Bloomberg Audio Studios, Podcasts, radio News.

Bloomberg Audio Studios, Podcasts, radio News.

All Right, we're here in Miami for a massive episode.

All Right, we're here in Miami for a massive episode.

Of The Deal. Josh Harris.

Of The Deal. Josh Harris.

I mean, when you think about team owners, he is the guy. He has a playbook for having multiple teams in multiple cities. Think about the Commanders, the Sixers. I'm going to be taking a.

I mean, when you think about team owners, he is the guy. He has a playbook for having multiple teams in multiple cities. Think about the Commanders, the Sixers. I'm going to be taking a.

Lot of notes. What a time to be talking to him. He is just passed announcing a huge deal for a new stadium in Washington, d C.

Lot of notes. What a time to be talking to him. He is just passed announcing a huge deal for a new stadium in Washington, d C.

Three point eight billion dollars. I cannot wait to get into the details.

Three point eight billion dollars. I cannot wait to get into the details.

Tons to talk about. Let's get after it. This is an interview we have had circled for a long time. Josh Harris. I could spend the entirety of the episode talking about all the different things that you do. Welcome to the deal.

Tons to talk about. Let's get after it. This is an interview we have had circled for a long time. Josh Harris. I could spend the entirety of the episode talking about all the different things that you do. Welcome to the deal.

Great to be here, Thank you for having me.

Great to be here, Thank you for having me.

All Right, so sometimes it's better to be lucky than smart. We're talking to you days removed from really one of the biggest deals that's happened in sports in a long time, the announcement of a new stadium in Washington, d C. We've got a lot to talk about, but let's start there. What do you make of it? Like, how substantial. How seismic is this in your sports life?

All Right, so sometimes it's better to be lucky than smart. We're talking to you days removed from really one of the biggest deals that's happened in sports in a long time, the announcement of a new stadium in Washington, d C. We've got a lot to talk about, but let's start there. What do you make of it? Like, how substantial. How seismic is this in your sports life?

Well, it's seismic, I think for the city, for the DMV, for DC. DC's obviously incredibly important city and you know, I grew up there.

Well, it's seismic, I think for the city, for the DMV, for DC. DC's obviously incredibly important city and you know, I grew up there.

I grew up in Chevy Chase, Maryland.

I grew up in Chevy Chase, Maryland.

And to be able to bring football back to RFK Stadium, the spiritual home of Washington football, of the Commanders, and you know, build a next generation, world class venue, and obviously venues are advancing, the technology is advancing, the fan experience is advancing, and then you know, it's not just a football venue. We're gonna put a dome on it. We're gonna make it about football, but we still put a dome on. It's very important the city that they be able to host massive events like the Super Bowl. Maybe we're now we gonna push Roger on that, but you know, you know whatever, Beyonce, you know, pick an event and d C obviously is a gateway city for the United States.

And to be able to bring football back to RFK Stadium, the spiritual home of Washington football, of the Commanders, and you know, build a next generation, world class venue, and obviously venues are advancing, the technology is advancing, the fan experience is advancing, and then you know, it's not just a football venue. We're gonna put a dome on it. We're gonna make it about football, but we still put a dome on. It's very important the city that they be able to host massive events like the Super Bowl. Maybe we're now we gonna push Roger on that, but you know, you know whatever, Beyonce, you know, pick an event and d C obviously is a gateway city for the United States.

So it'll make d C great and proud.

So it'll make d C great and proud.

And then not only that, it's two point ten billion doire stadium, but it's a three point eight billion dollar including all the stuff that's gonna happen with the infrastructure and everything. And then there's the stadium itself is about fifteen percent of the overall ground.

And then not only that, it's two point ten billion doire stadium, but it's a three point eight billion dollar including all the stuff that's gonna happen with the infrastructure and everything. And then there's the stadium itself is about fifteen percent of the overall ground.

You're I don't know if you ever been down there, but.

You're I don't know if you ever been down there, but.

You got the capital and the monument you can see it. You got the Anocostia River, and then it's a fifteen minute bike ride to National's Park the Navy Yard. So you're gonna redevelop a lot of neighborhoods with d C affordable housing, you have a whole bunch of part and then you know, retail mixed use, uh and so you're going to really change those areas in a really positive way. And DC's had an amazing they've done this in the past.

You got the capital and the monument you can see it. You got the Anocostia River, and then it's a fifteen minute bike ride to National's Park the Navy Yard. So you're gonna redevelop a lot of neighborhoods with d C affordable housing, you have a whole bunch of part and then you know, retail mixed use, uh and so you're going to really change those areas in a really positive way. And DC's had an amazing they've done this in the past.

So yeah, you know.

So yeah, you know.

It's incredible actually and really exciting to be able to engage with a city and help a city.

It's incredible actually and really exciting to be able to engage with a city and help a city.

It is a massive deal. It's on a scale that you know, we we haven't seen in a long time. I mean, take us inside if you can, and sort of getting it done, Like what were the what were the key issues that you had to overcome? I mean you were looking at multiple sites. DC emerges, you know, as the as the winner. Ultimately there's a lot going on, as you said in Washington, what was the key decision point for you and really getting this done.

It is a massive deal. It's on a scale that you know, we we haven't seen in a long time. I mean, take us inside if you can, and sort of getting it done, Like what were the what were the key issues that you had to overcome? I mean you were looking at multiple sites. DC emerges, you know, as the as the winner. Ultimately there's a lot going on, as you said in Washington, what was the key decision point for you and really getting this done.

Okay, So we play in Maryland today.

Okay, So we play in Maryland today.

The team has played in Maryland since the nineties, like the late nineties. And you know, obviously the DMV is is DC Maryland Virginia. D c's in the middle, right, so rfk's in the middle, so Maryland right for Virginia fans a further.

The team has played in Maryland since the nineties, like the late nineties. And you know, obviously the DMV is is DC Maryland Virginia. D c's in the middle, right, so rfk's in the middle, so Maryland right for Virginia fans a further.

But we play in Maryland.

But we play in Maryland.

And so the first thing we had to do is sure all through the process Governor Moore, who really cares about landover the government of Maryland, you know, he wanted to make sure that you know, we said to him, look, we have to consider d C because it's the spiritual home of the commanders. And he said, look, I'm willing to let you consider that and be generous about how you allow you to have some options, but you need to convince me that you're gonna, you know, build something in Maryland if you decide to leave. And so we concluded a deal with the governor and that allowed for the project to be the land to be transferred to d C. So I don't know if you remember, but as the last Congress, with sunsetting, we got one hundred zero vote.

And so the first thing we had to do is sure all through the process Governor Moore, who really cares about landover the government of Maryland, you know, he wanted to make sure that you know, we said to him, look, we have to consider d C because it's the spiritual home of the commanders. And he said, look, I'm willing to let you consider that and be generous about how you allow you to have some options, but you need to convince me that you're gonna, you know, build something in Maryland if you decide to leave. And so we concluded a deal with the governor and that allowed for the project to be the land to be transferred to d C. So I don't know if you remember, but as the last Congress, with sunsetting, we got one hundred zero vote.

