Tennis Legend Billie Jean King Is Still Fighting for Women in Sports | The Deal

Intro (0s)

• Athletes, especially tennis players, often ask for advice on what to learn and do, and the response is to learn the business side of things, rather than just focusing on being a player (6s).
• The show typically starts with guests introducing themselves, and Ilana Kloss is the first to do so, stating that she is the CEO of Billie Jean King Enterprises, managing initiatives such as marketing, legacy investments, and consulting (24s).
• Billie Jean King introduces herself, mentioning that she doesn't often have to introduce herself, but notes that her current focus is on women's sports, aiming to help them grow and prosper, drawing from her experiences as a former tennis player (41s).

Partnership (1m6s)

• Alex is excited to discuss great partnerships and complementary sets of skills, citing his own partnership with Jason as an example, where they have different strengths, such as Jason being a great writer and reader, while Alex is not, but they work well together (1m15s).
• Billie Jean King and Ilana Kloss have a complementary partnership, where Billie Jean is a dreamer who thinks about the future and comes up with ideas, while Ilana builds and executes those ideas, making things happen (1m39s).
• Ilana is a driving force behind their company's achievements, with Billie Jean providing support when needed, and their partnership is successful due to Ilana's leadership and the efforts of their team (1m49s).
• Billie Jean King has incredible respect for everything she has fought for, and her passion and purpose in life are to make things better for others, which makes it easier for others to help get things done (2m9s).
• Ilana feels privileged to be in a position to use the platform and sweat equity that Billie Jean has put in to help make things better for future generations (2m34s).
• Ilana met Billie Jean in South Africa in 1966, when she was 10 years old, and was inspired to become a professional tennis player, eventually becoming part of the Women's Tennis Association formed in 1973 (2m48s).
• Ilana feels it's a great privilege to use her experience and knowledge to help other women's sports, as tennis was a leader in women's sports and still is (3m15s).
• Having experience in a particular field, whether it's sports or business, can earn people's respect and make it easier to make a positive impact (3m42s).

Importance of History (3m47s)

• The importance of history is emphasized, as it helps shape the future and is essential for young people to understand, as they are the future leaders (4m47s).
• History is considered living, not dead, and is being made every day, which is why it's crucial for young people to know about it (4m59s).
• The speaker's journey in tennis began when Susan Williams asked them to play in fifth grade, and they are grateful for this opportunity, which changed their life (5m29s).
• The speaker's initial experience with tennis was at a country club, where they received free instruction from coach Clyde Walker, which helped them develop their skills (6m0s).
• After reading the history of tennis, the speaker realized that women were underrepresented in the sport and decided to change it, aiming to make tennis a professional sport for both men and women (6m14s).
• The speaker's goal was to eliminate the amateur status in tennis, as they believed it was unfair and wanted players to be recognized as professionals (6m22s).
• In 1968, the first prize money was awarded at Wimbledon, with Rod Laver winning 2,000 pounds and the speaker winning 750 pounds, highlighting the need to fight for equal pay (6m41s).
• The speaker also wanted men and women to be part of the same association in the late 1960s but faced rejection, a goal they still believe in today (6m57s).

Equal Prize Money (7m10s)

• In 1972, the men's tennis association was formed, while the women's association was established in 1973, which also saw the introduction of equal prize money (7m10s).
• At the 1972 US Open, the winner of the men's tournament, Ilie Nastase, received $25,000, while the women's champion, Billie Jean King, earned $10,000 (7m18s).
• Billie Jean King realized that the women's tour, the Virginia Slims Tour, needed equal prize money to continue, and she threatened that the women would not return the following year if the issue was not addressed (7m41s).
• King approached various sponsors, including those she had relationships with as part-owner of tournaments, to see if they would make up the difference in equal prize money for the next year (8m3s).
• Bristol Myers agreed to cover the entire amount needed for equal prize money, which was around $55,000 at the time (8m18s).
• King informed Billie Talbert, the tournament director, that she had secured the necessary funds for equal prize money, and he announced that the US Open would have equal prize money in 1973 (8m34s).
• However, it was later discovered that the USTA Board had not officially passed the decision, and it was Billie Talbert who made the announcement after Wimbledon in 1973 (8m53s).
• The key learning from this experience was the importance of securing the necessary funds to support a cause, as King did with Bristol Myers (9m7s).

