City Football Group CMO Nuria Tarre on Business of Soccer

Summary

Bloomberg Business of Sports – Episode Summary

Episode: City Football Group CMO Nuria Tarre on Business of Soccer
Date: March 20, 2026
Hosts: Michael Barr, Vanessa Perdomo, Damian Sassauer
Notable Guest: Nuria Tarre (CMO, City Football Group)
Theme: Exploring the rising business of soccer in the United States, big-money trends in stadium development, the economics of elite college sports, and how global brands are positioning themselves ahead of the 2026 World Cup.

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Main Theme & Purpose

This episode delves into:

• The financial boom in women’s college basketball using UConn as a case study.
• Major trends in stadium infrastructure, mixed-use districts, and their ROI for owners.
• How global football powerhouse City Football Group (owners of Manchester City & NYCFC) is approaching the US soccer market as the 2026 World Cup approaches.
• The departing co-host, Damian Sassauer, reflects on the evolution of the show.

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Key Discussion Points & Insights

I. The Business of Women’s College Basketball: UConn’s Case Study

Guest: Elizabeth Rembert, Bloomberg municipal finance & higher ed reporter

• UConn women’s basketball is now a "financial powerhouse," with 2025 revenue nearly doubling compared to 2023 ([03:10]).
• Their 2025 undefeated season (31-0) brought sellouts every game, elevating ticket revenue and overall brand presence ([04:17], [04:32]).
• Revenue from the women’s program surpassed the football team in both 2024 and 2025 ([05:03]):
  • "In 2024 and 2025, [UConn women's basketball] did edge out football." – Elizabeth Rembert ([05:03])
• Revenue Drivers:
  • Postseason TV distributions & winning the national title
  • Corporate sponsorships: Women's basketball brings in over 30% of athletics’ corporate sponsorships—second only to men's basketball ([05:45]).
• UConn has built a "championship brand," vying for a 13th national title, comparable to top WNBA franchises in marketing pull ([07:21]).
• NIL (Name, Image & Likeness): Stars like Paige Bueckers and Azzi Fudd have major sponsorships, separate from the school’s revenue ([09:53]).

Quotes & Memorable Moments

• "Women's basketball is exploding in popularity... now is the time schools can really be investing in women's basketball." – Elizabeth Rembert ([11:59])
• "Football and men’s basketball have been an arms race… there’s more room for upside in women’s basketball." – Elizabeth Rembert ([11:59])

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II. Stadiums, Mixed-Use Districts & The Business of Infrastructure

Guest: David Carlock, Founder/Managing Partner, Machete Group

• Trend: Modern sports venues integrate mixed-use districts (shopping, dining, hotels, residential), driving up both fan engagement and property value ([16:16], [16:42]).
  • "If you can extend the length of stay for your fans ... that's really significant for the team." – David Carlock ([16:59])
• Mixed-use works best if venues are destinations year-round, not just event days ([18:52]).
• Large Markets vs Small: Big cities have more people, income, and tourists; small cities benefit from less competition and can become ‘the only game in town’ ([20:10]).
• Ticket Prices & Premium Experiences:
  • Fans will pay more for upgraded experiences, not for the same old seat in a new building ([21:49]).
  • Owners innovate with diverse premium seating (suites, boxes, party decks) to monetize game day more efficiently ([21:49], [23:33]).
• Major Innovations: The live experience has become the last unique selling point as home viewing technology improves ([24:00]):
  • "It’s really about the live experience — how to increase the energy and excitement of being there live." – David Carlock ([24:00])
• ROI Strategies: Owners maximize returns by:
  1. Profiting directly from real estate development (see The Battery/Braves in Atlanta)
  2. Extending sponsor activations into mixed-use districts
  3. Enhancing the game day and year-round fan experience to drive season ticket renewals ([25:58], [28:03])

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III. City Football Group: Global Soccer Meets the US Boom

Interview: Vanessa Perdomo & Nuria Tarre (CMO, City Football Group) [South by Southwest, Austin]

• City Football Group (CFG) — owners of Manchester City and New York City FC — views World Cup 2026 as an accelerator, not the sole driver, for soccer’s growth in America ([31:42]).
  • "We look at the World Cup in the US as a big opportunity to accelerate what we already see is a big opportunity in soccer in this country." – Nuria Tarre ([31:42])
• US Market Significance:
  • The US is Manchester City’s largest international market.
  • Retail can account for 30% of revenues from the US ([32:40]).
  • NYCFC already valued at over $1B before opening its 2027 stadium ([33:10]).
• Valuation Boom:
  • On whether all MLS teams will hit $1B:
    • "I think we should be cautious… The World Cup will be an accelerator but the game's been growing for many years." – Nuria Tarre ([34:24])
• Engagement Strategy:
  • Targeting "younger fans" (16–34), already the fastest growing US team sport ([34:24]).
  • Deep local presence: City Football Group doesn’t want to be a “tourist” brand – their approach is permanent and year-round, with local offices and grassroots investment ([36:06]).
    • “We want to act like locals, not tourists… waking up every morning thinking how to engage with fans in a meaningful way.” – Nuria Tarre ([36:06])
• Market Approach:
  • NYCFC is built to be a standalone New York team, not a "mini Manchester City" ([38:29]).
  • Back-end synergies include talent development, but the brand focus is always club-centric, not CFG-centric ([38:29]).

