Olympic Gold Medalist Kendall Coyne Schofield Talks Growth of Women’s Hockey

Summary

Bloomberg Business of Sports

Episode: Olympic Gold Medalist Kendall Coyne Schofield Talks Growth of Women’s Hockey

Date: March 13, 2026
Hosts: Michael Barr, Vanessa Perdomo, Damian Sassower

---

Episode Overview

This episode explores the business evolution of sports across racing, women’s professional hockey, and collegiate athletics. The key focus is a compelling interview with two-time Olympic gold medalist and women’s hockey pioneer Kendall Coyne Schofield about the explosive growth, sustainability, and commercial transformation of women’s pro hockey—particularly the PWHL (Professional Women’s Hockey League). Additional segments address the early 2026 NASCAR season (with Trackhouse Racing’s Justin Marks) and the fast-changing landscape of college sports NIL deals.

---

I. Racing Business Insights with Justin Marks (Trackhouse Racing)

[03:18–14:32]

Team Growth, Engineering, and Fan Base

• Early Season Status: Marks explains that Trackhouse invested heavily in engineering and tools in the off-season, resulting in a promising but mixed start.
  “We've had a couple of races where we've been in contention to win...so it's been a good start. High hopes for the year ahead of us.” — Justin Marks [03:46]
• Contrast in Motorsports: Marks highlights the different emphases, cultures, and logistics of NASCAR (US-focused, massive tradition) versus MotoGP (global, diverse, akin to “Formula One on two wheels”). Yet both rely on passionate, highly informed fan bases that create new opportunities for business and sponsors.
• Drivers as Storytellers:
  Trackhouse recruits drivers with authentic backstories and personality, fueling marketing beyond the racetrack.
  • Example: Ross Chastain’s background as an 8th-generation watermelon farmer creates unique sponsor synergies.
  • Shane van Gisbergen’s mid-career transition from New Zealand to NASCAR introduces international interest.
  • Red Bull backs 19-year-old rookie Conor Zillich, Trackhouse’s first “homegrown” driver.
    “When we set out to build Trackhouse…one of the core fundamental parts of our mission is to be storytellers. Essentially we're a racing team, but really, we're a marketing services company.” — Justin Marks [06:00]
• Unique Perspective as a Former Driver:
  Marks’ two-decade driving career arms him with a deep, empathetic relationship with his athletes, and a hands-on knowledge of both the competition and operational sides of racing. “Having that experience, it makes it easier to see around corners and to engage deeply with everyone that works in the race team, because I spent so much time kind of in the trenches.” — Justin Marks [09:40]
• Acquisition of Chip Ganassi Racing:
  Marks describes the high-stakes strategic move to buy Chip Ganassi Racing—securing charters, facilities, and staff. The handshake solidified Trackhouse’s future viability and parallels Ganassi’s own entry into motorsports.
  “At the end of 2021, I had 150,000 square foot building and 175 people and we were off to the races.” — Justin Marks [14:09]

---

II. Kendall Coyne Schofield: Building the Future of Women’s Hockey

[16:24–28:53]

Olympic Gold & PWHL Momentum

• Seamless Transition from Olympic Success to Pro Season:
  For the first time, Olympic athletes like Coyne Schofield can return from the Games directly to a robust professional league and full arenas, keeping the sport’s momentum alive.
  “Coming back with a gold medal…there’s more women’s hockey to be played, to be celebrated…That’s what’s so special: there IS a season now.” — Kendall Coyne Schofield [17:31]
  • Before the PWHL, post-Olympics interest quickly faded due to no ongoing pro platform; now, fans can literally watch the world’s best every week.

The Power of Sustainable Partnerships

• Groundbreaking Sponsor Commitment:
  The league’s multi-year, pre-launch partnership with e.l.f. Beauty transformed legitimacy and financial stability for players.
  “ELF immediately saw how successful the PWHL was going to be…They put our weight behind this. It brought so much credibility to the league from the get-go.” — Kendall Coyne Schofield [20:11]
• Exposure and Impact on Next Generation:
  Coyne Schofield describes bringing girls to games, seeing them wear e.l.f. gear, and hearing, “I want to be on the Minnesota Frost.” She repeatedly underscores that young girls now see a real career pathway, just like boys.
  “My dream is to be a professional hockey player…now, if they’re good enough, they have that path.” — Kendall Coyne Schofield [21:25]

Breaking the Cycle: League Creation and Legacy

• Personal Investment & Leadership:
  A core architect of the PWHL, Coyne Schofield’s behind-the-scenes work—from cold calls to boardrooms—is detailed.
  “My role was one that consumed a lot, but I was committed to this goal. I was not going to stop until we achieved what we deserved—a sustainable, viable, professional women’s league.” — Kendall Coyne Schofield [23:50]
  • She stresses the team effort (“sports take everybody”), but notes this was a five-year, daily grind fueled by absolute belief in women’s hockey’s intrinsic worth.
• Difference from Past Attempts:
  Previous “professional” leagues were pro in name only—underfunded, part-time, no living wage, poor infrastructure.
  “When you have to have another job in order to continue to play hockey, you’re professional by name only. Quite frankly, you’re an amateur.” — Kendall Coyne Schofield [27:35]
  • Now, the PWHL boasts salaries, full coaching/medical support, benefits, and sold-out NHL arenas.

