Alex Rodriguez Talks MLB's Collective Bargaining Deal & Sports Investing

Summary

---

Bloomberg Talks

Episode: Alex Rodriguez Talks MLB's Collective Bargaining Deal & Sports Investing
Date: March 4, 2026
Host(s): Carol Massar, Tim Sandovik
Guest: Alex Rodriguez (A Rod Corp, Minnesota Timberwolves/Lynx Co-owner), discussing conversation with Alex Waxman (CEO, 6th Street)

---

Episode Overview

This episode features a discussion around the business of investing in professional sports teams, current and emerging opportunities—especially in Major League Baseball (MLB)—and how new collective bargaining negotiations (CBAs) are shaping the landscape. The hosts recap a live taping of "The Deal" podcast with Bloomberg's Jason Kelly, Alex Rodriguez, and Alex Waxman, offering insights into sports investing, team valuations, and the future of sports media rights.

---

Key Discussion Points & Insights

Alex Waxman’s Background & Approach to Sports Investment

• Diverse Asset Experience: Waxman spent a decade at Goldman Sachs managing a $30 billion fund before co-founding 6th Street in 2009 (now with $100+ billion AUM).
• Deep in Sports: Investments span all major sports leagues—MLB's Giants, NBA's Celtics & Spurs, and a recent stake in the NFL’s Patriots (01:12-01:51).
• Unique Position: Exposure to multiple asset classes gave Waxman a "competitive advantage" in evaluating sports as an asset.

Sports Team Ownership & Market Trends

• Leadership in Sports: Positive references to current sports commissioners (Adam Silver/NBA, Roger Goodell/NFL, Rob Manfred/MLB) as stabilizing factors in team investments (02:07-02:26).
• Why Invest in MLB Now?
  • MLB seen as undervalued compared to other leagues (02:49).
  • Waxman’s Contrarian View: "I’m a contrarian by nature, so I would invest right into the teeth of this collective bargaining agreement." (02:39—Alex Waxman)
  • Belief CBA will improve and nationalization of sports media rights could boost valuations (02:49-03:12).

The Impact of Collective Bargaining Agreement Negotiations

• CBA Volatility as Opportunity:
  • Even with potential labor stoppage, Waxman views market volatility as favorable for investors:
    • "Where you have apprehension, I think you have opportunity." (03:42—Alex Waxman)
    • Lower purchase multiples for MLB teams (03:33–03:52).
• Labor Risks:
  • Both owners and players "dug in pretty strong" regarding CBA, raising the chance of a serious dispute (03:15–03:27).

Salary Caps and Player-Owner Dynamics

• Salary Cap Skepticism:
  • "Would the players ever agree to a salary cap, you think?"
    "I don't think so... it should be a mentality about grow[ing] the piece as big as possible." (03:57–04:12—Alex Waxman)
• Historic MLB Labor Tensions:
  • Strong union legacy dating to Marvin Miller; "every time CBA came, it was a battle... this is the most important year for baseball and labor talks in the history of the sport." (04:32–05:16—Alex Waxman)

Shifting Media Landscape and Globalization

• Media Competition:
  • Sports are vying for consumer attention amid platforms like Netflix and YouTube (05:16).
• Scarcity Value & Media Deals:
  • NBA as an example: "If you're a real estate investor and there's only 30 beachfront properties in the world... Scarcity is a big deal." (06:14–06:28—Alex Waxman)
  • Reference to NBA’s new 11-year, $77 billion TV deal as a model for stability and growth (06:28–06:42).
• Global Expansion:
  • NBA now features 35% international-born players (up from 3% two decades ago).
  • "400 million people playing basketball in China; 300 million in India... from the American sports, NBA could be number one." (06:42–07:19—Alex Waxman)

Being on Both Sides—Player and Owner Perspective

• Rodriguez’s Evolving Perspective:
  • Mostly unchanged since becoming an owner; focus remains on healthy growth and fan engagement (05:25–05:57).
  • World Series as an example of successful engagement—53 million viewers across the US, Canada, and Japan (05:46–05:57).

Notable Quotes and Memorable Moments

• On investing during CBA uncertainty:

  “Where you have apprehension, I think you have opportunity. And the multiples, if you can buy a baseball team in four or five multiple versus other sports that are trading in mid teens, I think that’s an opportunity.”
  — Alex Waxman (03:42–03:55)

• On labor tensions’ historical roots:

  "Every time CBA came, it was, it was a battle and somehow or another you figured it out. But I will say that this is the most important year for baseball and labor talks in the history of the sport because of how many attractions we have out there between Netflix, YouTube, Bloomberg, you name it."
  — Alex Waxman (05:04–05:16)

• On growth mindset in salary negotiations:

  "It should be a mentality about grow[ing] the piece as big as possible. How you guys divide it, that's a separate conversation."
  — Alex Waxman (04:10–04:12)

• On NBA’s unique global position:

  “When you think about the global growth in the NBA... today that number's ballooned to 35% [international]. ... You can say from the American sports, NBA could be number one.”
  — Alex Waxman (06:42–07:19)

Light Segment: Media & Podcast Preferences

• Waxman lists "Founders" and "Acquired" (the latter for “three, four hours”) as favorite podcasts (07:30–07:47).
• Bloomberg’s coverage complimented (07:48–07:52).

