Bloomberg Audio Studios, podcasts, radio News.

Bloomberg Audio Studios, podcasts, radio News.

On this episode of The Deal, we're bringing you an interview we recorded live at Bloomberg Power Players Summit. We sat down with Steve Peluca. He's the owner of the Boston Celtics and the Italian football club Atalanta. Both teams have brought home trophies in the past year, and we got to pick Steve's brain about how he builds winning franchises and the deals behind it all. Here's Steve Peluca. All right, let's jump right into this because one of the reasons we wanted to talk to you, Steve is, I think the technical term, Alex is You've had a hell of a year.

On this episode of The Deal, we're bringing you an interview we recorded live at Bloomberg Power Players Summit. We sat down with Steve Peluca. He's the owner of the Boston Celtics and the Italian football club Atalanta. Both teams have brought home trophies in the past year, and we got to pick Steve's brain about how he builds winning franchises and the deals behind it all. Here's Steve Peluca. All right, let's jump right into this because one of the reasons we wanted to talk to you, Steve is, I think the technical term, Alex is You've had a hell of a year.

This has been a really good.

This has been a really good.

Year for you.

Year for you.

Yeah, I'm still pinching myself.

Yeah, I'm still pinching myself.

So two championships. As you look back, what's the most memorable moment?

So two championships. As you look back, what's the most memorable moment?

Oh man, that's really hard. I mean probably two of them were the championship game the Celtics. You know, we came so close for so many years. I was very happy for Jason and Jalen specifically getting over the hump, so that was very emotional. And then for Atalanta, they had not won the European Championship for one hundred years, So that kind of revolutionized Bergamo and the players. We had a parade there. The Celtics parade was amazing, millions of people with a parade in Milan took five hours because there were so many people, so many people on the streets. They had to have a one hundred policemen moving people out of the way as this this double decker bus went down the hill to only go three miles five hours. It became dark. They're lighting off flares. It looked like apocalypse now. So those were just just memorable. Remember parade, I do New York, not Boston.

Oh man, that's really hard. I mean probably two of them were the championship game the Celtics. You know, we came so close for so many years. I was very happy for Jason and Jalen specifically getting over the hump, so that was very emotional. And then for Atalanta, they had not won the European Championship for one hundred years, So that kind of revolutionized Bergamo and the players. We had a parade there. The Celtics parade was amazing, millions of people with a parade in Milan took five hours because there were so many people, so many people on the streets. They had to have a one hundred policemen moving people out of the way as this this double decker bus went down the hill to only go three miles five hours. It became dark. They're lighting off flares. It looked like apocalypse now. So those were just just memorable. Remember parade, I do New York, not Boston.

But you know, but Steve, you've done You've had such an iconic career and I've admired you for so long. You've been so kind to me. But thinking about you Korean Bane and all the great deals you've done in private equity. But take us back to two thousand and two, because if Boston Celtics is a little different and a lot more special in many ways, take us back to that and what did that mean to you at that time?

But you know, but Steve, you've done You've had such an iconic career and I've admired you for so long. You've been so kind to me. But thinking about you Korean Bane and all the great deals you've done in private equity. But take us back to two thousand and two, because if Boston Celtics is a little different and a lot more special in many ways, take us back to that and what did that mean to you at that time?

It seems like yesterday. It's interesting because I had been in bank capital and we had done billion dollar deals and five billion dollar deals, and the Celtics was a three hundred and sixty million dollar deal. And we do a billion dollar deal, they be one or two reporters. And the odd thing about the Celtics peck then is there were no leaks. This was a very private deal from a private seller to a private seller, so there were zero leaks. It's almost unheard of.

It seems like yesterday. It's interesting because I had been in bank capital and we had done billion dollar deals and five billion dollar deals, and the Celtics was a three hundred and sixty million dollar deal. And we do a billion dollar deal, they be one or two reporters. And the odd thing about the Celtics peck then is there were no leaks. This was a very private deal from a private seller to a private seller, so there were zero leaks. It's almost unheard of.

Wow.

Wow.

And so it was a very hot day in September or August, whatever that day was. And we drove over to the Celtics facility and the previous owner hadn't even told the coach that the team had been sold. Whoa wow. And he was up in the balcony staring down at us, and it was incredibly So I drove over with Wick Grosspec, who's our CEO and the partner. It was incredibly hot. He bounded out of the car and then I was nervous and I couldn't open the door of the car. I was locked in the car. It was ninety degrees. I'm sweating and we're going to press conference. I thought there'd be a couple of reporters there, so thank god, you know, I kind of etched on the window. Help and he came back, got me got out of the car. I'm telling what we go to sit at place like this and I look up and there's reporters the same number about in the room today. I mean, there are one hundred reporters there right to report on this. I said, okay, this is this is really different. You know the intersection of sports and business. You know, when you put the entertainment into it, it's really different.

