创始人谈第六街体育帝国背后的体育投资逻辑 | 2026.5.
字幕摘录
| 时间 | 英文 | 中文 |
|---|---|---|
| 0:05 | MLB,NBA,NFL (英语). | |
| 0:06 | Do you think in our lifetime, the three of us, | 你觉得在我们这一辈子 我们三个人 |
| 0:08 | there will ever be institutional capital | 将永远有机构资本 |
| 0:10 | that takes full control of one of those 92 teams? | 完全控制了92支队伍中的一支? |
| 0:13 | Within those three leagues, it will happen in our lifetime, | 在那三个联赛里 我们这辈子都会这样 |
| 0:17 | but there needs to be substantial infrastructure | 但需要大量基础设施 |
| 0:20 | and real estate adjacency to justify these valuations. | 和房地产作为这些估价理由的附带条件。 |
| 0:23 | Otherwise, these valuations are going to turn out | 否则,这些估价结果 |
| 0:25 | to be probably too high. | 也许太高了 |
| 0:34 | All right, Alex, we're back at Bloomberg Invest. | 好吧,亚历克斯,我们回到彭博投资。 |
展开字幕全文（608 条）
| 序号 | 英文 | 中文 |
|---|---|---|
| 1 | MLB,NBA,NFL (英语). | |
| 2 | Do you think in our lifetime, the three of us, | 你觉得在我们这一辈子 我们三个人 |
| 3 | there will ever be institutional capital | 将永远有机构资本 |
| 4 | that takes full control of one of those 92 teams? | 完全控制了92支队伍中的一支? |
| 5 | Within those three leagues, it will happen in our lifetime, | 在那三个联赛里 我们这辈子都会这样 |
| 6 | but there needs to be substantial infrastructure | 但需要大量基础设施 |
| 7 | and real estate adjacency to justify these valuations. | 和房地产作为这些估价理由的附带条件。 |
| 8 | Otherwise, these valuations are going to turn out | 否则,这些估价结果 |
| 9 | to be probably too high. | 也许太高了 |
| 10 | All right, Alex, we're back at Bloomberg Invest. | 好吧,亚历克斯,我们回到彭博投资。 |
| 11 | Massive conversation on stage, | 舞台上的大规模谈话, |
| 12 | live taping at The Deal with Alan Waxman, | 与艾伦·瓦克斯曼的交易现场直播 |
| 13 | co-founder, CEO of Sixth Street Partners. | 第六街合作伙伴的首席执行官 |
| 14 | They own across lots of sports, | 他们拥有很多运动, |
| 15 | but I know there's one deal you're especially interested in. | 但我知道有一个交易 你特别感兴趣。 |
| 16 | I am, and that's his acquisition | 我是,这是他的收购 |
| 17 | of a minority stake of the New England Patriots. | 新英格兰爱国者的少数利益。 |
| 18 | And I want to know how he cracked the code | 我想知道他是如何破解密码的 |
| 19 | with Robert and Jonathan Kraft, | 罗伯特和乔纳森・克拉夫特 |
| 20 | who are in Mount Rushmore of my ownership groups. | 他们正在拉什莫尔山 我的所有权团体。 |
| 21 | He's also done deals across soccer, basketball, | 他还做了足球,篮球, |
| 22 | and baseball, so I have a prediction. | 和棒球, 所以我有一个预测。 |
| 23 | You guys are going to fix baseball. | 你们要修棒球 |
| 24 | Okay, let's go. | 好吧,我们走。 |
| 25 | All right, let's do it. | 好吧,让我们做到这一点。 |
| 26 | Please welcome to the stage Alan Waxman | 欢迎来到舞台 艾伦·瓦克斯曼 |
| 27 | for a live taping of The Deal | 以现场录制交易 |
| 28 | with Bloomberg's Jason Kelly and Alex Rodriguez. | 与彭博社的杰森·凯利和亚历克斯·罗德里格斯. |
| 29 | Alan Waxman, great to see you. | 艾伦·瓦克斯曼 很高兴见到你 |
| 30 | I want to set the table a little bit | 我想把桌子摆好一点 |
| 31 | and talk about Sixth Street, your firm, | 谈谈第六街,你的律所 |
| 32 | because I think it's hard to understand, Alex, | 因为我觉得很难理解 Alex |
| 33 | the context of what you're doing in sports | 在体育领域你所做的事的背景 |
| 34 | without understanding the context of the firm | 不理解公司的背景 |
| 35 | and even some of what's going on in the world right now. | 甚至有些事情 发生在现在的世界。 |
| 36 | So 30 seconds, give or take. | 因此,30秒,给予或采取。 |
| 37 | What's the Sixth Street investing ethos? | 第六街投资道德是什么. |
| 38 | Complete flexibility. | 完全灵活 |
| 39 | We invest across, from day one, built the firm | 我们从第一天开始投资 兴建公司 |
| 40 | to invest across asset classes, geographies, sectors. | 在资产类别、地理、部门之间进行投资。 |
| 41 | Where's the best relative risk award? | 最好的相对风险奖在哪里? |
| 42 | And we do that by having a team and a culture | 我们通过团队和文化来做到这一点 |
| 43 | of people that are over themselves. | 以自足者发誓, |
| 44 | No egos, no BS, no politics, no fiefdoms. | 没有自我,没有BS,没有政治,没有领地。 |
| 45 | We built our architecture | 我们建造了我们的建筑 |
| 46 | to be an investor first architecture. | 成为投资第一建筑。 |
| 47 | So we didn't build it to raise the bigger and biggest funds. | 因此,我们建造它不是为了筹集更大和最大的资金. |
| 48 | We raised smaller strategy funds | 我们筹集了较小的战略资金 |
| 49 | so that we raised those funds to the size of the opportunity | 这样我们就能把资金筹集到机会上 |
| 50 | and then we have extensive capabilities. | 然后我们拥有广泛的能力。 |
| 51 | And that's how we built our firm from day one. | 我们从第一天起就这么建公司 |
| 52 | That allows us to look across ecosystems | 这样我们就能跨越生态系统 |
| 53 | and to find the best teams and the best opportunities. | 寻找最好的团队和最佳机会 |
| 54 | Wax, you were one of the early, early movers in sports | 蜡,你是早期运动家之一 |
| 55 | and you saw this early. | 而且你很早就看见了 |
| 56 | You made that early acquisition, | 你早年就收购了 |
| 57 | getting into the San Antonio Spurs right after COVID. | 在COVID之后进入圣安东尼奥斯普尔斯 |
| 58 | But as a co-owner today, | 但作为今天的共同所有者, |
| 59 | I have my Mount Rushmore of owners. | 我有我的拉什莫尔山的主人。 |
| 60 | And two that sit right on top of that list | 两个坐在名单的顶端 |
| 61 | are Robert and Jonathan Kraft. | 是罗伯特和乔纳森・克拉夫特 |
| 62 | I am fascinated by this deal. | 我对这个交易很着迷 |
| 63 | How did it start? | 怎么开始的? |
| 64 | Do you call Robert? | 你打电话给罗伯特吗? |
| 65 | Does Jonathan call you? | 乔纳森给你打电话了吗? |
