Steve (00:02.457) Uli Becker, what a pleasure it is to have you on the transaction report today. UB (00:07.576) Thank you for the nice introduction, Steve. Steve (00:10.791) So Uli, when you look at your journey, we both got into the industry literally in the same year, 1990. So 35 years ago, we've been playing in this sandbox. And you've assumed a lot of roles in brand marketing and stewarded lot of decisions when it has come to allocating budgets as to how to elevate a brand in alignment with some type of sports marketing. I want to first focus in on any particular sponsorship in which you were engaged, where you looked at your team as the head of it and said, guys, this was worth every penny and more. And I want you to help our viewers understand how you, that calculus came about. Why was it worth every penny and more? And I know you have a vast number of probably that you could cite. I'll yield to you on any that comes first to mind. UB (01:15.31) My first pick would be World Cup 2006, our Adidas sponsorship obviously of that event, which obviously Adidas has been a FIFA sponsor for many years before and after, but the 2006 event I thought was a great success because Steve (01:20.598) Bitcoin. Steve (01:26.725) Adidas sponsorship obviously of that event, which obviously Adidas has been a FIFA sponsor for many years before and after. But the 2006 event I thought was a great success because A, the form was there to create the awareness and emotion for the brand, but the brand also had the creative and the storytelling ability to actually capture people's hearts. UB (01:43.218) A, the forum was there to create the awareness and emotion for the brand, but the brand also had the creative and the storytelling ability to actually capture people's hearts with a great campaign that was called Plus10. Steve (01:57.224) with a great campaign that was called Plus 10. So predicated on the campaign for you, you feel that was really the critical component, how you chose to communicate the message to the marketplace. Yeah, I think it gets right at my point of view when it comes to sponsorship. UB (02:18.454) Yeah, I think it gets right at my point of view when it comes to sponsorship. I use that as the forum to actually present myself. I can get the forum and it costs me X dollars, but if I present myself in the wrong way or not a good way, then you could argue it's waste of money. Steve (02:26.659) I use that as the forum to actually present myself. I can get the forum and it costs me X dollars, but if I present myself in the wrong way or not a good way, then you could argue it's waste of money. UB (02:45.62) It creates awareness, but no emotional tie. But if I'm able to actually deliver against my own plan to say, well, I'm an emotional brand, I do XYZ and I can use the forum in that context, I just maximize the output. Steve (02:45.997) It creates awareness but no emotional tie. But if I am able to actually deliver against my own plan to say, well, I'm an emotional brand, I do XYZ, and I can use the forum in that context, I just maximize the output. So before we get into it and unpack what it meant to have an effective campaign, I just want to make sure for transparency sake, since I've learned about your background and we spoke about it, that you're not so far from Hanover, Germany, a few hour in distance from where you grew up. Let's just put it on the table that the 206 FIFA World Cup was actually staged in Germany. Yes. Okay. Now did that enhance? UB (03:19.886) Cool. UB (03:29.635) Yes. Steve (03:32.54) For you, considering that at the time Adidas of course is a German headquartered company, do you think that there was any confluence of factors that for you, if you will, has a halo effect? Because it was in your home country, home office, you had all the factors of maximization, the way you had access with your entire company, literally experiencing the World Cup on their home turf. Do think that is some way affecting your opinion as to the efficacy of that campaign? UB (04:08.526) I think it has two answers. The one is yes, because you have your own people on the ground, blah, blah, blah, not just any subsidiary stuff, but you are there every day in preparation throughout the event and afterwards. But the other thing you also need to keep in mind is the pressure was incredibly high to perform in your own country. Steve (04:10.257) think it has two answers. The one is yes, because you have your own people on the ground, blah, blah, not just any subsidiary stuff. You are there every day in preparation for what event and afterwards. But the other thing you also need to keep in mind is the pressure was incredibly high to perform in your own country. UB (04:36.852) nothing would have been worse if the performance of campaigning at that event, which is a world event of course, would have been optimal. So I'm not quite sure if the advantages outweigh the challenges in it. I just think that event was, know, diligently planned in terms of how to bring campaigns to life. Steve (04:37.219) nothing would have been worse if the performance of campaigning at that event, which is a world event of course, would have been top-optimal. So I'm not quite sure if the advantages outweigh the challenges in it. I just think that event was, you know, diligently planned. in terms of how to bring campaigns to life in their forum. And it was done really well. So the fact that Germany, by the way, made it to the semifinals certainly had to have some boost to just the overall sentiment, again, for the headquarter, knowing that you guys made it to the semifinals, came in third place in the FIFA World Cup in Germany. When you say it was such an effective campaign, UB (05:06.176) in that forum and it was done really well. Steve (05:30.199) Let's try to let's try to put that into segments of execution So when we look as a and you were the leader global leader of brand What makes first and foremost? What are the metrics if we could put them into simple buckets of? How afterward and I want to learn from you as well. How long afterward how long did it take after the World Cup and Obviously, it's a four-year endeavor in planning how long afterwards did you know it ended up being very effective? So it's a two prong question. Let's get the buckets of what make for an effective campaign and then the metrics behind those. And then how long did it take you and your team to conclude, you know what, this really was effective? UB (06:22.382) Steve, let me first say, I don't think it was great that the Germans came to the semi-final. It was bad they didn't win the event. That was our hope. Steve (06:22.759) Steve, let me first say, I don't think it was great that the Germans came to the semi-final. It was bad, that they the event. That was not all. So, as we all know, it's all or nothing in the world of national sports enthusiasm and support. True, I'm sorry you guys couldn't take it all in that Italy... came in with their fourth title back in 06 at that time. But they're a charismatic team and a lot of people, must say, didn't feel terribly, but of course we understand your sentiment. With that said, do we go take us into the situation room at Adidas and you're sitting with a team and give us, again, if you would really specifically, if we're going back now 19 years, give us a sense. UB (06:54.626) And so. UB (07:10.829) Yes. Steve (07:20.153) of who would be the people reporting to you and saying, here's how we did it. And what are those metrics? What are they communicating that you could literally assess on a concrete basis, material basis and say, well done, well done, well done. UB (07:38.424) Well, first of all, the sponsorship itself of the World Cup was an ongoing contract, meaning it wasn't signed for that. Hence, you're not looking at the cost necessarily of the World Cup sponsorship individually because it's normally an eight to 10 or longer lasting deal. Steve (07:39.655) First of all, the sponsorship itself of the worker was an honor. contract meaning it wasn't signed for that hence you're not looking at the cost necessarily of the World Cup sponsorship individually because it's normally an 8 to 10 or longer lasting deal the starting point of knowing this is our forum for 2006 started in 2002 2003 UB (08:00.974) The starting point of knowing this is our forum for 2006 started in 2002-2003. When we knew we're sponsored, this event is going to take