May 14, 2026 • 24 mins
Alan Waxman’s Sixth Street Partners has a deep conviction in sports. Over the past five years, Alan and his firm have taken a minority stake in teams in most major professional leagues, including: the Boston Celtics, the San Antonio Spurs, the San Francisco Giants and FC Barcelona. In 2024, Sixth Street became the first investment fund to take a controlling interest in an American pro team with the NWSL’s Bay FC. And as of September 2025, Sixth Street owns a 3% stake in one of the biggest names in sports- the New England Patriots.
In this episode of The Deal, Alex and Jason sit down with Alan live at Bloomberg Invest. Alan tells the story of getting the call from Robert Kraft and why Sixth Street is one of only a handful of PE firms approved to invest in the NFL. He also shares his view on international growth opportunities in the NBA, why a historic NWSL expansion fee paid off and how far away we are from institutional capital taking a controlling stake in an NFL or NBA team. Finally, Alex and Alan give their takes on how to “fix” professional baseball.
You can also watch this interview on YouTube.
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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
MLB, NBA, NFL. Do you think in our lifetime, the
three of us, there will ever be institution of capital.
It takes full control of one of those ninety two.
Speaker 1 (00:19):
Teams within those three leagues. It will happen in our lifetime.
But there needs to be substantial infrastructure, real state adjacency
to justify these valuations. Otherwise these valuations are give it
turnout to be probably too high.
Speaker 3 (00:40):
All right, Alex, We're back at Bloomberg invest massive conversation
on stage life taping of the deal with Alan Waxman,
co founder CEO of Six Street Partners. They own across
lots of sports, but I know there's one deal you're
especially interested.
Speaker 2 (00:54):
In, I am, and that's his acquisition of a minority
stake of the New England Patriots. And I want to
know how we crack the code with Robert and Jonathan Kraft,
who are in Mount rushmore of my ownership groups.
Speaker 3 (01:05):
He's also done deals across soccer, basketball, and baseball. So
I have a prediction you guys are going to fix baseball.
Speaker 4 (01:13):
Okay, let's go, all right, let's do it.
Speaker 1 (01:16):
Please, Welcome to the stage, Alan Waxman for a live
taping of the Deal with Bloomberg's Jason Kelly and Alex Rodriguez.
Speaker 4 (01:24):
Alan Waxman, Great to see you.
Speaker 3 (01:26):
I want to set the table a little bit and
talk about Sixth Street, your firm, because I think it's
hard to understand Alex the context of what you're doing
in sports without understanding the context of the firm and
even some of what's going on in the world right now.
So thirty seconds, give or take, what's the Sixth Street
investing ethos?
Speaker 1 (01:48):
Complete flexibility, We invest across From day one, built the
firm to invest across esset glasses, geographies, sectors, where's the
best relative risk award do that by having a team
and a culture of people who that are over themselves,
no egos, no bs, no politics, no fiefdoms. We built
(02:09):
our architecture to be an investor first architecture, So we
didn't build it to raise the biggest funds. We raised
smaller strategy funds so that we raised those funds to
the size of the opportunity and then we have extensive capabilities.
And that's how we built our first from day one,
that allows us to look across ecosystems, going to find
the best teams and the best opportunities.
Speaker 2 (02:28):
Wax, you were one of the early early movers in sports,
and you saw this early. You made that early acquisition
getting into a San Antonio Spurs right after COVID. But
as a co owner today, I have my mount rushmore
of owners and two that sit right on top of
that list are Robert and Jonathan Craft. I am fascinated
by this deal. How did it start? Do you call Robert?
(02:50):
Does Jonathan call you? Walk us through it?
Speaker 1 (02:52):
First of all, I spoke to Robert and Jonathan before this,
and they speak so highly of Alex, so some big
fans there.
Speaker 4 (03:01):
My name didn't come up. Just go on.
Speaker 5 (03:05):
So, by the way, Jason's super talented.
Speaker 4 (03:07):
Yeah, thank you.
Speaker 1 (03:08):
I liked a lot of people before this and they
said talented too. Look, this all starts, so we went
through just context. The NFL didn't allow private equity or
private capital, because we don't really think of ourselves as
a private equity firm. But they didn't allow institutional investors.
So the NFL ran this big process some might say
(03:28):
as a proctology exam, and you go through a process
where they're trying to select you know, two three four
people that have sort of a golden key to invest
in the NFL. But coming out of that process, the CFO,
I don't think I've ever told the story publicly, but
the CFO of the NFL, josein Claire, after we got approved,
basically sent me an email I said hey, you know,
(03:50):
and he was kind of the front lines of their
due diligence on us and others, and he said, hey,
have you ever met Robert Jonathan.
Speaker 5 (03:57):
I think you culturally would get a along with them.
Speaker 1 (04:00):
You should meet them, and they weren't looking to do
minority equity investment, so he connected us. We got together
and I'm summarizing this, but literally instantaneously it almost felt
like family, where we had alignment on team values, team culture,
(04:20):
and clarity of purpose, which obviously you see the results
of what the New England Patriots have done, but we
don't see all the little things as micro things they
did in terms of running the organization.
Speaker 5 (04:31):
And we just clicked right away.
Speaker 1 (04:32):
And that's, by the way, consistent when you look at
all the other sports teams we've invested in, they're all
global champions, Real Madrid, Barcelona, San Francisco Giants, San Antonio Spurs,
Boston Celtics. Like there's a theme here, but the one
commin denominator between all of them is alignment on culture,
values and clarity of purpose.
Speaker 5 (04:53):
I have a quick follow up on that for you, Wax.
Speaker 2 (04:55):
So once you get through all the hugging and family
and alignment, alignment and price, do they say nine?
Speaker 5 (05:01):
Do you say six?
Speaker 2 (05:02):
Does it go back and forth or is that more here's.
Speaker 4 (05:05):
What we're looking for.
Speaker 1 (05:06):
You agree the way that we do business, in the
way that I think the Crafts do business. Both Robert
and Jonathan is this is a long term relationship and
the last thing I do and getting.
Speaker 5 (05:17):
A partner is that back and forth.
Speaker 1 (05:19):
It's it's you kind of know what's fair and you're
just trying to solve for fairness. And it was a
very short conversation and we agreed on it. We got
in business together. But you can just tell by the
way it's not just sports, any company we invest in.
You can get a sense when you're in the meeting,
you're watching the way they treat their employees, the way
they treat junior people. You know, you talk to different
(05:41):
people in the company or the team, So are they
all saying the same things. Are they saying seven different things?
