1 00:00:00,440 --> 00:00:00,920 Speaker 1: Stats. 2 00:00:02,359 --> 00:00:03,799 Speaker 2: Let's talk about stats. 3 00:00:03,879 --> 00:00:06,799 Speaker 1: Ben Kreval and his team of former players and insiders 4 00:00:06,839 --> 00:00:10,119 give you the latest stats, data and analytics that are 5 00:00:10,199 --> 00:00:14,480 trending in the world of Cougar sports stats. 6 00:00:15,960 --> 00:00:17,800 Speaker 3: Welcome back to your sports one of three nine ninety 7 00:00:17,800 --> 00:00:19,399 eight point three ESB and the fan. I've been truital 8 00:00:19,440 --> 00:00:22,239 broadcasting from our Banterwealth Studios Banterwealth dot com. Get on 9 00:00:22,280 --> 00:00:24,239 a free Q and A no obligation to invest Q 10 00:00:24,320 --> 00:00:27,120 and A with our tax smart wealth advisors today. And 11 00:00:27,160 --> 00:00:30,800 we have our tax mot wealth advisor on the line 12 00:00:30,960 --> 00:00:34,359 right now. He's NFLPA certified financial planner, Blaine Anderson, to 13 00:00:34,399 --> 00:00:36,479 discuss private equity in sports. 14 00:00:36,479 --> 00:00:37,359 Speaker 4: Blaine, how the heck are you? 15 00:00:38,600 --> 00:00:40,719 Speaker 5: I'm doing good. This is a big topic. 16 00:00:40,799 --> 00:00:40,920 Speaker 1: Ben. 17 00:00:41,000 --> 00:00:43,479 Speaker 5: Happy to join you and be on the show today. 18 00:00:43,479 --> 00:00:44,840 Speaker 4: Thank you, Thank yah Man. 19 00:00:44,840 --> 00:00:46,960 Speaker 3: I want to lean into your expertise and your knowledge. 20 00:00:47,399 --> 00:00:51,719 We've been very, you know, kind of hesitant to go 21 00:00:51,840 --> 00:00:54,359 all in on on private equity and sports. It's been 22 00:00:54,359 --> 00:00:55,920 a bit of a hissing of I word for many 23 00:00:56,280 --> 00:00:59,960 that appine on this within the media, sometimes within fan base. 24 00:01:00,320 --> 00:01:04,599 Is Private equity has been flirting with athletic departments for 25 00:01:04,640 --> 00:01:08,480 a while now, and athletic departments have been flirtatious with them. 26 00:01:09,120 --> 00:01:12,439 University of Utah the first to jump into this and 27 00:01:13,519 --> 00:01:17,599 decide that this is for them. Private equity is obviously pointed, 28 00:01:17,799 --> 00:01:22,200 but both both professional and now college athletics now, so 29 00:01:22,319 --> 00:01:25,840 help us understand why investors are so attracted to this 30 00:01:25,959 --> 00:01:26,719 space right now? 31 00:01:28,280 --> 00:01:31,000 Speaker 2: Well, as you mentioned, Utah became the first university to 32 00:01:31,120 --> 00:01:34,799 formalize what schools across the country have been evaluating for 33 00:01:35,760 --> 00:01:38,480 really at least for the past two years. And someone 34 00:01:38,519 --> 00:01:40,959 was going to take the first step, and Utah decided 35 00:01:41,000 --> 00:01:43,040 that waiting. 36 00:01:43,000 --> 00:01:44,280 Speaker 5: Was riskier than acting. 37 00:01:44,359 --> 00:01:47,959 Speaker 2: And so here we are the first introduction to private 38 00:01:47,959 --> 00:01:51,480 equity within college sports. I can say I've been seeing 39 00:01:51,519 --> 00:01:56,239 it on the professional level. We've had funds present their 40 00:01:56,280 --> 00:01:59,200 funds to us, and vander does a lot in the 41 00:01:59,239 --> 00:02:03,079 private space, so this area is not foreign to us, 42 00:02:03,239 --> 00:02:06,799 the private equity and the private investments. To answer your question, 43 00:02:07,840 --> 00:02:11,120 private equity has taken over a lot of industries. We're 44 00:02:11,159 --> 00:02:15,639 all seeing it, whether it's real estate, even land. We're 45 00:02:15,639 --> 00:02:18,800 finding a lot of farmers private equity coming in buying 46 00:02:18,840 --> 00:02:22,000 a lot of land. But the thing about private equity is, 47 00:02:22,120 --> 00:02:25,120 as we know, they're not looking for five percent returns. 