And so it was a very hot day in September or August, whatever that day was. And we drove over to the Celtics facility and the previous owner hadn't even told the coach that the team had been sold. Whoa wow. And he was up in the balcony staring down at us, and it was incredibly So I drove over with Wick Grosspec, who's our CEO and the partner. It was incredibly hot. He bounded out of the car and then I was nervous and I couldn't open the door of the car. I was locked in the car. It was ninety degrees. I'm sweating and we're going to press conference. I thought there'd be a couple of reporters there, so thank god, you know, I kind of etched on the window. Help and he came back, got me got out of the car. I'm telling what we go to sit at place like this and I look up and there's reporters the same number about in the room today. I mean, there are one hundred reporters there right to report on this. I said, okay, this is this is really different. You know the intersection of sports and business. You know, when you put the entertainment into it, it's really different.

And so before we get to because I know you've got some like owner to owner questions. I do not own a professional team. I'm a humble journalist here, but I did get to know you, Steve pre Celtics like covering private equity, I mean, tell us a little bit about translating that work to ownership. And you stayed in private equity during all of this time, and you're still an active investor. But like, what was it about ban because Bane was you know, many people in this room were very familiar with that story, very special and different sort of partnership. What did you bring from that experience to your partnership with Wick and your other parties the.

And so before we get to because I know you've got some like owner to owner questions. I do not own a professional team. I'm a humble journalist here, but I did get to know you, Steve pre Celtics like covering private equity, I mean, tell us a little bit about translating that work to ownership. And you stayed in private equity during all of this time, and you're still an active investor. But like, what was it about ban because Bane was you know, many people in this room were very familiar with that story, very special and different sort of partnership. What did you bring from that experience to your partnership with Wick and your other parties the.

Southwick and I had been in venture capital and I'd been in buyouts, and actually the concepts are very similar. So The first thing we did was do kind of a bane study on what were kind of the key objectives that we would have going forward. But the good news isn't consulting. They always bought it down at three things. I told Alex like fifteen years ago, it's always about three things, not two three things. And the first was, you know, you want to win a championship, so build a championship team. The second thing we needed to do was make it a more fan friendly environment. Back in those days in Boston, you know, the Celtics were the only team of the thirty teams that didn't have a dance squad or cheerleading squad who was really old school and not a lot of connectivity with the fans. It was kind of like they want to keep the fans away from the players. So that was the second objective is really, you know, make it a better fan experience. The third was use it as a community asset, because you don't really you know, like you don't really own these teams. They're kind of owned by the city and they can do enormous amount of goods. So we set up the first day, we set up something called the Boston Celtic Shamrock Foundation. And you can't win a championship every year, but you can you can do a lot, you know, for the people of Boston and New England off the court. And so those were the three pillars that that we found on and we did that study and executed on that, and the Globe came out with an article which we just got under the wire. They said, if they idolized every team that won a championship, and I guess at that time, no new owners that came in if they didn't win within the first five years, they never won. Oh boy, so we wanted the fifth year. Oh we had a five year plan and we wanted two thousand.

Southwick and I had been in venture capital and I'd been in buyouts, and actually the concepts are very similar. So The first thing we did was do kind of a bane study on what were kind of the key objectives that we would have going forward. But the good news isn't consulting. They always bought it down at three things. I told Alex like fifteen years ago, it's always about three things, not two three things. And the first was, you know, you want to win a championship, so build a championship team. The second thing we needed to do was make it a more fan friendly environment. Back in those days in Boston, you know, the Celtics were the only team of the thirty teams that didn't have a dance squad or cheerleading squad who was really old school and not a lot of connectivity with the fans. It was kind of like they want to keep the fans away from the players. So that was the second objective is really, you know, make it a better fan experience. The third was use it as a community asset, because you don't really you know, like you don't really own these teams. They're kind of owned by the city and they can do enormous amount of goods. So we set up the first day, we set up something called the Boston Celtic Shamrock Foundation. And you can't win a championship every year, but you can you can do a lot, you know, for the people of Boston and New England off the court. And so those were the three pillars that that we found on and we did that study and executed on that, and the Globe came out with an article which we just got under the wire. They said, if they idolized every team that won a championship, and I guess at that time, no new owners that came in if they didn't win within the first five years, they never won. Oh boy, so we wanted the fifth year. Oh we had a five year plan and we wanted two thousand.

Yeah, that's that's good Bain work, So Steve.

Yeah, that's that's good Bain work, So Steve.

Every time, whether it was when we were trying to buy the mats, you werelways so gracious, So was Bain, and you always wanted to offer advice with nothing. You didn't have a pony in the race, but you always such a great mentor to so many people. Every time we went to Boston when the Timbers went to play, you and work were so gracious. You made me feel so like very You were very hospital and made me feel at home. You're probably the first person ever that made me feel at home in Boston.

Every time, whether it was when we were trying to buy the mats, you werelways so gracious, So was Bain, and you always wanted to offer advice with nothing. You didn't have a pony in the race, but you always such a great mentor to so many people. Every time we went to Boston when the Timbers went to play, you and work were so gracious. You made me feel so like very You were very hospital and made me feel at home. You're probably the first person ever that made me feel at home in Boston.

So thank you for that. I'm a little weird.

So thank you for that. I'm a little weird.

But in how seriousness, if it was one thing that you would say, with that over twenty years of experience in the NBA, now with two championships, what's one thing Mark, Lorie, my partner and I have to do, and what's one thing we have to avoid oning?