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IV. Farewell to Co-host Damian Sassauer

• Damian leaves the show to focus on his day job running emerging market fixed income research at Bloomberg Intelligence but will remain at Bloomberg ([40:58]).
  • "What started as... a once a week NFL fantasy football podcast... has kind of become this beautiful, award-winning Bloomberg Business of Sports." – Damian Sassauer ([40:58])
• Emotional send-off from Michael Barr and Vanessa Perdomo.

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Notable Quotes & Timestamps

• “Women's basketball is exploding in popularity ... now is the time where schools can really be investing in women's basketball because it's not such a crowded space.” — Elizabeth Rembert ([11:59])
• “If you can extend the length of stay that your fan is engaging in... that's really significant benefits to the team.” — David Carlock ([16:59])
• "We want to act like locals, not tourists... with year-round activities." — Nuria Tarre ([36:06])
• "The soccer revolution is already here in the US..." — Nuria Tarre ([34:24])
• "It’s really about the live experience... how to increase the energy and the excitement of being there live." — David Carlock ([24:00])

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Important Segments with Timestamps

| Segment | Timestamps | |-------------------------------------------------|:--------------:| | UConn Women’s Basketball as a Revenue Leader | 03:10–12:59 | | Stadium Development & Mixed-Use Districts | 15:31–28:03 | | City Football Group CMO Nuria Tarre Interview | 30:31–40:30 | | Damian Sassauer’s Farewell | 40:34–42:40 |

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Tone and Style

The conversation blends in-depth business analysis with casual banter, maintaining an engaging yet professional tone. Hosts and guests frequently inject humor while delivering actionable industry insight.

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Bottom Line/Key Takeaways

• Women’s college sports, especially basketball, are becoming massive revenue engines and branding platforms — with UConn as the standout leader.
• Sports real estate is evolving: Modern stadiums must offer premium, immersive experiences and year-round utility to maximize ROI.
• Soccer’s US boom is driven by demographic shifts (youth, diversity), strategic global investment, and the long-tail effects of the World Cup.
• Global brands like City Football Group are taking a long-term, locally-rooted approach in the US market, integrating both club branding and grassroots development.
• The business of sports is increasingly driven by maximizing fan engagement, both on game day and throughout the year.

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This episode is essential listening for those seeking to understand the financial underpinnings and strategic thinking behind the current sports industry boom in America and beyond.

Transcript

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[Damian Sassauer]

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[David Carlock]

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These are such iconic and important buildings for businesses. For fans, Covid was one of the best things that ever happened to golf.

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Bloomberg Business of Sports From Bloomberg Radio,

[Michael Barr]

this is the Bloomberg Business of Sports where we explore the big money issues in the world of sports. I'm Michael Barr.

[Vanessa Perdomo]

And I'm Vanessa Poremo.

[Michael Barr]

Coming up today we are going to take a look what the impact of having the FIFA World cup in the US Is going to do for the popularity of soccer stateside. We'll also break down the business of mixed use districts around sporting venues. But first, we will speak with Bloomberg's own Elizabeth Rembert.

[Vanessa Perdomo]

Elizabeth is a municipal finance and higher education reporter for Bloomberg News. She recently wrote a story about how UConn women's basketball team is generating big bucks for the school.

[Michael Barr]

Elizabeth joins us in studio now. Welcome to the Bloomberg Bloomberg Business of Sports. And you are 10,000% right? UConn's women's basketball, that is a lot of coin for the school.

[Elizabeth Rembert]

Absolutely. They're a powerhouse on the court. And then in these bond documents they're bringing in money. So a financial powerhouse as well for the school.

[Vanessa Perdomo]

Tell us more about, you know, why now? Why does it show now that they're, you know, making a lot more money for the school as it's always been or what was it about last year?

[Elizabeth Rembert]

Yeah, so I think everyone knows that UConn is, has such a dominant women's basketball program. But it seems like, you know, I noticed this, they were selling bonds and I just picked out this interesting little tidbit and then looked into the numbers and it seems like for the 2025 year, it tipped up a little bit from the 2024 levels, but it nearly the revenue that the women's program brought in nearly doubled from the 2023 levels. And so I think we all know that women's basketball has really been exploding in popularity. They also had Paige Beckers who was such a superstar on the court and then also a superstar in partnerships, high profile partnerships, and just really showed her talents on tv. So that's what the experts, I say maybe made that difference of bringing in viewership and then of course, them winning the 2025 title.