| 66 | Walk us through it. | 带我们穿过它。 |
| 67 | First of all, I spoke to Robert and Jonathan before this | 首先 我跟罗伯特和乔纳森谈过了 |
| 68 | and they speak so highly of Alex. | 他们对亚历克斯评价很高 |
| 69 | So you've got some big fans there. | 所以,你有一些大粉丝在那里。 |
| 70 | My name didn't come up just for the record, but go on. | 我的名字不只是为记录,而是继续。 |
| 71 | So by the way, Jason's super talented too. | 顺便说一下,杰森的超级天才也。 |
| 72 | Thank you, I really appreciate that. | 谢谢,我真的很感激。 |
| 73 | I talked to a lot of people before this | 我之前跟很多人谈过了 |
| 74 | and they said you're super talented too. | 他们说你也很有才华 |
| 75 | Look, this all starts, so we went through just context. | 听着,这一切开始, 所以我们经历了 公正的上下文。 |
| 76 | The NFL didn't allow private equity or private capital | NFL不允许私募股权或私人资本 |
| 77 | because we don't really think of ourselves | 因为我们没有真正想到自己 |
| 78 | as a private equity firm. | 作为私募股权公司。 |
| 79 | But they didn't allow institutional investors. | 但他们不允许机构投资者。 |
| 80 | So the NFL ran this big process. | 因此NFL运行了这个大过程. |
| 81 | Some might say it was a proctology exam. | 可能有人会说这是个造型测试 |
| 82 | And you go through a process where they're trying to select | 你经历一个过程 他们试图选择 |
| 83 | two, three, four people that have sort of a golden key | 二、三、四个人都有金钥匙 |
| 84 | 投资NFL。 | |
| 85 | But coming out of that process, the CFO, | 但从这个过程中出来,CFO, |
| 86 | I don't think I've ever told this story publicly, | 我想我从没公开讲过这个故事 |
| 87 | but the CFO of the NFL, Joe Sinclair, | 但是NFL的首席财务官 乔·辛克莱 |
| 88 | this is after we got approved, | 这是在我们获得批准后 |
| 89 | basically sent me an email. | 基本上给我发了封邮件 |
| 90 | I said, hey, and he was kind of the front lines | 我说,嘿, 他是那种前线 |
| 91 | of their due diligence on us and others. | 他们对我们和其他人的尽职调查 |
| 92 | And he said, hey, have you ever met Robert and Jonathan? | 他说,嘿,你见过罗伯特和乔纳森吗? |
| 93 | I think you culturally would get along with them. | 我想你在文化上会和他们相处的 |
| 94 | You should meet them. | 你应该见见他们 |
| 95 | And they weren't looking to do minority equity investment. | 他们不想投资少数股权 |
| 96 | So he connected us. | 所以他把我们联系起来了 |
| 97 | We got together. | 我们在一起了 |
| 98 | And I'm summarizing this, but literally instantaneously, | 我总结一下,但实际上瞬间, |
| 99 | it almost felt like family where we had alignment | 感觉就像一家人 我们在一起 |
| 100 | on team values, team culture, and clarity of purpose, | 关于团队价值、团队文化以及明确目的, |
| 101 | which obviously you see the results | 很明显你看到了结果 |
| 102 | of what the New England Patriots had done. | 新英格兰爱国者组织所做的一切 |
| 103 | But what you don't see is all the little things, | 但你没有看到的一切 都是小事, |
| 104 | those micro things they did in terms | 那些微小的事物,他们做了 |
| 105 | of running the organization. | 管理组织。 |
| 106 | And we just clicked right away. | 我们刚刚点击了一下 |
| 107 | And that's, by the way, consistent. | 顺便说一句,这是一致的。 |
| 108 | When you look at all the other sports teams | 当你看到所有其他的运动队 |
| 109 | we've invested in, they're all global champions. | 我们投资过 他们都是全球冠军 |
| 110 | Real Madrid, Barcelona, San Francisco Giants, | 真正的马德里 巴塞罗那 旧金山巨人 |
| 111 | San Antonio Spurs, Boston Celtics, | 圣安东尼奥·斯普尔斯 波士顿凯尔特人 |
| 112 | like there's a theme here. | 就像这里有个主题 |
| 113 | But the one common denominator between all of them | 但他们唯一的共同点 |
| 114 | is alignment on culture, values, and clarity of purpose. | 协调文化、价值观和明确目标。 |
| 115 | I have a quick follow-up on that for you, Wax. | 我有一个快速的后续 为你,蜡。 |
| 116 | So once you get through all the hugging and family | 所以一旦你通过所有的拥抱和家人 |
| 117 | and alignment, alignment and pricing, | 调整、调整和定价, |
| 118 | do they say nine, do you say six? | 他们说九,你说六? |
| 119 | Does it go back and forth, or is that more, | 是来回的 还是更多 |
| 120 | here's what we're looking for, you agree? | 这就是我们要找的,你同意吗? |
| 121 | The way that we do business and the way | 我们做生意的方式和方式 |
| 122 | that I think the crafts do business, | 我认为工艺是生意 |
| 123 | both Rob and Jonathan, is this is a long-term relationship. | 罗布和乔纳森都是长期关系 |
| 124 | And the last thing we do in getting a partner | 还有最后一件事,我们得到一个伙伴 |
| 125 | is a back and forth, you kind of know what's fair, | 是一个前后,你知道什么是公平的, |
| 126 | and you're just trying to solve for fairness. | 你只是想公正解决 |
| 127 | And it was a very short conversation. | 谈话时间很短 |
| 128 | And we agreed on it, we got in business together. | 我们同意了 我们一起做生意 |
| 129 | But you can just tell, by the way, it's not just sports, | 但你可以直言不讳地说 这不仅仅是运动 |
| 130 | it's any company we invest in. | 这是我们投资的任何公司。 |
| 131 | You can get a sense when you're in the meeting, | 当你在开会的时候,你可以感觉到 |
| 132 | you're watching the way they treat their employees, | 你看着他们对待员工的方式, |
| 133 | the way they treat junior people. | 他们对待年轻人的方式。 |
| 134 | You talk to different people in the company or the teams. | 你和公司或团队里不同的人交谈 |
| 135 | Are they all saying the same things? | 他们都这么说吗? |
| 136 | Are they saying seven different things? | 他们在说七件事吗? |
| 137 | And you can tell by just meeting everyone | 你只要和大家见面就能知道 |
| 138 | what that culture is, what the values are, | 文化是什么,价值观是什么, |