But in how seriousness, if it was one thing that you would say, with that over twenty years of experience in the NBA, now with two championships, what's one thing Mark, Lorie, my partner and I have to do, and what's one thing we have to avoid oning?

Well, I think the number one thing you have to do is be you know, be a fan and you played pro sports. I never played pro sports. I played in college, but but I realized I played a lot of basketball. But in getting involved with the team, you know, the team shows up every day. There's one hundred games if you count the playoffs. It's amazing strain on the body. You get back to backs. The fans don't understand that. They don't know that this might be the guy who's played forty minutes the last five games, and that guy's got to go out there like it's the first time that he went out there. It's a show every night. So I think be passionate about your players, the team, the community. That'd be number one thing to do. And then what not to do? You know, I think The biggest problem new owners have is they want to come in and win too quickly. And we studied all the teams and drafts we did. We did another band study on drafting and all the all the we're very very analytic based. We started something called the b I A, the Basketball Intelligence Agency. There's a little sign it's like the FBI the CIA sign, but it says b I N. And we have we have PhD from Duke, we have we have we have m I T. We have the whole whole crew in there. We're on our twentieth kind of regression model now in terms of how do you pick players, strategy and the rest. But but I would say you you you need to take a long term venture capital like approach to it rather than turn it overnight. So you've seen many situations where you buy the team, uh, they trade all the draft picks, bring in one or two old players that probably have something left but maybe one year or two years left, and then if they get hurt and they don't win, you're out of draft picks and then you're starting over it. So we always took this kind of five year plan approach of building by the draft, doing trades where they made sense. We didn't try to turn around overnight.

Well, I think the number one thing you have to do is be you know, be a fan and you played pro sports. I never played pro sports. I played in college, but but I realized I played a lot of basketball. But in getting involved with the team, you know, the team shows up every day. There's one hundred games if you count the playoffs. It's amazing strain on the body. You get back to backs. The fans don't understand that. They don't know that this might be the guy who's played forty minutes the last five games, and that guy's got to go out there like it's the first time that he went out there. It's a show every night. So I think be passionate about your players, the team, the community. That'd be number one thing to do. And then what not to do? You know, I think The biggest problem new owners have is they want to come in and win too quickly. And we studied all the teams and drafts we did. We did another band study on drafting and all the all the we're very very analytic based. We started something called the b I A, the Basketball Intelligence Agency. There's a little sign it's like the FBI the CIA sign, but it says b I N. And we have we have PhD from Duke, we have we have we have m I T. We have the whole whole crew in there. We're on our twentieth kind of regression model now in terms of how do you pick players, strategy and the rest. But but I would say you you you need to take a long term venture capital like approach to it rather than turn it overnight. So you've seen many situations where you buy the team, uh, they trade all the draft picks, bring in one or two old players that probably have something left but maybe one year or two years left, and then if they get hurt and they don't win, you're out of draft picks and then you're starting over it. So we always took this kind of five year plan approach of building by the draft, doing trades where they made sense. We didn't try to turn around overnight.

One of the fascinating things, especially if you think about sort of the intervening years between the championships from eight right to twenty four, it's a long time. Especially in the NBA, the league has utterly transformed. What do you think is the most meaningful thing that's happened in those intervening years, other than like new owners coming in, How is the business of basketball changed?

One of the fascinating things, especially if you think about sort of the intervening years between the championships from eight right to twenty four, it's a long time. Especially in the NBA, the league has utterly transformed. What do you think is the most meaningful thing that's happened in those intervening years, other than like new owners coming in, How is the business of basketball changed?

Well, if you look back at twenty years ago, you would count fans in the hundreds of thousands. The Celtics didn't really have even emails with the fans. There was no Instagram, was no Facebook, so it was very traditional. It was radio and broadcast television. So what's happened in that twenty years is media and technology has changed dramatically. You can now count fans in the billions, and the Celtics reach and the NBA reach is global. You know, Adam Silver and David Stern did an incredible job getting out ahead of the curve. I mean people used to criticize them for having an office in China, putting up early infrastructure in Europe, and now that's paid off big time. Thirty percent of our players are from overseas and they've done a phenomenal job just brought in the appeal and the product of the game. So technology and media have changed dramatically, and that has led to more abilities to monetize players, to create their own brands, more engagement on websites, and now you have a big battle between what I called old media and new media for those eyeballs. And that's why sports properties are so valuable.

Well, if you look back at twenty years ago, you would count fans in the hundreds of thousands. The Celtics didn't really have even emails with the fans. There was no Instagram, was no Facebook, so it was very traditional. It was radio and broadcast television. So what's happened in that twenty years is media and technology has changed dramatically. You can now count fans in the billions, and the Celtics reach and the NBA reach is global. You know, Adam Silver and David Stern did an incredible job getting out ahead of the curve. I mean people used to criticize them for having an office in China, putting up early infrastructure in Europe, and now that's paid off big time. Thirty percent of our players are from overseas and they've done a phenomenal job just brought in the appeal and the product of the game. So technology and media have changed dramatically, and that has led to more abilities to monetize players, to create their own brands, more engagement on websites, and now you have a big battle between what I called old media and new media for those eyeballs. And that's why sports properties are so valuable.

You have a great passion for the game of basketball. You played a duke for one year, so.