[Michael Barr]

And don't forget now this season they went 31 and oh, I'm going to say it again, so in case you missed it, they went 31 and oh, they went undefeated. And every ticket was pretty much sold out for every game. Am I correct?

[Elizabeth Rembert]

Yes, yes, absolutely. Great. Great attendance. I think that they still have some stars with Izzy Fudd and Sarah Strong on the team, everyone really wanting to see them play. And then I think, I think their coach has said it to seeing can they do it without Paige? So the, the audiences are there for that as well.

[Vanessa Perdomo]

What is it about, you know, when you were looking into the numbers, I'm curious, when you were seeing it, was it parallel to the men, parallel to the football team? Because I think that's where everyone thinks that the money actually comes from is men's basketball and football.

[Elizabeth Rembert]

Yeah, so it is trailing the men's basketball program. But I did Notice that in 2023, the total revenue that the women's program was bringing in was under the football. But then in 2024 and 2025, it did edge out football. And I think that we can see just the pace that the money is accelerating, how much more this program is bringing in for the school's athletic department.

[Michael Barr]

And when we looked at the chart, the men's football program is making less than the women's basketball team in 2025.

[Elizabeth Rembert]

Exactly. Exactly. Yep.

[Vanessa Perdomo]

And what is the biggest driver of revenue for the women's basketball program, from what you saw?

[Elizabeth Rembert]

I noticed that the post season revenue is really bringing in a lot of dollars, which makes sense. They won the title last year, so they're going to be getting more of that TV distribution income. But the school also told me that the women's program brings in more than 30% of their corporate sponsorship re. So that's another substantial income provider for the athletic department. And that, the school said, only is trailed by the men's basketball program, which is bringing in corporate sponsorship revenue as well.

[Michael Barr]

We're speaking with Bloomberg's own Elizabeth Rembert. I want to go more into the viewership part because that means sponsorships and that means money.

[Elizabeth Rembert]

Exactly, exactly.

[Capital One Announcer]

Yeah.

[Nuria Ture]

If.

[Elizabeth Rembert]

If the corporate partners know that the eyeballs are going to be on those games, if the butts are going to be in the seat of the audience, of course, that's a powerful opportunity to get marketing and their brand out there for everyone, everyone to see and to partner with such a dominant program. I was driving through Connecticut a couple weekends ago, coming back from a ski trip in Vermont, and I saw so many billboards along the highway with, you know, the women's basketball program up with a brand saying, you know, we're strong on the court, we're strong in the banking partnership or something like that. So really seeing those, like, highly visible partnerships with the. With the women's basketball team.

[Vanessa Perdomo]

I think the interesting thing with the UConn women's basketball team is obviously, Paige is a big star for them, but the team is really a brand in itself. It's almost essentially as big of a brand, or bigger in some cases than a lot of WNBA teams and a lot of other professional sports teams. From what, you know, from what you've seen around other college programs, how do they stack up in that sense? Do you know?

[Elizabeth Rembert]

Yeah, they have built their championship brand for years. I mean, they are vying in this tournament for their 13th national championship. Which is a record across all of the schools. And I think that then there were the years when Briana Stewart was there and just going back to back to back to back where just really solidifying that dominance. I think that the, their competitors, as far as just brand, of course, South Carolina, Don Staley has really built that program and has just like built that from scratch and made them known as a women's basketball destination. LSU, UCLA is obviously very prominent, but I think that UConn is undisputed. Just the numbers of 12 titles, you can't, you can't deny that type of

[Michael Barr]

championship brand now they make millions is an understatement. But it's not only great for the school, but it's great for the businesses around the arena. Because if you are playing in front of a sold out crowd each game, that means the restaurants and bars are going to be packed as well.

[Vanessa Perdomo]

Mm.

[Elizabeth Rembert]

Yeah. The local economic impact is also big and that's something that I've seen when I was researching this story. Other Connecticut businesses, like you said, around the stadium, just saying the economic impact that these teams bring into the state and the area cannot be understated as well with, with fans wanting to pre game or maybe celebrate a win after

[Vanessa Perdomo]

the game, particularly because there's nothing else to do in stores. Connecticut, I think, Michael, what do you think? You think they're going to go back to back? You think they can do it this year?

[Michael Barr]

I don't see anybody beating UConn. I mean, yes, I know the top seeds. You got UConn, UCLA, Texas and South Carolina. Nobody's let me, let me know. I'm going to give it the kiss of death. Nobody's going to beat UConn.

[Nuria Ture]

Whoa.

[Vanessa Perdomo]

Completely perfect undefeated season.

[Michael Barr]

I think you're going to see an undefeated like a Miami Dolphins style undefeated season. I know I put it out there. Elizabeth is like, are you crazy?

