Going No Huddle · Clubhouse 008 | Brent Peus Jr., Dominyck Bullard, Sam Foley

0:00 Fellas, what is up? We've got another friend of the pod joining us today, Sam Foley. Sam, welcome to the clubhouse. Great to have you on, >> boys. Thank you for having me on. it's an honor. Been a follower since day one. And, hopefully I can I can fill in for Jester in this, while he's having, you know, the time of his life on his honeymoon. I'll try to keep the college sports takes muted in his absence, though, and leave that for him when he's back.

0:23 >> Sam, you know, you got you probably picked up on it as a as a regular listener. You got teased early on when we were all together in LA when when Jester said, "Our New York friends, you know who you are. You need to come drop in." We were we were talking to you. So, we're glad to make this happen two or three weeks later. >> Yeah. Thank you, fellas. I'm fired up here. we got to do Clubhouse East Coast version when you guys are in the Big Apple at some point. I'm actually right outside of Boston right now at my parents house. So either or if you guys can handle Red Sox Nation and and the and the Patriots banners around, but would love to do it in the Big Apple one year around and yeah, like like you mentioned, huge listener here. I love what you guys are doing and I think this is what it's all about is getting getting the fellas on the horn to wrap up a big week in in sports for sure.

1:07 >> Dom, your background is fantastic once again. Where are you? I'm still at my parents house today. I'm in my in my little brother's bedroom. So I'm keep I'm mixing it up on the backgrounds today. >> Thank you. Thank you. Now, this is this is courtesy of Panera Bread, Coronado Island, San Diego. We we love it. got out got out of the the ADU today for a little bit of sunshine and super excited for this one with Sam. So, let's do it.

1:33 >> A little you pick two action, Dom, for you. >> Yeah. Yeah. You know how it is. You know how it is. Might we might we might play 18 after this. I can either confirm nor deny, but yeah, this will be a fun one. Living the dream in San Diego. Well, Sam, we need we need a little overview on who you are, what you're working on. Tell us about No Huddle. Tell us about your collegiate career.

2:00 What what what makes you a friend of the pod? Why are we having you on of all people? >> Yeah, I mean, I think there's there's lots of kind of webs that connect us across different ways and, you know, even just meeting Dom for the first time on the pod, I feel like we've known each other for for a long time, just kind of building in in these lanes. I am a former college quarterback. My college career lasted one year before I got hurt, but Brent, we got that connection of of could spin the rock to a different level of of I was D3 versus you D1. But, you know, we'll we'll go from we'll table that there, but I think there's a college athlete connection there.

2:32 and then I'm the founder of No Huddle. So, what No Huddle is, I started about a year and a half ago as kind of one, a side project and a passion project, but two, I really noticed an entry point and a gap in this kind of sports, this world of what we're doing here. al together of you know Brent I've read your your Skybox article that came out this morning or last night depending on which time zone you're on. and everyone's covered all these team stake sales, right? Teams and and sports as an asset class has completely flipped on its head and grown. And I was like, hm, what's going to lead to the next turn of all these team stake sales lagging higher? Well, it's going to be a lot of these startups that are nowadays underpinning those valuations and growing and growing and growing. And as we have these kinds of leading entrepreneurs and tech investors that we're seeing literally this week, they're kind of thinking forward in that same way. And so what no huddle does is I write trend pieces similar to what you guys are doing with with your work, but I pair and partner with founders to write about what companies they're building and how they're doing that in sports being entertainment. Right? So think about, you know, any big topic that we're going to talk about here today. There's dozens of companies and there's dozens of builders out there fighting and fighting and fighting that journey to get to a point of, you know, a big partnership with a team or a league or youth sports or college sports, right? All those different webs.

