Latest / Money And Wealth With John Hope Bryant / Unpacking the NFL with Jed York

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Unpacking the NFL with Jed York · Money And Wealth With John Hope Bryant

0:00
Speaker 1: Welcome the Money in Wealth with John O'Bryant, a production
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Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, Hey, Hey,
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Speaker 1: this is John O'Briant and this is Money and Wealth.
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Speaker 1: I want to thank everybody for making this podcast one
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Speaker 1: of the top one percent in the US, one of
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Speaker 1: the top two hundred podcasts for business and entrepreneurship on
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Speaker 1: every content in the world at top one hundred here
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Speaker 1: in the US one Apple for Business and Entrepreneurship. Also
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Speaker 1: thanks everybody for including my guest today for the support
0:40
Speaker 1: of my favorite charity, Operation Hope, and I intentionally have
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Speaker 1: for those watching video outakes of this interview, I have
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Speaker 1: the logo for Operation Hope behind me because I want
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Speaker 1: to show it off because my guest is also a
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Speaker 1: supporter and partner of Operation Hope and a board member
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Speaker 1: with me on the big board of Operation Hope. Let
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Speaker 1: me get now to who this guest is. You know,
1:08
Speaker 1: I don't do guests very often. If I do, it's
1:12
Speaker 1: someone very special. Such is the case today. You have
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Speaker 1: a chance to meet a genuine, authentic, one of a kind,
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Speaker 1: one of very few, owner of an NFL team, CEO,
1:28
Speaker 1: his family and he owned the San Francisco forty nine ers.
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Speaker 1: His name is Jed York. He'd be very uncomfortable when
1:35
Speaker 1: I say this, but he is one of the nicest
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Speaker 1: billionaires you'll ever want to meet. He's incredibly humble, easy
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Speaker 1: to talk to. If you saw on the street, you
1:43
Speaker 1: would have no idea who you met or there's a
1:46
Speaker 1: nice person. His wife is nicer than him to me.
1:54
Speaker 1: Now you know, we're a family. And his name is
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Speaker 1: Jed York and he was born March ninth, nineteen eighty
2:07
Speaker 1: eighty one. Ah, okay, I was giving you a little
2:09
Speaker 1: bit of additional maturity credit like age. Why they were okay,
2:13
Speaker 1: you cut yourself off with the knee says okay, you
2:14
Speaker 1: can do it. He's a CEO now of the San
2:17
Speaker 1: Francisco forty nine ers. But that does not tell any
2:20
Speaker 1: of the proper story. Before I get into how we
2:23
Speaker 1: met and why I think he's so special, let me
2:26
Speaker 1: tell you who he is a little bit. For those
2:29
Speaker 1: listening to this podcast and watching video outtakes, and we're
2:33
Speaker 1: going to on this episode Unpacked. The National Football League NFL,
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Speaker 1: which is one of the most valuable, if not the
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Speaker 1: most valuable franchise. I guess it would be neck connected
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Speaker 1: with soccer, certainly the most valuable franchise of sports, professional
2:49
Speaker 1: sports in the United States of America, which is the
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Speaker 1: biggest economy in the world, and I think it would
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Speaker 1: be very close to the global franchise of soccer. My
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Speaker 1: friend Jed will tell me again whether I'm right or
3:01
Speaker 1: wrong by that. We'll get into this. He also owns
3:03
Speaker 1: a soccer team, by the way, but we'll get into
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Speaker 1: that as well, because there's an interesting dichotomy that we
3:07
Speaker 1: share talked about between NFL and soccer. But he's he's
3:11
Speaker 1: gonna unpack how the NFL works. My friend, our friend
3:14
Speaker 1: Roger Goodell, who I think, well, I met Roger my
3:19
Speaker 1: own but Jed gave me credibility by walking into a
3:21
Speaker 1: meeting with me in New York. Flew out to New
3:23
Speaker 1: York with me to go and meet with Roger, where
3:28
Speaker 1: effectively he put his arms around me and said this
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Speaker 1: is my guy. And when and when one of the
3:32
Speaker 1: owners does that, it changes the whole context of the conversation. Relationship,
3:37
Speaker 1: capital matters. So we're going to unpack NFL unpacked owning. Uh,
3:43
Speaker 1: what is how do the economics work for an NFL team?
3:47
Speaker 1: For the NFL franchise. How does that differ from other sports,
3:52
Speaker 1: let's say soccer. So we're going to give you, take
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Speaker 1: you behind the curtain and almost never heard before kind
3:58
Speaker 1: of conversation. But then forty five minutes for an hour,
4:02
Speaker 1: you're going to be a pro in pro sports. As
4:07
Speaker 1: interesting as Jed is his mother to me now he's
4:10
Speaker 1: got his mom and dad are super cool. His uncle,
4:16
Speaker 1: Edward J. De Bartolo Junior, was the legendary former owner
4:20
Speaker 1: of the team. He's also in the Pro Football Hall
4:23
Speaker 1: of Fame. His family, Deep Bartolo in New York. Family
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Speaker 1: owned the team as a family unit. I met most
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Speaker 1: of the family members. Honored to be brought into as
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Speaker 1: an honorary member of the family. His mother is off
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Speaker 1: the chain, passionately, I mean, just a unique force of nature,
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Speaker 1: and I want to talk a little bit about what
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Speaker 1: he got from his mother's. Pops is a little more
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Speaker 1: low key or understated, as he's more of a slow burn,
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Speaker 1: quiet force.
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Speaker 2: Mom is she's a firecracker.
5:01
Speaker 1: He's a firecracker and making a difference also in her
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Speaker 1: home city to this day.
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Speaker 2: Right always always Ohile.
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Speaker 1: Youngstown, Ohio. So okay, so let's get into this. He
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Speaker 1: became CEO the forty nine Ers while he was president
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Speaker 1: and then CEO, but somewhere around two thousand and eight,
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Speaker 1: two thousand and nine at the rifle age of twenty eight,
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Speaker 1: succeeding his parents, John and Denise York. Denise York, Missus
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Speaker 1: yorkis who I just referred to, who I believe sent
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Speaker 1: me a personal donation Operation Hope. I believe if I
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Speaker 1: met her, I just can't say enough about her. He
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Speaker 1: built and moved, under his leadership into Levi Stadium in
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Speaker 1: Santa Clara and around twenty fourteen a major infrastructure in
5:46
Speaker 1: business achievement. We'll talk a little bit about that, because
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Speaker 1: that was economic development for the entire area. It just
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Speaker 1: popped the entire area. And actually Operation Hope apartment with
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Speaker 1: the forty nine Ers and the forty nine Ers Foundation
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Speaker 1: with a Hope inside the community, I believe to help
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Speaker 1: the community to raise up its credit score and raise
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Speaker 1: up its economic energy around the stadium. And actually that
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Speaker 1: partnership that we have with the forty nine Ers, that
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Speaker 1: Operation Hope has become was I think indirectly led to
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Speaker 1: a partnership we have with the NFL where we are
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Speaker 1: a partner now for successive years on economic conclusion with
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Speaker 1: in financial literacy with the NFL, and I believe other
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Speaker 1: owners of teams are going to follow suit. We just,
6:24
Speaker 1: by the way, sign a partnership with an NBA team
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Speaker 1: in Chicago. But I think it was indirectly. We were
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Speaker 1: sort of in the pro sports family and now everybody
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Speaker 1: feels sort of It's okay, but George, but Jed was
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Speaker 1: the first mover. He reached the Super Bowl in twenty thirteen,
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Speaker 1: twenty twenty and again in twenty twenty four, and probably
6:52
Speaker 1: doesn't want to be talk want to talk too much
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Speaker 1: about the twenty twenty four thank too much. He gets it,
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Speaker 1: gets cranky when he loses and it doesn't make sense
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Speaker 1: to him. By the way, verious, like my friend Tony
7:03
Speaker 1: rest rounds Atlanta Hawks if he loses it, don't want
7:06
Speaker 1: to talk to Tony. He's a little cranky because he's
7:08
Speaker 1: you know, they want to win. Established the forty nine
7:11
Speaker 1: ers as a as a consistent playoff contender. Of course
7:16
Speaker 1: they've won the Super Bowl successive times. We'll talk about
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Speaker 1: He'll talk about that. Strong advocate for long term coaching
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Speaker 1: stability helped build the forty nine ers off field brand
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Speaker 1: is one of the most valuable franchises and sports itself
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Speaker 1: valued at billions. I won't get into their pockets. It's
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Speaker 1: nobody's business, but it's to say it's billions. Known for
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Speaker 1: his tech forward mindset, embracing analytics, sports, sports science, and
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Speaker 1: corporate partnerships, the forty nine ers are now involved in
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Speaker 1: real estate development around Levi Stadium, and they have equity
7:49
Speaker 1: and I guess venue next. I believe that's right, a
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Speaker 1: technology company. He's on the board of directors of the
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Speaker 1: Levi Strass Company and Operation Hope. I might say, uh,
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Speaker 1: he's and he is seen as a bridge between old
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Speaker 1: school sports ownership and new era tech leadership, especially given
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Speaker 1: the forty nine US location in Silicone Valley. You know,
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Speaker 1: family man, father, a good dude, and my dear friend
8:17
Speaker 1: now Jed and I met like in a weird way,
8:22
Speaker 1: like we we met at a conference that we can
8:25
Speaker 1: we can't talk about that doesn't have a website. And
8:33
Speaker 1: I got this call out of the blue. I remember
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Speaker 1: exactly where I was. It was in my old home,
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Speaker 1: old office downstairs, early evening, and I get this call
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Speaker 1: on my mobile phone with somebody sort of going off
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Speaker 1: a little bit, but not on me, just sort of
8:48
Speaker 1: going off in general with frustrations and the like, this
8:50
Speaker 1: is a BS. What I can't understand what's going on
8:52
Speaker 1: in this world is crazy. And I thought it was
8:55
Speaker 1: like one of my crazy uncles or something. And it's
8:57
Speaker 1: Jed Yorke and he's upset because of the George Floyd murder.