---

Timestamps for Key Segments

• Waxman’s Investment Journey & Sports Roles: 01:12–01:51
• What Makes MLB Attractive Now: 02:07–03:12
• CBA Uncertainty as Opportunity: 03:33–03:55
• Labor Tensions and Salary Cap: 03:55–04:32
• The Most Pivotal Year for MLB CBA: 05:04–05:16
• Perspective as Owner & Fan Engagement: 05:25–05:57
• Scarcity Value & NBA Growth: 06:14–07:19
• Waxman’s Podcast Picks: 07:30–07:47

---

Conclusion

In this concise, insight-filled conversation, Alex Rodriguez and Alex Waxman dissect the major developments in sports investing—highlighting MLB as a contrarian opportunity amid labor uncertainty, the unique economics of top leagues, and the growing global reach of sports franchises. The episode emphasizes the importance of expansion, collective growth, and the value of stable league leadership.

---

Transcript

[IBM Executive]

The thing about AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand. But by embedding AI across hr, IT and procurement processes, we've reduced costs by millions, slash repetitive tasks and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business. IBM,

[Bloomberg Announcer]

Bloomberg Audio Studios Podcasts Radio News

[Carol Massar]

Carol Massar, Tim Sandovik live here at Bloomberg Invest in downtown New York City. So happening just a while ago, right here at Bloomberg Invest, a live taping of the hit podcast the Deal with Alex Rodriguez and Bloomberg's Jason Kelly. They were sitting down with Alex Waxman, the CEO of 6th Street. Alex Rodriguez, as you know, of course chairman and CEO of A Rod Corp. He's also co owner of the NBA's Minnesota Timberwolves and the WNBA's Minnesota Links. And he's a former three time American League MVP. But we all know that.

[Bloomberg Announcer]

How are you?

[Alex Waxman]

I'm doing great. Great to be here. Good to see you guys.

[Carol Massar]

Well, good to see you. Tell us a little bit about Alex Waxman and the taping for the deal.

[Alex Waxman]

Incredible story. I mean his background, he spent 10 years at Goldman Sachs and he basically ran a $30 billion fund in which they can invest in any asset class, which really gave him a competitive advantage. He's now brought that over when he co founded 6th Street 2009. They have over $100 billion in the AUM. And he's really deep in sports. He's done investments with all major leagues. He's done the San Francisco Giants, baseball, he's done the Celtics and San Antonio spurs in basketball. And he just bought a minority stake with Jonathan and Robert Kraft with the New England Patriots. Fascinating and great, great conversation.

[Tim Sandovik]

So I'm curious about the opportunities that he sees right now. And you know, obviously he's, he's taking advantage of the new rules about being able to buy into different leagues, which is a whole conversation that, that we could have. But what really excites him when he looks forward?

[Alex Waxman]

I think a few things. I think markets, depending on what team, what leagues, what league, the leadership of the three leagues. Fortunately for us we have, you know, Adam Silver, Roger Goodell in football, and Rob Manfred, all very established, very top tier commissioner. So all that's good for him. And I think when you look at the NFL, the combination of appreciation and cash flow is something that's very, very unique in sports. You don't have usually both of those so aggressively. So I think he's really concerned, not concerned. I would say this baseball's an interesting situation. I think baseball is the best opportunity to invest today. I'm a contrarian by nature, so I would invest right into the teeth of this collective bargaining agreement.

[Tim Sandovik]

Why?

[Alex Waxman]

Why? Because I think you can buy a very, very attractive multiples and you're making, I think, two very safe bets. One that the CBA will get better, not worse. Right. And the second one is that Rob Manford would take a page from Roger Goodell and consolidate all the regional sports rights. Yeah. And make it more into national rights. And you get an expansion in multiples.

[Tim Sandovik]

So will there be a labor stoppage after the season?

[Alex Waxman]

I hope not. I don't know. But I've talked to members of both sides of the aisle and they have said, meaning owners and players.

[Tim Sandovik]

Okay.

[Alex Waxman]

And they're both dug in pretty, pretty strong. So.

[Tim Sandovik]

So maybe, is what you're saying.

[Alex Waxman]

So I don't know.

[Tim Sandovik]

Would that change your view on where. On. On investing in baseball?

[Alex Waxman]

No, I would invest even heavily into it because as you have more noise, as we've seen in the public markets the last couple of days, you have volatility.

[Bloomberg Announcer]

Yeah.

[Alex Waxman]

Where you have apprehension. I think you have opportunity. And the multiples, if you can buy a baseball team in four or five multiple versus other sports that are trading in mid teens, I think that's an opportunity.

[Carol Massar]

Would the players ever agree to a salary cap, you think?

