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Connect the World
U.S. Survivors Describe Harrowing Escape from Floods; Norway Faces Difficult Transition After King's Death; Nepal, China Floods Leave at Least 538 Dead, 1,300+ Missing; Jury Resumes Deliberation in Lindsay Clancy Murder Trial; Fed Chair Warsh to Speak at Jackson Hole Economic Symposium. Aired 9-9:45a ET
Aired August 28, 2026 - 09:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[09:00:00]
(COMMERCIAL BREAK)
BECKY ANDERSON, CNN HOST, CONNECT THE WORLD: Norway in mourning for King Harald V, who has died after 35 years on the throne. The country's monarchy
faces a challenging transition after controversies that have rocked the royal family. It's 03:00 p.m. in Oslo.
It's 05:00 p.m. here in Abu Dhabi. I'm Becky Anderson. You're watching "Connect the World" from our Middle East programming headquarters. Also
coming up, one incredible story of survival in Nepal, where CNN has just spoken to two people found alive after that terrible flood.
And any moment now, the jury in the murder trial of Lindsay Clancy begins a second day of deliberations. Well Nepal and China have resumed rescue
operations in areas devastated by Wednesday's deadly flash floods after briefly stopping work over fears of another surge of flood water.
That is according to Reuters, but the challenge facing rescuers still immense. At least 538 people now sadly confirmed dead, with more than 1,300
still unaccounted for. The search for survivors being complicated by flood waters, by mud and by debris, which have cut off some of these most remote
communities.
Yet, amid the devastation, there are also remarkable stories of survival. Two Americans told CNN's Will Ripley how they escaped the raging flood
waters.
(BEGIN VIDEOTAPE)
ANJANA RAJA, SURVIVED FLOOD DISASTER: When we ran out, the other nationals who were there they ran out with us, except for one lady, the Italian. We
ran the right of the bus. She took the left of the bus and vanished. And then we started going up the cliff, which was right beside the bus.
So, the only good thing that our driver did was he parked the bus a little on an incline, so the water didn't hit our bus first. It kind of went
through the road first. So, the way it came is came just like a tsunami. It just came going all the way up, and just like a tsunami, the how it sweeps,
going like a row.
It just took the busses, the vans.
PATTABIRAMAN VENTAKASSEN, SURVIVED FLOOD DISASTER: Houses.
RAJA: Houses, people, everything. We saw people just getting sucked in the water. It was so traumatizing to see that people are screaming, but of
course, water doesn't hear anything. It just kind of sucked them in. I don't know if they were thrown away somewhere in the shore, but then this
happened.
It was just a span of 30 minutes. In 30 minutes, everything was swept and gone. It was -- there was no water after that. There were there was just
mud everywhere. So those 30, it took us like 10. It was like five to -- five minutes or something.
VENTAKASSEN: I think it was less than even 30 minutes for everything, and then it took us a while to get up.
RAJA: Yeah, it took us -- so it took us a while to get up to the first base. So, we got up to the first base, which happened to be I think the
second army base camp. There was one at the lower level which was swept away, so those people were all killed, and then it got up to the --
It didn't come up to the second one. The second one was a little higher. There were few, so we went up I think like what 500 feet up, 500 steps.
VENTAKASSEN: 300, 400 steps --
RAJA: Yeah, 300, 400 feet up, where everybody kind of settled down, calmed down, and it was still -- we were still trying to figure out what exactly
happened because we really couldn't think at that point. We had no service. The moment we got service we tried to at least reach our family to just let
them know where we are and what happened to us.
(END VIDEOTAPE)
ANDERSON: Well, you can just hear the relief in that couple's voices, can't you? In stark contrast to that story, there are, of course, so many
families who are still enduring an agonizing wait for news of their loved ones. Will has been hearing from them too. He filed this report from
Kathmandu.
WILL RIPLEY, CNN SENIOR INTERNATIONAL CORRESPONDENT: I'm here at the teaching hospital. It's one of the busiest medical centers here in
Kathmandu. It's also the main intake point for flood survivors and also for the bodies of flood victims. So, you see this table here.
This is incredibly busy right now. More than 1,200 people have registered names of loved ones who are missing. And if we go over here, there's
another concrete pillar with a much, much shorter list of just about 31 names. These are people who've actually been identified, who are survivors
who are being treated here at the hospital.
