WEBVTT 1 00:00:00.280 --> 00:00:03.600 We did it, you did, miss Neil Young old man? 2 00:00:03.680 --> 00:00:06.360 Oh no, no, really, you know what, Porter, Let's let's 3 00:00:06.360 --> 00:00:08.160 fire that back up, because I know that would put 4 00:00:08.240 --> 00:00:11.599 him in the right frame of mind. I was debating 5 00:00:11.640 --> 00:00:14.480 which songs to play for you today, and I landed 6 00:00:14.480 --> 00:00:16.839 on Neil Young, which I figured you'd appreciate. 7 00:00:17.320 --> 00:00:19.679 Hi, Dad, what is hi son? 8 00:00:19.760 --> 00:00:23.000 But what is the right frame of mind to go 9 00:00:23.079 --> 00:00:25.600 on your son's radio show? 10 00:00:25.640 --> 00:00:26.000 Exactly? 11 00:00:26.039 --> 00:00:28.239 What's an excellent question. You should do this for a living. 12 00:00:28.280 --> 00:00:29.879 That's a good question. I mean, just put you in 13 00:00:29.920 --> 00:00:32.079 a good mood because you are a Neil Young fan. 14 00:00:32.439 --> 00:00:35.640 I am. I love that song too, great song. How 15 00:00:35.679 --> 00:00:37.399 you doing, I'm doing great. 16 00:00:37.600 --> 00:00:42.399 I just came last night from three days in Nashville 17 00:00:42.520 --> 00:00:45.960 at the World Congress of Sport, and it was just 18 00:00:46.840 --> 00:00:49.799 amazing to see so many people haven't seen in a 19 00:00:49.799 --> 00:00:56.600 long time, owners and presidents and people that have the 20 00:00:56.600 --> 00:01:02.320 commissioners that have been around sport and and and I was, 21 00:01:03.399 --> 00:01:06.760 I was. I was privileged enough to be to be 22 00:01:06.879 --> 00:01:11.519 given an honor there. I was honored as a I 23 00:01:11.560 --> 00:01:16.599 think they call it these sports champions, pioneers and innovators. 24 00:01:16.599 --> 00:01:18.560 Pioneers and innovators, and you. 25 00:01:18.519 --> 00:01:19.719 Were rightly honored for that. 26 00:01:19.920 --> 00:01:22.040 Okay, it was it was a it was a just 27 00:01:22.719 --> 00:01:24.920 reward that you've earn't it was a great, great honor. 28 00:01:25.040 --> 00:01:27.439 Well, thank you for that. I it was. It was 29 00:01:27.560 --> 00:01:33.159 very nicely done. I have a beautiful statue at to 30 00:01:33.280 --> 00:01:36.680 go in my to go in my study. And then, 31 00:01:37.040 --> 00:01:43.439 as you know, your youngest sibling was also given a 32 00:01:43.560 --> 00:01:48.480 chance there by her her agents C A. A. Was doing, 33 00:01:48.799 --> 00:01:51.400 was sponsoring the whole thing, so they arranged for her 34 00:01:51.480 --> 00:01:56.560 to speak after Adam Silver spoke. I mean, here's Lily 35 00:01:57.159 --> 00:02:00.840 check Its Shimbashi going up on the stage to talk 36 00:02:00.840 --> 00:02:05.280 about her business and about especially about engaging women as 37 00:02:05.359 --> 00:02:09.120 fans of your team and what a positive thing that is. 38 00:02:09.879 --> 00:02:12.840 And then they asked me to introduce her. So the 39 00:02:12.879 --> 00:02:15.439 whole thing was was fun. It was really fun. 40 00:02:15.439 --> 00:02:18.919 Tremendously impressed with Lil's former friend of the program. When 41 00:02:18.960 --> 00:02:21.199 she first started sports at sports Ish, we had her 42 00:02:21.240 --> 00:02:23.039 on almost on a weekly basis, right, so. 43 00:02:23.000 --> 00:02:24.080 Does she even want to anymore? 44 00:02:24.159 --> 00:02:26.039 Now she's too big for us, she doesn't even return 45 00:02:26.120 --> 00:02:28.759 our calls. But really really proud of her and what 46 00:02:28.800 --> 00:02:29.240 she's built. 47 00:02:29.240 --> 00:02:30.120 And you know what's funny. 