Big East Commissioner Val Ackerman on March Madness and UConn Basketball

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2:40That's straight ahead on the Bloomberg Business of Sports, but we start with March Madness. I spoke with the commissioner of the Big East, Val Ackerman, for her thoughts on this year's tournament and how she's hoping to see a double national title for UConn men's and women's basketball. I spoke with Val right before the Final Four kicked off. Here's a bit of that conversation. I just want to start with getting a vibe check. I mean, UConn, men and women are both back in the Final Four. How does it feel to have them back there together? Well, this is, it was a magical weekend, really, for the conference.

3:12We had teams advancing to the second weekend, which is really hard to do. You know, our school, some of them have been there before, and they know that every game is a, really is a battle. I think as it relates to UConn, this proves, if there was any doubt, that they really are in the top tier of college basketball programs around the country, both the men's and women's sides. Not many programs can boast that, to be honest. They have, on both sports, great talent. They've got leadership. They've got grittiness, which you need in equal measure to keep advancing in March. Yeah, definitely. I mean, it's it's interesting, like you had said, obviously, it's it's not always that common that both the men's and the women's programs can be so competitive, especially at the same time.

4:01I mean, this isn't the first time they've done it. Right. They did this just in 2024. But how impactful is it for the school, for the Big East as a whole, you know, given the popularity, especially now for women's and men's basketball? Let me just go back and throw a couple of data points at you and the listeners, which is that this is the UConn women's 25th Final Four. May or may not be a record. I'm not sure someone can fact check that. On the men's side, it's their eighth. And this is the sixth time that the men and the women have been in the Final Four together. So it's not common generally, but it is a thing for UConn.

4:38So, again, quite an accomplishment for the university. For the Big East, you know, it proves what we have been aspiring to for as long as I've been in this position, which is that the Big East is part of the power tier in college basketball. Our schools, you know, in general are very committed to the game. We don't have football that we sponsor in the Big East. So basketball is the primary sport. It just means everything to our campuses to be not only competing, but winning at a national level. We take pride in our history. We take pride in the national championships we've won over the last eight or nine or 10 years.

5:24We've won four men's championships and one women's over the last 10-year span, which is, you know, I don't know if that's rivaled by any other conference. Somebody could fact check that also. But, you know, this is it's a big deal for any school and for the Big East where basketball matters so much. It really is, you know, kind of a crowning achievement. Yeah, it's an interesting thing. Like you said, you've worked really hard on making sure that the Big East as a basketball conference is still thought of as one of those major conferences. Right. It's it's not smaller or anything like that just because there's no football schools.

6:01Can you tell me, you know, a little bit more about that and the relationship between just focusing on basketball, how you've been able to do that and grow the Big East in that way, in the name of revenue, in the name of business, everything like that, just focusing on basketball? Well, the way we think about it is, yes, the being able to focus on basketball, it's hard to quantify what that means. How many hours we spent compared to a school that has football. I don't know that we can give you those stats. But what I can say is we do think we have the ingredients to remain successful. And what does that include?

6:44Well, it includes having resources, which our schools have, in part because they don't have football expenses. We've got excellent national television arrangements, which are really important for exposure and credibility and revenue. We've got, we're just completed year one, nearly completed year one of a six-year national media deal with major national networks. Fox Sports is the lead network, but we've got NBC Peacock and TNT Sports also in the fold. And plus, we've got additional programming on ESPN+. We're in business with all of the major national networks. We've got the relationship with Madison Square Garden, which is one of the most, if not the most prominent basketball arena in the country, belongs to the Big East in a manner of speaking.

7:34We play our men's basketball tournament there. This year was our 44th rendition of that. We're locked up there through 2032, which will be the 50th year of the Big East tournament at Madison Square Garden. And so we've got the ability to play on the world's, practically the world, certainly the country's biggest basketball stage. And then we've got, you know, the benefit of major media markets, excellent facilities on our campuses. A number of our schools play in NBA arenas, which enhances the stage that our players are, you know, displaying their talents on. So we've got a long way of saying we've got, we think, the ingredients that we need to stay relevant and competitive and successful in basketball.