Family members are waiting, hoping that more survivors will be brought in.
[09:05:00]
But obviously, you see the difference between all of the people here with loved ones who are missing, and the incredibly small number of names of
those who've actually been identified as survivors. Still, family members we've talked to out here say they are holding out hope for a miracle that
their loved ones could be alive, and if they're not, they at least hope to be able to identify their bodies.
ANDERSON: We are getting dramatic new images that illustrate the extent of the damage. My colleague John Berman with that.
JOHN BERMAN, CNN ANCHOR: Well, the video we've seen, right? This was the first video we saw at the border crossing of this building just being
obliterated. There's no other word than that. Now we have some images that give you a sense of the before and after.
This is what that border crossing looked like before that wave of water came in. Look what happened after. It's gone. It's just all gone. What was
there before? There is simply no trace left. It's been completely swept away. You can see the force of that wave that went through slightly
downstream from where we just showed you.
Again, look at all the buildings and structures right by this riverbed. Look at how it appeared before the water passed through, and then look how
it appeared after every structure that was there just completely gone before and after. One other piece of video that a lot of people have seen
is this bridge.
This was the furthest downstream. You can see that bridge being swept away by the force of the water, filled with debris and cement, just taken
downstream. I can give you a sense again of what it looked like before and after. This is an image before. Now I have to be honest.
I don't know whether the bridge in the video was this one, this one, or there may be one upstream as well. But this is what it looked like in that
town before, with all those bridges, and looked like after, right there, no bridges at all, completely gone from before to after.
It is just stunning to see the impact of this wall of water as it moved down from that glacier. Just simply disastrous.
ANDERSON: -- ago, we're going to move on. I'm going to come back to this story, by the way, as we move through the next couple of hours because it's
a really important one. But just moments ago, I do want to get you this news, jurors reconvened at a court in Massachusetts to resume deliberations
in the murder trial of Lindsay Clancy.
Now, remember, the 36-year-old is accused of fatally strangling her three young children in 2023. The defense maintains Clancy was suffering from
postpartum psychosis and should not be held criminally responsible. Jurors are considering multiple verdict options, including first- and second-
degree murder, or they could find her not guilty.
Well, as we wait for this verdict, CNN's Brynn Gingras joins me from New York. You've been monitoring what's been going on there. We are closely
following what is this now five-week murder trial.
BRYNN GINGRAS, CNN U.S. NATIONAL CORRESPONDENT: Yeah.
ANDERSON: And it's a trial that's gripped America with what is just such a tragic story, Brynn. Is there any sense at this point of which side jurors
might be leaning towards?
GINGRAS: I mean, not really, Becky. I mean, there's so much to consider here. There were 70 witnesses on the prosecution, the Commonwealth side.
There were 10 witnesses on the defense side. A number of experts. So much evidence from not only the investigation at the House, but also you know
post evaluations of Lindsay Clancy inside hospitals.
There's just a ton of evidence, so it really does feel like you know they will probably make some progress today. I'd be kind of surprised if they
came back with a verdict today, but it's obviously very possible. This will be their first full day of deliberations. They haven't quite started that
today yet, but they're about to any minute now, and we'll wait and see.
I mean, both sides in closing arguments, the defense as well as the Commonwealth gave strong arguments. The defense, of course, trying to say
that she was in this midst of a postpartum psychosis when these killings happened, and the Commonwealth saying that no, this was not the case.
She actually premeditated all of this. She planned it. She tried to kill herself. She failed that attempt, and here we are now. So, we'll see. We'll
see which side jurors believe.
ANDERSON: So, what different outcomes await Clancy, depending, of course, on what the ultimate verdict is?
GINGRAS: Yeah. So, there's a number of considerations jurors have again adding to probably how much deliberations they really need to make in this
case. So, the Commonwealth is asking for first degree murder charge for each of those three children. That is premeditated murder in the United
States.
[09:10:00]
So, she would face life in prison if that's what they found her guilty of. They also can consider second degree murder, which is obviously not
premeditated. She would face up to 20 years in prison if that was the case. If they found her guilty of that, but also in the jury instructions, they
added a manslaughter charge.
