The Business and Personal Side of Sports

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Steep up where taste recognizes taste This episode is brought to you by Fox One Watch all one hundred and four matches of the FIFA World Cup live in four K for just nineteenars ninety nine cents a month, with three days free Build your own multi view, choose up to three streams and follow player spotlights. Stay on top of every moment with live stats, highlights, and instant replays. The FIFA World Cup, streaming live on Fox One, offers a subject to change seefox. com for complete terms and conditions Welcome to the week from PropG Media, where we break down what mattered and what it all means. I'm George Han, and it's Friday, june twenty sixth Today Another Iran deal that may already be falling apart Why Britain can't seem to keep a prime minister The biggest IPO in history gets a reality check And finally how the World Cup is rewriting the economics of media. Let's get into it Last weekend, news broke of what appeared to be a ceasefire deal between Iran and the U. S, a memorandum of understanding, to be specific. On Monday's raging moderates, Jessica Tarlov tried to find a silver lining in this quote unquote deal I'm trying to be a little glass halfful, at least for a few minutes because I don't know. I'm just like fundamentally a positive person and it's kind of exhausting just talking about like every way this has gone wrong. And I think that We're now fully in a place where we just have to ignore what President Trump is saying and doing. Like that it has nothing to do with the reality on the ground Iran was going to push the envelope and they did, you know, opening, closing the Strait of Hormuz, saying they'd left the talks when they were actually secretly still dealing. And if we did want to have like a little bit of rainbow news, I guess, or positive news, the Qataris and the Pakistanis issued a joint statement after yesterday's talks that had some good stuff in it I mean, if this is true, it could all fall apart tomorrow, of course, but they established this high level committee that agreed on a roadmap towards reaching a final deal, agreed to the creation of a dec confliction cell for Lebanon that will ensure the adherence to the termination of military operations, know, technical talks still progressing. But the Iranians were part of that as well. so it wasn't just the Qataris and the Pakistanis If they're talking, that's better. then bombing Scott, however, came away with the opposite Conclusion. So I think neither the IRGC O Hezboah or Israel have gotten the memo on the memo I think all of them see a vested interest in continuing to fight. I think Netanyahu is constantly on a war footing. and I go back to the same thing. And I think the world would be a much better place once Netanyahu and Trump leave the world stage But Netanyahu is on a war footing He sees his political survival based on his promise to annihilate or destroy his enemies. He sees this as a unique opportunity. I don't think he has any intention of stopping I think Trump will blame him and the IRGC will blame Israel as well for continuing to bomb. Hezbollah such that they have an excuse or kind of a red herring to or a false flag to say the ceasefire has been violated. I don't think they have any intntention of complying with half the conditions that Trump is trying to outline a safe face and they will use The ongoing conflict in Lebanon and Israeli strikes is an excuse that in fact, the ceasefire that we quote unquote, the West, Israel and America, have not lived up to their promises. I don't think BB has any intention of stopping I don't think the IROGC has any intention of stopping And the notion that Trump thinks that the IRGC are good actors and have any desire to have a ceasefire with any real agreements, with any teeth and that Netanyahu is not fighting for his political Life. I just BB didn't even see a copy of the memo supposedly Whether you land closer to Jess or Scott's takeake, the stakes are hard to ignore The conflict has already cost thirteen American lives, roughly one hundred thirty two billion dollars by Moody's estimate, and pushed up energy prices that continue to ripple through the broader economy This week also marked ten years since Britain voted to leave the European Union. Since then, the UK has cycled through six prime ministers struggled with weak growth and watched public opinion turn sharply against Brexit accccording to a poll by the ECFR twoo thirds of British voters across party lines believe Britain's decision to leave the EU had a negative impact on the country On Monday, Prime Minister Kiir Starmer announced his resignation This week, Scott sat down with John Byne Murdoch at a reporter at the Fancial Times and asked him What went wrong in the UK There's going to be so many answers to a question like this, but certainly two big ones that I would point to immediately are One is the sort of planning and permitting system here which has which really makes countries like the US, where that's also a conversation. um, look like rookies. you know, the restrictions on house building in the UK are extraordinary. There are Huge areas of land around London, around Manchester, around Birmingham are major cities where you're simply not allowed to build called the Green Belt. and We apply similar restrictions or similarly severe restrictions to building infrastructure. We have some of the highest infrastructure costs in the world and the longest delays in the world, affecting transport, affecting energy. That gives us some of the highest energy prices in the developed world. All of these make it harder for people, companies, you name it to locate in the UK or in the productive parts of the UK. The second factor I would say is the over centralization of how things are done in the country. So One of the things I think the US does pretty well is state and local governments can raise their own taxes. That gives them strong incentives to build to innovate, to try and run things better than the neighbouring state. In the UK, we by and large don't have that Overwhelmingly, things even at the local level are effectively run by the central government That discourages one city to try to do things differently from another Most of the tax raising mechanisms again happen in a similar way. So local governments in the UK are similarly not incentivized to build housing to raise revenue in the way they are in the US. So I think Permitting and centralization were probably the biggest two I would point to. And if you think this is just a British story, Ed Elson would disagree. Here's his take from Tuesday's Markets episode. in the name of Britannia The UK voted to leave. Sure it would be complicated, but in the eyes of the voters, they were better off on their own how wrong they turned out to be. ten years on Almost sixty percent of Britain say they shouldn't have left the EU. Meanwhile, GDP per capita is as much as eight percent lower than it would have been without Brexit businessus investment is as much as eighteen percent lower. Now why am I talking about all of this? Well, for one, I grew up in the UK, so I care about their issues, but more importantly, the same decision that ruined the UK economy, that destroyed the nation's politics for possibly decades to come, that same dilemma is now playing out in America More specifically, the dilemma of tariffs or no tariffs And while the technical details are different from Brexit, the thrust of that policy is the same We'll be right back after the break Support for the show comes from Ship Stations. 