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Speaker 1: Do you remember that call, Jed? I do? I do.
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Speaker 1: He was very frustrated, and he thought this was not America.
9:11
Speaker 1: That's not the country. He knew he didn't understand why
9:14
Speaker 1: humans would do this to each other, and he wanted
9:18
Speaker 1: to have a conversation about it, and more importantly, wanted
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Speaker 1: to figure out a way to help. And this started
9:25
Speaker 1: a beautiful friendship. And I consider Jed my brother, my
9:30
Speaker 1: brother from another mother. He is a just just a
9:32
Speaker 1: genuine article. And there's been times when Jed has called
9:38
Speaker 1: me when he thought I needed emotional support. Flew out
9:42
Speaker 1: to meet me again a separate situation. I don't know
9:45
Speaker 1: if you're already there, but I think I met you
9:46
Speaker 1: in New York. It was for lunch, yep, and he
9:50
Speaker 1: was just you, just making sure I was okay. And
9:55
Speaker 1: this was this is what what he does when nobody's looking.
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Speaker 1: That's that's what a real friend and a real leader
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Speaker 1: and a real person is. So jed. Why did you
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Speaker 1: call me after George Floyd's murder. I never asked you
10:07
Speaker 1: this question. What was going on with you?
10:09
Speaker 3: Well, I mean, I think there's there's more to it,
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Speaker 3: and I know you and I talked a little bit about,
10:14
Speaker 3: you know, Colin Kaepernick beforehand. I mean, there was all
10:18
Speaker 3: the CAP stuff with the NFL. I was gonna say,
10:21
Speaker 3: I was going to say to you for that, imagine that.
10:23
Speaker 3: But that was part of I mean, that was part
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Speaker 3: of it where when you're looking at social justice reform
10:28
Speaker 3: and trying to figure things out, I think, I mean,
10:32
Speaker 3: we can get into the CAP stuff, but there was
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Speaker 3: stuff that that he started.
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Speaker 1: CAP was for those who are not thinking about living
10:40
Speaker 1: on Mars and doesn't know Colin Kaepernick was a quarterback
10:45
Speaker 1: for the forty.
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Speaker 3: Nine ers good and I mean when he started protesting
10:50
Speaker 3: during the anthem and taking a knee for different social
10:54
Speaker 3: justice reforms and then you see it sort of play
10:57
Speaker 3: out with George Floyd what we wanted to connect on.
11:00
Speaker 3: And obviously when I can't remember the name of the
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Speaker 3: book that you wrote at the time on financial literacy,
11:06
Speaker 3: but but you were, you were promoting that book at
11:09
Speaker 3: the conference, or you had just come out with that,
11:12
Speaker 3: but it just hit me with how the pork.
11:14
Speaker 1: And said capitalism maybe up from nothing? I think it
11:18
Speaker 1: was how the pork And said capitalism back then, or
11:19
Speaker 1: the memo the memo.
11:20
Speaker 3: It was the memo. It was a memo. But it's
11:23
Speaker 3: just like, look like people don't have the memo. Like
11:27
Speaker 3: I just I literally just came from a meeting today
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Speaker 3: with a group that we helped start called Golden Heart
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Speaker 3: Fund that helps our former alumni players that fall into
11:36
Speaker 3: hard times, and we went from sort of dire need
11:40
Speaker 3: cases to sort of preventive cases. And I said, I
11:43
Speaker 3: know who we need to connect with. We need to
11:44
Speaker 3: connect with Operation Hope, and we need to figure out
11:46
Speaker 3: financial literacy. But that's I mean, all of this kind
11:50
Speaker 3: of ties together where it's you look at poor communities,
11:55
Speaker 3: and not even just poor communities, but most communities they
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Speaker 3: don't have financial literacy ye, and they need the memo.
12:02
Speaker 3: And if they don't have the memo, they can't help
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Speaker 3: pull themselves out of poverty and pull themselves out of
12:07
Speaker 3: things that are sort of outside of their control. And
12:11
Speaker 3: that was the frustration that I felt, and I think
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Speaker 3: we've connected, And I hope that I know that Operation
12:17
Speaker 3: Hope has done a lot. I hope collectively we've done
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Speaker 3: a lot to help people and get more people financially
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Speaker 3: literate to help solve some of the social justice issues
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Speaker 3: that exist mainly because of financial literacy.
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Speaker 1: So you've done a lot without even knowing you've done. Yes,
12:33
Speaker 1: we're going to get back to some people listening might
12:35
Speaker 1: going might be saying what does financial literacy have to
12:39
Speaker 1: do with Kaepernick and George Floyd? And you're about to
12:43
Speaker 1: get into why this guy is so wicked smart and
12:47
Speaker 1: how his brain works and how it connects with his
12:48
Speaker 1: heart with the answer. But before we get to that,
12:53
Speaker 1: because I believe in ancil literacy is a civil rights
12:55
Speaker 1: issue of this generation, let me tell you how this
12:59
Speaker 1: get works. Jed jack just writing me a check if
13:05
Speaker 1: he wanted to, but he knows that that can only
13:08
Speaker 1: go but so far. But if Jed introduces me to
13:14
Speaker 1: his team and says, this is my dude, and don't
13:17
Speaker 1: you know, it's not a handout program, but if he's
13:19
Speaker 1: got something viable here, you should listen to him, all
13:22
Speaker 1: of a sudden, the tone changes with his team they're
13:24
Speaker 1: more open. This is just human nature anywhere. And I
13:28
Speaker 1: believe in the James Brown version of affirmative action. Open
13:30
Speaker 1: the door. I'll get it myself. Well, he's opened a
13:33
Speaker 1: lot of doors. I tried to open a few doors
13:35
Speaker 1: for him. He certainly opened some doors for the work
13:38
Speaker 1: of Operation Hope. Whether it's the NFL, whether it was
13:41
Speaker 1: civic and civic groups in Silicon Valley who were trying
13:45
Speaker 1: to bridge the gap. I don't know if you remember
13:46
Speaker 1: that Jed those calls we had in the video calls,
13:49
Speaker 1: whether it's one on one meetings. So he's willing to
13:51
Speaker 1: come and sit with me in the meeting, like the
13:55
Speaker 1: commissioner for the NFL, who's become now a very dear
13:59
Speaker 1: friend and a partner on his own. And frankly, we
14:04
Speaker 1: had all of the commissioners on stage last December at
14:07
Speaker 1: Hope Global Form and I'm total it was the first
14:09
Speaker 1: time in history that all of the sports commissioners were
14:12
Speaker 1: at one place in a public setting ever, and that
14:16
Speaker 1: then led to several months later the first Green Sox
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Speaker 1: Day April of this year, where all the commissioners were
14:22
Speaker 1: engaged with their sports offices and wearing a green socks
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Speaker 1: financial literacy, posting and being engaged, and now they want
14:32
Speaker 1: to do more next year. Now it's going to beyond
14:34
Speaker 1: the NFL Adam Silver, the NBA rob and others. You know, Baseball,
14:40
Speaker 1: the Major League Baseball, et cetera, et cetera, National Hockey League,
14:43
Speaker 1: et cetera, and NASCAR. All that started because Jed walked
14:49
Speaker 1: me into the meeting with Roger Goodell. Now I had
14:52
Speaker 1: to do the rest after that, and then I had
14:54
Speaker 1: to make sure I didn't embarrassed Roger made him comfortable,
14:56
Speaker 1: and then understand the dynamics between all the commissioners. But
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Speaker 1: Ed open that first door, and he's been opening doors consistently,
15:04
Speaker 1: and if I ever call him and say I need
15:05
Speaker 1: an introduction before I can get out of my mouth,
15:07
Speaker 1: he's like already moving to make it happen. That sounds
15:12
Speaker 1: like a little but it's everything because every time he
15:14
Speaker 1: does that, he's putting his credibility on the line. But
15:17
Speaker 1: that's what we need to do for each other in
15:19
Speaker 1: order to move the line for people who are invisible,
15:23
Speaker 1: who feel invisible in a society where the color is
15:26
Speaker 1: not so much black or white or red or blue
15:28
Speaker 1: ay more, even though it feels it that way, it's green,
15:30
Speaker 1: it's economic in nature. You got to move folks from
15:32
Speaker 1: the streets to the suites. I e. Financial literacy being
15:35
Speaker 1: the civil rights issue of the generation. So I'm gonna say,
15:37
Speaker 1: once again, what does Colin Kappenick and George Floyd, the murder,
15:45
Speaker 1: the memo, the book, financial literacy and your interests, how
15:50
Speaker 1: do those in your friendship with me? How do all
15:52
Speaker 1: those things come together?
15:54
Speaker 2: I mean, I don't know if we have enough time
15:56
Speaker 2: on the podcast, but.
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Speaker 4: We want to get to other topics, so YESK yeah,
16:02
Speaker 4: I mean I think when I look at CAP I
16:05
Speaker 4: realized it was very controversial what he did, and there
16:07
Speaker 4: were people that were completely against ing, people completely for it,
16:10
Speaker 4: and a lot of people that are completely confused.
16:13
Speaker 2: And when I look.
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Speaker 3: At what he did, he brought light to issues people
16:18
Speaker 3: weren't really talking about in mainstream.