| 139 | and obviously do they have clarity of purpose. | 他们显然有明确的目的。 |
| 140 | And so let's talk about investing in the NFL | 让我们来谈谈投资NFL |
| 141 | because you rightly pointed out this was a long process. | 因为你正确地指出 这是一个漫长的过程。 |
| 142 | The NFL was really the last of the major | 国家橄榄球联盟是最后的 |
| 143 | North American leagues and almost any league in the world | 北美联赛和世界上几乎所有的联赛 |
| 144 | to really embrace institutional capital. | 真正接受机构资本。 |
| 145 | But what was it about this particular deal financially? | 但这笔交易在财务上又是怎么回事? |
| 146 | And as you figured out how to underwrite this | 当你想出如何承担这个 |
| 147 | and did the diligence, what was it about this franchise | 并尽了最大的努力, 什么是关于这个特许经营权 |
| 148 | and this sport that made it a compelling investment | 和这项运动 使它成为 令人信服的投资 |
| 149 | as a minority shareholder? | 作为少数股东? |
| 150 | No rights. | 没有权利。 |
| 151 | I mean, this is, you're in it, but they're running it. | 我的意思是,这是,你在里面, 但他们运行它。 |
| 152 | Look, the first thing is like, | 听着,第一件事是, |
| 153 | what's the durability of the league? | 联盟的持久性是什么? |
| 154 | What's the leadership of the league? | 联盟的领导是什么? |
| 155 | They're A plus. | 他们是A+。 |
| 156 | Like all you have to do is spend time with Roger. | 就像你要做的就是和罗杰呆在一起 |
| 157 | Roger Goodell. | 罗杰古德尔 |
| 158 | Yeah, I mean, he's, sorry, Roger Goodell. | 是的,我的意思是,他,对不起,罗杰古德尔。 |
| 159 | I mean, he's, and the people blown, the owner, | 我的意思是,他是, 和人们吹,主人, |
| 160 | it's a world-class organization. | 这是一个世界级的组织。 |
| 161 | Then you get into sort of the market, | 然后进入市场 |
| 162 | you know, the Boston sports market. | 波士顿体育市场 |
| 163 | We're also, the Boston Celtics, | 我们也是波士顿凯尔特人 |
| 164 | like it's a great sports market. | 就像它是一个伟大的体育市场。 |
| 165 | It's a great fan base. | 这是一个伟大的粉丝基地。 |
| 166 | And look, I think with all these- | 听着,我想这些... |
| 167 | You are in New York, just as a reminder. | 你是在纽约,只是提醒。 |
| 168 | New York's a great- | 纽约是一个伟大的 - |
| 169 | Red Sox are next. | 红袜是下一个。 |
| 170 | By the way, we're partners with the New York Yankees | 顺便说一句 我们是纽约洋基队的搭档 |
| 171 | and they're great fan base too. | 他们也是伟大的粉丝基地。 |
| 172 | It's not exclusive. | 非独有. |
| 173 | Everyone's got their own cultures. | 每个人都有自己的文化. |
| 174 | But look, I think at the end of the day, | 但听着,我觉得最后, |
| 175 | like for us, like the league itself, | 就像我们, 就像联盟本身, |
| 176 | the durability of the league, | 联盟的持久性, |
| 177 | the international expansion opportunities, | 国际扩张机会, |
| 178 | the fact that just all these brands historically, | 历史上所有这些品牌 |
| 179 | if you go back 20 years ago, | 如果你回到20年前, |
| 180 | these brands were local brands. | 这些品牌是当地品牌。 |
| 181 | You have to get the local right. | 你必须要得到当地的权利。 |
| 182 | But once you have the local right, | 但一旦你拥有当地的权利 |
| 183 | the global opportunity for all these brands, | 所有这些品牌的全球机会, |
| 184 | like take Wimby, like we're investing in the Santos Spurs. | 比如说把温比带走 就像我们在投资桑托斯喷泉 |
| 185 | I went last year when they were playing in Paris, | 我去年去巴黎玩的时候 |
| 186 | it was literally like an NBA finals game. | 它就像NBA决赛一样 |
| 187 | So you've just turned on an entire country. | 所以你刚刚打开了整个国家。 |
| 188 | And that's happening all over the place. | 则一切众生. |
| 189 | And the NFL, those opportunities, | 和NFL,这些机会, |
| 190 | the international opportunities are the same. | 国际机会是一样的。 |
| 191 | So look, for us, it was pretty easy. | 所以看,对我们来说,这很简单。 |
| 192 | But again, this wasn't a competitive process. | 但是,这又不是一个竞争的过程。 |
| 193 | It was a handshake. | 这是一个握手。 |
| 194 | It was a set of relationships. | 这是一套关系。 |
| 195 | And that's how almost all of our deals | 这就是我们几乎所有的交易 |
| 196 | have happened in the sports ecosystem. | 发生在运动生态系统中 |
| 197 | How do you think private equity, | 你觉得私募股权怎么样? |
| 198 | private capital has performed so far? | 私人资本已经做了吗? |
| 199 | Has it been about what you thought it would be | 是因为你想的 |
| 200 | in terms of the uptake from the teams, | 就小组的吸收而言, |
| 201 | the uptake from the funds? | 资金的吸收? |
| 202 | Like where is it now? | 像现在在哪里? |
| 203 | Where does it go next? | 接下来呢? |
| 204 | I think it's happened about kind of what we'd expect. | 我想这和我们期望的一样 |
| 205 | Because it's been fairly minimal. | 因为它是相当微小。 |
| 206 | Yeah, I think about what we would expect. | 是啊,我想到什么我们会期望。 |
| 207 | I think the challenge is, | 我认为挑战在于, |
| 208 | and this is why I think there's an important delineation | 这就是为什么我认为有一个重要的界限 |
| 209 | between private equity and private capital. | 私人股本和私人资本之间。 |
| 210 | Yeah. | 对 |
| 211 | Because a lot of private equity capital, | 因为很多私人股本资本, |
| 212 | the liability or the fund structures, | 负债或基金结构, |
| 213 | you have to sell the asset in five to seven years. | 您必须在5到7年内出售资产。 |
| 214 | That is a terrible, | 这是可怕的, |
| 215 | that is a terrible idea for investing a sports team, | 这是一个可怕的想法 投资体育队, |
| 216 | whether it's a control or minority. | 无论是控制还是少数 |
| 217 | So our vehicle, we have very patient capital, | 所以我们的车,我们有非常耐心的资本, |
| 218 | which is why I think that really matters. | 这就是为什么我觉得这真的很重要。 |