Now, experts' kind of say it doesn't seem like they would pick a manslaughter charge, but that is a lesser degree if they do believe that
she is, you know, guilty of this crime, she wasn't in the midst of this postpartum psychosis. She was of frame of mind when these killings
happened.
So, they can do that as far as guilty charges. As far as not guilty, if they find her not guilty for basically the layman's term reasons of
insanity, because they do believe she was in a postpartum psychosis state, she wasn't of the frame of mind. She could be committed to a psychiatric
hospital where she has been for the last three years since this happened.
But also, they can find her not guilty in everything, and quite frankly, she could walk home. So, they have a lot to consider as far as options and
what they, you know, and they know the punishments that are attached to each of those options.
ANDERSON: Right.
GINGRAS: So, they have that to consider as well.
ANDERSON: And Brynn. Yeah. Brynn, you and I, I know, have discussed this.
GINGRAS: Yeah.
ANDERSON: But I think it's worth raising as we await this verdict. This case has really renewed a conversation around postpartum psychosis. That's
a conversation which is, or that's a you know a condition which is so often misdiagnosed. I just wonder whether this trial provides enough momentum for
a sort of push for how we reconsider those discussions around postpartum mental health issues.
GINGRAS: Yeah, I mean, I think that's definitely the hope. I think that's why there's women, you know, wearing pink outside in support of Clancy.
They've been in the courtroom as well, listening to this trial. It's something that definitely came up throughout this trial from the defense
side.
Kevin Reddington bringing up how care is done across the world in comparison to the United States, and as you said it, you said it perfectly,
Becky. Like it is not diagnosed by you know by doctors. It's not something that they can actually find. It's -- there's not even really great scales
to determine this.
And this all came out again in the trial. So, I think in some ways it opened up a lot of people's eyes, not only to what you should be looking
out for, but also what the medical system needs to improve upon. And so, I do think the conversation is definitely ignited. It's a good conversation
to have, no matter which way this verdict goes.
And certainly, there's a lot of people that hope it does make a change, including Lindsay.
ANDERSON: Yeah.
GINGRAS: That that was also said in the court.
ANDERSON: Yeah.
GINGRAS: She -- if she is able to, you know, stay out of prison, even if she is in prison, she hopes to be some sort of advocate for that
conversation.
ANDERSON: Got it. All right, good to have you. Thank you, Brynn.
GINGRAS: All right.
ANDERSON: Well, it was supposed to be brief, just a few weeks, but as of today, of course, the U.S. and Israel's war against Iran has been going for
six months, and it has had unintended consequences. The war, for one, has undermined America's global standing.
It's also made the cost-of-living crisis worse. The Trump White House is, though, concentrating on things like renaming Lake Ontario to Lake America.
And just before we leave this subject, I do just want to flag this piece on digital about the risks of Trump's quote, excursion.
In it, Ivana Kottasova and Brad Lendon write quote, as the Trump Administration focuses all its energy on trying to get out of the self-
inflicted crisis in Iran. It has taken the eye off the ball of other potential global flashpoints the U.S. has long been involved in, including
Ukraine, Taiwan, and the South China Sea and the Koreas.
And that piece offers a deep dive into how each of those crises might be impacted by Mr. Trump's other priorities. And you can find that on our
digital platforms. Remember, you can follow me on social media @BeckyCNN. Well, I do share a lot of this kind of analysis, as well as the "Connect
the World" content.
Well, you are watching "Connect the World" with me Becky Anderson. Still to come, a nation in mourning as Europe's oldest monarch dies. It comes after
a year of scandal for Norway's royals. We'll look at what comes next, after this.
(COMMERCIAL BREAK)
[09:15:00]
ANDERSON: Well, I want to get you back to Nepal now, where hundreds have been rescued in the wake of devastating floods. Hundreds more, though, are
still missing. Santosh Pandey joins me now from Kathmandu. He's with Oxfam Nepal. Excuse me, I'm just swallowing something awkward.
Tell me, you know, what's your assessment of where things stand at this point? Just get me a sense of what you're hearing and seeing on the ground.