Memorable Quotes and Moments

• “People ask me all the time, are you surprised these buildings are full? No. I believed in this wholeheartedly. That’s why I woke up every day and chased it.” — Kendall Coyne Schofield [24:30]
• “Madison Square Garden being sold out? That’s going to become the norm.” — Kendall Coyne Schofield [26:50]

---

III. NIL and the Wild West of College Sports

[31:12–43:14]
Justin Giangrande, Founder & CEO, Network

The Rapid Evolution of NIL:

• Initial Uncertainty, Now Accepted Chaos:
  “First year, people didn’t even believe it was legal…Now, we’re seeing, unless we gather everyone on the same page, the chaos is going to continue. But it’s actually been good chaos because college sports has never been hotter.” — Justin Giangrande [33:15]
• NIL Representation Essential:
  Contracts are nonstandard; experienced agents now provide real leverage and protection for athletes.
  “Having representation in college sports is even more important than pro…because you can absolutely gain an advantage if you have good representation.” — Justin Giangrande [35:14]
• Unique NIL Deals: Equity, Entrepreneurship
  Example: Colorado QB Julian Lewis earning equity in the beverage brand “Jim Weed” (not what you think—an all-natural energy drink).
  “My goal is…doing an equity-based deal for one of these college kids where they exit so well that they don’t even want to go play pro football.” — Justin Giangrande [37:47]
• Building for Life After Sport:
  Athletes’ NIL roadmaps include long-term branding, with some aimed at entrepreneurial ventures—critical for athletes who may not make it pro.
  “If they can use this moment when they’re relevant and build something that’s sustainable, then NIL has done good for them and their families.” — Justin Giangrande [39:52]
• Transfer Portal Impacts:
  Brands and agents adapt deal structures and activation plans to account for athlete mobility and shifting school allegiances.

---

Key Timestamps

• 03:18–14:32: Justin Marks (Trackhouse Racing)—Business of building a race team, importance of driver personalities, Trackhouse’s acquisition leap.
• 16:24–28:53: Kendall Coyne Schofield—Olympic gold, building the PWHL, transformative sponsors, creating a real pro league, and ensuring the next generation has true opportunities.
• 31:12–43:14: Justin Giangrande—NIL landscape, unique deals, brand-building for college athletes, and lasting entrepreneurial impact.

---

Notable Quotes

• Kendall Coyne Schofield:
  “It was never about playing in [the PWHL]. It was always about building it.” [23:50]
  “I believed in this wholeheartedly. That’s why I woke up every day and chased it.” [24:30]

• Justin Marks:
  “When we set out to build Trackhouse…we’re a racing team but we’re a marketing services company.” [06:00]

• Justin Giangrande:
  “College sports has never been hotter…It’s definitely tough, but NIL has been good for athletes and for the sport.” [33:15, 39:52]

---

Takeaways

• Women’s hockey is experiencing an era-defining pivot from obscurity to mainstream, commercial legitimacy—driven by athlete activism, bold partnerships, and consistent investment.
• Athlete-driven storytelling and authentic narratives are powerful economic engines, in both racing and hockey.
• The world of college athlete marketing is evolving rapidly, and brand-savvy representation is vital for both short- and long-term security.
• Across sports, the lesson is clear: strategic investment, representation, and belief in both the product and the people can fundamentally reshape entire leagues and sports economies.

Transcript

[Ben Walter]

Every small business owner has that one moment that could have broken them. But remarkably, it didn't. Hi, I'm Ben Walter, CEO of Chase for Business and on season three of the Unshakeables, my co host Kathleen Griffith and I are bringing you more incredible stories of overcoming the impossible. We're really proud to share that the Unshakeables is nominated for Best Branded podcast at the 2026 iHeart Podcast Awards. Listen to the Unshakeables wherever you get your podcasts and lear [e-mail] podcast JP Morgan Chase bank and a member FDIC copyright 20 and 26 JP Morgan Chase

[Public Investing Announcer]

and company support for the show comes from Public, the investing platform for those who take it seriously. On Public you can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index with AI. It all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year, you can literally type any prompt and put the the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated assets are like ETFs with infinite possibilities, completely customizable and based on your thesis, not someone else's. Go to public.com podcast and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com podcast paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors llc. SEC Registered Advisor Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete disclosure is available at public.com disclosures

[Ben Walter]

there's no championship league for small business owners, but if there was, you'd be at the top of the standings. Because going pro with Lenovo Pro means you've got the winning formation. One on one advice, IT solutions and customized hardware powered by Intel Core Ultra processors help you stay ahead of the competition. Business goes pro with Lenovo Pro. Sign up for [e-mail] Pro Lenovo, Lenovo.

[Bloomberg Announcer]

Bloomberg Audio Studios Podcasts Radio News this is the business of sports.

[Justin Marks]

Sports are the greatest unscripted show on earth.

[Justin Giangrande]

The next generation of players really grew

[Justin Marks]

up with tech and believe in tech.

[Bloomberg Announcer]

Your face is your ticket.

[Vanessa Perdomo]

Your face is your wallet.

[Bloomberg Announcer]

Your face is your access to a club.

[Justin Marks]

These are such iconic and important buildings for businesses for Fans, Covid was one

[Ben Walter]

of the best things that ever happened. The NFL is a bulletproof business.

[Bloomberg Announcer]

Racing's unique because there is absolutely no reason why we can't compete with the guys.

[Justin Giangrande]

Come on, is pro pickleball real? Are people really going to tune into this? If you're playing Moneyball with a huge bag of money, you're going to be really, really good.

[Bloomberg Announcer]

Bloomberg Business of Sports From Bloomberg Radio,

[Michael Barr]

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

[Vanessa Perdomo]

And I'm Vanessa Perdomo.

[Michael Barr]

Coming up today, we are keeping the Winter Olympics alive. Speaking with a member of the gold medal winning U.S. women's ice hockey team, Kendall Coyne Schofield. But first, let's go racing.

[Vanessa Perdomo]

Joining us now is the founder and owner of Trackhouse Entertainment Group, Justin Marks. Trackhouse Racing has quickly become one of the most competitive teams in the NASCAR Cup Series. Justin is here to talk to us about how he went from driver to team owner. Justin, welcome to the Bloomberg Business of Sports.