| 219 | You know, a lot of these guys owning these teams, | 你知道,很多这些家伙 拥有这些团队, |
| 220 | they don't have to sell. | 他们不用卖 |
| 221 | Like they don't have to do anything. | 好像他们什么都不用做 |
| 222 | And some of them just want good partners. | 他们中有些人只是想要好伙伴 |
| 223 | So it's kind of happened what I expect. | 因此,它有点发生 我期望。 |
| 224 | I would expect over time, evaluations continue to increase. | 我预计随着时间的推移,评估将继续增加。 |
| 225 | It's just going to continue to grow. | 只会继续增长. |
| 226 | But, and this is really, I think the next wave of sports | 但是,这是真的, 我认为下一波运动 |
| 227 | is there needs to be substantial infrastructure | 需要大量基础设施 |
| 228 | and real estate adjacency investment | 和房地产附带投资 |
| 229 | to justify these valuations. | 说明这些估价的理由。 |
| 230 | Otherwise these valuations are going to turn out to be | 否则这些估价结果将会是 |
| 231 | in a lot of cases, not all cases, probably too high. | 在很多情况下,不是所有的情况, 可能太高。 |
| 232 | I got one more on the NFL, just because it's such a juggernaut. | 我得到了一个NFL, 只是因为它是如此的juggernaut。 |
| 233 | Do you want to go first? | 你想先走吗? |
| 234 | No, I want. | 不,我想这样做。 |
| 235 | I love when you guys flow. | 我喜欢你们流动的时候 |
| 236 | Yeah. | 对 |
| 237 | I love when you guys flow like this. | 我喜欢你们这样流动 |
| 238 | We're like a married couple. | 我们就像一对已婚夫妇。 |
| 239 | Anyways, Wax, when you think about | 总之,Wax,当你想到 |
| 240 | the NFL is such a juggernaut, | 国家橄榄球联盟是这样一个juggernaut, |
| 241 | and when you look at just P&L | 当你看着P&L |
| 242 | and you dig down into just the thesis of an investment, | 你只研究投资的理论 |
| 243 | right, is it, when you look at an NFL team, | 好吧,是的,当你看着NFL球队, |
| 244 | is it the market, is it scarcity, appreciation, cashflow? | 是市场,是稀缺,升值,现金流? |
| 245 | What are the things that excites you in sixth street | 第六街是什么让你兴奋的东西 |
| 246 | about deploying capital in football? | 关于在足球中部署资本? |
| 247 | I think it's all those things. | 我想就是这些 |
| 248 | It's scarcity, obviously different markets matter. | 这是稀缺的,显然不同的市场很重要。 |
| 249 | Ownership, culture, values, clarity of purpose, | 所有权、文化、价值观、目的的明确性、 |
| 250 | that matters, but again, it doesn't take a long time. | 这很重要,但同样, 它不会花很长时间。 |
| 251 | If you look at every youth in the world, | 如果你看看世界上每一个年轻人 |
| 252 | everyone's picking up their phone all the time. | 大家都在接电话 |
| 253 | AI is just gonna continue to consume people's time. | AI会继续消耗人们的时间. |
| 254 | And I think the other thing is that | 我想还有一件事 |
| 255 | the sort of exporting of sports, | 那种体育出口, |
| 256 | particularly global brands and other markets, | 特别是全球品牌和其他市场, |
| 257 | is gonna continue to increase. | 将继续增加。 |
| 258 | And I think, again, I think that's an opportunity | 我想,再说一遍,我觉得这是一个机会 |
| 259 | 为NFL。 | |
| 260 | It's interesting to think about your- | 考虑一下你的... |
| 261 | Can I ask you guys a question? | 我能问你们一个问题吗? |
| 262 | Sure. | 当然 |
| 263 | What do you guys think? | 你们觉得怎么样? |
| 264 | Jason will take any questions. | 杰森会回答任何问题 |
| 265 | Flip that question around. | 把问题翻过来 |
| 266 | How would you guys, you guys talk to a lot of smart people. | 你们怎么跟很多聪明人说话? |
| 267 | How would you guys answer that? | 你们怎么回答? |
| 268 | 赞助NFL? | |
| 269 | Yeah. | 对 |
| 270 | I mean, I'll answer because you prodded me into it. | 我的意思是,我会回答 因为你让我投入其中。 |
| 271 | It's really hard to do. | 这真的很难做。 |
| 272 | I mean, I think that the point you made | 我的意思是,我认为 你提出的观点 |
| 273 | about the international opportunity, | 关于国际机会, |
| 274 | I think is one that was underappreciated | 我觉得是被低估了 |
| 275 | 长期与NFL. | |
| 276 | And I think even the NFL didn't quite fully appreciate | 我觉得连NFL也没有完全感激 |
| 277 | what the market was. | 市场是什么。 |
| 278 | And I think as it's invested more and more, | 我想随着投资的增加 |
| 279 | I did a piece about Shad Khan of the Jaguars | 我做了一篇关于贾瓜人沙德汗的文章 |
| 280 | and Fulham FC a few years ago. | 几年前还有福勒姆FC |
| 281 | And understanding through his eyes, | 和通过他的眼睛理解, |
| 282 | he was obviously a pioneer with the London-based games. | 他显然是伦敦游戏的先驱 |
| 283 | I think that international piece, | 我认为,国际作品, |
| 284 | I mean, I know you spent a lot of time | 我的意思是,我知道你花了很多时间 |
| 285 | with Roger Goodell and others. | 和罗杰·古德尔等人 |
| 286 | I mean, that seems to be the real growth market | 我的意思是,这似乎是真正的增长市场 |
| 287 | in terms of both fans and really, | 无论是粉丝还是真的 |
| 288 | the technology is such. | 技术是这样的。 |
| 289 | And I think you, and we'll talk about this, | 我想你,我们会谈论这一点, |
| 290 | I think in the NBA section too. | 我想在NBA的部分。 |
| 291 | If you can truly globalize American football, | 如果你能真正把美国足球全球化 |
| 292 | I mean, good Lord. | 我是说,上帝啊 |
| 293 | Here's what I can tell you with fact. | 我可以用事实告诉你 |
| 294 | There's excess demand for sports teams internationally | 国际体育队需求过剩 |
| 295 | in sports in cities that want to bring NFL games | 在想带来NFL比赛的城市的体育比赛中 |
| 296 | to their markets. | 他们的市场。 |
| 297 | Yeah. | 对 |
| 298 | So not to dodge your question. | 所以不要回避你的问题。 |
| 299 | So it's kind of the things that I talked about | 所以这就是我所说的 |