Learn the business (9m17s)

• Billie Jean King emphasizes the importance of athletes learning the business side of their sport, rather than just focusing on their playing career (9m22s).
• She notes that players often only think about their immediate needs, such as more money, better rooms, and better food, but neglect to consider the people who take risks to make their tournaments possible (9m35s).
• King stresses the value of building relationships with promoters, owners, and other key figures in the business, as these connections can be crucial for success after retirement (9m51s).
• She shares the advice given to Alex Rodriguez by Magic Johnson, which is to learn the business and build relationships while still playing, as these connections will be harder to maintain after retirement (10m37s).
• King encourages athletes to think long-term and focus on building partnerships that can last for decades, rather than just focusing on short-term transactions (11m8s).
• She believes that playing sports, particularly professional sports, can be a great teacher of business skills, as it requires perseverance, resilience, and the ability to bounce back from setbacks (11m13s).
• King notes that the lessons learned from playing sports, such as dealing with failure and criticism, can be applied to business and help athletes succeed in their post-playing careers (11m42s).

From Athlete to Business Professional (11m44s)

• The skills and attributes that transferred from being an athlete to a business professional include the ability to receive immediate feedback, as in sports, where one wins or loses, and this feedback is crucial for growth and improvement (11m53s).
• Ilana, a professional tennis player, found it challenging to separate her performance on the court from her personal life, which was one of the reasons she stopped playing professional tennis (12m27s).
• Ilana credits Billie Jean King as a mentor who helped her learn the business side of sports, which she enjoyed more than playing professional tennis, as it allowed her to set goals and work towards achieving them (12m39s).
• Ilana prefers the business side of sports because it is a process-oriented environment, and the outcome is not as publicly scrutinized as it is in professional sports (13m1s).
• Ilana's background in sales, which she inherited from her father, who was a successful salesperson in South Africa, has helped her excel in the business world, particularly in her ability to close deals and secure clients (13m15s).
• Billie Jean King praises Ilana's sales skills, stating that she knows how to sell, finish deals, and secure the first check, which is a valuable asset in the business world (13m29s).

Athlete Collaboration (13m38s)

• Private equity firms such as KKR, Carlyle, and Blackstone often collaborate and communicate with each other on a daily basis, whereas athletes tend to lack collaboration and communication with one another, despite being competitors in their respective sports (13m39s).
• Athletes could benefit from coming together for the greater good, both socially and in business, as they would be stronger together (14m11s).
• In the 1970s, athletes had to build consensus and work together due to limited financial resources and support teams, often warming each other up before matches and sharing transportation and accommodations (14m20s).
• Billie Jean King would help her opponents, such as Chris Evert, with their tennis techniques, demonstrating a sense of camaraderie among athletes at the time (14m48s).
• The increased commercialization of sports has led to athletes becoming more isolated, with large support teams managing their business and media presence (15m8s).
• The media landscape has also changed, with athletes now having the ability to tell their own stories through social media, but still requiring external media coverage to reach a wider audience (15m16s).
• Billie Jean King emphasizes the importance of having other people tell athletes' stories, in addition to athletes telling their own stories, in order to gain more exposure and recognition (15m36s).

It’s A Movement (15m55s)

• The current state of women's sports is considered a movement, not just a moment, with increased recognition and progress being made over time (15m55s).
• The media content for women's sports has increased significantly, from 4% to 15% in just four years, which is a crucial factor in generating revenue (16m39s).
• The role of agents in women's sports has changed the landscape, making it better in some ways but also worse, as they often restrict players from speaking to others and limit their business opportunities (16m50s).
• Players need to communicate with each other more about business and financial opportunities, both during and after their playing careers (17m8s).
• The financial situation for women athletes has improved dramatically, with better coaching, more money, and improved travel conditions, allowing them to play longer and better (17m20s).
• The difference in financial rewards between past and present athletes is significant, with Billie Jean King's brother, Randy Moffitt, earning around $125,000 in the 1970s, compared to the millions earned by athletes today (18m1s).
• Billie Jean King's goal in 1971 was to earn $100,000 to promote the women's tennis tour and attract more interest, which she achieved in October of that year, becoming the first woman athlete to earn over $100,000 (18m32s).
• Chris Evert later became the first woman athlete to earn over $1 million, marking a significant milestone in the progress of women's sports (18m39s).