48 00:02:30.280 --> 00:02:35.319 I've had multiple people over the past few months somehow 49 00:02:35.400 --> 00:02:38.400 find out that were related Lily and I because her 50 00:02:38.520 --> 00:02:41.560 last yard, her married name is Shimbashi, and you know, 51 00:02:41.680 --> 00:02:44.000 so if you just see Lily Shimbashi, and I've had 52 00:02:44.280 --> 00:02:47.919 direct messages from women that I went to school with, like, wait, 53 00:02:48.120 --> 00:02:52.159 Lily is your sister. We love what she's doing. So 54 00:02:52.159 --> 00:02:54.479 people haven't even really made the connection. And it's it's 55 00:02:54.479 --> 00:02:55.960 got to make you a proud dad to see what 56 00:02:56.000 --> 00:02:58.360 she's built because she's worked real hard at it. 57 00:02:58.360 --> 00:03:00.840 It does, and I'm not sure sure it's for better 58 00:03:01.000 --> 00:03:10.240 for worse. But her agents represented and they basically were 59 00:03:10.360 --> 00:03:12.759 sold on the fact that she had to start going 60 00:03:12.800 --> 00:03:17.120 by Lily check at Shimbashi. And I said to her husband, 61 00:03:17.120 --> 00:03:20.080 I said, look, this was not me. I did not 62 00:03:20.240 --> 00:03:23.039 say this needed to be a hyphenated name or anything else. 63 00:03:23.879 --> 00:03:27.719 But I have noticed that that's what Sports Business journal 64 00:03:27.800 --> 00:03:32.120 calls her now and to the extent if it helps 65 00:03:32.120 --> 00:03:35.159 her at all in this industry of ours, I'm all 66 00:03:35.199 --> 00:03:35.439 for it. 67 00:03:35.520 --> 00:03:37.879 Yeah, no, for sure, and I'm so proud of her. 68 00:03:38.000 --> 00:03:41.199 You know, watching those videos of her on stage just 69 00:03:41.240 --> 00:03:43.039 owned it. You know, she stepped up and did a 70 00:03:43.039 --> 00:03:46.759 really good job. So exciting news broke last week, and 71 00:03:46.800 --> 00:03:48.960 you've been working on this for a while now with 72 00:03:49.680 --> 00:03:53.159 the Eccles family, who of course sports business royalty in 73 00:03:53.199 --> 00:03:56.599 our state, and often say Spence Ecles does not receive 74 00:03:56.639 --> 00:03:59.319 the credit he deserves for a myriad of things. I mean, 75 00:03:59.319 --> 00:04:01.080 his name is on building, his name is on a 76 00:04:01.080 --> 00:04:04.000 bunch of buildings at the U. But take us through 77 00:04:04.199 --> 00:04:07.280 this process, your new partnership with the Eccles family and 78 00:04:07.319 --> 00:04:09.840 what should the community know about what's coming up next? 79 00:04:10.039 --> 00:04:16.560 Okay, So it was twenty twenty one when your mom 80 00:04:16.600 --> 00:04:21.000 and I returned from England after three years serving as 81 00:04:21.040 --> 00:04:24.399 mission leaders there, and it was just one of the 82 00:04:24.439 --> 00:04:30.000 great experiences of my life. Seven hundred volunteers, fifty four countries. 83 00:04:30.160 --> 00:04:32.560 COVID language. You were COVID mission presidents. 84 00:04:32.680 --> 00:04:35.759 Yes, so we had twenty months without COVID and sixteen 85 00:04:35.759 --> 00:04:40.000 months with. But I came home just exhausted because I 86 00:04:40.079 --> 00:04:44.199 there wasn't a single week that it wasn't like working 87 00:04:44.399 --> 00:04:48.519 ninety hour weeks. Just that's what's necessary to do that job. 88 00:04:49.399 --> 00:04:51.720 And so I'm glad that they they're calling younger and 89 00:04:51.800 --> 00:04:55.920 younger guys and women to do that. But anyway, when 90 00:04:55.920 --> 00:04:58.079 I came home, I knew a couple of things. One, 91 00:04:58.160 --> 00:05:01.600 I wanted to work with my sons. Two, I wanted 92 00:05:01.639 --> 00:05:05.560 to work with my daughters. I wanted to I didn't 93 00:05:05.639 --> 00:05:08.480 want to jump into the industry right away. It's now 94 00:05:08.560 --> 00:05:11.480 been three and a half years since we've been home, 95 00:05:11.800 --> 00:05:15.639 and earlier this year I started to think that I'd 96 00:05:15.680 --> 00:05:19.879 like the last chapter of my career the last ten years, 97 00:05:20.399 --> 00:05:23.319 because I think I'll work another ten years, but I'd 98 00:05:23.360 --> 00:05:27.519 like the last ten years to be in a situation 99 00:05:27.680 --> 00:05:32.199 where I have a significant sports fund and can invest 100 00:05:32.240 --> 00:05:35.879 it in the many opportunities that I just uncover literally 101 00:05:36.000 --> 00:05:41.959 weekly that are good places to invest our industry. Even 102 00:05:42.079 --> 00:05:44.639 during COVID, when the rest of the world was in 103 00:05:44.759 --> 00:05:50.439 financial crisis, sports continued to grow seven percent