Loading summary
IBM Representative
So there's a lot of noise about AI, but time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now a global workforce of 300,000 can use AI to fill their HR questions, resolving 94% of common questions, not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business IBM when you
Chase Bank Advertiser
own your own business, you own every decision. Now own the card that rewards you for it. Chase Sapphire Reserve for Business is a pay in full card that elevates your travel experience and offers premium benefits that will take your business to the next level. Sapphire Reserve for business offers 8x points on all purchases through Chase Travel, 3x points on social media and search engine advertising, airport lounge access, and more. Chase Sapphire Reserved for business. It's the card that gives back all you put in. Learn more@chase.com ReserveBusiness Chase for Business make more of what's yours Accounts subject to credit approval restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank, NA member FDIC wise is the smart
Wise Advertiser
way to manage the currencies you need around the globe. When you send money abroad using your bank, you could get hit with hidden fees and exchange rate markups. There's a better way. Try Wise. Wise uses the exchange rate you'd usually find on Google with no unwelcome surprises. Plus, most transfers happen in under 20 seconds, which means you your money arrives in less time than you've been listening to me. It's simple and free to sign up when you download the Wise app. Be Smart. Get Wise T's and C's.
Okta Advertiser
Apply.
Chase Bank Advertiser
Bloomberg Audio Studios Podcasts Radio News
Sarah Holder
Guys, what an insane week for the NBA. Thank you both for being here.
Randall Williams
Thank you for having me.
Jason Kelly
Best week ever.
Sarah Holder
Best week ever.
Jason Kelly
Best week ever. You just won the NBA Finals.
Randall Williams
This is the first time in the year his fans have been waiting decades.
Sarah Holder
Your NBA champions, your New York City Knicks are making their way through the parade route.
Jason Kelly
Go New York.
Randall Williams
Go New York.
Sarah Holder
Go.
Jason Kelly
I'm mad Hype. The Knicks hit different in New York. I think you saw it just as a resident of the city. There is no team that galvanizes New York and the culture.
Sarah Holder
Jason Kelly is the host of Bloomberg's the Deal with Alex Rodriguez and Jason Kelly.
Jason Kelly
You had a team of destiny in the Knicks. Maybe one of the biggest stars we'll ever see. Assuming he stays healthy in wembanyama a global superstar. It was everything the NBA wanted and it's going to be hard to top.
Sarah Holder
I'd seen New York City erupt with joy after the New York Knicks beat the San Antonio spurs to take the NBA championship Saturday night after a 53 year drought.
Jason Kelly
You know, the ratings showed that, you know, through the first four games, double last year's viewership, the biggest viewership I think since 1998. I'm hard pressed to think about finals that could have been any better for business.
Randall Williams
The only thing that could have been better for the NBA is if this series ended at Madison Square Garden or it ended in seven games.
Sarah Holder
That's Randall Williams, a co host of Bloomberg's Business of Sports podcast.
Randall Williams
The seven game series is always going to do better. But at the same time, I want to say game one and game two and all of these games were probably watched more than game seven of last year. That is ridiculous.
Sarah Holder
Yeah, I mean I watched all the games and I'm not like a huge
Randall Williams
basketball fan, one of millions of viewers.
Sarah Holder
I'm Sarah Holder and this is the big take from Bloomberg News today on the show. Who's making money off the record breaking NBA Finals and what it all means for fans, teams and the league as it considers expansion. There was a lot of money at play in this series as we've already alluded to, starting with ticket prices, especially for Knicks games. We're talking $10,000 for nosebleeds, six figures for courtside, Timothee, Chalamet, Heim, sisters. I'm not going to ask why these tickets are so expensive. I think that might be a little self evident. But where is that money going? How much is going to Jim Dolan and msg?
Jason Kelly
Oh, James Dolan. What a complicated figure on the New York scene and across the broader sports team.
Sarah Holder
Msg, of course, is Madison Square Garden. James Dolan controls Madison Square Garden Sports Entertainment which owns the venue, and Madison Square Garden Sports which owns the Knicks team.
Jason Kelly
You know, a lot of the money is going to MSG for sure. You know, a lot of money is going into the pockets of long suffering season ticket holders. For the Knicks or the Spurs? The spurs, despite probably being very grumpy about it, made a lot of money off of New Yorkers who were trying to buy tickets.
