The Deal with Alex Rodriguez and Jason Kelly

Investors have poured money into youth sports in recent years, with some reports saying the industry is worth as much as $40 billion. It’s no surprise, then, that renowned investors David Blitzer and Josh Harris partnered with The Chernin Group in 2024 to start Unrivaled Sports, a growing portfolio of youth sports investments across baseball, softball, flag football, and more. Unrivaled’s chairman and CEO Andy Campion says they’re only just getting started. 

In this episode of The Deal, Andy tells Alex Rodriguez and Jason Kelly why he left Nike to go all in on youth sports. From the sidelines of a youth baseball tournament at Cooperstown All-Star Village, he explains the business model making youth sports more accessible while also offering premier experiences. 

You can also watch this interview on the Bloomberg Podcasts YouTube page.

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The 2026 World Cup is done and the numbers are astounding. FIFA reportedly expects to bring in $15 billion in revenue, blowing past their original projection of $12 billion. This number isn’t surprising considering that almost 7 million people attended the tournament’s 104 games and 60 million people in North America tuned into Sunday’s final. 

In this episode of The Deal, we dig into the stories beyond these record-smashing numbers. First up, Jason talks to Fox Soccer broadcaster Melissa Ortiz about how this World Cup compared to the others she has covered as a broadcaster and played in as a member of the Colombian national team. She also explains what made the officiating so frustrating and why she is already looking forward to next summer’s women’s World Cup. 

Next, Jason is joined by Bloomberg News sports reporter and Business of Sports co-host Vanessa Perdomo about what makes this World Cup such an incredible business story and why FIFA will likely be eager to host another major tournament in the U.S. She also gives her take on how the World Cup’s momentum will impact the MLS and predicts the future of hydration breaks.

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8AM Golf is a holding company whose portfolio includes 15 companies that touch nearly every aspect of golf. Started in 2018 by Howard Milstein, 8AM’s umbrella includes Golf Magazine, Miura Golf and a newly constructed course in Nashville built in partnership with Justin Timberlake. So, there is no one better to talk to about what is going on in the world of golf than the company’s CEO, Hoyt McGarity.

In this episode of The Deal, Hoyt dials in from St. Andrews to give Alex and Jason the inside scoop on running a holding company, including: what companies 8AM chooses to invest in, which ones they don’t and when they know it’s time to sell. Hoyt also shares his perspective on making golf more accessible to a new generation of golfers while also respecting the traditions of the old heads and what existential threats the sport is facing. Finally, Hoyt tells us why a golf course must be a “good hang” and about his personal trajectory from caddie to CEO.

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If you know nothing else about women’s hockey, you probably know Hilary Knight. The 5-time Olympic medalist has played the most games in U.S. Women’s Hockey history. She has also served as the captain of two PWHL teams and is one of the reasons the league exists in the first place. In 2019, Hilary was among several players who vowed to boycott any North American league that was not financially sustainable. In 2022, the players entered into a partnership with Mark Walter and Billie Jean King to launch the PWHL. Four years later, the league is selling out games at MSG and accepting a $100 million investment. 

In this episode of The Deal, Hilary details for Jason and Alex the process of starting a league where players were partners from the jump and why Mark Walter and Billie Jean King were the right people to work with. She also explains how the momentum from this year’s Olympics bled into the PWHL season and why Heated Rivalry is one of the best things to ever happen to hockey. Finally, she shares her hopes for her post-playing career (spoiler alert! she wants to own a team) and the responsibility of being the face of her sport. Plus, Alex shares a business idea and tells Hilary why she reminds him of NBA Hall of Famer Grant Hill.

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Lisa Bhathal Merage is very busy cementing Portland’s reputation as the global epicenter of women’s sports. In partnership with her brother Alex and their RAJ Sports venture, Lisa is the owner and governor of the NWSL’s Portland Thorns and the WNBA’s Portland Fire. They came to own both teams under pretty unusual circumstances. The Thorns were in turmoil after their previous owner was ousted and RAJ Sports acquired the W’s latest expansion team after the initial deal fell through- giving them only 15 months to build a franchise from scratch. During Lisa’s tenure, the Thorns and the Fire have maintained some of the highest attendance numbers and most lucrative sponsorship deals in their respective leagues. 

