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Marc Lore Sees Sports Deals as a Path to ‘Collective Happiness’ | The Deal with Alex Rodriguez...
Posted
May 16, 2024
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May 16, 2024
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46:01Now PlayingWith all the money pouring into sports these days, big-time investor Marc Lore says he has an additional metric for success: happiness. On the latest episode of The Deal with Alex Rodriguez and Jason Kelly, Lore lays out his thinking on some of his deals, including a few with Rodriguez.
Lore and Rodriguez initially tried to buy the New York Mets, a race they ultimately lost to billionaire hedge fund manager Steven Cohen. Then came the Minnesota Timberwolves and Lynx, and the pair jumped. There’s currently a lot of happiness in Minnesota about the Timberwolves’ performance, given their initial success in the NBA playoffs.
The 52yearold Lore made his fortune as an entrepreneur through a series of startups, including Diapers.com () and Jet.com (), which he and his partners sold to Amazon and Walmart, respectively. Those experiences pushed him toward a nearobsession with company culture and mission. He’s created a framework he dubs VCPwhich stands for “vision, capital and people.”
The capital in Lore’s equation has come quickly and seemingly easily. Diapers was sold to Amazon for more than $500 million and Jet.com () was acquired by Walmart for about $3.3 billion. Yet, Lore insists the drive was about more than the cash, a lesson he learned with the Diapers deal.
“After the money was wired to our bank account, we sort of said, ‘We should be celebrating right now,’” Lore says. “And we’re like, depressed. And it just goes to show you, it wasn’t about the money. Like the mission that we had set out was kind of crushed with the sale to Amazon.”
You can also watch () The Deal on Bloomberg Originals, YouTube or Bloomberg TV.
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When sports, business and culture collide, there’s often a deal to be made. Join Alex Rodriguez and Bloomberg correspondent Jason Kelly as they get the inside track from corporate titans, sports champions and game-changing entrepreneurs on investing, strategy, reinvention and the ones that got away. The Deal with Alex Rodriguez and Jason Kelly is a Bloomberg Podcasts and Bloomberg Originals series that’s passionate, relaxed, insightful and inspirational. If you think you know these icons, prepare to be surprised.
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