48 00:02:25,560 --> 00:02:30,360 They typically target mid teens to twenty percent annual returns 49 00:02:30,400 --> 00:02:34,479 with two to five times multiples over seven to ten years. 50 00:02:34,879 --> 00:02:38,560 That's why a deal like Utah's has real estate or 51 00:02:38,599 --> 00:02:42,360 has real expectations tied to revenue growth. And that's why 52 00:02:42,680 --> 00:02:46,240 private equity and investors they're in it to win, and 53 00:02:46,280 --> 00:02:49,120 they're going to look to drive up that return on investment. 54 00:02:49,199 --> 00:02:51,479 It's usually twenty plus percent that they expect. 55 00:02:52,719 --> 00:02:55,039 Speaker 3: Yeah, so there's a certain number that they're going to 56 00:02:55,080 --> 00:02:57,159 get right off the top, it seems right. They're going 57 00:02:57,199 --> 00:02:58,879 to take the revenue right at the top of Hey, 58 00:02:58,960 --> 00:03:01,639 this is ours for this investment. 59 00:03:01,719 --> 00:03:02,520 Speaker 4: Correct. 60 00:03:03,879 --> 00:03:06,520 Speaker 2: Yes, oftentimes there's going to be a capital infusion. My 61 00:03:06,599 --> 00:03:09,400 understanding is that this this deal here to start. Is 62 00:03:09,400 --> 00:03:11,319 it five hundred million dollars? 63 00:03:11,719 --> 00:03:13,080 Speaker 4: Yeah, pretty crazy. 64 00:03:13,120 --> 00:03:16,879 Speaker 3: They're also inviting donors to have an equity stake in 65 00:03:16,919 --> 00:03:20,199 it as well. I think that's I don't know if 66 00:03:20,199 --> 00:03:23,360 that's been a part of all of these private equity deals, 67 00:03:23,360 --> 00:03:26,080 but they're inviting donors to have. 68 00:03:27,360 --> 00:03:28,120 Speaker 4: Ownership. 69 00:03:28,439 --> 00:03:30,319 Speaker 3: It used to be as me, you know, tax deduction, right, 70 00:03:30,400 --> 00:03:32,639 tax deduction we're talking about at the end of the year, 71 00:03:32,800 --> 00:03:34,800 you're looking for tax deductions. You got a few million 72 00:03:34,879 --> 00:03:36,520 in the bank, You're like, oh, well, I'll give it 73 00:03:36,560 --> 00:03:39,120 to the university that I love, the athletic department that 74 00:03:39,159 --> 00:03:41,599 I love, and you get the tax deduction. How does 75 00:03:41,639 --> 00:03:44,000 it work if you're a donor and you put that 76 00:03:44,120 --> 00:03:48,120 money as an investment, as an equity stakeholder in this 77 00:03:48,199 --> 00:03:50,639 new Utah Rands LLC. I know I'm gonna, you know, 78 00:03:50,759 --> 00:03:52,879 kind of throwing one at you here, but I wonder 79 00:03:53,039 --> 00:03:53,719 what that would be. 80 00:03:55,360 --> 00:03:58,759 Speaker 2: Well, the comparison I can give is with a fund 81 00:03:58,800 --> 00:04:01,719 that we've been working with in professional sports. So this 82 00:04:01,800 --> 00:04:04,759 is for private equity, and there's a number of professional 83 00:04:04,800 --> 00:04:08,599 teams that many of our listeners, even the Yankees, the 84 00:04:08,639 --> 00:04:12,639 San Francisco Giants, the Las Vegas Athletics, These are all 85 00:04:12,680 --> 00:04:16,720 teams that have opened up minority stakes in their club 86 00:04:17,160 --> 00:04:20,160 for investors to come in. And so investors usually come 87 00:04:20,160 --> 00:04:22,519 in with investments as. 88 00:04:22,439 --> 00:04:23,959 Speaker 5: Low as one hundred thousand dollars. 