SANTOSH PANDEY, HUMANITARIAN AND DRM LEAD WITH OXFAM NEPAL: Yeah, thank you very much for the opportunity to speak on behalf of affected communities in
Nepal. So, the situation is still after two days of the devastating flood and debris flow in Nepal is like very, very like uncertain.
You know, so hundreds of people are still waiting for search and rescue, and massive operations from the government of Nepal is ongoing for the
search and rescue operations. So, the challenges mainly are the access to the road network because kilometers of the roads have been like swept away
by the flood.
And you know so numbers of bridges that connect into the local market, local communities had been swept away. So, still, I would say a very, very
unfolding humanitarian situation. The people of Nepal are very saddened, very emotional, and you know, so yeah, waiting for the global community
solidarity and every thought that makes them like help, help.
ANDERSON: And what are your priority concerns now and going forward?
PANDEY: So, first and foremost, priorities are still the search and rescue operations because numbers of people are still waiting for the search and
rescue. Apart from that, the people who are already like you know are feeling the absence of drinking water, self-shelters, and dignity kits,
protection kits, and anything that are related to the humanitarian assistance.
So, the lifesaving humanitarian assistance, there is a huge need for life saving humanitarian assistance right now, and it is like compounded by the
geography the compounding of the weeks and you know the access and communications everything like that, because no one is the community in
there so to help each other because entire villages have been stripped away by the flood.
There is no one in the community to actually help each other in this situation.
ANDERSON: Yeah.
PANDEY: So, they are fully relying with the government and humanitarian agencies like Oxfam and others in Nepal right now.
ANDERSON: Yeah, and we are hearing some miraculous stories of survival. We also know that many have lost their lives, and there are many still
missing.
PANDEY: Yeah.
ANDERSON: How much hope should families hold out at this point for those who are still missing.
PANDEY: Yeah, I would say given the experience from 2015 earthquake in Nepal, you know, because there were some examples that people were like
extracted live after a few days of the disasters as well. So, we are very hopeful. We are very courageous. I found people are very hopeful.
The people, especially who have missed their families, friends, and relatives, you know, they are still very hopeful. And actually, the
government is also doing the extraordinary job in putting every effort to do so.
[09:20:00]
So, yeah, I would say we are very hopeful. And I hope the best from these search and rescue operations still ongoing after two days.
ANDERSON: That's good to hear. That's good to hear, and I know those there and around the world will very much appreciate the work that your
organization is doing on the ground for that. We thank you. Well, Norway in an official period of mourning after King Harald V died early on Friday at
the age of 89, he was Europe's oldest monarch.
He'd been on the throne for 35 years. While other European royal families and political leaders have paid tribute to the late king, his son Haakon
now ascends to the throne at what is a testing time for the Norwegian royal family. The new king's wife had suffered poor health and was thrust into
the spotlight this year amid revelations of her past contact with the sex offender Jeffrey Epstein.
Well, CNN's Melissa Bell has more from Paris. How is he being remembered? Let's start there.
MELISSA BELL, CNN SENIOR INTERNATIONAL CORRESPONDENT: I think you mentioned a moment ago, Becky, those tributes that have been pouring in from around
the world, but really outpourings of grief that you're seeing in Norway itself. This was a much-loved monarch who ruled, as you said, for 35 years,
but was really seen as a source of stability and modernization for the Norwegian monarchy.
Remember, Becky, that he'd fled the country at the time of the Nazi occupation, returned and been schooled in state schools, had, had this
relatively modern education, like many young Norwegians would have had, and then insisted on modernizing the monarchy, making it much closer to the
people, marrying himself a commoner, allowing then his son and his daughters to marry commoners themselves.
So seen as much closer to the people than perhaps many monarchs are. He would also, for instance, taken part in sailed for Norway in some Summer
Olympics. And remember also that he reigned at a time of important geopolitical events in Norway, things like the Oslo Accords that were
signed there while he ruled, and hence the outpouring of grief and the tributes that you've had from the Middle East as well, Becky.
ANDERSON: What's next then for the new monarch in Norway? The new generation has faced some quite serious controversy of late.
BELL: That's right. I mentioned the stability, the popularity of King Harald. Now comes a much different chapter potentially for the Norwegian
monarchy, and the polls suggest that as well. That there's been a sharp drop in the popularity of the institution amongst Norwegians over the last
few months, and this is a result of a number of scandals.