Randall Williams
As you saw on the broadcast, there were plenty of Knicks fans at game five and game one and two.
Jason Kelly
Yeah, totally. And the economics, which I'm sure you've heard about Sarah, were such that it was substantially less expensive for people to buy a plane ticket, get a hotel room and still get tickets to a Spurs game than it was to get into Madison Square Garden. We've talked to the head of the New York City Economic Development Corporation who talked about hundreds of millions of dollars, probably upwards of half a billion dollars, maybe more, that are marginally going into the New York City economy. And that's just from, you know, bars who probably made their budget for the year serving thirsty and excited Knicks fans all across the five boroughs.
Sarah Holder
Not an N was unbelievable in any of.
Jason Kelly
Yeah, yeah, nowhere.
Sarah Holder
What about in San Antonio? Was there that level of economic stimulus?
Randall Williams
Definitely. I think so, too. But they had three games and New York had two. And so when you think about that impact, yes, New Yorkers filled up San Antonio's arena, but at the same time they were eating at these restaurants, they were filling up these hotel rooms, they were walking all around the city spending money, and that means money for San Antonio. Now, if you ask San Antonio what was the best case scenario, of course they would have wanted a Game 7, not just so that they had an opportunity to win, because it would have brought more money to the economy. James Dolan will tell you, I just want to win a championship. But in all reality, here in New York, a Game 6 in which the Knicks would have won in six would have been insane in the city. And that's what I was rooting for selfishly, because I think that would have been the best story. However, the Knicks getting revenge on the spurs, winning in five games the same way that the spurs beat them in 1999. That's not so bad either.
Sarah Holder
So in terms of how the players end up profiting, Sportico reported that teams who made the playoffs will get roughly $36 million in bonuses total. The Knicks players will split roughly 9 million of that for coming in first, and the spurs will split about 4 million. Randall, walk us through how the teams make money here.
Randall Williams
The more games that a team has, the more money that a team will make. Unlike the NFL, where the super bowl is hosted by the NFL. So, for example, San Francisco, they reached a deal to host Super Bowl 60. They hosted it, but they don't see any money from it. All that money goes straight to the NFL in the NBA Finals, the more games you host, the more money you make. So that's why my argument is that Game 6 at MSG would have been insane, but it didn't happen.
Sarah Holder
So how meaningful is that mis revenue for the NBA and for television partners?
Randall Williams
Television partners are fine because the games are very, very good. There were no blowouts so if you're a viewer and you and I was at game four, which was the largest comeback in NBA Finals history, there was reason to turn off the game and then there wasn't.
Sarah Holder
And fans and bandwagoners alike kept watching. 24 and a half million people tuned into game five. By around 11:15, right as the Knicks were about to clinch their playoff win, that number surged to 33 million. To find a series with more viewers, you'd have to go back to when Michael Jordan's Chicago Bulls beat the Utah jazz for its second three peat in 1990, Jordan's last season with coach Phil Jackson. A few years ago, the NBA signed this 11 year media rights deal with Disney, Amazon and NBC's parent company Comcast. It's expected to generate $76 billion in fees for the league. What has that meant for viewership? Does that have anything to do with the record viewership we were seeing this year? Or is it, I mean, just amazing basketball?
Jason Kelly
The NBA has a knack for incredible storylines. You were introduced this season to, to these new superstars in a really meaningful way. And you know, one of the really interesting things going forward, and we've talked about this a little bit, is the Wemby storyline. He's a little bit of a villain. Now. That's actually kind of a great storyline for the NBA. You have Jalen Brunson, this like ultimate underdog who's been like doubted at every single level and also has won a championship at every single level. You know, putting him in the company of people like Kareem, you know, winning at high school, college and the professional level. And so that's good for everybody's business. And so if you're the media rights holders for the NBA, you're probably, I think right now saying, yep, it worth every penny.
Randall Williams
There's a lot of conversation about who was watching and when could you watch. That is still an adjustment for a lot of fans because there are subscriptions that you need. However, viewership was high. And so from that aspect, if you're the league, that's a problem that you can fix over time.
Sarah Holder
And the NBA also cleaned up on Merch this series. The league said that the 2026 Finals overall set new league records for merchandise sales, doubling the previous record from 2020. And on the big sports retailer fanatics, the Knicks set an all time merchandise record in the 24 hours after their victory. The most for any championship team in any sport.