89 00:04:24,519 --> 00:04:29,560 Speaker 2: They have an expectation usually around fifteen to even twenty 90 00:04:29,560 --> 00:04:33,319 five percent per year return. The life cycles are often 91 00:04:33,519 --> 00:04:36,519 seven to ten years. And what I'm seeing on the 92 00:04:36,560 --> 00:04:39,439 professional level and with some of the funds that we've 93 00:04:39,480 --> 00:04:43,800 been presented, is that these teams are looking to expand 94 00:04:44,439 --> 00:04:48,680 more than just the game itself. They're getting into the 95 00:04:48,680 --> 00:04:52,040 real estate around the stadium. They're getting into the hotels, 96 00:04:52,120 --> 00:04:56,079 the hospitality, they're getting into the marketing. Of course we 97 00:04:56,199 --> 00:05:00,560 know about the media contracts, but the restaurants, all of 98 00:05:00,600 --> 00:05:04,160 the shopping around the stadiums. It's becoming much more than 99 00:05:04,199 --> 00:05:06,360 just the game itself. And they want to open up 100 00:05:07,120 --> 00:05:10,160 pieces of the business ownership of the company and the 101 00:05:10,240 --> 00:05:14,199 teams usually in five ten percent, but to investors so 102 00:05:14,240 --> 00:05:16,720 that they can make an investment with an expectation for 103 00:05:16,759 --> 00:05:21,079 a return on that investment. And there's some tax implications 104 00:05:21,079 --> 00:05:24,199 and benefits, but really it's more about that return on investment, 105 00:05:24,279 --> 00:05:28,720 their expectation to get a cash return for their initial investment. 106 00:05:30,040 --> 00:05:33,399 Speaker 3: Yeah, it's an interesting foray, no doubt about it. 107 00:05:33,879 --> 00:05:36,959 Speaker 4: And so you know you taught. 108 00:05:37,439 --> 00:05:40,160 Speaker 3: Is this the first program to jump into, the first 109 00:05:40,160 --> 00:05:42,240 domino to fall? 110 00:05:42,759 --> 00:05:45,199 Speaker 4: Why do you think they move first in all of 111 00:05:45,240 --> 00:05:45,879 this mess? 112 00:05:48,040 --> 00:05:51,120 Speaker 5: Well, really, if as I think about it, there's a 113 00:05:51,160 --> 00:05:51,959 couple of things. 114 00:05:52,040 --> 00:05:55,639 Speaker 2: But when we look at it from a national scale, 115 00:05:55,839 --> 00:05:59,279 the big twelve schools are tens of millions of. 116 00:05:59,240 --> 00:06:01,759 Speaker 5: Dollars behind the sec behind the Big. 117 00:06:01,600 --> 00:06:02,879 Speaker 2: Ten and annual revenue. 118 00:06:03,519 --> 00:06:06,720 Speaker 5: We know that the new cost for. 119 00:06:08,000 --> 00:06:11,279 Speaker 2: The media rights and the revenue shares about twenty and 120 00:06:11,319 --> 00:06:15,040 a half million dollars a year. Utah mentions that they 121 00:06:15,079 --> 00:06:20,399 refuse to raise student fees, cut sports, cut academic research programs, 122 00:06:20,399 --> 00:06:24,519 and that the status quo jeopardize their future. And so 123 00:06:25,040 --> 00:06:27,399 there's a few nuances things that I've read about this 124 00:06:27,480 --> 00:06:29,439 deal that i'll mention here in just a minute that 125 00:06:29,519 --> 00:06:35,120 I think give them some outs. But now they're wanting 126 00:06:35,160 --> 00:06:38,959 to maximize efficiencies from a business standpoint, from a private 127 00:06:39,000 --> 00:06:45,120 equity standpoint on ticketing, events, sponsorships, inil distribution. So they're 128 00:06:45,120 --> 00:06:49,319 definitely commercializing that side even more, looking to enhance the 129 00:06:49,360 --> 00:06:55,199 efficiencies of the business. Ultra Capital, which is the PE partner, 130 00:06:55,279 --> 00:06:58,720 now owns a minority stake in the business. UTAH owns 131 00:06:58,759 --> 00:07:03,120 most of it, and they still control athletics, whether it's coaches, scheduling, 132 00:07:03,199 --> 00:07:07,480 who gets the Nile, etc. But I'm confident that it's 133 00:07:07,680 --> 00:07:10,399 a to raise the bar within the conference but also 134 00:07:10,519 --> 00:07:13,399 to improve their positioning across the country as a team, 135 00:07:13,959 --> 00:07:18,040 and money and expanded resources are going to drive that. 136 00:07:18,480 --> 00:07:21,000 There's some risk to it, but I see the reward. 