16:21
Speaker 1: Right.
16:21
Speaker 3: People knew that they were there, but people weren't talking
16:23
Speaker 3: about them in mainstream. And you can agree disagree on
16:26
Speaker 3: his method and whatever. That's that's that's in the past.
16:31
Speaker 3: That's besides the point. Now it's how do we take
16:35
Speaker 3: what he started and getting this to be a national
16:38
Speaker 3: conversation and figure out how to help.
16:41
Speaker 2: People that need help and that are in need.
16:43
Speaker 3: And that's where when when you started speaking about the
16:47
Speaker 3: memo and figuring out, you know, well this area and
16:50
Speaker 3: social justice to this area and social justice. If you
16:53
Speaker 3: if you get to financial literacy, you're going to solve
16:57
Speaker 3: ninety plus percent of the issues that are there. And
17:01
Speaker 3: that's what connected me to you and your message is
17:04
Speaker 3: that we need to make sure that we are going
17:06
Speaker 3: from you know, protests in the streets to actually making
17:11
Speaker 3: something happen and getting people to a better place in life.
17:15
Speaker 2: And that's that's the key.
17:16
Speaker 3: And when you're fortunate enough to be in the situation
17:19
Speaker 3: that I'm in, when you represent the San Francisco forty
17:22
Speaker 3: nine Ers and Leeds United and Glasgow Rangers and the
17:25
Speaker 3: National Football League and all these tremendous brands and folks
17:29
Speaker 3: that you're a part of, I think you have an
17:32
Speaker 3: obligation to give back and try to help. And to me,
17:35
Speaker 3: I think financial literacy covers more areas than just about anything.
17:42
Speaker 1: My Jewish brothers and sisters are Jewish brothers and sisters
17:45
Speaker 1: who are discriminated against for thousands of years only and
17:48
Speaker 1: they had no country for most of that time. The
17:50
Speaker 1: way that they were able to succeed was they became
17:52
Speaker 1: experts in financial literacy, and they use that expertise and
17:56
Speaker 1: ownership to get power and position in the world. And
18:00
Speaker 1: I think that other greed groups should look at that
18:02
Speaker 1: as a model for how they come up. And essentially,
18:07
Speaker 1: I do believe that if you look at all the
18:09
Speaker 1: ethnic groups in this country, the three groups that have
18:11
Speaker 1: been left behind have been left behind for economic or
18:14
Speaker 1: lack lack of economic prominence and access to capital and
18:18
Speaker 1: opportunity reasons. Black Americans enslaved in American soil. Poor whites.
18:27
Speaker 1: They're more poor whites in America than poor anybody else.
18:30
Speaker 1: That's doctor King's day to this day. I think they've
18:34
Speaker 1: been riding at the ballot box most recently because they're
18:36
Speaker 1: really frustrated and they want somebody to pay attention to them,
18:39
Speaker 1: and somebody should, by the way, we just need to
18:40
Speaker 1: give them some solutions and not just flame their frustrations.
18:43
Speaker 1: I'm trying to do that with our work and operation.
18:45
Speaker 1: Hopefully center my offices are in poor white Rolal neighborhoods,
18:47
Speaker 1: by the way, in the South, and Native American Indians
18:50
Speaker 1: on Indian reservations. Now, those three memos group, those three
18:54
Speaker 1: groups never got the memo on how free enterprise, capitals
18:58
Speaker 1: and economics, ownership and opportunity work. So you've got the
19:00
Speaker 1: largest opioid addiction. Well, I think it's show true. The
19:03
Speaker 1: number one group dying today or high school educated white
19:08
Speaker 1: men shocking to most people to hear that that's opioid addiction.
19:11
Speaker 1: Lack of aspirational attainment, depression, Native American Indians, that's alcoholism.
19:20
Speaker 1: Same thing in my opinion, And I think that a
19:24
Speaker 1: vast majority of people I love have depression because they feel,
19:30
Speaker 1: you know, they don't feel seen in the biggest economy
19:33
Speaker 1: in the world or properly dealt with or addressed economically
19:38
Speaker 1: and aspirationally. And you want to do something about that.
19:41
Speaker 1: You have put your money where your mouth is. You
19:43
Speaker 1: and your family. Let's clear up some misinformation. One of
19:49
Speaker 1: the reason I love this podcast is I'm able to
19:52
Speaker 1: bring light to topics. You know, typically you're on TV,
19:56
Speaker 1: it's three minutes, two minutes, seven minutes, seven minutes a
19:58
Speaker 1: long episode, and you're responding to whatever the anchor is saying.
20:03
Speaker 1: We have a chance here to unpack and remove disinformation
20:08
Speaker 1: and replace it with real information. Colin Kaepernick, there's a
20:11
Speaker 1: lot of misinformation about this. Get out the way you
20:14
Speaker 1: guys did him dirty, whatever that means, what really happened.
20:20
Speaker 3: I mean, Kap was with US, redrafted a CAP in
20:23
Speaker 3: twenty eleven, and his protests happened in twenty seventeen, I
20:32
Speaker 3: believe sixteen or seventeen. I can't remember the exact year.
20:38
Speaker 3: It's crazy, it was almost ten years ago now. But
20:43
Speaker 3: Cap decided to sit during the national anthem. I think
20:48
Speaker 3: we were in Denver, and no one really recognized it, right,
20:54
Speaker 3: and then he sat the following week when people started
20:59
Speaker 3: to recognize. And if you know doctor Harry Edwards, who's
21:03
Speaker 3: worked with us, I mean he was a founding member
21:06
Speaker 3: of the Black Panthers. He helped with Cap go from
21:11
Speaker 3: sitting in something that can very easily be taken as
21:14
Speaker 3: a disingenuous gesture and something that was a slap in
21:19
Speaker 3: the face to getting him to think about his protest
21:23
Speaker 3: tactics and getting him to take a knee. And he
21:25
Speaker 3: connected him with some former military folks. And again, whether
21:30
Speaker 3: you like it or not, like it's it's hard to
21:32
Speaker 3: say that taking a knee, at least to me, I
21:35
Speaker 3: don't know any situation where somebody taking a knee is
21:38
Speaker 3: a gesture that's like a slap in the face to you,
21:43
Speaker 3: and I think he was able to help him sort
21:45
Speaker 3: of refocus where he can focus more on the message.
21:49
Speaker 3: And at the time, Colin was our highest paid player
21:54
Speaker 3: we ended up having I think we were two and
21:56
Speaker 3: fourteen that season. We were the second worst team in
21:58
Speaker 3: the league, and we moved on from our coach that year.
22:01
Speaker 3: We hired Kyle Shanahan the following season, so I think
22:05
Speaker 3: it was twenty sixteen, and we hired Kyle in twenty seventeen,
22:08
Speaker 3: and we moved on from Colin. We moved on from
22:11
Speaker 3: a lot of players, and two years later we were
22:13
Speaker 3: in the Super Bowl. But all of that, the heat
22:19
Speaker 3: that I received was probably more for quote allowing Colin
22:24
Speaker 3: to do this to me. The last time I checked,
22:27
Speaker 3: we lived in the United States of America. People have
22:29
Speaker 3: the right for free speech. That doesn't mean that you
22:32
Speaker 3: don't have the right from repercussions from free speech that
22:34
Speaker 3: you make. And that's sort of what happened was we
22:41
Speaker 3: supported Kap the entire season.
22:43
Speaker 2: No one told him to not do that.
22:45
Speaker 3: We tried to help and I think we've done a
22:47
Speaker 3: lot and changed our focus and our foundation from things
22:50
Speaker 3: that were probably not social justice related beforehand to being more.
22:54
Speaker 2: Social justice related moving forward.
22:57
Speaker 3: And I think it started a movement that hopefully people
22:59
Speaker 3: are going on in their own way.
23:01
Speaker 2: And I mean in the NFL. I mean you've you've
23:04
Speaker 2: spent time with Roger.
23:06
Speaker 3: Yeah, and Roger maybe hasn't embraced Colin Kaepernick specifically and
23:13
Speaker 3: everything that he said and did, But the things that
23:16
Speaker 3: the NFL is working on today, I don't think we
23:19
Speaker 3: would be doing if it wasn't for Colin Kaepernick.
23:32
Speaker 1: So you just said something positive about basically about about Cap.
23:36
Speaker 1: You have no problem with the social justice.
23:39
Speaker 3: Our goal is to win a lot of football games
23:42
Speaker 3: and hopefully win Super Bowls.
23:44
Speaker 1: That's right. He's not social justice central. He's an NFL team.
23:48
Speaker 1: He wants to win some games. But along the way,
23:50
Speaker 1: he didn't mind folks expressing themselves.
23:53
Speaker 3: No, And I mean it wasn't just Colin. There were
23:55
Speaker 3: other guys. Eric Reid was very close with Colin.
23:58
Speaker 1: Eric.
23:59
Speaker 3: I think he's staid on a team several more years
24:01
Speaker 3: and I know he knelt the entire following season in
24:05
Speaker 3: twenty seventeen when when Kyle came in, I went to
24:09
Speaker 3: we were playing DC. We took a train together to
24:13
Speaker 3: New York to meet with the NFL and talk about
24:15
Speaker 3: some of the social justice reforms and things like that.
24:18
Speaker 3: So I mean, it's it is not specific with Colin
24:21
Speaker 3: to say, well, you know, he took a knee, so
24:23
Speaker 3: he got blackballed, Like I can't speak for any other
24:26
Speaker 3: teams like that certainly wasn't the case with the forty
24:28
Speaker 3: nine ers. And I still think a lot of Colin.