Jason Kelly
The Knicks, because of the fan base that we've been talking about, it's a national Certainly maybe a global fan. You couldn't get a real licensed piece of merchandise anywhere, basically. I mean, like my 8 year old daughter was wearing a Go New York, Go New York Knick shirt that my wife literally had to make her because we couldn't buy one anywhere.
Randall Williams
And one more thing I'd add is that this conversation really matters to the NBA because of the fact that months ago there was a debate about who was the number two league in America, Major League Baseball or the NBA. And Major League Baseball has been scorching hot. You think about the World Series two years ago between the Yankees and the Dodgers. You think about the World Series last year between the Dodgers and the Blue Jays. Just three titan organizations in which the ratings were crazy across the world. And now the NBA has the knicks on a 50 year drought. You have Wemby, a 7 foot 4 behemoth and those two things, an underdog. And Jalen Brunson versus the Titan in Wemby, the New York market, number one media market versus San Antonio, a franchise that has won many championships. Those things really, really matter. And the NBA won this year.
Sarah Holder
After the break. Where does the NBA go from here? Why? Expansion might or might not be a slam dunk.
IBM Representative
So there's a lot of noise about AI. But time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now a Global workforce of 300,000 can use AI to fill their HR questions. Resolving 94% of common questions, not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business.
Public Advertiser
IBM Support for the show comes from public. Public is an investing platform that offers access to stocks, options, bonds and crypto. And they've also integrated AI with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes. So let's say you're interested in something specific like biotech companies with high R and D spend, small cap stocks with improving operating margins or the S&P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on public you just type in a prompt and their AI screens thousands of stocks and builds a one of a kind index. You can even backtest it against the S&P 500. Then you can invest in a few clicks, go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market ad paid for by Public Holdings Brokerage Services by Public Investing Member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor Crypto Services by ZeroHash Sample prompts are for illustrative purposes only, not investment advice. All investing involves risk of loss. See complete disclosures@public.com disclosures whether you're planning
4imprint Advertiser
a big tech event, launching a new campaign or just stocking up on team gear, finding the right promotional products makes all the difference. 4imprint offers thousands of options from on trend apparel and premium drinkware to tech totes and giveaways so you can find the right fit for any audience, purpose or budget. You can customize it all. Your logo, your message, your look and many items come with no setup charge to help you save. And if you're really watching the bottom line, you'll find standout choices at every price point so you can make a real impact while staying on budget. Plus you'll get expert help, fast turnaround times and their 360 degree guarantee so you can be four imprint certain your order will arrive on time and look exactly right. Whatever your goal, 4imprint makes it easy to find your perfect promo match. Explore the possibilities today@4imprint.com for Imprint for certain.
Sarah Holder
I want to talk a little bit more about Jalen Brunson, NBA Finals mvp, captain of the Knicks. Famously, to Knick fans at least, he signed this team friendly contract in 2024. The team would have paid more than $100 million extra to keep him if he'd waited till he was a free agent to resign. And those savings have been credited by some with helping the Knicks build out the team with players that ended up being so critical to the win and the championship. How much did it help the Knicks,
Jason Kelly
you know, for Jalen Brunson? And this is something that, you know, we talk about a lot on our show the Deal that I host with Alex Rodriguez. It's one thing to play in New York and to be a professional athlete, but there's a whole other thing if you are a professional athlete in New York who won a championship, and that's Jalen Rudson. Now he has elevated his brand, he has elevated his business opportunities in an exponential way that probably will make that, you know, lost quote unquote hundred plus million dollars look like a very, very good investment over the next 10, 20 years for him.
Randall Williams
So the question to me in regards to Jalen Brunson is not about how much money he will make after sacrificing 100 million, he's going to make a ton. It's about which brands are willing to pay him. What's interesting about him is that he does not have a signature shoe with Nike. Does Nike decide to give. I believe he's 28 or 29 years old. It takes about 18 to 24 months to develop a shoe. By the time his sho come out, he would be either 30 or 31 and on the tail end of his career. Is that a risk that's worth it to Nike? Now, there are plenty of businesses in New York that Jalen Brunson could be a part of. You think of the largest sports sponsors, insurance companies. I mean, you think of progressive, you think of State Farm with Patrick Mahomes, he will have no shortage of options. And so for him, the $100 million is going to be worth it, especially if he can do it again.