137 00:07:23,000 --> 00:07:25,199 Speaker 3: What does this process look like? How does the deal 138 00:07:25,199 --> 00:07:29,079 actually work? Utah had to essentially create a new company 139 00:07:29,560 --> 00:07:33,079 and separate their football program from their ad How does 140 00:07:33,120 --> 00:07:33,879 that actually work? 141 00:07:35,319 --> 00:07:37,439 Speaker 2: Yeah, from what I've seen, this is a test case 142 00:07:37,560 --> 00:07:40,360 really for the entire country. It's a first of its 143 00:07:40,439 --> 00:07:45,439 kind partnership. Universities nationwide have been exploring this, and there's 144 00:07:45,480 --> 00:07:49,199 been a few in particular, I know the Big twelve 145 00:07:49,279 --> 00:07:52,920 considered this with a PE. The Big Ten almost did 146 00:07:52,920 --> 00:07:57,879 a multi billion dollar deal with UC Investments. Kentucky and 147 00:07:57,920 --> 00:08:04,680 Clemson haveablished internal companies for athletic business operations. From what 148 00:08:04,720 --> 00:08:09,279 I've seen and read, they have essentially sold out a 149 00:08:09,319 --> 00:08:12,480 portion of the athletic department to a private equity group 150 00:08:12,519 --> 00:08:16,959 who will now manage the business operations. And there is 151 00:08:17,079 --> 00:08:19,519 one piece that I read to this that I found 152 00:08:19,600 --> 00:08:25,759 very interesting, and that's that Utah can buy backtro is 153 00:08:25,800 --> 00:08:28,959 the name of the PE group Ultra Capital stake in 154 00:08:29,000 --> 00:08:32,120 the future, and so I think that does leave them a. 155 00:08:32,039 --> 00:08:32,919 Speaker 5: Good option. 156 00:08:34,279 --> 00:08:37,240 Speaker 2: To still have some control. But they've established a board, 157 00:08:38,559 --> 00:08:42,679 a seven person board. It'll have four Utah reps, two 158 00:08:42,799 --> 00:08:47,440 Ultra Capital reps, and then one university supporter or investor, 159 00:08:47,720 --> 00:08:50,399 and they'll run it even more. 160 00:08:50,279 --> 00:08:51,200 Speaker 5: So like a business. 161 00:08:51,240 --> 00:08:53,799 Speaker 2: And with that, it's a for profit business, so I'm 162 00:08:53,840 --> 00:08:56,799 sure there'll be some trickle down effects to us as fans, 163 00:08:57,799 --> 00:09:01,279 but definitely the idea is bring in more money, maximize efficiencies, 164 00:09:01,320 --> 00:09:03,000 and expand their operation. 165 00:09:04,360 --> 00:09:07,879 Speaker 3: Crazy times, no doubt about it. What kind of returns 166 00:09:07,879 --> 00:09:12,600 do you think these private equity firms expect, right, I 167 00:09:12,679 --> 00:09:14,600 mean you talked about a few numbers here, like what 168 00:09:14,840 --> 00:09:18,200 are they looking at as far as an ROI for 169 00:09:18,279 --> 00:09:19,960 their private equity stakeholders. 170 00:09:21,440 --> 00:09:25,080 Speaker 2: Well, most private equity funds target around fifteen to twenty 171 00:09:25,080 --> 00:09:30,519 five percent net internal rate of return and that's a 172 00:09:30,559 --> 00:09:35,200 two to five times multiple, so doubling or even five 173 00:09:35,320 --> 00:09:39,960 times multiple on invested capital over a seven to ten 174 00:09:40,039 --> 00:09:44,759 year period. So these are higher risk, higher return opportunities. 175 00:09:45,440 --> 00:09:49,000 They're not entering polished sports to simply stabilize. They expect 176 00:09:49,080 --> 00:09:55,679 significant commercial growth and that's why U task business operations, ticketing, sponsorships, 177 00:09:55,720 --> 00:09:59,679 and il concessions will be run with professional revenue focus 178 00:09:59,720 --> 00:10:02,279 toency And to answer your question, I would say they're 179 00:10:02,360 --> 00:10:04,639 in it for at least twenty percent of year is 180 00:10:04,679 --> 00:10:08,639 what I would expect that investors want to see with 181 00:10:08,799 --> 00:10:10,440 their investments. 