[Justin Marks]

Yeah, thanks for having me. Good to be here.

[Michael Barr]

Oh, we're in my wheelhouse, Vanessa. I love nascar. I love racing. Justin marks, Trackhouse Racing how has the team been so far this year?

[Justin Marks]

Well, it's early. You know, we're, we've got four races into the NASCAR season, one race into the MotoGP World Championship season. And it's been a bit of a mixed bag to start with. I mean, we've, we've got, we've made a lot of investments in the off season to, to build our engineering department and some of our tools and everything. So we're just starting to kind of see the fruits of that right now. But, but it's been, it's been pretty good. I mean, we've had, we've had a couple of races where we've been in contention to win. But you know, we're so early in the season we've got a, got a lot of racing ahead of us. So it's been a good start. High hopes for the year ahead of us.

[Vanessa Perdomo]

Justin, I think it's interesting there you had mentioned Obviously NASCAR and MotoGP, because you're involved in both. Can you tell us a little bit about just the energy, the difference between the two that you find and the fandom and how they're different in motor racing?

[Justin Marks]

Yeah, well, I mean, look, these are, these are opposite ends of the spectrum in the world of, of motorsports. You know, NASCAR obviously very America focused, deep history In America and MotoGP, you know, which is basically Formula One on two wheels racing, you know, all over the world. You know, it's interesting, when I, when I first started getting involved in, in MotoGP, you know, there, there are things that are strikingly different. The logistics of the team traveling around the world, obviously a lot of different cultures involved. But in some ways it's also very similar in the fact that, you know, it's just, it's a group of people that are working hard to make a vehicle go as fast as possible. And there's a lot of parallels between the two businesses. But I will say that, you know, these are incredibly passionate fan bases and they, they know everything, they follow every single lap. And so I think when, you know, when you've got a fan base that's that engaged and that deeply passionate, it just creates a lot of opportunity for, for companies like ours.

[Michael Barr]

I'm an old school NASCAR fan and you've got a lot of chauffeurs that are excellent at Trackhouse racing. Ross Chastain, Daniel Suarez and Jane van Geisbergen. How have they been? And it must be a pleasure to, to work with those guys.

[Justin Marks]

It is. Well, you know, Daniel isn't racing for us this year. We had a good five year run with Daniel, but what we're excited about is he was replaced this year with a guy 19 year old rookie named Connor Zillich, who's really touted as, as being, you know, one of these generational talents and, and you know, a kid that we've actually really kind of like our first driver that we have been able to sort of develop within the walls of Trackhouse and he's been incredibly successful. Look, these guys, you know, when we set out to build Trackhouse, you know, one of the core fundamental parts of our mission is to be storytellers. And you know, essentially we're a racing team but, but we're a marketing services company and you know, we really want to have great stories and ATH personalities that connect very deeply with fans and that's what we've got with our drivers. We've got great stories. I mean, you know, Ross Chastain's an 8th generation watermelon farmer and you know, a guy that's really represents rural America and the ag industry. And so we've been able to curate sponsorships around him with Anheuser Busch and Jockey and Kubota Tractors, you know, and then we've got Shane Van Gisbergen who, you know, from New Zealand, in the middle of his career, completely switched disciplines and moved to America to Go NASCAR racing. And that's been an incredible journey. We've got some great, aggressive young startup companies that are involved with that car. And then with Conor as this 19 year old generational rookie, we've got Red Bull in putting a lot of horsepower, so to speak, around him and a lot of support around him. But these guys all understand the business and they understand how important it is for them to be brand ambassadors for the sponsors and they're, you know, incredibly talented guys. So, so we're very lucky with the lineup that we've got. They understand the business, but they're, they're elite athletes and they play the game really well, they prepare really well and they're all winners. So it's, we're really lucky to have a group like that driving our race cars.

[Michael Barr]

And I want to add before we go on, is that, yeah, Daniel Suarez was the one that started the whole thing for Trackhouse in the first place. When you guys hit the road in 20.

[Justin Marks]

Yeah, and really, you know, the, the, the biggest decision that we made as a company when we first started was obviously who's going to drive the race car? And we wanted somebody with a great story. We wanted somebody who's a proven winner. We had somebody who was hungry and kind of had a chip on his shoulder to prove something to the world. And Daniel checked all those boxes for us and it was a really great, a great run. We were able to win some races, you know, get some, some big sponsorships in the race team. Really it kind of, you know, without Daniel, I don't think we would have been able to debut with the kind of momentum that we did. So it was great. You know, as time goes, as with anything, things change. And we had this, this rookie that we really needed to be able to promote to the top level or we were going to lose him. So, you know, we're excited about the journey that we, we had with Daniel and certainly was instrumental in kind of getting this thing off the ground.

[Vanessa Perdomo]

Justin, one of the things you had said was the drivers you have now, you like how they understand the business and, and you yourself obviously, as if as a driver and now running a team, how have you learned the business in a different way? And how does, you know, your driving career affect you running the team and all of that? And how do you feel like you're able to succeed in that way?

[Justin Marks]

Yeah, well, I mean, you know, look, I grew up in Silicon Valley. I grew up in a, in a very entrepreneurial family and was able to have a front row seat for Founders disrupting industries in the valley. And so the 20 years that I raced, I was always paying attention to the, to the business side of the sport and, you know, understand where there's opportunities, where there's, you know, growth levers that could be pulled and ultimately where a team like Trackhouse could come in and create enterprise value by, by creating IP that, that didn't exist in the sport yet. And that's why, you know, it's not called Justin Marks Racing. It's why it's an independent brand and it's focused on, you know, engaging deeply with, with the fans. So, you know, being a race car driver for 20 years, you know, I, I had, like I said, I had a front row seat for how these businesses were being run and I recognized a lot of opportunity. And so when I started getting older and my competition started getting younger and faster, I recognized that as an opportunity to kind of flip the switch and come over to the, to the business side. But, you know, I think with me being a former driver, I have a unique relationship with my athletes, with my drivers. I know the emotions that they're feeling, I know what they go through in the race cars and I can connect very deeply with them and have a very unique relationship with them. But I think more than anything, being a driver in the sport, you see everything that it takes to run a race team. And I think in the position that I'm in right now, having that experience, it makes it easier to see around corners and it makes it easier to engage deeply with everybody that works in the race team because I spent so much time kind of in the trenches with everyone. So it's a unique scenario. And I think it's one that really, you know, really just helps me, helps me run the team because everybody knows me as, as a racer. And you know, because of that, I can, I can have, you know, really authentic and deep relationships with, you know, everybody in the company, top to bottom.