8:20And so, you know, while not having football revenue is, you know, a disadvantage, to be honest, because we don't have the resources that the conferences we consider peers in basketball have. the fact that we have all the other things I just mentioned we see as a plus and hopefully will keep us you know going and growing in the years ahead and it's interesting on that note as well like you're mentioning you know as we talk about like revenue sharing you know what now that it's something that schools are able to opt in on revenue sharing with athletes and at first when this happened last year people thought that the Big East would be you know the big winner in this sort of, you know, worlds that they didn't have to share revenue sharing with football schools and with football teams.

9:06But I've heard you say that that's not necessarily the case. Can you tell me a little bit about how you've navigated the revenue sharing with the athletes and how you feel that it's going for the Big East? Well, just again, for the listener, the ability to share revenue directly with student athletes by the school is optional. And all of our schools opted to do that. Not every school in D1 is opting in to the rev share model. So our schools have done that. And my sense is that because there's a cap on the amount that a school can share directly to athletes, we are on the high side of rev share for basketball.

9:48Why is that? Because the football schools, from what we gather, are spending most of their rev share dollars on their football teams. So that leaves less money for them to share directly for basketball and any other sport. Without football players that we have to pay, we have the ability to, and I believe, are spending more than they are directly on basketball players. At the same time, payments to athletes can still be made by third parties. And those payments are not capped. they are subject to scrutiny by an entity called the College Sports Commission, which was set up following the House settlement last year to monitor third-party payments, to make sure that they were for a valid business purpose and were within a reasonable range of compensation.

10:38So those payments are, you know, they're not necessarily cleared. They have to be approved by the commission. And so my sense is that the schools that aren't able to pay as much for basketball players because they're paying so much for their football players are taking advantage of the third party payment system that's still in effect and in effect enhancing the payments that they can make for basketball through that apparatus. And I don't know because of that, I can't speak to what their total numbers are for basketball, but I suspect that it's, you know, likens what we're spending in the aggregate.

11:15And so, you know, this is going to be one of the questions in the model is, does spending a lot of money on players guarantee success? I don't believe it does. I came out of the NBA and the teams that spent the most didn't always win the championships. And so, you know, to me, it's going to, the algorithm here will be spending enough and spending wisely because spending the most dollars on players that you might be good, may not necessarily pan out. But again, we're in the early stages of the system. And I think it remains to be seen who the winners are going to be when all is said and done. Do you think that, and from your seat, see that maybe the winners are women's players under a conference like the Big East where they don't have to compete with football players?

12:01I've seen a lot of winners among, frankly, non-football and non-basketball playing athletes. I mean, it's sort of the recipe here for success in the rev share slash NIL world is, you know, success on the field or, you know, field of play, whatever it may be. Some sort of je ne sais quoi, whatever. I don't know what the French word for that special something that makes somebody marketable. OK. A great story, appeal in this day and age, a large social media following. is attractive to an advertiser. And so to use the Big East as an example, we've seen great success in this environment from UConn women's basketball players because they're successful on the court, they're marketable for a variety of reasons.

12:56A couple of them have substantial social media followings. And so that all translates into lucrative opportunities. And now in an environment where income possibilities are available to these athletes. And so, yes, I think it can happen. I think it's sort of on a campus by campus, sport by sport basis. I do think the primary winners here are football and men's basketball, for the most part, because those are the priority sports on campuses. They're the ones that have the most commercial appeal. They're the ones that drive the most alumni engagement. It's just a fact. And our league's no different than other leagues on that score.

13:36But I do think, you know, the opportunities are certainly there. And, you know, the combination of factors I mentioned at the top of this answer can all come together, then I think athletes can certainly win out. That was the commissioner of the Big East, Val Ackerman. Up next, my conversation with WNBA and NWSL owner Lisa Bethal-Mirage on Portland being the epicenter of women's sports. That's straight ahead on the Bloomberg Business of Sports. I'm Vanessa Perdomo. You're listening to the Bloomberg Business of Sports from Bloomberg Radio around the world.