In the Senate.

In the Senate.

Yes, the land was under federal control until the land was under DC control, and then it wasn't possible to build a stadium from there. We had negotiations going with a lot of different parties, and you know, we'll blessed that everyone wants the commanders and ultimately concluded to deal with the mayor that would be highly beneficial for d C. And at two point seven billion, which is what we're putting up, it's the largest investment in DC ever.

Yes, the land was under federal control until the land was under DC control, and then it wasn't possible to build a stadium from there. We had negotiations going with a lot of different parties, and you know, we'll blessed that everyone wants the commanders and ultimately concluded to deal with the mayor that would be highly beneficial for d C. And at two point seven billion, which is what we're putting up, it's the largest investment in DC ever.

So it's the largest investment in DC's history.

So it's the largest investment in DC's history.

And so once the mayor decided that it was okay, we signed a term sheet with the mayor and now we're working.

And so once the mayor decided that it was okay, we signed a term sheet with the mayor and now we're working.

With the DC City Council.

With the DC City Council.

Who I mean, the project has incredible ROI for DC. Literally billions of tax revenues, thousands of homes, and thousands of jobs, right and so.

Who I mean, the project has incredible ROI for DC. Literally billions of tax revenues, thousands of homes, and thousands of jobs, right and so.

In affordable homes. And of that thirty.

In affordable homes. And of that thirty.

Percent are by agreement, going to be at least that will be affordable homes. And so it's going to raise the standard. And then you get an amazing entertainment district. And I mean, who's not going to play in a new stadium with the backdrop being literally the capital and then you get the redevelopment on the Anacostia River.

Percent are by agreement, going to be at least that will be affordable homes. And so it's going to raise the standard. And then you get an amazing entertainment district. And I mean, who's not going to play in a new stadium with the backdrop being literally the capital and then you get the redevelopment on the Anacostia River.

So this is going to change DC.

So this is going to change DC.

And so I'm hopeful that the Council is doing its work. A number of the of ours are already supporting that, but we have some work to do. So now the next step for us is to obviously get the council's vote. You've got to tell the citizens and the politicians, you know, why this is good for the city, why they should invest their money in this. And the reality is DC is going through a harder time right now, and we were very sensitive that and made sure that this deal was very good for DC.

And so I'm hopeful that the Council is doing its work. A number of the of ours are already supporting that, but we have some work to do. So now the next step for us is to obviously get the council's vote. You've got to tell the citizens and the politicians, you know, why this is good for the city, why they should invest their money in this. And the reality is DC is going through a harder time right now, and we were very sensitive that and made sure that this deal was very good for DC.

But I'm also.

But I'm also.

Focused on making it a place where our opponents fear to come, which is how this I grew up, and where our fans love to come. And you know, our RFK right was you know, it was incredible. I mean the stands would shake, and it was a smaller arena, but it was loud and you know, people showed up.

Focused on making it a place where our opponents fear to come, which is how this I grew up, and where our fans love to come. And you know, our RFK right was you know, it was incredible. I mean the stands would shake, and it was a smaller arena, but it was loud and you know, people showed up.

Yeah, I want to talk even more broadly about you've got multiple arena projects going on literally around the world. But before we get there, how do you balance the sort of private and public funds of it all. I mean, this has been like one of the substantial questions around developing stadiums. How did you come to sort of the calculus there?

Yeah, I want to talk even more broadly about you've got multiple arena projects going on literally around the world. But before we get there, how do you balance the sort of private and public funds of it all. I mean, this has been like one of the substantial questions around developing stadiums. How did you come to sort of the calculus there?

Yeah, so if you look at the calculus, we had to make sure that it was very favorable to DC. And so because that's definitely something that people consider. They sometimes there's the ROI of a stadium, but they also want to know, Okay, how much is the city contributing? And the RFK site has been sitting there since they closed RMK and it's like crumbling concrete. I mean, it's it's it's not great, right, there's nothing there, nothing's been done with it, you know, and generating zero for zerojenning zero and actually costing money to make sure it's safe because it's just an open air thing and you know there are you know, pasts and everything else. So whatever they do, whatever DC decides that they're gonna have to put a bunch of money into that site, just you know, creating sewage and infrastructure and other things. And then we paid for everything else. And when you and when you benchmarkt you know there's actually articles that say, wow, did the commanders get a good enough deal? And you know, we're getting criticized, which I guess if that's the criticism people are leveling at me.

Yeah, so if you look at the calculus, we had to make sure that it was very favorable to DC. And so because that's definitely something that people consider. They sometimes there's the ROI of a stadium, but they also want to know, Okay, how much is the city contributing? And the RFK site has been sitting there since they closed RMK and it's like crumbling concrete. I mean, it's it's it's not great, right, there's nothing there, nothing's been done with it, you know, and generating zero for zerojenning zero and actually costing money to make sure it's safe because it's just an open air thing and you know there are you know, pasts and everything else. So whatever they do, whatever DC decides that they're gonna have to put a bunch of money into that site, just you know, creating sewage and infrastructure and other things. And then we paid for everything else. And when you and when you benchmarkt you know there's actually articles that say, wow, did the commanders get a good enough deal? And you know, we're getting criticized, which I guess if that's the criticism people are leveling at me.

The criticism is that you didn't get into.

The criticism is that you didn't get into.

The criticism in certain NFL sports. I've heard that. I've heard that.

The criticism in certain NFL sports. I've heard that. I've heard that.

Yeah, So like I'll take that criticism because on the other side of that, we have to convince d C and the public that it's fair, and we have to convince the council that it's fair and that and the mayor has to sell it, and the public is overwhelmingly supportive, which I think should help us. I mean, I think that usually these things are more controversial, but everyone who grew up in d C or in the DMV knows that they remember what a great place are was and how unifying it was, and what it was like when Washington football was dominant in the NFL.

Yeah, So like I'll take that criticism because on the other side of that, we have to convince d C and the public that it's fair, and we have to convince the council that it's fair and that and the mayor has to sell it, and the public is overwhelmingly supportive, which I think should help us. I mean, I think that usually these things are more controversial, but everyone who grew up in d C or in the DMV knows that they remember what a great place are was and how unifying it was, and what it was like when Washington football was dominant in the NFL.

And I think we can bring it there again.

And I think we can bring it there again.

So you've been a dealmaker for a long time. A lot of the deals you seem to be doing right now are for stadiums and arenas. You have a deal that we'd love to talk about to build a new arena in South Philly. Then you've got a big project in South London with Crystal Palace, the football club that you're an owner of as well, what's the common thread there?

So you've been a dealmaker for a long time. A lot of the deals you seem to be doing right now are for stadiums and arenas. You have a deal that we'd love to talk about to build a new arena in South Philly. Then you've got a big project in South London with Crystal Palace, the football club that you're an owner of as well, what's the common thread there?

