MLB Legend Mariano Rivera & LAFC Co-President Larry Freedman

0:00This sports spotlight is brought to you by Capital One's Saver Card, founding partner of iHeart Women's Sports. Did you know that in January of this year, flag football was officially added to the NCAA Emerging Sports for Women program? A step toward giving the sport NCAA championship status. Flag football will make its Olympic debut at LA 2028. Earn unlimited 3 % cash back on dining, entertainment, and at grocery stores with the Saver Card from Capital One. What's in your wallet? Terms apply. See CapitalOne.com for details. So there's a lot of noise about AI, but time's too tight for more promises.

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2:20We estimate the youth sports audience has$3 trillion in spending power. The nature of baseball is it is worldwide and it is global. I'm very happy for the WNBA and how the NBA has embraced them. Sportsbooks are not going anywhere and sports betting is only growing. We have a super team running this league and this league is here and it's here to stay. Bloomberg Business of Sports from Bloomberg Radio. This is the Bloomberg Business of Sports where we explore big money issues and the world of sports. I'm Michael Barr. I'm Vanessa Perdomo-Maglione. And I'm Randall Williams. Coming up today, we are talking a whole lot of soccer as we are less than one month away from the FIFA 2026 World Cup.

3:03We're going to chat with the LAFC co-president, Larry Freeman, and speak to the CEO of Hometown Soccer Holdings. But first, we are checking in with the baseball legend, five-time World Series champion, World Series MVP, and the only player ever to be unanimously inducted into the Baseball Hall of Fame, Mariano Rivera. Vanessa, lucky you. You spoke with him last week in Miami. Give us a little tease into the interview. Okay, so this was really exciting for me as a Yankee fan to talk to a true legend. I spoke to him right before he was awarded the Pionero Award at the Latinos in Sports event in Miami for being a trailblazing Latino in the world of sports.

3:43We talked about the influence of Latino culture in sports, as well as his thoughts on this current group of Yankees. Let's take a listen into the conversation Vanessa had with five-time World Series champion and Hall of Famer Mariana Rivera. OK, so you're being honored with the Pioneer Award. Tell me what it means to you to be honored for your legacy, for what you did for Latinos in sports. For me, it's something special because I've been honored just for what I did. which is for Latinos is tremendous, especially with a Latino organization. Pionero Award is something that is there with the rest of the awards that I have received.

4:29Because that represents us as a Latino, as people, as competitors that we are. For me, something special. I won't take it for granted. You know, being away from the game for already 13 years, this year, and I received a word, you know, this magnitude, this caliber, it's something special. And I thank God for that. Do you think, oh, I already got all of my awards, and did you even expect to win any more at this point? No, I didn't expect that. Even when I was playing. Yeah. You know, Vanessa, I was expecting. I was just doing. Doing what I love to do. Compete. Not only competing, but doing it for the greatest organization there is in sport, period.

5:24With the greatest fans there are in the sport, period. To me, that means a lot. Doing it in New York and doing it the way that we did, style and classic. that was something special baseball is a huge part of the Latino culture Latinos have been dominating the MLB for a long time but to have an organization that celebrates not just Latinos in baseball but across all different sports and executives in sports and all of that what do you think that says about the Latino influence in sports as a whole? Well having an organization like Latino in sport it's something that we need thank God that they appear because I mean we need to assault all those people all those Latinos they have done another baseball basketball soccer football you name it we're there we like the white rice all over so I mean yes being a Latino it's just there's something special you know as a Latino we're passionate you know for the sport that we love.

6:37You know, me, baseball, I was passionate, still passionate. Just being retired still, you know, rushing the games and all that stuff, throwing the remote to the TV time to time. But yes, I mean, the organization, you know, Latino sports organization has done an amazing job and we needed them. Like I said before, we needed them. You know, and thank God for them. I wish them the best and much work You definitely need a lot of work on this. But just to bring out our talent and bring it to the world. If the world doesn't want to know, don't know, well, Latino sport will let the world know that we are people with passion and hard workers, you know, and thank God for Latino sport.

7:27That passion was really on display this summer with the World Baseball Classic. What did you think of the tournament? Oh, it was a great tournament. I mean, I was happy with the results. Being in Venezuela, the one that stayed in the mound last, you know, celebrating, that was great. That was great. I mean, they need something like that. They needed it as a country. They needed it as something like that, something positive, something good. You know, in the sport, baseball has the opportunity and the power to connect people and feel different. And I was happy for them. We saw a lot of different teams become more competitive than they really ever have before.