And you can tell by just meeting everyone what that
culture is, what the values are, and obviously do they
have clarity of purpose?
Speaker 3 (05:52):
And so let's talk about investing in the NFL, because
you rightly pointed out this was a long process.
Speaker 4 (05:58):
The NFL was.
Speaker 3 (05:58):
Really the last of the major North American leagues and
almost any league in the world to really embrace institutional capital.
But what was it about this particular deal financially and
as you figured out how to underwrite this and did
the diligence, what was it about this franchise and this
(06:19):
sport that made it a compelling investment as a minority shareholder?
No rights, I mean this is you're in it, but
they're running it.
Speaker 1 (06:29):
Look, the first thing is like, what's the durability to league?
What's the leadership of the league. They're a plus. Like
all you have to do is spend time with Roger
Roger Goodell, yeah, and the people blowing the owner. It's
a world class organization. Then you get into sort of
the market, you know, the Boston Sports we're also the
Boston Celtics. Like it's a great sports market, it's a
(06:50):
great fan base, and look, I think with.
Speaker 4 (06:53):
All of you are in New York. Just just as
a reminder, New York's Red Sox are next by the way.
Speaker 1 (06:58):
By the way, we're partners with the New York Yankee
and they're great fan base too. It's not exclusive. Everyone's
got their own cultures. But look, I think at the
end of the day, like for us, like the league itself,
the durability of the league, the international expansion opportunities, the
fact that just all these brands, historically if you go
(07:18):
back twenty years ago, these brands were local brands.
Speaker 5 (07:21):
You have to get the local right.
Speaker 1 (07:22):
But once you have the local right, the global opportunity
for all these brands, like take Wimby, Like we're investing
in the Santo Spurs. I went last year when they
were playing in Paris. It was literally like an NBA
Finals gate. So you just turned on an entire country
and that's happening all over the pace. In the NFL,
those opportunity, the international opportunities are the same. So look
(07:44):
for us, it was pretty easy. But again, this wasn't
a competitive process. It was a handshake. It was a
set of relationships, and that's how almost all of our
deals have happened in the sports ecosystem.
Speaker 3 (08:04):
How do you think private equity, private capital has performed
so far? What has it been about what you thought
it would be in terms of the uptake from the teams,
the uptake from the funds, Like, where is it now?
Speaker 4 (08:17):
Where does it go next?
Speaker 1 (08:18):
I think it's happened about kind of what we'd expect.
Speaker 4 (08:22):
Because it's been fairly minimal.
Speaker 5 (08:24):
Yeah, I think about way what we would expect.
Speaker 1 (08:26):
I think the challenge is and this is why I
think there's an important delineation between private equity and private capital. Yeah,
because a lot of private equity capital the liability or
the fund structures you have to sell the asset and
five to seven years that is a terrible That is
a terrible idea for investing a sports team, whether it's
(08:50):
a control or minority. So our vehicle, we have very
patient capital, which is why I think there's a that
really matters. You know, a lot of these guys owning
these teams, they don't have to sell, they don't have
to do anything, and some of them just want good partners.
Speaker 5 (09:02):
So it's kind of.
Speaker 1 (09:03):
Happened what I expect I would expect. Over time, evaluations
continue to increase, it's just going to continue to grow.
But and this is really I think the next wave
of sports is there needs to be a substantial infrastructure,
real state adjacency investment to justify these valuations. Otherwise these
valuations are going to turn out to be in a
(09:25):
lot of cases, not all cases, probably too high.
Speaker 2 (09:29):
I got one more on the NFL, just because it's
such a juggernaut.
Speaker 4 (09:32):
Do you want to go first?
Speaker 3 (09:32):
No?
Speaker 5 (09:33):
Okay, I love when you guys flow. Yeah, I love
when you guys like a married a couple.
Speaker 2 (09:38):
Anyways, Wax, when you think about the NFL is such
a juggernaut, and when you look at just P and
L and you dig down into just the thesis of
an investment, right, is it when you look at an
NFL team?
Speaker 5 (09:50):
Is it?
Speaker 4 (09:50):
The market is a scarcity? Appreciation, cash flow.
Speaker 2 (09:54):
What are the things that excites you in sixth Street
about deploying capital and football?
Speaker 1 (09:57):
I think it's all those things. It's scarcity. Obviously, different
markets matter, ownership, culture, values, clarity of purpose that matters.
Speaker 5 (10:06):
But again, you know, it doesn't take a long time.
Speaker 1 (10:10):
If you look at every youth in the world, everyone's
picking up their phone all time. AI is just going
to continue to consume people's time. And I think the
other thing is that the sort of exporting of sports,
particularly global brands and other markets, is going to continue
to increase. And I think again, I think that's an opportunity.
Speaker 5 (10:30):
For the NFL.
Speaker 4 (10:31):
It's interesting to think about your.
Speaker 2 (10:33):
Can I ask you guys question, sure, what do you
guys take any question?
Speaker 5 (10:37):
Flip that question? Flip that question around?
Speaker 1 (10:39):
How would you guys, You guys talked to a lot
of smart people. How would you guys answer that?
Speaker 4 (10:42):
Underwriting the NFL?
Speaker 3 (10:44):
Yeah, I mean I'll answer because you prodded me into it.
Speaker 4 (10:49):
It's really hard to do. I mean, I think that
the point you made.
Speaker 3 (10:53):
About the international opportunity, I think is one that was
underappreciated for a long time with the NFL. And I
think even the NFL didn't quite fully appreciate what the
market was. And I think as it's invested more and more.
You know, I did a piece about Shad Khan of
the Jaguars and Fulham FC a few years ago and
(11:16):
understanding through his eyes he was obviously a pioneer with
the London based games. I think that international piece. I mean,
I know you've spent a lot of time with Roger
Goodell and others. I mean that seems to be the
real growth market in terms of both fans and really
the technology as such. And I think you and we'll
talk about this, I think in the NBA section too,
(11:38):
if you can truly globalize American football, I mean, good Lord.
Speaker 1 (11:45):
Here's what I can tell you with fact, there's excess
demand for sports teams internationally, in sports and cities that
once you bring NFL games to their markets.
Speaker 4 (11:58):
Yeah, so that's a Dodger question.
Speaker 2 (12:00):
So it's kind of the things that I talked about
that I really like about the NFL is the market
is very important. The scarce sitty Now, think about if
you're in real estate and there's only thirty two beachfront
properties and you own one of them. So I would
think about that, the combination of appreciation and cash flow,
it's very rare in sports and to have that like
a moat that you can actually underwrite it, and it's
like a paper as a paper can get because obviously
(12:22):
the National TV deal that's going to get probably richer here.
