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.