a year 104 00:05:51.720 --> 00:05:56.560 during COVID. During COVID, when the financial crisis of COVID 105 00:05:57.120 --> 00:06:01.680 and everything that stopped, but sports continued to grow. And 106 00:06:01.720 --> 00:06:03.920 so this is an industry I've been in for a 107 00:06:03.959 --> 00:06:08.920 long time. And so it became about identifying who would 108 00:06:08.959 --> 00:06:12.000 I like to do this with, because I felt like 109 00:06:12.360 --> 00:06:15.759 the firm that I founded in New York has a 110 00:06:15.759 --> 00:06:19.720 lot of really good people, but it's lacking the kind 111 00:06:19.800 --> 00:06:24.040 of investment expertise that it would take to both raise 112 00:06:24.079 --> 00:06:27.160 a large fund and to invest a large fund. And 113 00:06:27.240 --> 00:06:31.439 I was out here actually in Deer Valley, and it 114 00:06:31.560 --> 00:06:35.160 was a conference put on by a private equity fund, 115 00:06:35.879 --> 00:06:41.759 and you came up and interviewed me. When we talked 116 00:06:41.800 --> 00:06:45.120 about sports and collegiate sports and where to invest. 117 00:06:44.759 --> 00:06:48.360 In sports, Rick new heisl on the panels. That was fun. 118 00:06:48.399 --> 00:06:51.360 And then the next night Mitt Romney came up and spoke, 119 00:06:51.879 --> 00:06:54.680 and I've you know, I've known myt since my days 120 00:06:54.839 --> 00:06:59.120 in Boston and Vane a million years ago, but I've 121 00:06:59.120 --> 00:07:01.879 never seen him so relaxed as he was that night. 122 00:07:02.199 --> 00:07:04.160 He came up and spoke. 123 00:07:05.600 --> 00:07:08.319 He you know, he has a lot of concerns about 124 00:07:08.319 --> 00:07:11.439 our country, but we'll leave that alone. We could go 125 00:07:11.519 --> 00:07:14.160 for hours on that because I'm right with him on 126 00:07:14.319 --> 00:07:19.360 his views. But anyway, at the end of it, a 127 00:07:19.399 --> 00:07:22.720 lot of people ask him questions, and one question. 128 00:07:22.600 --> 00:07:25.639 Was where will you invest? Now? 129 00:07:25.680 --> 00:07:27.800 What are you going to do? He said he was 130 00:07:27.879 --> 00:07:31.399 moving to Florida. He wanted Anne to ride horses. I'm 131 00:07:31.439 --> 00:07:33.240 not going to share anything that I don't think he 132 00:07:33.240 --> 00:07:36.360 would want shared. But he when he talked about how 133 00:07:36.360 --> 00:07:39.399 he was going to invest, he said, I'm no longer 134 00:07:39.439 --> 00:07:44.000 looking at internal rates of return. I'm not looking for 135 00:07:44.120 --> 00:07:48.959 track records. I'm looking for people that I trust. I 136 00:07:49.040 --> 00:07:52.279 want to do things with people that I trust. And 137 00:07:52.680 --> 00:07:56.279 you have to understand, when I came to saw Lake 138 00:07:56.680 --> 00:07:59.639 in nineteen eighty three to try to save the Utah 139 00:07:59.720 --> 00:08:04.680 Jazz and turn it around, my one friend in town 140 00:08:05.319 --> 00:08:10.279 consistently was the president Heir Security Bank and the chairman, 141 00:08:10.800 --> 00:08:15.279 Spencer Ecles, who's now ninety years old. He's still skis. 142 00:08:14.720 --> 00:08:18.839 I see him up at the Ute Games. I see 143 00:08:18.879 --> 00:08:22.319 him at the Jazz Games, and every time I see him, 144 00:08:22.560 --> 00:08:26.319 we go back to the old days and we talk about, hey, Spence, 145 00:08:26.800 --> 00:08:30.600 if you hadn't done that eight million dollar loan when 146 00:08:30.680 --> 00:08:34.840 no one else would help us, and we weren't making payroll, 147 00:08:34.960 --> 00:08:38.039 and we were losing a fortune, and we were drawing 148 00:08:38.080 --> 00:08:41.360 six thousand people a night, and no one told me, 149 00:08:41.480 --> 00:08:43.919 not even David Sterned, that this club was on the 150 00:08:44.000 --> 00:08:48.519 verge of bankruptcy. But it was Spencer Ecles who understood 151 00:08:48.519 --> 00:08:51.279 that if Salt Lake lost the Jazz, we would we 152 00:08:51.320 --> 00:08:54.240 would go a long time before we ever got another 153 00:08:54.360 --> 00:08:58.919 NBA team. And I think he pushed his board into 154 00:08:58.960 --> 00:09:02.320 making a loan that no elsewood because Larry Miller was 155 00:09:02.399 --> 00:09:08.000 the borrower. Larry Miller owned exactly two dealerships. Larry Miller 156 00:09:08.039 --> 00:09:11.840 didn't have the net worth to borrow that money. But but, 157 00:09:11.840 --> 00:09:15.799 but Spencer was so impressed with the things we were 158 00:09:15.799 --> 00:09:19.200 starting to do with the team, and with Larry's earnest 159 00:09:19.279 --> 00:09:22.399 desire to keep it here. He found a kindred soul. 160 00:09:22.759 --> 00:09:25.480 He made the loan, we paid off the debt, We 161 00:09:25.559 --> 00:09:28.200 put two million dollars into the bank. I remember that 162 00:09:28.320 --> 00:09:31.840 day thinking, oh my gosh, the heavens have opened up. 163 00:09:31.759 --> 00:09:34.440 And today that's pennies. But back then you needed it. 164 00:09:34.600 --> 00:09:39.919 Yeah, yeah, And that's on the heels of in eighty 165 00:09:39.919 --> 00:09:44.600 four drafting Stockton and eighty five drafting Alone. Everybody thought 166 00:09:44.639 --> 00:09:47.960 we had a future suddenly, and all we needed was 167 00:09:47.960 --> 00:09:51.200 the right capital. And it was Spencer Ecles that made 168 00:09:51.240 --> 00:09:54.799 it all happen. So with that in mind, and thinking 169 00:09:54.799 --> 00:09:56.600 about what Mitt said that it was going to be 170 00:09:56.679 --> 00:10:01.200 totally about who your partners are, I went to Spence Els, 171 00:10:01.679 --> 00:10:05.960 Spencer p. Eckles, his son, who I'm really good friends with. 172 00:10:06.720 --> 00:10:11.679 I met Randall Corels, who is the chairman and former 173 00:10:12.200 --> 00:10:18.200 vice chair of the Federal Reserve enormously qualified Davis Polk 174 00:10:18.399 --> 00:10:23.159 of one of the America's premier law firms, thirty year lawyer. 175 00:10:24.159 --> 00:10:28.279 These two gentlemen sat down with me listen to my 176 00:10:28.440 --> 00:10:33.159 dream about finishing by investing a billion dollars or more 177 00:10:33.279 --> 00:10:38.879 in sports, and the conversations went really very quickly, and 178 00:10:39.000 --> 00:10:43.320 already we have places we can invest. There's a lot 179 00:10:43.360 --> 00:10:45.600 of work to do to finish up all of the 180 00:10:45.639 --> 00:10:50.440 administrative side of a fund, but the one thing when 181 00:10:50.440 --> 00:10:52.960 I go to sleep at night now is I know 182 00:10:53.840 --> 00:10:56.879 I've got the best partners I could ever ask for. Yeah, 183 00:10:57.000 --> 00:11:00.440 these they run a great firm. They're very six sucessful 184 00:11:00.480 --> 00:11:02.440 in their own right. They didn't need to do this, 185 00:11:03.120 --> 00:11:05.639 but they're excited about it because you know what the 186 00:11:05.679 --> 00:11:09.279 Echos family has meant to the University of Utah, to 187 00:11:11.000 --> 00:11:15.080 southern Utah. They're all over the place. That's why I 188 00:11:15.159 --> 00:11:18.159 said my quote in the press release is you know 189 00:11:18.360 --> 00:11:20.960 they brought the way. They were instrumental in getting the 190 00:11:21.000 --> 00:11:25.440 Winter Olympics here and financing so much of that. They 191 00:11:25.480 --> 00:11:28.919 were key in keeping the jazz here, and they've built 192 00:11:29.000 --> 00:11:34.360 great collegiate programs across the state. So so now to 193 00:11:35.559 --> 00:11:39.799 pursue this fund with them is I couldn't be happier. 194 00:11:39.879 --> 00:11:42.200 I couldn't be more optimistic about the things we're going 195 00:11:42.279 --> 00:11:46.080 to do. And I'm all And since the press release, 196 00:11:46.600 --> 00:11:49.759 my phone has just blown up from people all over 197 00:11:49.799 --> 00:11:52.840 the world that I've done business with in the past, 198 00:11:52.879 --> 00:11:57.720 in Japan and in certainly in London, in Germany and France. 