You have a great passion for the game of basketball. You played a duke for one year, so.

I was the worst player on the worst duke team. Every kind of like Bob Bevens long jump. No one will ever ever exceed that.

I was the worst player on the worst duke team. Every kind of like Bob Bevens long jump. No one will ever ever exceed that.

Two of your kids played at Duke.

Two of your kids played at Duke.

Yeah, I play to your boys. Okay.

Yeah, I play to your boys. Okay.

So you went want Ambers okay, and you went to Duke. You went to Harvard Business School. You were thinking about getting your PhD. At what point did you know that you were just built a little different.

So you went want Ambers okay, and you went to Duke. You went to Harvard Business School. You were thinking about getting your PhD. At what point did you know that you were just built a little different.

Well, the funny story was, I wasn't that strategic. The reason I didn't get the PhD is my grandfather was a shoemaker and made eight dollars an hour. I had lots of student debt. I was going to be a professor at Harvard. So I went to get the doctorate, and I didn't have enough money. So I looked down the list and what was the highest paying jobs. It was investment banking, consulting, and for a summer job. So so I had an offer down here, an offer in Boston. I wasn't that strategic because I said, well, I don't know if to get a new apartment. I already had my lease in Boston. So I took consulting. Wow, and then that turns out to be very transformational for me. So after the summer, I was going to go back and get the doctorate, and they said, we'd love you to join you know this this small company maaning company then and and if you if you stay here for three years, will pay for the doctorate. So I said that, you know, that's a great deal. I have no money, A one hundred thousand of dead I had nothing, so so so I took that job. And then that was about forty years ago, and I've never really left the Bane system. And Bill Baine is unfortunately passed away. But because I thought maybe I get my doctorate again, he would pay for it. But they probably don't have that document anywhere.

Well, the funny story was, I wasn't that strategic. The reason I didn't get the PhD is my grandfather was a shoemaker and made eight dollars an hour. I had lots of student debt. I was going to be a professor at Harvard. So I went to get the doctorate, and I didn't have enough money. So I looked down the list and what was the highest paying jobs. It was investment banking, consulting, and for a summer job. So so I had an offer down here, an offer in Boston. I wasn't that strategic because I said, well, I don't know if to get a new apartment. I already had my lease in Boston. So I took consulting. Wow, and then that turns out to be very transformational for me. So after the summer, I was going to go back and get the doctorate, and they said, we'd love you to join you know this this small company maaning company then and and if you if you stay here for three years, will pay for the doctorate. So I said that, you know, that's a great deal. I have no money, A one hundred thousand of dead I had nothing, so so so I took that job. And then that was about forty years ago, and I've never really left the Bane system. And Bill Baine is unfortunately passed away. But because I thought maybe I get my doctorate again, he would pay for it. But they probably don't have that document anywhere.

Yeah, He's like no, but seriously, Bill promised me I could get a doctorate. You know what's funny is, I'm sitting here they talk about all the New York Boston stuff. It's like, so maybe if you had taken the job in New York, everyone in here is like, wait, could they own the Knicks instead. It's like, that's a sliding doors moment if I've ever seen it. I want to talk about Atlanta a little bit because the story there is fascinating in terms of like sort of how you get there. Tell us that story of like how you get into that business of football.

Yeah, He's like no, but seriously, Bill promised me I could get a doctorate. You know what's funny is, I'm sitting here they talk about all the New York Boston stuff. It's like, so maybe if you had taken the job in New York, everyone in here is like, wait, could they own the Knicks instead. It's like, that's a sliding doors moment if I've ever seen it. I want to talk about Atlanta a little bit because the story there is fascinating in terms of like sort of how you get there. Tell us that story of like how you get into that business of football.

Well, it goes way back again. When I got out of school, my grandfather and father said I had a major in accounting. I hated accounting, but sorry if there's accounts out there. But I didn't really like accounting, but they said it was the only people employed during the depression. They both lived through depression, and they thought, you know, every year another depression was coming, you know, nineteen twenty nine was coming. So I said, fine, So I got the accounting degree at Duke. But then I didn't realize to get the CPA, which they wanted me to get, you had to work three years in accounting. So I had six or seven offers and I went to all those firms. I was twenty two and I didn't tell them why. The reason why is I didn't really want to really do accounting. But I said, anybody who sends me overseas, I'll take that job. And in those days, you know, they would never send a twenty two year old person with no experience overseas. But one firm wanted me to batten up Pete Mark Mitchell KPMG. Today they sent me to Holland. So I never been out of kind. I jumped on a plane and in those days, this is incredible. In those days, the only sports scores you could get was International Herald Tribune three days later. So to figure out if you if who won the World Series, you'd have to get a paper this three days old. But anyway, the only thing I could do is I was a sports guy. So as soccer was huge and the Dutch went to the the finals in nineteen seventy eight, I became a big soccer fan. Fast forward four years later, one of my partners from Italy called and said, hey, there's a family that wants to meet you. The Percassi family in Italy, in the right outside of Milan, and they like some help, maybe you buy a minority position in the team, you know, you know, help globalize it. So I went there, I got on a plane, I got off the plane and I looked around. Everybody looked like me because my grandfather is from there, and I said, this is a great place. And so I really hit it off with the family and we ended up, you know, putting a major investment in there. And they wanted they had the same goals we did. They wanted to make it bigger, they wanted to globalize. And it's been a great synergy between the Celtics and them because we've used our stat guys. We have a stat guy there now. We share marketing ideas, we share training ideas, we share player development ideas. So it's been fantastic.