3:44 And yeah about a year and a half into it. I've had 31 features now and I have a really strong pipeline and and love and doing it. It's amazing this network that you build and that's how we all connected I think and then we turned it on to you know the club has here live on YouTube at this point. I assume you have inbound from a lot of these people. Can you tell me a little bit more? It is it's a great model. I mean Paky McCormack does something a little bit similar in the tech world with not boring doing these company deep dives and in his case it's a great model. He's got great connectivity. He's a excellent writer, can provide a breakdown, tells the story of the company, and in his case has been able to get allocations into a lot of these businesses and has raised a fund off of his newsletter.

4:23 but tell me about one, how did you get going? Were you just cold emailing founders that you had never met saying, let's let's put a piece together and it snowballed from there or how's tell me about that part? >> Yeah, so I think some of the inspiration for I want to give shoutouts to like Axios, Pratta, Fortune turn sheet, right? some of these aggregators that put together like fun sheet digest news but also list out a lot of companies and you know their fundraising or latest M&A and back in my Barkclay's days out of college when I was a tech media banker there I would those are my favorite things to do during the day right read those newsletters which goes to tell you a lot about what my days were like and I would write down every single company that was in sports right because I was like I want to read more about this company so eventually I had a list of hundreds of companies that had fundraised in some capacity and where my brain when kind of on trail nature like you guys are what what about where are these companies this company was founded four years ago this company was founded a decade ago what what was that path all the way to get up there right so I had a list to begin with some of that was cold in bounds of like I have this idea I want to start this off some people say hey you know you have a newsletter with how many people subscribe and I'm like I'm just starting this thing right I'm really trying to build it where other people are saying I want to tell the story I'm ready to jump in like want to grow with you right kind of that founder mentality of like you know rising tides but now I'm fortunate enough that it's really all inbound at this point.

5:42 you know, people see it online, people hear about it word of mouth. a lot of investors read, you know, can you talk about one maybe one of our portfolio companies or companies that we've been looking at here can, you know, meet with the founder here and try to tell that story. And I think just to round that out, like what what I'm really trying to hit is this crossover between sports, business, and entrepreneurship. I think those are like the three biggest things in my life to date at 28 years old that I love. But I think those attach to so many people who listen and and just expand, right? We all have played sports. We continue to call ourselves athletes in different ways, right? That me that mentality no matter what what age you retired. and then business entrepreneurship, everyone has that in themselves somewhere. And so no huddle really tries to tap into that no matter which way, shape or form you go into that lane. And yeah, just just loving doing it and supporting these founders and telling their story to an audience that cares.

6:29 >> I love it. I love it. Sam, not to put you on the spot, but since you are in Jester spot today, I have to ask, you know, you've you've done quite a bit of these and and you know, the way that you bring it together from an editorial standpoint is is really fantastic. And so, shout out to you on on all the amazing work you've done there. >> Appreciate that. one of the things that Jester always gets me with, but I'm really excited what your perspective is, is you know, Brett and I, it seems like, and and Matt, like we spend so much of our time and energy picking apart the patterns that are just you know, showing up in culture over and over and over again. you know, from maybe the time that you've started No Huddle to now, what what sort of historical patterns are you seeing becoming more repetitive now that AI and the anti-AI trade in this case is at the forefront of most investors minds?

