Thursday’s Finance Academy speaker was Randall Boe, currently the General Counsel and EVP for Monumental Sports & Entertainment. Monumental Sports & Entertainment is based in Washington, D. C. and is comprised of the Wizards, the Capitals and the Mystics as well as the Verizon Center. Prior, he was the General Counsel and EVP for AOL, a Fortune 100 company. A native of Iowa City, Mr. Boe received his Bachelor’s degree from the University of Wisconsin-Madison and his JD at University of Pennsylvania Law School.
As a sports fan, I have watched various deals in the leagues over the past few years from a fan’s perspective, but I have never thought about them as business transactions. Mr. Boe’s presentation was very insightful as the deals were described from the business’ perspective. He discussed team valuations, the financial structures of the leagues, revenue sharing and its implications, and TV deals, as they are strategic assets that often improve a team or league’s value. He noted that while many TV networks are struggling to stay relevant against the availability of programming on mobile devices, tablets and laptops, sports is not really affected, as people still want to watch sports real-time on a (relatively) big screen.
Mr. Boe provided three pieces of advice from his career to us as we embark upon our careers:
- There is no substitute for hard work.
- Stay open to trying new things – always try to say “yes”.
- Take jobs where you like what you will be doing.
I found his advice to be inspiring. Mr. Boe has certainly had a unique and exciting career, but I liked that he was emphasizing each of us can have a career that is exciting to us if we put in the effort and find roles where we genuinely like the work.
Fellow second-year Finance Academy classmate Spencer Anderson noted “As a JD/MBA I enjoyed hearing about how Randall uses his legal background to add value to the business side of Monumental Sports. It was fascinating to learn more about how sports teams are valued and the key components driving those values. The main takeaways for me from the presentation is to “stick your neck out there” by volunteering to do tasks outside of your comfort zone and that there is no substitute for hard work.” Spencer was a Basketball Operations Intern this past summer at Pacers Sports & Entertainment.