In this episode of The Deal, Lisa tells Alex and Jason how running the Thorns and the Fire led her to her purpose. She details the unique challenges of starting an expansion franchise in one league while also running a turnaround effort in another. She also shares how she splits her time as a governor in both the NWSL and the WNBA and how her background in fashion shapes her perspective on women’s sports.

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LIV Golf is known for doing it big: big player contracts, big worldwide events and big prize purses (an average of $460 million annually). It has also received big funding from one particular source. As of February 2026, Saudi Arabia’s Public Investment Fund (PIF) has pumped $5.3 billion into LIV. But this past April, the PIF announced that it would halt its funding of the league at the end of this year. The PIF’s exit leaves one big question mark hanging over the league: Can LIV Golf survive?

In this episode of The Deal, LIV Golf CEO Scott O’Neil joins Alex and Jason to address the skeptics. He tells us where LIV is cutting costs and how it is maintaining relationships with its big name golfers. O’Neil also explains why he is confident LIV will survive and how it will look different post-PIF. He also shares his pitch to investors and spells out the types of investors who are already interested in LIV 2.0.

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Here on The Deal we have interviewed  some of the world’s most famous athletes and some of the most powerful people in sports. But today we welcome our most important guests and probably our hosts’ biggest critics: their children.

In this special Father’s Day episode of The Deal, Alex and Jason’s kids join us to share some perspective on who their dads are off the air. First up, Natasha and Ella Rodriguez give us the inside scoop on Alex’s past as a musical theatre star and which TikTok trends he struggled to master. They also offer him some style advice and share their favorite family memories. Next, we hear from Jason’s sons, Henry and Will, about their dad’s level of Knicks fandom, who is the Josh Hart of the Kelly family and what Jason taught them about appreciating sports. Our closer is Alice Kelly, who asks Alex Rodriguez one of the most pressing questions of his career… does he like Pokémon?

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Not only have the Knicks brought New York City its first NBA title in 53 years, the team also brought their hometown a lot of money. An estimate by the New York City Economic Development Corporation puts the economic impact of the Knicks’ postseason run at $380 million. In this special NBA Finals episode of The Deal, NYC EDC Interim CEO Jeanny Pak joins Jason to break down the methodology behind the organization’s estimate and why the real number is probably much larger. She also talks about why sports are such a big economic engine for the city and how the EDC is supporting the development of Willet's Point as a sports and entertainment district. And Jeanny shares some numbers about the economic impact of sporting events like the World Cup, the MLB season and the U.S. Open. 

Also in this episode, Alex and Jason marvel at the magic of the Knicks’ playoff run and discuss how the NBA can capitalize on this momentum. Plus, Alex welcomes the 2026 Knicks to New York City’s champion's circle and shares a special message for former Timberwolf Karl Anthony Towns.

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It’s the first day of the 2026 World Cup! Ticket prices, transportation, security, visas, Attorneys General investigations and water bottles are just a few of the issues threatening to distract from the play on the pitch. Now that it's time for the football to actually be played, we will finally get some answers to the biggest outstanding questions: Will FIFA’s controversial ticketing strategy mean empty seats? Will host cities actually make back their investment? Will the legacy of this World Cup be its challenges or its triumphs?

Athletic Senior Writer Henry Bushnell joins The Deal to discuss all the above and more. Henry tells Alex and Jason how FIFA may have misjudged the American market. He also shares his thoughts on why the MLS has already missed the moment to capitalize on this summer’s soccer momentum, which American city will “win” the tournament and how the 2026 World Cup will be remembered. 

Want more World Cup? Tune in to Bloomberg's Big Take episode Who's Really Paying for the World Cup?

You can also watch this interview on YouTube.

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Jill Ellis has seen soccer from every angle: as an elite player, as the two-time World Cup champion coach of the U.S. Women’s National Team and as an NWSL team president. She is bringing this expertise to FIFA as the organization’s first Chief Football Officer. As one of the chief architects of the global game, she is the ultimate World Cup insider.

In this episode of The Deal, Jill tells Jason and Alex what is worrying and exciting her leading up to the kick off of the 2026 World Cup on June 11th (yes, we talk about ticket prices). She shares some facts and figures around what FIFA is expecting in terms of viewership and revenue. Jill also has her eye toward next summer’s Women’s World Cup in Brazil, telling us about a monumental deal with Netflix and why she is anticipating unprecedented interest in the event.

You can also watch this interview on YouTube.

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