7:24 >> Yeah, that's a great great question. I think like we could break down a couple ways, but I think thematically speaking, I've only done this for a year and a half, right? But I've been following it for I feel like, you know, my whole life in different way, shapes, or form. Like in a funny way being from Boston, FSG was one of like the initial groups that kind of thought innovatively of okay you know we have this you know very scarce asset how can we compound that how can we build a portfolio out and kind of just thinking with that mindset but what I will say is in just a year and a half of doing this and meeting founders and like what's cool about no huddle is the web connects so many different things right it's wellness right which you guys talk about a lot here it's also sports it's when you walk into an arena it's it's when your kids are playing right when none of us has kids yet yes but hopefully one day right all those different components of of of sports and and staying in shape and such. But one thing I think I've really that's really stood out to me just as I've gotten to meet more and more founders is how much they care about their consumers, what their consumers want, right? It's so easy nowadays to create something and spin it up fast and have like, you know, the AI SEO kind of spin around. But when you have this consumer and in sports that's all that matters is a sticky consumer, right? That's what sports is ingrained in. Sports is like a part of you. You know, you're following, you're ravid, you're a fan. What's going to last? What does the consumer want when they go to the game? When they're scheduling, you know, their their kids games and and what's what's the weekend's going to look like and how we're going to travel to go do that for college sports, right? I'll leave a lot of this suggestion, but there's some chaos there, but what is going to affect the fan, the consumer? What's going to affect the athlete? Right? How are we going to, you know, rise them up and make that experience better? And I think founders have really flipped instead of thinking like AI this, AI that, we can be enabled by AI, but we really care about the end user, right? and who is getting the most out of this here. And it's been really cool to just kind of see that. And I think entrepreneurs are the most amazing people around, right?

9:09 They're giving it all and and they're pushing for the future, right? That they're they're they're innovating. What have been some of the more interesting success stories or maybe markups that have taken place over these there's the year and a half and there's the five years. is when you talk about sports tech and some of the earlier stage things which can span obviously human performance to the way that an arena operates like you mentioned there's a whole value chain of sports within that value chain in the sports economy where have you seen the most I guess progress and success within that time period what is what has shown up there and also something that I sometimes wrestle with when it comes to sports tech is that in some cases there is a a ceiling and a and a capped TAM effectively when it comes to okay, you have this amazing product. If you sold it to every professional team and every collegiate team in the country or even the world, it's still not that big of a market. The thing that gets me excited when I think about a sports tech or a data driven company that's beginning planting their flag in sport is when you say, okay, it starts here and then there are use cases in defense or robotics or all these things where all of a sudden the TAM explodes. so that's a two-part question. Where on the on the value chain have you seen success and how do you think about total addressable market when it comes to a sports focused product?

10:33 >> Yeah, it's a it's a powerful one to think about too because like I think we're just in the early innings of a lot of the stuff whether that's sports as an asset class and then the the kind of pullthrough of sports tech and all these like other sports services, right? But I think I think about it the same way Brennan. Some of these early winners that I've partnered with and lucky to to be you know hand inand you know just supporting in a supporting kind of editorial role from an early days have been ones who think in a wider tam but they start in sports right which is what what I've been covering and I think there's different ways to go about it right you could think you could be outside of sports and work your way in is once you built a following in a solid product. one one I think I do want to call out is fast break AI. So, I covered them, you know, over a year ago and and I think you guys have written about them and John, I think Bren, you've you've spoken with him several times, too.

11:16 >> Yeah, I had John. >> They originally started Yeah. Right on and under the number. they originally started this as a scheduling service for kind of pro sports. And look what John's done with their series A funding. They are now grassroots left and right and they're really trying to change youth sports, but not only the scheduling aspect of it is like what happens when you walk in and you know, I played like AU basketball growing up.

11:35 There's 12 courts running. There's kids all over the place. Like, what's that experience like? And there's all these other like different layers under that of like the concession stands, the CPG products that can be offered there and kind of building that from the ground up. And I think John's thinking like, you know, definitely chestnut checkers there of like what what was like, oh, you know, the Zack Brown band at Fenway tonight, so the Red Sox can't play, right? Like the original scheduling conundrum to Okay, well, there's actually a way larger market. We can still do that. That's our bread and butter service. that's what got us, you know, those great logos on our sales pitch in the youports, you know, that that kind of aspect. and then another one that that I do want to mention too is Article 41. they they they've operated out in kind of West Coast and your guys ways, but they're I would say a creator enabled marketing service that goes into colleges and helps teach and empower athletes to build their brands online, right?

