Bloomberg Business of Sports – Episode Summary

Episode Title: Warriors Said To Be Valued at $11 Billion; Next3 Founder Carolyn Tisch Blodgett
Date: January 16, 2026
Hosts: Michael Barr, Vanessa Perdomo, Damian Sassauer

Overview

This episode dives deep into the latest eye-popping valuations in the NBA, focusing on the Golden State Warriors’ record $11 billion valuation, the business complexities of sports ownership, and major developments in women's sports, including the WNBA’s collective bargaining challenges. The show features expert insights from Bloomberg US Sports business reporter Randall Williams and a special interview with Carolyn Tisch Blodgett—lead owner of NWSL’s Gotham FC and founder of Next3, a venture capital firm targeting the sports industry.

Key Topics & Discussion Points

1. Golden State Warriors’ $11 Billion Valuation (02:00–06:50)

• Background: News breaks of a 5% minority stake in Golden State Group (parent of the Warriors, Valkyries, Chase Center, and more) potentially being sold, implying an $11 billion total valuation.
• Star Power & Infrastructure: Randall Williams attributes the massive valuation not just to on-court success (Steph Curry, Klay Thompson, Draymond Green) but to the off-court infrastructure built by Joe Lacob, Silicon Valley proximity, and tech integration.
• Private Equity vs. Individual Buyers: Williams notes that while private equity is already involved, the current stake has “special privileges—a board seat, courtside access—which may appeal more to individual investors” (03:29).
• Comparison with Other Franchises: While the Knicks might outpace on the open market, Williams believes the Warriors’ combination of assets (men’s & women’s franchises, arena, G-League) gives them a justifiable premium. Vanessa Perdomo points out that adding up valuations of the arena and the WNBA’s Valkyries quickly pushes sums beyond previous benchmarks (05:16).

Notable Quote:
“These are such iconic and important buildings for businesses, for fans... the Warriors are the highest revenue team in the NBA, so, you know, they're right to have a valuation there.”
—Randall Williams (04:04)

2. WNBA Franchise Valuations & Expansion (06:19–06:50)

• Valkyries Undervalued? Discussion on whether the Warriors’ WNBA affiliate Valkyries is being properly accounted for in the total group valuation. Williams sees huge upside if the Valkyries land a “superstar” player.
• Women’s Sports Investment: The panel emphasizes the growth trajectory and expanding business infrastructure, led by names like Jeff Smith.

3. Chicago Bears & Stadium Saga (06:50–10:20)

• Endless Stadium Negotiations: Ongoing, multi-year saga for a new stadium—locations debated include downtown Chicago, Arlington Heights, Naperville, and even Indiana. A move across state lines raises skepticism.
• Business Stakes: Williams explains that sports venues are now “mixed use,” blending entertainment, retail, and Class A office space. This is a challenge as Chicago’s office market weakens and municipal budgets are tight.
• Dome Stadium Economics: The appeal of domes comes from non-NFL event revenue (concerts, shows), as Williams says “…if you have an open air stadium, you can't book a Taylor Swift… you can't book a Beyonce” (09:34).

4. NFL Coaching Openings & Top Jobs (10:20–13:06)

• Best Opportunities: The Ravens stand out as a highly desirable coaching spot due to stability and star quarterback Lamar Jackson. Williams draws parallels between Baltimore and Pittsburgh—and highlights competitive hurdles in the NFC East.
• Dolphins Complications: Miami’s reputation as a “resort football team” but lack of playoff credentials and a looming quarterback dilemma complicates matters for would-be coaches.

5. WNBA Collective Bargaining Tensions (14:14–24:58)

Guest: Tom Friend, Sports Business Journal

• CBA Impasse: No deal yet between WNBA players and the league, placing the upcoming season at risk. Players aim to secure a higher revenue share (targeting 30%), while league offers remain lower.
• Players’ Leverage: With stars like Caitlin Clark driving big ratings, public sentiment (and media attention) is with the players. Friend thinks players are “dug in… This is their best opportunity ever to do a deal” (15:00).
• Expansion Drives Urgency: With new teams joining (Portland Fire, Toronto Tempo), there’s increased pressure for a timely resolution due to the expansion draft and free agency moratorium (16:56).
• Trust Issues: Friend highlights a lack of trust between the union and commissioner Kathy Engelbert, with Adam Silver (NBA commissioner) quietly “pulling strings behind the scenes” (19:09). He asserts that Silver values player relations and won’t risk long-term damage to the league.
• Fan Support: Unlike MLB’s notorious 1994 strike, Friend sees public support siding with underpaid WNBA athletes: “These players have been underpaid. The league hasn’t been taken seriously for a lot of years...” (22:56).