place. It will be post 2002, the next biggest sports event that the world is interested in. So bigger than Olympics, bigger than Super Bowls or any other sport events related to that. And so the planning point started already right after the... Steve (08:09.479) When we knew we're sponsored, this event is going to take place. will be post 2002, the next biggest sports event that the world is interested in. So bigger than Olympics, bigger than Super Bowls or any other sport events related to that. And so the planning point started already right after the final of the 2002 World Cup. Towards how are going to approach this? How are we going to... UB (08:29.71) final of the 2002 World Cup. How are going to approach this? How are we going to launch it? Because it's not just a World Cup, obviously. It is an official draw. It's the ball launch. It's the jersey launches, which all happen already at least six months in advance of the actual event. And so to start planning it, trying to figure out concept timelines of how to develop Steve (08:38.919) because it's not just the World Cup obviously, it is an official draw, it's the ball launch, it's the jersey launch, it's all happened. Already at least six months in advance of the actual event and so to start planning it Trying to figure out concept timelines of how to develop contains that are being utilized across all different marketing channels Is a long lasting process already before the actual event takes place. How many people are involved in that by the way? UB (08:59.362) campaigns that are being utilized across all different marketing channels is a long lasting process already before the actual event takes place. Well, from a marketing point of view, everybody, because it's the single biggest thing and it's a global event, hence, despite the fact that it happens in Germany, it happens in every country where you do business and where you want to have successful sales increases based on it. Steve (09:15.565) It's the single biggest thing and it's a globally intense despite the fact that it happens in Germany It happens in every country where you do business and where you want to have successful Sales increases based on so with all the agencies involved with all your personnel involved market to market What would be just a range that you might think? Cumulatively for that singular World Cup over four years how many human beings on behalf of Adidas? Do you think? UB (09:29.154) So. Yes. Steve (09:45.095) We're literally engaged to promote Adidas affiliation with that 2006 World Cup. UB (09:50.126) In terms of preparation, I'd say hundreds, 100 or 200 from agency people, your own people. When it came to the actual event, it was easily 500, 600, because you have people on the ground that get things done. And that obviously increases the men count based on that. Steve (09:57.658) Agency people your own people when it came to the actual event. It was easily 500 600 because you have people on the ground And that includes all aspects of activation as well Yes, okay. Okay, so you're up to about 500 people at the max literally please UB (10:17.164) Yes, I'd say. UB (10:23.342) Well, and driven through, you know, local activation, like in Berlin, we had a big, right in front of Reichstag, a big event stage with music concerts every day. And so in order to manage that, people in and out, build up setups and so forth, you obviously increase and broadcasting of those events, that obviously increases the man. Steve (10:29.457) So that could. Steve (10:49.735) So all third party vendors obviously it goes well beyond that so going back to understanding that you have had a long-standing relationship UB (10:54.647) Yes. Steve (11:00.837) with many types of sports events. Obviously this quadrennial is one of the greatest on the world stage. You shift after one event and you're already planning for the next, which is four years later. Take us through in that again situation room. If you could identify who's reporting to you and what metrics are they reporting to you. that somehow might get tabulated qualitatively or quantitatively to understand the value of that sponsorship. Because obviously that sponsorship was very different when it was away from your headquarter, your home turf. And in 2002, for example, in Korea and Japan, the FIFA World Cup, is an incredibly different experience, staging that in the Far East, where I spent 13 years of my career. at the end of they then staging it in Europe in the heart of your homeland. So again, if we could go line item by line of the individuals at a senior level that are coming to you, what might they be saying when all is said and done? And what might we hearing metrics wise, again, qualitatively or quantitatively, however you'd like to share it to say, okay, I want to know about that. How did we do there? What is there? Take us there. UB (12:25.518) So I was surfing around the answers so far to not be too precise because I don't know if I can make it really precise. Based on the times back then, we knew we have an opportunity and we want to present the brand as good as we can and we want to make sure we have an increase in revenue based on football specific items by category respectively. Steve (12:27.591) was surfing around the answers so far to not be too precise because I don't know if I can make it really precise based on the times back then we knew we have an opportunity and we want to present the brand as good as we can. we have an increase in revenue based on football specific items by category respectively, trying to amortize the license contract of it. And obviously all the, you know, sales related things you can measure based on how much do you actually sell and how much did you sell previously? And did you actually, you know, amortize the license contract which cost X and the revenue or the contribution was Y. UB (12:53.016) trying to amortize the license contract of it. And obviously all the, you know, sales related things you can measure based on how much do you actually sell and how much did you sell previously? And did you actually, you know, amortize the license contract, which costs X and the revenue or the contribution was Y and you know, you met those things. So Steve (13:15.177) I want to make sure everyone understands your term of amortize For if just make sure I understand and I should ask you but I'll give you my two cents when you say amortize What you're really saying is did we recoup and go beyond what we spent for that sponsorship and for many? Please carry on The rights the rights fee UB (13:22.508) Yeah. UB (13:30.06) Yes, exactly. Well, and not sponsorship, just the licensed portion of the business. The rights to sell merchandise of the World Cup with your logo on it. Steve (13:47.432) Okay, but just because I want to make sure I'm clear when we talk about the license you as a leading sponsor global sponsor of the World Cup are paying a rights fee that empower you to receive intellectual property rights to then brand whatever is delineated in contract that you might say we are the official ball sponsor. UB (13:50.531) Yep. UB (14:00.802) Correct. UB (14:04.482) Yes. Steve (14:14.151) And we're gonna get into a fascinating story of how you attempted to recoup some of those funds through a McDonald's relationship, which is quite interesting. But I want to make sure that we understand. We're talking about the rights fee paid, and that rights fee could be anywhere between 40, 60 million dollars, approximately. Obviously, you know the clarity of that. And your point of amortization is, how do we attempt to regain what we just spent paying FIFA the guardian of this World Cup, that amount of money, and now we've got to understand how do we make our money back. UB (14:57.57) Yeah. So let me cut this in slices. I was referring only to the amortization of licensed products. So anything that had World Cup property logo or whatsoever attached to it, which is portion of the bigger contract of the sponsor. So my... Steve (15:01.543) Please. UB (15:22.738) I never was confronted with a goal given to me by the CEO. We paid, let's say, 50 million for this. We need to amortize the whole 50 million. We never had those discussions. That may be the case in today's events. Back then, that wasn't the topic. Steve (15:41.226) So interesting. what you're saying is in that contract, there's actually a specific element clause in that