| 300 | that I really like about the NFL | 我真的很喜欢NFL |
| 301 | is the market is very important, the scarcity. | 市场很重要, 稀缺。 |
| 302 | Now think about if you're in real estate | 现在想想,如果你在房地产 |
| 303 | and there's only 32 beachfront properties | 而只有32个海滨地产 |
| 304 | and you own one of them. | 你拥有其中之一。 |
| 305 | So I would think about that. | 所以我会考虑这一点。 |
| 306 | The combination of appreciation and cashflow, | 升值与现金流相结合, |
| 307 | it's very rare in sports. | 这在运动中非常罕见. |
| 308 | And to have that like a moat | 就像护城河一样 |
| 309 | that you can actually underwrite it | 您可以实际承担它 |
| 310 | and it's like a paper as a paper can get, | 它就像一张纸可以得到, |
| 311 | because obviously the national TV deal | 因为很明显,全国电视交易 |
| 312 | is gonna get probably richer here. | 这里可能会变得更丰富。 |
| 313 | And then I would say I would over index in leadership. | 然后我会说,我会超越 指数的领导。 |
| 314 | And I think Roger Goodell is best in class | 我觉得罗杰·古德尔在课堂上是最好的 |
| 315 | as good as they get as far as commissioner. | 只要他们能像警长一样好 |
| 316 | And then when you have a guy like Robert Kraft | 然后当你有一个男人 像罗伯特・克拉夫特 |
| 317 | and Jonathan, that makes it. | 乔纳森,就这样 |
| 318 | Because at the end of the day, | 因为最后 |
| 319 | forget what the numbers say, | 忘了那些数字怎么说, |
| 320 | you still have to be in partners with families, | 你还是得和家人合作 |
| 321 | like a marriage. | 像一个婚姻。 |
| 322 | And that's how I would look at it. | 我就是这样看待它的。 |
| 323 | 100%. | 百分百的 百分百的 百分百的 |
| 324 | And I'd say across the NFL, | 我会说横跨NFL, |
| 325 | there's some great owners across the NFL. | NFL对面有一些伟大的业主。 |
| 326 | All right, you wanna talk some hoop? | 好吧,你想谈 一些hoop? |
| 327 | Sure. | 当然 |
| 328 | All right. | 好吧,我们走。 |
| 329 | The NBA is interesting | NBA挺有意思的,你觉得呢? |
| 330 | and you have such a fascinating lens here, Wax, | 你有一个如此迷人的镜头在这里,蜡, |
| 331 | because you went into the Spurs six years ago, | 因为你六年前就进入了温泉 |
| 332 | five and change. | 5和变化。 |
| 333 | And then you go into the Celtics a number of years later. | 然后你进入凯尔特人 几年后。 |
| 334 | The valuation differential alone is massive. | 单是估值差异就很大。 |
| 335 | How did the opportunity evolve? | 机会是如何演变的? |
| 336 | How did it change as you've sort of seen the NBA | 你看过NBA后,情况如何改变? |
| 337 | five, six years ago and the NBA today | 五六年前的NBA和今天的NBA |
| 338 | from a business perspective? | 从商业角度看? |
| 339 | From an institutional investor standpoint? | 从机构投资者的角度看? |
| 340 | Well, first of all, we're one of the first, | 首先 我们是第一个 |
| 341 | I think we're the first or the second | 我觉得我们是第一还是第二 |
| 342 | institutional investor in the NBA, | NBA的机构投资者, |
| 343 | where the San Antonio Spurs, | 圣安东尼奥斯普斯 |
| 344 | we just literally, they changed roles | 我们只是字面上,他们改变了角色 |
| 345 | and we cold called the San Antonio Spurs. | 我们叫圣安东尼奥斯普尔斯 |
| 346 | You literally just picked up the phone | 你刚刚接电话 |
| 347 | and you're like, R.C. | 而你就像, R. C. |
| 348 | Buford, like, what's up, bro? | 布福德,怎么样,兄弟? |
| 349 | To be fair, it's my colleague, Austin Bowers, | 公平地说,这是我的同事 奥斯汀·鲍尔斯, |
| 350 | picked up the phone and that's what we do. | 接电话,这就是我们要做的。 |
| 351 | We just picked up the phone. | 我们刚接电话 |
| 352 | I grew up in Austin, so we had a view | 我在奥斯汀长大, 所以我们有一个景色 |
| 353 | on the Boston San Antonio view, | 在波士顿圣安东尼奥风景, |
| 354 | but that was different. | 但这是不同的。 |
| 355 | All these people are like, ooh, cold calling. | 这些人就像... 冷酷的召唤 |
| 356 | Okay, I'm gonna do that, go ahead. | 好吧,我会做到这一点,继续。 |
| 357 | Don't be afraid, just be really a real person | 别怕,做个真正的人 |
| 358 | and just ask good questions, you'll be fine. | 问好问题,你会没事的 |
| 359 | Sorry, that was unsolicited. | 对不起,这是不主动的。 |
| 360 | Whoever was talking in the audience. | 谁在观众席上说话。 |
| 361 | So look, I think back then, I mean, | 所以,我当时想,我的意思是, |
| 362 | 那是COVID的中间, | |
| 363 | so very different environment. | 非常不同的环境 |
| 364 | I mean, these revenue had gone to a zero | 我的意思是,这些收入已经降到零 |
| 365 | for a lot of these teams are significantly reduced. | 对于许多这些球队来说,他们的数量大为减少。 |
| 366 | So very different environment. | 如此不同的环境。 |
| 367 | I would say it's maturing, there's more people | 我会说,这是成熟的, 还有更多的人 |
| 368 | that are obviously getting into it. | 这显然正在进入其中。 |
| 369 | So I'd say that the competitive landscape is different. | 所以我会说,竞争的景观是不同的。 |
| 370 | So that's different, but on the other hand- | 所以这是不同的,但另一方面... |
| 371 | Competitive landscape from an investor perspective. | 从投资者的角度看是竞争性的。 |
| 372 | There's just more cat, which is a good thing. | 还有更多的猫,这是好事。 |
| 373 | There's the gentrification of the asset class. | 资产类有绅士化. |
| 374 | Like we were always interested in investing in sports. | 就像我们一直对体育投资感兴趣 |
| 375 | Themes are only as good if it's investable. | 主题只有在可以投资时才有那么好. |
| 376 | Maybe in public markets, you can express a theme, | 也许在公共市场 你可以表达一个主题, |
| 377 | but in private markets, | 但是在私人市场上, |
| 378 | you could have the best theme in the world, | 你可以有世界上最好的主题, |
| 379 | but if it's not investable, then it's a waste of time. | 但如果它不能投资 那就浪费时间了 |
| 380 | And COVID made it investable. | 而COVID使它可以投资. |