12:26 Because now with NIL, there's so many different ways that that kids can make money and many times it doesn't have to be even a part of that revenue sharing agreement, right? If you're not in a football or basketball sport and I know you guys have put together some great analysis on this work, there may not be a lot of dollars left over from your school to pay you. So you got to build that brand up and that brand quite frankly may be much bigger than what you could ever be for the what's on the front of your chest. And so what Article 41 has done is they go in boots on the ground kind of a takeover consultancy service to teach these young athletes, you know, right when they get in, this is how you should build your TikTok.

12:57 This is what works. This is what you know, your marketing pitch could be and you know, how you can engage with sponsors and brand partners yourself and kind of a platform for them. and they've already seen you know they Ogleby which is one of the largest kind of like agency entertainment firms took a minority stake in them you know a few months after I was able to partner with the great team there and and Ben Gild and Vicky Seager. So just like I think that that that theme is like narotam but it's so much bigger right for them. It's like college sports but it's actually the creator economy which is what what it's all about right here with us through getting on the phone and what we're building in our own specific lens too.

13:33 >> Well said. Yeah, that John Stewart interview was so interesting because like you just broke down like their wedge or their differentiation at the beginning was scheduling optimization which is like a really hard data science question actually when you get to a a full-blown league or a collegiate conference or whatever and like you said it's it's expanded and you mentioned their series A and what they've done with those funds. They raised $40 million in their series A which is a huge round for a for a sports tech business and I asked him on the podcast I was like that's a ton of capital.

14:02 like, "Why did you raise so much?" And he straight up answered. He was just like, "Aquisitions. We're going to buy several companies. We've already got one that's going to be announced shortly." It was like a week after we recorded it was announced and and they've continued. so that's a that was a good call out there. Fastreak seems to be building and growing aggressively 100%. And Dom, just to connect that to to your question too, like one thing I've noticed that founders have really thought about in the past year and a half of me really partnering directly with them is I've felt a lot more conviction on what they want to do next. Right. When you raise money, what do you exactly want to do or where do you see yourself in 6 12 months and what what's it going to take to get there and and having that conviction and I'm rooting for them. I hope that it's right. Right. But they they really do have that and Brent like you like you said with that interview John, he knew he that's why we're doing it. It's not, oh, you know, we're raising money to have the headline to be picked up in Axios Prorata or like the OG of what when I where I would have found out who Fastreak AI was, right? You know, that's how most people may may see it for the first time, but they're like, "No, we're we're ready to we're growing. This is exactly how we're going to do it, right?" Whether that's acquiring, whether that's hiring, whether that's, you know, scaling your your product, etc. but I have noticed that and that's been great to see because I think that's that's always fun when a founder or a leader is like, "We're we're all in, right? We're going for it. This is what we're doing.

15:18 That's really interesting. I I think it's what's also interesting there is with AI now how fast these founders can iterate based upon their ideas and what's going on in market. You know, one of the key reasons, you know, I didn't I didn't raise capital back in 2023 when we started and had the opportunity to was was because of that. I was like, I I have to be able to iterate, you know, upon this. And my dad had started a bunch of internet companies that a couple were bootstrapped, a couple were, you know, VCbacked. but, you know, he kind of really made this emphasis on the ability to to pivot and iterate and not having your cap table, you know, limit you. but now because of the speed of AI, you know, it's just incredible how fast they can keep up. So, yeah, hopefully those those convictions become more actionable, right, in real time rather than something we have to look out two to three years or even the next funding round to to get around to.

16:23 Dom on the creator economy point that Sam made that had me thinking about your Instagram and you're you're quite the short form creator on that platform and you had a banger this week that you said it's probably on pace to hit 100,000 views day one. Tell us about that because that was a pretty sweet breakdown. I'm laugh I'm laughing man because you know I this is the first week I actually I'm just trying to get into like YouTube for the first time and so my you like my my YouTube strategy to this point has been going live on YouTube to all of like one or two people and it's just really so like it's such a sobering process of going from going from this medium where there's like you know hundreds of thousands of people an hour that are watching content over to to that yeah, it was interesting. So there's there's this a business called Crossc Court up in LA. Founder just raised 2 million for it essentially to build the country club for basketball which you know I I don't know from reading from looking into the sentiment that you know fans and the market are having initially you know I'm not a hooper. You know I played pickup in college in the wreck.