182 00:10:11,799 --> 00:10:14,360 Speaker 3: I mean when you compare that to other investments, twenty percent, 183 00:10:14,440 --> 00:10:18,799 I mean that's hard to hit that that mark twenty percent. 184 00:10:18,919 --> 00:10:21,639 You talk to any investor, you say twenty percent return 185 00:10:21,720 --> 00:10:24,759 on your money, they tell you there's no way, Like 186 00:10:24,960 --> 00:10:26,279 that's too good to be true. 187 00:10:28,360 --> 00:10:32,799 Speaker 2: Well, absolutely, and private equity is known for being the 188 00:10:32,840 --> 00:10:35,799 type investment going for a triple or even a home run. 189 00:10:35,919 --> 00:10:39,159 There's higher risk, there's higher reward. And I'm just speaking 190 00:10:39,200 --> 00:10:41,360 in general when I talk about those returns. I don't 191 00:10:41,399 --> 00:10:44,279 know about this one specifically, but I do know private 192 00:10:44,320 --> 00:10:49,039 equity funds target fifteen to twenty five percent, and you're right, 193 00:10:49,120 --> 00:10:53,200 those aren't higher risk, higher returns. But maybe some of 194 00:10:53,240 --> 00:10:55,440 the people will be doing it also because they can 195 00:10:55,480 --> 00:11:00,360 support a program where they can support and entertainment that 196 00:11:00,399 --> 00:11:04,200 they like. We all know that we as a society 197 00:11:04,200 --> 00:11:07,919 are the ones that push a lot of this. I 198 00:11:07,960 --> 00:11:10,799 mean it's we make memories together, we enjoy going to 199 00:11:10,840 --> 00:11:13,840 the games. There may be some I don't know if 200 00:11:13,879 --> 00:11:18,519 you call it altruistic, but maybe just some internal motivations 201 00:11:18,559 --> 00:11:21,600 for some investors to support the program. 202 00:11:21,879 --> 00:11:22,639 Speaker 5: But instead of. 203 00:11:22,559 --> 00:11:25,559 Speaker 2: Just going after a text right off now they can 204 00:11:25,600 --> 00:11:27,919 do it with an expectation for a return on investment. 205 00:11:28,039 --> 00:11:29,759 I don't know how much of this will be opened 206 00:11:29,840 --> 00:11:33,120 up to everyday investors. I know, even the fund that 207 00:11:33,159 --> 00:11:36,639 we work with is pretty limited, so I don't know 208 00:11:36,639 --> 00:11:41,240 how much of that will be shared or displayed. But 209 00:11:41,840 --> 00:11:46,200 I'll be following it closely and interested to see. 210 00:11:45,240 --> 00:11:49,759 Speaker 3: Very intriguing private equity getting into collegiate athletics and right 211 00:11:49,799 --> 00:11:54,159 here in the great state of Utah. You've talked a 212 00:11:54,200 --> 00:11:57,879 little bit about how players have felt underpaid for years. 213 00:11:57,919 --> 00:12:00,720 Right You've been involved in life five years with the 214 00:12:00,759 --> 00:12:07,360 student athletes representing these football players, basketball players. What is 215 00:12:07,440 --> 00:12:10,240 that feeling that you've gotten from them, Like, how underpaid 216 00:12:10,320 --> 00:12:10,840 have they been? 217 00:12:10,879 --> 00:12:12,799 Speaker 4: Do you feel well? 218 00:12:12,840 --> 00:12:15,840 Speaker 2: And that's why, just me personally, with my own perspective, 219 00:12:15,879 --> 00:12:20,080 I have been somewhat conflicted on this because I remember, 220 00:12:20,200 --> 00:12:25,200 even pre in IL, I remember players being mobbed for 221 00:12:25,240 --> 00:12:29,039 autographs and interviews and then going back to extremely modest 222 00:12:29,080 --> 00:12:31,440 living situations and conditions. 223 00:12:31,440 --> 00:12:35,159 Speaker 5: And then I did feel like in IL finally gave athletes. 