Well, it goes way back again. When I got out of school, my grandfather and father said I had a major in accounting. I hated accounting, but sorry if there's accounts out there. But I didn't really like accounting, but they said it was the only people employed during the depression. They both lived through depression, and they thought, you know, every year another depression was coming, you know, nineteen twenty nine was coming. So I said, fine, So I got the accounting degree at Duke. But then I didn't realize to get the CPA, which they wanted me to get, you had to work three years in accounting. So I had six or seven offers and I went to all those firms. I was twenty two and I didn't tell them why. The reason why is I didn't really want to really do accounting. But I said, anybody who sends me overseas, I'll take that job. And in those days, you know, they would never send a twenty two year old person with no experience overseas. But one firm wanted me to batten up Pete Mark Mitchell KPMG. Today they sent me to Holland. So I never been out of kind. I jumped on a plane and in those days, this is incredible. In those days, the only sports scores you could get was International Herald Tribune three days later. So to figure out if you if who won the World Series, you'd have to get a paper this three days old. But anyway, the only thing I could do is I was a sports guy. So as soccer was huge and the Dutch went to the the finals in nineteen seventy eight, I became a big soccer fan. Fast forward four years later, one of my partners from Italy called and said, hey, there's a family that wants to meet you. The Percassi family in Italy, in the right outside of Milan, and they like some help, maybe you buy a minority position in the team, you know, you know, help globalize it. So I went there, I got on a plane, I got off the plane and I looked around. Everybody looked like me because my grandfather is from there, and I said, this is a great place. And so I really hit it off with the family and we ended up, you know, putting a major investment in there. And they wanted they had the same goals we did. They wanted to make it bigger, they wanted to globalize. And it's been a great synergy between the Celtics and them because we've used our stat guys. We have a stat guy there now. We share marketing ideas, we share training ideas, we share player development ideas. So it's been fantastic.

So I heard this ted Lasso comparison, which I love a little bit about that.

So I heard this ted Lasso comparison, which I love a little bit about that.

I mean it was like ted Lasariria Italian ted Lasso. Yeah yeah, but really it really is is like that, and the Italians have a fantastic culture. And I hadn't spent any time growing up there. My grandparents were both from Italy, I never really been to Italy before, and they welcomed me there and it's just a great culture and the food is great. The soccer is just a huge passion a lot. Atalanta's a light light a lot like the Celtics. They have a kind of a national brand in Italy. It's everybody's second favorite team, except if you're from Bergamo. People love Atalanta because it's been the little team that could. It's kind of overachieved for a number of years. Acrosseas have done amazing job building one of the best academies in Europe. The reason we invested is we wanted to compete, and with that academy you compete every year because they crank out so many good players. At one time when we bought the team, I think they had five players on the under under twenty three national team, and that means the other nineteen clubs had the other fifteen players. We had five.

I mean it was like ted Lasariria Italian ted Lasso. Yeah yeah, but really it really is is like that, and the Italians have a fantastic culture. And I hadn't spent any time growing up there. My grandparents were both from Italy, I never really been to Italy before, and they welcomed me there and it's just a great culture and the food is great. The soccer is just a huge passion a lot. Atalanta's a light light a lot like the Celtics. They have a kind of a national brand in Italy. It's everybody's second favorite team, except if you're from Bergamo. People love Atalanta because it's been the little team that could. It's kind of overachieved for a number of years. Acrosseas have done amazing job building one of the best academies in Europe. The reason we invested is we wanted to compete, and with that academy you compete every year because they crank out so many good players. At one time when we bought the team, I think they had five players on the under under twenty three national team, and that means the other nineteen clubs had the other fifteen players. We had five.

I do want to go back to that because you have such an embedded competitive advantage. Number One, you know, forty years of beying one of the best consultant private equity firms in the world, and then Boston Celtics, one of the most iconic franchisees in the world as well run as anyone. So when you take those two practices, what best practices do you take to your thesis investment and take it to Europe.

I do want to go back to that because you have such an embedded competitive advantage. Number One, you know, forty years of beying one of the best consultant private equity firms in the world, and then Boston Celtics, one of the most iconic franchisees in the world as well run as anyone. So when you take those two practices, what best practices do you take to your thesis investment and take it to Europe.

Well, I think what you take is is we were trying to bring it to a more analytic approach and they're behind in soccer and that in general, and so the Precossi's wanted that. They're very receptive of that. So we brought in a stats team. We just expanded that team, and Mike Zarin, who really kind of runs our whole stat operations, come over many times and he turns out to be a big soccer unfortunate he's an Arsenal fan, but in Italy he's Anta fan. But he's come over and helped us set that up. The second thing is more global brands, So we're doing some deals with some global brands right now that we'll an now soon that a're gonna be very transformational for Atalanta. And then looking at fandomenities. We expanded the stadium, built the new ends on both ends, and built a new club like we have here for the Celtics. That's fantastic and I have to say that the food is greater the Celtics. But the chef at our restaurant is a chef from Davitorio, which is the number one rating restaurant all Vidaly. It's right in Bergamo, and so that is an incredible experience. People will just come there. It takes two years to get a reservation at the restaurant, but you can come to our club and you get his food.

