Bloomberg Business of Sports
Episode: NFL Owners Meetings, Previewing 2025 Masters
Date: April 4, 2025
Hosts: Michael Barr, Damian Sassauer, Vanessa Perdomo
Guests: Randall Williams, Ann Liguori, Cole Gahagan
Episode Overview
This episode delves into the financial mechanics and industry shakeups in the world of sports, with a dual focus on the business of the NFL (notably the latest owners' meetings and new league initiatives), the shifting landscape of college sports and NIL (Name, Image, Likeness) regulations, and a preview of the 2025 Masters Tournament. The episode features on-the-ground reporting from the NFL owners' meetings, a deep-dive interview with Learfield CEO Cole Gahagan about college sports marketing, and seasoned golf journalist Ann Liguori’s insights into upcoming Masters storylines amid PGA-LIV Golf tensions.
Key Topics & Discussion Points
NFL Owners Meetings: New Leagues, Rules & Business Trends
(02:07–14:12)
Flag Football Emergence
- Pro Flag Football League: NFL is considering launching a pro men's and women's flag football league as soon as 2026, potentially as early as next year.
- “[The] NFL is considering starting a pro flag football league, both men's and women's, as soon as next year. That's very fast.”
—Randall Williams (03:42)
- “[The] NFL is considering starting a pro flag football league, both men's and women's, as soon as next year. That's very fast.”
- Business Logic: Unlike traditional teams, starting flag football franchises may require less upfront infrastructure—potentially no new stadiums.
- “I don’t know that owners would be in the business of building brand new stadiums or brand new facilities…” —Randall Williams (03:54)
Franchise Value Comparisons & Investment Interest
- The league’s structure and value remain undefined, with possible reference points including paddle leagues and golf clubs.
- High-profile investors (e.g., Serena Williams, various entertainment and sports moguls) are showing interest.
- “The NFL wants to operate this with someone. They don’t want to do it by themselves. They want someone to come in and help.”
—Randall Williams (05:09)
Olympic Strategy & Viability of Men’s vs. Women’s Leagues
- Olympics as Catalyst: The 2028 LA Olympics are a “critical moment” as flag football debuts, with possible participation from NFL stars.
- “Obviously from the NFL's perspective, this is like a dream team scenario. Where you could have someone like Lamar Jackson, Justin Jefferson, Jamar Chase, maybe Tyreek Hill…”
—Randall Williams (08:40)
- “Obviously from the NFL's perspective, this is like a dream team scenario. Where you could have someone like Lamar Jackson, Justin Jefferson, Jamar Chase, maybe Tyreek Hill…”
- Growth Prospects: Consensus is stronger for women's flag football growth, noting existing infrastructure at high school and college levels.
NFL Rule Changes & Owners Meeting Highlights
(11:14–13:50)
- No ban on the “tush push” play; lack of sufficient votes.
- Change in kickoff touchback position to 35-yard line to stimulate returns, but concern about giving offenses too much field position.
- “At some point… the logo is right there… and you remember… a time where the touchback was on the 20.”
—Randall Williams (12:46)
- “At some point… the logo is right there… and you remember… a time where the touchback was on the 20.”
- New replay assist measures were set but with limits; no remote flagging from New York, “which would frustrate fans…”
- Gradual phasing out of the traditional chain gang for electronic systems, though the human “chain gang” will be on standby if technology fails.
Notable Moment
- Vanessa Perdomo jokes about trying out for the new women's flag football league:
- “I'm telling you, I'm gonna try out for one of these women's flag football… why not?”
—Vanessa Perdomo (14:00)
- “I'm telling you, I'm gonna try out for one of these women's flag football… why not?”
College Sports Marketing & NIL: The Learfield Perspective
(15:40–27:35)
Learfield’s Central Role
- Scope: Learfield described as “largest, most influential company in college athletics you’ve never heard of,” specializing in behind-the-scenes licensing, digital media, data, and commercialization.
- Five Business Units: Includes licensing, tech for ticketing and websites, multimedia rights, and development operations.
Navigating Turbulence: COVID, NIL, Financial Restructuring
- Learfield endured three “seminal moments”: the pandemic, NIL’s arrival (July 2021), and a massive financial restructuring in 2023.
- Remit as CEO: Integrate and modernize, especially focusing on data-centric models to “power commercialization in college for the next 50 years.”
NIL Strategy & Infrastructure
- Pre-NIL Modernization: Built up data and media tools (e.g., Fan Base, a 107 million-strong data platform), enabling rapid adjustment to NIL.
- Facilitating Partnerships: Platforms like Compass (used by EA Sports and Fanatics) let 40,000+ student athletes join licensing programs.
- “Our job is to augment what happens in the licensing world... and with boots on the ground to assist our schools and our brand partners and our student athletes with deal making…”
—Cole Gahagan (24:17)
- “Our job is to augment what happens in the licensing world... and with boots on the ground to assist our schools and our brand partners and our student athletes with deal making…”
- On-campus Support: NIL coordinators now work at 160+ schools to facilitate deals and content, especially social media-driven campaigns.
- “We've now installed at our staffs around the country NIL dedicated resources who are there to facilitate those programs…”
—Cole Gahagan (24:17)
- “We've now installed at our staffs around the country NIL dedicated resources who are there to facilitate those programs…”
Notable Exchange
- Vanessa Perdomo marvels at Learfield’s anticipation:
- “You got ahead of the curve before even really knowing what this landscape was going to be. I find that so, so interesting.”
—Vanessa Perdomo (23:40)
- “You got ahead of the curve before even really knowing what this landscape was going to be. I find that so, so interesting.”