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It lands on the canvas, stays editable, and can be published when the team is ready Agents and framework alongside teams to streamline collaboration on the same canvas, build custom code components, create and manage CMS content, optimize SEO settings, and ship everything all in one place. Learn how you can get more out of your site from a frramer spepecialist or get started building for free today at framer d. com slash propG for thirty percent off a Framer Pro annual plan. That's framer d. com slash propG for thirty percent off. Framer. com slash profG. Rules and restrictions may apply. Support for the show comes from Section. Listen to this, acccording to new data from Section, thirty two percent of us think we're good at using AI and four percent of people actually are That's why companies are struggling to get value from AI. The workforce is struggling with AI and they're not getting the help they need. Don't be the kind of leader who brags about AI at the company meeting then blames Layoffs on being AI powered. Instead, give your teams the coaching and resources to support what they need to work with their AI. helpel them augment their work with AI so they have time to work on more interesting challenges If you need help with this, you should talk to Section So disclosure, I am an investor in section and the reason I invested is I think the most undervested part of AI is what I call the adoption layer. and that is helping companies upskill their employees so they can better leverage AI in a thoughtful way Seection is doing this work with companies including Nike, AutodDesk, NASCAR, ABMBv, and Publessi Get in touch at sectionAI. com That's S C C T I O n AI. com to learn more Welcome back Last year, the entire UK stock market raised about two billion dollars this year Three American companies Open AI, Anthropic, and SpaceX are set to raise one hundred and fifty billion And the most extreme of the three had a wild week SpaceX went public as the biggest IPO in history nearly thirty percent on day one and then gave most of it back. Ed made a prediction two weeks ago. Half of it already came true before SpaceX went public, I predicted that the stock would rise at least twenty five percent. on the first day of trading. That it did. The stock hit one hundred and seventy six dollars on day one, up almost thirty percent and then continued to rise the following week, hitting a high of nearly two hundred twenty dollars per share.. To of my prediction, however was that over the next six months, the stock would get cut in half. Why? Because I believed and still believe that the valuation makes no sense. and also Billions of dollars worth lockups would soon expire, thus allowing early investors to sell their shares, thus putting downward pressure on the stock That hasn't happened yet However, we are starting to see Warning signs, the stock has already fallen as much as thirty percent in just a few days It also shed four hundred billion dollars in market cap in a single day, which was the second largest one day wipeout in stock market history. And while it did recover some losses yesterday, it's still twenty two percent off. of its ties. Keep in mind, this is all happening before any of the lockups have even expired, which means that the stock has yet to go through the real test which is when thousands of investors will choose whether to hold the stock at an unreasonable valuation or Sell it. and then go by themselves a house or a boat, or perhaps even a plane I know what my money is on Speaking of concentrated value, there's one corner of the economy where the money isn't fleeing. pouring in actually But the World Cup is here and this week it was on full display in America's backyard On this week's prorof G plus deep dive, Scott spoke with AxiOos media correspondent Sarah Fisher about where attention currently lives. I cover the business of women's sports and a lot of the events around this. The valuation increase on women's soccer teams has been astronomical. And the reason being a lot of investors Understand now that the men's sports, that there's value there And so if you want to get in now, you can't get in on the starting floor the women's teams you can and the premium is outstanding. There's a reason why Bob Eiger and Will Obeay invested in their local LA women's team, right? not a men's sport. Because if you're somebody who's a money person, this is where your biggest return on investment is likely going to come. And we're seeing that play out too with the women's sports media rights. The National Women's soccer League having distribution deals with Scripts with CBS, with Amazon with ESPN. A few years ago, that would have never been possible. You take a look at the WNBA, their rights agreement alongside the NBA values them at like tenfold what they used to be. Yes, MLS, huge investment opportunity NWSL National Women's Soccer League is where all the money is going right now. Sports may be one of the last businesses where audiences are getting bigger instead of smaller But for Scott This week's World Cup wasn't really about media rights or billion dollar valuations. 've been in a team Scotland jersey all week. Here's why I have almost no interest in sports.Qite frankly I'm not really a big fan of football But I've become a big fan. Why is that becausecause my sons are into it And the mistake I made as a young father was believing that my kids would come out of the womb interested in World War II documentaries. and crossfit They're not And Being a dad means giving in to quite frankly I don't want to say losing yourself, but giving into their interests and And that's not to say you can't maintain yours But the reality is my kids just aren't into what I'm into. And being a dad and being a present dad, means registering the blessing of them being into something, That's a blessing. I think the worst thing that can happen to your kids is that quite frankly, they don't develop a passion or an interest in much of anything. And I do think that happens sometimes. like nothing just seems to excite them. So if you're fortunate enough to have kids that get into something then you really want to lean into it as well. And from an early age, my kids evenven when we were living in the U.S got just super into Premier League and European football in the World Cup So I took my son to And I realize this is a story of privilege, but there's my land acknowledgement I went to Russia, I went to Qatar, took my boys