8:10Everyone thought it was just going to be Japan, U.S. kind of show. Dominicans, obviously, always really strong. What do you think the overall baseball landscape is across internationally? Well, international baseball, all over across. We saw Team Italy. Yeah, that was an interesting story. It was interesting. It was beautiful, man. I mean, again, you know, I mean, this baseball event that we just had was something special. You know, above all things, you know, just playing the game and seeing all these teams competing the way they did. You know, I mean, again, you know, Team Italy was something, you know, that we all were like, wow.

8:52You know what I mean? I was pushing them to go all the way. But, you know, it was nice. It was good to see them play the way they play, you know, with the passion that they show. So, I mean, I think that we're seeing a different sport, different level of competition, and hopefully that continues. Yeah. What does Team Panama have to do to get more competitive? Well, I mean, we need to continue playing hard, you know, and give our best. I believe that if we give our best, we will be competitive the way we should be. So, I mean, definitely we have the talent. We have the determination, the passion.

9:35We just have to be more focused on what we have to deliver. Yeah. And at the end, just get it done. Get it done because we have the athletes. Yeah. Talking about Panama, you have a hot sauce coming out, which is something I really want to talk to you about. Now, hot sauce is my passion, okay? I have a whole drawer in my fridge dedicated, whole section of my fridge dedicated to different kinds of hot sauce. Tell me about your hot sauce. Oh, Vanessa. This hot sauce is something special. You know, most heat. Yeah. Bringing the heat for so many years into the mound. Yeah. You know, now bringing the heat to your house, to your kitchen.

10:15You know, it's a great Panamanian sauce. habaneros, gray selection of peppers hot pepper, but you know the passion that we have as a country the authenticity that we have as a country, that's what we have put in this sauce you know, and this hot sauce is just tremendous, the decoder, the decoder my passion, the one, the one, obviously the decoder the decorable, which is also and then the sinker all those three hot sauces are amazing that you must try. You must have to have in your house. Definitely. Vanessa, you have to have. You spoke my language here. You said habaneros. No, habaneros. Anytime I see habanero, I'm in.

10:59Vanessa, we're speaking your language. Yes. And this sauce, especially because it's authentic. Authenticity from us. It has a recipe for 120 years since we started the canal. Imagine all the Caribbean workers that came to Panama. and bring that sauce, you know, in the Caribbean with them. It's special. That's why most heat is something special that you must have at home. Okay, so. You know, having their, I mean, we're proud of this sauce. Yeah. It's not like we're doing something just to do, you know. I'm an owner and I also am a co-founder of the company, Eduardo Arango, which is here with me too.

11:39I mean, we both have done an amazing job and I'm proud. If I have to be proud, I'm really, Vanessa, I'm proud of these hot sauce because it's good. Yeah. Well, I love it. Okay. On a scale of one to five, five being spiciest, where does it rank? No, it's a five. It's a five? It would be a five. It's good. It's good. It's not something we're going to put like this, Vanessa. It's not something that is going to burn your mouth. No, no, no. I want something nice, something professional, something, you know, my style. Right. You know what I mean? I'm not a bleepish guy, a crazy guy, or hot man. No, no, no.

12:17Nice, easy kill. It's even, even. So this hot sauce is just like that. The hottest is the quarter. You have to try. The hottest is the quarter. And then the next one is the red one, the Corbo. And then the Sinker is the other one, which is a good combination, good mix. Habanero, the red one is the red Habanero, the green, the green Habanero. but the quarter is mixed between the two. That's the more spicy. It's delicious. I mean, I'm telling you, I cannot have it. And I'm a guy that I don't like with hot sauce. I put it in my seafood. I'm a crazy seafood eater. So I may put it in my seafood. This one is all natural.

13:03Yeah. Legit natural. Great stuff. Yeah. So, I mean, you must. Again, so you. Okay. We're going to have this in – we're going to start this on the 15th, May 15th, Major League Baseball in the city. We're going to have the opening there. So, Vanessa, you've got to have this in time. You've got to try it. I've got to be there. You have to try it now. Oh, we have it here. Okay. Perfect. I love to hear it. I can't wait to try it. All right. Now, obviously, we have to talk a little bit of Yankees baseball. You've got it. You've got it, Vanessa. You have to. Tell me, how's the team going to do this year?

13:37Yankees are doing – well, for me, they're going to win all. You know, the Yankees have done amazing, doing an amazing job. You know, what I like is the starting rotation. You guys are fishing. You know, I mean, the hitters, I mean, all these guys, I mean, they're doing a job. You know, it's a long season. Yeah. Long season, Vanessa. Yeah. And a lot of things can happen. So, but I'm happy with what I see now. The youngsters, the young guys are doing an amazing job in the rotation. Yeah. You know, so for me, that's, that's good. That's key. Yeah. Pitching is the key. Yes. And I think that we have a good vision.