Notable Quotes:

• “If you start striking, it gets… more acrimonious than it already is.” —Tom Friend (16:47)
• “Public sentiment is going to be on the player's side. I think the league probably knows that.” —Tom Friend (22:56)

6. Interview: Carolyn Tisch Blodgett – Gotham FC & Global Women’s Soccer (28:07–39:44)

Interviewed by Vanessa Perdomo

Topics:

• Gotham FC’s Success: Fresh off a second NWSL title in three years, Blodgett emphasizes appreciation for “just how difficult it is to win” and credits her team’s culture (28:41).
• Global Ambitions: Gotham is set to participate in the inaugural Women’s Champions Cup in London, representing North America and aiming to become “the first global women's sports brand.” Blodgett connects dominance on the field to global brand growth (30:05).
• Building International Fandom: Drawing on her Peloton experience, Blodgett focuses on promoting individual players—like Rose Lavelle and Jess Carter—to drive global fan loyalty. “Storytelling around our players and their stories…” is key (31:58).
• Competing for Talent: Addressing the international arms race for top women’s footballers, Blodgett points to the new “High Impact Player Rule,” which allows NWSL teams to pay certain global stars above the salary cap to keep the league competitive worldwide (34:52).
• Revenue & Sustainability: Balancing rising salaries and global competition with building a sustainable business. “We need this to be a viable business that investors will continue to invest in…” (36:29).
• Celebrating Success: This year, Gotham FC received a proper ticker-tape style “Canyon of Heroes” celebration in New York, correcting earlier missed opportunities. Preparation and parity with men’s teams were priorities (37:32).

Notable Quotes:

• “We want to be the best league in the world. We want to continue to have [star global players]… Stars drive viewership.” —Carolyn Tisch Blodgett (35:10)
• “You always need to be championship ready… this team deserves to be celebrated in the exact same way that a men’s team would be celebrated.” —Carolyn Tisch Blodgett (37:14)

Timestamps for Key Sections

• 00:38 – Opening soundbites on innovation and the sports business landscape
• 01:52 – Introduction to the Warriors’ $11 billion story
• 02:05–06:50 – Warriors valuation, group assets, and market comparison
• 06:50–10:20 – Chicago Bears stadium debate and economic background
• 10:20–13:06 – NFL jobs and coaching landscape
• 14:14–24:58 – WNBA CBA negotiations breakdown (with Tom Friend)
• 28:07–39:44 – Interview: Carolyn Tisch Blodgett on Gotham FC, branding, and women’s soccer globalization

Memorable Moments & Quotes

• Randall Williams on Warriors Ownership:
  “A 5% stake could very well go for over $500 million. That's insane.” (03:17)
• On WNBA CBA Standoff:
  “If you start striking, it gets more acrimonious than it already is… I think the union is bracing for the league to say, hey, if you don't do a deal soon, the season is delayed.” —Tom Friend (16:47)
• Carolyn Tisch Blodgett on Gotham FC’s Mission:
  “We talk a lot about wanting to be the first global women's sports brand—that starts with the product on the field.” (30:05)
• On Competitive Dynamics:
  “The idea behind it is that… there is a recognition that certain stars will command more than our current salary caps can pay… and we want to be the best league in the world.” —Carolyn Tisch Blodgett (35:10)

Tone & Style

The episode combines financial sophistication, strategic business insight, and an enthusiastic appreciation for sports not merely as entertainment, but as dynamic, evolving industries. With informed, candid discussion and a respectful, inclusive energy, the dialogue is accessible both to business listeners and passionate sports fans.

This summary provides a comprehensive guide to the episode’s content, highlighting the intersecting issues of valuation, gender equity, global sports branding, and the economics that underpin the changing face of sports business.