And then I would say I would over index in leadership,
and I think Roger Goodell's best in class as good
as they get as far as commissioner. And then when
you have a guy like Robert Craft and Jonathan that
makes it because at the end of the days, forget
what the numbers say, you still have to be in
partners with families like a marriage.
Speaker 5 (12:40):
And that's how it. We look at it hundred percent.
Speaker 1 (12:42):
And I'd say across the NFL, there's some great owners
across the NFL.
Speaker 4 (12:46):
All right, you want to talk some hoops? Sure, all right.
Speaker 3 (12:49):
The NBA is interesting and you have such a fascinating
lens here, Wax because you went into the Spurs six
years ago five five, five and change, and then you
go into the Celtics. You know, a number of years later.
The valuation differential alone is massive. How did the opportunity evolve?
How did it change as you've sort of seen the
(13:10):
NBA five six years ago and the NBA today from
a business perspective.
Speaker 1 (13:14):
From an institutional investors standpoint, Well, first of all, we
were one of the first, I think we're the first
or the second institutional investment in the NBA where you
know the Santonini Spurs. We just literally they changed rules
and we cold called the Santonino Spurs.
Speaker 3 (13:27):
So it was you literally just picked up telling you
like rcb Ford like get you know, like what's up.
Speaker 1 (13:32):
To be fair as my colleague Austin Bowers picked up
the phone, and that's what we do, Like we just
picked up the f I grew up in Austin, so
we had a view on the Austin Sanatu any of you.
Speaker 5 (13:41):
But that was different.
Speaker 3 (13:42):
All these people are like, oh, cold calling, Okay, I'm
gonna do that.
Speaker 5 (13:45):
Go ahead, don't be afraid.
Speaker 1 (13:46):
Just be really a real person and just ask a question.
So you'll be fine. Sorry, no one that was unsolicited,
whoever was talking in the audience. But h So, look
I think back then, I mean that was in all
of COVID, so very different environment. I mean these you know,
revenue had gone to a zero for a lot of
for a lot of these teams are significantly reduced, So
(14:08):
very different environment. It's i would say, it's maturing. There's
more people that are obviously getting into it, so it's
I'd say that the competitive landscape is different.
Speaker 5 (14:17):
So that's different.
Speaker 3 (14:18):
But on the other hand, head of landscape from an
investor perspective.
Speaker 1 (14:20):
There's just more cat which is a good thing. There's
the gentrification of the ACD class. Like we were always
interested in investing in sports. It's themes are only as
good if it's investible. Maybe in public markets you can
express the theme, but private markets you could have the
best theme in the world, but if it's not investible,
then it's.
Speaker 5 (14:36):
A waste of time.
Speaker 1 (14:36):
And COVID made it investible, so that really opened it
up and started to gentrify.
Speaker 5 (14:42):
Today it's very different.
Speaker 1 (14:43):
First of all, we're at the beginning of a new
media deal, so there's massive rertings, so that's different, but
there's also a lot more capital. But again, the international
opportunity in the NBA it's massive. You look at the demographics,
you look at the number of NBA players that are
from different countries, and again it takes one player on
one team from one country to open up that country
(15:06):
and open up that country in terms of possible engagement
of new fans.
Speaker 3 (15:12):
Was that similar to you? Is that what you guys
saw in twenty.
Speaker 2 (15:16):
We came in around the same time, right right after COVID,
which was a very scary time. I remember my mom saying,
what are you doing? Like you have the Disney bubble,
these datings are you're going to go crazy? They you
shouldn't do this, I said, Mom, I think I'm okay.
She made me think a little bit. But what's excited
about the NBA as we saw it, Like, as you
look at where we are today in twenty twenty six,
the last eight MVPs have been non Americans, and then
when you think about the global footprint that Wax is
(15:38):
talking about and the opportunity, I think we're really in
the early innings of where we're going to go as
the NBA.
Speaker 5 (15:43):
So it's very excited.
Speaker 3 (15:54):
It's interesting is we think back over the let's just
make it about us for a second. As we think
back over the course of this show's history, one of
our earliest guests was Brandy Testing, you know, one of
your co owners in BAFC. And what was so interesting
for us who followed this so closely as a business,
Your investment in BFC that an expansion team at the
(16:16):
time was radical and new because you were the first
institutional fund that was allowed to become a control owner
of a major US sports team. Tell us a little
bit about that deal from your We sort of heard
the Brandy perspective, you know, sort of coming in as
a player, but this is this is New Territory at
that time for a fund.
Speaker 1 (16:37):
Never have we made an investment where people thought we
were crazy. But from our standpoint, it was one of
the most asymmetric investments we've ever made. So just for context,
the original the last expansion fee before we bought AFC
was I think three or four million dollars, and we
paid fifty three million dollars on a two or three
(16:58):
years later.
Speaker 5 (17:00):
People thought we were crazy.
Speaker 1 (17:01):
But what got us on the NWSL initially is my
at the time nine year old daughter. She was on
her iPad and she was watching an NWSL game and
I was like, huh, that's that's kind of interesting. So
look through a number of people around the ecosystem, like
you should take a look at this. So and I'm summarizing,
there's a lot, there's a lot.
Speaker 5 (17:22):
My wife was involvedo.
Speaker 1 (17:24):
She was proud of me because she thought this was
a great investment opportunity. She's much smarter than I am,
by the way, applied mathematics major. But we started studying
it and we looked at the market and at the time,
like a lot of the sponsorship revenue was in sort
of the impact bucket. It wasn't in the CMO bucket,
so the chief marketing officer versus the impact bucket. And
(17:45):
that was just a major, major opportunity for us because
we knew people were watching.
Speaker 5 (17:52):
And it's actually the.
Speaker 1 (17:53):
Only time in my entire investment career where I actually
printed our investment thesis.
Speaker 5 (17:58):
I put it out there publicly, so the first.
Speaker 1 (17:59):
Time and only time we've ever done that, because I
thought it was so asymmetric.
Speaker 4 (18:04):
And you can find it on LinkedIn. I mean, it
was very.
Speaker 1 (18:06):
Popular and I'm not a big social media I don't
even have social media, but we put it out there
because we thought just for people to understand. And sure enough,
you know, now everyone's talking about it and.
Speaker 5 (18:17):
We're still at the early stages.
Speaker 1 (18:19):
But again it's not going to be linear of their growth,
but it's it's been a good investment.