14:14My prayers are, and my prayer is, that they all stay healthy to the end. We can stay healthy to the end. We're going to be champions. Yeah. What do you think the reason is? Why has it been so hard to get Ring 28? Why has it been so hard? Because it's not easy. That's what tells us. It's not easy. You know, you're competing with great teams, great players, great athletes, you know, out there. that has leaked to the crack a few times. I believe this year is the one. That was unanimous Hall of Famer Mariano Rivera. Up next, we're talking soccer. That is straight ahead on the Bloomberg Business of Sports for Vanessa Perdomo-Maglione.

14:53See, she's married now, so you have to add the Maglione part. And Randall Williams, I'm Michael Barr. You're listening to the Bloomberg Business of Sports from Bloomberg Radio around the world. This Sports Spotlight is brought to you by Capital One's Saver Card. founding partner of iHeart Women's Sports. Did you know that in January of this year, flag football was officially added to the NCAA Emerging Sports for Women program? A step toward giving the sport NCAA championship status. Flag football will make its Olympic debut at LA 2028. Earn unlimited 3 % cash back on dining, entertainment, and at grocery stores with the Saver card from Capital One.

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17:21I'm Michael Barr. I'm Vanessa Perdomo-Maglione. And I'm Miranda Williams. We are talking about soccer because guess what the FIFA World Cup is? Less than a month away. In April of this year, investment firm KKR made a huge bet on soccer by investing in Major League Soccer's Next Pro level. The idea behind the investment is to accelerate MLS Next Pro in the overall development system in the U.S. Here to talk about the new venture is Tom Glick, Chief Executive Officer of Hometown Soccer Holdings. Welcome to the Bloomberg Business of Sports. Now, with Vanessa and her strong soccer background and Randall and his very strong sports background, and I know both of them are going to say, like, look, don't embarrass us when you ask this first question.

18:08So what I want to, because you've done so many things connected here. MLS Next Pro. Yes. And it was just established in 2022. That's right. Right. And forgive me for putting it this way. Is it like the farm club for MLS? Michael, that's exactly right. So these are the reserve players for LA Galaxy here in New York, NYCFC, the New York Red Bull. And these are players who are generally 18 to 22 years old. And they are a year or six months or one month or one weekend away from playing in the first team at Citi Field or Yankee Stadium and soon to be Etihad Park here in New York or at Sports Illustrated Stadium.

18:51So these are really talented players. Since the league started, there's 250, more than 250, that have moved up to Major League Soccer. So it's really productive, really important for the sporting directors and the managers of each of those Major League Soccer clubs. It's really important. I mean, this is the thing that MLS and the U.S. soccer system has been missing, right, Tom? Like this really deep-rooted academy system, really deep-rooted next-level system to get the players ready for the big leagues, right? Absolutely right. And I think one of the things that has been missed because these players have been playing generally in small stadiums or empty stadiums or training grounds is they haven't been noticed the way they could be if they were playing in front of big crowds.

19:36And they should be. And that's where we come in. But the player development has been incredible. And it will get better as these players play with more pressure in front of fans who have a rooting interest. And that's part of what we're doing. And the members of the squad have come from the elite academies. So these are young professionals who have earned a professional contract after coming through the academy. Not all of them do. There's also some players from college, drafted or undrafted free agents in these squads who are starting their professional career in Next Pro. and then you have some young internationals increasingly from eastern and western europe from africa the middle east central and south america who are coming here at 18 19 years old starting their career here and then moving up so really exciting mix of talent but also fueling the u.s men's national team at the senior level and and the under 21 level that's what i was going to ask next we're going to watch the national team compete here in just under 30 days and i wonder what impact do you think that MLS Next Pro is going to have long term?

20:37I mean, we've seen, you know, the last World Cup, there was the ESPN guy who was ranting about the system of which U.S. soccer is operating in and how, you know, it hasn't had as big of an impact as it could. And I wonder, as you look long term, whether it be five to 10 years, three to five years, what impact do you hope MLS Next Pro has and how will you define success? On one level, if we think about player development, it will be how many players are being developed through this level of the game, through all of these three pathways that I was just describing. That's a real measure of success for the major league soccer clubs, for those sporting director, general managers, and their owners.

21:17Am I creating a succession plan for my central midfielder, my striker, my goalkeeper from that level. Am I actually producing some players who can also go and play elsewhere globally? Could they play in the English Premier League? Could they play in La Liga? And are we helping them in their progression? So let me cut in real quick. You mentioned those two leagues, and I wonder what your perspective is on that in particular. Would the goal be for some of these players to stay in the MLS? And obviously the Premier League, La Liga, Bundesliga, are considered to be upper echelon leagues globally. But is your goal to keep these players in the MLS so that the talent stays domestic instead of going international with respect to Christian Pulisic?

