Bloomberg’s “Sportfolio”, hosted by Rick Horrow, will devote all of Wednesday’s show to the sale of the Los Angeles Dodgers to a group that included former Lakers star Magic Johnson. Horrow will speak with new Dodgers President and CEO Stan Kasten who has had a hand in the Atlanta Braves and the Washington Nationals, as well as new General Manager Ned Colletti.
We have a preview of the show below.
“Sportfolio” Goes Behind The Scenes With The L.A. Dodgers, Sports’ $2 Billion Team Wednesday at 9 on Bloomberg TV
Dodgers CEO Stan Kasten Discusses Challenge of Leading Team out of Bankruptcy and Plans for the Future in In-Depth Interview with Rick Horrow To Air Wednesday Night at 9 On Bloomberg TV
July 9, 2012- Just weeks after taking the reins of the Los Angeles Dodgers, President and CEO Stan Kasten sits down with Rick Horrow for a wide-ranging interview detailing the goals of the team’s new ownership group and candidly assessing the tasks ahead. Their conversation is the centerpiece of this week’s Sportfolio (9 PMET/6PM PT Wednesday on Bloomberg TV); the half-hour special shot entirely on location at Dodger Stadium also includes interviews with General Manager Ned Colletti and Chief Revenue Officer Michael Young, and covers issues both on and off the field.
The Dodgers $2.15 billion sale price — the highest ever paid for a professional sports team — has sparked vigorous debate in sports and business media over the new ownership’s ability to support the valuation and generate return on investment. With partners including private equity CEO Mark Walter, film producer Peter Guber, and basketball legend Earvin “Magic” Johnson, the group brings resources and credentials to turn around a company battered by financial setbacks and a brand tarnished by mismanagement. Kasten’s deep experience and stellar record as a sports executive (including a World Series championship with the Atlanta Braves) makes him the ideal person to rebuild the business and restore the team’s credibility with fans, sponsors, and the corporate community. As he tells Horrow, “For a guy who does what I do, this is the greatest gig of all time.”A preview of the show can be seen here: http://www.bloomberg.com/tv/shows/sportfolio/Quotes from Stan Kasten on this week’s Sportfolio:Running a $2 billion franchise is very different from running a $400 million franchise. Now I can’t pick up a book to learn how to run a $2 billion franchise, since it’s never happened before. So we’re learning along the way. We know that the up-side will, I think, support the valuation that the franchise had.
On the roles of the Dodgers managing partners:Each of them has different interests. Each of them also has other lives and full-time jobs. So we’re thinking through a committee structure… but they’ve given me the responsibility and the authority, and they expect me to run the business and build the business. And that’s what I’m gonna do for them.
On improvements needed at Dodger Stadium:Yeah, there’s been a lot of deferred maintenance… In some cases, they have original equipment, 50 years old and in need of immediate repair. In addition, the words Wi-Fi systems, those words didn’t exist 50 years ago, or information systems. And so it’s hard to– to use your iPad in the ball park when 30 people are here. It’s hard to send a text message or make a cell phone call, when there are a lot of people here. All of those things require immediate attention. Can’t be done probably till the off-season, but we’re getting to it.
On how aggressively the Dodgers will move to add payroll and compete for free agents:We won’t mind being the highest spending team in baseball. We won’t mind that at all, as long as it’s the best performing team in baseball.
On the expectation of a windfall when the team’s broadcast rights come up for negotiation in 2014:You know, we’re long-term players here. And we know that there’s probably gonna be red ink this year. We suspect there might be red ink next year. Two years from now, we should be living under a new TV deal. Our strong suspicion is, we will no longer have red ink.
On the potential to monetize the Dodgers brand:I think we have an opportunity to build something here that is long-lasting, that becomes a bigger company built on brand extension, all based on solidifying the core which is the Dodgers, making that return to being the equivalent of Cadillac, the equivalent of top-shelf, the equivalent of the gold standard. It was once. Maybe it’s taken a dip recently, but we expect to return to that level.
Now over eight months into its weekly run, this week’s edition of “Sportfolio” will add to a guest list that has already included: NBA Commissioner David Stern, NFL Commissioner Roger Goodell, NHL Commissioner Gary Bettman, MLS Commissioner Don Garber, Philadelphia Eagles owner Jeffrey Lurie, Miami Dolphins owner Steve Ross, Dodgers and Warriors co-owner Peter Guber, Cubs general manager Theo Epstein and owner Tom Ricketts, Brewers owner Mark Attanasio, Padres owner Jeff Moorad, NASCAR’s Brian France, Jeff Gordon, NBC Sports Group Chairman Mark Lazarus, Masters Champion Bubba Watson, IZOD Indy Car’s Randy Bernard, golf hall of famers Gary Player and Jack Nicklaus, and many, many others, with additional shows on the business of sport planned well into the summer. The show reaches more than 270 million households through first-run and syndicated airings.
And we’ll have more coming up soon.