[Alex Waxman]

I don't think so. I don't think so. So they or no, I think I don't want to comment into that because I have friends on both sides. But here's what I would say. It should be a mentality about grow the piece as big as possible. How you guys divide it, that's a separate conversation.

[Bloomberg Announcer]

Yeah.

[Alex Waxman]

But, you know, going back to Marvin Miller when he started the union for Major League Baseball, which has always been very, very strong and highly regarded.

[Bloomberg Announcer]

Yeah.

[Alex Waxman]

And the owners, there's been a lot of conflict over the last five decades. So how do you bring it together to say, let's work together to grow the pie as big as possible?

[Tim Sandovik]

Why does it seem like baseball has the most issues with labor?

[Alex Waxman]

I think it has a lot.

[Tim Sandovik]

Am I right with that?

[Alex Waxman]

Oh, yeah, Yeah. I mean, the history is very strong. Marvin Miller was the head of the union. He started it. Then that went to Don Fear for many years, who's a great, great leader. And then Michael Wiener, Tony Clark. And now they have a different situation right now. But it's been that way, Tim, since I was involved. I remember that every time CBA came, it was, it was a battle and somehow or another you figured it out. But I will say that this is the most important year for baseball and labor talks in the history of the sport because of how many attractions we have out there between Netflix, YouTube, Bloomberg, you name it. This is more assets that everyone's fighting for the consumer.

[Tim Sandovik]

So do you think about, do you think about the collective bargaining differently now that you're an owner of a sports team?

[Alex Waxman]

That's a great question. I think overall like 90% of my thoughts still the same is you want the sport to be healthy, you want it to grow, you want it to collect more fan base and you want millions of people watching every day because it is a great sport. And the World Series this year showed us that when you have the right product, you have the right market, you have the right superstars in Vladimir Guerrero Jr. And Shohei Ohtani, that you had 53 million people watching. When you include the U.S. canada and Japan, which is pretty incredible. Still works. Yeah. And when there's a lot of noise, there's a lot of opportunity.

[Carol Massar]

So when you know, you talked about, you're right. Sports is vying for all of our attention with so many other things. So when you think about investing, how do you think about like, how does that play into where you want to commit some. Some money?

[Alex Waxman]

Well, you want to moat right. Think about this. Take the NBA. If you're a real estate investor and there's only 30 beachfront properties in the entire world.

[Bloomberg Announcer]

Yeah.

[Alex Waxman]

Boy, you would do anything to own one of those. So scarcity is a big deal. When you look at the TV deal that just was signed 11 years, won the first year of 11 years for 77 billion. That's something that is easy to underwrite, easy to understand. So you like to invest into that, you know. And then when you think about the global growth in the NBA, you know, 20 years ago, there's probably less than 3% of the league was global athletes, meaning born outside of the US today that number's balloon to 35%. Right. When you look at Europe, second most popular sport in Europe, the NBA basketball and is a 45 billion annual business. And we only own 1% of that. At the same time, you have 400 million people playing basketball in China. Yeah. 300 million playing in India. So the global scope, you can say from the American sports, NBA could be number one.

[Carol Massar]

That's pretty impressive.

[Tim Sandovik]

We always love it when we get to talk to you a little bit.

[Bloomberg Announcer]

All right.

[Carol Massar]

They're gonna yell at me.

[Tim Sandovik]

Yeah, we gotta go.

[Carol Massar]

I'm gonna go. 30 seconds. What's on your night table? What are you reading?

[Alex Waxman]

Oh, you know what I do is I. I love podcasts, so.

[Bloomberg Announcer]

You do?

[Carol Massar]

What do you listen to?

[Alex Waxman]

I love the Founders is one of my favorite. And what's the one that I'm. The one that's like three and a half hours. I'm acquired. Acquired is fantastic. That's. I love those guys. Three, four hours. I love it.

[Carol Massar]

And how many hours are you watching Bloomberg?

[Alex Waxman]

I watch it a lot. Okay. And you guys do a great work. Keep it up.

[Tim Sandovik]

Thank you.

[Carol Massar]

You as well. Alex Rodriguez, Chairman and CEO of A Rod Corp. And so much more. And of course, check out the deal with Alex and of course, Jason Kelly. You can find it on Bloomberg Originals.

[Bloomberg Announcer]

If you follow markets, you know the value of long term thinking. You plan, you diversify, you prepare for volatility. But in life, even the best strategies can't prevent every bad day. A fire, a loss, a disruption that demands immediate attention. When that happens, what matters isn't just what you planned. It's who shows up. That's where Cincinnati Insurance comes in. For more than 75 years, they've helped individuals and businesses navigate life's toughest moments with care, expertise, and personal attention. Together with independent agents, Cincinnati Insurance focuses on relationships, not transactions. Their approach is grounded in experience, follow through, and trust built over time. Bad days happen, and when they do, you deserve an insurance partner who understands risk, respects what you've built, and is ready to help you move forward. The Cincinnati insurance companies, let them make your bad day better. Find an independent agent@cin fin.com.