Well, so the common thread is building amazing fan experience, player experience, and something that helps the cities. Right, So you're ultimately in finance, you're a steward of people's capital. In sports, you're steward of people's memories and how they feel, how the commanders do, how the teams play, makes the city happy or the area happy, and then you have to treat everyone incredibly well. And so if you start with that as a premise and you say I'm going to be guided, my north start is going to be how do we create amazing memories? I had amazing memories at RFK. I remember some of my earliest memories. I remember being four years old, I mean literally four years old and walking in there with my dad and you know, just hearing it all, and I don't.

Well, so the common thread is building amazing fan experience, player experience, and something that helps the cities. Right, So you're ultimately in finance, you're a steward of people's capital. In sports, you're steward of people's memories and how they feel, how the commanders do, how the teams play, makes the city happy or the area happy, and then you have to treat everyone incredibly well. And so if you start with that as a premise and you say I'm going to be guided, my north start is going to be how do we create amazing memories? I had amazing memories at RFK. I remember some of my earliest memories. I remember being four years old, I mean literally four years old and walking in there with my dad and you know, just hearing it all, and I don't.

Remember a lot about it.

Remember a lot about it.

But then I remember being eight and Washington football losing to the Dolphins fourteen to seven in the Super Bowl and garyl you Premian black kick was the one touchdown. We Washington ran all the way back and we lost fourteen seven. Dolphins were seventeen.

But then I remember being eight and Washington football losing to the Dolphins fourteen to seven in the Super Bowl and garyl you Premian black kick was the one touchdown. We Washington ran all the way back and we lost fourteen seven. Dolphins were seventeen.

Oh don Joy and Greasy.

Oh don Joy and Greasy.

On Sundays, DC would shut down and DC's obviously, if not the most important amongst the most important cities in the world, and everyone would be.

On Sundays, DC would shut down and DC's obviously, if not the most important amongst the most important cities in the world, and everyone would be.

Glued to their TVs or at the stadium.

Glued to their TVs or at the stadium.

I remember riding my bike to the story Ones and no one's out, They're all watching football.

I remember riding my bike to the story Ones and no one's out, They're all watching football.

So I think that I.

So I think that I.

Want to bring those days back and I want to make a DC prout And it's the same would go for Philly in London. Whatever you do, it has to be about the fans and about the experience, and about the players and enhancing their experience and.

Want to bring those days back and I want to make a DC prout And it's the same would go for Philly in London. Whatever you do, it has to be about the fans and about the experience, and about the players and enhancing their experience and.

Their ability to win, because winning really matters.

Their ability to win, because winning really matters.

Yeah, let's talk about Philly for a second, because that arena is a really interesting case study. Some twist and turns there, twist and turns to say the least looked for a while like you were going to go into into a different site. You ultimately come together with an announcement with your friends at Comcast to you know, redevelop you know, very close to where you currently play there in South Philly. What were the key moments there at the end that got you to where you needed to be.

Yeah, let's talk about Philly for a second, because that arena is a really interesting case study. Some twist and turns there, twist and turns to say the least looked for a while like you were going to go into into a different site. You ultimately come together with an announcement with your friends at Comcast to you know, redevelop you know, very close to where you currently play there in South Philly. What were the key moments there at the end that got you to where you needed to be.

So the key moments were that, you know, we wanted to build a City arena. Comcasts wanted to build an arena out by them and do it.

So the key moments were that, you know, we wanted to build a City arena. Comcasts wanted to build an arena out by them and do it.

A little bit later than we did. And what we when.

A little bit later than we did. And what we when.

We came together that we said, again with the North Star being what's great for Philly, what's the right thing for Philly, we decided that we would build sooner, so give the fan, create the fan experience sooner, and do it in their site and do it together and then but also redevelop the site that we had created in in the Fashion Mall district right downtown and do something great there as well. And so the city would get you know, two for the price of one, and that allowed for the deal to move forward, and you know, us doing it together with basketball and hockey in the same arena and the combined you know kind of comcasts and HBOC that all allows us to build a better arena that makes that's even greater a city, but also develop you know, downtown and help that area as well.

We came together that we said, again with the North Star being what's great for Philly, what's the right thing for Philly, we decided that we would build sooner, so give the fan, create the fan experience sooner, and do it in their site and do it together and then but also redevelop the site that we had created in in the Fashion Mall district right downtown and do something great there as well. And so the city would get you know, two for the price of one, and that allowed for the deal to move forward, and you know, us doing it together with basketball and hockey in the same arena and the combined you know kind of comcasts and HBOC that all allows us to build a better arena that makes that's even greater a city, but also develop you know, downtown and help that area as well.

You know.

You know.

One of the awkward things was, you know, we had we had had different perspectives and it had caused you know a lot of i'd say debate in Philly on both sides. And at the end, you know, Brian and I just came together and said, look, let's just put this behind us and and create a win win and Roberts yes, and and that you know that, like like Philly had. That took a little adjusting for the city, but at the end of the day, the strength of the project garnered the support of the mayor and uh support of the city, and so we're moving forward really quickly in a positive way.

One of the awkward things was, you know, we had we had had different perspectives and it had caused you know a lot of i'd say debate in Philly on both sides. And at the end, you know, Brian and I just came together and said, look, let's just put this behind us and and create a win win and Roberts yes, and and that you know that, like like Philly had. That took a little adjusting for the city, but at the end of the day, the strength of the project garnered the support of the mayor and uh support of the city, and so we're moving forward really quickly in a positive way.

So, going back to your kind of Harvard business school days, then you found an Apollo with two other partners, and then on eleven you get into the world of sports once you go public and Apollo you took one of your old play from your old playbooks, Corporate Carbon from Comcast, right, you're talking about Brian Roberts, and s Nier was probably involved somewhere in the world there. You bought that team for two hundred and eighty million dollars or so, Yes, what was your vision? You've always had a tendency to look around corners. Did you ever dream that the world of sports would balloon to where it is today? And how what has that experience kind of shaped now? The Commander's Devil's at three twenty. How do you go from those numbers to six and justify it.

So, going back to your kind of Harvard business school days, then you found an Apollo with two other partners, and then on eleven you get into the world of sports once you go public and Apollo you took one of your old play from your old playbooks, Corporate Carbon from Comcast, right, you're talking about Brian Roberts, and s Nier was probably involved somewhere in the world there. You bought that team for two hundred and eighty million dollars or so, Yes, what was your vision? You've always had a tendency to look around corners. Did you ever dream that the world of sports would balloon to where it is today? And how what has that experience kind of shaped now? The Commander's Devil's at three twenty. How do you go from those numbers to six and justify it.