Speaker 4 (18:24):
For us well.
Speaker 3 (18:24):
And to be clear, I mean if you think about
where the valuations have gone, where the expansion fees have gone.
You know, literally a year ago we were sitting on
the equivalent of the stage. I think we were actually
downstairs with Melody Hobson. She paid substantially more for the
Denver expansion franchise. I think four times more than you did.
(18:47):
To build in Denver, and obviously Will Obay, who's been
I guess in the show as well. You know she
bought Angel City at evaluation two hundred and fifty.
Speaker 4 (18:57):
So clearly it's going.
Speaker 1 (18:58):
Uh, it goes to anything ultimately investing is about supply
and demand.
Speaker 5 (19:04):
Like it could be the best theme in.
Speaker 1 (19:05):
The world, but if there's excess supply capital. By the way,
this might rhyme with private credit, excess supply capital and.
Speaker 5 (19:13):
Load demand, load demand, that's not going to work out. Well.
Speaker 1 (19:16):
The thing going back to what you said, Alex, is
these are scarce assets.
Speaker 5 (19:21):
So there's valuable pieces of real.
Speaker 1 (19:23):
State, and as you start to sell expansion teams, there's
less and less valuable real estate. And what I can
tell you, and I'm going the record here, is that
what Melody and Will, who are both two incredibly talented people,
they're going to look very smart in about three or
four years and what they paid and you'll be having
the same conversation to them people, Melody and Will, and
(19:45):
you're going to be saying people paid four times more. Right,
that's my predict. I'm going on the record on that.
Speaker 2 (19:49):
Oh I like when you go on the record, Yeah,
I guess we're a live TV so I guess I'm
following up a little bit on what Jason said, which
I'm fascinated by this.
Speaker 4 (19:58):
Like Jason said, he the first.
Speaker 2 (20:00):
Private institution called it private equity, institution of.
Speaker 5 (20:02):
Money as a control partner. I think we're the only one,
the only one in the US.
Speaker 2 (20:06):
My question is on the Big three YEAP, M, WILLB, NBA, NFL.
Do you think in our lifetime, the three of us,
there will ever be institution of capital. It takes full
control of one of those ninety two teams.
Speaker 1 (20:18):
I got to be careful here, but I'm going to
say within those three leagues it will happen our lifetime
for the simple reason that evaluations continue to go up,
which in order for that to happen, there needs to
be hundreds of billions of dollars of infrastructure in real
estate investment to make that happen, just the size of
(20:40):
these valuations is going to get to a point where
it's there's only going to be a finite number of individuals.
Speaker 5 (20:46):
So again there's no certainties.
Speaker 1 (20:48):
But probabilistically, if you sort of play that through, you know,
I think the leagues will look at it won't happen
in our lifetime. I think anything can happen our lifetime.
So I'm going to say, especially we're going to live
a long time, hopefully not going with or something, but no,
we're I think it will happen in our lifetime. But yeah,
just if any of the commissioners who those three leagues
(21:08):
are looking for, I don't think it'll be probably why
I'm yeah, probably a long time from now.
Speaker 5 (21:13):
That's what I would say.
Speaker 4 (21:14):
You'll be mostly surfing in that invent.
Speaker 1 (21:16):
I hope, I hoping I'm just surfing the amount of yeah, exactly,
Costa Ricah.
Speaker 5 (21:21):
There you go.
Speaker 3 (21:21):
All right, you each have thirty seconds to tell me
how we're going to fix baseball.
Speaker 4 (21:25):
Go Alex.
Speaker 2 (21:26):
Oh boy, we're here at thirty seconds. It's a lot
of pressure. So I would say I'm a contrarian. So
I think the best time that I've seen in the
last fifteen years to invest in baseball is today because
the amount of uncertainty uncertainty are on the CBA. Are
they going to strike or not? I love that for
an investor. The bet you're gonna make is gonna get better,
not worse, because right now it's pretty you know, tight
and then the other one is that Rob Manford is
(21:47):
going to integrate all the regional rights into one and
try to copy with Roger goodoz Don with the NFL,
because the World Series showed us that if you have
the right product, you have the right teams, you have
the right stars, the right strategy, and good baseball. We
had fifty three mins people watching the World Series Game
seven when you include the US market, Japan, and Canada,
and it was one of the best I've ever seen
thirty seconds.
Speaker 5 (22:07):
I'll throw it out there.
Speaker 1 (22:08):
I'm probably gonna get some slack for this, but I'm
going to throw out a straw man on just real quick.
Speaker 5 (22:13):
Okay. So, first of all, you.
Speaker 1 (22:16):
Got to get the minimum standards up. Minimum salary across
the league.
Speaker 5 (22:19):
I think you got to do that.
Speaker 1 (22:20):
And this is going to be a little controversial, but
I think that each team, I think you should have
a salary cap, that each team should have one or
two designated players. They can pay whatever they want. So
if you want to pay someone at billion dollars, they're
worth a show at a time, worth a billion dollar,
you can pay them. So you get one, two, three,
something that doesn't upset the competitive balance, that allows teams
(22:44):
for the superstars to make what they earn, and you
put all that together and then you get people like
on the TV Deal and meteaorites aligning interest. So they're
trying to grow the pie together because again there's another
an international investment, an opportunity in baseball, and they've done
a good job, but there's there's a lot more fruit
(23:04):
out there. So I think getting away from the zero
sum game and trying to align interest, that would be
that would be my controversial, which I'll have.
Speaker 2 (23:12):
I jump on one because we run out of time
really quickly. I would say that from a union perspective,
being a member of that union for almost twenty five years,
I think you want a union that you know, seventy
eight percent of the revenue doesn't go to ten percent
of the players, but have a more democratic where everybody
gets gets.
Speaker 5 (23:28):
Seated a little bit.
Speaker 4 (23:29):
Totally all right, it's all happening.
Speaker 3 (23:31):
Baseball's packedn Waxman, Thanks is really fun.
Speaker 4 (23:34):
Thank you ver much, Thank you everyone.
Speaker 5 (23:35):
Thanks.
Speaker 3 (23:42):
The Deal's production from Bloomberg Podcasts and Bloomberg Originals. The
Deal is hosted by Alice Rodriguez and me Jason Kelly.
Shows produced by Alex's Hot Stacey Wong, and the Animasarakas.
Original music and engineering by Blake Maples, Booking by Paige Keffer.
Speaker 4 (23:58):
Our managing editor is Dave Ravella.