[Michael Barr]

Well, you arrived at a unique situation because you were able to purchase the Chip Ganassi Racing team, the entire cup series operation, including the charters and the race shop. Tell us about that. Because obviously that's a big deal, especially with Chip Ganassi Racing.

[Justin Marks]

Yeah, I mean, so we have these charters, which are our franchise spots in the sport. And so it guarantees you a start in every race. And then with the charters, you participate in the race share with, with NASCAR from the media rights deals. And so to be able to be a team in this sport, you have to own these charters. And our first year in 2021. I leased a charter. We had like seven employees. We basically outsourced, you know, everything on the team. And I had to try to figure out, even though we were on the racetrack, you know, how. How we were going to get these charters and, and invest in infrastructure that gives us longevity in the sport. And there were a number of charters that were trading hands at that time, and I was involved in bidding on all those, but I lost all of them. And so the future of the team really from the outset was very much in doubt. And I had to kind of think creatively around how we were going to get these charters and this infrastructure and everything to be able to build a real company. And I'd raced for Chip for a number of years myself, and I knew that there were things happening in his business, there were headwinds in the business that, you know, that were challenging for Chip. And so ultimately, you know, what I did was I just, I called him and I said, look, I need to make a very strategic and significant investment in Trackhouse. And if, you know, if you're willing to have a conversation around me potentially buying the company, you know, let's talk about it. And it was a scary phone call to make because this is a guy that had spent 20 years building this business, certainly didn't want to insult anybody, but there were some serious serendipity involved and, and, you know, he was ready and, and I got lucky that I made that phone call at the time that I made it, and we were able to put a deal together. And I think that ultimately he saw in me a lot of himself 20 years prior because my path to getting into NASCAR was very similar to his. He was a race car driver and he started, you know, started on the business side, started small, found somebody that was an established owner in the sport to attach himself to and give him an opportunity to grow his business. So, so it's a, it's a story that was very consistent with his. And, and yeah, I got lucky and, you know, he was ready to step away. And at the end of 2021, I had 150,000 square foot building and 175 people and we were off to the races.

[Vanessa Perdomo]

That was Justin Marks, founder and owner of Trackhouse Entertainment Group.

[Michael Barr]

Up next, we speak with two time Olympic gold medalist Kendall Coin Schofield. 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 from Bloomberg Radio around the world.

[Bloomberg Announcer]

This message is brought to you by the Capital One Venture X Card Venture X offers the premium benefits you expect, like a $300 annual capital one travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X Card what's in your wallet Terms apply Lounge access is subject to change. See capitalone.com for details.

[Vanessa Perdomo]

This message is brought to you by Apple Card Apple Card members can earn unlimited daily cash back on everyday purchases wherever they shop. This means you could be earning daily cash on just about anything, like a slice of pizza from your local pizza place or a latte from the corner coffee shop. Apply for Apple Card and the Wallet app to see your credit limit Offer in minutes subject to credit approval. Apple Card issued by Goldman Sachs Bank USA Salt Lake City Branch terms and

[Ben Walter]

more at applecard.com there's no championship league for small business owners, but if there was, you'd be at the top of the standings because going pro with Lenovo Pro means you've got the winning formation. One on one advice IT solutions and customized hardware powered by Intel Core Ultra processors help you stay ahead of the competition. Business goes pro with Lenovo Pro Sign up for [e-mail] Pro.

[Bloomberg Announcer]

This is Bloomberg Business of Sports From

[Michael Barr]

Bloomberg Radio, this is the Bloomberg Business of Sports where we explore the big money issues. I'm going to talk about losing money. I'm talking about big money issues in the world of sports. I'm Michael Barr.

[Vanessa Perdomo]

And I'm Vanessa Perdomo.

[Michael Barr]

Vanessa, you recently got a chance to speak with gold medalist and professional women's hockey player Kendall Coyne Schofield as she's coming off a big win at the Olympics and going into the second half of the PWHL season.

[Vanessa Perdomo]

Michael, speaking with Kendall was amazing because she's not only just a player in the pwhl, but she's essentially the reason it exists because she's the one who made the call to Billie Jean King, godmother of women's sports, that put the league in motion.

[Michael Barr]

Oh yeah, I've heard of her. Let's dive right into that conversation with gold medalist and player for the Minnesota Frost, Kendall Coyne Schofield.

[Vanessa Perdomo]

Kendall, you're coming off your fourth Olympic Games, claiming gold in Milan. It feels like there's a lot of momentum right now for women's hockey. What does it feel like coming back into the PWHL right now and coming out of the Olympics?

[Kendall Coyne Schofield]

Well, I mean, coming Back with a gold medal. You know, there's no better way to get back into the PWHL season other than other than that. That was the goal. Going over to Milan and to be able to come back home with a gold medal, you know, being able to do it with such a special group is only going to, you know, carry momentum forward for the, you know, into the second half of the season. But I think what's so special about the second half of this season is that there is a season there is more women's hockey to be played. There's more women's hockey to be seen, there's more women's hockey to be celebrated. Because the last three experiences I've had at the Olympic Games, as soon as the Olympic Games doors close and they announced the game's over, people wouldn't see or hear women's hockey and see the best of the best play for eight plus months. And then from the international standpoint, it could be over a year. You know, when we are in college, we would take the year off of school to be with the national team. Our college players went back to school and they're competing for an NCAA championship for all of us pro players that played in that gold medal game on both teams are returning back to. Our PWHL teams are back in action and our buildings are full.