17:38 It's It's how I got like the scar in the middle of my forehead and took an elbow. Took took an elbow. >> Little Harry Potter action there. >> Yes. >> Yes. Exactly. and anyways, but the one thing that's really interesting to me and I I'll have more to share about it really soon from an investment standpoint is you know, I think everyone's been talking about youth sports and youth performance for a really long time. Guys, I we like we should clip this. I think the next like three to five years the shift is going to be into family performance. I'm telling you, you're going to see billions invested in that direction. And what I mean by that is that you have an elite soccer program, for example, in the Northeast, that maybe can, you know, can be outside four to five months a year, but has this great beautiful indoor facility where the kids come and they train and they do their thing. the next part of that is how you attach like the golf sims to it, the health and wellness classes because I I think I think family performance, but more importantly the parental hour as I can best describe it is going to be unbelievably big. I think the TAM is huge for it. I think parents understand the second screen problem that they have where they take their kid to soccer and then it's just like this for the next hour and a half and reading emails and they don't want to be doing that. They don't necessarily want to watch their their kid who can only make, you know, the starting lineup playing right field for their little league team.

19:18 you know, they they want to do other things during that time period. So, anyways, it's a long-winded way of saying I'm I'm glad you It's always cool to see videos like that pop off because it does give it gives these founders a lot of, you know, product market fit in regards to how they're thinking and ideulating on things. And Sam, we could probably double tap into that you know, more in time, but yeah, I think the the parental hour is going to be huge in the future. I don't know what you guys feel about that, but I I think Family Performance is is going to continue to just, you know, create a market of its own.

19:52 >> I think that's a great take. There's a I was just in San Francisco two weeks ago. You guys probably know this company, but Vololo, which is Sam, maybe you you made a face like maybe you know. >> I've played in a few men's leagues in New York for Hoop. >> Okay. Can you can you give me just the ele give us the elevator pitch on Volo? >> Yeah. So they I I think like as I was kind of alluding to it, you know, hold on. There's always an athlete in you, right? Whether you stop playing when you're little on which you're not. And as we come through this postco boom, but also just like the let's get back together, right? Like people are in front of their screens now all day long for so many jobs and you know, you wake up first thing you do is on your phone, right? All these kind of free minutes.

20:32 Getting back and playing sports and being competitive again is kind of Volo's whole MMO. And doing it in these big cities and doing all different kinds of sports, right? It doesn't have to be necessarily basketball or you know maybe they have flag football in Arley and Brent but like it it can be that you even have to do pickle ball volleyball right like anyone can kind of hop in and create create a team and you know we we were I remember playing in our leagues and you know you get the blood black phone right like back in the day you're like all right yeah this is go you know mono emano we're playing against so yeah ZG is I've had a great experience Zog and Volo I think bought Zog and you know now they're continuing to to grow their scale with with Bluestone behind them.

21:06 >> Yeah. So, so in San Francisco, just walking around in the marina in North Beach and these guys, people are repping Vololo shirts everywhere. So, they've got free marketing all over the place. And I knew it was adult wreck leagues basically, right? And that hits on the wellness mega trend and it certainly hits on the community, desire for community, get out of the loneliness epidemic, go home from work and actually go and play a team sport. even better than just going and hitting golf balls or doing a solo sport. So that all hits and then you connect it Dom to your really good take there of like that is all undeniable mega trendy stuff and there are companies that are really accelerating by serving the adult who wants to remain some form of an athlete, stay active, have a community, have a a friend group outside of work, outside of their typical social circle maybe. and that colliding with all of this youth sports investment and upgrades to facilities and infrastructure and all the things that make hopefully have friction drop in those processes. It it really is a good take by you that those things would somewhat converge I think into that family hour that you're talking about.