The one, of course, linking Queen Consort Mette-Marit. She was not only a commoner when she married the new King of Norway. She was also -- it was
the first time that she came with a step son attached. He has also been facing controversies and convictions of his own, since he was found guilty
on two counts of rape and several other charges early this year, and sentenced.
He's now appealing that. Her linking to Jeffrey Epstein, the fact that her name appears over 1000 times, that there were relatively intimate exchanges
between the late sex offender and the queen consort, clearly has weighed heavily on her popularity within Norway. She's spoken of her regret of that
friendship and the poor judgment that she showed.
She's also been suffering from severe health issues to do with her lungs and is now functioning with a single lung. So, a lot of challenges now
facing the monarchy and the new king, King Haakon the seventh, as he accedes the throne, following in the footsteps of a father who was so very
popular and provided such stability.
He appears to bring with him some baggage, at least, that suggests that it might not be such smooth sailing ahead in terms of how well Norwegians
continue to view the institution, Becky.
ANDERSON: Good to have you, Melissa. Thank you. All right, folks. We are just moments away from the opening bell on Wall Street as investors await a
key speech by the new Chairman of the U.S. Federal Reserve. Going to take a deep dive into what Kevin Warsh might have to say when we are joined by
Financial Analyst Mohamed El-Erian, regular guest on this show.
He joins me up next, taking a quick break. Back after this.
(COMMERCIAL BREAK)
[09:25:00]
ANDERSON: Welcome back. I'm Becky Anderson in Abu Dhabi. You are watching "Connect the World". The death toll from catastrophic flash floods in Nepal
has now risen to at least 538. That is according to the country's disaster authority. More than 1,300 people do remain unaccounted for, with remote
areas still inaccessible to rescue crews.
Jurors are deliberating at a court in Massachusetts on the murder trial of Lindsay Clancy. She's the 36-year-old who does not deny fatally strangling
her three young children in 2023, but her defense says she was suffering from postpartum psychosis and not criminally responsible.
Norway's King Harald V died early on Friday, at the age of 89, he was Europe's oldest monarch, having reigned for 35 years. The country is in an
official period of mourning. Norwegian crown passes to Harald's son, King Haakon the eighth. Well, next hour, Kevin Warsh is set to deliver his
biggest speech yet as the Chairman of the U.S. Federal Reserve.
He will address an annual economic symposium in Jackson Hole, Wyoming, which Wall Street investors are always keenly awaiting. But they will be
eager, if not nervously awaiting this edition, to hear what Warsh, of course, has to say. His speech comes amid some major gyrations in the bond
markets and continued uncertainty over oil as U.S.-Iran talks flounder. Well, the U.S. Treasury implemented a bond buyback program to calm markets.
But with longer-term yields rising again, my next guest says Treasury will need to develop a reaction function that balances four main responses.
Well, El-Erian's Chief Economic Adviser and friend of this show, Mohamed El-Erian, writes in his Substack that those steps include leaning into
deeper and broader intervention tools, outlining genuine upcoming fiscal reform, accepting high and rising rates, and focusing policies on softening
the blow to the most interest sensitive segments of the economy and society.
He says all four will be closely monitored by economists and the markets. Mohamed El-Erian joining me now from Connecticut, to which I have to say,
many people will say good luck, but very unlikely that this U.S. Treasury Secretary and this Trump Administration will actually heed the advice on
those.
Just tell me, you know, why it is that you've laid things out as you have, before we talk about what you think will come out of Jackson Hole today.
MOHAMED EL-ERIAN, CHIEF ECONOMIC ADVISER AT ALLIANZ: OK, so good morning, Becky.
[09:30:00]
Whether it is the bond market or whether it is the Japanese yen, the Trump Administration is discovering that you can't dictate to markets where
crisis should be, that intervened in the bond market, that intervened with Japanese government in the currency market there. And as you said, the
levels have come back.
So, the message to the Trump Administration is, we understand why you are so sensitive to the mortgage rate in particular. There are midterm
elections coming up. It feeds into the affordability. But if you are that sensitive, then you need to do a broad range of things.
You can't simply intervene and try to bully the market to where you want mortgage rates to be.