[Justin Marks]

Yeah.

[Vanessa Perdomo]

Do you feel like it's almost different this time coming back and going into the PWHL than it really ever has before? I mean, you're coming out of these Olympics, there's so much momentum. So does it feel different going back into the league with the excitement that there was for this Olympics?

[Kendall Coyne Schofield]

It feels different, definitely. I think because of the momentum that the Olympic Games carries. While that has felt similar from the other experiences, from this time around, the momentum doesn't stop. It doesn't. You know, the conversation isn't just the Olympic Games. It's about the pwhl. It's about winning the Walter cup, it's about how incredible this league is. And, you know, and it's. We're in season three, halfway through season three, and just I think you look at the success of the Olympic Games, that success was because of the pwhl, and now here we are going back into the pwhl, and it's just, I think what people don't maybe see is, you know, the days in between. I think for, you know, before the PWHL existed, a lot of people talked about women's hockey every four years at the Olympic Games. Now we have the opportunity and the ability. And we should talk about women's hockey every day. It should be part of our mainstream conversation because you, you can see us and you just look at the success that players are having coming off the Olympics. We're waking up every day. And this is one of my favorite lines to say is that we return to our day job as professional hockey players, and we have never been able to do that.

[Vanessa Perdomo]

So, Kendall, you had brought up a point there, which I'm really excited to talk about, which is you said you guys are coming back with a lot of success for the players, and that brings up this partnership with elf. Can you tell me about that and how the partnerships and the sponsorships are different for you and those opportunities that you have now?

[Kendall Coyne Schofield]

Well, I think a lot of people want to talk about the success of women's sports and, like, how, you know, women's sports is having a moment right now. But I think when you really break down the success of women's sports, you need to break down the partners that have been alongside women's sports. And when it comes to ELF and the partnership with the pwhl, they've been with us since day one. And I think there were a lot of people who, you know, wanted to sit on the sidelines and say, hey, let's see if this is going to be another iteration of women's pro hockey that, you know, comes and goes, or it's professional by name only. But ELF immediately saw the, how successful the PWL was going to be. They saw the best players in the world wanting to be a part of this, and they said, let's put our weight behind this. And I think when you look at the, you know how incredible ELF is and, you know, they've been disruptors in the women's sports world for a long time now. They said, we believe in this and we're going to partner with this. And it just brought so much credibility to the league from the, from the get go. And that's what we needed because women's hockey didn't have that credibility. They didn't. We didn't have that sustainable model where we could wake up every day and call ourselves professional hockey players and that be our singular job. This time around. It was different. And you look at the weight and, and the, the resources and the finances and the support that that ELF brings, it's allowing this league to be successful and ultimately the players to live out their dreams and our dreams of being professional hockey players. And I think what's so special for me is I'm One of the lucky ones that gets to work closely with elf. I've had the opportunity to bring young girls to games and be able to do a pep talk with them after games and just to hear their voices and see their faces and hear them say, I want to be on the Minnesota Frost. My dream is to be a professional hockey player. And then for them to. They have their ELF gear and they have their ELF shirts on. And it's really special to see that momentum, to see the dream be blossomed and for these girls to know that they have a path in this sport as professional hockey players if they're good enough to do so. Just like a lot of the boys that they've grown up alongside that have always had that dream.

[Vanessa Perdomo]

Right. And I think it's interesting what you're saying there, too, because partnerships are what make a league really valuable, obviously. And seeing a company like Elf see value in the PWHL before you even drop the first puck. Right. How big of is that, you know, for you and for the league? And did you even have real sponsors like that? In previous iterations of.

[Kendall Coyne Schofield]

Of leagues, there were definitely partners who helped us get to where we are today, for sure. But I think, you know, there was so much hesitancy, I think, around, you know, the start of something new. And I think, you know, with women's hockey, if history repeats itself, a lot of people were saying, oh, this is going to be another league that'll come and go. You know, this will be another one of those. And it wasn't. And I think even for the players, to someone like Elf to come behind the league before the league even started as a player, what am I saying? Oh, this is the real deal. You know, ELF is putting. Putting themselves right out in front of this new league. It's here and it's here to stay.

[Vanessa Perdomo]

Yeah, absolutely. I want to talk more about, like, the previous iterations and. And how you got to this point. Right. And I watched the documentary that came out on Peacock, the Rise, where, you know, it went through the whole inaugural season. Right. And. And you were such a big part. And I obviously, a lot of people don't know, and for people who don't know who are listening, how big of a part you played in that there's no PWHL without you. And you had, you know, fellow players even saying that, you know, what did that feel like, having, you know, that recognition from. From teammates, from other players in the league?