224 00:12:34,679 --> 00:12:37,440 Speaker 2: As a share of the value that they create, the 225 00:12:37,600 --> 00:12:40,960 entertainment that they provide all of us, but the cost 226 00:12:41,039 --> 00:12:44,360 of doing what's fair created financial pressure that has led 227 00:12:44,360 --> 00:12:47,639 to deals like this where now it's swamm back the 228 00:12:47,720 --> 00:12:51,879 other way. And I've always preferred college sports over professionals, 229 00:12:51,919 --> 00:12:56,120 so to me, this is definitely a step more towards 230 00:12:56,159 --> 00:13:00,679 professional It's certainly seems right and fair for the players, 231 00:13:01,879 --> 00:13:06,000 especially coming from where they did pre nil, but that 232 00:13:06,159 --> 00:13:08,919 pendulum is swinging, and it's swinging hard back the other way. 233 00:13:08,919 --> 00:13:13,200 And this is a huge step and commercializing college sports 234 00:13:13,399 --> 00:13:17,200 and maybe even losing some of those things that we 235 00:13:17,360 --> 00:13:19,879 liked before as fans, but that probably weren't all that 236 00:13:19,960 --> 00:13:22,600 equitable to players. 237 00:13:22,720 --> 00:13:25,720 Speaker 3: Yeah, Like, you know, people got to they got to 238 00:13:25,720 --> 00:13:27,000 be paid a fair market rate, right. 239 00:13:27,039 --> 00:13:28,480 Speaker 4: We talk a lot about that on the show. 240 00:13:28,480 --> 00:13:31,440 Speaker 3: It's you know, are we honest in our dealings with 241 00:13:31,559 --> 00:13:34,960 our fellow man. Well, to me, being honest is given 242 00:13:35,000 --> 00:13:37,799 a fair market rate for a fair day's work. 243 00:13:39,480 --> 00:13:40,519 Speaker 5: Totally, totally. 244 00:13:40,519 --> 00:13:42,759 Speaker 2: And I remember seeing some of the players before and 245 00:13:42,799 --> 00:13:47,279 I would think, gosh, it's such a shift where they 246 00:13:47,320 --> 00:13:49,879 got seventy thousand fans rooting for him at a game 247 00:13:50,000 --> 00:13:55,000 and we know the hard work, and really they're one percenters. 248 00:13:55,080 --> 00:13:56,639 I mean, there's not a lot of people that could 249 00:13:56,639 --> 00:13:58,879 go and do what they do, but yet they were 250 00:13:58,879 --> 00:14:02,960 so significantly under paid before. And of course there's been 251 00:14:03,000 --> 00:14:06,799 a lot of evolving that's taken place in the last 252 00:14:06,799 --> 00:14:09,240 five years, and I think this is just the new 253 00:14:09,279 --> 00:14:12,799 reality and the new world of college sports. And there's 254 00:14:12,799 --> 00:14:15,639 not much you or I or many of us can 255 00:14:15,679 --> 00:14:19,000 do about it. It's just the capitalistic world and the. 256 00:14:18,879 --> 00:14:22,600 Speaker 5: Society we live in. And you know. 257 00:14:22,559 --> 00:14:25,519 Speaker 2: Certainly paying players and having them received more of that 258 00:14:26,080 --> 00:14:27,799 pie to me makes a lot of sense. 259 00:14:27,840 --> 00:14:30,039 Speaker 5: It wasn't. I didn't like the way it was before either. 260 00:14:31,480 --> 00:14:32,000 Speaker 4: Yeah. 261 00:14:32,279 --> 00:14:35,399 Speaker 3: Yeah, there's definitely a balance to it all, no doubt 262 00:14:35,399 --> 00:14:41,679 about it. As you love sports, right you know, you 263 00:14:41,799 --> 00:14:45,279 love college and professional I thought he's look like collegiate 264 00:14:45,320 --> 00:14:48,720 athletics as professional sports. Now are you Are you worried 265 00:14:48,759 --> 00:14:52,679 that that we're losing the identity of collegiate athletics right now? 266 00:14:52,919 --> 00:14:56,279 Do you feel like it's going too far to professionalism 267 00:14:56,320 --> 00:15:02,200 and transactionality rather than transform transformational in this collegiate world. 