22:20 >> Like I'm starting to see a lot of decks come across my table. It's actually gonna >> I was going to screen share one but I'm like a messed up. social these you got these these social kitchens are starting to pop up particularly around the paddle space or padell space however you want to pronounce it where they're bringing Michelin star chefs into wellness clubs and different again in this case padel clubs but I I think we're all just like running around the main idea that this is this is really about a family outing at the end of the day and you know instead of spending, you know, 38 bucks at Chili's to feed four. How can we spend 200 and get our wellness and recovery and also a really good meal in at the same time?

23:11 >> I think we're already seeing some of these pop up and I I haven't seen one that checks all these boxes on because I'm so bullish on that thesis. But I I wrote about and partnered with and I got introduced to these guys because they're opening LA location ballers. They have a a spot in Philly and then a spot in Boston which is kind of a smaller version of what Philly one is like on steroids like one of the coolest place I've ever been. and their kind of thing is the country club like the urban country club right it's a social space of people who are maybe in a city or you know if you don't golf right golf can be a more independent sport in different ways depending on how you view it. I I think of it as a social one. but you know, depending on on how you take it, but ballers is going for that, right?

23:47 And maybe that one next connection is just having more opportunity for kids, right? We see Lifetime Fitness has some of those. You know, I'm out in Mass and there's a huge one in Westwood locally here. They have a kids like play zone and they have a whole kids fun space and then the parents there's co-working and there's, you know, go out and do all those things. but I completely agree and I think that we're already starting to see those those seeds planted and now it's just going to be connecting the dots all together. whoever's doing it. And then also from an underwriting perspective, those are some pretty good cash flowing businesses, right? If you plant it in the right location, you get the right clientele, like you know, you're not you're not waiting on you don't need a big partner. You just need people in the door and you can you can get things up and running. Well, how about it? Also feels like the ultimate prepay, you know, get on the wait list with a deposit as the thing is being built. If you do that the right way with good branding and marketing and you have a good location that's yours and it's been secured that's that's pretty pretty attractive particularly in these premium areas and like you were mentioning the Michelin star thing is so that's so funny and it's so another reminder that like due to K-shaped economy stuff what we think is the ceiling on premium or ultra premium we have yet to find it. It just it just keeps going. It's so mind-blowing, but it just keeps going.

25:06 And I mean, maybe there's a point at which it gets to be too much even for the ultra ultra ultra, but we have yet to find >> going to get margin called on our social equity anytime soon. So, it's it's a good it's a it's a good bet. It's a good bet. I was just I was on FaceTime this morning with Brian Maza from my guy from Lifetime. He's the VP over there. and a lot of fun stuff coming around the corner with what they got going on. But he basically said the same thing, Brent is just like they're just trying at this point to essentially test in specific markets like just like how far can we, you know, push the the envelope here, but they are looking at how do we do it through kind of these again family outings. you know, there's I think there becomes a point where it becomes a little too preentious or pretentious rather when you are spending maybe5 to $10,000 a month on your own health and wellness, but if my family and wife can like come do it with me, it's like totally cool, right? So, it's kind of funny.

26:10 >> I just had a a recent I guess topical example like this. I'm here in Santa Barbara and there's a I won't I'll leave the name out for now, but there's a beach club and a country club. the same owner out here and the country club and you talk about these amenities has of course golf of course huge pool I believe it has tennis but I'm not actually 100% sure but you get inside the clubhouse and the men's you know locker room area and there is a bar a movie theater a bowling alley batting cages like it's everything it's unbelievable the amenities are just like limited by only your imagination man. and then this beach club is has fewer things but has, you know, Olympic swimming pool and it's right on the ocean and good food and it's it's great.