What’s Really Changed (18m44s)

• Significant change has occurred in women's sports, particularly with billionaires investing in the industry, which is a huge development (19m2s).
• Investors such as Mark Walter, the owner of the Dodgers, have invested in women's sports, including the Billie Jean King Cup and a women's professional hockey league (19m12s).
• Other notable investors in women's sports include Michelle Kang, Sheila Johnson, and Clara Wu Tsai, who own teams in the NWSL and WNBA (19m33s).
• The investment from people with real wealth, experience, and business knowledge makes a huge difference in the growth of women's sports (19m47s).
• Previously, investors in women's sports were often those who loved the sport or had a personal connection, but lacked the significant financial resources (19m58s).
• The current investment in women's sports is seen as a business opportunity rather than a charitable endeavor, providing a runway for growth and development (20m13s).
• The Professional Women's Hockey League (PWHL), which started in January, has an eight-year business plan, allowing for smart decision-making and growth without immediate pressure (20m22s).
• The investment in women's sports provides the necessary time and resources to build and catch up with men's sports, which is currently far ahead (20m40s).
• The shift in perception, with people now believing that women's sports is a good investment, is a significant change in the industry (21m11s).

Launching the Professional Women’s Hockey League (21m19s)

• The key to success in women's sports is sustained investment, as seen in the contrast between women's soccer and hockey, with hockey currently receiving sustained investment (21m31s).
• Billie Jean King met Kendall Coyne, the captain of the women's USA hockey team, through the Women's Sports Foundation, and Coyne asked for help in creating a proper professional league (22m4s).
• King and her partner, Ilana, met with the women's hockey team in Chicago and advised them to form an association or union, which they did not have at the time (22m39s).
• King emphasized the importance of the US and Canadian teams working together, rather than competing against each other, in order to create a successful league (23m2s).
• Ilana spent a significant amount of time helping the women's hockey team establish an association, and Jayna Hefford, a Canadian Hall of Famer, was chosen as the executive director (23m10s).
• The process of becoming an association and eventually a union took five years, from the initial call from Kendall Coyne to the establishment of a collective bargaining agreement (23m37s).
• King used her experience in forming the Women's Tennis Association as a playbook for helping the women's hockey team, emphasizing the importance of having one voice and all top players coming together (23m46s).
• The women's hockey team was heavily involved in the process of creating a professional league, with the players coming up with their own ideas for what they wanted the league to look like (24m26s).
• Deloitte was hired to do research and modeling on the costs of creating a professional women's hockey league, which helped inform the decision-making process (24m17s).
• Billie Jean King and others initially tried to establish a women's professional hockey league by partnering with the National Hockey League (NHL), but the NHL was not willing to make a long-term commitment to running the league (25m15s).
• They then met with Mark and Kimbra Walter, who they knew through their investment in the Dodgers, and discussed the opportunity to create a professional women's hockey league (25m53s).
• Mark Walter challenged them to create a single, unified league, rather than competing with existing leagues, and to establish a collective bargaining agreement with the players (26m15s).
• The players formed a union, and a collective bargaining agreement was negotiated, allowing the league to move forward (26m38s).
• The league, which features single-entity ownership funded by Mark and Kimbra Walter, was established as a more sustainable model to ensure parity across teams (26m45s).
• The model was influenced by Billie Jean King's experience running World Team Tennis, a professional tennis league, for almost 40 years (27m3s).
• The league has received significant investment, with Mark Walter, Stan Kasten, and Royce Cohen playing key roles in its development (27m20s).
• Despite the challenges, the league has been successful, with games selling out and a large following on YouTube TV, where all games are broadcast (28m2s).
• The investment in the league is substantial, with tens of millions of dollars committed to sustaining it for the long term (28m31s).
• Billie Jean King's plan is to build a valuable asset that will take as long as it takes to achieve, with the goal of making it incredibly valuable and attracting interest from potential buyers, as some families are already showing interest in purchasing teams (28m42s).
• Traditionally, girls have been unable to pursue professional hockey dreams due to a lack of programs, with girls often being told to stop playing hockey and take up ice skating around the age of 11 or 12 (29m7s).
• The creation of a professional women's hockey league provides girls with the opportunity to have a dream and work towards it, with the idea that "if you can see it, you can be it" (29m26s).
• Having financial resources is crucial to making dreams a reality, with Billie Jean King emphasizing the importance of "following the money" (29m37s).
• Billie Jean King credits Mark and Kimbra for their support, stating that meeting them was fortunate and acknowledging their role in helping to make the dream a reality (29m40s).