| 381 | So that really opened it up and started to gentrify. | 因此,这真的打开了它 并开始发泄。 |
| 382 | Today, it's very different. | 今则大异. |
| 383 | First of all, we're at the beginning of a new media deal. | 首先,我们在新媒体交易的开始. |
| 384 | So there's massive rerating. | 故有大规模重现. |
| 385 | So that's different, but there's also a lot more capital. | 所以,这是不同的, 但还有更多的资本。 |
| 386 | But again, the international opportunity in the NBA, | 但同样,NBA的国际机遇, |
| 387 | it's massive. | 这是巨大的。 |
| 388 | You look at the demographics, | 你看人口统计 |
| 389 | you look at the number of NBA players | 你看看NBA球员的数量 |
| 390 | that are from different countries. | 他们来自不同国家。 |
| 391 | And again, it takes one player on one team from one country | 再说一遍,一个球队需要一个国家的球员 |
| 392 | to open up that country and open up that country | 打开这个国家,打开这个国家 |
| 393 | in terms of possible engagement of new fans. | 在可能与新粉丝接触方面。 |
| 394 | Was that similar to you? | 跟你差不多吗? |
| 395 | Is that what you guys saw in 21? | 这就是你们在21号看到的吗? |
| 396 | We came in around the same time, right after COVID, | 我们在同一时间进来的 就在COVID之后 |
| 397 | which was a very scary time. | 这时很可怕 |
| 398 | I remember my mom saying, what are you doing? | 我记得我妈妈说,你在做什么? |
| 399 | Like you have the Disney bubble, | 就像你有迪士尼泡沫一样 |
| 400 | these things are, you're going to go crazy. | 这些都是,你会发疯的。 |
| 401 | You shouldn't do this. | 你不应该这样做。 |
| 402 | I said, mom, I think I'm okay. | 我说,妈妈,我觉得我没事。 |
| 403 | She made me think a little bit. | 她让我思考一下 |
| 404 | But what's exciting about the NBA, as we saw, | 但NBA有什么刺激的,正如我们看到的, |
| 405 | as you look at where we are today in 2026, | 你看我们今天在2026年的情况 |
| 406 | the last eight MVPs have been non-Americans. | 最后8个MVP是非美国人. |
| 407 | And then when you think about the global footprint | 当你想到全球足迹时 |
| 408 | that Wax is talking about and the opportunity, | 蜡像在谈论和机会, |
| 409 | I think we're really in the early innings | 我觉得我们真的在早期 |
| 410 | of where we're going to go as the NBA. | 我们要去的NBA。 |
| 411 | So it's very exciting. | 所以这是非常令人兴奋的。 |
| 412 | It's interesting as we think back over the, | 有趣的是,我们回想一下, |
| 413 | let's just make it about us for a second. | 就让我们说说吧 |
| 414 | As we think back over the course of this show's history, | 我们回顾一下这节目的历史 |
| 415 | one of our earliest guests was Brandi Chastain, | 我们最早的客人之一是布兰蒂·查斯坦 |
| 416 | one of your co-owners in Bay FC. | 你们在FC湾的合伙人之一 |
| 417 | And what was so interesting for us who followed this | 对我们来说,什么是那么有趣 谁跟踪这个 |
| 418 | so closely as a business, your investment in Bay FC, | 你对FC湾的投资 |
| 419 | an expansion team at the time, was radical and new | 当时的扩张团队 激进又新 |
| 420 | because you were the first institutional fund | 因为你是第一个机构基金 |
| 421 | that was allowed to become a control owner | 被允许成为控制者 |
| 422 | of a major US sports team. | 美国大型体育队 |
| 423 | Tell us a little bit about that deal from your point. | 从你的角度讲讲那个交易 |
| 424 | We sort of heard the Brandi perspective, | 我们听到了布兰迪的观点 |
| 425 | sort of coming in as a player, | 有点像一个玩家, |
| 426 | but this is new territory at that time for a fund. | 但是,这是新的领地 在当时一个基金。 |
| 427 | Never have we made an investment | 我们从没投资过 |
| 428 | where people thought we were crazy. | 人们以为我们疯了 |
| 429 | But from our standpoint, | 但从我们的观点来看, |
| 430 | it's one of the most asymmetric investments we've ever made. | 这是我们做过的最不对称的投资之一。 |
| 431 | So just for context, the original, | 所以,只是背景, 原著, |
| 432 | the last expansion fee before we bought Bay FC | 我们买FC湾之前的最后一次扩建费 |
| 433 | was I think three or $4 million. | 我认为三或四百万。 |
| 434 | And we paid $53 million two or three years later. | 二三年后,我们支付了5300万美元。 |
| 435 | So people thought we were crazy. | 所以人们觉得我们疯了 |
| 436 | But what got us on the NWSL initially | 但是什么让我们在NWSL最初 |
| 437 | is my, at the time, nine-year-old daughter, | 那时是我的九岁的女儿 |
| 438 | she was on her iPad, | 她在她的iPad上, |
| 439 | and she was watching an NWSL game. | 她在看NWSL游戏 |
| 440 | And I was like, huh, that's kind of interesting. | 我很喜欢,嗯, 这有点有趣。 |
| 441 | So through prodding, through a number of people | 因此,通过推敲, 通过多人 |
| 442 | around the ecosystem, you should take a look at this. | 在生态系统周围,你应该看看这个。 |
| 443 | And I'm summarizing, there's a lot, | 我总结一下,有很多 |
| 444 | my wife was involved, so she was proud of me | 我老婆也参与其中 所以她以我为荣 |
| 445 | because she thought this was a great investment opportunity. | 因为她认为这是一个巨大的投资机会。 |
| 446 | She's much smarter than I am, by the way, | 顺便说一句 她比我聪明多了 |
| 447 | applied mathematics major. | 应用数学专业。 |
| 448 | But we started studying it and we looked at the market. | 但是,我们开始研究它,我们看看市场。 |
| 449 | And at the time, a lot of the sponsorship revenue | 当时,很多赞助收入 |
| 450 | was in sort of the impact bucket. | 是在撞击桶里 |
| 451 | It wasn't in the CMO bucket. | 这不是在CMO桶。 |
| 452 | So the chief marketing officer versus the impact bucket. | 于是首席营销官对撞桶。 |
| 453 | And that was just a major, major opportunity for us | 这对我们来说是一个重大的机会 |
| 454 | because we knew people were watching. | 因为我们知道有人在看 |