268 00:15:04,039 --> 00:15:08,360 Speaker 2: Well, for me being honest, yeah, a little bit. I am. 269 00:15:08,600 --> 00:15:11,879 Speaker 5: I mean, I am one that has always. 270 00:15:11,679 --> 00:15:15,440 Speaker 2: Enjoyed college athletics, and I think we as friends and 271 00:15:15,519 --> 00:15:20,039 family haven't made many memories together around college sports, and 272 00:15:20,120 --> 00:15:22,879 we've always said we like the college athletes. They're playing 273 00:15:22,919 --> 00:15:26,799 for something. They seem to care a little bit more. 274 00:15:27,440 --> 00:15:30,799 And I don't know if that'll go away, but it's 275 00:15:30,840 --> 00:15:35,960 definitely moving more towards professional sports. And there's not really 276 00:15:36,080 --> 00:15:38,399 much that I can do about it, of course, but 277 00:15:39,200 --> 00:15:41,159 there is a little bit of that fear, and I 278 00:15:41,159 --> 00:15:43,279 don't know if there's anything we can do about it. 279 00:15:43,320 --> 00:15:48,000 But I'll still be supporting our team and probably still 280 00:15:48,039 --> 00:15:51,440 more of a college guy than I am professional. But 281 00:15:51,600 --> 00:15:55,960 private equity coming into the college landscape is a step 282 00:15:56,080 --> 00:15:59,559 towards commercializing this in a way that we've never seen before. 283 00:16:00,120 --> 00:16:01,360 Speaker 5: It will be different after this. 284 00:16:03,240 --> 00:16:07,600 Speaker 3: Blaine Anderson, Certified Financial Planner, tax Mart Wealth Advisor, n 285 00:16:07,639 --> 00:16:10,879 f l P, A certified financial planner from Banterwealth Bantterwealth 286 00:16:10,919 --> 00:16:14,519 dot Com. Here on your Utah ESPN Radio Network talking 287 00:16:14,720 --> 00:16:19,000 private equity in sports? Uh is, well, let me give 288 00:16:19,000 --> 00:16:21,120 me give me your takeaway right now? Your final kind 289 00:16:21,120 --> 00:16:23,840 of takeaway for listeners about private equity in college sports? 290 00:16:23,919 --> 00:16:25,840 Is this going to be a good thing or a 291 00:16:25,879 --> 00:16:29,480 bad thing for the overall product for the players, for 292 00:16:29,600 --> 00:16:31,080 these universities as well. 293 00:16:31,159 --> 00:16:32,320 Speaker 4: There's multitude there's. 294 00:16:32,120 --> 00:16:37,000 Speaker 3: A there's multiple facets to this, and multiple impactful parties 295 00:16:37,399 --> 00:16:38,639 or impacted parties rather. 296 00:16:40,200 --> 00:16:43,240 Speaker 2: Yeah, it's a I've thought about that a lot, and 297 00:16:43,960 --> 00:16:46,519 I think this will definitely become a trend. I think 298 00:16:46,559 --> 00:16:50,639 we'll see more of it. I didn't like the way 299 00:16:50,679 --> 00:16:53,000 it was before, and especially getting to know some of 300 00:16:53,039 --> 00:16:55,679 the players on a personal level, I remember feeling like 301 00:16:56,159 --> 00:16:59,919 something had to be done about uh their situation. 302 00:17:01,200 --> 00:17:04,039 Speaker 5: So I do see this as. 303 00:17:03,960 --> 00:17:06,480 Speaker 2: Maybe even an over correction in a way. But like 304 00:17:06,519 --> 00:17:07,960 I said, I don't think there's much we can do 305 00:17:08,000 --> 00:17:11,119 about it. I think it's the new reality and I'm 306 00:17:11,160 --> 00:17:16,119 surprised you taught me in the first really significant private 307 00:17:16,119 --> 00:17:20,039 equity investment in the country. My take on it is 308 00:17:20,079 --> 00:17:23,000 that it was bound to happen at some point. I 309 00:17:23,039 --> 00:17:25,759 do like that it's now more transparent and everything's on 310 00:17:25,799 --> 00:17:28,599 the table. I think that gives a university like us, 311 00:17:28,640 --> 00:17:31,880 even at BYU, more of a competitive edge, and we're 312 00:17:31,880 --> 00:17:34,960 seeing that the last couple of