00:00We're already starting to see schools cut teams, diving at Virginia, swimming and diving at Cal
00:08Poly. What is the risk to the United States? Are we going to have fewer medals after this big shake-up?
00:14So first let me say we at UCLA we have a proud tradition with our Olympic sports.
00:20You know, since 1928, we've had 436 Bruins make 661 Olympic teams.
00:29So that's, I mean, we're, if we're not the highest, we're in the top two in the country as far as producing Olympians.
00:37We have a phrase at UCLA Athletics, champions made here, it's Olympians made here too.
00:42So we take our investment in our Olympic sports very seriously.
00:46That said, you know, the financial model has changed.
00:49The realities have changed and we're extremely excited to be hosting LA28 and the Olympics in 28 and having them on campus in Westwood.
00:58But there is a concern after LA28 what programs around the country are going to do with their Olympic sports.
01:06You know, we're going to keep investing.
01:07We think it's very important to continue to produce Olympians, champions, and that's important.
01:16But at the same time, the financial realities are changing.
01:18And so, you know, what we're talking about more is we need to really study, in my opinion, what other countries do as far as how they fund Olympic sports and take those learnings from other countries and apply it to what we do here in the United States.
01:33Because I think we're going to be very strong LA28.
01:36I think the whole, you know, the whole country is going to get behind that.
01:41And Casey Wasserman has done an excellent job.
01:43He's a Bruin with all the planning.
01:45And I think we're going to perform well.
01:48But there is a concern after LA28 what does that mean?
01:51You know, is there going to be a cliff with Olympic sports?
01:54I don't see that, obviously, at UCLA.
01:56But I do worry about, as a whole, our Olympic movement if we don't figure out a better way to fund Olympic sports.
02:04Because that's the issue.
02:05The issue is the funding model for Olympic sports.
02:07And I think that's got to adjust.
02:09So let's talk about the funding model.
02:12We keep hearing the idea of private equity.
02:15Is it coming for college sports?
02:17How would this even work?
02:19Nina?
02:19Can we call David Rubenstein back?
02:21I mean, I think he's the one that we need to be asking that question.
02:26You know, yes.
02:27The financial model in college athletics is stressed.
02:32The way that we are operating as a business model, I mean, you all, if we opened our books to you, you would think it's a joke the way that we are operating.
02:41And so we need to figure out how to build something more sustainable so we can support broad-based programming, you know, student-athlete opportunities to come to our campuses, not just to compete in sports, but to, you know, receive, in my case, a Duke degree.
02:57And so, you know, we are exploring all kinds of revenue models.
03:04And that certainly includes private equity.
03:06In the traditional sense, I'm not convinced that it would work, but we're talking to a lot of folks to kind of figure out, are there hybrid models?
03:15Are there unique ways that we could do something to infuse capital, cash, into our athletic departments and into our universities?
03:24I mean, I think there are a lot of revenue opportunities on campus as well.
03:28And so how do we kind of create that synergy with campus to continue to build revenue?
03:33We are heavily reliant on philanthropy, but if we could have been raising an extra $20.5 million a year, we would have been.
03:43And so I don't think, you know, straight philanthropy is the answer.
03:46And so, like I said, we are exploring everything, and I think private equity is on the table for sure.
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