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16:42Message and data rates may apply. JPMorgan Chase Bank N.A., member FDIC. Copyright 2026, JPMorgan Chase and Company. This is Bloomberg Business of Sports from Bloomberg Radio. This is the Bloomberg Business of Sports, where we explore the big money issues in the world of sports. I'm Vanessa Perdomo. Michael Barr is off this week. The WNBA has been in a very contentious labor fight this entire offseason with threats of a lockout. But the union and the league were able to reach a deal in March in order to go ahead with the season as planned. Great news, especially for Portland Fire owner Lisa Bethal-Mirage, whose team is set to make its WNBA debut this year.

17:23but due to the CBA negotiations, have been unable to sign players until now. The expansion draft for the Fire and Toronto Tempo was earlier this week. I spoke with Lisa the day after the CBA was announced at Avenue Capital's Power Play event in Los Angeles about how they were able to build the team amidst uncertainty, but also about how they parlayed their ownership of the Portland Thorns into building a women's sports empire in the city. Here's my conversation with WNBA and NWSL owner Lisa Bethal-Mirage. You've been at the helm of the Portland Thorn Sound for a couple of years, had a couple of seasons in.

17:58How would you describe your first few years in it? The first few years have been so fun. Lots of challenges, lots of exciting things. Tremendous momentum. We've made lots of changes. We've completely built out the business office. So when we acquired the team, we did not have a business office at all. So we started department by department and eventually built out ticketing and marketing and our sponsorship team and HR and IT. And now we are close to 100 people strong. We've also in the past two years, we hired a new GM. We just hired our second coach that was announced recently. And we're building a performance center, which will be finished up later this year.

18:44So a lot of exciting things going on. Was that at all surprising? like when you had come in and you had to build all that stuff out very different from you know your family being in the sacramento kings like very different so was it surprising to you that you had to build all this out for an existing team no we we knew what we were doing going you know getting into it um we actually had a shared services agreement on the thorn side with um peregrine who previously owned the thorns and still owns the timbers and the mls um so we knew we had work to do but we're really kind of roll up your sleeves type people and And luckily, we have an amazing head of Raj Sports, Mike Whitehead, who's built out his team.

19:23And then on the Thorn side, we have Alexis Lee, who's our president of business operations. And then now we have Jeff Agus, who's our president of soccer operations. And they just really set the right tone and the right culture and the right work ethic within the organizations. You obviously don't just own the Thorns, but also now the WNBA team, the Portland Fire. When was it when you had been in part of the Thorns that you decided, wait, we need to add a WNBA team to this? Did it already come together? How did that deal come together for you guys? I think the universe told us that we needed to have the Portland fire because we were in the middle of closing our Thorns deal.

20:02And the WNBA had decided to grant an expansion team to Portland, but the leader of that expansion team fell out. and we read about it in the newspaper and then we called the NBA office and said, hey, it's not public yet, but we're up here. And, you know, they knew us from the NBA. So we went through a process with them and it just kind of, like I said, the stars aligned and, you know, one plus one equals five, the fire and the thorns. Here we go. Didn't even realize yet the power or you hadn't exactly experienced the power of the thorns and the women's sports, you know, fandom there before even really acquiring the fire.

20:39Well, we knew about the women's sports fandom. And that was something when we were looking at the thorns, I went up for a game and saw firsthand what I call the magic at Providence Park. Our women's sports fans in Portland are the most passionate fan base, I've said this, in the world. And we actually have metrics to back that up. So when we talk about the thorns, the attendance on average is just under 20 ,000 per game. And I always frame this in a way in explaining it, when you compare it to a typical NHL team or NBA team who plays an arena, those arenas hold 16 ,000 to 17 ,000 people. So our average attendance is higher than what fills an NHL or an NBA arena, which is crazy.

21:23And we've seen that fandom continue with the Portland Fire. We're leading the league with new season ticket sales. And the fans, I think when we did our launch of the FIRE brand name, there were about 2 ,000 people that showed up outside Moda Center in the middle of the day. There were people that got tattoos. We had a tattoo truck. People got the FIRE logo on them. Yeah. Before you even play a game. Oh, yeah. It was amazing. It's incredible. The fans are incredible in Portland. Yeah. So let's talk a little bit more about the FIRE and building that team out, especially amid everything that was going on.