Yeah, So I would say that it would be hard for anyone to say that they dreamed that the valuations in sports would be where they are today. But I felt that, you know, when we looked at the Sixers, it started off as an emotional thing. I Apollo had gone public. I found myself, you know, financially successful, more than I had ever dreamed. And I had gone to Pen. My dad had gone to Pen. I knew a fellow, David Blitzer from Penn, and the Sixers were part of a big entity that had the Flyers and the Arena and a series of other and EDG. Schneider was managing it, and his passion was the Flyers. He had started the Flyers, and the Flyers were doing great and the Sixers were not doing as well for many many years, and I had been I lived through this thing, and it must have been indeubibly in my memory. In nineteen eighty two, the Washington football won the Super Bowl. Washington was very divided city, both racially and as socioeconomically. Everyone came out in the streets one ticket tape rate at senior in high school, go up to Penn as a freshman I'm seventeen. I see doctor J Moses Melamori's cheeks Andrew Tony win the NBA title and they dominate the playoffs. And then Philly, which was also a very challenged city. You know, tough economics comes out in the streets, and for a moment in time, sports brought everyone together. And I noted that I never thought in my wild streams I'd be an owner of both these teams. So I to have the opportunity to own both these teams, it's an amazing thing. But coming back to your question, when we bought the Sixers, they had they had less connection with the city, and that in teams, if you're connected with the city, if they think you're trying to win, if you think if they think you're on their side, if you're.

Yeah, So I would say that it would be hard for anyone to say that they dreamed that the valuations in sports would be where they are today. But I felt that, you know, when we looked at the Sixers, it started off as an emotional thing. I Apollo had gone public. I found myself, you know, financially successful, more than I had ever dreamed. And I had gone to Pen. My dad had gone to Pen. I knew a fellow, David Blitzer from Penn, and the Sixers were part of a big entity that had the Flyers and the Arena and a series of other and EDG. Schneider was managing it, and his passion was the Flyers. He had started the Flyers, and the Flyers were doing great and the Sixers were not doing as well for many many years, and I had been I lived through this thing, and it must have been indeubibly in my memory. In nineteen eighty two, the Washington football won the Super Bowl. Washington was very divided city, both racially and as socioeconomically. Everyone came out in the streets one ticket tape rate at senior in high school, go up to Penn as a freshman I'm seventeen. I see doctor J Moses Melamori's cheeks Andrew Tony win the NBA title and they dominate the playoffs. And then Philly, which was also a very challenged city. You know, tough economics comes out in the streets, and for a moment in time, sports brought everyone together. And I noted that I never thought in my wild streams I'd be an owner of both these teams. So I to have the opportunity to own both these teams, it's an amazing thing. But coming back to your question, when we bought the Sixers, they had they had less connection with the city, and that in teams, if you're connected with the city, if they think you're trying to win, if you think if they think you're on their side, if you're.

Doing things for the right reasons.

Doing things for the right reasons.

Generally the revenues follow, right. So at this point, the revenues were lagging. They were near the bottom in revenues. They were losing fifty million a year, and the NBA was in a lockout and so they weren't even playing. And so we put together a group and I and we sort of decided to zig when others were zagging. You know, it was a little contrarian, and we said, look, we think that this team really matters.

Generally the revenues follow, right. So at this point, the revenues were lagging. They were near the bottom in revenues. They were losing fifty million a year, and the NBA was in a lockout and so they weren't even playing. And so we put together a group and I and we sort of decided to zig when others were zagging. You know, it was a little contrarian, and we said, look, we think that this team really matters.

It's got a storied history.

It's got a storied history.

We think we can reconnect with Philly if we do the right things.

We think we can reconnect with Philly if we do the right things.

And we you know, brought in a whole need.

And we you know, brought in a whole need.

We bought it at two hundred and eighty million to eighteen months, a lot of negotiations with camp guests who were very good at their job, and took eighteen months. And I remember the Comcast team saying, well, we're going to schedule the arena. We do that and you'll just get whatever. And we're like, why don't we have input into that. So there's a million issues like that, just like little nuanced issues that really matter, because the days you get really matter.

We bought it at two hundred and eighty million to eighteen months, a lot of negotiations with camp guests who were very good at their job, and took eighteen months. And I remember the Comcast team saying, well, we're going to schedule the arena. We do that and you'll just get whatever. And we're like, why don't we have input into that. So there's a million issues like that, just like little nuanced issues that really matter, because the days you get really matter.

And then we reconnected with the city.

And then we reconnected with the city.

You know, we started to win basketball games, We started to improve the fan experience, the food, the driveway to driveway experience. And then now you fast forward today we're top quartile, top five and every major revenue category and teams profitable. And then along the way, as are more importantly global. The evolution of sports, right, we used to be that you watch sports on cable, with cable become extreaming.

You know, we started to win basketball games, We started to improve the fan experience, the food, the driveway to driveway experience. And then now you fast forward today we're top quartile, top five and every major revenue category and teams profitable. And then along the way, as are more importantly global. The evolution of sports, right, we used to be that you watch sports on cable, with cable become extreaming.

People can watch sports all over the world.

People can watch sports all over the world.

More people watch the Sixers in many cases in China or overseas and watch them in Philly. And so the value creation that's occurring at these leagues is obviously massive uplift and revenue, and that's creating of growth in revenue, which is creating some profitability. I mean, each league is different, and obviously certain leagues are more profitable than others. But over time it's allowing for the teams to invest and enhance their experiences. And what's happening in sports is garnering more and more attention and more and more consumer focused, like every live events. And so the big five sports are now global media businesses. So that all that stuff has contributed. And we could talk a lot about valuation if you want.

More people watch the Sixers in many cases in China or overseas and watch them in Philly. And so the value creation that's occurring at these leagues is obviously massive uplift and revenue, and that's creating of growth in revenue, which is creating some profitability. I mean, each league is different, and obviously certain leagues are more profitable than others. But over time it's allowing for the teams to invest and enhance their experiences. And what's happening in sports is garnering more and more attention and more and more consumer focused, like every live events. And so the big five sports are now global media businesses. So that all that stuff has contributed. And we could talk a lot about valuation if you want.

It's so intriguing, Like you talked about this evolution of growth in sports mostly driven by media and other things gaming and real estate and holding companies and all that. How does private equity play in this situation? Obviously, anytime you have institution of money coming into a space, usually their you know, evaluations rise. What's your thought on that? And if you're on the private equity side, would you get into sports?

It's so intriguing, Like you talked about this evolution of growth in sports mostly driven by media and other things gaming and real estate and holding companies and all that. How does private equity play in this situation? Obviously, anytime you have institution of money coming into a space, usually their you know, evaluations rise. What's your thought on that? And if you're on the private equity side, would you get into sports?

Yeah?

Yeah?

So what's happened is sports values have rocketed up pretty much for the big sports, and it's all different, but certainly the NFL and the NBA leading the way, but also the NHL and you know, certainly global soccer.

So what's happened is sports values have rocketed up pretty much for the big sports, and it's all different, but certainly the NFL and the NBA leading the way, but also the NHL and you know, certainly global soccer.

Right.

Right.

So I think that what's happening is that the companies the teams are getting so big that the amount of equity and you know, the amount of leverage that the leaves leagues allow is limited. And so for example, when we I'll use the Commanders example, I'll give you round numbers, and we paid obviously six billion for the Commanders, which at the time everyone said was the highest price of my I would say my credentials as a value investor were shattered because I paid the highest price in sports.