[Kendall Coyne Schofield]

Sports are. It takes everybody. You know, there were so many people who contributed, and I think, like, Any great team, everybody has a role. Some roles are different than others. Some roles require a little bit more than others. But every role is critically important to the success. And that was no different when it came to the pwhl. And I would say my role was definitely one that consumed a lot. It took a lot. But I was committed to this goal. I was not going to stop until we achieved what we deserved. And that's a sustainable, viable, professional women's hockey league. And for me, it was never about playing in it. It. It was always about building it. I've been lucky to be able to have played in it now for two and a half years, and it's been a dream come true. But for me, when I truly mean it, when the ultimate dream was, was to build it for the next generation because I couldn't keep. You know, I run a hockey camp every summer. You know, over 100 girls come to the rink. I put on my first pair of skates, and all I look at these girls and just to look at them and know that they don't have the same dream as all the boys that they see in this rink, because simply because they're. They're girls, like, I just. I just can't go to bed at night accepting that. And I wasn't going to accept it until I was a part of changing that. And so I was, you know, whatever it took day in and day out, I mean, it took five years, I would say, honestly, every day for. For five years of putting in the work, whether it was an email, getting on a plane to come to New York, you know, sitting in front of someone trying to tell them, hey, this is the right thing to do, like, we're gonna have success. You know, people ask me all the time, are you surprised these buildings are full? No, I. I believed in this wholeheartedly. That's why I woke up every day and chased it, and I woke up every day to try and create it, because I knew that we were going to be this successful. I knew the sport had this. Had this much, you know, weight behind it. And it was just a matter of finding the right infrastructure, finding the right investment. You know, Mark and Kimber, Walter saying yes to saying, we, you know, we are going to be the single entity owners of this league. It's partners like Elf saying, yes, we believe in this wholeheartedly. We're getting it, and it's all the right people at the table, and that's why we're having the success that we're having in such a short period. Of time. I can't wait to see what 10 and 20 years down the line looks like, because it's, you know, incredible. You know, two and a half years in. But, you know, for me, it was. I just, I believed in it so, so strongly. And I, I knew we had a worth and it was surrounding ourselves with the right people who believed in that worth alongside us. And it's. It's our partners, like elf, it's, you know, Mark and Kimber Walter, it's Billie Jean King and Alana Kloss, it's, you know, our lawyers that were there with us every step of the way. And you look at the people who are running the league now, we have. We have a super team. We have an A team running this league, and this league is here and it's here to stay.

[Vanessa Perdomo]

Yeah. And like you said, filling arenas, sold out crowds, which is really amazing to see in such a short period of time. But that does go back to the investment. Right. You have to invest in spaces like this, play in places where the NHL teams are playing in order to make that sort of a splash. Right, right. To have partners.

[Kendall Coyne Schofield]

Absolutely. Absolutely. And, you know, people are celebrating, you know, Madison Square Garden being sold out, TD Garden being sold out. You know, that's gonna, that's gonna become the norm. You know, I think for, you know, I'm starting to get to a point where if this, if the building isn't full, I'm like, oh, no, what's going on? Right. Because we. That's become the norm of playing in front of full buildings. And, you know, there's a, There's a game tonight. You know, people like, oh, women's are men's, you know, not. Not being like, oh, it must be a men's game, because there's more than. There's no, no, there's a game tonight. Well, who's playing? You know, the Wild or the Frost, which is where we knew we could get. Which is where we are. And it's only going to keep getting better.

[Vanessa Perdomo]

Before the iterations that you played in before, what were they like and what was it like that drove you to get to the point where you made that call to Angela Ruggiero?

[Kendall Coyne Schofield]

At first, yeah, it was, you know, the best way to describe it is professional by name only. I think when you have to have another job in order to continue to play hockey, you're not a professional in hockey. You're professional name only. And quite frankly, you're an amateur because you need to do something else to. In order to be able to continue to play. And that was the reality for all of us. You know, we would practice a couple times a week. I never attended a team practice because I wasn't moving to the state of Minnesota. When I'm from Illinois, my full time job was in Illinois. My, you know, my benefits, everything I needed were here in Illinois. I wasn't going to go there for $7,500 salary, you know, at that point. And so I think that's, that's one thing, you know, is so special and has been so long overdue is, you know, we wake up every day and we're hockey players. You know, we have multiple athletic trainers and strength coaches and chiropractors, massage therapists, nutritionists, you know, skills coaches, goalie coaches, head coach, two assistant coaches. The list goes on and on and on. A general manager, you know, there's this is professional. What you do every day is professional. And so we didn't have any of those resources in order to be truly professional. And we still found a way to be as good as we were.

[Vanessa Perdomo]

That was professional women's hockey player Kendall Coyne Schofield.

[Michael Barr]

Up next, we pivot to focus on college sports and all the intricacies that surround nil. Right as March Madness heats up that straight ahead on the Bloomberg Business business of sports. I'm Michael Barr with Vanessa Perdomo. You are listening to the Bloomberg Business of Sports, Bloomberg Radio around the world.

[Vanessa Perdomo]

This sports spotlight is brought to you by Capital One Venture X Card, founding partner of iHeart Women's Sports. Did you know that the first ever US Women's National Soccer Team was formed in 1985? A group of 17 women trained just one week before traveling to compete in the prestigious Mundiolito tournament in Italy, marking the first time a US Team participated in international play with Venture X. Enjoy easy to use premium benefits like a $300 annual Capital One travel credit. Plus you can earn unlimited double miles on every purchase. Terms apply. See capitalone.com for details.

[Ben Walter]

Pro drivers live for race day. But for small business owners, every day is race day. That's why going pro with Lenovo Pro matters one on one advice. IT solutions and customized hardware powered by Intel Core Ultra processors. Keep your business on the right track. Business goes pro with Lenovo Pro. Sign up for [e-mail] pro.

[Bloomberg Announcer]

Oh, could this vintage store be any cuter?

[Vanessa Perdomo]

Right? And the best part, they accept. Discover.

[Bloomberg Announcer]

Accept Discovery in a little place like this? I don't think so. Jennifer.

[Justin Giangrande]

Oh yeah, huh.

[Kendall Coyne Schofield]

Discover's accepted.

[Vanessa Perdomo]

Where I like to shop. Come on, baby, get with the times, right?

[Bloomberg Announcer]

So we shouldn't get the parachute pants.

[Vanessa Perdomo]

These are making a comeback, I think.

[Justin Giangrande]

Discover is accepted at 99% of places that take credit cards nationwide, based on the February 2025 Nielsen report.