| 455 | And it's actually the only time | 这其实是唯一一次 |
| 456 | in my entire investment career | 在我整个投资生涯中 |
| 457 | where I actually printed our investment thesis. | 我写了投资论文 |
| 458 | I put it out there publicly. | 我把它公开。 |
| 459 | It's the first time and only time we've ever done that | 这是我们第一次也是唯一一次这样做 |
| 460 | because I thought it was so asymmetric. | 因为我觉得这很不对称 |
| 461 | 您可以在 LinkedIn 上找到它 。 | |
| 462 | I mean, it was a very popular LinkedIn post. | 我的意思是,这是一个非常受欢迎的LinkedIn帖子。 |
| 463 | And I'm not a big social media, | 我不是一个大社交媒体, |
| 464 | I don't even have social media, | 我连社交媒体都没有 |
| 465 | but we put it out there because we thought, | 但我们把它放在那里,因为我们想, |
| 466 | just for people to understand and sure enough, | 只要人们能理解和确定 |
| 467 | now everyone's talking about it | 现在大家都在谈论这个 |
| 468 | and we're still at the early stages. | 我们还处于早期阶段。 |
| 469 | But again, it's not gonna be linear, the growth, | 但是,它不会是线性,增长, |
| 470 | but it's been a good investment for us. | 但这对我们来说是个好投资 |
| 471 | Well, and to be clear, I mean, | 说清楚,我是说... |
| 472 | if you think about where the valuations have gone, | 如果你考虑一下估价的去向 |
| 473 | where the expansion fees have gone, | 在那里,扩建费已经减少, |
| 474 | literally a year ago, | 大约一年前, |
| 475 | we were sitting on the equivalent of the stage. | 我们坐在舞台上 |
| 476 | I think we were actually downstairs with Melody Hobson. | 我想我们是在楼下和Melody Hobson在一起的 |
| 477 | She paid substantially more | 她付出了更多钱 |
| 478 | for the Denver expansion franchise, | 为丹佛扩张特许权, |
| 479 | I think four times more than you did to build in Denver. | 我想比你在丹佛建造的要多四倍 |
| 480 | And obviously Willow Bay, | 显然柳湾 |
| 481 | who's been a guest on the show as well, | 他也是节目的嘉宾 |
| 482 | she bought Angel City at a valuation of 250. | 她以250美元的价格买下了天使城 |
| 483 | So clearly it's going up. | 所以很明显,它正在上升。 |
| 484 | It goes to anything. | 它去任何东西。 |
| 485 | Ultimately, investing is about supply and demand. | 投资最终涉及供求。 |
| 486 | It could be the best theme in the world, | 这可能是世界上最好的主题, |
| 487 | but if there's excess supply of capital, | 但如果资本供应过剩 |
| 488 | by the way, this might rhyme with private credit, | 顺便说一句 这可能跟私人信用押韵 |
| 489 | excess supply of capital and low demand, | 资本供应过剩和需求低, |
| 490 | that's not gonna work out well. | 这不会成功 |
| 491 | The thing, going back to what you said, Alex, | 事情,回到你说的话,亚历克斯, |
| 492 | is these are scarce assets. | 这些是稀缺的资产。 |
| 493 | So there's valuable pieces of real estate. | 所以这里有有价值的房地产 |
| 494 | And as you start to sell expansion teams, | 当你开始出售扩张团队 |
| 495 | there's less and less valuable real estate. | 房地产越来越少 |
| 496 | And what I can tell you, and I'm going on the record here, | 我可以告诉你的,我要记录下来, |
| 497 | is that what Melody and Willow, | 这就是梅洛迪和柳, |
| 498 | who are both two incredibly talented people, | 他们是两个有才华的人, |
| 499 | they're gonna look very smart in about three or four years | 三四年后他们看起来很聪明 |
| 500 | in what they paid. | 他们付出了多少代价。 |
| 501 | And you'll be having the same conversation to them, | 你也会和他们谈话 |
| 502 | Melody和Willow 你会说 | |
| 503 | people paid four times more. | 人们付出了4倍。 |
| 504 | That's my prediction. | 这就是我的预言 |
| 505 | I'm going on the record on that. | 我会记录下来的 |
| 506 | Oh, I like when you go on the record. | 哦,我喜欢当你做记录。 |
| 507 | Now we got it. | 现在,我们得到了它。 |
| 508 | I guess we're a live TV, so I guess we're on the record. | 我想我们是电视直播 所以我想我们是在录音 |
| 509 | I'm following up a little bit on what Jason said, | 我在跟踪杰森说的话 |
| 510 | which I'm fascinated by this. | 这让我着迷 |
| 511 | Like Jason said, you're the first private institution, | 就像杰森说的 你是第一个私人机构 |
| 512 | call it private equity institution of money, | 称之为私人股权机构 金钱, |
| 513 | that's a control partner. | 那是个控制合伙人 |
| 514 | I think we're the only one. | 我认为我们是唯一一个。 |
| 515 | In the US. | 在美国 |
| 516 | My question is, on the big three, | 我的问题是,关于大三, |
| 517 | MLB,NBA,NFL,你认为在我们一生中, | |
| 518 | the three of us, there will ever be institutional capital | 我们三个人,将永远有体制资本 |
| 519 | that takes full control of one of those 92 teams? | 完全控制了92支队伍中的一支? |
| 520 | I gotta be careful here, but I'm gonna say, | 我在这里必须小心, 但我要说, |
| 521 | within those three leagues, it will happen in our lifetime | 在那三场联赛里 我们一生中都会发生 |
| 522 | for the simple reason that evaluations continue to go up, | 原因很简单 评估继续上升, |
| 523 | which in order for that to happen, | 为了实现这一点, |
| 524 | there needs to be hundreds of billions of dollars | 需要数千亿美元 |
| 525 | of infrastructure and real estate investment | 基础设施和房地产投资 |
| 526 | {\fn黑体\fs22\bord1\shad0\3aHBE\4aH00\fscx67\fscy66\2cHFFFFFF\3cH808080}为了实现这个目标 | |
| 527 | Just the size of these valuations is gonna get to a point | 只要这些估价的大小 就会有一点 |
| 528 | where there's only gonna be a finite number of individuals. | 在那里只有数量有限的个体 |
| 529 | So again, there's no certainties, | 再说一遍,没有确定性 |
| 530 | but probabilistically, if you sort of play that through, | 但很可能会,如果你玩过, |
| 531 | I think the leagues will look at it. | 我想联盟会看的 |
| 532 | Will it happen in our lifetime? | 在我们的一生中会发生吗? |