199 00:11:58.559 --> 00:12:01.039 And I'm going to be over there next week and 200 00:12:02.159 --> 00:12:07.039 start the process of creating a real flow of deals 201 00:12:07.120 --> 00:12:07.799 coming to us. 202 00:12:07.879 --> 00:12:10.200 So certainly, and I had a chance to see Spence 203 00:12:10.279 --> 00:12:12.360 up at the Utah spring football game. He sat with 204 00:12:12.440 --> 00:12:15.080 Ron McBride and shook his hand. He's still skis as 205 00:12:15.080 --> 00:12:18.360 your reference just turned nine years old. And certainly with 206 00:12:18.759 --> 00:12:21.879 a fund as large as this and the goals you 207 00:12:21.919 --> 00:12:24.919 have that are as big as they are, only time 208 00:12:24.960 --> 00:12:27.679 will tell what the execution looks like and what you 209 00:12:27.759 --> 00:12:31.600 invest in. And if it's teams here in state, if 210 00:12:31.639 --> 00:12:35.000 it's teams across the landscape of the country, or maybe 211 00:12:35.000 --> 00:12:39.879 you do some international deals. Obviously those things will manifest 212 00:12:39.879 --> 00:12:40.639 themselves when they do. 213 00:12:40.679 --> 00:12:42.759 It's not going to happen tomorrow, but I'm. 214 00:12:42.600 --> 00:12:46.559 Sure people are curious if you have any tangible plans 215 00:12:46.600 --> 00:12:49.200 with one point two billion which is the goal we do. 216 00:12:50.559 --> 00:12:54.879 So we love teams, but we will probably not be 217 00:12:54.960 --> 00:13:00.519 buying any majority piece of a teams where we determine 218 00:13:01.360 --> 00:13:04.240 how to run things. But I do think we'll get 219 00:13:04.279 --> 00:13:08.279 involved because that's that's what I've done sure, so, so 220 00:13:08.360 --> 00:13:12.480 we'll get involved with teams where they're in good markets, 221 00:13:12.759 --> 00:13:15.480 they have excellent operators, and. 222 00:13:15.360 --> 00:13:16.919 They they work hard. 223 00:13:17.039 --> 00:13:20.000 This is the this is the eCos value that is 224 00:13:20.039 --> 00:13:23.720 going to run through our organization. How are they doing 225 00:13:23.759 --> 00:13:27.039 in the community and are they caring about the community 226 00:13:27.080 --> 00:13:30.480 and are they making a difference in the community. So 227 00:13:30.519 --> 00:13:32.960 that will be on the team side. We'll look for 228 00:13:33.120 --> 00:13:38.320 media assets during this transition from from you know, cord 229 00:13:38.399 --> 00:13:43.120 cutting and cable and satellite into streaming and what happens 230 00:13:43.279 --> 00:13:46.879 and direct to the consumer, which ESPN is now doing. 231 00:13:47.559 --> 00:13:50.039 As all of this happens, there's going to be a 232 00:13:50.080 --> 00:13:54.399 tremendous capitalization of media assets. We want to be in 233 00:13:54.440 --> 00:13:57.279 the middle of that. I've I've spent my life running 234 00:13:57.399 --> 00:14:04.240 MSG network, buying companies like Gravity Media, so I'm very, 235 00:14:04.919 --> 00:14:08.240 very keen to do some things in sports media. There 236 00:14:08.240 --> 00:14:11.559 are startup leagues that I think are interesting. The three 237 00:14:11.600 --> 00:14:17.159 on three unrivaled thing I think is very interesting. There's 238 00:14:17.200 --> 00:14:22.679 startup volleyball. There's so many places to invest, and I 239 00:14:22.679 --> 00:14:26.399 don't think we'll have one hundred by any stretch investments. 240 00:14:26.799 --> 00:14:32.600 It's more likely that will take significant positions in sports 241 00:14:32.600 --> 00:14:36.639 assets that have value and will continue to accrue value 242 00:14:37.159 --> 00:14:38.480 where we can make a difference. 243 00:14:38.759 --> 00:14:40.639 So over the course of your career, one of the 244 00:14:40.679 --> 00:14:44.000 things that I've always found interesting is, excuse me, when 245 00:14:44.000 --> 00:14:47.320 you were here, you work with Larry and then you 246 00:14:47.360 --> 00:14:50.200 go to New York and after a stint with David 247 00:14:50.279 --> 00:14:52.519 starting in the League office, you land with the Knicks 248 00:14:52.559 --> 00:14:55.080 in Madison Square Garden, where you work with a lot 249 00:14:55.080 --> 00:14:58.720 of different owners, four different owners, and the first three 250 00:14:59.000 --> 00:15:01.639 I think you I enjoyed working for and the last 251 00:15:01.679 --> 00:15:04.840 one was probably a little a little sticky from time 252 00:15:04.879 --> 00:15:07.840 to time. Right, and Jim Dolan still owns the New 253 00:15:07.919 --> 00:15:10.639 York Knicks and and also the New York Rangers and 254 00:15:10.799 --> 00:15:12.759 Moonlights playing the kazoo for his band. 255 00:15:12.840 --> 00:15:13.519 That's a true thing. 