scott Soshnick, Eben Novy-Williams and Michael Barr

Producer: Bob Bragg

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Zion Williamson's Knee has TV Bosses Scratching Heads Oct 23, 2019

Show notes

Scott Soshnick, Eben Novy-Williams and Michael Barr discuss a host of issues related to the business of sports, including the effect New Orleans Pelicans rookie Zion Williamson's knee injury has on the NBA's television schedule. Williamson, the most heralded rookie since LeBron James, recently had knee surgery and is scheduled to miss up to eight weeks. The Pelicans are slated to make 30 national TV appearances this season, including last night's opener against the defending champion Toronto Raptors. Also talked about are the changing roles of Nike CEO Mark Parker and his Under Armour counterpart, Kevin Plank, both of whom are giving up their positions for different titles. And San Francisco 49ers President Al Guido joins the show to discuss the NFL team's policy of including most food and non-alcoholic beverages in the price of season tickets.

Hosts: Scott Soshnick, Eben Novy-Williams and Michael Barr

Producer: Bob Bragg

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Nike’s $250 Sneaker has Some Asking About Cheating Oct 21, 2019

Show notes

Scott Soshnick, Eben Novy-Williams and Michael Barr discuss a host of issues related to the business of sports, including a discussion of whether the Nike Zoom Vaporfly 4% provides runners with an unfair advantage. Several long-distance runners asked the sport’s governing body, the IAAF, to investigate the shoes, which played a central role in a pair of record-setting performances recently. Among them: Eliud Kipchoge became the first person to run a 26.2-mile race in under two hours at an unofficial event in Vienna. Also discussed is Major League Baseball’s desire to implement changes to the minor-league game, including the contraction of some 40 clubs. One of the plans would convert some teams from the lower-level minors -- rookie ball and lower Class A -- into a so-called Dream League of undrafted players looking to make it in the game. The current operating agreement between the big-league clubs and their 160 minor-league affiliates expires in 2020. Also talked about is the Cubs’ new regional sports network, Marquee Sports Network, getting a deal with AT&T, which includes DirecTV.

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Does the NBA Need China or Does China Need the NBA? Oct 17, 2019

Show notes

Syracuse University sports management professor Rick Burton joins Scott Soshnick, Eben Novy-Williams and Michael Barr to discuss a host of issues related to the business of sports, including a review of how the National Basketball Association handled its China controversy. Burton, a former commissioner of the Australian Basketball League (NBL), also talks about the tension between the league and China; Rockets owner Tilman Fertitta and his executive Daryl Morey, whose tweet in support of Hong Kong ignited the firestorm, and whether sponsors will return to embrace the NBA. A former chief marketing officer of the U.S. Olympic & Paralympic Committee, Burton also discusses how LeBron James handled the controversy, and he talks about recent marketing changes that allow Olympic athletes and their marketing partners greater flexibility in the run-up to -- and during -- the Games.

Hosts: Scott Soshnick, Eben Novy-Williams and Michael Barr

Producer: Bob Bragg

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A $100 Million Arena Renovation has Boston Fans Livid Oct 16, 2019

Show notes

Scott Soshnick and Michael Barr discuss a host of issues related to the business of sports, including a horde of unhappy Boston Bruins and Celtics fans at TD Garden, where a renovation has led to an uncomfortable seating problem. Delaware North, the owner and operator of the arena, spent $100 million to upgrade and expand the building. Fans, however, lots of them, have complained that the new seats don't have enough leg room. Delaware North is mulling how to proceed. Also talked about is Major League Baseball's decision to change its ownership rules, allowing investment funds to buy limited stakes across multiple teams. It spurred Galatioto Sports Partners to create a $500 million fund -- the GSP Baseball Fund -- to invest in teams. The fund will have a maximum of 100 investors and has a minimum contribution of $1 million. Also discussed is Eliud Kipchoge's sub two-hour marathon and how it might affect Nike, which produced special sneakers for the event. And also touched on is LeBron James's comments about Houston Rockets General Manager Daryl Morey, who touched off the NBA-China firestorm with a tweet critical of the situation in Hong Kong.