Well, I think what you take is is we were trying to bring it to a more analytic approach and they're behind in soccer and that in general, and so the Precossi's wanted that. They're very receptive of that. So we brought in a stats team. We just expanded that team, and Mike Zarin, who really kind of runs our whole stat operations, come over many times and he turns out to be a big soccer unfortunate he's an Arsenal fan, but in Italy he's Anta fan. But he's come over and helped us set that up. The second thing is more global brands, So we're doing some deals with some global brands right now that we'll an now soon that a're gonna be very transformational for Atalanta. And then looking at fandomenities. We expanded the stadium, built the new ends on both ends, and built a new club like we have here for the Celtics. That's fantastic and I have to say that the food is greater the Celtics. But the chef at our restaurant is a chef from Davitorio, which is the number one rating restaurant all Vidaly. It's right in Bergamo, and so that is an incredible experience. People will just come there. It takes two years to get a reservation at the restaurant, but you can come to our club and you get his food.

Invitation was lost in the Yeah, exactly, I was.

Invitation was lost in the Yeah, exactly, I was.

I mean, I love Bloomberg, I love this power Players event, but why aren't we taping this?

I mean, I love Bloomberg, I love this power Players event, but why aren't we taping this?

This is we open up the new stadium. Actually, you invite to September fifteenth, Okay, we asked for you. Feel it up.

This is we open up the new stadium. Actually, you invite to September fifteenth, Okay, we asked for you. Feel it up.

So we heard earlier today from Tony Wrestler talking about this like three trillion dollar opportunity in like global sports. I mean, are you a buyer and in this in this market? Like do you and do you buy into that thesis that it's that big?

So we heard earlier today from Tony Wrestler talking about this like three trillion dollar opportunity in like global sports. I mean, are you a buyer and in this in this market? Like do you and do you buy into that thesis that it's that big?

Yeah, it's big and expanding. You know. I started we started talking in the beginning about you know, the the the old media new media war that's only intensifying. And I think if you look up television programs, the top one hundred in the United States, and last year ninety seven of them were sports events, either NFL or championships or whatever. So number one. Number two, streaming has revolutionized everything. Streaming and the and and and kind of the the distribution on Internet, Instagram, TikTok, et cetera. And so that allows fans more connectivity and more time you know, on those screens and eyeballs outside of the game itself, and shoulder shoulder programming, shoulder internet shows, et cetera. Podcasts. Podcasts are booming, you know, this incredible podcast and number one podcast in the world. Honored to be here, by the way, and so and so we are. We're at the start of I think kind of a me a revolution where it's only going to get better and better with technology. You look at the stadium that Steve Bomber's built out there, that's going to be an incredible thing and spur other stadium development. Three D is going to come in someday, you know, where you can be immersed in the sports of any even more with round screens or big screens or glasses. So, yes, I think it's an incredible product and it is now globalized. Yeah, you know, we went we played in Barcelona, walking in that place that they have the people at Celta Jours. You said, we went to Rome. You go all over the world. You go to China in the subway in the morning, the games are out in the morning. You see them watching NBA games, especially when Yao Ming was here. But they love basketball over there. So so basketball, soccer, the global sports, the global competition. I think someday you'll see teams NBA teams in Europe. We already have NBA Africa. These will all rise up and you'll get you now have global gold, global championships of these teams.

Yeah, it's big and expanding. You know. I started we started talking in the beginning about you know, the the the old media new media war that's only intensifying. And I think if you look up television programs, the top one hundred in the United States, and last year ninety seven of them were sports events, either NFL or championships or whatever. So number one. Number two, streaming has revolutionized everything. Streaming and the and and and kind of the the distribution on Internet, Instagram, TikTok, et cetera. And so that allows fans more connectivity and more time you know, on those screens and eyeballs outside of the game itself, and shoulder shoulder programming, shoulder internet shows, et cetera. Podcasts. Podcasts are booming, you know, this incredible podcast and number one podcast in the world. Honored to be here, by the way, and so and so we are. We're at the start of I think kind of a me a revolution where it's only going to get better and better with technology. You look at the stadium that Steve Bomber's built out there, that's going to be an incredible thing and spur other stadium development. Three D is going to come in someday, you know, where you can be immersed in the sports of any even more with round screens or big screens or glasses. So, yes, I think it's an incredible product and it is now globalized. Yeah, you know, we went we played in Barcelona, walking in that place that they have the people at Celta Jours. You said, we went to Rome. You go all over the world. You go to China in the subway in the morning, the games are out in the morning. You see them watching NBA games, especially when Yao Ming was here. But they love basketball over there. So so basketball, soccer, the global sports, the global competition. I think someday you'll see teams NBA teams in Europe. We already have NBA Africa. These will all rise up and you'll get you now have global gold, global championships of these teams.