256 00:15:14.159 --> 00:15:17.240 You also spent some time working with Jerry Jones, so 257 00:15:17.399 --> 00:15:21.519 you've had a bunch of interesting relationships and synergies with 258 00:15:21.639 --> 00:15:24.320 a lot of different owners with a lot of different styles. 259 00:15:24.360 --> 00:15:27.440 My question to you is what makes a great owner? 260 00:15:29.200 --> 00:15:33.799 Well, that's that's a great that's a that's a wonderful question. 261 00:15:34.759 --> 00:15:39.360 I think the great owners are people who create a 262 00:15:39.440 --> 00:15:44.799 culture not of winning, but of championships. And that means 263 00:15:44.840 --> 00:15:48.840 they create a culture of high levels of trust and 264 00:15:48.960 --> 00:15:53.159 high levels of expectations. If you if you've watched the 265 00:15:53.240 --> 00:15:55.360 whole family and the way that they have owned the 266 00:15:55.399 --> 00:16:00.600 San Antonio Spurs, they've got the same general manager. And sadly, 267 00:16:00.919 --> 00:16:03.960 you know, Greg, Papa bitch, looks like he may not 268 00:16:04.039 --> 00:16:06.519 be able to push on much longer. 269 00:16:06.559 --> 00:16:10.080 He's not in good health. And I just feel so bad. 270 00:16:10.120 --> 00:16:16.399 But look at the years they've had for championships, the teams, 271 00:16:16.440 --> 00:16:19.039 and and they have done it right. And it's by 272 00:16:19.080 --> 00:16:22.559 the way, both Larry and I knew this when we 273 00:16:22.639 --> 00:16:26.240 came in. When when when I brought Larry in, we 274 00:16:26.279 --> 00:16:29.360 started to talk about the teams that had really done well, 275 00:16:29.399 --> 00:16:32.159 and we could see that they had very little turnover 276 00:16:32.720 --> 00:16:36.399 in coaches and general managers, very little turnover at all, 277 00:16:36.480 --> 00:16:41.240 very little turnover in owners. That's why Larry, when Frank 278 00:16:41.320 --> 00:16:43.879 Layden stepped aside and we put Jerry Sloan, you know, 279 00:16:43.879 --> 00:16:46.440 I mean Jerry Sloan coached here for twenty three years. 280 00:16:46.480 --> 00:16:48.679 Yes, so, and had a. 281 00:16:48.600 --> 00:16:52.080 Great, amazing history, you know, making the playoffs pretty much 282 00:16:52.480 --> 00:16:55.200 all the time. It was just a regular thing. So 283 00:16:55.360 --> 00:17:00.919 good owners take a back seat. They they step back, 284 00:17:01.039 --> 00:17:05.599 They hire really great people, They show them a tremendous 285 00:17:05.599 --> 00:17:09.359 amount of respect and trust, but they also want them 286 00:17:09.400 --> 00:17:13.039 to know that, you know, there are expectations here to win, 287 00:17:13.200 --> 00:17:15.799 not a free ride. We're here to win, and we're 288 00:17:15.799 --> 00:17:18.279 here to win all the time, and we're you know, 289 00:17:19.799 --> 00:17:22.799 this is not the place to debate whether losing to 290 00:17:22.839 --> 00:17:25.599 try to get you know, the first pick in the 291 00:17:25.680 --> 00:17:27.880 draft is a good strategy. 292 00:17:28.079 --> 00:17:28.440 For me. 293 00:17:28.720 --> 00:17:33.640 I could never live that strategy. And I'm very much 294 00:17:33.759 --> 00:17:38.440 like building the pat Riley. You know, Miami just keeps 295 00:17:38.480 --> 00:17:43.240 somehow squirting in and getting in the playoffs and competing. 