24:31
Speaker 3: I think a lot of the guys that were there,
24:33
Speaker 3: and they were part of that movement. And again, like
24:36
Speaker 3: you have to go from protest to progress, and that's
24:39
Speaker 3: you know, I want to make sure that I adequately
24:42
Speaker 3: give respect to doctor Edwards because that was his whole
24:46
Speaker 3: line when we started, Like protests is great, but if
24:49
Speaker 3: you don't go from protest to progress, protest doesn't matter.
24:53
Speaker 1: Amen. And I'm probably talking out a turn here, and
24:56
Speaker 1: I'm going back a few years. I could swear you
24:58
Speaker 1: actually offered Colin a contract or something, or somebody somebody
25:02
Speaker 1: said that you didn't offer a contum Like, no, that's
25:04
Speaker 1: not that, that wasn't accurate.
25:06
Speaker 3: No, When when Kyle and John came in, they sat
25:09
Speaker 3: down with them and said, you know, we're gonna we're
25:13
Speaker 3: gonna probably move on from you, and sort of had
25:16
Speaker 3: the conversation of do you do you want us to
25:20
Speaker 3: release you? Do you want us to how do you
25:21
Speaker 3: want this to happen? He said, you know, I'm fine
25:24
Speaker 3: being released, and again like I don't I don't know
25:27
Speaker 3: the specifics of them having conversations, but.
25:30
Speaker 2: He he was released.
25:32
Speaker 3: And he was able to be a free agent and
25:34
Speaker 3: move on and try to find another team.
25:37
Speaker 2: Unfortunately for him, he.
25:38
Speaker 3: He didn't have a great opportunity to find another team,
25:42
Speaker 3: and I think that's where a lot of the controversy came.
25:44
Speaker 1: But nothing nothing to do with you allowing him to
25:48
Speaker 1: take a knee and all that stuff. This was this
25:50
Speaker 1: was this was you want You're just trying to win.
25:53
Speaker 1: You're trying to win the Super Bowl, right.
25:55
Speaker 2: We're trying to win games.
25:57
Speaker 3: And we went from being the worst team in the
25:59
Speaker 3: league to being in the Super Bowl three years later.
26:03
Speaker 3: And I give a ton of credit to John and
26:04
Speaker 3: Kyle for rebuilding the core and the foundation of this
26:09
Speaker 3: team that reflected what my uncle built in the eighties
26:12
Speaker 3: and nineties of a team that you know, won with class,
26:17
Speaker 3: went on the field and went off the field, and
26:19
Speaker 3: that's that's what we're always trying to do.
26:22
Speaker 1: In no shade to cut the Cap. I mean again great,
26:26
Speaker 1: I mean tap, Cap is incredibly talented and made a
26:32
Speaker 1: contribution when he was there, and uh, but you know,
26:36
Speaker 1: sometimes the chemistry doesn't work. And as people who just
26:39
Speaker 1: heard my brother just gave enormous love for him, which
26:42
Speaker 1: he never told me. This is the first time I've
26:44
Speaker 1: heard it. And even the influence that that his foundation
26:47
Speaker 1: has had at the forty nine ers in direct, directly
26:51
Speaker 1: indirectly influenced by CAP's efforts. And now I'm yeah, I'm
26:55
Speaker 1: thinking about it. Yes, the forty nine ers and what
26:57
Speaker 1: they're doing with jay Z and all that stuff, I
26:59
Speaker 1: think a lot of that was influenced by Colin Kaepernick
27:03
Speaker 1: and his spirit. And I mean, people don't know that
27:06
Speaker 1: Roger Goodell's father was a US senator. It was very
27:09
Speaker 1: interested in public policy and probably lost his seat in
27:11
Speaker 1: the Senate because of his civil rights work in the sixties.
27:14
Speaker 1: Like I know that's the case. And so this was
27:17
Speaker 1: also Roger Goodell's way within the NFL to lean in
27:21
Speaker 1: and be for something. They're still doing it to this day,
27:25
Speaker 1: and unfortunately EGO sometimes get arrows in the broader sense
27:30
Speaker 1: of maybe you might be ahead of your time, society
27:33
Speaker 1: doesn't completely understand what you're doing, so on and so forth,
27:37
Speaker 1: and he picked up contracts. I want to name names
27:40
Speaker 1: with major companies. Whatever Colin did and seems to be
27:43
Speaker 1: doing really well in his nonprofit versts wish him well.
27:46
Speaker 1: So thank you for all you did there. Thanks for clarifying.
27:50
Speaker 2: Absolutely.
27:52
Speaker 1: Let's now get on to anybody who said, Okay, that's
27:56
Speaker 1: all cool. I want to understand this business model. Thanks
28:00
Speaker 1: for the t Now I want some coffee. Explain, Explain,
28:06
Speaker 1: Explain the NFL, and explain owning a team and the economics,
28:13
Speaker 1: the cash flows, how's it work.
28:15
Speaker 3: So, I mean, it's interesting you talked about global soccer,
28:18
Speaker 3: and there are they're probably larger brands and more well
28:21
Speaker 3: known brands in soccer than there are in American football.
28:25
Speaker 3: But I think you'd be hard pressed to find a
28:28
Speaker 3: league that is as valuable from top club to the
28:33
Speaker 3: thirty second club as the National Football League because the
28:37
Speaker 3: way that the league is structured. And this goes back
28:40
Speaker 3: to you know, Wellington Mara from the New York Giants,
28:44
Speaker 3: who when television became a new revenue stream and something
28:49
Speaker 3: that people saw it was going to be something that
28:51
Speaker 3: was a focal point for the growth of the National
28:55
Speaker 3: Football League in the.
28:55
Speaker 2: Fifties and sixties.
28:57
Speaker 3: Right, he went from saying we're going to key all
29:00
Speaker 3: of the New York revenue to saying we're going to
29:03
Speaker 3: pool all of national television and we're going to pull
29:06
Speaker 3: this together and we're all going to make the same
29:08
Speaker 3: amount of money. So we have a very very socialist
29:13
Speaker 3: approach to the National Football League where we share a
29:17
Speaker 3: ton of revenue. Probably two thirds of our revenue, if
29:20
Speaker 3: not more, is shared, So you share piece of your
29:23
Speaker 3: ticket revenue. So third of our gate goes into our
29:27
Speaker 3: ticket sales goes into a shared pool where all thirty
29:31
Speaker 3: two teams receive the same amount back, but everybody puts
29:34
Speaker 3: in a third of their own revenue. Right, one hundred
29:37
Speaker 3: percent of all television revenues shared. There's other revenue that shared,
29:41
Speaker 3: like the national sponsorships and things like that, like Super
29:45
Speaker 3: Bowl revenue, things like that that's all shared equally amongst
29:48
Speaker 3: all the teams. So this year we host Super Bowl sixty, Right,
29:52
Speaker 3: you'll probably see one of the highest grossing, if not
29:55
Speaker 3: the highest grossing Super Bowls in history.
29:58
Speaker 1: By the way. She has already said she's got I'll
30:00
Speaker 1: be there, So I told me to tell you that.
30:03
Speaker 2: It should be a great party.
30:05
Speaker 3: But they just in terms of how financial league works,
30:09
Speaker 3: we pay for and raise money from the host committee
30:11
Speaker 3: to put things on, and then the NFL shares revenue
30:16
Speaker 3: from the tickets. So it's not like we host a
30:19
Speaker 3: super Bowl and the forty nine ers make a ton
30:21
Speaker 3: of money because we host the super Bowl. It's something
30:23
Speaker 3: that's good for the league and it's something that we
30:25
Speaker 3: work on together, and I think that's what makes the
30:27
Speaker 3: NFL so compelling. Right when you look at most sports leagues,
30:31
Speaker 3: you have a pretty good sense who's going to win
30:33
Speaker 3: the English Premier League. You have a pretty good sense
30:35
Speaker 3: who's going to win the top European soccer leagues. You
30:38
Speaker 3: have a pretty good sense of who's going to be
30:40
Speaker 3: in the playoffs or who's going to be in a
30:42
Speaker 3: championship in the NBA or MLB. The NFL is really
30:47
Speaker 3: the most competitive league from top to bottom, and that
30:50
Speaker 3: allows us to be, maybe not individually, the most valuable franchise.
30:57
Speaker 3: Where you saw the Lakers go for ten billion dollar right,
31:01
Speaker 3: the LA Lakers are a great brand, they own Los Angeles.
31:05
Speaker 3: It's an unbelievable market, But other teams in the NBA
31:08
Speaker 3: don't necessarily share in that with the Lakers, where the
31:12
Speaker 3: La Rams are going to share all the same revenue
31:16
Speaker 3: with the Green Bay Packers, and the Green Bay Packers
31:18
Speaker 3: are going to have as much of a chance to
31:20
Speaker 3: win the Super Bowl as the Los Angeles Rams because
31:23
Speaker 3: things are relatively equal in the National Football League. And
31:26
Speaker 3: I think that's what makes the National Football League the
31:28
Speaker 3: best sports league in the world.
31:30
Speaker 1: And you guys share broadcasting rights revenue right, which is
31:35
Speaker 1: a big piece of the revenue model, as I understand.
31:38
Speaker 2: It's a huge piece.
31:40
Speaker 3: And you know, as you get into next generation media, right.
31:44
Speaker 2: When you're looking at streaming and you're looking at.