So I think that what's happening is that the companies the teams are getting so big that the amount of equity and you know, the amount of leverage that the leaves leagues allow is limited. And so for example, when we I'll use the Commanders example, I'll give you round numbers, and we paid obviously six billion for the Commanders, which at the time everyone said was the highest price of my I would say my credentials as a value investor were shattered because I paid the highest price in sports.

Right, and now that price looks pretty good.

Right, and now that price looks pretty good.

But I think that we put up five billion of equity right now, and I was not allowed to talk to private equity. I had to go raise three billion dollars and one family at a time. So I think what the NFL would other sports, certainly the NBA and the NHL leading the way, have done is say, okay, in some form, we're gonna allow us to do show capital in here, because if we don't, the evaluations are going to be constrained. And we want people to still be able to build stadiums, to enhance fan experience, to enhance streaming, and so allowing capital in for these now much bigger media companies to continue to improve and innovate is very important. And so that's why private equity is coming in. And obviously private equity coming in is creating demand for investment.

But I think that we put up five billion of equity right now, and I was not allowed to talk to private equity. I had to go raise three billion dollars and one family at a time. So I think what the NFL would other sports, certainly the NBA and the NHL leading the way, have done is say, okay, in some form, we're gonna allow us to do show capital in here, because if we don't, the evaluations are going to be constrained. And we want people to still be able to build stadiums, to enhance fan experience, to enhance streaming, and so allowing capital in for these now much bigger media companies to continue to improve and innovate is very important. And so that's why private equity is coming in. And obviously private equity coming in is creating demand for investment.

So that's lifting the sports team values well.

So that's lifting the sports team values well.

And to that point, I mean that we can talk real numbers here. You know, you buy it for six billion in change, and you know within a year or so, year two, you've got NFL teams Dolphins and Eagles selling stakes valuing them upwards of eight billion dollars. So where does that go? I mean, so you know, put on your you know, your Apollo trained hat, your Drexel trained hat, your hbs like six North, twenty six north, all of the things that you do. What does it do to valuations going forward? Like look around the corner, As Alex said, you're very good at looking around the corner. Look around the corner in evaluations for us.

And to that point, I mean that we can talk real numbers here. You know, you buy it for six billion in change, and you know within a year or so, year two, you've got NFL teams Dolphins and Eagles selling stakes valuing them upwards of eight billion dollars. So where does that go? I mean, so you know, put on your you know, your Apollo trained hat, your Drexel trained hat, your hbs like six North, twenty six north, all of the things that you do. What does it do to valuations going forward? Like look around the corner, As Alex said, you're very good at looking around the corner. Look around the corner in evaluations for us.

So I think the way I think about is this, there's a scarcity value that is associated with these teams. Right, So you know, there's a small number of people in the world that can lead these deals, and there's only you know, thirty there's only thirty two.

So I think the way I think about is this, there's a scarcity value that is associated with these teams. Right, So you know, there's a small number of people in the world that can lead these deals, and there's only you know, thirty there's only thirty two.

It depends on the league.

It depends on the league.

And so one of the things that's happening is that people want to own the teams.

And so one of the things that's happening is that people want to own the teams.

They want to be involved in it.

They want to be involved in it.

They want to be part of building, creating memories for cities and winning and competing. And so I thought when I bought the Commanders that I was going to be outbid by Jeff Bezos. Just to be very direct about it, it was rumored that he was interested, and obviously he doesn't. You know, for me to put together a five million dire equity count is much harder than for someone of his wealth to put together. He can just stroke a check and do it. Right, So I thought I would lose, but it was a labor of love. I really felt it needed to happen, and you know, God smiled, I guess on me.

They want to be part of building, creating memories for cities and winning and competing. And so I thought when I bought the Commanders that I was going to be outbid by Jeff Bezos. Just to be very direct about it, it was rumored that he was interested, and obviously he doesn't. You know, for me to put together a five million dire equity count is much harder than for someone of his wealth to put together. He can just stroke a check and do it. Right, So I thought I would lose, but it was a labor of love. I really felt it needed to happen, and you know, God smiled, I guess on me.

But my point being that that part of the valuation uplift is just the scarcy value.

But my point being that that part of the valuation uplift is just the scarcy value.

But I would say the second thing is that as revenues grow, cashital will grow, right, So I think a good analogy is, you know, beach front real estate, where if teams are losing money, it'll limit the number of people that are willing to lose money consistently. If teams start to make money or make increasing amounts of money, then.

But I would say the second thing is that as revenues grow, cashital will grow, right, So I think a good analogy is, you know, beach front real estate, where if teams are losing money, it'll limit the number of people that are willing to lose money consistently. If teams start to make money or make increasing amounts of money, then.

It draws in people.

It draws in people.

And you know, I look at it as in the case of the NFL, which is the most profitable league right now, we think that you know, we're buying at a real cap rate of three to four going to five to six. So even though that sounds like a very high ebit domultiple, I look at it as like cash flow yield, and the NFL and the NBA and the NHL and all these leagues are incredible businesses. They're dominant, and in our culture it's live entertainment. They're growing, there's lots of innovation. So I look at as growth equity, and then most of the cash flow is guaranteed by massive media and technology companies, so that you know, it's almost like you get this yield and then you participate in the growth and the scarcity value of evaluation. So and if you look at it, the only thing that's done better than private equity.

And you know, I look at it as in the case of the NFL, which is the most profitable league right now, we think that you know, we're buying at a real cap rate of three to four going to five to six. So even though that sounds like a very high ebit domultiple, I look at it as like cash flow yield, and the NFL and the NBA and the NHL and all these leagues are incredible businesses. They're dominant, and in our culture it's live entertainment. They're growing, there's lots of innovation. So I look at as growth equity, and then most of the cash flow is guaranteed by massive media and technology companies, so that you know, it's almost like you get this yield and then you participate in the growth and the scarcity value of evaluation. So and if you look at it, the only thing that's done better than private equity.

Honestly, if you go back is sports valuation.

Honestly, if you go back is sports valuation.

So I'll just throw out the NFL numbers, the bills, you know, a billion, three, a billion four, the Panthers two two two three, Broncos in twenty twenty two four to six US at six and now, so that's four x and ten years. And now you start to hear about some of the things, and I think they'll be trades even higher than what you're saying.

So I'll just throw out the NFL numbers, the bills, you know, a billion, three, a billion four, the Panthers two two two three, Broncos in twenty twenty two four to six US at six and now, so that's four x and ten years. And now you start to hear about some of the things, and I think they'll be trades even higher than what you're saying.

Those are coming at.

Those are coming at.

Ten billion, you think, you know, I don't know.

Ten billion, you think, you know, I don't know.

I think there could be stuff in the nine to ten range. I mean, it's all coming together, I think eventually for sure. And so I think that, but I'm saying near term literally, and that's only been I mean we bought the club coming up on two years ago, right, So I think that.

I think there could be stuff in the nine to ten range. I mean, it's all coming together, I think eventually for sure. And so I think that, but I'm saying near term literally, and that's only been I mean we bought the club coming up on two years ago, right, So I think that.

So maybe you are a value investor here.

So maybe you are a value investor here.