[David Carlock]

What is going on?

[Elizabeth Rembert]

I mean their defense, like they do not, they make all the teams fight for every single point. And then their offense, it's on both ends.

[Michael Barr]

And by the way, it brings me to nil. If you're talking an elite team like the Huskies, there's going to be a lot of money in name, image and likeness for these athletes.

[Elizabeth Rembert]

Yeah, I think that Paige Beckers was like, is one of, you know, at the top. Obviously she's graduated and she's in the W now, but the deals that she inked with Gatorade Bose, she was the first college athlete to have a Nike edition player shoe. So just that platform as well Especially as college sports increasingly becomes. With these big nil paydays, as schools can pay their athletes. I think that that's just another advantage as well as that championship brand. UConn has also shown we can set you up for these types of partnerships economically for these players as well, which

[Vanessa Perdomo]

is an interesting thing when we look at your story and we're looking at, oh, they bring in $8 million of revenue. That has nothing to do with the nil deals that these players are bringing in on their own, which I know Az Fudd is also one of the top, most followed players. She has. She's had deals since the start of nil. We did an entire profile on her back in 2021. She has been in this game for. For a long time. So when she does go eventually to the W, just at the end of this year, it's. I think she's going to try and write it out on the high note. She's. She's also just as incredible as Paige.

[Michael Barr]

I love seeing the graphic also, by the way, you have men's basketball for UConn, then you have women's basketball, then you have football and. And then you have other sports. Is that like swimming or something like that?

[Elizabeth Rembert]

Yeah, I think swimming, you know, all the Olympic sports. Soccer just. Yeah, all. All lumped in there.

[Michael Barr]

Yeah, they, you know, lawn jarts and, you know, whatever.

[Vanessa Perdomo]

Well, you know, it's every other sport, Michael.

[Michael Barr]

Oh, I'm sorry. I'm sorry. Soccer is good. Soccer is great. Okay, I'm kissing up. Thank you.

[Vanessa Perdomo]

Even though we. Yeah. Zero money for revenue for the school, but, you know, they'll watch it anyway.

[Michael Barr]

Well, Elizabeth, where do you see it going years down the road in terms of building revenue, not just for UConn, but they're leading the way for other big schools as well, like Carolina or ucla. Where do you see the future of revenue building for other schools?

[Elizabeth Rembert]

Yeah, when I talk to experts about this and kind of have, like, a broader conversation, like you said, stepping back from UConn, they say that it can really only go up. You know, like I said, like, women's basketball is exploding in popularity. That's bleeding into college basketball as well. And the experts that I talk to say that now is the time where schools can really be investing in women's basketball because it's not such a crowded space. Like, they say that football and men's basketball have. Is an arms race. It has been an arms race, but maybe there's a little bit more room where if you put your dollars to work in your women's basketball program. There's huge upside there and so I think it's just going to keep, keep growing. Especially with these superstars like Az Fudd, like Sarah Strong, like Audi Crooks, Audi Hooks, Audi Crooks, Audi Crooks at Iowa State. Just these like really talented players that are making people see the types of game that can be played on the women's basketball court.

[Vanessa Perdomo]

That was Elizabeth Rembert. She is a municipal finance reporter for Bloomberg News.

[Michael Barr]

Up next, we're talking infrastructure. Woo hoo. But really building stadiums and mixed use districts are big business. So we will take a look at what's driving big investment from owners. That's straight ahead on the Bloomberg Business of Sports for Vanessa Perdomo. I'm Michael Barr. You are listening to Bloomberg Business of Sports from Bloomberg Radio around the world.

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[Bloomberg Business of Sports Announcer]

This is Bloomberg Business of Sports from Bloomberg Radio.

[Michael Barr]

This is the Bloomberg Business of Sports where we explore the big money issues in the world of sports. I'm Michael Barr.

[Vanessa Perdomo]

And I'm Vanessa Perdomo.

[Michael Barr]

As team valuations continue to rise, we know that one big cause of that is the huge stacks of money going into stadium development. So we're bringing in an expert to give us the lowdown on why owners are willing to spend so much money on these projects and how they are going to get their money back.

[Vanessa Perdomo]

We're speaking with David Carlock. He is the founder and managing partner of Machete Group who have advised clients on projects such as the Barclays center, the Chase center and more.

[Michael Barr]

David, welcome to the Bloomberg Business of sports and want to start. You're the founder and managing partner of Machete Group. Tell us about that.

[David Carlock]

Well, we're a Houston based real estate development platform that sits at the intersection of sports, entertainment and real estate. We've been around for about 18 years. We spend about half our time developing public assembly venues, arenas, stadiums, ballparks and about half our time working on mixed use districts, typically in partnership with a team and located adjacent to an arena, stadium or ballpark.