Meeting The Right People (29m41s)

• Billie Jean King met Mark, the owner of the LA Sparks, at a charity event fundraiser in Chicago, which led to a dinner meeting a couple of days later (29m43s).
• During the dinner, Mark expressed his interest in getting Billie Jean King and Ilana involved with the LA Sparks, but Billie Jean King responded by asking why not the Dodgers instead (30m0s).
• Mark was open to the idea of the Dodgers, and the discussion shifted towards the possibility of involvement with the team (30m13s).
• Billie Jean King emphasizes the importance of not just having a seat at the table but also having a voice and being able to learn and grow from the experience (30m33s).
• As a result of the meeting, Billie Jean King and Ilana got to spend more time with Magic and the other Dodgers owners, which provided an opportunity for learning and growth (30m41s).

Having Courage To Ask (30m48s)

• Billie Jean King had the courage to ask "Why not the Dodgers?" which was a significant moment for her, as girls were taught not to ask for what they want and need (30m55s).
• This moment was a turning point for King, as she realized she had the same brain and capabilities as others, and should not be afraid to ask for what she wants (31m7s).
• King's brother played professional baseball, and she grew up with the Dodgers, which made her question "Why not the Dodgers?" even more (31m14s).
• When Mark responded with "Why not?", King was surprised and glad she had asked for what she wanted and needed (31m22s).
• Despite being perceived as courageous, King admits to being "chicken" sometimes and not liking confrontation, often preferring to ask on behalf of others rather than herself (31m35s).
• King finds it interesting that she is more willing to fight for others than for herself, and acknowledges that Ilana has more guts to ask for things than she does (31m47s).

What we’ve learned (31m56s)

• The Dodgers are considered to have one of the best ownership groups and management teams, with key figures including Mark Walter, Todd Boehly, Stan Kasten, Lon Rosen, and Andrew Friedman (32m1s).
• The team's success can be attributed to Mark Walter's brilliance and the management team's willingness to invest for the long term, rather than focusing on short-term gains (32m54s).
• The management team's extensive experience in various fields, including sports and business, has contributed to the team's success, with many members being in their 50s and 60s and having a wealth of knowledge and experience (33m41s).
• Stan Kasten's experience in managing various teams, including the Braves and the Hawks, has been particularly valuable, and his ability to get things done quickly and efficiently has been impressive (33m53s).
• The team's approach to decision-making involves taking the time to think through every possible scenario, considering both the long-term and short-term implications, and being prepared for any potential outcome (34m13s).
• This approach is similar to Billie Jean King's method of preparing for tennis matches, where she thinks through every possible scenario ahead of time, allowing her to remain calm and focused on the court (34m24s).
• Mark Walter's ability to challenge and push his team to think critically and consider all possible outcomes has been a key factor in the team's success, and has informed decisions such as the investment in Angel City (35m4s).

Asking for Opportunity (35m12s)

• Billie Jean King was at the table with the Dodgers owners, and she believes that if you want to do something, you should ask, as she had to ask Angel City for an opportunity, and they did not initially ask her (35m23s).
• King and her partner Ilana Kloss called Julie Uhrman, co-founder of Angel City, after learning that Alexis Ohanian, Serena Williams' husband, had invested in the team, and Uhrman explained that she hadn't thought to include them (35m58s).
• King and Kloss were able to invest in Angel City, but not as much as they would have liked, as the team was almost fully invested at the time (36m12s).
• King notes that she and Kloss know Bob Iger, the head of Disney, and his wife Willow Bay, who is the dean at the Annenberg School at USC, and that they invested in Angel City at a $250 million valuation, with an initial expansion fee of between $2 and $3 million (36m30s).

Angel City Valuation (36m57s)

• The largest valuation for any women's team ever in the world was achieved by Angel City, which is a significant milestone as it sets a new standard and encourages others to follow suit, making everything else start to go up as people begin to believe in the value of women's sports (37m5s).
• The valuation of women's teams has been increasing, starting with the San Diego Wave selling for $120 million, and now expansion teams in the WNBA are selling for over $100 million, indicating a wave of people believing in the potential of women's sports (37m25s).
• The Angel City deal is a proof point for the growing value of women's sports, but it was not achieved overnight, as the team took three years to get started and had a huge group of investors (37m46s).
• Angel City's success can be attributed to their ambitious approach to finding new sponsors and creating revenue streams beyond ticket sales, which has allowed them to reinvest 10% of every sponsorship deal back into the community (38m16s).
• The team also gives players a certain percentage of the revenue, and the NWSL has recently changed its structure to eliminate the draft and adopt a free agency system similar to Europe (38m44s).
• This change is seen as a brilliant move to attract and retain top players, as the world of women's soccer is becoming increasingly competitive, with top players now having options to play in Europe and other parts of the world (39m10s).
• The move by the NWSL is significant, as it recognizes the need to compete with European leagues, such as the Premier League, which has both men's and women's teams (39m29s).
• There are rumors that the ATP and WTA may come together, which would be a welcome development, as it would bring the men's and women's tennis tours under one umbrella (39m34s).