I'm a value investor in the in terms of the growth equity R yeah, and so I think there's.

I'm a value investor in the in terms of the growth equity R yeah, and so I think there's.

A growth equity.

A growth equity.

I think it's also unique and it's backstop by media and as long as you think people are gonna want the content and we have long term media deals. And also it's very resilient economically, right, So certainly if there's harder times not as many people will come to the games or whatever, but the media payments are locked in.

I think it's also unique and it's backstop by media and as long as you think people are gonna want the content and we have long term media deals. And also it's very resilient economically, right, So certainly if there's harder times not as many people will come to the games or whatever, but the media payments are locked in.

That's you know, the majority of the revenue.

That's you know, the majority of the revenue.

And even in harder times, people want something to celebrate. So I think these are fundamentally great businesses. They're also inflation resistant, right, like if inflation goes up, So when you talk about cap rate, it's a you know, three to six real cap rate, that's a reasonable that'll be go up and down and be inflation resistant. So I think they are really good businesses, and I think they are actually interesting investments, and I think it will keep going on.

And even in harder times, people want something to celebrate. So I think these are fundamentally great businesses. They're also inflation resistant, right, like if inflation goes up, So when you talk about cap rate, it's a you know, three to six real cap rate, that's a reasonable that'll be go up and down and be inflation resistant. So I think they are really good businesses, and I think they are actually interesting investments, and I think it will keep going on.

Should June, we can arguably say nobody reads a piano better than you. You're a piano savant. My question is very specific, do you value more ebadah or free cash flow?

Should June, we can arguably say nobody reads a piano better than you. You're a piano savant. My question is very specific, do you value more ebadah or free cash flow?

And why it's all free cash flow? I mean ebadah.

And why it's all free cash flow? I mean ebadah.

Even in private equity, everyone talks about ibada. Generally they're looking at free cash flow. It's just a proxy for free cash flow. And since many businesses have different capitals spending, you know, ebada is just a way to say, hey, six times eba da. But ultimately everyone who I guess, who knows what they're doing, is looking at free cash flow.

Even in private equity, everyone talks about ibada. Generally they're looking at free cash flow. It's just a proxy for free cash flow. And since many businesses have different capitals spending, you know, ebada is just a way to say, hey, six times eba da. But ultimately everyone who I guess, who knows what they're doing, is looking at free cash flow.

In terms of the Commanders.

In terms of the Commanders.

Yeah, we we felt that the Commanders used to be the number one franchise in the NFL for many many years. So everyone says, Dallas is that I'm franchise number one in terms of revenue?

Yeah, we we felt that the Commanders used to be the number one franchise in the NFL for many many years. So everyone says, Dallas is that I'm franchise number one in terms of revenue?

Revenue? Is that right?

Revenue? Is that right?

While yeah, and for many years and then you know, obviously they didn't do as well. So when you looked at we when we bought the Commanders, they were in the twenties out of thirty two. And so if we get them to league average, we'll double the EBA dah and you're not comment on your numbers. And then if we with the new media deal will triple it. And if we build a new stadium, we'll cut you know, it'll we have to invest, but we'll get some push off and excute and execute.

While yeah, and for many years and then you know, obviously they didn't do as well. So when you looked at we when we bought the Commanders, they were in the twenties out of thirty two. And so if we get them to league average, we'll double the EBA dah and you're not comment on your numbers. And then if we with the new media deal will triple it. And if we build a new stadium, we'll cut you know, it'll we have to invest, but we'll get some push off and excute and execute.

So I think that, you know, we think we are.

So I think that, you know, we think we are.

In the process of enhancing the Commanders. But again it's all about doing it for the city and not worrying about it. But when you do that, and a lot of it is just driven by the media uplift, right, that just.

In the process of enhancing the Commanders. But again it's all about doing it for the city and not worrying about it. But when you do that, and a lot of it is just driven by the media uplift, right, that just.

Comes from the upward trend in media.

Comes from the upward trend in media.

Certainly the NBA deal which was two point seven x over eleven years. It makes it look like NFL content is severely undervalue and there's uplift there, right, So you can now without even factoring that in, we feel like we're going to get increased cash.

Certainly the NBA deal which was two point seven x over eleven years. It makes it look like NFL content is severely undervalue and there's uplift there, right, So you can now without even factoring that in, we feel like we're going to get increased cash.

So many Molti and you guys have an out that which is going to be good time.

So many Molti and you guys have an out that which is going to be good time.

Yeah, I'll leave that one to the league, but yeah, no, and then you have to make your case like you're making your case. If you think about the Commander's ownership group Mittrails, who build arguably one of the best companies in America, Donner you know, obviously Magic Johnson, and then a whole bunch of other people that are very shrewd investors, including some people on Wall Street. They want to be part of it, right, but at the same time they want to understand, Okay, what's the return here, Why should I you know, write a check? And again the you know, obviously it's being part of an NFL franchise, there's a limit to how many people you can accept, and so we had to ask people for really significant investments. So they certainly wanted to know how it was going to work, right, and we were able to say we're going to win for the city we're going to spend, We're going to invest. But here's why we think that the value of the equity will go up.

Yeah, I'll leave that one to the league, but yeah, no, and then you have to make your case like you're making your case. If you think about the Commander's ownership group Mittrails, who build arguably one of the best companies in America, Donner you know, obviously Magic Johnson, and then a whole bunch of other people that are very shrewd investors, including some people on Wall Street. They want to be part of it, right, but at the same time they want to understand, Okay, what's the return here, Why should I you know, write a check? And again the you know, obviously it's being part of an NFL franchise, there's a limit to how many people you can accept, and so we had to ask people for really significant investments. So they certainly wanted to know how it was going to work, right, and we were able to say we're going to win for the city we're going to spend, We're going to invest. But here's why we think that the value of the equity will go up.

And a lot of it has to do.

And a lot of it has to do.

With all the things we've talked about here, the upward trend in sports values, the scarcy value, but also our ability to move the Commanders back to being relevant for the DMV again and therefore fill up the stadium which was empty, get sponsors back, and make feel great about being part of the Commanders again.

With all the things we've talked about here, the upward trend in sports values, the scarcy value, but also our ability to move the Commanders back to being relevant for the DMV again and therefore fill up the stadium which was empty, get sponsors back, and make feel great about being part of the Commanders again.

Yeah. So I'm glad you went there because I wanted to talk about some of the some of the ways you've changed running the actual business. So this report card, everybody looks at the report card now from the NFL Players Association and you know that all too well, this franchise was dead last Wow, now moved up to eleventh. That's a huge, huge move, and that you know, just for people out there, this is you know, based on player feedback. You know, this is what the players say about about their team. Were there one or two things that you set out to do or that you, looking back, did that made that number jump and that rank jump as much as it did.

Yeah. So I'm glad you went there because I wanted to talk about some of the some of the ways you've changed running the actual business. So this report card, everybody looks at the report card now from the NFL Players Association and you know that all too well, this franchise was dead last Wow, now moved up to eleventh. That's a huge, huge move, and that you know, just for people out there, this is you know, based on player feedback. You know, this is what the players say about about their team. Were there one or two things that you set out to do or that you, looking back, did that made that number jump and that rank jump as much as it did.