[Vanessa Perdomo]

David, I'm glad you brought that up like the mixed use part because it seems like every single stadium or venue, anything going up right now almost has to have a mixed use development project. Why has that become the norm and do you think it is something that really every venue should have?

[David Carlock]

I think the answer is that it ideally I think every team would benefit from something like it. I think the reality is that the number of locations where it makes sense commercially, it underwrites regardless of what kind of metrics you're applying is obviously more limited, particularly in the current environment where construction costs are way up, money is a lot more expensive, it's a lot more challenging. But I think what sports team owners have figured out, particularly the really smart ones, is that the business that they're in, and this is similar to what I Learned at Disney 25 years ago back when I was involved in the resorts and attractions group there, is that Disney is really in the length of stay business that they, they aren't in the theme park business, they're not in the hotel business. They just want you to stay one more day because the marginal contribution on that revenue is really, really significant. It's, it's the economics are much more attractive than getting someone new to come for one day. And in the sports business, if you can extend the length of stay that your fan is engaging in when it's connected with your brand, right? So extending that game day experience, they show up a few hours early, they stay an hour late, they start coming on off days to have the kinds of experiences they're interested in having, whether that's going to a restaurant or maybe they're signing a lease at the apartment building or making a night out of it, staying at the hotel, that has really significant benefits to the team. And I think that's what these kinds of districts offer.

[Michael Barr]

We're talking with David Carlock, he's the founder and managing partner of Machete Group. And I want to go more into that about the bars and restaurants, either on a game day or a concert day. That is critical for those businesses that are around wherever the stadium is. Tell us more about that.

[David Carlock]

It is critical. I think that the key question or challenge or perhaps opportunity, depending on how you want to think about it, is developing a project that is a logical place to go when there isn't something happening at the arena or stadium. So, you know, fans are good at figuring out that when there's a Rockets game, it makes sense for me to go visit the bar or the restaurant or whatever it may be that's right next to the arena. That's not enough for a successful real estate development. You also need that fan to think to himself or herself, this would be a great place for me to hang out Tuesday afternoon at 2 o' clock when there's nothing happening at the arena or Sunday for dinner or whatever it may be. So that I think is at the core of really getting these kinds of projects right.

[Vanessa Perdomo]

Do you think that some markets have an advantage there than others? The experience with Machete Group really runs the gamut across it seems very global and Brooklyn, London, Paris, but other smaller cities like Richmond and Louisville, is it easier for those places to have a bigger spread and have people come there more often, or can you give a little bit of the disadvantages advantages to bigger versus smaller markets?

[David Carlock]

Sure, yeah, that's a really good question. In larger markets you have all the benefits you would expect to come along. With larger markets you have more people, you have more typically more income that's available, you have more not just local people, but you might have more tourism. All those things can be helpful. And also frankly, you have higher rents, spends, whatever sort of comes along with the revenue side of the equation relative to Mid sized markets or smaller markets. The benefit of smaller markets is that frankly, there's typically less competition. And if you're creating a 21st century urban place, and I want to emphasize that what constitutes urban, different markets is on a sliding scale, right? Urban in Manhattan means something different than urban in Richmond, Virginia. But we think that the market, regardless of whether you live in Richmond or Manhattan, wants really great urban places and the opportunity to develop those kinds of projects in partnership with the team. And adjacent to an arena or stadium, there are a lot of what we would think of as unfair advantages that come along with that. And when you're doing that in a smaller market, oftentimes you're the only game in town or you have the opportunity to be the only game in town. And that can often offset or largely offset some of the disadvantages you might face by being in a relatively smaller market.

[Michael Barr]

The new fancy stadiums, everybody, they want to have a new place to play. But unfortunately it drives up the ticket prices. Are fans willing to pay more if the facility is spanking brand new, complete with wifi and all the other stuff?

[David Carlock]

I think the data suggests, generally, yes, that fans are willing to pay more. Although what I will say, and I want to emphasize, I don't have sort of detailed data on this, but my sense is fans aren't necessarily paying a lot more for the same thing, if that makes sense. Right. So if I'm sitting in an upper deck seat in a building that's been around for 20 years and the team comes along and develops a new one, and I'm still sitting in that same basic seat, I mean, I might pay a modest increase for that same experience, but not a dramatically more expensive price for that experience. However, if the new building offers an upgraded product that is of interest to me that didn't exist in the old building, then I probably am paying a significantly greater amount. And I think a lot of owners have gotten smart about that. When I developed Toyota Center 25 years ago, premium product, and by that I mean an offering other than a basic GA or general admission ticket was fairly limited. You had traditional suites. We were one of the first arenas to do what's called sort of a bunker suite or an event level suite product. There are club seats. That was about it. Now you have, there are Lowe's boxes, there are sky deck suites, there are party decks. There are a wide variety of premium products. Based on the market, figuring out that the premium buyer is less monolithic than was believed a couple of decades ago, and you've seen a pretty significant Progression towards offering a greater variety of experiences. And that's been a really effective way to monetize the game day experience more efficiently.