contract, which is expressly for the right to sell product with UB (15:50.476) Yes. Steve (15:56.7) the FIFA logo on it, independent of being an official partner, world global partner. And that has a, is that a share that typically would be had between FIFA and the selling partner? In other words, would you have an obligation to pay a fee and on top of that, there are some types of split of what was gained at retail, what was sold at retail? Okay, and then amortizing that was ultimately saying, UB (16:01.966) Yes. UB (16:14.614) Yes. UB (16:19.309) Yes. Steve (16:24.475) We've paid this, we're sharing X percent with FIFA. We need to, if we paid X, we gotta share Y. X plus Y equals Z. Z is 10 bucks. I wanna amortize that. I wanna make back that 10 bucks. UB (16:31.171) Yes. UB (16:39.244) Yes, and that's exactly because it's also only World Cup related, meaning you could argue I'm selling football shoes more during World Cup, but how much of that is World Cup related is already difficult because it's the same product that you're selling every year. Steve (16:41.895) Exactly, because it's also... Meaning you could argue I'm selling football shoes more during World Cup. But how much of that is World Cup related is already difficult because it's the same product that you're selling every One of the greatest challenges in the business, you have your three year moving average and you're sitting there on already sales independent of the World Cup coming to your home country or wherever the event is. that, and obviously they don't get any share of that particular revenue. because that's independent of FIFA and the World Cup. So if you had, let's just say for the sake of discussion, a million and a half, $2 million that had to be amortized, I'm only calculating that because you bought 1.5 million soccer balls, which you then very cleverly went, by the way, we're gonna come back to again, assessing campaign efficacy. So I just want our viewers to know we haven't left that yet. But I do think it's important to insert here that Uli, why don't you just tell quickly the team here that your story of one attempt to amortize on this licensing fee was a deal you did of buying soccer balls and you identified a pretty substantial partner in attempt to have them sell those balls and recoup those monies. UB (18:03.598) Actually, that was not 2006, but that was the 1998 World Cup in France. I had come back from Portland, working for Adidas there for four years, back to Herzog, worked for Herbert Heiner, who was the CEO for many years. And he got me over to say, you're working on the World Cup project for France, and I want you to make sure that we make the business transparent, set goals. And Steve (18:06.106) Six. I had come from Portland working for Adidas Air for four years back to Herzog, worked for Herbert Heiner who was a CEO for many years and he got me over to say you're working on the World Cup project for France and I want you to make sure that we make the business transparent and goals and are able to recoup overall investments into it. UB (18:33.395) are able to recoup overall investments into it. And the one thing I want you to do is, that was the first time ever we did that, traumatize the World Cup license contracts with all World Cup related merchandise. And so, and I don't remember precisely anymore, may have been six million, I guess even German marks back then. Or was it Swiss francs? I'm not quite sure because it was pre-euro. Steve (18:38.191) And the one thing I want you to do is, that was the first time ever we did that, homotize the World Cup license contracts with all World Cup related merchandise. And so, and I don't remember precisely anymore, may have been six million. So UB (19:02.284) was the 98 World Cup. And so we made business plans to give every market clearly a goal as to how much merchandise that is World Cup related they should be selling. And after going through the process with all the Adidas organization globally, I knew we were running short, a couple of million. And so if the contract was or the idea was to amortize this, Steve (19:25.863) The contract was, or the idea was to amortize this. I tried to figure out other ways that we can sell this merchandise and that was for the first time, at least in Adidas history, I'm not quite sure if that goes beyond other sponsors too. We actually started working with other FIFA World Cup sponsors, in this case it was McDonald's. And we worked together and said, we do special deals throughout those events that we're involved with. UB (19:29.91) I've tried to figure out other ways that we can sell this merchandise. that was for the first time, at least in Adidas history, I'm not quite sure if that goes beyond other sponsors too. We actually started working with other FIFA World Cup sponsors. In this case, was McDonald's. And we worked together and said, well, we do special deals throughout those events that we're involved with. You know, we do kids menu packages with toys. Steve (19:55.56) You know, we do kids menu packages with toys. Why don't we do a workout mini ball being available at McDonald's at, I don't know, 1500 locations in Germany and German speaking countries. And I thought, whoa, that's interesting. Now, you have to understand back then online business was minimal or non-existent. UB (19:59.618) Why don't we do a World Cup mini ball being available at McDonald's at, I don't know, 1500 locations in Germany and German speaking countries? And I thought, whoa, that's interesting. Now, you have to understand back then online business was minimal or not existent. So everything was a wholesale business, which means you sold through wholesale retailers to the customer. Steve (20:22.287) So everything was a wholesale business, means you sold through wholesale retailers to the customer. And wholesale was very powerful. Leaving traditional distribution channels, whether it was based on price or discounting or any other reason was always viewed as, that's not right. We can't do that. And there was big, big conversations from InterSport, Sport 2000 and anybody else to say, UB (20:28.778) And wholesale was very powerful. Leaving traditional distribution channels, whether it was based on price or discounting or any other reason was always viewed as, that's not right. We can't do that. And there was big, big conversations from Intersport, Sport 2000 and anybody else to say, you can't do that. Because wholesale world had a lot of power towards the manufacturers. Steve (20:51.559) You can't do that because wholesale world had a lot of power towards the manufacturers. Having said that, we then made a plan of how to sell this mini-ball at McDonald's. And the political job was to convince the trade infrastructure that this actually helps them sell more product because we did not sell the mini-ball at a... UB (20:58.434) Having said that, we then made a plan of how to sell this mini ball at McDonald's. And the political job was to convince the trade infrastructure that this actually helps them sell more product because we did not sell the mini ball at a normal wholesale location, but it was exclusive for this McDonald's deal. And so the whole pitch back to sales and to the wholesale structure was Steve (21:18.759) normal wholesale location, but it was exclusive for this McDonald's deal. And so the whole pitch back to sales and to the wholesale structure was, because we do this, it's gonna bring more customers also into your stores. And through that smart argumentation, we were able to actually have a deal with McDonald's over 1.5 billion, 5. UB (21:28.77) Because we do this, it's going to bring more customers also into your stores. And through that smart argumentation, we were able to actually try to deal with McDonald's over 1.5 million mini balls that were then sold, I think, eight weeks before the event at McDonald's in their restaurants. And the margin generated out of that Steve (21:44.296) 1.5 million mini balls that were then sold, I think eight weeks before the event at McDonald's in their restaurants. the margin generated out of that obviously helped us amortize the contract at the end of the day. So it was a unique way of fulfilling that objective, leaving the box. UB (21:56.97) obviously helped us amortize the contract at the end of the day. So was a unique way of fulfilling that objective, leaving the box while still supporting the box, I would say, in a way