Masters & Golf Industry Storylines
(28:55–41:54)
Breaking News:
- PGA Tour rejects a $1.5B offer from the Saudi Public Investment Fund (PIF), which would have kept LIV Golf as a rival entity.
(28:55)
Previewing the 2025 Masters
- Rory McIlroy’s Quest for Grand Slam: The main narrative is McIlroy's bid to complete his career Grand Slam, riding recent wins and in strong form.
- “It's the first time Rory McIlroy is actually coming into this Masters… with two wins...”
—Ann Liguori (31:35)
- “It's the first time Rory McIlroy is actually coming into this Masters… with two wins...”
- Scotty Scheffler’s Chances: Considered the favorite, Scheffler looks to be back in form after injuries.
- “He’s still the favorite to win this week at Augusta National…” —Ann Liguori (32:52)
- Effect of Tiger Woods’ Absence: Tiger’s absence looms, but there’s no shortage of storylines; young stars and debutants draw new attention.
- “Yeah, everybody’s gonna miss Tiger. But look, there’s so many great storylines…”
—Ann Liguori (34:10)
- “Yeah, everybody’s gonna miss Tiger. But look, there’s so many great storylines…”
- Course Changes: Noting impact of recent storms, with several trees missing from Augusta National, including the iconic Eisenhower tree.
- “Rory McIlroy… said he can tell that there are still a lot of trees missing…”
—Ann Liguori (30:28)
- “Rory McIlroy… said he can tell that there are still a lot of trees missing…”
Sports Gambling & Golf
- The betting landscape remains difficult for golf—odds are long, favorites still provide chunky payouts.
- “It’s hard to pick a winner for sure, but if you pick somebody with those crazy odds, you could really have a great payday.”
—Ann Liguori (36:02)
- “It’s hard to pick a winner for sure, but if you pick somebody with those crazy odds, you could really have a great payday.”
Jim Nantz’s Legacy & Retirement Plans
- Nantz, legendary broadcaster and Houston Cougars booster, is rumored to retire in 2036 but “will always be the master’s voice.”
- “Jim’s the best. And he’ll always be the master's voice to me, no matter how long…”
—Ann Liguori (37:29)
- “Jim’s the best. And he’ll always be the master's voice to me, no matter how long…”
LIV/PGA Rift & Brooks Koepka’s Future
- Uncertainty remains about reintegrating LIV stars—Brooks Koepka’s rumored desire to return to the PGA is complicated by contracts and lack of a larger settlement between the tours.
- “There is no reunification. There's no deal between PGA Tour and the public investment fund, which owns LIV. It seems to be at a standstill…”
—Ann Liguori (39:08)
- “There is no reunification. There's no deal between PGA Tour and the public investment fund, which owns LIV. It seems to be at a standstill…”
Ann Liguori’s Book and Legacy
- Highlighting her book, Life on the Lessons and Wisdom from Legends of Golf; praised as inspirational and transcending golf for its life lessons.
- “All 12 legends actually thanked me for including them, which kind of shows you what amazing people they are…”
—Ann Liguori (41:43)
- “All 12 legends actually thanked me for including them, which kind of shows you what amazing people they are…”
- Special mention to her philanthropic work with the Ann Liguori Foundation, raising money for cancer research through golf.
Notable Quotes & Moments by Timestamp
| Time | Quote | Speaker | |----------|-------------------------------------------------------------------------------------------|---------------------| | 03:42 | “NFL is considering starting a pro flag football league, both men's and women's, as soon as next year. That's very fast.” | Randall Williams | | 08:40 | “From the NFL's perspective, this is like a dream team scenario. Where you could have someone like Lamar Jackson, Justin Jefferson, Jamar Chase, maybe Tyreek Hill…” | Randall Williams | | 12:46 | “At some point… the logo is right there… and you remember… a time where the touchback was on the 20.” | Randall Williams | | 14:00 | “I'm telling you, I'm gonna try out for one of these women's flag football… why not?” | Vanessa Perdomo | | 16:32 | “I often refer to Learfield as the largest, most influential company in college athletics you’ve never heard of.” | Cole Gahagan | | 24:17 | "We've now installed at our staffs around the country NIL dedicated resources who are there to facilitate those programs…” | Cole Gahagan | | 31:35 | “It's the first time Rory McIlroy is actually coming into this Masters… with two wins...” | Ann Liguori | | 32:52 | “He’s still the favorite to win this week at Augusta National…” | Ann Liguori | | 34:10 | “Yeah, everybody’s gonna miss Tiger. But look, there’s so many great storylines…” | Ann Liguori | | 36:02 | “It’s hard to pick a winner for sure, but if you pick somebody with those crazy odds, you could really have a great payday.” | Ann Liguori | | 39:08 | “There is no reunification. There's no deal between PGA Tour and the public investment fund, which owns LIV. It seems to be at a standstill…” | Ann Liguori | | 41:43 | “All 12 legends actually thanked me for including them, which kind of shows you what amazing people they are…” | Ann Liguori |
Recap & Takeaways
- The NFL’s push into flag football is set to create lucrative new business channels, especially in women's sports, with major industry figures jockeying for ownership and partnership roles ahead of its Olympic debut.
- Learfield’s transformation amidst the NIL era underscores the importance of infrastructure, data, and localized college partnerships in helping student athletes and universities capture new revenue streams.
- The 2025 Masters spotlights legacy quests (McIlroy, Scheffler), the complexity of the LIV-PGA split, Tiger’s absence, and the ever-evolving landscape of sports betting and media engagement.
- Memorable exchanges—from tongue-in-cheek jabs about flag football tryouts, to Jim Nantz nostalgia, to inside looks at college sports dealmaking—make this a lively, informative episode for anyone following the billion-dollar business of sports.