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
Steve Pagliuca, Senior Advisor at Bain Capital and co-owner of the Boston Celtics, shares his inspiring journey from a humble arrival at Duke to the heights of sports ownership. He discusses the parallels between managing sports teams and companies, emphasizing the critical lessons for new owners. Pagliuca also delves into the reasons behind the surge in sports investment, reflecting on the Chelsea acquisition and the evolving dynamics of team ownership. With insights on community engagement and long-term sustainability, he paints a vivid picture of the future of sports.
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question_answer ANECDOTE
Humble Beginnings
Steve Pagliuca arrived at Duke University with only a green duffel bag containing all his possessions.
He had been working with movers during the summer and quipped he would "get the rest of the stuff later."
insights INSIGHT
Humility and Respect
Steve Pagliuca believes that humility is essential, even with success, because luck and timing play significant roles.
He emphasizes treating everyone respectfully, from assistants to CEOs, as "all the world's a stage."
question_answer ANECDOTE
Celtics Acquisition
Despite a cautious financial mindset, Steve Pagliuca's passion for basketball led him to co-own the Boston Celtics.
This decision, driven by love for the sport and community impact, proved to be one of his best.
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This biography by David McCullough is a comprehensive and engaging account of John Adams' life. It delves into his role in the American Revolution, his presidency, and his personal life, including his enduring marriage to Abigail Adams. The book is enriched by over 1,100 surviving letters between John and Abigail Adams, providing deep insights into their private lives and the historical context of their time. McCullough's narrative spans Adams' early life, his legal career, his diplomatic missions to France, and his presidency, highlighting his integrity, honesty, and contributions to American history.
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?
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 