That's the real-time account of what happened, not the condensed version. Greenberg told him 25%; Allen said that would be fine. "I have a bunch of very smart Harvard MBAs running around here who think their job is to protect me from myself," Allen said. would invest in a second Bedol-Greenberg collaboration, College Sports TV (CSTV), and the results were again spectacular. Greenberg offered to show him a business plan, but Allen waved him off. "Don't ever show anyone here your business plan." With Allen's backing secured, it took Greenberg and Bedol about a week to raise the other $4 million, and two years to get the network up and running. In 1997, when ESPN bought CSN for $175 million, Allen & Co. realized a 600% return on its investment. Only after Allen had agreed to pony up did he ask what percentage of the company he was getting. Later Allen & Co. It was sold to CBS in 2006 for $325 million, and Bedol went along to continue running it.
"How much?"
"Can you get the rights?" was Allen's first question.
Greenberg, now 61, doesn't get a lot of press. But consider: Greenberg was the force behind the creation of MLB Network, widely regarded as the most successful cable launch in history. Allen & Co. He created regional sports channels in Chicago for Jerry Reinsdorf, who owns baseball's White Sox and basketball's Bulls, and in New York for the Wilpon family; then he got the Wilpons a record $400 million for the naming rights to Citi Field. doesn't even have a website: that's how much it values discretion. He's the ultimate backroom player, never one to steal headlines from his clients. Right now he's working with former AOL ( AOL ) vice chairman Ted Leonsis, who's buying the NBA's Washington Wizards, together with the Verizon Center, from the estate of legendary team owner Abe Pollin. He advised the Selig family on the sale of baseball's Milwaukee Brewers and counseled entrepreneur Dan Gilbert on the purchase of basketball's Cleveland Cavaliers. Leonsis already owns the NHL's Washington Capitals, which means that when the deal closes he'll become the only individual to own both big-league winter sports teams in a top-five market (Washington and Baltimore combined), plus the arena where they play. And Greenberg makes a point of not returning reporters' phone calls. That's a big deal.
"Yeah," said Greenberg, "I think we can."
Allen asked Greenberg what his plans were. Greenberg told him he was considering two opportunities: Mets owner Fred Wilpon, a good friend, had approached him about working for the team in an executive position. But what really interested him, Greenberg said, was the idea Bedol had brought him for the Classic Sports Network.
"Well, we need some seed capital to launch it."
And Greenberg? in 2002 -- and over the past decade he not only has made sports dealmaking a signature of the firm but has become arguably the most important dealmaker in sports. "Clearly in the center of the universe," says MLB commissioner Bud Selig. "Completely changed the game for us internally," says the current president, Herbert Allen III. Having proven his worth, he was made partner at Allen & Co. Think about that. "One of the leading -- if not the leading -- person in the firm today," says Herbert Allen Jr. Hank Greenberg is in the Hall of Fame. Steve Greenberg, his son, is also a star -- in business.
"Okay, we're in for $2 million. Call our CFO this afternoon. Tell him where to wire the funds."
"Yeah, that'll be my job."
"That'll be the only thing you do day to day?"
"He's Keyser Söze," says John Ourand, a reporter for Sports Business Journal , comparing Greenberg to the elusive but omnipresent kingpin in the 1995 cult film The Usual Suspects. "Able to get good results without making enemies," says Reinsdorf. "Incredibly knowledgeable and connected," says Jim Delany, commissioner of the Big 10 Conference. Söze's a thug, whereas Greenberg is preternaturally, embarrassingly charming. "Able to eat three, four, five desserts every meal," says Gilbert, unhappily, "and never gain any weight." His nickname, bestowed upon him by his daughters, is Mr. "Always keeps his cool," says Wilpon. "He seems to be everywhere." The analogy isn't perfect. "Immensely attractive as a human being," says Herbert Allen Jr. (Greenberg made a cable network for him too.) Have we mentioned yet that in his seventh decade he's still got a full head of hair, minimal gray, and no paunch? Perfect.
"Are you looking for money?"
"Would it help or hurt if Allen & Co. put in $2 million?"
"Six million dollars."
"Are you gonna run it?"
Greenberg paused. "I think that would probably help."
"Yeah, with Brian."
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