that helped fulfill the goal. Steve (22:11.343) while still supporting the box, I would say, in a way that helped, yeah. You know, I have a personal insertion to make here. I was raised in an all-natural foods home. I'm fascinated to know if there was ever a discussion internally, since this is almost 30 years ago, of Adidas being a health brand, very, very much health conscious brand, distributing a product through a channel of distribution that perhaps did anyone internally have pushback that this might not be the image for an Adidas health conscious brand, i.e. fast food market chain? Steve, I have to say 1997, preparing the deal and then executing it in 1998, that was not a topic at all. So that dissonance or that kind of, if you will, UB (22:54.254) Steve, have to say 1997 preparing the deal and then executing it in 1998, that was not a topic at all. Steve (23:10.267) what could be perceived as dueling interests didn't come out. And by the way, it is so interesting as I hear myself talk this out with you. I think when you see a McDonald's in the context of a World Cup or its basketball sponsorship and many other sponsorships. UB (23:27.148) Yes. Steve (23:30.663) You know, it's been a debate a long time. When I was in my first pro event in Asia, Michael Chang was number four in the world, the Chinese American tennis player playing Aaron Crickstein. Yeah, it ended up being the, it was the largest indoor tennis event in the history of Asia at the time in 1991, April 91. And I'll never forget, we actually had RJR Nabisco sponsoring it through its Salem brand. UB (23:38.83) I'll reap up their seed. UB (23:56.11) Mm-hmm. Steve (23:57.114) And I'm not a smoker and I didn't do that deal, one of my partners did. And I'll never forget, he was asked at press conference, how do you feel playing in a tennis event? And obviously no compare, well, let's leave it at this, just Salem is Salem. And at the time they asked him, how do you feel playing in a tennis event behind a title sponsor that literally can kill people? It's not a health. And he made a comment that was very interesting. He listened and said, I'm lot happier they're putting their money into sport than into promoting just that. And he was a young man at the time, 19 years old. was, he could have been devoured alive among tough press. He was in friendly press in Taipei, the Republic of China. And no one gave him pushback on that. Because obviously the idea of sponsorship is to help you sell more product. So. So it's interesting though how you can take certain types of brands and their identity and when you juxtapose them or insert them into sport, somehow it neutralizes any of that quote unquote discussion that traditionally will be had about what is the efficacy of the product itself. Like you don't see anything wrong with an Adidas distribution of 1.5 million balls. UB (25:10.636) Yeah. Steve (25:17.253) and you were kind enough not, you chose not to mention that one of your greatest challenges that you ever said that made you much better for the future in your life and that these types of challenges that kept you up at night were the fact that when you bought those balls, I presume made in China, that at the end of the day there was a chemical on the exterior of the product that literally in trade through restaurants. was considered verboten. You couldn't distribute it. And you had to take it to a fumigation factory. And you literally figured out a solution at the 11th hour and 59th minute. you literally, if you will, found a solution to get those balls into trade. But they almost didn't. And you almost ate 1.5 million balls. And as I understand of your background, that stands out as one of the greatest challenges. But it did. UB (25:47.854) Steve (26:11.855) make you a stronger man. UB (26:14.146) Yeah, I didn't know what Cobalt 60 was before that project. Steve (26:16.007) didn't know what Cobalt 60 was before that. So what is Cobalt 60 by the way? UB (26:21.974) Well, that's nuclear radiation that everything. Steve (26:25.99) By the way, I tell all my friends, I have to tell you, check your mattresses that are made in China because I'm convinced 50 % or 80 % of them have Cobalt 60 in them. But carry on please. UB (26:40.498) By the way, my mattress was made in Arizona. Steve (26:44.567) Well done. Well done. As long as it's not too close to New Mexico, the site of our activities for World War II, you're in great position. UB (26:50.478) Thank UB (26:55.566) Yeah, anyways, it was complicated because if you do a deal outside your normal distribution where everything is automized, process, experiences there, you do those out of the box deals, things happen that you didn't have on the radar. And so this was definitely a shocker to the system. And it had many more dimensions than just the quick story, but we were able to... Steve (26:58.609) It was. Steve (27:09.639) things happen that you didn't have on the radar and so this was definitely Yeah, a shocker to the system. And it had many more dimensions than just the quick story. But how did it how did it get found out, by the way? I mean, you would never have thought to check for Cobalt 60. And what is it about the fact that it was going into trade in Mickey D's? Let me see. me clarify. Cobalt 60 is actually a nuclear power that actually is used in nuclear plants. So the one point five million balls in boxes. UB (27:31.724) Well, we, sorry, let me, Steve, let me clarify. COVID-60 is actually nuclear power that actually is used in nuclear plants. So the 1.5 million balls in boxes went through a nuclear plant to be cleaned. When they came out, everything that was on the balls was dead and everything. Well, yes, for energy, nuclear. Steve (27:46.632) went through a nuclear plant to be cleaned when they came out, everything that was on the balls was dead. Oh, so we like Cobalt-60. Well, yes. OK, so if it took nuclear radiation to deactivate what was on the ball, could you please help all of us understand what the heck was on the ball? UB (28:03.49) Yes. Yes. Yes. UB (28:12.138) It actually wasn't a chemical. was actually the simplicity of the story was those balls were still, you know, stitched by hand and go back into the world back then in Pakistan and other places. It was done at home. And the cleanliness of the environment or production was perfectly okay for regular distribution. Steve (28:16.579) simplicity of the story was those Steve (28:28.175) in Pakistan and other places, it was done at home. And the cleanliness of the environment or production was perfectly okay for regular distribution in sporting goods stores. But based on the fact that that had to be tested prior to shipping into the restaurant, they found residue that is not good, we sold in restaurants. Now, UB (28:41.738) in sporting goods stores. But they were based on the fact that that had to be tested prior to shipping into the restaurant. found residue that is not good to be sold in restaurants. Now, the same agency who normally provides those products for them checked us. They were not happy that they didn't have the contract for this. So there was a little bit of back and forth about is this true or not, but it Steve (28:57.371) The same agency who normally provides those products for them, checked us and they were not happy that they didn't have the contract for this. So there was a little bit of back and forth about is this true or not, but it made us do a detour that cost a lot of money, but we were able to save everything. And at the same time, though, the... UB (29:10.658) made us do a detour that cost a lot of money, but we were able to save everything. And at the same time, the objective of amortizing the license deal, we still were able to make. Steve (29:18.779) the objective of amortizing the license deal we still were able to make. Phenomenal, phenomenal. That should go down as one of the sponsorship co-branded partnership Hall of Fame stories, by the way. please. And it wasn't the beginning of when FIFA just had sponsors and the whole thinking of how do we make them collaborate to create more, you know, effect for the Max Dove pay was just in its beginning. UB (29:31.49) Well, and it was in the beginning of when FIFA just had sponsors and the whole thinking of how do we make them collaborate to create more, you know, effect for the bucks both paid was just in its beginning. And so this Adidas McDonald's deal at the time was very