31:46
Speaker 3: Digital services, the NFL is generally not going to be
31:50
Speaker 3: the first mover. And when you are sort of the
31:53
Speaker 3: eight hundred pound grill in the room, like you, you're
31:55
Speaker 3: generally not the first mover. But I give Roger and
31:58
Speaker 3: team credit. They they see where things are headed, they
32:01
Speaker 3: see what works and what doesn't work, and then they
32:04
Speaker 3: figure out how to move into those spaces. And social media,
32:08
Speaker 3: I think the NBA did a great job jumping on
32:10
Speaker 3: the social media first. Now, the NFL is as strong,
32:14
Speaker 3: if not stronger, on social media than the NBA, but
32:16
Speaker 3: they were they were not the first movers, but they
32:19
Speaker 3: saw some of the mistakes that were made and they
32:21
Speaker 3: built out a great program to be as engaged, if
32:24
Speaker 3: not the most engaged social media property, you know, in
32:28
Speaker 3: professional sports.
32:30
Speaker 1: Yes, and they're embedding in the Super Bowl. By the way,
32:33
Speaker 1: how many times have you guys won the Super Bowl?
32:35
Speaker 1: The forty nine ers, by the way, so.
32:37
Speaker 3: We won five times, four in the eighties, one in
32:40
Speaker 3: the nineties, and we've played in eight Super Bowls.
32:43
Speaker 1: There you go, a historic winning team. When when I've
32:51
Speaker 1: seen almost at every Super Bowl the advert the advertisements
32:57
Speaker 1: interspersed with that mission statements, mission statements about purpose, statements,
33:05
Speaker 1: anti hate, anti semitism, black and brown empowerment, women achievement,
33:14
Speaker 1: just trying to bring light at this moment in time
33:17
Speaker 1: to not something other than just pure capitalism and commerce,
33:20
Speaker 1: but to community and compassion too. That's intentional by the owners, correct.
33:26
Speaker 2: It's absolutely intentional.
33:28
Speaker 3: I mean, I think breast cancer awareness is probably the
33:32
Speaker 3: most successful thing that the NFL has been a part
33:35
Speaker 3: of in terms of philanthropic ideas. You know, using the
33:40
Speaker 3: my cause my cleats and you know, wearing pink shoes
33:44
Speaker 3: and having having that be a piece of what we
33:47
Speaker 3: do during the year. I don't know how many people
33:51
Speaker 3: have found lumps in their breast because of mammograms that
33:54
Speaker 3: the NFL has has brought awareness to. Yeah, and again
33:58
Speaker 3: that's gone from breast can awareness to cancer in general.
34:03
Speaker 3: And you know, we're not probably at the same level
34:06
Speaker 3: of success with social justice, but it's something that we've
34:09
Speaker 3: started working on over the last probably seven or eight years.
34:13
Speaker 1: Inspired Change that Operation Nope is a partner absolutely at
34:16
Speaker 1: NFL Inspired Change, which again Roger and his team deserve
34:19
Speaker 1: incredible credit for.
34:21
Speaker 3: And again, we can't answer everybody's problems and cure all
34:26
Speaker 3: ills in the world. But when you think about the
34:28
Speaker 3: super Bowl, right, it's really the last place that is
34:33
Speaker 3: water cooler talk. Right, Like your podcast is great. There's
34:37
Speaker 3: a lot of great podcasts. It's not like one hundred
34:40
Speaker 3: million people are tuning into one podcast.
34:42
Speaker 1: Right.
34:42
Speaker 3: We had over two hundred million Americans watch the last
34:46
Speaker 3: super Bowl, right, like you have hundreds of millions of
34:49
Speaker 3: people worldwide watching the super Bowl. Outside of the Olympics
34:53
Speaker 3: or the World Cup, there just aren't many things that
34:56
Speaker 3: drive that type of viewership for a one time sitting,
35:00
Speaker 3: and that's something that the NFL is very fortunate to
35:03
Speaker 3: be in that position. I think the top one hundred
35:06
Speaker 3: television shows over ninety of them, or NFL games or
35:09
Speaker 3: NFL related every year.
35:12
Speaker 1: The value of the NFL franchise for all thirty two
35:17
Speaker 1: teams is over one hundred and sixty billion dollars. Is
35:19
Speaker 1: that number right?
35:21
Speaker 3: I don't know if I can do my math, but
35:24
Speaker 3: I mean it's a large number. Whatever it is, I
35:27
Speaker 3: know it's a large number.
35:29
Speaker 1: And as you just said, NFL games account for seventy
35:32
Speaker 1: and eighty percent of the most watched TV broadcast in
35:35
Speaker 1: America annually, and major broadcasts deal.
35:39
Speaker 3: Over ninety percent. It's over ninety percent of the top
35:43
Speaker 3: one hundred watch shows. I think we were ninety one
35:45
Speaker 3: or ninety two of the top one hundred watched television
35:48
Speaker 3: shows last year.
35:49
Speaker 1: With broadcast deals with Fox, CBS, NBC, ESPN, Amazon, totaling
35:56
Speaker 1: over one hundred and ten billion dollars across an eleven
35:59
Speaker 1: year space. And that goes to twenty thirty three. That's
36:03
Speaker 1: part of the socialism that Jed joked about, what we're
36:10
Speaker 1: serious about too. It's economic socialism in the sense that
36:12
Speaker 1: they're shared economics. And then you have people who do
36:16
Speaker 1: good work with this franchise their franchise, like our friend
36:19
Speaker 1: Robert Kraft, who has created nonprofits trying to do good
36:23
Speaker 1: in the world. Another good man that I respected, Ad Meyer.
36:26
Speaker 1: We become friends.
36:28
Speaker 3: Listen, pivot robertson a great job, like so many people
36:32
Speaker 3: have done a great job. Like you said it earlier,
36:35
Speaker 3: Robert can write a check, but bringing the Patriots brand
36:39
Speaker 3: along with it brings so much more awareness than just
36:43
Speaker 3: writing a check. And I would say that's what I'm
36:46
Speaker 3: proud of most of the majority of my partners. They're
36:50
Speaker 3: going to do things that are going to move the
36:51
Speaker 3: needle to try to make their world a better place.
36:53
Speaker 1: Yes, yes, and I this was with Roger. We were
36:56
Speaker 1: with Roger Robert last week and ninety percent of his
37:03
Speaker 1: conversation was about how do we impact the world in
37:06
Speaker 1: a positive way, how do we move the world forward,
37:09
Speaker 1: and what can we do to do that. He wasn't
37:11
Speaker 1: talking about himself or his wealth, or his team, or
37:14
Speaker 1: or or his pocketbooks or It was all about how
37:17
Speaker 1: do we give, how do we contribute?
37:19
Speaker 2: Uh?
37:19
Speaker 1: And again, nobody was watching. It was a private conversation.
37:24
Speaker 1: Let's now shift to the business model for a team.
37:28
Speaker 1: So we talked about the franchise system. How does a
37:31
Speaker 1: team's economics work down to the level of all the
37:35
Speaker 1: way down to the level of a game and ticket
37:37
Speaker 1: prices and how much is the gate visa VI you
37:40
Speaker 1: know everything else. Now I want to go. I want
37:42
Speaker 1: to go to soccer, which you also want a soccer team,
37:44
Speaker 1: as I understand a part of a soccer team. Yep.
37:47
Speaker 3: So essentially, the NFL, like I said, the league generates
37:53
Speaker 3: a lot of revenue that I think it's about two
37:56
Speaker 3: thirds seventy percent, give or take, is shared revenue.
38:00
Speaker 1: Right.
38:00
Speaker 3: What you generate on your own is sponsorships, sweet sales,
38:03
Speaker 3: ticket sales. You share some piece of your ticket sales,
38:06
Speaker 3: but the majority of your ticket sales you get to keep.
38:09
Speaker 3: That's where the differentiation happens with revenues, right, And for
38:14
Speaker 3: us in a larger market, in a great market like
38:17
Speaker 3: the Bay Area San Francisco, we're going to generate higher revenues,
38:21
Speaker 3: but you're also going to have more cost here. Right,
38:25
Speaker 3: We're not going to get a ton of public money
38:27
Speaker 3: and public equity going into a stadium for us to
38:30
Speaker 3: be built right. We've built our stadium, Levi's in Santa
38:33
Speaker 3: Clara in twenty fourteen. We opened up with no impact
38:37
Speaker 3: to the city's general fund, no impact on tax payers,
38:40
Speaker 3: which is going to be different than potentially smaller markets
38:44
Speaker 3: where making sure that they keep a sports team in
38:48
Speaker 3: their location. There's going to be more taxes going into that,
38:51
Speaker 3: there's going to be more public direct investment going into that.
38:55
Speaker 3: So we may have a different cost structure than some
38:57
Speaker 3: of the other teams. We also have a different revenue structure.
39:00
Speaker 3: Sure and go ahead.
39:03
Speaker 1: No, it was pretty risky of you to build this
39:07
Speaker 1: new stadium. I'm sure others people have said, if it's
39:10
Speaker 1: not broke, don't fix it, keep the other one. Why
39:13
Speaker 1: go through all this house? Are you going to put
39:15
Speaker 1: yourself at a risk as a new CEO? Keep your
39:20
Speaker 1: head down? Why'd you do it anyway? And what was
39:23
Speaker 1: your vision? And has that vision matched your reality?