[Bloomberg Announcer]

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]

As March Madness continues to blow us away, we wanted to check in on the crazy business that is college sports right now.

[Vanessa Perdomo]

Name, image and likeness keeps changing. The way the schools pay their athletes keeps changing. So we are bringing an expert now to give us the rundown on the current NIL market. Justin Giangrande is the founder and CEO of Network, a sports marketing and management agency dedicated to college sports.

[Michael Barr]

Welcome to the Bloomberg Business of Sports. First of all, tell us about Network and the company.

[Justin Giangrande]

Network is a collegiate sports marketing and management agency. We are coast to coast, New York, South Florida and Los Angeles. Started about four years ago, if that makes sense and really have just been laser focused on being the best collegiate sports marketing agency in the college and NIL space. My background had been in sports representation and marketing specifically for about 22 years after I graduated from University of Florida. Kind of got to live through those glory days back in the day with Thibaut. And yeah, that's a little bit about Network. We have three areas of the company, three divisions, one talent management, you know, representing talent in this era of College Sports, 360, negotiating their deals with the school and you know, collectives, really branding them and building a brand strategy and giving them a playbook to make themselves marketable. And then we have an advisory side of our business, works with schools and conferences on their overall strategy of revenue generation. And then lastly, Network Studios, which is our content and storytelling side. Obviously if you have talent, you know, getting their word out in their stories is important for them to become marketable.

[Vanessa Perdomo]

Justin, you said you started four years ago and since the implementation of NIL about four or five years ago, right? It has changed, I feel massively every single year. There's, there's all these ebbs and flows that's working. How have you seen it change and how are you adjusting every year to, to everything new in nil?

[Justin Giangrande]

You're absolutely right that it changes every year. Each year has, you know, it's crazy to starting off, you know, the first year people didn't believe it was legal regardless of it being legal. If that makes Sense for college. And I, people still felt like it was very much a dirty secret. Schools didn't want to talk about it, you know, so I guess the first step of this in the phase was just people understanding that it was legal. And then the second step was, okay, boosters and people realizing that this could be advantageous for people to change their college trajectories. So some boosters and schools latched on to seeing it as an opportunity. Then we saw a normalization of people realizing, okay, this isn't going away. Then the next step was people trying to figure out, how do we manage this? Can this be managed? Is this an advantage? Is this right? I mean, I guess that's what we're kind of seeing now, right? You know, obviously, with Trump calling that council recently, you know, we're seeing people realize that unless we gather everyone on the same page, I guess the chaos is going to continue. Now, when we say chaos, I actually think it's been good chaos because college sports has never been hotter. Right. You can't look at the super bowl and the college football championship and tell me that the college football championship and just the storylines in college sports are not more interesting. I mean, look at the Lane Kiffin saga. So it's definitely being crazy. And Vanessa, that's kind of the point of what we do at network. We're laser focused on servicing both high school and college clients and really understanding this ecosystem. I think for a while people thought that NFL agents, that it was kind of the same or that you could realize that it was the same ecosystem. I think everyone's pretty clear now. It's a whole different set of rules, different timeline, different set of, of general managers that we're seeing front office people. So, you know, like, it's probably harder

[Vanessa Perdomo]

to, to work in college than in the metal.

[Justin Giangrande]

It's funny you say that. It is harder. You, as representation need to be way more knowledgeable when I say that, you know, this is something we should talk about. No contracts are standardized. So having representation in college sports is, is even more important than pro because. Because you can absolutely gain an advantage if you have good representation. Who understands where to push, what language to include, how things are done, if that makes sense. You absolutely can guarantee, if you have leverage, you can have a huge advantage. Whereas obviously, if you look at college, both, you know, pro, NBA and NFL, those contracts are standardized, Right. So, you know, the chances that you sign an awful contract are very slim, even if you didn't even have representation.

[Michael Barr]

Right.

[Justin Giangrande]

So, you know, like you said, it's Definitely tougher.

[Michael Barr]

We're talking with Justin Gagrande, founder and CEO of Network Now. There are recent deals that have been made. Colorado quarterback Julian Lewis, he inked equity nil deal with Jim Weed. Now first of all, what is Jim Weed and where can I buy some?

[Justin Giangrande]

First of all, it's not the Jim Weed you're thinking. Jim Weed is actually an all natural energy drink from McCassey Brothers who are long serial entrepreneurs in the CPG and beverage space. It's sold all over the country. If you go, you check it out, most convenience stores, 711 and around the country have it. And yeah, I mean they're a mid sized company already and growing rapidly. And you know, Julian has always wanted to be entrepreneurial. That's one of the reasons I was excited about working with him and his father, T.C. you know, from the beginning they said, look, obviously endorsement deals where cash makes sense, that's great. But if there's ever an opportunity for me to really grow alongside a company that could be significant, let us know. And so, you know, we recognize that this is a great size company. It's out the gates. It's already had multiple rounds of funding. They have a team that has a track record and it aligned with him. And so, you know, it's cool. We're kind of seeing, we did, you know, photo shoot and some activations year one. Now we're doing a larger footprint with him at the face of it. And so, you know, hopefully I always joke with my team, this is kind of tongue in cheek. But my goal is, you know, doing an equity based deal for one of these college kids where they exit so well that they don't even want to go play pro football because they've decided they're just going to retire off of their exit now. We'll see. We got to get a unicorn. But yeah, that's absolutely what happened with Julian and we're excited about it.

[Vanessa Perdomo]

I think that's really interesting. And the interesting part of that deal, like you said, is, is the equity part of it? How often is that really happening in nil deals that they're getting equity instead of like a paid sponsorship?