Speaker 3 (24:01):
Our executive producers are Jason Kelly, Amy, Keane Neville, Gillette,
Tray Shallowhorn, Regina Daleya, Kelly Leferrier, and Ashley Zingaro. Special
thanks to Rachel Carnivale, Elena Los Angeles and Nick Silva.
You can also watch The Deal on Bloomberg Originals YouTube
and Bloomberg Television, and please subscribe to.
Speaker 4 (24:21):
The Deal wherever you get your podcasts.
Speaker 5 (24:23):
Thanks so much for listening.
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
MLB, NBA, NFL. Do you think in our lifetime, the
three of us, there will ever be institution of capital.
It takes full control of one of those ninety two.
Speaker 1 (00:19):
Teams within those three leagues. It will happen in our lifetime.
But there needs to be substantial infrastructure, real state adjacency
to justify these valuations. Otherwise these valuations are give it
turnout to be probably too high.
Speaker 3 (00:40):
All right, Alex, We're back at Bloomberg invest massive conversation
on stage life taping of the deal with Alan Waxman,
co founder CEO of Six Street Partners. They own across
lots of sports, but I know there's one deal you're
especially interested.
Speaker 2 (00:54):
In, I am, and that's his acquisition of a minority
stake of the New England Patriots. And I want to
know how we crack the code with Robert and Jonathan Kraft,
who are in Mount rushmore of my ownership groups.
Speaker 3 (01:05):
He's also done deals across soccer, basketball, and baseball. So
I have a prediction you guys are going to fix baseball.
Speaker 4 (01:13):
Okay, let's go, all right, let's do it.
Speaker 1 (01:16):
Please, Welcome to the stage, Alan Waxman for a live
taping of the Deal with Bloomberg's Jason Kelly and Alex Rodriguez.
Speaker 4 (01:24):
Alan Waxman, Great to see you.
Speaker 3 (01:26):
I want to set the table a little bit and
talk about Sixth Street, your firm, because I think it's
hard to understand Alex the context of what you're doing
in sports without understanding the context of the firm and
even some of what's going on in the world right now.
So thirty seconds, give or take, what's the Sixth Street
investing ethos?
Speaker 1 (01:48):
Complete flexibility, We invest across From day one, built the
firm to invest across esset glasses, geographies, sectors, where's the
best relative risk award do that by having a team
and a culture of people who that are over themselves,
no egos, no bs, no politics, no fiefdoms. We built
(02:09):
our architecture to be an investor first architecture, So we
didn't build it to raise the biggest funds. We raised
smaller strategy funds so that we raised those funds to
the size of the opportunity and then we have extensive capabilities.
And that's how we built our first from day one,
that allows us to look across ecosystems, going to find
the best teams and the best opportunities.
Speaker 2 (02:28):
Wax, you were one of the early early movers in sports,
and you saw this early. You made that early acquisition
getting into a San Antonio Spurs right after COVID. But
as a co owner today, I have my mount rushmore
of owners and two that sit right on top of
that list are Robert and Jonathan Craft. I am fascinated
by this deal. How did it start? Do you call Robert?
(02:50):
Does Jonathan call you? Walk us through it?
Speaker 1 (02:52):
First of all, I spoke to Robert and Jonathan before this,
and they speak so highly of Alex, so some big
fans there.
Speaker 4 (03:01):
My name didn't come up. Just go on.
Speaker 5 (03:05):
So, by the way, Jason's super talented.
Speaker 4 (03:07):
Yeah, thank you.
Speaker 1 (03:08):
I liked a lot of people before this and they
said talented too. Look, this all starts, so we went
through just context. The NFL didn't allow private equity or
private capital, because we don't really think of ourselves as
a private equity firm. But they didn't allow institutional investors.
So the NFL ran this big process some might say
(03:28):
as a proctology exam, and you go through a process
where they're trying to select you know, two three four
people that have sort of a golden key to invest
in the NFL. But coming out of that process, the CFO,
I don't think I've ever told the story publicly, but
the CFO of the NFL, josein Claire, after we got approved,
basically sent me an email I said hey, you know,
(03:50):
and he was kind of the front lines of their
due diligence on us and others, and he said, hey,
have you ever met Robert Jonathan.
Speaker 5 (03:57):
I think you culturally would get a along with them.
Speaker 1 (04:00):
You should meet them, and they weren't looking to do
minority equity investment, so he connected us. We got together
and I'm summarizing this, but literally instantaneously it almost felt
like family, where we had alignment on team values, team culture,
(04:20):
and clarity of purpose, which obviously you see the results
of what the New England Patriots have done, but we
don't see all the little things as micro things they
did in terms of running the organization.
Speaker 5 (04:31):
And we just clicked right away.
Speaker 1 (04:32):
And that's, by the way, consistent when you look at
all the other sports teams we've invested in, they're all
global champions, Real Madrid, Barcelona, San Francisco Giants, San Antonio Spurs,
Boston Celtics. Like there's a theme here, but the one
commin denominator between all of them is alignment on culture,
values and clarity of purpose.
Speaker 5 (04:53):
I have a quick follow up on that for you, Wax.
Speaker 2 (04:55):
So once you get through all the hugging and family
and alignment, alignment and price, do they say nine?
Speaker 5 (05:01):
Do you say six?
Speaker 2 (05:02):
Does it go back and forth or is that more here's.
Speaker 4 (05:05):
What we're looking for.
Speaker 1 (05:06):
You agree the way that we do business, in the
way that I think the Crafts do business. Both Robert
and Jonathan is this is a long term relationship and
the last thing I do and getting.
Speaker 5 (05:17):
A partner is that back and forth.
Speaker 1 (05:19):
It's it's you kind of know what's fair and you're
just trying to solve for fairness. And it was a
very short conversation and we agreed on it. We got
in business together. But you can just tell by the
way it's not just sports, any company we invest in.
You can get a sense when you're in the meeting,
you're watching the way they treat their employees, the way
they treat junior people. You know, you talk to different
(05:41):
people in the company or the team, So are they
all saying the same things. Are they saying seven different things?
And you can tell by just meeting everyone what that
culture is, what the values are, and obviously do they
have clarity of purpose?
Speaker 3 (05:52):
And so let's talk about investing in the NFL, because
you rightly pointed out this was a long process.
Speaker 4 (05:58):
The NFL was.
Speaker 3 (05:58):
Really the last of the major North American leagues and
almost any league in the world to really embrace institutional capital.
But what was it about this particular deal financially and
as you figured out how to underwrite this and did
the diligence, what was it about this franchise and this
(06:19):
sport that made it a compelling investment as a minority shareholder?