unique. I also want to just add one thought. So yes, good food, healthy food wasn't a big discussion back then. Steve (29:48.198) And so this, this Adidas McDonald's meal at the time was very unique. I also want to just add one thought. So yes, good food, healthy food wasn't a big discussion back then. But matter of fact, the reason why we also leaned into that was all the fans that watched the games that went to the stadium from all around the world, that's where they ate. It was capturing the audience that we want. UB (30:00.204) But matter of fact, the reason why we also leaned into that was all the fans that watched the games that went to the stadium from all around the world, that's where they ate. It was capturing the audience that we wanted also at a place outside the stadium where they also spent time. So it was actually really a very beneficial activity based on that. Steve (30:17.637) also at a place outside the stadium where they also spend time. So it was actually really a very beneficial activity based on that. It's really, really good point, by the way, that your target market has that proclivity, that enjoyment factor, that economic status, that certainly we understand why certain segment of society has UB (30:36.962) Yes. Steve (30:47.375) frankly, there are not a lot of alternatives for a lot of people, depending on what level of the totem pole you're at on the economic strata. And that becomes a place of sustenance, if you will. So it's not, I appreciate how you've made that clear to me because we got to remind ourselves that there's also a chunk of society that just doesn't have the alternative. UB (30:59.404) Yes. Steve (31:14.753) And that is a meaningful family environment for them to have a culinary experience. So I'm going to retract what I said earlier a bit. You know, it's interesting. You were ahead of the curve because in the 90s, I noticed about mid 90, maybe 94, that co-branded partnerships are vital. And I used to be a rights owner, owning the professional sports events. And one thing we did well, I think, we did a lot that we could have done better. UB (31:18.978) Yes. Steve (31:44.466) But one thing I think we did well was understanding how to align brands, particularly when you're a title sponsor or you're such a paramount sponsor like Adidas. And to say you really, one of the biggest benefits of sports marketing, and there are many, but one of those that are so ignored is how do I gain access to other channels of distribution? And to do it in a way that it doesn't cost me. I mean, yeah, you could claim, of course, we bought the ball, but as you said, the ball was sold. And so gaining access to channels of distribution is just amplifying your message if you're hitting that same target market, which as you're suggesting here, which you professionally understand, McDonald's was important to you. So what is it when it comes to that sense of maximizing other relationships that you find brands so often just go at it solo? UB (32:41.162) Say that again. Steve (32:42.511) Why do you find that so many sponsorship brands, so many companies involved in sponsorship, don't take advantage of those other channels with co-branded partners that the way you did back in 96, what is it that you find? What prevents when you're the steward globally of a brand like Adidas or Reebok president of Reebok as you are, have been, why is it that brands tend not to maximize who their other co-sponsors are of the same event? UB (33:13.402) Well, I think it's an attitude issue overall. I can't really assess others. can only say the way I looked at brand and business in my life was always... Steve (33:13.937) Well, I think it's an attitude. Steve (33:19.567) issue overall. I can't really assess others. can only say the way I looked at brand and business in my life was always... UB (33:34.208) If I spend X and do the same stuff as others do, I'm not better. Maybe my creative is better than I stick out a little bit. I have to think out of the box in order to find ways to get to the consumer better and more impactful than others. And that normally means thinking outside the box. I can't just think. Steve (33:34.65) If I spend X and do the same stuff as others do, I'm not better. Maybe my creative is better than I stick out a little bit. I have to think out of the box in order to find ways to get to the consumer better and more impactful than others. And that normally means... thinking outside the box. I can't just think inside the way I do business today, but I need to be creative as in I'm up with a concept that is meaningful. I have to think about marketing channels that gets to the customer in a way that others don't all the way to selling product differently or elsewhere or with a hook that actually also surprises people. UB (34:01.844) inside the way I do business today, but I need to be creative as in I'm up with a concept that is meaningful. I have to think about marketing channels that gets to the customer in a way that others don't, all the way to selling products differently or elsewhere or with a hook that actually also surprises people. I was at a Steve (34:28.915) I was at Boston University yesterday talking to a group and that was the essence of what I tried to bring across that. In a world where you try to be successful, you have either less money, as much money, or maybe even more money than others who would be more successful. UB (34:29.812) at Boston University yesterday talking to a group and that was the essence of what I tried to bring across that. In a world where you try to be successful, you have either less money, as much money, or maybe even more money than others who be more successful. What you really need to be is be creative and innovative how to get to the customer with meaningful products or services in order to be recognized to be more special than others are. And for me, that is really an attitude towards Steve (34:52.837) What you really need to be is be creative and innovative how to get to the customer with meaningful products or services in order to be recognized to be more special than others. And for me, that is really an attitude towards how to go about business and to make it work for you better. So there's a history in sponsorship at World Cups or any other event. UB (35:08.898) how to go about business and to make it work for you better. So there's a history in sponsorship at World Cups or any other event where people just buy it and people that just really do something special with it. And the ones that do something special with it reach more clients, customers, consumers and create more... Steve (35:22.447) where people just buy it and people that just really do something special with it and the ones that do something special with it reach more clients, customers, consumers and create more results with it. This is why I was saying at the beginning of the session, sponsorship by itself is good, but creating messaging... UB (35:37.804) results with it. This is why I was saying at the beginning of the session, sponsorship by itself is good, but creating messaging concepts attached to the sponsorship that gets you to your customers that are really meaningful is the best of all solutions. That needs to be the objective of it. And I believe companies that do that, Steve (35:51.464) Concepts that catch to the sponsorship that gets you to your customers that are really meaningful It's the best of all solutions that needs to be the objective of it And I believe companies that do that Create more impact in you know in your co-head role So interesting that the same company for which you worked from 1990 UB (36:06.638) create more impact with sponsors. Steve (36:19.437) to 2005, Adidas acquired Reebok in 2005. And then obviously you spearheaded it as president and CEO. It's a really, again, as a layman in this case, to me, I wore your Reeboks when I was doing aerobics when I came out of college in 84. And I always associated Reebok as the brand that had this. UB (36:41.782) I did. Steve (36:46.407) kind of, I would say not extreme, but certainly more of a rigorous comfort during high impact engagement. And whereas I look at Adidas, for me, while I recognize there is obviously strong play in basketball, globally, hands down, it's soccer, right? Football, European football. And obviously messy, no better emblematic face behind the Adidas brand. When you look at the two brands and