Sarah Holder
Well, I want to ask about what's next for the NBA. The board of governors is actively exploring expansion franchises in Seattle and Las Vegas. What incentive does the league have in keeping smaller markets engaged versus just like building on the teams that are already dominant?
Randall Williams
Well, I think that the way in which the league has changed rules around the cap system so that it makes it tougher to keep all the players that you draft because of the salary cap. You'll have to pay penalties if you exceed a certain mark by paying players. With that in mind, it does two things. It makes it difficult for teams to keep their core together and it also gives smaller market teams who may not draft well or put teams together. It gives them an opportunity to sign players. And so if you are one of these smaller time owners who has not been to the playoffs, who has not made a championship, but the media rights deals keeps going up, why would you bother competing into in this? The same way that some of the higher or bigger market teams can. The MLB is dealing with this crisis right now where you have teams who are just okay with not winning because they're making money. And the NBA is trying to avoid that by incentivizing teams to win. And so you've had, I believe it's eight different champions in the last eight years. There are some people who are happy with that, there are some people who are not. But the reality is it's good for fan bases, for fan bases to feel like they have a chance. It will drive people to arenas and it will drive people to their screens to watch.
Jason Kelly
You know, when we talk about expansion, you know, one of the great potential storylines that comes with expansion is the return of the supersonics to Seattle. They're likely to get one of the expansion teams. Vegas is likely to get the other. There is a fan base in Seattle that is rabid, hungry.
Chase Bank Advertiser
They're ready.
Sarah Holder
They're ready for their moment.
Jason Kelly
They are ready. To Randall's point, if you can build these fan bases in different markets across the country, that is good for the game. And that again accrues to the valuations not just of the teens, but also to the media deals going forward.
Sarah Holder
I want to talk about the Knicks valuation because Sportico had the knicks valued at $9.8 billion headed into the Eastern Conference Finals. Does this championship change that?
Randall Williams
Championships mean a lot to teams. They don't add a lot of incremental value to evaluation. Now, for the Knicks in particular and for all NBA teams and I believe MLB teams as well, the more games you play at home, the more revenue. But it's not going to increase you from 9.8 billion to 10.5 or something along those lines.
Jason Kelly
It'll be interesting to see if this Finals, this playoff run the Knicks storyline, the sort of revelation of Wembanyama has sort of a rising tide effect on all NBA valuations. You know, it helps justify this meteorites deal that's a big underpinning for valuations in any major sport. You know, we're on the verge of likely expansion in the NBA. So you do wonder if it has an incremental, sort of broad effect on investors and ownership groups who are looking at the NBA, you know, being more confident to pay more as the next few years go on and I gotta
Sarah Holder
bring it back to the Knicks and James Dolan. Right now, investors can own a piece of the franchise through Dolan's MSG Sports, but he's reportedly considering spinning off the Knicks into its own entity, broadly speaking. Jason, what would that mean for the team and for investors and for fans?
Jason Kelly
It is one of the very few situations where a public shareholder can own a piece to the team. To me, the most interesting thing would be if it was an entity in and of itself. You would have a, maybe a cleaner and clearer proxy for what these teams are actually worth. Because right now a team is worth whatever someone is willing to pay for it. The mechanism by which they would do it would be fascinating. But the transparency with which we could actually see what these teams, what these businesses are worth under real financial analysis and a real look at the book, it would be super interesting to me, at least. It's a once in a lifetime moment for a lot of people in New York and we've never seen anything like this. You know, we do this for a living. You know, we've had the, the benefit of going to a lot of championships, a lot of important games, been around a lot of fans, and there's nothing like the New York Knicks winning a championship. And from a business perspective, it's one of the most fascinating stories I think we've covered in a long time.
Randall Williams
And I just say that if you hate the Knicks, things are going to get a lot worse over the next year or so because they're the reigning champions and they can tell you that for another 365 days. So good luck.
Sarah Holder
It's electric. Thank you guys so much. This is the Big Take from Bloomberg News. I'm Sarah Holder. To get more from the Big Take and unlimited access to all of bloomberg.com, subscribe today@bloomberg.com podcastoffer thanks for listening. We'll be back tomorrow.