[Vanessa Perdomo]

David, I mean, you brought up a good point there. That's definitely something that we are seeing a lot in these, these new arenas is the, the focus on the premium seating. I'm curious, from what you've seen over the last, you know, 30 years that you've been in this business, is what is the biggest part of innovation that you've seen in, you know, venues, in stadiums that you think has changed really the game for everything, that maybe every single owner, no matter what venue it is, they want that to be a part of their venue.

[David Carlock]

That's a good one. I think the way I would broadly frame that is that to go back to when I worked on Soda center at that time, the arguments that you had as a team owner to persuade Michael and Vanessa to get off the couch and come down and watch the game, it was much higher resolution, right? This is back when people still had CRTs and it was hard to make out sometimes what was happening because no one had high def television. You had better statistics, meaning you had the stat boards and you could see how many points Kevin Durant or Yao Ming or whoever it was had that night. And then of course, you had the tribal nature of the live experience. And it's now 2026 and we're down to just the last one, right? I can get every statistic in the history of the NBA, including whatever's happening real time. My smartphone, I can pick my own camera angle or put on my headset and pretend I'm sitting courtside from, from the comfort of my own couch. And so it's really about the live experience. And so my sense is that the innovations that have occurred, setting aside the monetization strategies that we touched on just a minute ago, that I think have been most significant and I think that every owner is looking for, is how to increase the energy and the excitement of being there live. And we saw Steve Ballmer do a lot of that with Intuit in la. Every project we work on, that's an important consideration. I mean, you know, Joe and Peter on the warriors thought a lot about how do we get fans out of their suites, out of the premieres, back into the bowl following halftime, which is a challenge in a lot of NBA arenas. For example, you want people in the seats because when the bowl was 20% empty, that's not as energetic and as exciting as it is when the bowl is full.

[Michael Barr]

Every owner is thinking the same thing when you are at a venue. How do I get the most return on investment? And that is a major issue. What are some of the things where they can improve their roi?

[David Carlock]

There's a long list and I think going back to where we started, what's interesting about the interest in adjacent real estate and I think part of what's driven that over the past several years is that that is something that is it represents a new and it's not just one revenue stream but sort of multiple new revenue streams that the team and the owner is in a unique position to take advantage of. And really there are sort of three significant benefits there that can all increase returns. The first is that there are the direct economics on the real estate development itself. And you look any further than the battery in Atlanta that the Braves did, which is an incredibly successful project and those guys did a terrific job on it and they're publicly traded, right. You can read the report and see how they did and see the kind of economic impact that's having on the business. That's number one. Number two is that the mixed use represents an opportunity to extend the partnership or the sponsorship business to activate, create and activate new assets, right? So your auto partner wants to display vehicles in the arena or in the ballpark or in the stadium. If you give them opportunity to do that in the mixed use development in a way that's properly integrated and create 365 activation and benefit for them, there's meaningful value there for that partner that as an owner you can monetize. And the third way that it drives enhanced returns is that going back to what I described earlier about extending the length of stay. If part of the way I make that game day experience more exciting and more attractive is I create a longer and more dynamic experience in the form of pregame, game and then post game, then that's the kind of thing that can increase. I mean the lifeblood for any sports franchise, as I'm sure the two of you know, is renewal rate. So every year when I go back out for my season tickets, what percentage of my fans are renewing and if I'm able to deliver a superior or a significantly improved experience around that game time or event time, then that's likely to drive up renewal rate.

[Vanessa Perdomo]

That was David Karlok, founder and managing partner of Machete Group.

[Michael Barr]

Up next, we take a listen in on an interview Vanessa did at south by Southwest with City Football Group CMO Nurier Ture. That's straight ahead on the Bloomberg Business of Sports for Vanessa Perdomo. I'm Michael Barr. You are listening to the Bloomberg Business of sports Bloomberg Radio around the world.

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[Bloomberg Business of Sports Announcer]

IBM this is Bloomberg Business of Sports from Bloomberg Radio.

[Michael Barr]

Thanks for joining us on the Bloomberg Business of Sports where we explore the big money issues in the world of sports. I'm Michael Barr.

[Vanessa Perdomo]

And I'm Vanessa Perdomo.

[Michael Barr]

Vanessa, you just got back from south by Southwest in Austin where you spoke on a panel about unlocking the potential of soccer in the US with the hype of the World Cup.

[Vanessa Perdomo]

That's right, Michael. I moderated a discussion that was really interesting that everyone in the business of soccer is trying to figure out Right now, how do you capitalize on the attention and new fans that the World cup is going to bring, particularly to the US Market? So after the panel, I had a one on one conversation with Citi Football Group cmo Nuria Ture. Citi obviously owns, for those who don't know, Manchester City and New York City fc, so they have a double interest in trying to gain more fans in the U.S. on the MLS and Premier League side.