27:03 The club, the beach club, which has no golf course and no tennis and no big spaces like that, has a $450,000 upfront fee just to get going. Then you pay your dues. Then you buy your $28 cocktails. The club up the street has a $300,000 upfront fee and then you do your dues and then you buy the food and then you do all this stuff and it's just like oh my gosh they are they are testing the upper bound that just keeps on moving. It's so mind-blowing.

27:38 I don't know though. We have we have an event coming up with a high in Miami and I got the menu two days ago and a double marg for the night is going to be 28 bucks. So, I don't think the club's charging enough. I I think I think the market's I think I think the market's priced in margaritas and what fans are willing to pay. So, I think we need to push that a little bit.

27:58 >> I might have been I might have been low. I mean, there you can certainly get $40 drinks there easily. But anyway, >> well, here's the issue, boys, is and I I'm sure we'll get to this on this this episode, but there's more and more millionaires being printed every single day with all these new funding rounds of these AI companies and and the just connected to AI, right? And what what we're saying, you know, SpaceX, Bren, I think you had a great stat about that of how many new millionaires there were just based off SpaceX IPO alone. And now think about the next five to 10. the the stat that I had said was was from a podcast with Gary Spateleneck whose company Real SLX serves a really really premium set of clients with IRL activations embedded into really excellent sporting events like the Ryder Cup and Augusta and all these things.

28:42 And yeah, the stat that I brought up with him, it's it's impossible to validate whether this is 100% true, but it was that $160 people in Austin, Texas were set to make over hund00 million on the SpaceX IPO. >> And that's $28 mark so bad then, right? >> No, they're not thinking about the $28 mark. Exactly. And so, and you know, Anthropic, that'll be a cash flood. Open AI that'll be a cash flow. Data bricks, stripe, these companies that have taken so long to go public. So yeah, I might be laughing at the stats that I'm bringing up as ridiculous now if we fast forward just a couple years. But >> scale people ready.

29:25 >> Yeah, >> you got you got to talk. >> No, I was just going to say keep keep running them out there so Ray Dallio and I can keep shorting it. I I love it. The first the first four to five months of these things are awesome. Especially how Yeah. I was going to say there's going to be a scale of these these low millionaires, right? Some employees whenever they joined up to the investors, right? And then up to the founders, right? And those are all just different levels of money. And we're seeing now people of that later on in that skill. Where are they going to put this money into teams that that's become the new trophy asset to spend that to? But then you have some some of the more regular folks who may have been, you know, BDR number 12 who can then go join your club down the street, Brent, because they have so much money from that early equity that they got. Seriously. And on the team thing, we can talk about Arcos with the Falcons. We can talk about Mark Stad with the T-Wolves. We can obviously we we went deep on Kushner last week. I just decided to do a a breakdown and as my piece that I published late last night, West Coast time. And one of the things that I pointed out, which sounds like kind of a a simple point, was just the people who are buying these teams, it's in their their DNA and the way that they work in their day job to think in these unfathomably large numbers cuz all day long they are managing funds with hundreds of billions of dollars in them of AUM. They are writing checks in the case of like Kushner for hundreds of millions and occasionally billions of dollars single checks into growth stage businesses that are not exactly the LA Lakers that have been around since the 40s.

31:10 or their technology executives like Jeff Bezos who's now the anchor in this Liverpool situation and runs, you know, is the founder of a multi-trillion dollar market cap business. Like there was some side by side which was the day that the Lakers deal was announced at 12.5 billion. It was either the same day or the next day. Lovable a Swedish vibe coding startup that you guys may have heard of but the average person certainly has not raised at $13.1 billion valuation within 24 hours. And it it's just it's the way the lens through which these particularly technology and more venture people think and to be in the middle of a super cycle. The thought of wait I can buy a globally renowned piece of IP that has been around for decades with unbelievably protected downside for only $12 billion. Like they they just don't get spooked by that. that last generation of longtime team holders, they were buying these teams for tens of millions of dollars not terribly long ago. And I mean, the Bus family bought the Lakers for 67.5 million in 1979, which I'm I'm sure was an unfathomable number then. I mean, Paul Allen bought the Trailblazers for $70 million bucks in 1988.