years. I think my 313 00:17:35,039 --> 00:17:37,440 response to that, Ben would be I'm still a believer 314 00:17:37,839 --> 00:17:41,880 in a capitalistic society, and this is just one way 315 00:17:42,400 --> 00:17:46,200 that this is materializing and demonstrating itself. So at the 316 00:17:46,240 --> 00:17:48,400 end of the day, I've got to be supportive of it. 317 00:17:48,400 --> 00:17:51,319 It applies to my greater principles and view on life. 318 00:17:52,480 --> 00:17:53,200 Speaker 4: Love that man. 319 00:17:53,279 --> 00:17:55,640 Speaker 3: Well, we all know BYU ain't getting into the private 320 00:17:55,640 --> 00:17:58,319 equity game, right like you don't ever see that happening. 321 00:18:00,119 --> 00:18:02,559 Speaker 2: Not necessarily, I don't think that they, I mean, at 322 00:18:02,599 --> 00:18:04,920 least right now, it doesn't seem like they need it 323 00:18:05,000 --> 00:18:05,960 quite as much. 324 00:18:06,160 --> 00:18:08,079 Speaker 5: I mean, there seems to be pretty good support. 325 00:18:08,200 --> 00:18:11,279 Speaker 2: But who knows. This could be like the N I 326 00:18:11,519 --> 00:18:19,960 L and and materialize and even developed quickly and like 327 00:18:20,000 --> 00:18:21,319 it's like it did with an I L. 328 00:18:22,799 --> 00:18:25,920 Speaker 3: Yep, Let's we'll see how it all plays out. I 329 00:18:25,960 --> 00:18:28,519 think b Way's in a great spot all things considered. 330 00:18:28,599 --> 00:18:30,640 I think this move from the from the University of 331 00:18:30,799 --> 00:18:35,839 Utah is has been a bit pressured by by US 332 00:18:36,640 --> 00:18:39,519 moves in the NIL space and how the donors have 333 00:18:39,640 --> 00:18:43,279 rallied in my opinion, So we'll see how the the 334 00:18:43,680 --> 00:18:45,440 what the reaction is up on the hill and how 335 00:18:45,480 --> 00:18:49,880 it ultimately pays dividends for those stakeholders. But Blaine always 336 00:18:49,880 --> 00:18:52,440 appreciate our time together for those that would like to 337 00:18:52,440 --> 00:18:54,519 get on a free Q and a no obligation to 338 00:18:54,599 --> 00:18:57,799 invest Q and a with the tax mort Wealth advisors 339 00:18:57,839 --> 00:18:58,799 of band Or Wealth. 340 00:18:58,839 --> 00:18:59,680 Speaker 4: How can they do such? 341 00:19:00,839 --> 00:19:03,640 Speaker 2: Yeah, visit our website at Banderwealth dot com. You can 342 00:19:03,720 --> 00:19:08,039 request Banderwealth Tax Smart playbook. We have one for real 343 00:19:08,119 --> 00:19:11,480 estate investors, for business owners and it's a great way 344 00:19:11,559 --> 00:19:14,960 to see some additional strategies that are out there. Perhaps 345 00:19:15,039 --> 00:19:18,400 have a conversation with your accountant or you give us 346 00:19:18,440 --> 00:19:21,720 a call. We're happy to talk shop. We love talking 347 00:19:21,759 --> 00:19:24,960 to tax smart wealth strategies. We do both private investments 348 00:19:25,000 --> 00:19:29,160 and also public investments. So visit our website Banderwelth dot 349 00:19:29,200 --> 00:19:31,200 com for some good information and get a copy of 350 00:19:31,200 --> 00:19:32,839 a Banderwilth Tax Smart playbook. 351 00:19:33,440 --> 00:19:33,799 Speaker 4: There you go. 352 00:19:33,880 --> 00:19:36,759 Speaker 3: Check it out today. Ladies and gentlemen, Betterwelthbetterwell dot com. 353 00:19:36,759 --> 00:19:38,000 Thanks so much, Blaine, appreciate you. 354 00:19:38,319 --> 00:19:43,119 Speaker 5: Hopping on always a pleasure. Thank you, Ben, love the show, Love. 355 00:19:42,960 --> 00:19:44,519 Speaker 4: And appreciate Blaine Anderson. 356 00:19:44,559 --> 00:19:47,480 Speaker 3: That segment brought to you by Primo Golf Apparel Primo 357 00:19:47,519 --> 00:19:51,119 Golf Apparel dot com. 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