296 00:17:43.799 --> 00:17:47.480 Even after that Jimmy Butler trade here, they are still 297 00:17:47.519 --> 00:17:50.920 in the playoffs. And that's the kind of culture that 298 00:17:51.000 --> 00:17:54.599 I respect. Mickey Rison and I have had our differences, 299 00:17:55.200 --> 00:17:59.319 certainly when he stole a pat from us, but I 300 00:17:59.359 --> 00:18:01.240 give him a lot of credit. Pat's been down there 301 00:18:01.279 --> 00:18:04.480 twenty years. He's had you know, the same people around 302 00:18:05.079 --> 00:18:08.359 and and they're very that's a very successful franchise. So 303 00:18:08.799 --> 00:18:11.480 what's a great owner. I think an owner is someone 304 00:18:11.480 --> 00:18:15.559 who hires really smart, really good people, shows them a 305 00:18:15.640 --> 00:18:18.240 high level of respect and trust, does not try to 306 00:18:18.279 --> 00:18:22.680 do the job for them or get involved, and and 307 00:18:22.759 --> 00:18:26.680 it steps back and establishes that kind of culture and 308 00:18:26.759 --> 00:18:28.680 rewards the people that win for him. 309 00:18:28.799 --> 00:18:32.559 Yeah, I always I often think of the pat Riley line. 310 00:18:32.559 --> 00:18:34.559 I think a lot of a lot of pat Riley lines. 311 00:18:34.599 --> 00:18:37.279 But in the NBA, there are two things. There's winning, 312 00:18:37.319 --> 00:18:41.799 there's misery right right and so and look, unfortunately, the 313 00:18:41.839 --> 00:18:47.119 incentive structure and pro basketball mostly rewards winners, but if 314 00:18:47.119 --> 00:18:49.599 you're not in that small group, it also rewards if 315 00:18:49.640 --> 00:18:52.960 you lose. And that's the complicated thing because it's hard 316 00:18:52.960 --> 00:18:56.680 to you know, find that cornerstone, transcendent piece when you're 317 00:18:56.680 --> 00:18:59.079 building a team in Salt Lake City, if you don't 318 00:18:59.079 --> 00:19:00.880 get it through the draft and so, you know, if 319 00:19:00.920 --> 00:19:02.920 you can get number one in Cooper Flag, the pain's 320 00:19:02.960 --> 00:19:04.720 worth it. But if you can't, you're spinning your wheels 321 00:19:04.720 --> 00:19:07.440 for a while. But we have an interesting dynamic in 322 00:19:07.519 --> 00:19:09.599 our market because there's new ownership with the Jazz with 323 00:19:09.720 --> 00:19:13.000 Ryan Smith and SEG Group, But there's also new ownership 324 00:19:13.000 --> 00:19:15.559 out in Sandy at the soccer club now the soccer 325 00:19:15.599 --> 00:19:18.160 club that you founded. And it's wild to think that 326 00:19:18.279 --> 00:19:20.799 we're twenty plus years later and now this is the 327 00:19:20.839 --> 00:19:25.640 fourth ownership group of RSL. So Jason christ is back 328 00:19:25.640 --> 00:19:28.240 with the club. John Kimball, after spending some time with 329 00:19:28.279 --> 00:19:29.920 the Jazz, has been running the club now for I 330 00:19:29.920 --> 00:19:34.160 think five years. Maddy Raider's back. Shout out Trey. We 331 00:19:34.160 --> 00:19:35.960 need to say Trey's back. A lot of the old 332 00:19:35.960 --> 00:19:38.920 guard is back at RSL, and people that you know 333 00:19:39.119 --> 00:19:42.519 very well, the Millers and Miller Sports Entertainment has taken 334 00:19:42.599 --> 00:19:44.759 over the controlling ownership stake of the club. 335 00:19:44.839 --> 00:19:45.799 The Blitzer group. 336 00:19:45.640 --> 00:19:48.640 Maintains their portion, and Ryan and Ashley Smith and the 337 00:19:48.680 --> 00:19:51.079 Seg group will focus on their project downtown. 338 00:19:51.920 --> 00:19:53.640 I know you, doctor Steve quite a bit. 339 00:19:53.720 --> 00:19:56.440 You also are helping them bring Major League Baseball here, 340 00:19:56.440 --> 00:19:59.160 which Spinger's crossed. I hope that happens. But how have 341 00:19:59.240 --> 00:20:01.519 you digest did this whole story? And what would you 342 00:20:01.559 --> 00:20:03.680 say to RSL fans about how you think the Millers 343 00:20:03.680 --> 00:20:04.279 are going to handle this? 344 00:20:04.559 --> 00:20:04.759 Well? 345 00:20:04.799 --> 00:20:08.440 Steve was nice enough to invite me out for that announcement. 346 00:20:08.480 --> 00:20:10.279 I just couldn't make it. There was no way it 347 00:20:10.279 --> 00:20:16.400 could be here. But look, Salt Lake owes a giant 348 00:20:16.680 --> 00:20:20.480 debt of gratitude to David Blitzer. Yes, because he came 349 00:20:20.519 --> 00:20:25.559 in stabilized the whole situation there, put John Kimball in 350 00:20:25.640 --> 00:20:30.440 permanently as president, and John's you know, RSL runs deeply 351 00:20:30.480 --> 00:20:33.759 in John's blood. He was first employee. Maybe other than you, 352 00:20:33.880 --> 00:20:36.160 I don't. I think it was right around the same 353 00:20:36.240 --> 00:20:38.119 time that both of you joined. I think we give 354 00:20:38.160 --> 00:20:39.759 it to John, Okay, I think we'll give that in. 355 00:20:39.880 --> 00:20:40.359 That's right. 