32:31 Pat Bolan bought the Broncos for $78 million in 1984. Seahawks again, Paul Allen 194 million in 1997. but I put together this table with some of the the MOIC and the IRR attached to it and it's wild. But, yeah, it's just like these these people have the DNA and the day-to-day level of comfort with really big numbers. And I hate to sound like so simple, but like that actually is a pretty key piece to how these deals are going down and how they're going down so quickly.

33:03 I mean, just sheer appetite for risk. They they if you're an entrepreneur or an operator or an investor, you're used to that, right? That's that's your entire day. You know, what I'm thinking about like David Ter, he's gone to and Steve Cohen, they've gone to bed with billions of dollars at risk. Is is the Mets or the Panthers really that that scary to them when they buy that? I don't know. Maybe. I I I would love to go into their brains one day. but I have a feeling it's not, right? They they know what they're doing and that they don't even bulk at that price. they're going to the scarce asset, this IP, and they're just going to build upon it like both what those guys have done, no matter how well their teams are performing, they're going to be they're happy with that investment in different ways. And yeah, I mean, I think that the coolest part to me, and this is what tying it back to no huddle, is like we all it's like that athlete mentality. Athletes have that same thing, right? They they don't see there's no cap in what they're doing.

33:51 They they see the vision before other people do, right? Whether that's when they were a kid and they were like, I'm going to go pro or as as their evolution of in their career and and you know they become as a well-rounded person and investor themselves or just in their own like playing like how I'm going to get better every single year and I'm going to attack something because I'm at the 0.001% of my field and they're just they just are different. They're built different and it's funny now that we're seeing that same crossover of the people who are now owning the teams are also have the same DNA as the people who are playing for them. they look different, but they're they're that same type of just they're they're the 0.001's. and that's just going to keep continuing.

34:28 >> Sam, I'm I'm curious. What is the next step or the next phase for you on the no huddle front? What are you looking to press on and and double down on? Yeah, I mean I I really want to stick and and own this lane as much as I can and empower just kind of this this great community of I think sports creators across the board of we all have our different things and and how we can be be in this as a unified front. I want to continue to be the spot where you read about a company before they that headline hits, right? I want to hear about, you know, the the companies that we're all talking about here and have it featured now huddle a year before that happens, right? whether you have one customer and one employee or you know you already maybe more mature and you already raised one round but you're you're growing to the next one and so kind of being that leadership spot and then like I said just connecting those those dots between sports business and entrepreneurship right whether you're someone who wants to get in work in sports as sports as an asset class learning about how companies operate learning how entrepreneurs build and learning how that connects to the broader sports ecosystem that I want to be you know there for you and a resource for you or if you're an investor and you want to you want to get in to one of these companies or you want to learn about what know what's in the pipeline, what's upcoming and how I'm thinking thematically too. Be be in that that you know, it's there for you there and and support there. So, really just trying to be that connector across those three pillars and you know, I'd love to get a show out too and have you guys on as I think people are building too, right? It's that telling that story and that journey and and you know, using that mindset and how you're going to take it to from step one to step two to step 10, right? That's what it's all about. in in everything that we're doing here. I I would love to be a resource to anybody and the audience you guys are building is phenomenal and want to support you guys in every which way that I can. And you know, we're all blazing this trail together. We're we're the future of sports media and it it starts at the clubhouse on a Friday afternoon.

36:16 That's right, Sam. We're definitely going to have to have you we're going to have to have you on again and we'll we'll have a full house with Jester once he returns from his honeymoon. But we'll get it on the calendar to have you drop in again very very soon. >> Absolutely. So, yeah, we'll do it in New York next time when you guys are all around. We'll we'll go get something going. There we go. Absolutely. All right, fellas. Thank you guys.

36:38 Awesome, guys. Enjoy the the wedding, Brent. Have a blast. Thanks. See you.