Investing in Sports: Building A Better Fan Experience

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 6 December 2024

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the third episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the physical fan experience with Greg Carey, Global Co-Head of Sports Investment Banking, and Stacy Sonnenberg, Head of Global Sports Finance. They discuss what’s driving interest in the new sports-entertainment complexes, the creative ways of financing these infrastructure projects, and what it all means for teams and their fans. Nicole is also joined by Gillian Zucker, CEO of Halo Sports and Entertainment and President of Business Operations for the LA Clippers, to discuss how the team intends to make its new home — the Intuit Dome — a “basketball mecca.” Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs.

Transcript

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0:00.0	Until just a few months ago, the Los Angeles Clippers played home games at Crypto.com Arena in downtown L.A.
0:08.2	We're in a building that had two other, you know, major sports teams that were playing at the same time as we were, another basketball team and an NHL hockey team.
0:17.7	That's Clippers president of business operations, Gillian Zucker. The hockey team,
0:24.2	the L.A. Kings. And the other basketball team, it was the L.A. Lakers. And so we were the third
0:30.2	tenant in the building. You get the dates that are remaining. That's nobody's fault, but it was just
0:35.6	the reality of what it was like to be the clippers in that building.
0:40.0	This meant the Clippers played dates that weren't favorable for the team, its players, or its fans.
0:47.3	We played a lot of day games. We played a lot of Monday nights. We played a lot of holidays that were difficult.
0:53.9	We had more difficult road schedules and were difficult. We had more difficult road
0:55.8	schedules and road trips. We had more back-to-backs than other teams. And as a result of it,
1:01.3	we were at a competitive disadvantage and we were at a financial disadvantage. So when you think
1:06.1	about being in somebody else's building, you're paying rent to them, they're keeping the sweet
1:10.5	revenue, they have competing sponsors to you. They're keeping the sweet revenue.
1:11.3	They have competing sponsors to you. All of those things go away when you have a place that's all
1:15.8	your own.
1:19.9	This is investing in sports, a four-part series from the Goldman Sachs Exchanges podcast about the
1:27.0	changing dynamics at the intersection of sports and finance.
1:31.1	I'm Nicole Pullen-Ross. I lead the private wealth management business for the New York region at Goldman-Sax.
1:36.6	And I also head our sports and entertainment offering for Goldman-Sax's private wealth management.
1:42.2	The LA Clippers just kicked off the NBA season
1:45.7	in their brand new home, the Intuit Dome.
1:48.9	At $2.4 billion, it's the most expensive arena in the world
	...

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