So, first of all, when you run a sports team and you're an owner. Your three most important jobs hiring a GM, hiring a coach, hiring a president to run the business operations, and making them incredibly talented and like mind in terms of values.

So, first of all, when you run a sports team and you're an owner. Your three most important jobs hiring a GM, hiring a coach, hiring a president to run the business operations, and making them incredibly talented and like mind in terms of values.

By the way, this owner is nodding, right, let's taking note exactly.

By the way, this owner is nodding, right, let's taking note exactly.

Yeah, you don't want to be I mean, ultimately right, there's just a thousand things that decisions that are made, and you should not want I do not have the inclination. I don't want to be involved in all thousand. I want to be involved in the most important decisions. And then I want people who have the same vision that I do, which is too it's really a servant leader mindset, like do this on behalf of the city or on behalf of the players. So, Peter as dan Quinn, you know, obviously Mark Claus from Campos is an amazing gut for us. But then as starts specifically answering your question, you know the facilities that the players were showering and playing in weight training in when we showed up, there wasn't even a game clock. Our bubble was deflating, and so we just literally said that you know, what you want to do is become a destination for players. Look, there's a relatively small amount of people who can play, or coach or be in the front office of major sports, and so your job is to become a destination where they feel like they matter, you care about them. And the way that you articulate that is to create amazing facilities to make their lives easier. And so we've rebuilt everything from showers to locker rooms, to weight facilities to food, and we really showed them that we cared about them. To how they travel. I mean, think about it. If you have to travel all over the place and you're not being staying in a nice hotel or you're not traveling on a great plan, that's gonna make a huge difference in your life.

Yeah, you don't want to be I mean, ultimately right, there's just a thousand things that decisions that are made, and you should not want I do not have the inclination. I don't want to be involved in all thousand. I want to be involved in the most important decisions. And then I want people who have the same vision that I do, which is too it's really a servant leader mindset, like do this on behalf of the city or on behalf of the players. So, Peter as dan Quinn, you know, obviously Mark Claus from Campos is an amazing gut for us. But then as starts specifically answering your question, you know the facilities that the players were showering and playing in weight training in when we showed up, there wasn't even a game clock. Our bubble was deflating, and so we just literally said that you know, what you want to do is become a destination for players. Look, there's a relatively small amount of people who can play, or coach or be in the front office of major sports, and so your job is to become a destination where they feel like they matter, you care about them. And the way that you articulate that is to create amazing facilities to make their lives easier. And so we've rebuilt everything from showers to locker rooms, to weight facilities to food, and we really showed them that we cared about them. To how they travel. I mean, think about it. If you have to travel all over the place and you're not being staying in a nice hotel or you're not traveling on a great plan, that's gonna make a huge difference in your life.

And so people think that the players, I mean ou because you were a player.

And so people think that the players, I mean ou because you were a player.

Everything you're saying is spot on it. Yeah, these are the things I'm really mad to us right.

Everything you're saying is spot on it. Yeah, these are the things I'm really mad to us right.

Think about it.

Think about it.

There were probably some owners where you know, you felt like, came, my life is harder, and some owners where you felt like, Hey, this guy really.

There were probably some owners where you know, you felt like, came, my life is harder, and some owners where you felt like, Hey, this guy really.

Or this person really cares about me.

Or this person really cares about me.

In addition to I mean, obviously, you know, each player wants to get compensated fairly and that's all part of it. But a lot of great players, I mean great players taken play wherever they want, right, So your job is to attract them and make them feel welcome. And that starts with the front office and the coaches, but it also goes to their facilities. And so what we've spent one hundred and twenty five million dollars across the stadium and the player of facilities. And again, I think that you win in sports by I don't think this is like it's a growth as I said, I analogize it to growth equity, cutting back stuff, skimping. I don't think that's right. In sports, you're entertaining and you're attracting talent, so you've got to be like first classed every step of the way. And that's why it improved.

In addition to I mean, obviously, you know, each player wants to get compensated fairly and that's all part of it. But a lot of great players, I mean great players taken play wherever they want, right, So your job is to attract them and make them feel welcome. And that starts with the front office and the coaches, but it also goes to their facilities. And so what we've spent one hundred and twenty five million dollars across the stadium and the player of facilities. And again, I think that you win in sports by I don't think this is like it's a growth as I said, I analogize it to growth equity, cutting back stuff, skimping. I don't think that's right. In sports, you're entertaining and you're attracting talent, so you've got to be like first classed every step of the way. And that's why it improved.

I think that the players.

I think that the players.

I engage enough with the players and the coaches that they know that I'm there for them. And when they notice, hey, you know, the food's not great or something else. If you saw, like, for example, there's only like one cold plunge, right, so it's a are you kidding me?

I engage enough with the players and the coaches that they know that I'm there for them. And when they notice, hey, you know, the food's not great or something else. If you saw, like, for example, there's only like one cold plunge, right, so it's a are you kidding me?

Right?

Right?

It turns out, by the way that you know a cause that cold plunge the normal cold plunge costs about six thousand hours.

It turns out, by the way that you know a cause that cold plunge the normal cold plunge costs about six thousand hours.

You have to get a special.

You have to get a special.

Coal punch and then one's a big yeah. Yeah, so it's a it's more excelessive. But I said, go get it, get.

Coal punch and then one's a big yeah. Yeah, so it's a it's more excelessive. But I said, go get it, get.

It, like, are you kidding me? I love the cold bunch. I did it every day, I do it. But I did it before.

It, like, are you kidding me? I love the cold bunch. I did it every day, I do it. But I did it before.

You're okay, So, Josh, you said you don't want to make a minute decision.

You're okay, So, Josh, you said you don't want to make a minute decision.

That obviously makes all the sense in the world. You're hiring the best people, you're paying them, well, they're aligned with your vision. How often do you kind of sit down on a zoom? Is it once a week, twice a week to get a report on what's going on with the numbers X Y Z.

That obviously makes all the sense in the world. You're hiring the best people, you're paying them, well, they're aligned with your vision. How often do you kind of sit down on a zoom? Is it once a week, twice a week to get a report on what's going on with the numbers X Y Z.

Yeah, so it's it's as needed.

Yeah, so it's it's as needed.

And then you know the great thing about sports is that you do a lot of games.

And then you know the great thing about sports is that you do a lot of games.

So you got a lot of games, so we're I'm.

So you got a lot of games, so we're I'm.

There a lot and you know, obviously when you're building a stadium, when you're around the draft, when you're a free agency, when there's things going on, you're there a lot more. And what we do is we have a standing call and stuff happens right like there can be stuff that happens your arena that requires immediate attention.

There a lot and you know, obviously when you're building a stadium, when you're around the draft, when you're a free agency, when there's things going on, you're there a lot more. And what we do is we have a standing call and stuff happens right like there can be stuff that happens your arena that requires immediate attention.

You can't ignore. And you know, stuff happens in.