| 533 | I think anything can happen in our lifetime. | 我觉得我们这辈子什么都可能发生 |
| 534 | So I'm gonna say, especially we're gonna live a long time, | 所以我要说 特别是我们要活很久了 |
| 535 | hopefully, knock on wood or something, | 希望,敲木头什么的, |
| 536 | but no, I think it'll happen in our lifetime, | 但是,不,我想它会发生 在我们的一生, |
| 537 | but if any of the commissioners | 但是如果有任何委员 |
| 538 | of those three leagues are looking for it, | 这三个联盟正在寻找它, |
| 539 | I don't think it'll be probably a long time from now. | 以后可能不会很久 |
| 540 | That's what I would say. | 我会这么说的 |
| 541 | You'll be mostly surfing and not investing. | 你主要在冲浪而不是投资 |
| 542 | I'm hoping I'm just surfing and not, yeah, exactly. | 我希望我只是冲浪 而不是,是的,准确的。 |
| 543 | Costa Rica, there you go. | 哥斯达黎加,给你。 |
| 544 | All right, you each have 30 seconds | 好了 你们各有30秒 |
| 545 | to tell me how we're gonna fix baseball. | 告诉我怎么修棒球 |
| 546 | Go, Alex. | 去吧,亚历克斯。 |
| 547 | Oh boy, we're here at 30 seconds, it's a lot of pressure. | 我们30秒就到了 压力很大 |
| 548 | So I would say, I'm a contrarian, | 所以我会说 我是个反派 |
| 549 | so I think the best time that I've seen | 所以我认为最好的时间 我见过 |
| 550 | in the last 15 years to invest in baseball | 在过去15年里投资棒球 |
| 551 | is today because the amount of uncertainty. | 因为今天的不确定性很大 |
| 552 | Uncertainty around the CBA, | CBA周围的不确定性, |
| 553 | are they gonna strike or not? | 他们到底要不要罢工? |
| 554 | I love that for an investor. | 我喜欢投资人 |
| 555 | The bet you're gonna make is gonna get better, not worse, | 你打赌会好起来的,不会更糟 |
| 556 | because right now it's pretty tight. | 因为现在很紧 |
| 557 | And then the other one is that Rob Manfred's gonna | 另一个是罗布曼弗雷德 |
| 558 | integrate all the regional rights into one | 将所有区域权利纳入一个 |
| 559 | and try to copy what Roger Goodell's done with the NFL, | 并试图复制罗杰·古德尔对NFL所做的一切, |
| 560 | because the World Series showed us | 因为世界大赛向我们展示了 |
| 561 | that if you have the right product, | 如果你有正确的产品, |
| 562 | you have the right teams, you have the right stars, | 你们有合适的队伍 你们有合适的星星 |
| 563 | the right strategy and good baseball, | 正确的策略和良好的棒球, |
| 564 | we had 53 million people watch the World Series game seven | 我们有5300万人观看世界大赛第七场 |
| 565 | when you include the US market, Japan and Canada, | 包括美国市场 日本和加拿大 |
| 566 | and it was one of the best I've ever seen. | 这是我见过最好的一次 |
| 567 | 30 seconds, I'll throw it out there, | 30秒,我会扔出去, |
| 568 | I'm probably gonna get some slack for this, | 我可能会得到一些松懈这一点, |
| 569 | but I'm gonna throw out a straw man on just real quick, okay? | 但我会扔出一个稻草人 只是非常快,好吗? |
| 570 | So first of all, you gotta get the minimum standards up, | 所以首先 你得提高最低标准 |
| 571 | minimum salary across the league, | 整个联盟的最低工资, |
| 572 | I think you gotta do that. | 我想你必须这样做。 |
| 573 | And this is gonna be a little controversial, | 这会是有点有争议的, |
| 574 | but I think that each team, | 但我认为每个团队, |
| 575 | I think you should have a salary cap | 我想你应该有一个工资上限 |
| 576 | that each team should have one or two designated players | 每支球队应有一名或两名指定球员 |
| 577 | that can pay whatever they want. | 那可以支付他们想要的。 |
| 578 | So if you wanna pay someone a billion dollars, | 所以,如果你想支付某人 十亿美元, |
| 579 | they're worth, show me a time, | 值得,给我一点时间 |
| 580 | worth a billion dollars, you can pay them. | 值10亿美元,你可以支付他们。 |
| 581 | So you get one, two, three, | 所以,你得到一,二,三, |
| 582 | something that doesn't upset the competitive balance, | 不破坏竞争平衡的东西, |
| 583 | but allows teams for these superstars | 但允许团队为这些超级明星 |
| 584 | to make what they earn and you put all that together | 做他们赚的,你把这些都放在一起 |
| 585 | and then you get people like the TV deal | 然后你得到的人 像电视交易 |
| 586 | and media rights aligning interests, | 以及媒体权益, |
| 587 | so they're trying to grow the pie together | 所以他们想一起种馅饼 |
| 588 | because again, there's another, | 再说一遍,还有另一个 |
| 589 | an international investment opportunity in baseball | 国际棒球投资机会 |
| 590 | and they've done a good job, | 他们干得不错 |
| 591 | but there's a lot more fruit out there. | 但外面还有很多水果 |
| 592 | So I think getting away from the zero sum game | 所以,我想离开零和游戏 |
| 593 | and trying to align interests, | 并尝试调和利益, |
| 594 | that would be my controversial, I'll have 20. | 那将是我的争议, 我会有20。 |
| 595 | I jump on one, because we run out of time really quickly. | 我跳到一个,因为我们用完了时间,真的很快。 |
| 596 | I would say that from a union perspective, | 我想从工会的角度来说, |
| 597 | being a member of that union for almost 25 years, | 作为该工会成员将近25年, |
| 598 | I think you want a union that 70%, 80% of the revenue | 我想你想要一个工会 70%,80%的收入 |
| 599 | doesn't go to 10% of the players, | 没有10%的球员, |
| 600 | but have a more democratic, | 但有一个更民主, |
| 601 | where everybody gets to eat a little bit. | 在那里每个人都可以吃一点。 |
| 602 | Totally. | 当然 |
| 603 | All right, it's all happening. | 好吧,一切都发生了。 |
| 604 | Baseball's back on Waxman. | 棒球重击蜡人. |
| 605 | This is really fun. | 这真的很有趣。 |
| 606 | Thank you so much. | 非常感谢 |
| 607 | Thank you, everyone. | 谢谢大家 |
| 608 | Hinto. | 欣图. |
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