[Michael Barr]

This sounds good. Let's listen in to a bit of that conversation with Neria Ture, the Chief Marketing Officer at Citi Football Group.

[Vanessa Perdomo]

You're just at south by Southwest, we were counting down the days to the World cup and we're talking about all these things that Citi Football Group can do. First of all, tell me how excited you are. Tell me how impactful this is going to be for you guys at Citi.

[Nuria Ture]

So first of all, thank you for hosting me here. Of course, we look at the World cup in the US As a big opportunity to accelerate what we already see is a big opportunity in soccer in this country. Right. As you know, from a City Football Group perspective, we've been investing in this market for a long time, even before we knew it was going to be this World Cup. So on one side, because this market is our number one international market from a Manchester City perspective, but also because as you know, we have a huge commitment with New York City Football Club in New York. We've invested into a new stadium which is going to open in 2027. So for us, this is an opportunity to accelerate the growth and the belief in this business that we had for a long time.

[Vanessa Perdomo]

How much of Citi's business is really the US Market? I mean, obviously you had said it's the biggest international market for how much of it overall is that for you guys, would you say?

[Nuria Ture]

Well, it's hard to say it just in a given number. I mean, from a Manchester City point of view, if you, you look at the revenues that come from A, B2C point of view. So whether it's ticketing, retail, it can be, I mean, retail in particular, it can be 30% of our revenues coming from these markets. So it's quite significant. Again, it's hard to put just a number because as you know, in a big football club like Manchester City, there's a significant part of the revenues that come from media rights which are managed by the Premier League and, and another big part that comes from sponsors. And a lot of these sponsors are global companies. Some of them, of course, are US based But they, they partner with us to grow their business globally, not only in the U.S. right. So it's hard to pinpoint an exact number, but as I said, when all in all together, especially from A, B, 2C point of view, it's our biggest international market and it's one that we still see growing very much. If you look at also the value the market brings for us as a business, if you look at the recent valuation that Portico has done, for instance, of MLS franchises, I mean just New York City Football Club has valued over $1 billion. And this is before we haven't even opened the stadium, right. This positions New York City in the top five in the MLS top 20 globally and football club. So again, going back to the relative size or the importance of this market is still huge for us. From a group point of view, could

[Vanessa Perdomo]

you imagine that because of the World cup and all the eyes that are going to be on soccer here, that all MLS teams go over evaluation of $1 billion. Do you think that that's a possibility?

[Nuria Ture]

I can't tell, to be honest with you. And I think we should be cautious as well in putting hopes only on, on, on the World Cup. Again, I think from our humble point of view, the World cup will be an accelerator. If you take a step back for a moment, a lot of the growth in the game comes from younger fans. I mean, this is the fastest growing team Sport in the US for 16 to 34 year olds. It's already the number one within this tranche of age for Hispanics already. Right. So it's growing really, really fast. And for a lot of these new fans, if you want to call it like this, this World cup is going to be the first one they experience in the market. Right. So for sure this is going to grow fandom, attention, interest into the game here. But we should, we should only restrict it to the World cup effect. I think the game's been growing for many years. There's been a lot of investment from many teams, whether it's mls, whether it's the Premier League. This is also, you know, a big market for the Premier League as a whole. So I'd say let's hope this is again a new, a new lift for these growth. But we should keep the eyes on, this is a relevant market. I want to say that the soccer revolution is already here in the US and we just need to keep on investing in those, in those new fans and giving them the best experience we can.

[Vanessa Perdomo]

Yeah, well, the Premier League is the most watched right in the US it's the most watched soccer league. What do you think it is about the EPL that people, you know, they love so much about it in this US Market? And really, you said this. You've been in this market for a long time. You guys have been investing in the US market for a long time. When did you guys see that as an important thing to do?

[Nuria Ture]

Well, I'd say just looking at the dates in our point of case, we, we say we really can pinpoint our investment growth starting in 2013. So that's already many, many years ago in two ways, right? This is when we actually decided that we were going to get the franchise for New York City Football Club. And then when we decided to start a team in New York. So that was a while ago. That was a big, bold move at the time, I'd say because the MLS was still relatively young. But of course, New York is such an incredible market. It is actually today the biggest soccer market in the country, right? In numbers. In absolute numbers. So we were actually wise at the time thinking about New York as a market. And then from a Manchester City point of view, we very early on decided to have a dedicated team. At the time it was smaller than it is today, but dedicated team thinking about growing Manchester City globally. And we thought the US was going to be the right market. So we made that decision quite early on. Just also looking at the stats, right, Looking at the growth of the game, looking at the size of the market, it's a huge market. We probably as everything we we've made trial and error in our right strategy. I think we now have the right strategy. From a Manchester City point of view, I think we've seen many other big football brands thinking the same about the US market. That's why you've been seeing so many European clubs coming on tour and playing friendlies in market. What I would like to think that our approach is very different. We want to see ourselves not like tourists, but we want to act like locals, right? So we really want to have permanent presence all year round. Activities and activations. As I said, a team waking up every morning thinking about how do we engage with fans in the market in a meaningful way, Telling those stories, doing things all year round, whether it's investing in grassroots soccer. So not only coming once every two years, which is already a big commitment, right? But not only coming once every two