No rights, I mean this is you're in it, but
they're running it.
Speaker 1 (06:29):
Look, the first thing is like, what's the durability to league?
What's the leadership of the league. They're a plus. Like
all you have to do is spend time with Roger
Roger Goodell, yeah, and the people blowing the owner. It's
a world class organization. Then you get into sort of
the market, you know, the Boston Sports we're also the
Boston Celtics. Like it's a great sports market, it's a
(06:50):
great fan base, and look, I think with.
Speaker 4 (06:53):
All of you are in New York. Just just as
a reminder, New York's Red Sox are next by the way.
Speaker 1 (06:58):
By the way, we're partners with the New York Yankee
and they're great fan base too. It's not exclusive. Everyone's
got their own cultures. But look, I think at the
end of the day, like for us, like the league itself,
the durability of the league, the international expansion opportunities, the
fact that just all these brands, historically if you go
(07:18):
back twenty years ago, these brands were local brands.
Speaker 5 (07:21):
You have to get the local right.
Speaker 1 (07:22):
But once you have the local right, the global opportunity
for all these brands, like take Wimby, Like we're investing
in the Santo Spurs. I went last year when they
were playing in Paris. It was literally like an NBA
Finals gate. So you just turned on an entire country
and that's happening all over the pace. In the NFL,
those opportunity, the international opportunities are the same. So look
(07:44):
for us, it was pretty easy. But again, this wasn't
a competitive process. It was a handshake. It was a
set of relationships, and that's how almost all of our
deals have happened in the sports ecosystem.
Speaker 3 (08:04):
How do you think private equity, private capital has performed
so far? What has it been about what you thought
it would be in terms of the uptake from the teams,
the uptake from the funds, Like, where is it now?
Speaker 4 (08:17):
Where does it go next?
Speaker 1 (08:18):
I think it's happened about kind of what we'd expect.
Speaker 4 (08:22):
Because it's been fairly minimal.
Speaker 5 (08:24):
Yeah, I think about way what we would expect.
Speaker 1 (08:26):
I think the challenge is and this is why I
think there's an important delineation between private equity and private capital. Yeah,
because a lot of private equity capital the liability or
the fund structures you have to sell the asset and
five to seven years that is a terrible That is
a terrible idea for investing a sports team, whether it's
(08:50):
a control or minority. So our vehicle, we have very
patient capital, which is why I think there's a that
really matters. You know, a lot of these guys owning
these teams, they don't have to sell, they don't have
to do anything, and some of them just want good partners.
Speaker 5 (09:02):
So it's kind of.
Speaker 1 (09:03):
Happened what I expect I would expect. Over time, evaluations
continue to increase, it's just going to continue to grow.
But and this is really I think the next wave
of sports is there needs to be a substantial infrastructure,
real state adjacency investment to justify these valuations. Otherwise these
valuations are going to turn out to be in a
(09:25):
lot of cases, not all cases, probably too high.
Speaker 2 (09:29):
I got one more on the NFL, just because it's
such a juggernaut.
Speaker 4 (09:32):
Do you want to go first?
Speaker 3 (09:32):
No?
Speaker 5 (09:33):
Okay, I love when you guys flow. Yeah, I love
when you guys like a married a couple.
Speaker 2 (09:38):
Anyways, Wax, when you think about the NFL is such
a juggernaut, and when you look at just P and
L and you dig down into just the thesis of
an investment, right, is it when you look at an
NFL team?
Speaker 5 (09:50):
Is it?
Speaker 4 (09:50):
The market is a scarcity? Appreciation, cash flow.
Speaker 2 (09:54):
What are the things that excites you in sixth Street
about deploying capital and football?
Speaker 1 (09:57):
I think it's all those things. It's scarcity. Obviously, different
markets matter, ownership, culture, values, clarity of purpose that matters.
Speaker 5 (10:06):
But again, you know, it doesn't take a long time.
Speaker 1 (10:10):
If you look at every youth in the world, everyone's
picking up their phone all time. AI is just going
to continue to consume people's time. And I think the
other thing is that the sort of exporting of sports,
particularly global brands and other markets, is going to continue
to increase. And I think again, I think that's an opportunity.
Speaker 5 (10:30):
For the NFL.
Speaker 4 (10:31):
It's interesting to think about your.
Speaker 2 (10:33):
Can I ask you guys question, sure, what do you
guys take any question?
Speaker 5 (10:37):
Flip that question? Flip that question around?
Speaker 1 (10:39):
How would you guys, You guys talked to a lot
of smart people. How would you guys answer that?
Speaker 4 (10:42):
Underwriting the NFL?
Speaker 3 (10:44):
Yeah, I mean I'll answer because you prodded me into it.
Speaker 4 (10:49):
It's really hard to do. I mean, I think that
the point you made.
Speaker 3 (10:53):
About the international opportunity, I think is one that was
underappreciated for a long time with the NFL. And I
think even the NFL didn't quite fully appreciate what the
market was. And I think as it's invested more and more.
You know, I did a piece about Shad Khan of
the Jaguars and Fulham FC a few years ago and
(11:16):
understanding through his eyes he was obviously a pioneer with
the London based games. I think that international piece. I mean,
I know you've spent a lot of time with Roger
Goodell and others. I mean that seems to be the
real growth market in terms of both fans and really
the technology as such. And I think you and we'll
talk about this, I think in the NBA section too,
(11:38):
if you can truly globalize American football, I mean, good Lord.
Speaker 1 (11:45):
Here's what I can tell you with fact, there's excess
demand for sports teams internationally, in sports and cities that
once you bring NFL games to their markets.
Speaker 4 (11:58):
Yeah, so that's a Dodger question.
Speaker 2 (12:00):
So it's kind of the things that I talked about
that I really like about the NFL is the market
is very important. The scarce sitty Now, think about if
you're in real estate and there's only thirty two beachfront
properties and you own one of them. So I would
think about that, the combination of appreciation and cash flow,
it's very rare in sports and to have that like
a moat that you can actually underwrite it, and it's
like a paper as a paper can get because obviously
(12:22):
the National TV deal that's going to get probably richer here.
And then I would say I would over index in leadership,
and I think Roger Goodell's best in class as good
as they get as far as commissioner. And then when
you have a guy like Robert Craft and Jonathan that
makes it because at the end of the days, forget
what the numbers say, you still have to be in
partners with families like a marriage.
Speaker 5 (12:40):
And that's how it. We look at it hundred percent.