Michigan Business Representative
As industries evolve faster than ever, companies need an environment that accelerates strategic growth. And Michigan delivers on that promise. From emerging startups to global enterprises, Michigan offers what executives value most. A resilient, innovative ecosystem, diverse communities that attract top talent, and a quality of life that supports work life. Balance with our unified Team Michigan approach, businesses scale faster and compete at the highest level. Michigan Pure Opportunity Seize your opportunity@MichiganBusiness.org these
Okta Advertiser
days it seems like AI agents are just about everywhere you turn every field and every function. But without identity, you can't trust they'll serve your business instead of jeopardizing it. Fortunately, Okta helps you get identity right by securing your AI agents identities, giving you a single layer of control, a single standard of trust. So whether an AI agent supports a single user or your entire enterprise, with Okta you'll turn risk into opportunity. Secure every agent. Secure any agent Okta secures.
Wise Advertiser
AI Wise is the smart way to manage the currencies you need around the globe. When you send money abroad using your bank, you could get hit with hidden fees and exchange rate markups. There's a better way. Try Wise. Wise uses the exchange rate you'd usually find on Google with no unwelcome surprises. Plus, most transfers happen in under 20 seconds, which means your money arrives in less time than you've been listening to me. It's simple and free to sign up when you download the Wise app. Be smart. Get wise T's and C's Apply.
Host: Sarah Holder
Guests: Jason Kelly (Host, Bloomberg's The Deal), Randall Williams (Co-host, Bloomberg’s Business of Sports)
Date: June 18, 2026
This episode of the "Big Take" dives into the explosive impact of the New York Knicks' historic NBA Finals win, ending a 53-year championship drought. The focus: Who profits from such a record-breaking sports moment? Host Sarah Holder and guests unpack the massive economic, cultural, and business ripple effects from New York to the league itself, and debate what the NBA’s hottest Finals mean for the league’s future, from merchandise to team expansions.
Ticket Frenzy
Where Money Goes
MSG (Madison Square Garden) reaps massive earnings, as do long-suffering season ticket holders through resales.
The Spurs benefited from New Yorkers flying south for cheaper tickets—airfare and hotels included (05:11).
“It was substantially less expensive for people to buy a plane ticket, get a hotel room, and still get tickets to a Spurs game than it was to get into Madison Square Garden.”
— Jason Kelly, 05:11
Economic Impact on Cities
San Antonio Also Wins
Record Merchandise Sales
2026 Finals shattered previous NBA merch sales records; the Knicks set the all-time mark for any championship team in any sport in the first 24 hours after victory.
Demand was so high that fans couldn’t buy authentic apparel—people had to make their own.
"You couldn’t get a real licensed piece of merchandise anywhere, basically."
— Jason Kelly, 10:20
League Prestige
"The Knicks hit different in New York."
— Jason Kelly, 02:16
"24 and a half million people tuned into game five. By around 11:15, right as the Knicks were about to clinch their playoff win, that number surged to 33 million."
— Sarah Holder, 08:04
"You have Jalen Brunson, this like ultimate underdog … also has won a championship at every single level … putting him in the company of people like Kareem."
— Jason Kelly, 08:50
"The more games that a team has, the more money that a team will make. Unlike the NFL ..."
— Randall Williams, 07:18
"Just three titan organizations in which the ratings were crazy across the world. And now the NBA has the Knicks on a 50 year drought. You have Wemby, a 7 foot 4 behemoth and those two things … the NBA won this year."
— Randall Williams, 10:44
"It's a once in a lifetime moment for a lot of people in New York and we've never seen anything like this."
— Jason Kelly, 20:43
The Knicks’ Finals victory has ignited not just NYC’s spirits, but also the league’s earning potential. The NBA’s ability to build narratives, inspire record spending (on both tickets and merch), and deliver for media partners may be a blueprint for all of US professional sports. With expansion, new valuation methods, and a global fanbase, the NBA’s future looks blockbuster bright.
“If you hate the Knicks, things are going to get a lot worse over the next year or so because they're the reigning champions … So good luck.”
— Randall Williams, 21:04
Rich in economic analysis, business insight, and a touch of giddy Knicks fan joy, this episode is a must-listen for anyone curious about how modern sports championships reshape cities and the leagues they call home.