Basketball, Bloomberg, Big East Tournament discussed on Bloomberg Business of Sports
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For the affected areas on Jean Johnson and I'm Charlie Pellets at Bloomberg World headquarters down Friday and a losing week for the U. S. Stock market. Stocks fell for a second day as investors grew anxious about rising tensions with China along with a potential stalling of the economic recovery. Neela Richardson is investments matter just that Edward Jones, there is on acknowledgement that the economic recovery will be on even on then you add a diplomatic Rising tensions between the U. S in China. That is a context for a risk sentiment today and Chris Harvey is head of equity strategy at Wells Fargo Securities. We would hope that you fully invested in disappointment if you're not fully invested. This would not be a great time to really Buying your uber cast and really put on it. At this juncture, we'd be a little bit more cautious. Intel shares plums today. After earnings on the conference call CEO Bob Swan spent almost an hour Discussing an idea that would have once been unthinkable for the world's largest semiconductor company, and that is not manufacturing its own chips. Swan spoke today with Bloomberg Television and radio. We talked yesterday about 20% higher demand for 10 nanometer products and we intend to Spadaro in the year. So we're delivering on the products in 2020 We expect to deliver on 21. We expected a LeBron 22 we also expect to Iran 2023 Intel was down 16.2%. The S and P 500 index fell 20 points, down 6/10 of 1% for the week, down 3/10 of 1%. The Dow down 182 down seven tense now Stack down 98 down nine tense Global news 24 hours a day on air and on Bloomberg quick take power by more than 2700 journalists and analysts and more than 120 countries. I'm Charlie Pellet. This is Bloomberg. This is the business of sports from Bloomberg Radio. Thanks so much for joining us. We're here each and every week for you at the same time talking to the biggest names in sports. I'm Jason Kelly, along with my clenched and Michael bar. Let's continue our conversation with Big East Commissioner Val Ackerman, will thou? At the end of the last segment, you went exactly where we wanted to go? Certainly where I want to go as a Georgetown alum. Oop. Basketball. What are you thinking about right now? What plans are being made? As much as you can to ensure that we will see a beast basketball season. Well, this point, Jason our plans for our winner and spring sports. Are continuing as planned basketball season is, as you would know if the fans starts. In middle November. Practices start earlier continues through March at the Big East Tournament, of course on the books, uh, for mid March at Madison Square Garden. We have other sports we run in the winter and spring. Right now. It's it's full steam ahead. We've got Two nonconference challenges on the men's side with the Big 10 in the Big 12 working on those, and then we handle the conference scheduled for our 11 team, So we're working on that. I can't say though, that back of our minds. There isn't a need to think out small treated models. I think it's just a reality. Going into this. So we're working on on that as well. I can tell you today where any of this you're gonna land whether the season starts on time, Whether there's a truncated season, etcetera. I think we've got to be prepared for anything. Um, but we're hopeful that we can pull it off Brother fans or not. I can't tell you whether it's an alternative venues. Sure that might happen as well. It's probably a little bit too early to say, I guess I would sort of project that it would be call it early mid September. That we would have a better idea, probably of where the season will stand to say. I don't think we've spent enough time in association that is NT a membership at large thinking about basketball focus right now so intently on football. Many conferences that we're not thinking much about bands we need to. I would just say on behalf of our enterprise. You gotta step up and really think about what we're going to do with. In many respects our Our most important sport because it's the one that's fun association this past March Madness gone, betting revenue gone. Revenue for Biggie schools really disrupted. Can you give us an estimate of how much money was just taken away? Because of the cancellation of this past March Madness? My many 1,000,000 many millions had massive Financial implications. Particularly for conferences that don't have football revenue stream. You know, we don't We don't have that Our budget is really built around basketball. I would say the good news for our league. Is that we did have insurance that covered the cancellation of the Big East Tournament. So we were protected there. We've got a really strong policy that in effect for the next two years Coverage is really hard to find, but we had it. And then we have we've been carefully nurturing a reserve fund. That was set up in the conference. We configured in 2013 and with the approval of our board, we were able to access funds from our reserves that help mitigate some of the law. But it was painful. Um nonetheless. And so budget models that were built for this year have been very much impacted. Um and you know, certainly has a business matter for us that basketball is disrupted for us in any serious way. This year. That would certainly impact us. But if basketball is can be conducted, you know relatively disruption free then I would say that we'd be in pretty good shape. So,.