[Vanessa Perdomo]

years in market, how do you marry, you know, man city Fans in the U.S. and NYC fans in the U.S. how do you work with both of those, you know, try and make Them fans of each other and just promoting both teams within the same market.

[Nuria Ture]

Yeah, I like to say that, you know, of course both teams belong to City Football Group and as you know, we have 12 soccer clubs around the world. However, City Football Group is more of a B2B structure, if you want, that provides access to methodologies, access to talent, especially from a soccer point of view, infrastructure investment. But, but from a fun point of view, I think what is really important is that we're not creating fans of City Football Group. Right. Fans are the fans of football, each of the clubs. So even when we launched New York City Football Club, we were very mindful of making sure that this was not seen as a mini Manchester City. Right. New York City Football Club in its own right has the right to, to own the New York market. We're building the first soccer specific stadium in New York. This is a big, bold move, a big investment for us and we're doing that to actually be the favorite soccer club for New Yorkers. Right. And for everyone. And this, this is such a diverse city. And of course some of these fans may follow other football clubs, some of them in the Premier League, hopefully more and more. Some of them are following also Manchester City, but this is not part of the strategy. And of course we try to, to build some crossovers from a fan point of view, but that's not the priority. In the back end though, there are synergies, as I said. Right. So when we identify talent, we try to find the best team for that talent. When it comes to identifying local US talent, which, as you know, we have our academy in New York, we're very eager to develop more of these talents. Some of it is playing actually in New York City and some of the talent that has played in New York City may end up and move to other teams within, within City Football Group. But I'd like to say those are more growth platforms that are less fan facing, I'd like to say. But help, of course, each of the clubs we invest in.

[Vanessa Perdomo]

That was my conversation with Nouria Ture, the CMO of Citi Football Group.

[Michael Barr]

Now, before we wrap it up today, we have some sad news. Our friend and your friend, Damian Sassour is saying farewell to the business of sports show after years of entertaining us. However, don't be too sad. Damian isn't leaving Bloomberg. Damian is here with us now to tell us about his exciting new chapter. We love you, Damian.

[Damian Sassauer]

Oh, come on now. Look, I am, I'm gone, but not forgotten. I mean, come on, Mr. Barr, we've been doing this now for what, seven years. I mean, what started as Vanessa, you were too young for this. But what started as me and Michael Barr and Rich Truman doing a once a week NFL fantasy football podcast during the the season has kind of become this beautiful, you know, Bloomberg business of sports, this award winning footprint. And you know, you guys are gonna, you guys are crushing it. And Vanessa and you know, I've heard some whispers about who's gonna take the seat, which I'm really excited about. So, so yeah, guys, no, thank you for the ride. It's been a fun ride.

[Michael Barr]

Well, let me explain what's happening in case anybody missed it. Damian Sassauer is, he's not leaving Bloomberg but he will be leaving the show because he is going to put his efforts into his day job. Man, we couldn't be more prouder of you, man. And we're going to miss you.

[Damian Sassauer]

I mean again, for those listeners out there who aren't already aware, my day job is running emerging market fixed income research for Bloomberg Intelligence. So I highly encourage you to read all of your from all of you EM enthusiasts out there to read my research there. But no, it's a very exciting time obviously in the markets and obviously they've been trying to bring me back on a full time basis for some time. I'm excited to be back. The reality is I couldn't be more happy to leave business of sports in such capable hands. You guys are the best. You guys are crushing, let's continue to crush it. If you need me for anything, you guys know where to find me. I'm, I'm upstairs on the 10th floor.

[Michael Barr]

Damian Sass. How are you everybody? Thank you, man.

[Damian Sassauer]

Thank you.

[Michael Barr]

Well, that's it for today. Thanks for joining us. Tune in again next week for the latest on the stories moving big old money in the world of sports.

[Vanessa Perdomo]

And don't forget to catch our podcast on all your podcast platforms. And go to bloomberg.com to subscribe to the Bloomberg Business of Sports newsletter to stay up to date on all our journey. Juicy insights.

[Michael Barr]

Juicy. Now you're listening to the Bloomberg Business of Sports, Bloomberg Radio around the world.

[Vanessa Perdomo]

Stay with us. Today's top stories and global business headlines are coming up. Right now.

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[Michael Barr]

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