all right now we're going to move on to

the 2025 biggest business loser

predictions in 2024 shamat said pro

sports teams because they hit Peak

valuations that's looking like a pretty

good prediction I would take the other

side on pro sports teams it feels like

that market is about to be

institutionalized and funds are going to

start buying pro sports teams okay that

ultimately and ultimately Capital

markets have way more resources than

kind of the wealthy individuals who've

done it for to date so I just think it's

the amount of money that can go after

pro sports teams is about to you know

10x 100x no I think I think you're

totally right the the reason I said that

last year was it was pretty clear to me

at the time and the NBA was the canary

and the coal mine that there was a

viewership problem in professional

sports and specifically in the NBA the

game has devolved into essentially

rebounds and dunks or

three-pointers and the issue with that

is that it become just meaningfully less

interesting to watch at the same time

because of the the fact that the TV

deals are really what determines the

discounted value of these sports

franchises the TV deal was so enormous

that it creates

no reliable rivalries anymore because

people will Hopscotch teams almost every

year because the compensation that they

can get is just so obscene quite

honestly and I think what happens is

sports will have a decent run until the

next TV deals get done and I think if

you for example take PHA ads outside of

TV so like that pool shrinks if you have

less viewership and so you can sell the

remaining ads less effectively because

there's just fewer of them and then

there's fewer buyers and it shrinks yet

again then the dollar pool that the

television networks and the streamers

are going to be willing to pay for

sports will go down

and the group that will be the most

price sensitive are exactly who you said

Gavin meaning the non trophy buyer so

like you know when I bought into the

Warriors I bought it purely as a trophy

asset and I was price insensitive but I

agree with you that now that you have

the PE firms on the cap tables of these

sports franchises those folks are all

DCFS those folks are all Excel models I

don't think that they're buying things

for emotion I don't think they've grown

up thinking I want to own this thing not

using institutional LP dollar

so I just think that's why that's why I

said that in 24 so I just on behalf of

Phil houth and I we appreciate you made

that vanity investment for the number of

times we got to sit in your cour side

seats yeah because I never went we made

with NBA players I never went to the

games I should have gone to more games I

went to your games it almost got thrown

out of your seats I got a red card one

time it's true is it true you did oh you

don't know that I got a I got a call I

got a call I think it was from the

Warriors or it's from the NBA something

to the effect of chouth this guy that

was sitting in your seats was almost

kicked out and I said excuse me because

I knew that it wasck Game In fairness

and and he was like jawboning our own

players I was getting into it with Bogan

and with David Lee because I told it was

unbelievable I told Steve Kerr listen

you're up 30 on my Knicks sit these guys

down this is Bush League what if Steph

Curry gets hurt out there like and uh

you know Boga told me to shut up and

Andre boett told him to basically go

pound end in a basically did it was the

funniest thing ever Gavin this is what

happens when you get B's one of our

friends he's one of our good friends so

that's why it's so funny but they can't

they come over freeberg and they tap you

on the shoulder I'm with my wife she's

mortified and the guy hands you a card

and the card says you've been uh warned

one time and one time only about abusive

you know uh Behavior if we have to warn

you one more time you will be escorted

out ridic so I look at the guy and I say

but and he goes read the card I read the

card I say he goes gives me a thumbs up

that was it I never that it you're not

supposed to then three years later I'm

sitting in the same seats I'm

interacting with Draymond during the

finals games and everybody's hokey doie

with it when you say interacting what do

you mean when you say interacting wait

hold on G Gavin wanted to make a point

about what I just no I just want to just

just come back to chath because for sure

these private Equity guys there's DCFS

the NBA has been terribly managed I

think you LeBron said they have a big

problem you know and I'd separate the

NBA is the worst managed NFL is probably

the best managed but the one kind of

CounterPoint I would say on the TV

rights is Google bought Sunday Ticket

and are extremely happy with

it Amazon and Netflix also bought you

know both bought NFL games and are

really happy with them and so I just

think those three companies it doesn't

really matter to them if Pharma ads go

away in 18 months you're going to be

able to dynamically create an ad for

each individual person and show it to

them and if a high value user with a you

know that Google knows that you're about

to book a vacation you know they'll

dynamically generate you know whatever

you know Hotel destinations you want and

show click here so I just think Sports

as long as they command the eyeballs

that they do and I for sure if the NBA

doesn't fix it the value of those

franchises will start to decline but um

just the fact that all of the biggest

tech companies are so happy with the

sport kind of rights that they bought

they're going to buy them all

every maybe maybe you're closer to this

but why wouldn't Apple Amazon or Google

just back up the truck to the NBA and

say well take the whole thing and then

anybody who's got an iPhone gets the NBA

for free and then everybody else has to

pay and they figure it out in the back

end they lose a you know five billion

they make two billion who cares it's a

rounding error for Apple I agree and

they you know I mean they all all except

for Apple really and apple they have I

think an MLs deal but they all kind of

stuck their toe in the water and I think

they feel like wow the water's warm

let's dive in um okay yeah and the New

Deal is an 11-year deal for the NBA so

these things don't come up that often

but we'll see over time maybe somebody

will buy one of these media companies

and inherit them