356 00:20:40.559 --> 00:20:45.640 So John is an extraordinary guy and now, and you know, 357 00:20:45.759 --> 00:20:51.240 Dave Blitzer also let run within the organization a lot 358 00:20:51.279 --> 00:20:54.000 of people who understand what it was like in the 359 00:20:54.039 --> 00:20:58.480 early days to fight through and create a championship team 360 00:20:58.599 --> 00:21:01.079 YEP in two thousand and nine in a brand new 361 00:21:01.200 --> 00:21:04.599 venue and all that it took to get there. So 362 00:21:05.079 --> 00:21:10.759 Tony Beltran, for instance, is in the organization. Hamas and Nolave. Yeah, 363 00:21:11.000 --> 00:21:13.680 these guys that played for us, and then to bring 364 00:21:13.759 --> 00:21:19.119 Jason back was just a brilliant move. So I'm very 365 00:21:19.119 --> 00:21:22.279 optimistic about what's happening there. I want to be helpful 366 00:21:22.319 --> 00:21:25.720 to them if I can. Time will tell whether that 367 00:21:26.200 --> 00:21:30.799 works for them. But the Miller family were tremendous stewarts 368 00:21:31.000 --> 00:21:33.359 for the Utah Jazz for many years. I said that 369 00:21:33.799 --> 00:21:36.640 my speech at the Utah Sports Hall of Fame. 370 00:21:36.880 --> 00:21:38.720 I said to Gail, she was sitting right there. 371 00:21:38.720 --> 00:21:42.240 I said, Gail, you guys have been the best stewarts 372 00:21:42.240 --> 00:21:46.319 the Jazz could ever have. Have lent permanence, have built 373 00:21:46.359 --> 00:21:49.039 a building and then redone it and made it beautiful. 374 00:21:49.559 --> 00:21:52.519 Now Ryan's going to do even more with it with hockey. 375 00:21:53.079 --> 00:21:56.240 So and not only that, but Utah has become like 376 00:21:56.359 --> 00:22:00.480 one of the most desirable sports markets in the world 377 00:22:00.599 --> 00:22:04.720 with the success of the college teams and the Big Twelve, 378 00:22:05.359 --> 00:22:08.279 and even the success of Weber State and Utah State, 379 00:22:08.359 --> 00:22:11.359 and and you know, there's a there's a level of 380 00:22:11.400 --> 00:22:16.119 excellence here in athletics. I hope the Jazz can can 381 00:22:16.160 --> 00:22:19.160 get the guys they need to get back back at 382 00:22:19.160 --> 00:22:21.319 it over a long period of time. I know that's 383 00:22:21.359 --> 00:22:23.000 what they want. And I love you know how I 384 00:22:23.000 --> 00:22:27.279 feel about Danny Ainge and one of my dearest friends. So, so, look, 385 00:22:27.400 --> 00:22:30.599 there's a lot of great things happening here. With this fund, 386 00:22:31.400 --> 00:22:34.200 will we have an opportunity to invest here? I think 387 00:22:34.240 --> 00:22:36.799 we may if we get a baseball team, for sure, 388 00:22:38.880 --> 00:22:42.599 but even more than that, you know what's next and 389 00:22:42.759 --> 00:22:47.079 where are their opportunities. And I've built stadiums of you know, 390 00:22:47.359 --> 00:22:53.200 I've bought television properties. This gives me a chance literally 391 00:22:53.240 --> 00:22:55.920 around the world, but but in Salt Lake, if it 392 00:22:56.000 --> 00:23:00.559 so happens to to really get back and back in 393 00:23:00.599 --> 00:23:01.000 the game. 394 00:23:01.279 --> 00:23:02.960 Yeah, I think it's tremendously exciting. 395 00:23:03.079 --> 00:23:07.039 And like you, my phone has also blown up from 396 00:23:07.119 --> 00:23:09.319 a lot of people wondering what this looks like and 397 00:23:09.440 --> 00:23:12.680 very excited for the possibilities of I will not call 398 00:23:12.720 --> 00:23:16.160 it the final chapter of your career. From as your 399 00:23:16.200 --> 00:23:19.000 oldest son, I view you working for another thirty years. Okay, 400 00:23:19.039 --> 00:23:21.119 so I'm not going to do the ten year timeline, 401 00:23:21.200 --> 00:23:22.039