You know, we always you know, the show is called The Deal, Like, what are the deals on the horizon for you beyond basketball and football? I mean, I have to think, especially to your point, given all the success you've had in those two sports. I know you've looked at some other football clubs, like what what strikes you as interesting out there?

You know, we always you know, the show is called The Deal, Like, what are the deals on the horizon for you beyond basketball and football? I mean, I have to think, especially to your point, given all the success you've had in those two sports. I know you've looked at some other football clubs, like what what strikes you as interesting out there?

Well, I think the whole business sport is interesting that you know. That's why this pet podcast is booming. They're such interest in it, and so we've looked at things as far ranging as women's sports are going to be big. You look at the evaluations out in La and and you know Caitlin Clark coming into the league, you know, getting getting all that interest out there. Women's soccer, that's always been a great Olympic sport. Now that's expanded, so so people want to see that and they've changed those rules to bring better players in. So I think women's sports is a big category just emerging sports. A cricket is huge in Indian they're starting to bring that out. So we're looking at all sorts of opportunities and then there's and silliar opportunities in terms of support for that. So I'm invested in an AI company. You know, the AI can help sports both from a fan perspective and also from a management perspective. So so I think technology, you know slash sports, slash emerging sports, women's sports, those will all be very exciting areas that that right now, you're scratching the surface, right.

Well, I think the whole business sport is interesting that you know. That's why this pet podcast is booming. They're such interest in it, and so we've looked at things as far ranging as women's sports are going to be big. You look at the evaluations out in La and and you know Caitlin Clark coming into the league, you know, getting getting all that interest out there. Women's soccer, that's always been a great Olympic sport. Now that's expanded, so so people want to see that and they've changed those rules to bring better players in. So I think women's sports is a big category just emerging sports. A cricket is huge in Indian they're starting to bring that out. So we're looking at all sorts of opportunities and then there's and silliar opportunities in terms of support for that. So I'm invested in an AI company. You know, the AI can help sports both from a fan perspective and also from a management perspective. So so I think technology, you know slash sports, slash emerging sports, women's sports, those will all be very exciting areas that that right now, you're scratching the surface, right.

You know, one of the things about private equity, before private equity was called you know the LBO business, as you said many times, but what has been synonymous with you know, PE or even leverage biotic. You come in and you like destroyt you know, fire everybody, and you guys have done exactly opposite with the Celtics. I mean, continuity has been a real competitive advantage and arbitrage for you. Talk a little bit of why it's that so important for you guys.

You know, one of the things about private equity, before private equity was called you know the LBO business, as you said many times, but what has been synonymous with you know, PE or even leverage biotic. You come in and you like destroyt you know, fire everybody, and you guys have done exactly opposite with the Celtics. I mean, continuity has been a real competitive advantage and arbitrage for you. Talk a little bit of why it's that so important for you guys.

That's a really great question. I should have mentioned that before. That's that's about that long term approach. So Bain Capital, you know, we believe in long term value. It's always been a misnomer of private equity, by the way, I think because the industry started out maybe in the late sixties early seventies, there were a lot of fat companies in the US that had six planes and you know, restaurants and golf courses, stuff that really not appropriate for corporate America. So I think there were some early buyouts done where they would slash those things and it got known for cost cutting. But the real successful firms, the Blackstones, the Bains, the Carlisles, they realized that if you if you're going to going to really make a profit, you've got to build businesses, and you don't build businesses by cutting. You have to grow. So Bains always had a growth focus from day one, the consulting kind of growth focus. How can we bring these products overseas, you know, how can we build new factories. How can we serve the customer better? And that's that's what's really driven our record. But part of that is long term continuity. So back back in two thousand and seven, Paul Pierce got hurt. He was our best player, We were on the rise. He got hurt. I think we lost fifty five painful games, and I went to all of them, was bed, and there were people with signs, you know, fire, Doc Rivers, you know fire Danny Ainge, you know fire the owners, and so we met and we said, gee, Doc's do an amazing job developing this young talent we have, and no one's going to win without Paul Pirison. We had I think another good two of our best players hurt for the whole season. We had a great draft for us coming up. We love what Doc was doing, we love what Danny was doing, and so we made no changes. So we've in huge value to that continuity. When you bring in new people, they always have new ideas, and then a lot of new ideas don't work. But we want to stick with the guys that had good ideas that we're going to work. So then the very next year, Danny made that trade and we got Garnet, we got Ray Allen, and we won the championship after all the signs were out the whole season. You know, fired Doc, fired Danny, you know, fired the owners. So that continuity for us has been huge. And most of the selling employees we count their their things in increments of twenty five years, I mean we've had we've had the same We've only had Danny and then Brad Stevens as the GM right in all those years. And Danny retired, we want to go back to Utah, his home, and so we promoted Brad from the coach and then we took a coach that was a young coach for Brad and there and made him the coach. So I think we've only had three coaches in the twenty three years and we've only had and none of them fired. And we have the same Rich Gotham, the same president. This is solely the same ed of marketing, Bill Reichfelder, the same CFO. So we have enormous history. Trust back to the point of you know what you need to do is you need to build a players, to build an a team and then keep them in place and don't worry about what the media says, or fire this guy, fire that guy, because they only have ten percent of the data, so you've got to stick to your convictions.