39:26
Speaker 3: So we had a wonderful run at Candlestick from I
39:30
Speaker 3: think we opened. We started playing in Candlesick in nineteen
39:33
Speaker 3: seventy two to played in Candasick from seventy two to
39:37
Speaker 3: twenty thirteen. Great Historical Stadium was originally built for baseball
39:44
Speaker 3: so they brought the New York Baseball Giants out. After
39:48
Speaker 3: the Dodgers left Brooklyn, they brought the New York Baseball
39:52
Speaker 3: Giants out. And funny story, if you've ever been to Candlestick,
39:56
Speaker 3: certainly if you know San Francisco, the weather in the
39:59
Speaker 3: fall in San Francis goes awesome, right, So it brought
40:03
Speaker 3: the Giants' ownership to Candlestick point in I think October,
40:08
Speaker 3: and the weather was beautiful, and they kind of tricked
40:11
Speaker 3: them to build a stadium at Candlesticks. It was just
40:14
Speaker 3: great in October. Imagine how wonderful it's going to be
40:17
Speaker 3: in the summer. And summer baseball is always a little chilly.
40:20
Speaker 3: At Candlestick, it's always great weather for us during football season.
40:24
Speaker 2: But it was originally built for baseball.
40:26
Speaker 3: It was the oldest unrenovated stadium in the National Football League,
40:30
Speaker 3: and it was just one of those things where the
40:34
Speaker 3: cost of referred the stadium for maybe a ten to
40:37
Speaker 3: fifteen year life expectancy was seventy five percent of the
40:42
Speaker 3: cost of building a new stadium. My uncle, when he
40:47
Speaker 3: was still running the team, they passed a ballot measure
40:49
Speaker 3: in nineteen ninety seven to build a stadium in a
40:52
Speaker 3: shopping mall at that location that ended up not coming
40:56
Speaker 3: to fruition. We looked at over ninety sites in and
40:59
Speaker 3: around the Bay area and found yeah, and found.
41:03
Speaker 2: What we felt was the best location.
41:05
Speaker 3: In Santa Clara that was great access to public transit,
41:09
Speaker 3: great access to the freeway systems, and it happened to
41:13
Speaker 3: be right next to order to where our training facility was,
41:16
Speaker 3: and having our training facility and stadium together made a
41:18
Speaker 3: lot of sense and making sure I grew up in Youngstown, Ohio,
41:22
Speaker 3: I watched the Cleveland Browns become the Baltimore Ravens, and
41:26
Speaker 3: then I watched the Browns come back several years later
41:29
Speaker 3: in Cleveland, and I never wanted to take our franchise
41:33
Speaker 3: from the fans that loved it the most in the
41:35
Speaker 3: Bay Area, and if you couldn't stay in the city
41:38
Speaker 3: of San Francisco, we wanted to make sure that we
41:39
Speaker 3: broadened our our approach and figure out how do we
41:42
Speaker 3: how do we put a stadium in the Bay Area
41:45
Speaker 3: where all of our fans can still reach that on
41:48
Speaker 3: ten Sundays a year when we're playing our home games.
41:51
Speaker 3: And that's really that was the thinking, and it's it's
41:54
Speaker 3: like anything else, you have to make a bet, you
41:56
Speaker 3: have to take a risk in order to build something
42:00
Speaker 3: that's going to last for the future. And I think
42:02
Speaker 3: we've been able to do that with the forty nine
42:03
Speaker 3: ers in building Levi Stadium. So the bet paid off,
42:16
Speaker 3: or is paying off, It is paying off, and I
42:18
Speaker 3: mean it's been it's been a great partnership. You know,
42:22
Speaker 3: we've been able to do amazing events that we just
42:27
Speaker 3: couldn't do a candlestick at the old stadium. We just
42:29
Speaker 3: didn't have the facilities to be able to pull it off.
42:32
Speaker 3: We'll host your second Super Bowl, we host the World
42:35
Speaker 3: Cup coming up this year. This will be the first
42:37
Speaker 3: time in history and I assume the last time that
42:42
Speaker 3: a Super Bowl and a World Cup will be played
42:44
Speaker 3: in the same venue in the same year.
42:46
Speaker 1: Wow Wow cool. Yeah, and no cost to the taxpayers.
42:52
Speaker 1: Correct At a time where San Francisco really does need
42:54
Speaker 1: some good news from a branding and imaging perspective, you
42:59
Speaker 1: are part of that good news. Now, you made a
43:01
Speaker 1: bet that was unpopular and nobody understood or few understood it,
43:07
Speaker 1: and that bet is paid off. That showed that means
43:09
Speaker 1: you're a bit of a visionary in business and it
43:11
Speaker 1: means you've got guts. It reminds me what your mother did.
43:14
Speaker 1: And as I understand it, uh, and we're not getting
43:18
Speaker 1: too much in the family business. Your your there was
43:22
Speaker 1: a real estate company or something that.
43:24
Speaker 2: A real estate developer.
43:26
Speaker 3: Was one of the first people that that saw the
43:30
Speaker 3: suburban shopping mall as being the new downtown. And you know,
43:34
Speaker 3: after World War Two, he came back and he started
43:38
Speaker 3: with shopping plazas and then saw sort of the flight
43:43
Speaker 3: from inner cities to suburbs and the growth of suburbs,
43:47
Speaker 3: and he was looking for a new downtown for suburbs
43:50
Speaker 3: and it ended up becoming the shopping mall.
43:53
Speaker 1: And he made a fortune in real estate in shopping malls.
43:56
Speaker 1: And as I recall, said to the kids, Okay, you know,
44:02
Speaker 1: let's divvy this up. I'm getting older, and brother got
44:06
Speaker 1: one bunch of assets or preferred I guess a bunch
44:10
Speaker 1: of assets, which I think was the real estate and business.
44:14
Speaker 3: So I would say not to go too deep into
44:17
Speaker 3: family history, but my grandfather's estate planning strategy was to
44:22
Speaker 3: not die. Definitely, for folks who're looking for financial literacy lessons,
44:29
Speaker 3: that is that is generally not the best choice, but
44:33
Speaker 3: everything was owned by the corporation, and.
44:36
Speaker 2: My uncle ran the forty nine ers for a long time.
44:38
Speaker 3: My mom ran other aspects of the family business, and
44:42
Speaker 3: you know, there were some circumstances that came up that
44:44
Speaker 3: then my uncle decided to sort of leave his half
44:48
Speaker 3: for the forty nine ers and sort of trade his
44:51
Speaker 3: half of the forty nine ers for other real estate assets,
44:55
Speaker 3: and they made a swap in nineteen ninety nine two thousand.
44:59
Speaker 1: And your mother he ended up with the team. Is
45:01
Speaker 1: that right? Yes, brilliant move. I mean for everybody one.
45:08
Speaker 3: But everything wine and most importantly, my mom and uncle
45:11
Speaker 3: are very close and very tight, and like I couldn't
45:16
Speaker 3: ask for a better uncle and godfather than than than
45:19
Speaker 3: my uncle.
45:19
Speaker 2: Leaddy.
45:20
Speaker 1: Your family is fantastic. I mean, everybody I met has
45:24
Speaker 1: just been first class. And I'm sure even that your
45:27
Speaker 1: uncle would admit, would acknowledge and admit, you're that his
45:30
Speaker 1: that his sister has done wonders uh with this team.
45:35
Speaker 1: So they didn't for everybody watching, they didn't start out
45:38
Speaker 1: with a football team. They started out in real estate
45:42
Speaker 1: and business, and the team came later, and they just
45:45
Speaker 1: built it into something that really is magic, was creating
45:48
Speaker 1: value and by the way, we're honored to be your
45:51
Speaker 1: partner and Operation Hope in communities now and we want
45:54
Speaker 1: to do more with you. By the way, let's not
45:56
Speaker 1: pivot to why soccer wit me back up back before.
45:59
Speaker 1: Why so, why is there a good reason why there
46:01
Speaker 1: aren't yet blacks and browns of people who own significant
46:10
Speaker 1: parts of NFL teams? This is simply because a dollar
46:12
Speaker 1: number is just so large.
46:14
Speaker 3: I think we we are again we the NFL is
46:17
Speaker 3: generally slower to adopt newer policies, right, you said it earlier.
46:22
Speaker 1: They're not they're late adopters, is what you said earlier before.
46:25
Speaker 3: Other leagues have now taken a lot of private equity
46:29
Speaker 3: money and adjusted. The NFL now allows private equity to
46:32
Speaker 3: buy up to ten percent of teams, which just gives
46:35
Speaker 3: you the ability to pull capital much more so than
46:39
Speaker 3: going to individuals to buy a limited partner stake and
46:43
Speaker 3: a team. And there's just a small number of people
46:46
Speaker 3: that can be in that world, right, So I've been
46:50
Speaker 3: trying to push the league like I would love to
46:51
Speaker 3: put together the right diverse group of people to be
46:55
Speaker 3: a you know, limited partner group and figure out how
46:58
Speaker 3: to get that together. And I think you're going to
47:01
Speaker 3: see that change over time where you're going to have
47:04
Speaker 3: more and more people of color and more people of
47:06
Speaker 3: diverse backgrounds be part of ownership of NFL teams.
47:11
Speaker 1: So I really can't say more than a sentence of
47:13
Speaker 1: what I'm about to say, other than because because it
47:16
Speaker 1: would it would allow people to get brand crumbs to
47:18
Speaker 1: go to the details. But I got a call from
47:21
Speaker 1: Jet one day at dinner in New York asking me
47:24
Speaker 1: about a situation because he was trying to put together
47:27
Speaker 1: a minority investment group not in the NFL, around sports
47:31
Speaker 1: and let's just say, no good d shall go unpunished.
47:34
Speaker 1: It didn't really work out, but Jed really tried and
47:37
Speaker 1: it didn't have to. Let's now switch. Now you all up.
47:40
Speaker 1: I think you heard you. I think I heard you
47:42
Speaker 1: say baseball.
47:42
Speaker 3: Or no Leaders to Leads United in the English Premier League.