the way you, UB (36:54.894) Mm-hmm. Steve (37:16.091) would steward those two brands. And you're looking for athlete representation, because when we talked about your creative, very often that creative has a standout messenger, ambassador. And that ambassador very often is an elite athlete who very often is a goat in their field. Could you just give us a quick understanding of when you were looking and targeting for your campaigns, personalities that would represent you effectively? UB (37:27.286) Mm-hmm. Yep. Steve (37:46.034) First of all, how did you go about making that decision? What was involved? What would be the steps you went through to say, that athlete is gonna be inserted into this type of campaign. And obviously you weren't monolithic, it wasn't one athlete fit all. And how did you divide that landscape between the Reebok identity and its target market and the Adidas target market, which are multiple. There's not just one solitary target market. So that's a loaded question. Do I have to know, by the way, what I loaded it with? Well, no, I think the answer is can speak. Because I'm going to be impressed what I loaded it with. But please, Uli. UB (38:16.682) So that's a loaded question. Let me first take... Well, no, I'll give you the answer and you can see there's a lot to say about UB (38:32.814) Let me first give you the adidas answer. During my adidas time, I was not in charge of sports marketing or promotion. So sponsorship decisions themselves were not part of the guy that created the brand with regard to emotions, sex appeal, blah, blah. Steve (38:33.799) Moving skew out of UB (38:54.54) Well, number one, also love for the brand. But because promotion today, sports marketing was such a big part of the overall brand budget, it always had its own position and structure inside the company. Now, we were very much interlinked, no doubt. But by the way, decision, Messi was an Adidas athlete, I wasn't part of. Steve (39:03.263) sports marketing was such a big part of the overall grand budget. It always had its own position and structure inside the company. Now we were very much into it, no doubt, by the way the decision, Messi was an Adidas athlete, I wasn't part of, but I got the job to actually work with him. UB (39:24.46) But I got the job to actually work with them. Same with Beckham and you name them, all those athletes that you kind of associate with Adidas. Now, it was a very easy thing. If I do the big campaign for the World Cup, who are our best players and what's the concept and how many players do we need? The players were there. And so we just build them. Steve (39:29.817) Same with Beckham and you name them, all those athletes that you kind of associate with Adidas. Now, it was a very easy thing. If I do the big campaign for the World Cup, who are our best players? And what's the concept and how many players do we need? The players were there. And so we just build them. UB (39:52.298) into the campaign, into the concept that they were part of. in the context of 2006, it was all about, I said the concept was named Plus 10. So it was about team. It's me and 10 others. And so it was not about Messi alone and not about Beckham alone, but it was about Messi, Beckham, Zidane and all the guys that were part of this. Okay. And so we were able to present the stallion of superstar athletes together. Steve (39:52.782) into the campaign, into the concept that they were part of. Like in the context of 2006 it was all about, I said the concept was named Plus Ten, so it was about team. It's me and ten others. And so it was not about Messi alone and not about Beckham alone, but it was about Messi, Beckham, Zidane and all the guys that were part of this. Okay? And so we were able to present the stallion of superstar athletes together across nationality in that campaign. And so I never had a problem about not having the right promo symbol, the right promo team or any of that, because Adidas always made strategic decisions as to UB (40:21.706) across nationality in that campaign. And so I never had a problem about not having the right promo symbol, the right promo team or any of that, because Adidas always made strategic decisions as to, you know, German Federation, Franz Beckenbauer, Steve (40:44.561) you know, German Federation, Franz Beckenbauer, you name the athletes, those were never two year deals and they were never, okay, we buy them now from Nike or from anybody else to make them ours. We had them and we didn't give them up until Nike started the sports marketing wall and just threw even more money at specifically teams than also players. UB (40:49.646) You name the athletes, those were never two-year deals and they were never, okay, we buy them now from Nike or from anybody else to make them ours. We had them and we didn't give them up until Nike started the sports marketing wall and just threw even more money at specifically teams than also players. But also their strategy was get them from Adidas, but then don't let them go. Steve (41:13.543) But also their strategy was get him from Arigas, but then don't let him go like French National Federation All the way to the German Federation changing from three stripes after 75 years to Nike after the next world This is UB (41:19.532) like French Nationals or Federation, Brazilian Federation, all the way to the German Federation changing from three stripes after 75 years to Nike after the next World Cup. This is unheard of in a case that there's only one company that has more money to change Adidas consistency with their symbols. So at Adidas, I never had problems Steve (41:37.768) that there's only one company that has no money to change Adidas consistency with their symbols. So at Adidas I never had problems having the right athletes. I could have said I wish I would have had Ronaldo but... UB (41:48.5) having the right athletes. I could have said I wish I would have had Ronaldo, but Ronaldo was Nike. Never had that thought. I always was happy with the multitude of symbols and assets Adidas had invested in for brand purposes that could be used. Steve (42:05.495) What would have happened if you were at Adidas all those years and you never had the athletes that are in your portfolio as Adidas athletes, what would Adidas be without those athletes supporting and representing the brand in its creative advertising. UB (42:30.518) I never thought of that because it was never a scenario I had to deal with. Matter of fact, in 1868, like the Summer Olympics in Mexico, that is when sponsorship started in the way I learned it based on Adidas players in the locker room trying to give three-striped shoes to two athletes in track and field. And then the Puma guys came, tried to give them Puma shoes. So I grew up with... Steve (42:33.051) because it was never a scenario. In 1868, like the Summer Olympics in Mexico, that is when sponsorship started in the way I learned it based on adidas players in the locker room trying to give three striped shoes to two athletes in track and field and then the Puma guys came trying to give them Puma shoes. So I grew up with... UB (43:00.278) Franz Beckenbauer, Gerd Müller, Zett Mayer being Adidas athletes. I never knew. Steve (43:00.647) Franz Beckenbauer, Gerd Müller, Zett Mayer being one of the representatives. I never knew. If you could speculate, I'm asking you to just go into a counterfactual. Take me into an alternative universe that you're working at Adidas. In fact, you as an employee and your colleagues, the executives and managers and staff, working at a company where you had the same product, but you didn't have that voice and that face behind the product. UB (43:20.622) Yeah. Steve (43:32.442) It's the same product. UB (43:33.294) So thank you for appealing to my creativity. I would put a team together of hyper creatives and figure out what we will do. The industry shows whoever wanted to become meaningful and successful used promotion as a tool in their marketing toolbox. All the way to... today, like the Swiss running brand on this, the latest phenomenon coming from zero and being like almost a $2 billion revenue company. So it's running, they still use athletes for marathon running and all sorts of other activities and sports to represent them in marketing. So what I'm saying is it still seems to be a paradigm. Steve (44:01.765) is like the latest phenomenon coming from zero and being like almost a $2 billion revenue