Speaker 1 (12:42):
And I'd say across the NFL, there's some great owners
across the NFL.
Speaker 4 (12:46):
All right, you want to talk some hoops? Sure, all right.
Speaker 3 (12:49):
The NBA is interesting and you have such a fascinating
lens here, Wax because you went into the Spurs six
years ago five five, five and change, and then you
go into the Celtics. You know, a number of years later.
The valuation differential alone is massive. How did the opportunity evolve?
How did it change as you've sort of seen the
(13:10):
NBA five six years ago and the NBA today from
a business perspective.
Speaker 1 (13:14):
From an institutional investors standpoint, Well, first of all, we
were one of the first, I think we're the first
or the second institutional investment in the NBA where you
know the Santonini Spurs. We just literally they changed rules
and we cold called the Santonino Spurs.
Speaker 3 (13:27):
So it was you literally just picked up telling you
like rcb Ford like get you know, like what's up.
Speaker 1 (13:32):
To be fair as my colleague Austin Bowers picked up
the phone, and that's what we do, Like we just
picked up the f I grew up in Austin, so
we had a view on the Austin Sanatu any of you.
Speaker 5 (13:41):
But that was different.
Speaker 3 (13:42):
All these people are like, oh, cold calling, Okay, I'm
gonna do that.
Speaker 5 (13:45):
Go ahead, don't be afraid.
Speaker 1 (13:46):
Just be really a real person and just ask a question.
So you'll be fine. Sorry, no one that was unsolicited,
whoever was talking in the audience. But h So, look
I think back then, I mean that was in all
of COVID, so very different environment. I mean these you know,
revenue had gone to a zero for a lot of
for a lot of these teams are significantly reduced, So
(14:08):
very different environment. It's i would say, it's maturing. There's
more people that are obviously getting into it, so it's
I'd say that the competitive landscape is different.
Speaker 5 (14:17):
So that's different.
Speaker 3 (14:18):
But on the other hand, head of landscape from an
investor perspective.
Speaker 1 (14:20):
There's just more cat which is a good thing. There's
the gentrification of the ACD class. Like we were always
interested in investing in sports. It's themes are only as
good if it's investible. Maybe in public markets you can
express the theme, but private markets you could have the
best theme in the world, but if it's not investible,
then it's.
Speaker 5 (14:36):
A waste of time.
Speaker 1 (14:36):
And COVID made it investible, so that really opened it
up and started to gentrify.
Speaker 5 (14:42):
Today it's very different.
Speaker 1 (14:43):
First of all, we're at the beginning of a new
media deal, so there's massive rertings, so that's different, but
there's also a lot more capital. But again, the international
opportunity in the NBA it's massive. You look at the demographics,
you look at the number of NBA players that are
from different countries, and again it takes one player on
one team from one country to open up that country
(15:06):
and open up that country in terms of possible engagement
of new fans.
Speaker 3 (15:12):
Was that similar to you? Is that what you guys
saw in twenty.
Speaker 2 (15:16):
We came in around the same time, right right after COVID,
which was a very scary time. I remember my mom saying,
what are you doing? Like you have the Disney bubble,
these datings are you're going to go crazy? They you
shouldn't do this, I said, Mom, I think I'm okay.
She made me think a little bit. But what's excited
about the NBA as we saw it, Like, as you
look at where we are today in twenty twenty six,
the last eight MVPs have been non Americans, and then
when you think about the global footprint that Wax is
(15:38):
talking about and the opportunity, I think we're really in
the early innings of where we're going to go as
the NBA.
Speaker 5 (15:43):
So it's very excited.
Speaker 3 (15:54):
It's interesting is we think back over the let's just
make it about us for a second. As we think
back over the course of this show's history, one of
our earliest guests was Brandy Testing, you know, one of
your co owners in BAFC. And what was so interesting
for us who followed this so closely as a business,
Your investment in BFC that an expansion team at the
(16:16):
time was radical and new because you were the first
institutional fund that was allowed to become a control owner
of a major US sports team. Tell us a little
bit about that deal from your We sort of heard
the Brandy perspective, you know, sort of coming in as
a player, but this is this is New Territory at
that time for a fund.
Speaker 1 (16:37):
Never have we made an investment where people thought we
were crazy. But from our standpoint, it was one of
the most asymmetric investments we've ever made. So just for context,
the original the last expansion fee before we bought AFC
was I think three or four million dollars, and we
paid fifty three million dollars on a two or three
(16:58):
years later.
Speaker 5 (17:00):
People thought we were crazy.
Speaker 1 (17:01):
But what got us on the NWSL initially is my
at the time nine year old daughter. She was on
her iPad and she was watching an NWSL game and
I was like, huh, that's that's kind of interesting. So
look through a number of people around the ecosystem, like
you should take a look at this. So and I'm summarizing,
there's a lot, there's a lot.
Speaker 5 (17:22):
My wife was involvedo.
Speaker 1 (17:24):
She was proud of me because she thought this was
a great investment opportunity. She's much smarter than I am,
by the way, applied mathematics major. But we started studying
it and we looked at the market and at the time,
like a lot of the sponsorship revenue was in sort
of the impact bucket. It wasn't in the CMO bucket,
so the chief marketing officer versus the impact bucket. And
(17:45):
that was just a major, major opportunity for us because
we knew people were watching.
Speaker 5 (17:52):
And it's actually the.
Speaker 1 (17:53):
Only time in my entire investment career where I actually
printed our investment thesis.
Speaker 5 (17:58):
I put it out there publicly, so the first.
Speaker 1 (17:59):
Time and only time we've ever done that, because I
thought it was so asymmetric.
Speaker 4 (18:04):
And you can find it on LinkedIn. I mean, it
was very.
Speaker 1 (18:06):
Popular and I'm not a big social media I don't
even have social media, but we put it out there
because we thought just for people to understand. And sure enough,
you know, now everyone's talking about it and.
Speaker 5 (18:17):
We're still at the early stages.
Speaker 1 (18:19):
But again it's not going to be linear of their growth,
but it's it's been a good investment.
Speaker 4 (18:24):
For us well.
Speaker 3 (18:24):
And to be clear, I mean if you think about
where the valuations have gone, where the expansion fees have gone.
You know, literally a year ago we were sitting on
the equivalent of the stage. I think we were actually
downstairs with Melody Hobson. She paid substantially more for the
Denver expansion franchise. I think four times more than you did.
(18:47):
To build in Denver, and obviously Will Obay, who's been
I guess in the show as well. You know she
bought Angel City at evaluation two hundred and fifty.