47:47
Speaker 3: Leads has been a top brand in English football for
47:52
Speaker 3: one hundred years. Fell on some hard times and I
47:56
Speaker 3: was out of the Premier League, which is the first division,
47:59
Speaker 3: the second in soccer they called football there, So I
48:05
Speaker 3: have to be very careful of English football.
48:08
Speaker 1: Any places outside of the US, soccer is football.
48:11
Speaker 3: Yes, we saw Leads as a great opportunity. It's a
48:15
Speaker 3: great brand Leads. The city reminds me a lot of
48:19
Speaker 3: where I grew up in Youngstown, Ohio.
48:21
Speaker 2: Right.
48:21
Speaker 3: It's a very very blue collar, great working class, lots
48:25
Speaker 3: of pride, and it was a team that had a
48:28
Speaker 3: great brand that that hadn't performed well on the pitch.
48:31
Speaker 3: We invested probably the field, mean for the audience, which
48:37
Speaker 3: is the field So British going for a minute to
48:41
Speaker 3: switch my lingo when I'm talking about American football versus
48:44
Speaker 3: global football. But we've we've tried to help Leads get back.
48:49
Speaker 3: We were up in the Premier League for a few years,
48:51
Speaker 3: got relegated, So they're for folks that don't know. The
48:55
Speaker 3: bottom three teams of the Premier League moved down a level,
48:58
Speaker 3: and then two teams on the second division automatically move
49:02
Speaker 3: up and there's a playoff for the third spot, so
49:04
Speaker 3: three teams move up. We were able to buy the
49:07
Speaker 3: team out right three years ago when we got relegated,
49:11
Speaker 3: and then we played in that championship game the first
49:15
Speaker 3: year and lost. Unfortunately, we won the league last year,
49:18
Speaker 3: so we had an automatic promotion and we are back
49:21
Speaker 3: in the Premier League starting August eighteenth will host our
49:26
Speaker 3: first Premier League game, and that it is the toughest
49:30
Speaker 3: league in sports. Right You're competing against not just other teams,
49:34
Speaker 3: but you have sovereign wealth funds that owned teams. You
49:38
Speaker 3: have to be very very smart in order to be
49:40
Speaker 3: able to keep your team up and work very very
49:43
Speaker 3: hard and very very diligently. And that's a very very
49:46
Speaker 3: difficult league to win. But we're hoping to make ourselves
49:50
Speaker 3: a mainstay in the Premier League and keep building and growing.
49:55
Speaker 3: We've loved soccer global football so much. There's an opportunity
50:00
Speaker 3: some of our investors with leads to buy Glasgow Rangers,
50:05
Speaker 3: which is a great, great storied franchise in Scottish football.
50:11
Speaker 3: The one team has kind of dominated the Scottish League
50:14
Speaker 3: for the last decade plus. Who is our biggest rival,
50:20
Speaker 3: and they need a little bit of competition, so we're
50:23
Speaker 3: gonna We're gonna bring them some competition.
50:25
Speaker 1: So outside of the US, football is soccer, yes, all
50:30
Speaker 1: around the world.
50:32
Speaker 2: All around this is the only place where it's not.
50:35
Speaker 1: And the players in soccer football outside of the US
50:39
Speaker 1: our household names outside the US, yes, just like our
50:44
Speaker 1: players here household names in the US absolutely very quickly.
50:49
Speaker 1: I know we got it. We're coming short on time,
50:51
Speaker 1: and thanks so much for this time. This has been
50:52
Speaker 1: really beautiful. Jed, can you give people a snapshot of
50:55
Speaker 1: the economic how the economics are different owing a soccer
50:58
Speaker 1: team from owning an NFL team, and then we're going
51:03
Speaker 1: to wrap up with any advice you have for builders, leaders, investors,
51:08
Speaker 1: people were trying to come up in this aspiration generation
51:11
Speaker 1: to try to become a Jed York in the making
51:14
Speaker 1: of John O'Brien and the making you know whatever, whoever
51:17
Speaker 1: the hero Sheiro happens to be just in with some
51:20
Speaker 1: some thoughtful advice you might give to them. But let's
51:24
Speaker 1: get this the what's there between the soccer team, owning
51:26
Speaker 1: a soccer team is economics and a US based NFL team.
51:32
Speaker 3: So a soccer team, you have global rights, so you
51:37
Speaker 3: can sell jerseys, you can sell your your brand anywhere
51:41
Speaker 3: and everywhere. The NFL it's that so there's a there's
51:45
Speaker 3: a huge global opportunity, but you have to be good
51:47
Speaker 3: enough for somebody in China or somebody on Australia to
51:51
Speaker 3: care about your soccer team, right, and Leeds has a
51:54
Speaker 3: big piece of that brand Rangers has a big piece
51:57
Speaker 3: of that brand. We just need to make sure that
52:00
Speaker 3: they continue to perform well on the pitch and continue
52:02
Speaker 3: to perform better to continue to build and grow that.
52:06
Speaker 3: But it's like anything, American football and global football are
52:09
Speaker 3: the same. Like if if you can't create a great
52:11
Speaker 3: atmosphere in your stadium, like that's where it starts, right,
52:15
Speaker 3: No one wants to watch something on television if people
52:17
Speaker 3: aren't going to go to the game, And like I
52:20
Speaker 3: will put Leads and Rangers up against anyone in the world.
52:25
Speaker 3: Their fans are the best of the best, and to
52:29
Speaker 3: be able to watch a game in either one of
52:31
Speaker 3: their stadiums, it's just it's a life changing experience. And
52:37
Speaker 3: I think we can continue to do great things with
52:40
Speaker 3: those brands and great things with those clubs and continue
52:43
Speaker 3: to build them. And it's you know, there's obviously long
52:46
Speaker 3: term asset appreciation. You know, teams trade for maybe one
52:50
Speaker 3: to two times revenue in the smaller in the lower divisions,
52:53
Speaker 3: and as you continue to build and grow, they can
52:56
Speaker 3: trade from three day eight x revenue news and your
53:00
Speaker 3: revenues increase significantly the higher up you get in the
53:04
Speaker 3: leagues like that, that playoff game that I talked about
53:08
Speaker 3: where there's a playoff from the third through the sixth
53:10
Speaker 3: team in the second division in English football. They call
53:14
Speaker 3: that it's like I think it's now like the two
53:16
Speaker 3: hundred million pound game because that's the revenue increase that
53:19
Speaker 3: you get from television from going from the second division
53:22
Speaker 3: to the first division.
53:23
Speaker 1: Wow.
53:23
Speaker 3: So that's there's there's a great book called The Club
53:27
Speaker 3: that sort of explains the history of the business of
53:32
Speaker 3: global soccer and English football and how things have changed.
53:36
Speaker 3: But that's a great read for anybody. That's the plan
53:40
Speaker 3: the business aspects of the English Premier League. But there's
53:46
Speaker 3: with our brand, with the forty nine ers and great
53:48
Speaker 3: global brands and soccer and global soccer, there's just so
53:52
Speaker 3: much more that we can do together and taking our
53:54
Speaker 3: expertise and running a sports team and making sure that
53:57
Speaker 3: we take the experiences that you have at those stadiums
54:01
Speaker 3: today and continue to increase them and continue to make
54:03
Speaker 3: them better. I think you're going to see a great
54:06
Speaker 3: return on your investment. But this is not a widget business, right.
54:12
Speaker 3: I would much rather be involved in sports. There's a
54:14
Speaker 3: lot of ways to make money for people out there,
54:16
Speaker 3: and you may not ever have the opportunity to invest
54:18
Speaker 3: in a sports team. But if you do, you have
54:22
Speaker 3: to have passion for the team that you're involved with.
54:26
Speaker 3: You have to want to win, or number one, you're
54:30
Speaker 3: just not gonna have any fun. And number two, I
54:32
Speaker 3: don't think you're going to make that much money because
54:35
Speaker 3: at the end of the day, it's an entertainment.
54:37
Speaker 2: Product and your fans will win.
54:40
Speaker 3: And if you don't have that passion to go win,
54:42
Speaker 3: you're never going to see a financial return.
54:45
Speaker 1: It's the sports business, the business of sports brilliant. And
54:51
Speaker 1: so what I heard you say is soccer football outside
54:56
Speaker 1: the US is pure capitalism as it relates to the
55:01
Speaker 1: US based version of this, which is more socio capitalism
55:05
Speaker 1: in the sense that you're sharing revenue in front and
55:09
Speaker 1: licensing rights with others. You got to sort of collaborate
55:12
Speaker 1: with soccer. You do as you want within the rules.
55:15
Speaker 3: Yes, globally, and I mean even within the rules, like
55:19
Speaker 3: their rules are are much much further out than what
55:24
Speaker 3: any global and any American sports league is. There's still
55:28
Speaker 3: people that break rules that like aren't aren't even written right.
55:33
Speaker 3: You just have people that are spending a lot of
55:35
Speaker 3: money that they shouldn't be spending. There's some it's too
55:39
Speaker 3: complicated to get into, but financial fair play, you're only
55:41
Speaker 3: allowed to spend so much money. You're only allowed to
55:43
Speaker 3: lose so much money based off of how much revenue
55:45
Speaker 3: you have coming in. And there are people that try
55:48
Speaker 3: to game that system, and you see those people get
55:52
Speaker 3: dock points every once in a while. But if that
55:55
Speaker 3: was the NFL, if some of the things that happened
55:58
Speaker 3: in the English Premier League happin in the n f L,
56:01
Speaker 3: Roger would would take people to task. And then I
56:04
Speaker 3: don't know that that happens in in in global football,
56:08
Speaker 3: in soccer the same.