company. So it's running. They still use athletes for more than running and all sorts of other activities and sports to represent them in marketing. So what I'm saying is it still seems to be a paradigm. UB (44:28.738) that people think makes you more successful, otherwise they wouldn't use it. If you were not to use it, because obviously it's also an expensive marketing tool to be engaged with, to at least have the athletes that make a difference, they're normally also the most expensive ones, I would have to dig deep. But can it be possible? Yes. Steve (44:29.253) that people think makes you more successful, otherwise they wouldn't use it. 100%. If you were not to use it, because obviously it's also an expensive marketing tool to be engaged with, to at least have the athletes that make a difference, they're normally also the most expensive ones, I would have to dig deep. But can it be possible? Yes. And you know who did it for a while and they literally... capitulated and that was a new balance. New balance for a long time. remember, you may remember their creative back about 20 years ago. Their creative was all about, we don't pay celebrities to rep, this was literally their creative. I'm summarizing it, but it was, we don't pay superstars to represent our brands. We, we're all about you, the common man and woman. And it was literally unknown faces. UB (45:03.202) Yes. Yes. Steve (45:26.001) that would be the faces of their creative campaigns. And funny enough today, if you look online, you'll see they probably have 20 athletes playing pro sport and they've engaged the pro athlete. And I don't know about the college level with NIL today, but they absolutely have engaged globally on the pro level because you're 100 % correct. That is, we feel an affinity that when Messi does something well and he is touting or waxing poetic about Adidas, we feel this sense of this is an icon whom I relate to. Sometimes it's philosophically, morally, competitively, and therefore if he's doing or she's doing well in it, it gives me aspirational hope that I can perhaps one day reach my dream of being what they have become. UB (45:57.325) Yes. Steve (46:24.047) And it's a perfect narrative. And that's why athlete representation and athlete, you know, endorsement deals are so pervasive. And that's why NIL today, name image likeness in the college sphere. And by the way, 41, minimally 41 states at the high school level today have now permitted high school athletes to engage in the sale of their, their endorsement rights. And, and so we're at a level that we know how effective it can be done if it's done effectively. So interesting, interesting, interesting, Uli, know, when one question I have, and I know this is way after your departure, and I have just a final few probes for you to consider. One is, you know, I remember interviewing one of the heads of the NFLPA, and we were talking about Odell Beckham's claim about six years ago. He wanted to be paid on par with his counterpart he considered Kevin Durant. And at the time, he was saying, I should be making the same amount of money as Kevin Durant. And as I looked into that, and I did a show on it at the time of interviewing six stakeholders. And the conclusion was, first of all, an NFL player by and large can never make what an NBA player can because first of all, they wear a helmet. So if you got a guy who's on the court for two and a half hours or a guy on field for two and a half hours that you don't see, but perhaps once in a blue moon at a commercial big timeout and that guy takes his helmet off. It's a lot harder. to get the benefit out of, know, set aside a superstar quarterback. Now, by the way, Adidas has a deal with Patrick Mahomes. It's really interesting to me because I remember one of the interviews that we did, I think it was the NFL PA head, said, look, we sell cleats. We wear cleats. It's not your common everyday product that Adidas has, let's just say, in principle of showing... that there is such a portfolio of other product. Now again, I'm going to question my own comment by saying, well, Messi wears cleats too. And he's really not appealing to the masses to go buy cleats. Is he? I mean, when you're selling Messi at Adidas, you're not really touting and communicating the Adidas experience as a message, a call to action to go and buy cleats. Is that correct? Yes. UB (48:52.714) Yes, that is correct. I think it's even more clear when it comes to quarterbacks. think Aaron Rodgers also is still with Adidas. You definitely don't make a living from selling American football boots. It's essentially one country. It's pro league and then high schools. Steve (48:56.583) It's much more comprehensive. Steve (49:08.955) Definitely don't make a living from selling. essentially one country it's pro league and then high schools that ain't enough to actually really make a living of it and to pay and to pay those types of rights fees for the endorsement deal yeah of course UB (49:20.3) that ain't enough to actually really make a living of it. of course, but you're selling the dream of the story that this athlete has to tell based on being ex at the beginning and becoming the superstar athlete of that sport. That is what people aspire to. And of course, sport is not just any more kind of Steve (49:31.621) story that this athlete has to tell based on being X at the beginning and becoming the superstar athlete of that sport. That is what people aspire to. And of course, sport is not just anymore. UB (49:50.254) an exercise to sell people your functional sports products. It's selling all related products that fit to their dream. This is why Nike has a revenue of 50 billion and Adidas of close to 30 billion. When I started in 1990, Adidas revenue in euros or US dollars would have been 1.5 billion, not 30. Steve (49:50.868) Exercise to sell people your functional sports products. It's selling all related Products that fit to their dream This is why 90 was a revenue of 50 billion and I did us of those two 30 billion When I started in 1990 I did us revenue in euros or German or US dollars would have been 1.5 30 as it is today. So I'm just trying to say you're not just selling to more athletes. You're selling to all the people that dream about it. And certain sports reach far. And obviously the biggest sport in the world is, you know, global soccer or global football soccer that is because it reaches every corner of the world. Whether they play or not. UB (50:19.68) as it is today. So I'm just trying to say, you're not just selling to more athletes, you're selling to all the people that dream about it. And certain sports reach far. And obviously the biggest sport in the world is, you know, global soccer or global football soccer that is, because it reaches every corner of the world. Whether they play or not, they know about it and they watch it and so that's your audience it's not just the actual players anymore Steve (50:48.583) We know about it and they watch it and so that's your audience. It's not just the actual place. Well stated. Well, you know a final query. You left the industry 12 years ago or you left your position as president and CEO of Reebok 12 years ago. Wow, how's the world changed? I mean, first of all, to say what your revenues are today. I find that I had no idea your 20 X over 35 years. UB (51:08.536) Yeah. Steve (51:16.527) what explosive growth in revenue that your 20X, 2000 times growth since you were first there in 1990 is quite extraordinary. I'm interested in if we're 12 years back, 2013, your role as president and CEO of one of the most influential sports brands in history, what would you say? If you had to reassume that today, you got the call from the powers that be, and I guess authentic brands owns them today, right? Yeah, Tough group, they own an awful lot of brands. I think they also own Sports Illustrated today as well. mean, dozens if not hundreds of brands. The last one I would imagine to be the steward of Reebok. But let's just say they were offloading it. And you had a consortia acquiring it today. UB (51:51.139) Yeah. Steve (52:11.463) a bunch of your old friends got together and said, we're gonna acquire it from authentic brands. How different is your job today in 2025 than it would have been in 2013? UB (52:23.15) So let's say none of the burden and baggage attached to it. The actual task of a sports company hasn't really changed much yet. The impact