Speaker 4 (18:57):
So clearly it's going.
Speaker 1 (18:58):
Uh, it goes to anything ultimately investing is about supply
and demand.
Speaker 5 (19:04):
Like it could be the best theme in.
Speaker 1 (19:05):
The world, but if there's excess supply capital. By the way,
this might rhyme with private credit, excess supply capital and.
Speaker 5 (19:13):
Load demand, load demand, that's not going to work out. Well.
Speaker 1 (19:16):
The thing going back to what you said, Alex, is
these are scarce assets.
Speaker 5 (19:21):
So there's valuable pieces of real.
Speaker 1 (19:23):
State, and as you start to sell expansion teams, there's
less and less valuable real estate. And what I can
tell you, and I'm going the record here, is that
what Melody and Will, who are both two incredibly talented people,
they're going to look very smart in about three or
four years and what they paid and you'll be having
the same conversation to them people, Melody and Will, and
(19:45):
you're going to be saying people paid four times more. Right,
that's my predict. I'm going on the record on that.
Speaker 2 (19:49):
Oh I like when you go on the record, Yeah,
I guess we're a live TV so I guess I'm
following up a little bit on what Jason said, which
I'm fascinated by this.
Speaker 4 (19:58):
Like Jason said, he the first.
Speaker 2 (20:00):
Private institution called it private equity, institution of.
Speaker 5 (20:02):
Money as a control partner. I think we're the only one,
the only one in the US.
Speaker 2 (20:06):
My question is on the Big three YEAP, M, WILLB, NBA, NFL.
Do you think in our lifetime, the three of us,
there will ever be institution of capital. It takes full
control of one of those ninety two teams.
Speaker 1 (20:18):
I got to be careful here, but I'm going to
say within those three leagues it will happen our lifetime
for the simple reason that evaluations continue to go up,
which in order for that to happen, there needs to
be hundreds of billions of dollars of infrastructure in real
estate investment to make that happen, just the size of
(20:40):
these valuations is going to get to a point where
it's there's only going to be a finite number of individuals.
Speaker 5 (20:46):
So again there's no certainties.
Speaker 1 (20:48):
But probabilistically, if you sort of play that through, you know,
I think the leagues will look at it won't happen
in our lifetime. I think anything can happen our lifetime.
So I'm going to say, especially we're going to live
a long time, hopefully not going with or something, but no,
we're I think it will happen in our lifetime. But yeah,
just if any of the commissioners who those three leagues
(21:08):
are looking for, I don't think it'll be probably why
I'm yeah, probably a long time from now.
Speaker 5 (21:13):
That's what I would say.
Speaker 4 (21:14):
You'll be mostly surfing in that invent.
Speaker 1 (21:16):
I hope, I hoping I'm just surfing the amount of yeah, exactly,
Costa Ricah.
Speaker 5 (21:21):
There you go.
Speaker 3 (21:21):
All right, you each have thirty seconds to tell me
how we're going to fix baseball.
Speaker 4 (21:25):
Go Alex.
Speaker 2 (21:26):
Oh boy, we're here at thirty seconds. It's a lot
of pressure. So I would say I'm a contrarian. So
I think the best time that I've seen in the
last fifteen years to invest in baseball is today because
the amount of uncertainty uncertainty are on the CBA. Are
they going to strike or not? I love that for
an investor. The bet you're gonna make is gonna get better,
not worse, because right now it's pretty you know, tight
and then the other one is that Rob Manford is
(21:47):
going to integrate all the regional rights into one and
try to copy with Roger goodoz Don with the NFL,
because the World Series showed us that if you have
the right product, you have the right teams, you have
the right stars, the right strategy, and good baseball. We
had fifty three mins people watching the World Series Game
seven when you include the US market, Japan, and Canada,
and it was one of the best I've ever seen
thirty seconds.
Speaker 5 (22:07):
I'll throw it out there.
Speaker 1 (22:08):
I'm probably gonna get some slack for this, but I'm
going to throw out a straw man on just real quick.
Speaker 5 (22:13):
Okay. So, first of all, you.
Speaker 1 (22:16):
Got to get the minimum standards up. Minimum salary across
the league.
Speaker 5 (22:19):
I think you got to do that.
Speaker 1 (22:20):
And this is going to be a little controversial, but
I think that each team, I think you should have
a salary cap, that each team should have one or
two designated players. They can pay whatever they want. So
if you want to pay someone at billion dollars, they're
worth a show at a time, worth a billion dollar,
you can pay them. So you get one, two, three,
something that doesn't upset the competitive balance, that allows teams
(22:44):
for the superstars to make what they earn, and you
put all that together and then you get people like
on the TV Deal and meteaorites aligning interest. So they're
trying to grow the pie together because again there's another
an international investment, an opportunity in baseball, and they've done
a good job, but there's there's a lot more fruit
(23:04):
out there. So I think getting away from the zero
sum game and trying to align interest, that would be
that would be my controversial, which I'll have.
Speaker 2 (23:12):
I jump on one because we run out of time
really quickly. I would say that from a union perspective,
being a member of that union for almost twenty five years,
I think you want a union that you know, seventy
eight percent of the revenue doesn't go to ten percent
of the players, but have a more democratic where everybody
gets gets.
Speaker 5 (23:28):
Seated a little bit.
Speaker 4 (23:29):
Totally all right, it's all happening.
Speaker 3 (23:31):
Baseball's packedn Waxman, Thanks is really fun.
Speaker 4 (23:34):
Thank you ver much, Thank you everyone.
Speaker 5 (23:35):
Thanks.
Speaker 3 (23:42):
The Deal's production from Bloomberg Podcasts and Bloomberg Originals. The
Deal is hosted by Alice Rodriguez and me Jason Kelly.
Shows produced by Alex's Hot Stacey Wong, and the Animasarakas.
Original music and engineering by Blake Maples, Booking by Paige Keffer.
Speaker 4 (23:58):
Our managing editor is Dave Ravella.
Speaker 3 (24:01):
Our executive producers are Jason Kelly, Amy, Keane Neville, Gillette,
Tray Shallowhorn, Regina Daleya, Kelly Leferrier, and Ashley Zingaro. Special
thanks to Rachel Carnivale, Elena Los Angeles and Nick Silva.
You can also watch The Deal on Bloomberg Originals YouTube
and Bloomberg Television, and please subscribe to.
Speaker 4 (24:21):
The Deal wherever you get your podcasts.
Speaker 5 (24:23):
Thanks so much for listening.
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