22:00So one, there has been a verbal agreement for the CBA. when you heard the news, again, verbal agreements, it's not official yet. So I know that you probably want to make sure, you know, you're going to have your conversations about that later. But did you breathe a sigh of relief at all when you first heard the news? We've been waiting and we've been having contingency plan after contingency plan. We went through looking at, you know, our wishlist of players because we have everything else lined up. We have, you know, we have season tickets, we have marketing plans, we're auditioning the dance team.

22:33you know, everything else is completely rolling. We just need players. It's a small thing. And so, you know, we have if this, then if this, then if this, then and we'll see we're going, we're going. Yeah. How was it for you building out that front office, doing all the things, like you said, ticket sales, building out the logo, the colorways, the jerseys, all of that without knowing exactly what was going to happen without having any players? How was it to get those fans, like you said, having those fans out there already being fans of the team before you even have a player. How was that navigating that for you?

23:08I mean, I think it's kind of just like you said, the fans are there. They love the team. They're like crazy about sports in Portland. And maybe that part of it is that Nike's in our backyard with the corporate headquarters. And then also, you know, Adidas North America headquarters and some of the other sports brands. Sports is a way of life in Portland. That's really why we call Portland the global epicenter of women's sports. It's been proven. It's been, I think, since the early 1970s, when Portland was the first city to host an LPGA tournament, that it started kind of this appreciation and love for women's sports.

23:51And it's just grown and grown and grown. Yeah. How have you found it different, obviously um aside from the cv have you found it different coming into the thorns a team that had already had a fan base that was already around for years and come and building from scratch i think that um it's in in a way it's a little bit easier to build from scratch because we could say these are the colors we want to have this is the logo we want to have this is this is how we want to set the tone of the game experience and the fan experience and we can create that from scratch And sure, there'll maybe sometimes when we hit a bump or make a mistake and we can course correct from there.

24:30You know, with the Thorns, we came in and we have a very passionate fan base. We have our supporters group called the Riveters. And they are they're known throughout, frankly, the world as the most passionate women's soccer fan supporters group that there is. And, you know, we have to make sure that we keep them happy, too. So we talk to them regularly. We build those relationships and, you know, we have to kind of walk a little bit slower with some of the things that we may want to do with the fan experience. How have you seen like through the data you have from the ticket sales you already have for the fire and stuff like that?

25:07How many people cross over between thorns and fire fans from what you know already? I actually don't know if I have that information and I've asked for that information. But one thing that we are talking about that's been wildly requested is having a premier season ticket holder package where you can go to both games. And I mean, I was just sitting with somebody who's local in the community last week and she asked for that. She was like, I will buy that. I will spend the money. So, you know, we're looking into that. And obviously with the NWSL, there's a new rule in place with the high impact player rule.

25:43And that's helped keep actually this conversation that a lot of players are going to go overseas and, you know, talent, you know, going back overseas and staying in the NWSL. Sophia Smith has agreed to a longer contract with you guys. And she's one of those players that does meet those requirements. Right. How does it impact having stars like that for the Portland Thorns, for the NWSL to stay here and be able to play here? Well, I think in the NWSL, I think anywhere stars are important, right? And it's seeing their quality of play, the excitement on the pitch, and then also what they bring through a commercial lens.

26:19I mean, if you look at Sophia Wilson with Gigi, it's just, I mean, first of all, she's like the most adorable baby ever. Can I just say that? She's very adorable, yes. But, you know, I think the other thing with the NWSL is we see as a whole that the league teams and the leagues are investing in facilities, whether it be in Kansas City, where they have their their stadium or with us, with our Kaiser Permanente Performance Center that will be ready this year. And I don't know if you necessarily see that investment across the pond. The grass may not be greener. Absolutely. When you guys came in in 2024, officially coming into that NWSL and coming into women's sports, like you said, it was around this conversation of this is a change in tide for women's sports and really a lot more visibility, a lot more fan growth.