Behind The Idea #31: Going The Full Pitch On Man U With Katie Baker And Alex Kivali

Summary: This week's Behind the Idea goes back to the football pitch to discuss Manchester United. The Ringer's Katie Baker joins us to talk about the changing nature of fandom, the growth and cycle of soccer in the US, and the distortions that might exist in pricing a sports company. Then Seeking Alpha's Alex Kivali explains his case in the company, the growth MANU can see abroad, and the difference between US and UK fandom. Topics covered: W/Katie Baker 4:00 – Women’s world cup as high water mark in US interest 6:00 – What is the upside for soccer in the US and for MANU given the lesser place of men’s soccer in the US? 10:30 - The cyclical nature of fandom – is Soccer going to break out in the US? 14:30 – The China growth imperative 18:30 – How much has fandom changed and what does that mean for investors? 24:00 – What is the friendliest Wall St. sport? 27:00 – The novelty of sports stocks and sports as media plays W/Alex Kivali 38:00 – Breaking down MANU’s international growth 41:00 – How much is MANU levered to its league? 44:00 – The difference between US and international soccer 46:45 – US Vs. China as an opportunity 49:00 – US growth in soccer interest from an outsider perspective 52:00 – The ‘stability’ of leadership when management and players turn over a lot? 55:30 – What is MANU’s competitive and pricing power? 1:01 – The tension between fandom and investment analysis 1:07 – How to value a soccer team and the breakdown on the numbers 1:11 – We’re at the price target – where do you go from here? 1:15 – Why MANU as a fan?