[Justin Giangrande]

That's a great question. It depends on where the. Let me, let me use your words. I think it's less than pro because I think the talent is still. They haven't had the track record of being a commodity. Does that make sense? So if it's, if you're a younger brand, I actually think it's like taking a shot. If you're a younger brand, placing Some bets, because your valuation of your company is not so high that you're giving away a big chunk, it could be advantageous for you. Right. Like, at the end of the day, you're not a proven model as a company either, where, you know, so. But I am seeing as these guys, you know, as these talents step into the arena and have success right after they have a year or two. Now we're seeing more and more brands say, all right, well, we've seen them prove it on a, on a, on a scale at college. College. So I'm seeing more and more of it than I used to, if that makes sense. And I think this generation grew up watching the Steph Currys and LeBron's being entrepreneurial. I mean, I know DJ Lagway and Malachi Nelson and Julian Lewis and Davi Belfort, some of my quarterbacks, like, they all grew up watching those guys, as we've heard so long, like, build the empire around them. It's not just about endorsement deals for cash.

[Michael Barr]

I want to talk about not just the younger athletes that are still in the sport and some just left the sport, but I want to talk about the athletes that have been in business for a while, like the Fran Tarkingtons. That was the first venture that I realized that, my goodness. Yeah, it's like, what are you going to do after you are done with your sport? So I bring the same question to you. Is that a question that is asked by a lot of athletes to you

[Justin Giangrande]

about what they're going to. You clarify just what they're going to

[Michael Barr]

do, what they're going to do after their sport is over in terms of when they're done. Can they still work out a deal with you guys?

[Justin Giangrande]

Yeah, absolutely. So part of our process is going through a branding strategy and figuring out how to position them. One, who they are, who they want to be, how they're differentiated from other talent that's out there to the marketplace. But then we truly build a three year roadmap for them. Okay, now that's not after playing, but three years is a long time to try to project out. Right. And so you have your short term goals, your midterm goals, and then your long term opportunities that you're working towards, if that makes sense. And yeah, so, you know, that's something. And I think honestly, one of the things you're talking about, Mike, like, like, I think talent signs with us because we know that no matter what, we are going to be there. We've built some businesses with some of our clients. If that makes sense. And these are guys that, you know, maybe have not had the fanfare of their careers, have panned out like they originally wanted. So I think we're known as being more entrepreneurial as an agency. Right. That's the benefit of being boutique. It's not always about the bottom line for us, if that makes sense. And I definitely am seeing some of these kids become entrepreneurs and have their own ideas while they're still in college, which is really cool, because like you said, some of them are not going to all pan out as NFL or NBA players. And if they can use this moment to gather attention when they're relevant and build something that's sustainable, well, then Nil has done something for good for them and their families.

[Vanessa Perdomo]

Justin, how do you, though, build out a roadmap for three years when you're considering things like the transfer portal and things like that? How, how can you build out deals and, and work with the athletes in that way to build for the future if they really are going to be leaving a school? And how does, how does that work with deals they sign with the school, with the collectives and all of that?

[Justin Giangrande]

So let's take the last piece. How does it work? Well, schools are getting smarter. Obviously, everyone is seeing that the transfer portal exists. So more and more brands are taking into account and understanding that that's a risk. I think they're looking at the longevity of the client's potential before they go pro. That's something too. I think we're seeing brands. It's actually interesting, Vanessa. We're seeing kind of two different sides. I'm seeing brands take, like, very long bets. Okay, like example, Red Bull for client, DJ Lagway. It's not to say they didn't care where he went to school. They do care where he went to school, but they're kind of betting on him for like his entire career. Like, that's how. How they're positioning. Like, we, we don't ever intend to not be in the DJ Lagway business. So. Yes, you know, and this is a great example. He transferred after Florida this year. He's at Baylor. And so we've had to reset the activations, the marketing plan. But that's actually been a very fun process because obviously with a big brand like Red Bull, that's across the entire country and world. Right. So the marketing strategy and how they're using him is different. I guess to your other question is, you know, how do you account for understanding that the transfer portal world exists? You know, you have to do I think it's kind of going back to what I'm just saying is like making sure that you understand that you really can only plan from an endorsement deal perspective, an activation perspective a year out, Right? And then you also understand that the goal is for these guys to get to the NFL or NBA. So you have to take that into account from a timing perspective as well.

[Vanessa Perdomo]

That was Justin Giangrande, Founder and CEO of Network.

[Michael Barr]

That's it for today. Thanks for joining us. Tune in again next week for the latest on the stories moving big 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 juicy insights.

[Michael Barr]

Hey now you're listening to the Bloomberg Business of Sports, Bloomberg Radio around the World World

[Bloomberg Announcer]

Brought to you by Capital One As a founding partner of iHeart Women's Sports, Capital One is here to bring you closer to the athletes and teams you care about. And with checking accounts that have no fees or minimums, Capital One is here to handle your banking needs too. Just ask the Capital One bank guy. It's pretty much all he talks about in a good way. Capital One what's in your wallet? Terms apply. See capitalone.combank for details. Capital One NA member FDIC pro drivers

[Ben Walter]

live for race day, but for small business owners, every day is race day. That's why going pro with Lenovo Pro matters one on one advice. IT solutions and customized hardware powered by Intel Core Ultra processors. Keep your business on the right track. Track Business goes pro with Lenovo Pro. Sign up for [e-mail] Pro.

[Justin Giangrande]

Ryan Reynolds here from Mint Mobile. I don't know if you knew this, but anyone can get the Same premium wireless for 15amonth Plan that I've been enjoying. It's not just for celebrities. So do like I did and have one of your assistant's assistants switch you to Mint Mobile today day. I'm told it's super easy to [e-mail]

[Vanessa Perdomo]

Switch upfront payment of $45 for 3 month plan equivalent to $15 per month

[Kendall Coyne Schofield]

required intro rate first 3 months only, then full price plan options available, taxes and fees extra. See full [e-mail].