from the outside may have, but they live successfully of the proposition that if they bring out fresh, cool products that are relevant, Steve (52:26.599) So let's say none of the burden and baggage attached to it. The actual task of a sports company hasn't really changed much yet. The impact from the outside may have, but they live successfully of the proposition that if they bring out fresh, cool products that are relevant, UB (52:55.618) they will be successful if they have the right distribution strategy, which obviously is much, much different based on the last 15 years than it ever was because the digital closeness to consumers is so much better because you talk with them directly, but at the same time, it becomes also more complicated to play that orchestra across different channels. Same applies to marketing. Steve (52:56.069) they will be successful if they have the right distribution strategy which obviously is much much different based on the last 15 years than it ever was because the digital know closeness to consumers is so much better because you talk with them directly but at the same time it becomes also more complicated to play that orchestra across different channels same applies to marketing UB (53:23.414) Obviously, the era of big TV campaigns is over and now you have all sorts of new ways of getting there. And then on top of it, world influences as in, you know, sustainability, healthy living are much more pronounced today than they ever were. So they bring in other constraints to the way you do business that you need to also take into Steve (53:23.855) Obviously the era of big TV campaigns is over and now you have all sorts of new ways of getting there. And then on top of it, world influences as in, you know, sustainability, healthy living. are much more pronounced today than they ever were. So they bring in other constraints to the way you do business that you need to also take into consideration. So the process has changed with things that impacted, but the actual thing that makes you successful hasn't changed. So if you, let's look at. UB (53:52.93) consideration. So the process has changed with things that impacted, but the actual thing that makes you successful hasn't changed. So if you let's look at Nike who has been really criticized over the last few years, because, or last actually eight, nine, 10 years, they haven't really growth newness innovation. Steve (54:08.909) Nike who has been really criticized over the last two years because or last actually eight nine ten years They haven't really growth newness innovation Well, then you're managing the equity that you have That's running out over time and doesn't make you more successful. Well, they made a quick burn from CEO one to the new CEO is an old Nike guy brings back UB (54:22.146) Well, then you're managing the equity that you have and that's running out over time and doesn't make you more successful. Well, they made a quick turn from CEO one to the new CEO is an old Nike guy who brings back one of the culture that made it so successful. And they will go back to becoming an innovative company in how they do business and how they deliver products and what products they deliver. And that is just going to take a couple of years and then they will be back. Steve (54:36.523) One of the culture that native so successful they will go back to becoming an innovative company in how they do business and how they deliver products and what products they deliver and that is just going to take a couple of years and then they will be back where they were before and it applies to every company So in other words the call of what you need to do hasn't changed how you do it and what you know what game you play alongside that UB (54:51.436) where they were before. And it applies to every company in that world. So in other words, the core of what you need to do hasn't changed. How you do it and what game you play alongside, the cards are mixed in. So that is what you need to get used to. But if anybody in the consumer goods industry would still tell you it's not about convincing consumer ABC to make a decision, Steve (55:06.397) The cards are mixed too. Well, that is what you need to get used to. But if anybody in the consumer goods industry would still tell you it's not about convincing consumer... UB (55:20.504) to buy your product, then it's false. They live off it. Steve (55:23.087) It's false, they live off it. UB (55:27.0) That makes any sense. Steve (55:27.431) That makes any sense? makes total sense. It makes total sense. By the way, your big team, Bayern Munich, plays Inter Milan today in the UEFA Champions League. And what a fitting way to close, first of all, prognosis. Who's winning the game? UB (55:43.106) Well. My team hasn't really impressed me a lot when it comes to game systematic playing. Everything they did well until three years ago seems to be forgotten. No good defense and winning requires individual strength. Now to drop out against what I would call a B-team on the European level, which is Inter Milan, would not make me happy. Steve (55:46.598) team hasn't really impressed me a lot when it comes to game, systematic playing, everything they did well until three years ago seems to be forgotten. No good defense and winning requires individual strength. Now, to drop out against what I would call a B-team on the European level, which is Inter Milan, would not make me happy. UB (56:16.386) but they played really well in the first game and Bayern played not well. Steve (56:16.775) They played really well in the first game and Bayern played not well. How are you feeling at this moment personally? I would say we win 3-1. Okay. And how are you? Are you nervous? Do you have any anxiety? Are you? How do you feel going into the game as a fan? Oh, I'm moved. You're moved. I woke up in the morning and you know the game is going to happen today. When you say you're moved, can you just put that into our parlance? I'm moved. UB (56:24.852) I would say we win three to one. UB (56:35.937) I moved. You wake up in the morning and you know the game is going to happen today. And it's an important game. UB (56:45.792) my heart rate is slightly increased. Steve (56:47.495) So you're physically, literally, not figuratively, moved as in your pulse is accelerated. UB (56:58.72) I'm my best consumer when I worked. Ask me how many replica shirt of the German Federation or Bayern Munich I have up at my attic and in my wardrobe. I have two jerseys waiting on me when I go to Germany in 10 days because the new anniversary jersey of Bayern Munich and of the German Federation is already waiting on me to be picked up. Steve (57:11.483) How many do you have? I have two jerseys waiting on me when I go to Germany in 10 days because the new anniversary jersey of Bayern Munich and of the German federations are already waiting on me to be picked up. Okay, final, final question. When you're watching the game, do you put on a jersey? Yeah. You do? You do. Do you take out any figurines of your favorite players and sit them on your lap? UB (57:29.191) yeah, could be. Yes, I do that too. UB (57:37.196) No, I don't have that. Steve (57:38.803) Okay, okay, maybe that can be our next our next chachka our next our next memorabilia that we do Mickey D's UB (57:46.71) I have a Christmas ornament of Bayern Munich that is one red ball that I put on the tree every time for Christmas. So, I mean, there are some rules and regulations. Steve (57:51.079) is one. that I put on the tree every time for Christmas. So I mean, are some... So there's some ceremonial activities. So shirt, a little Christmas ball. Listen, coming up in about five hours, there it is. This will come out probably tomorrow or the next day. So perhaps this will be a post, hopefully a post optimum, a post life of victory for you. Uli Becker, formerly head of both Adidas and Reebok. And obviously you've had many, many other roles in your illustrious career. UB (58:15.906) Well, thank you. Steve (58:24.56) What a pleasure down to earth, very easy to understand messaging. And I know that our viewers today definitely reaped and gleaned a lot from what you had to share. I wanna thank you again for being a guest on today's episode of the Transaction Report. Thank you so much, Steve, for inviting me. Enjoyed it. Good, we're gonna hold you there for one moment. UB (58:40.152) Thank you so much Steve for inviting me. Enjoyed it.