Business of Tennis (39m44s)

• The power of tennis lies not only in what players can do on the court, but also in what they can do off the court to make the world a better place, and it's essential for people of all genders to work together and help each other (39m44s).
• Tennis is a joint asset sold at big events through the media, but it faces challenges due to the presence of seven organizations, including the four Grand Slams, the ATP, the WTA, and the International Tennis Federation, each with their own agenda (40m13s).
• There is no commissioner in tennis, and the calendar runs from January to November, making it a challenge for the sport to work together (40m38s).
• When men and women play together in tournaments, those events have a much higher valuation, indicating a potential for more collaboration in the future (40m47s).
• The investment case for CVC, a big shareholder in the WTA, is pushing for more collaboration between men's and women's tennis, as the combined properties are more valuable together (40m58s).
• Investment companies, including those owned by billionaires, are investing in tennis tournaments, and it's essential for the sport to be successful to encourage continued investment (41m31s).
• The key to tennis' success lies in getting its act together and working collaboratively, as the assets are more valuable when combined (41m42s).

Rapid Fire (41m59s)

• Billie Jean King's deal-making style can be described with the word "partnership," emphasizing the importance of both parties getting what they want in a deal (42m16s).
• King believes that everyone involved in a deal must win, or else it's not a good deal, and she values teamwork and working together (42m31s).
• When making a decision, King uses both instincts and actual data, but she is mostly guided by her gut (42m44s).
• The hardest part of making a deal for King is getting in the door and being able to tell her story, build a relationship, and establish a connection (43m1s).
• King's dream deal-making partner is Mark Walter, but she also mentions Clara Wu, Sheila Johnson, and Michelle Kang as potential partners (43m18s).
• The best deal King has ever made is marrying Ilana, which she says has paid off (43m38s).
• The best piece of advice King has received on deal-making is from Warren Buffett, who emphasizes the importance of relationships and friendships (43m48s).
• King believes that a good deal is one where both parties feel like they've won (44m5s).
• The worst advice King has ever been given is to end a deal on a negative note, such as burning a bridge (44m13s).
• King's hype song before a big meeting or negotiation is "Simply The Best" by Tina Turner, but she also likes "My Way" by Frank Sinatra and "Respect" by Aretha Franklin (44m31s).
• If King could watch only one sport for the rest of her life, it would be tennis, as it has given her everything and allowed her to be where she is today (44m55s).
• King would like to see the Dodgers win a championship, but she also wants to see the Sparks do better (45m13s).
• Billie Jean King likes to play by the rules, which may come as a surprise to her colleagues, as she grew up in a family where rules were important, with her dad being a police officer and a firefighter (45m35s).
• King does her best thinking while running or jogging, which she believes changed her life as it allowed her to go the distance and have time for herself (45m56s).
• Running is still an activity King values as something she can do for herself, and she finds it helpful for clearing her mind (46m9s).
• Jason, the interviewer, also finds running helpful, as he went for a run before the interview to take the edge off and clear his mind, and he ran by the Hudson River, which he found beautiful and possibly helped him perform better in the interview (46m15s).

Outro (46m38s)

• Billie Jean King appreciates being on the show and is glad to see the hosts, Ilana and Alex, who are successful in their respective fields, with Ilana being a fan of Alex's appearances on "Shark Tank" (46m43s).
• The hosts express their gratitude for having Billie Jean King on the show and mention that they are neighbors, with an invitation for tea extended to Billie Jean King (46m59s).
• Billie Jean King reveals that she has been in business since 1968, but many people are unaware of this aspect of her life, instead associating her with her tennis career (47m7s).
• There is a shared interest in discussing business among athletes and people in sports, with a focus on the intersection of business, media, culture, entertainment, and sports (47m12s).
• The conversation concludes with expressions of gratitude and appreciation for the discussion, with Billie Jean King mentioning that she could talk all day about the ideas presented by the hosts (47m26s).