22:00There are some who would say if he was here, soccer might be a bigger deal. Randall, it's a great question. And I think a player is always going to find his or her level and want to be challenged in the biggest matches against the best players. MLS is still a relatively young league. It's 32 years old this year. I grew up in the Boston area just to show my age. When I was a sixth grader, Magic Johnson and Larry Bird were rookies. And the NFL, or excuse me, the NBA was 32 years old, like the MLS was 32 years old then. And you think about the run that the NBA has been on in the 80s and Michael Jordan in the 90s and the like.

22:38So if you go back five years, 10 years, 15 years in Major League Soccer and you look at it from a distance, there's a real noticeable change. definitely in the stadiums and the fan support, which are incredible. But the level of play, the owners have continued to invest more and to create rules that allow them to invest more in younger players who are advancing their careers. And so the quality of play is getting better and better. You see players now choosing to come here to advance their career, not just to finish their career. And so, yes, there will certainly be players who will say, look, I'm capable of playing in Europe, and I'd like to go do that.

23:15but the level of MLS is really, really strong and getting better every year. See, you brought up about your age and you saw Magic Johnson as a rookie. I don't even want to bring up, I saw the Willis-Reed game. It's like, you know, that's how much of a geezer I am here. Tom Glick, he is the CEO of Hometown Soccer Holdings, which brings us to the next question. How Hometown Soccer Holdings, your pitch, see what I did? See, see, see what I did? I know things in soccer. How are you connected now when you brought in your venture with Major League Soccer and the investment firm KKR? Yeah, so we're really excited about the partnership we've created.

23:58KKR, you know, world-class private equity fund and investor in a whole host of business categories, but increasingly in sports media and entertainment. Super passionate and excited about building something great here in Major League Soccer. And then Major League Soccer, who brings great player development skills, but also they're part of our cap table. And so fully aligned with us on building a great business. And what we're building is a commercial engine for the league so that these players that we're talking about can play in great new stadiums, built for fans and built for sponsors that will be the beating heart of the downtown of the city that has them.

24:37and the place to be and playing games of consequence in front of fans and have these fans be able to follow them, get excited. These players in these clubs belong to them. And our business will be tickets and premium seating and local and national sponsorship and food and beverage and merchandise and other live events. We'll be creating venues with municipalities that will host our soccer clubs, but also other events, other sports. You think of any sport you play in a rectangle is going to work perfectly at our venues when the soccer team is on the road. Live music, festivals, corporate and private events.

25:15So it's a really exciting venture. We're building it from the ground up. We'll be introducing 20, 25 new clubs across the country to markets that deserve to have their own club but don't yet have one. And we'll be working from a blank sheet of paper. So what we can do with the technology and the systems, whether it be ticketing or food and beverage or how we communicate with our fans, we can do that with one single source and be really efficient and really productive and serve our fans and sponsors really well. We'd be remiss if we did not talk about the 2026 Men's World Cup. And I wonder from your perspective, from someone who's in soccer every single day, what impact do you think the 2026 Men's World Cup is going to have on U.S.

26:04soccer specifically? Well, first off, I hope our team does really well. How important do you think that is to the success of things? If we do really well, I mean, watch out. But I don't think that's a prerequisite. I think we all would like to see the team play well, the team get out of the group stage, win a knockout round match or two or more, and that would be a ton of fun. More than two would be incredible. It would be. But irregardless of how the team performs, because it is a knockout tournament, so this is not a league over many, many months. The presence of this tournament I think is going to surprise people.

26:44The scale of it, the passion that comes out, it will be hard to ignore it. And there'll be patriotism across. But I think just a real appreciation and exposure for casual fans and new fans to the game. And I think therein lies a big part of the opportunity is new residents of the U.S. who become fans, become interested in the game. And I think there's an opportunity for us to then further engage them and to get them to be more and more avid fans. And those who are already excited to do the same thing, which is how do we get them even more involved and more excited? And that's part of our opportunity with Hometown Soccer Holdings and MLS Next Pro is to have a local professional club right in their city.

27:28If I can drive 10 minutes, go downtown and go to a professional game, see some of the best young talent in the country right in my city, in the Midwest or in the Southeast or here in the Northeast or the Mountain West. that that's something that needs to happen. And and that's what that's what we're building towards. And Tom, what what are the venues like specifications of those going to look like? Is it 5000, you know, seat venues kind of thing? Most of our venues will be between six and eight thousand and we'll have all of the the amenities and the comforts that you would expect at a major league or a larger stadium.