You can't ignore. And you know, stuff happens in.

The world, right, George Floyd, like we you know, immediately we're on the phone, like we need to put out a statement.

The world, right, George Floyd, like we you know, immediately we're on the phone, like we need to put out a statement.

This is wrong.

This is wrong.

But that requires you as an owner, right, that's the values of the org and you have to like see what I mean. I went on YouTube right and said, okay, let me what really happened here? Right, if I'm going to stand or you know, when October seventh happened, you know kind of you know, getting the leagues and the teams to support, you know, and empathize with the people.

But that requires you as an owner, right, that's the values of the org and you have to like see what I mean. I went on YouTube right and said, okay, let me what really happened here? Right, if I'm going to stand or you know, when October seventh happened, you know kind of you know, getting the leagues and the teams to support, you know, and empathize with the people.

That were killed.

That were killed.

So I think that all these things happen, and you just have to be on call twenty four to seven and be, you know, in essence on call for the public and do your job. And you know it's as needed and so it you know, in the off season when nothing's going on, it is once a week, but then it's a lot more than that.

So I think that all these things happen, and you just have to be on call twenty four to seven and be, you know, in essence on call for the public and do your job. And you know it's as needed and so it you know, in the off season when nothing's going on, it is once a week, but then it's a lot more than that.

And so that talk about that public facing piece, because you know, you're sitting across from a guy who was like you know, on the cover of magazines. He was he was he was in the public right public, sometimes for better, sometimes for worse. Since the age of you know, fifteen, sixteen, seventeen years old, you were able to go through much.

And so that talk about that public facing piece, because you know, you're sitting across from a guy who was like you know, on the cover of magazines. He was he was he was in the public right public, sometimes for better, sometimes for worse. Since the age of you know, fifteen, sixteen, seventeen years old, you were able to go through much.

Of your career.

Of your career.

I know who you were, but it was my job. You know, I was at Bloomberg, so you were a star athlete and in my mind and in that regard, but owning a team where everybody knows your name, where you're sitting courtside or you're sitting in the box, what is that transition? Like? How do you cope with that? Especially I'll say it out loud. Owning a football team in Washington and a basketball team in Philadelphia. These are not cities that love each other.

I know who you were, but it was my job. You know, I was at Bloomberg, so you were a star athlete and in my mind and in that regard, but owning a team where everybody knows your name, where you're sitting courtside or you're sitting in the box, what is that transition? Like? How do you cope with that? Especially I'll say it out loud. Owning a football team in Washington and a basketball team in Philadelphia. These are not cities that love each other.

I think that you have to embrace if you want to do this as a managing owner, as the control owner, you need to embrace the fact that you're now a public figure, and that comes with all of the issues that you might think that Alex has lived with. But people come up to you, people interrupt you and want to talk about the team, good and bad. Obviously pretty happy people in Washington and you know we you know, less happy in other locations this particular year, and you have to be you know, even signing autographs, and then you know there's you know, you all of a sudden, you know, you in some cases need security when you go into enemy territory maybe.

I think that you have to embrace if you want to do this as a managing owner, as the control owner, you need to embrace the fact that you're now a public figure, and that comes with all of the issues that you might think that Alex has lived with. But people come up to you, people interrupt you and want to talk about the team, good and bad. Obviously pretty happy people in Washington and you know we you know, less happy in other locations this particular year, and you have to be you know, even signing autographs, and then you know there's you know, you all of a sudden, you know, you in some cases need security when you go into enemy territory maybe.

Uh.

Uh.

And and then you know, everything you do plays out on the front page, you know, in the paper, right, So you have to be righteous in your behavior. So if you're not prepared to be righteous in your behavior and do things that the people can relate to on the front page of the paper, then you probably shouldn't do it. And there's no way around it. And I didn't really realize what I was signing up for, Honestly, I had never been through it like Alex and you know, certainly, you know, could probably write three books on the subject.

And and then you know, everything you do plays out on the front page, you know, in the paper, right, So you have to be righteous in your behavior. So if you're not prepared to be righteous in your behavior and do things that the people can relate to on the front page of the paper, then you probably shouldn't do it. And there's no way around it. And I didn't really realize what I was signing up for, Honestly, I had never been through it like Alex and you know, certainly, you know, could probably write three books on the subject.

Unfortunately.

Unfortunately.

Yeah, and then it starts to you know, your family starts to get known. I mean, all that stuff. But I'd say that that just comes with it, and for good it for bad. And we own clubs, own teams in really tough cities like Philly. Fans are amazing, they care, but they're you know, they they take no prisoners, right, and they hold up accountable.

Yeah, and then it starts to you know, your family starts to get known. I mean, all that stuff. But I'd say that that just comes with it, and for good it for bad. And we own clubs, own teams in really tough cities like Philly. Fans are amazing, they care, but they're you know, they they take no prisoners, right, and they hold up accountable.

Yeah.

Yeah.

Uh.

Uh.

And certainly when the Commanders played the Eagles in the NFC Championship, I tried to explain to everyone that if you just grew up in South Philly, I understand why you're all about Philly sports.

And certainly when the Commanders played the Eagles in the NFC Championship, I tried to explain to everyone that if you just grew up in South Philly, I understand why you're all about Philly sports.

But I grew up in Washington and Philly.

But I grew up in Washington and Philly.

My mom was from Philly, my grandmother's from Philly, but I grew up in Washington. Then I went to pen when I was seventeen, and I saw these two teams, and I love these two teams, and so I tried to explain myself, and I'd.

My mom was from Philly, my grandmother's from Philly, but I grew up in Washington. Then I went to pen when I was seventeen, and I saw these two teams, and I love these two teams, and so I tried to explain myself, and I'd.

Say ninety seven percent of the fans got up.

Say ninety seven percent of the fans got up.

But there's there's gonna be some fans that are just because of that, you know, And I understand that, right, and that's just something that I have to live with.

But there's there's gonna be some fans that are just because of that, you know, And I understand that, right, and that's just something that I have to live with.

But today, like there are a lot.

But today, like there are a lot.

Of people increasingly these are big businesses, and more and more you're gonna see people owning whether it's the cron Keys or Fenway Sports or you know, you're gonna see people owning teams in different cities, certainly the Glazers. So this is isn't a unique thing, but certainly in a city like phil which really cares about sports and I respect, it definitely is something you have to manage.

Of people increasingly these are big businesses, and more and more you're gonna see people owning whether it's the cron Keys or Fenway Sports or you know, you're gonna see people owning teams in different cities, certainly the Glazers. So this is isn't a unique thing, but certainly in a city like phil which really cares about sports and I respect, it definitely is something you have to manage.

You weren't surprised at the vitriol.

You weren't surprised at the vitriol.

I mean, honestly, I don't believe there was that much.

I mean, honestly, I don't believe there was that much.

I think there are any situation the loud there'll be a few loud voices and then buy and large. Like I think that we have invested in the sixers we had.

I think there are any situation the loud there'll be a few loud voices and then buy and large. Like I think that we have invested in the sixers we had.

The sixers have won.