Hosts: Scott Soshnick and Michael Barr

Producer: Bob Bragg

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Each XFL Team Has $100 Season Tickets, Except New York Oct 14, 2019

Show notes

Eben Novy-Williams and Michael Barr discuss a host of issues related to the business of sports, including two big pieces of financial news about the XFL -- the cost of season tickets and the average player salary. The country's latest professional football league, which launches in February, is setting its ticket prices on the low end, hoping $20 tickets will lure in new fans. The average player will be paid $55,000 for the season, well below the NFL's $495,000 minimum salary. Also discussed is Nike's decision to shutter the Nike Oregon Project, the exclusive running team operated out of its Oregon headquarters, after coach Alberto Salazar was banned four years for drug violations. Also talked about is the possibility that NFL owners will drastically increase the amount of debt new owners are allowed to take on, expanding the pool of people who can afford teams and possibly creating more bidding wars for franchises in the future.

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NBA Stock Would've Fallen 5-10% Amid China Tweet Storm Oct 10, 2019

Show notes

Don Cornwell, a partner at boutique investment bank PJT Partners, joins Scott Soshnick, Eben Novy-Williams and Michael Barr to discuss a host of issues related to the business of sports, including the brouhaha between the National Basketball Association and the government of China, where the first of two scheduled exhibition games between the Los Angeles Lakers and Brooklyn Nets was played today. As part of that discussion Cornwell gets into the league's long-term global prospects and just how much the firestorm over a tweet sent by Houston Rockets General Manager Daryl Morey will affect that franchise and the NBA in the long run. He also discusses franchises values and how they're affected by the Chinese market, and the recent gambling space transaction in which Flutter Entertainment bought The Stars Group. Cornwell has worked on some of the sports world's biggest transactions, including the sale of the Buffalo Bills.

Hosts: Scott Soshnick, Eben Novy-Williams and Michael Barr

Producer: Bob Bragg

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Crash, Boom, Bam! There's a New Sports Revenue Stream Oct 09, 2019

Show notes

Scott Soshnick, Eben Novy-Williams and Michael Barr discuss a host of issues related to the business of sports, including the Rage Room inside of Philadelphia's Wells Fargo Center. It's a first for a major professional sports arena. The room allows fans to release some stress by smashing items inside of what's called the Disassembly Room. Some of the items even include objects adorned with that night's visiting team's logo. It costs $35 for one person or $60 for two. Also discussed is the continuing battle between China and the National Basketball Association, which is supposed to stage a pair of exhibition games between the Brooklyn Nets and Los Angeles Lakers. The dispute stems from a pro-Hong Kong tweet from Houston Rockets General Manager Daryl Morey and Commissioner Adam Silver's support of his right to speak out. Also talked about is the U.S. Olympic & Paralympic Committee's changes to Rule 40, which governs how athletes can promote their marketing partners before and during the Games.

Hosts: Scott Soshnick, Eben Novy-Williams and Michael Barr

Producer: Bob Bragg

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NBA Protects Billion-Dollar China Business After Tweet Oct 07, 2019

Show notes

Eben Novy-Williams and Michael Barr discuss a host of issues related to the business of sports, including the growing controversy over a tweet sent by Houston Rockets General Manager Daryl Morey expressing support for the people of Hong Kong and their protests against the Chinese government. The NBA does massive business in China -- there are 500 million Chinese people who watched an NBA game last year -- and anger over the Tweet has already led to financial ramifications. The Rockets lost a few sponsors, and broadcasters within the country have said they will stop airing Rockets games. Also discussed is the end of a 10-day carriage dispute between Dish Network and Fox Corp., which was resolved over the weekend in advance of Sunday's NFL games. Also talked about is the publishing future of Sports Illustrated, which went through a large round of layoffs last week and is under new direction.

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Sports Betting "Manna From the Heavens" For Media CEO Oct 03, 2019

Show notes

John Levy, CEO of Toronto-based media company TheScore, joins Scott Soshnick, Eben Novy-Williams and Michael Barr to discuss a host of issues related to the business of sports, including sports betting. TheScore is the first sports media company to become a licensed sports betting operator in the U.S. and recently raised $40 million, in large part to help fund the company's gambling ambitions. Levy discusses the company's progression from TV network to mobile app to sports betting operator, and the opportunity that he sees in its newest product. He also discusses why he think TheScore's betting app will be different from anything else currently on the market in the U.S.

Hosts: Scott Soshnick, Eben Novy-Williams and Michael Barr

Producer: Tim Herro

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