56:09
Speaker 1: So you me so excited about soccer. Now I'm gonna
56:13
Speaker 1: I'm going. I'm going with you to one of these
56:15
Speaker 1: few games. I'm just going to tag along. This is great.
56:19
Speaker 1: So look, let's let's uh before you kick me out,
56:22
Speaker 1: before your office says you got to go to another
56:24
Speaker 1: appointment and thank you so much for this time. What
56:26
Speaker 1: do you have to say to people who are strivers
56:29
Speaker 1: who didn't get the memo? But as you and I
56:31
Speaker 1: well know as Milki, as Michael Milkin has said that
56:35
Speaker 1: intelligence is equally distributed, but opportunity is not. And one
56:39
Speaker 1: thing one of the things you and I both anguish over.
56:42
Speaker 1: And that's why when we are together, you and I
56:44
Speaker 1: both will talk to the waiter, We'll say hello, to
56:45
Speaker 1: the to the to the bellman, will stop and talk
56:49
Speaker 1: to anybody because we realize we've been blessed and other
56:53
Speaker 1: people are stressed. What advice do you have as somebody
56:56
Speaker 1: who's gone And I'm sure you were underestimated because you
56:59
Speaker 1: were the for the family. They just dismissed you because
57:02
Speaker 1: you're a young person. Oh, they're just giving us to him.
57:05
Speaker 1: And you have to prove yourself and your own worth
57:08
Speaker 1: on your own terms and get your own respect. What
57:11
Speaker 1: advice do you have for people coming up?
57:14
Speaker 3: Look, you're going to fail, and if you're not willing
57:18
Speaker 3: to fail, like the bigger you're willing to fail, the
57:21
Speaker 3: more you're willing to achieve able to achieve. And I
57:26
Speaker 3: see it all the time where I have a few
57:32
Speaker 3: students that I try to mentor and you know, somebody
57:36
Speaker 3: said something to me very nice, like you said that
57:38
Speaker 3: I'm the nicest billionaire that you know. There's only like,
57:41
Speaker 3: however many billionaires, So hopefully I strive to be one
57:44
Speaker 3: of the nicest people.
57:45
Speaker 2: I don't think it's that hard to.
57:46
Speaker 3: Be one of the nicest billionaires to a low bar, right,
57:51
Speaker 3: But I was talking to a young student who she's.
57:54
Speaker 1: More of a nicer kind by the way, good.
57:57
Speaker 3: Thank you kind. That's probably right nice. My wife would
58:01
Speaker 3: definitely say.
58:04
Speaker 1: Folks negotiating with you wouldn't say you're nice, but they
58:07
Speaker 1: I would say you're kind.
58:10
Speaker 3: I know for me, my family built two buildings at
58:13
Speaker 3: the University of Notre Dame. I went to Notre Dame,
58:15
Speaker 3: so it's very easy to say, like, you got in
58:18
Speaker 3: here for this reason, that reason, whatever.
58:20
Speaker 2: That's fine.
58:20
Speaker 3: People can say whatever they want, like I graduated with honors.
58:24
Speaker 3: No one let me graduate with honors, right, And somebody
58:28
Speaker 3: can say to you, oh, well, the color of your
58:30
Speaker 3: skin and you got in for this, and you know
58:32
Speaker 3: there's this and that, Like that's great. You can say
58:34
Speaker 3: whatever you want, like what you've achieved. No one gave
58:38
Speaker 3: you your achievements like you've earned them.
58:41
Speaker 2: And that's where I.
58:43
Speaker 3: Would tell anybody, don't worry about what people say. Don't
58:46
Speaker 3: worry about whatever failures happened, because they're going to happen.
58:50
Speaker 3: You look at the statistics of billionaires. Most people aren't
58:52
Speaker 3: billionaires until they're in their fifties or sixties, right, My
58:56
Speaker 3: grandfather are millionaires, by the way, Yes, And it is
59:00
Speaker 3: like it's it sounds cliche, but like the first million,
59:04
Speaker 3: the first whatever is always the hardest to make. And
59:07
Speaker 3: then once you figure out what you love and you
59:10
Speaker 3: figure out how to be really really good at that,
59:13
Speaker 3: it is so much easier to continue to build and grow.
59:16
Speaker 2: And I see it.
59:17
Speaker 3: A great friend of mine and I we talk about it,
59:20
Speaker 3: especially with athletes, right, Like they become black belts in
59:23
Speaker 3: what they do, and a lot of athletes struggle because
59:26
Speaker 3: they don't know how to go back to being a
59:28
Speaker 3: white belt in entrepreneurship, in whatever else. So if you're
59:34
Speaker 3: willing to go back to being a white belt and
59:36
Speaker 3: you've already figured out how to be a black belt
59:38
Speaker 3: and you know that process to get there, you're going
59:41
Speaker 3: to get there much quicker than other people. But you
59:44
Speaker 3: always have to go back to being a white belt.
59:47
Speaker 3: You always have to start from the beginning. And the
59:50
Speaker 3: more time and effort you're willing to put into something
59:53
Speaker 3: at the beginning and something that you love, the much
59:56
Speaker 3: more you can achieve and don't worry about whatever that
1:00:00
Speaker 3: struggle is for a year for three years, for five years.
1:00:03
Speaker 3: It is worth it if you're willing to go put
1:00:06
Speaker 3: that time and effort into it to achieve what you want.
1:00:09
Speaker 1: Now I understand why you called me. You were a
1:00:11
Speaker 1: white build in social justice. You were you were a
1:00:15
Speaker 1: white built in race relations. You were a white build
1:00:18
Speaker 1: and stupid people doing stupid things that you didn't understand.
1:00:22
Speaker 1: You were a white built in and going and people
1:00:26
Speaker 1: going backwards. And you're trying to become a black built
1:00:29
Speaker 1: in solution so that you can be a bridge for others.
1:00:33
Speaker 1: And I thank you for that.
1:00:35
Speaker 3: I mean, you've been a wonderful, wonderful teacher, and I've
1:00:38
Speaker 3: had a lot of other great mentors, and that's probably
1:00:42
Speaker 3: the best experience I've had, is giving back to young
1:00:47
Speaker 3: people and being a mentor. Like I've been a mentee,
1:00:50
Speaker 3: and I still try to find mentors for myself. But
1:00:53
Speaker 3: when you can have both, when you have mentors and
1:00:56
Speaker 3: mentees like I don't know that there's a better situation
1:01:00
Speaker 3: in that in the world and being able to give back.
1:01:02
Speaker 3: And that's what I tell anybody that is a mentee.
1:01:05
Speaker 3: So you know, you don't know me anything except when
1:01:07
Speaker 3: you're as old as I am, when you're forty four.
1:01:10
Speaker 3: Please please pay this forward and give this to somebody else.
1:01:14
Speaker 1: Yes, uh, and you've been You're also a very good friend.
1:01:19
Speaker 1: And my staff, my team was all excited about you
1:01:23
Speaker 1: coming over. Like Jay was like, they don't do it.
1:01:26
Speaker 1: He doesn't do this very often, Like you don't see
1:01:28
Speaker 1: Ja doesn't do an interview. I said, really, all right,
1:01:30
Speaker 1: we talk all the time. But thanks for trusting me
1:01:33
Speaker 1: and for sharing with this audience. I think a lot
1:01:35
Speaker 1: of people will get a lot out of this. The
1:01:37
Speaker 1: whole black belt going to white belt to get back
1:01:40
Speaker 1: up the black belt in a different area, to bucket
1:01:43
Speaker 1: to sort of buckle up, go up, and then be
1:01:46
Speaker 1: willing to unbuckle, come down to a new space, buckle
1:01:50
Speaker 1: up again, come back up a new mountain. I mean
1:01:52
Speaker 1: to do that repeatedly, and I mean that's that's that's
1:01:56
Speaker 1: a masterclass all by itself.
1:01:58
Speaker 3: Well, I'll plug my buddy Targe his book and Power.
1:02:01
Speaker 3: I'm one of the chapters in it that that's Tark. Yeah,
1:02:04
Speaker 3: so I you know, even send me that's my age.
1:02:06
Speaker 3: He's a year younger.
1:02:10
Speaker 1: Target black.
1:02:11
Speaker 3: No, he's he's from Afghanistan. Originally that's honorary black. He
1:02:17
Speaker 3: read that book as well. But that's that's the key.
1:02:20
Speaker 3: You ought to be willing to learn and grow and
1:02:22
Speaker 3: that that's what keeps you young.
1:02:25
Speaker 1: Well. I love you, man, and my love to the family.
1:02:28
Speaker 1: Thanks for this time you've you've you've put some pebbles
1:02:31
Speaker 1: out into the universe, into the water that will create
1:02:34
Speaker 1: ripples and turn into waves of opportunity as people have
1:02:38
Speaker 1: taken this and will listen and I'm sure re listen
1:02:40
Speaker 1: to pieces of this, share with their family and figure
1:02:44
Speaker 1: out how they can become and their children can become
1:02:47
Speaker 1: the Jed Yorks of the future. I love you, man,
1:02:50
Speaker 1: this love it.
1:02:51
Speaker 2: Thank you so much.
1:02:52
Speaker 1: This is the Black Effect Network and iHeartRadio and season two,
1:02:56
Speaker 1: Money and Wealth with John O'Bryant. We're Out. Money and
1:03:14
Speaker 1: Wealth with John O'Brien is a production of the Black
1:03:17
Speaker 1: Effect podcast Network. For more podcasts from the Black Effect
1:03:20
Speaker 1: Podcast Network, visit the iHeartRadio app, Apple Podcasts, or wherever
1:03:25
Speaker 1: you listen to your favorite shows.