20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value

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The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 10 February 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Steve Pagliuca is a Senior Advisor at Bain Capital, the firm he joined in 1982 and as a Managing Director of Bain Capital, he has helped build the firm into one of the world’s leading investment companies with over $160 billion in assets under management. Steve is also a Managing Partner and Co-Owner of the World Championship Boston Celtics Basketball franchise. Steve is also co-owner and co-chairman of the Serie A professional football club, Atalanta Bergamasca Calcio. If that was not enough, Steve currently, serves on the Board of Directors of Burger King, Gartner Group, HCA, Warner Chilcott, and FCI. Huge thanks to Moshe @ Shrug Capital for making the intro.

In Today's Episode with Steve Pagliuca We Discuss:

1.) From Duffel Bags at Duke to Buying Sports Teams:

How Steve went from having a single duffel bag arriving at Duke University to entering the world of private equity with the founding of Bain's PE funds?
Did Steve always know he would be successful? What does Steve think about the importance between luck and timing?
How did Steve's mother impact how he approaches parenting and self-belief with his children?

2.) Buying Sports Teams: Not So Different to Companies:

When buying and running a sports team, what is the same, and what is different from buying and running a company?
What is Steve's biggest advice to new owners of sports teams?
What are the single biggest mistakes sports team owners make when they buy a team?
What happened with the Chelsea bid? Why did Steve lose? How did debt change the deal?

3.) The Future of Sports Ownership:

Why does Steve believe we have seen a massive rise in American and private equity buyers of both global sports teams but also European sports teams?
How has "new media" changed the inherent value that can be placed on a team? Why does it change the value? Which forms of "new media" are most important?
How much further can the value of these sports teams increase?
Does this massive increase in the price and assets of certain clubs not lead to a massive inequality in sports? What can be done to prevent this imbalance?

4.) Steve Pagliuca: The Person and Capital Allocator:

What is the single best investment advice Steve has ever received?
How does Steve think about his relationship to wealth today? How has it changed over time?
What does it take to have an amazing marriage and be at the top of your profession?
What were 1-2 elements that made Bain able to scale to the proportions of AUM that they have done? What would he have done differently?

Transcript

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0:00.0	One thing you really have to learn about it is that all the world's a stage. I've given that advice
0:04.3	to generations of being capital. People judge you by how you treat other people. So the only thing
0:09.9	worse than losing a deal is doing a bad deal. And if you feel like there's not going to be the
0:14.6	capital there, you're going to struggle with it in the plan. You probably ought to back off.
0:18.0	This is 20 VC with me, Harry Stabbings, and you can see all 20 VC episodes on
0:22.1	YouTube by searching for 20 VC. But to our episodes day, and this is one of the most humble guests I've had
0:27.3	the chance to have on the show, an OG of the business, and I'm thrilled to welcome. Steve Pak Leucher,
0:32.1	senior advisor at Bain Capital, the firm he joined in 19862, and as managing director of Bain Capital, he's helped build the firm into one of the world's leading investment companies with over $160 billion in assets under management.
0:44.3	Steve's also a co-owner of the Boston Celtics and co-owner of Atlanta in Italy's Siri A Football Division.
0:51.3	If that wasn't enough, Steve Carney serves on the board of directors of Burger
0:54.8	King, Gardner Group, HCA, Warner Chilkat and FCI. And I want to say huge thank you to Moshi
1:00.5	at Shrug Capital for making the intro today. This episode would not have happened without you,
1:04.7	Moshe. But before we dive into the show today, the single most important element of any team
1:09.3	is their ability to work together in the best and most efficient way.
1:13.2	And Coder is the dog where teams can work on entire projects from start to finish with everything they need all in one place.
1:20.2	Think about the way your team works today.
1:22.2	If all the work is spread across different documents, spreadsheets and a stack of workflow tools like they are in all of my teams,
1:28.3	it's tougher to focus on getting things done, let alone getting them done together.
1:32.3	And that's why I realized that I have to have Coda and why you need Coda.
1:36.3	Coda is the dot that brings it all together.
1:38.3	By putting data in one centralized location, regardless of format.
1:42.3	With Coda, you'll never need to ask,
	...

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