With the NFL season here, Tanner Simkins spent some time talking the finance side of football with two industry leaders, Brian Friedman Chief Financial Officer, New York Jets and Adam Raiken Vice President Finance, MetLife Stadium.
Full Cout Press: For those looking to get into sport finance – What experiences fundamentally drove your careers?
Brian Friedman: For the most part it is typical finance and accounting experience. I have a broad range of experience mostly in the consumer product area but also in the services industry. I had always had a goal of getting into sports so when the opportunity presented itself I was very interested and it worked out.
Adam Raiken: My background is a little funky. I started college as chemical engineering major; I always wanted to go in business after and figured a technical background would be interesting and helpful. But I hated engineering so I figured why not just study business, so I specialized in accounting. I always loved sports and then landed a job with PWC, and [naturally] I found myself auditing the NBA, NFL, and baseball. When you are working on audits in sports teams the natural progression is to then work for a team. Who knows more about their company than auditors do? You are looking from at their financial statements top down, therefore it is typical for a finance department to call their auditors when looking for new hires. The Yankees called one day, I was recommended for the job – then I was working for the Yankees. Now, six years later, I am here at MetLife.
FCP: What has been the biggest challenge thus far as in your role? How have you overcome it?
BF: The biggest challenge for me was learning a new industry. I feel like I am still learning every day. Ultimately though all businesses operate in a similar manner. You generate revenue, you collect cash and you pay people and your bills. At the end of the day the first part better be larger than the last. As long as you stay focused on that, it is easy to overcome the challenges of a new industry.
AR: I think my biggest challenge here is working with two different organizations run this one. Don’t get me wrong, it’s not a bad thing, in fact I welcome the challenge. But the two teams have occasionally had different philosophies on things and bringing them together to one entity, to one stadium, is tough. The only way to overcome something like that is constant communication between both teams and all those involved.
FCP: Favorite part of your job?
BF: Easy. It is Sundays, specifically, Sundays when we play at home. I really enjoy being a part of something that tens of thousands of people feel so passionate about.
AR: I got a lot of favorite parts. I love my job, I really do. I love the interactions with people, everyone from those with us full-time, to game-day staff, and to part time employees. I love the game day and seeing what the fan is interested in. If I had to pick one favorite part, it would be the fan experience. There’s so much going on at a stadium like ours. I love that.
FCP: Financially, how hard is it operating in a two-team stadium?
BF: It sometimes requires a bit more discussion but overall the benefits far outweigh any additional complexities.
AR: Honestly, it is no different than running a one-team stadium except there’s more people with more input. As long as you are doing everything you can for your fans and for the building, I would argue it’s not much different than running a single team stadium. Look at it this way, we still have to take the garbage out, we still have to turn the lights on, we still have to repair the building, etc. The difference comes down to capital budgeting projects where the Jets feel one way and the Giants may feel another
FCP: For many reasons there has been a lot of talks on either side…will the Super Bowl at MetLife be a success?
BF: Yes, it will be great.
AR: Were not going to let it fail. As the first open air cold weather stadium. If we have so many eyes on us and willing to help us because our success will open the doors for many other cities to have a subsequent Super Bowl. It’s going to work. What’s the worst that going to happen, it will snows and then we will move it next year?
FCP: What are some industry trends or developments that you are closely following?
BF: The sports landscape is changing. A continual improvement to the home experience continues to challenge all of us to produce more creative fan experiences beyond the game. Fans expect more than just admission to a game they expect to be entertained and have a great game to watch. I am also following the growth and expansion of the secondary market. Teams are no longer the only ones selling access; there is significant competition to sell that access.
AR: Buying and selling stock in athletes. It’s a neat trend, both good and bad; it has the potential to seriously change a lot of things.
FCP: What’s your favorite book, sports related or otherwise?
BF: The Five Dysfunctions of a Team by Patrick Lencioni
AR: The Tao of Pooh by Benjamin Hoff
FCP: Any tips for aspiring sports professionals who may be reading this?
BF: Make sure you enjoy the job not just that it is in sports. It is important to enjoy what you are doing not just enjoy working for a sports entity.
AR: A lot of people think working hard is the most important thing and you do have to work hard. But in my opinion, it’s more important to work smart. Don’t be afraid to ask questions. Not knowing doesn’t make you look bad.
Brian Friedman is the Chief Financial Officer of the New York Jets. He is responsible for all strategic and financial planning for the Jets, daily accounting operations for the team, and all internal and external reporting to the NFL and various other agencies.
Adam Raiken is Vice President Finance, MetLife Stadium. Amidst many responsibilities, Raiken supervises financial operations for stadium and serves as an integral member of the senior management team
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