That's a really great question. I should have mentioned that before. That's that's about that long term approach. So Bain Capital, you know, we believe in long term value. It's always been a misnomer of private equity, by the way, I think because the industry started out maybe in the late sixties early seventies, there were a lot of fat companies in the US that had six planes and you know, restaurants and golf courses, stuff that really not appropriate for corporate America. So I think there were some early buyouts done where they would slash those things and it got known for cost cutting. But the real successful firms, the Blackstones, the Bains, the Carlisles, they realized that if you if you're going to going to really make a profit, you've got to build businesses, and you don't build businesses by cutting. You have to grow. So Bains always had a growth focus from day one, the consulting kind of growth focus. How can we bring these products overseas, you know, how can we build new factories. How can we serve the customer better? And that's that's what's really driven our record. But part of that is long term continuity. So back back in two thousand and seven, Paul Pierce got hurt. He was our best player, We were on the rise. He got hurt. I think we lost fifty five painful games, and I went to all of them, was bed, and there were people with signs, you know, fire, Doc Rivers, you know fire Danny Ainge, you know fire the owners, and so we met and we said, gee, Doc's do an amazing job developing this young talent we have, and no one's going to win without Paul Pirison. We had I think another good two of our best players hurt for the whole season. We had a great draft for us coming up. We love what Doc was doing, we love what Danny was doing, and so we made no changes. So we've in huge value to that continuity. When you bring in new people, they always have new ideas, and then a lot of new ideas don't work. But we want to stick with the guys that had good ideas that we're going to work. So then the very next year, Danny made that trade and we got Garnet, we got Ray Allen, and we won the championship after all the signs were out the whole season. You know, fired Doc, fired Danny, you know, fired the owners. So that continuity for us has been huge. And most of the selling employees we count their their things in increments of twenty five years, I mean we've had we've had the same We've only had Danny and then Brad Stevens as the GM right in all those years. And Danny retired, we want to go back to Utah, his home, and so we promoted Brad from the coach and then we took a coach that was a young coach for Brad and there and made him the coach. So I think we've only had three coaches in the twenty three years and we've only had and none of them fired. And we have the same Rich Gotham, the same president. This is solely the same ed of marketing, Bill Reichfelder, the same CFO. So we have enormous history. Trust back to the point of you know what you need to do is you need to build a players, to build an a team and then keep them in place and don't worry about what the media says, or fire this guy, fire that guy, because they only have ten percent of the data, so you've got to stick to your convictions.

Well that's unfortunately where we have to end, but a good place to end. See, Pelly, you could thank you so much for your championship wisdom. Appreciate it and thank you guys.

Well that's unfortunately where we have to end, but a good place to end. See, Pelly, you could thank you so much for your championship wisdom. Appreciate it and thank you guys.

The Deal is a production from Bloomberg Podcasts and Bloomberg Originals. The Deal is hosted by Alex Rodriguez and Jason Kelly. Our producers are Anamazarakus, Stacey Wong, Lizzie Phillip, and Victory Veyez. Original music and engineering by Blake Maples. Our managing editor is David E.

The Deal is a production from Bloomberg Podcasts and Bloomberg Originals. The Deal is hosted by Alex Rodriguez and Jason Kelly. Our producers are Anamazarakus, Stacey Wong, Lizzie Phillip, and Victory Veyez. Original music and engineering by Blake Maples. Our managing editor is David E.

Revel.

Revel.

Our executive producers are Jason Kelly, Brendan Francis, Noonham, Jordan Opplinger, Trey Shallowhorn, Kyle Kramer, Andrew Barden, Kelly Laferrier and Ashley Hoenig. Sage Bauman is our head of Podcasts. Additional support from Matt Prophet, Micah Rondo, Mark Dawson, Chelsea Hoon, Jennifer Yelverton, Matt Knight, Rachel Carnavali, and Elena sos Angeles. Joshua Devou is our director of photography, camera operation by Tom Conners. Rubob Shakir is our creative director. Art direction is from Jacqueline Kessler. Casting by Adrian Tuscano. Our associate producer is Natasha Abelard. Alex Diacanis is our video editor. Listen to the Deal on Apple Podcasts, Spotify, or wherever you get your podcasts. You can also tune into the Video Companion on Bloomberg Originals and on Bloomberg TV. Thanks for listening.

Our executive producers are Jason Kelly, Brendan Francis, Noonham, Jordan Opplinger, Trey Shallowhorn, Kyle Kramer, Andrew Barden, Kelly Laferrier and Ashley Hoenig. Sage Bauman is our head of Podcasts. Additional support from Matt Prophet, Micah Rondo, Mark Dawson, Chelsea Hoon, Jennifer Yelverton, Matt Knight, Rachel Carnavali, and Elena sos Angeles. Joshua Devou is our director of photography, camera operation by Tom Conners. Rubob Shakir is our creative director. Art direction is from Jacqueline Kessler. Casting by Adrian Tuscano. Our associate producer is Natasha Abelard. Alex Diacanis is our video editor. Listen to the Deal on Apple Podcasts, Spotify, or wherever you get your podcasts. You can also tune into the Video Companion on Bloomberg Originals and on Bloomberg TV. Thanks for listening.