ANDERSON: What do you make of this intervention by the Treasury Department? I mean, this is not the Fed intervening for you know to ensure that the
markets are working you know as they -- as it perceives they should. This is the U.S. Treasury. Is this their role?
EL-ERIAN: Look, their role is to ensure the smooth functioning of the market. And I don't think anybody complains when they intervene for the
smooth functioning of the market. But there was no problem with the functioning of the market when Secretary Bessent announced a doubling of
the buyback, meaning I'm going to go in, I'm going to buy bonds in order to lower the yields.
So, he has faced a mountain of criticism, both from economists and from market participants, saying there's two problems with this. One is it's not
going to work. And two is how are you going to walk it back? And that we still don't know how he's going to walk it back.
ANDERSON: Let's park that for a moment because we're not going to find that out, I don't think today. What we will hear is the first speech by the new
Fed Chairman. This is an annual event. Many suggest actually that you know in the past perhaps the Fed has given too much information, too many signs,
too many signals about what its position is.
That may or may not go on, but hearing from the Fed Chairman himself is traditionally what happens in the United States. So, what are you expecting
to hear from Kevin Warsh today?
EL-ERIAN: So, traditionally, the point of this symposium that brings around together central banks from around the world, academic economists, is to
talk about longer term issues. But for the last few years, under Chair Powell, Kevin Warsh's predecessor, it became about what's happened to the
economy short term.
ANDERSON: Know --
EL-ERIAN: What is the reaction function, and what is forward guidance. We have a new Fed Chair that wants to pull back from that because he thinks
the market is too focused on the fed. His phrase, the market focuses on the referee, not the ball. It has to play the ball, not the referee.
The trouble is, as you said, it's not just highly anticipated, but there is such a wide range of expectations. So, what do I expect? I suspect he'll
strike the balance more towards the longer-term issues and the shorter term, and he will leave some people unsatisfied because the range of
expectations going in is so wide.
ANDERSON: It's always good to have you. Thank you very much indeed. We will listen for that speech, and we will dissect it lightly if you're available
tomorrow with you. That would be good. Thank you.
EL-ERIAN: Thank you.
ANDERSON: Going to get the bond yields up just so that our viewers can see those. Thank you, Mohamed. It's good to have you. Well, for many, sports
are about the thrill of victory and the agony of defeat. Mohamed and I have talked at length about, for example, the World Cup and his favorite team,
the Egyptians.
But we are going to do more about the intersection of business and sport, after this.
(COMMERCIAL BREAK)
[09:35:00]
ANDERSON: Well, now an examination of the power of money in sports. We've seen it in football with FIFA President Gianni Infantino's controversial,
now abandoned plan to inject private money into the World Cup. And it's evident in U.S. basketball. Former Disney CEO Bob Iger and venture
capitalist Josh Kushner recently agreed to buy a controlling interest in the Los Angeles Lakers.
That deal valued the team at a record 12.5 billion dollars. It's just one of several pro teams to change hands recently, driving values into the
stratosphere. The most influential league in sports right now may be the League of Billionaires. So, what does all of this mean for fans and
players?
Does the sport itself actually matter much anymore, or are teams just luxury items for the uber wealthy? Perhaps they always have been what role
private equity and venture capital, though, going forward? Well, I talked with a man who knows a thing or two, about 2 billion about this.
U.S. Ambassador to Italy, Tilman J. Fertitta, is one of America's richest businessmen and owns the NBA's Houston Rockets. I caught up with him where
else but on his 450-million-dollar yacht.
(BEGIN VIDEOTAPE)
AMBASSADOR TILMAN J. FERTITTA, OWNER OF NBA'S HOUSTON ROCKETS: Well, the way it's been structured is owners always want their teams to be worth
more, and the leagues have realized there is a role. I think it's around 15 to 20 percent for a private equity firm.
I don't know how that deal is being done. I mean, I know this, when they go to close, they're writing out a check for 12.5 billion. OK. Now, is there a
sovereign fund partner in that? I don't know at this point. I will know, but that's between the NBA, who's going to do a great job of making sure
that they do the right thing and it's funded properly.
They've already vetted that. OK. It's real money coming in from real investors. I think the leagues are smart, and they realize that as long as
they don't have a seat at the table, we don't want to deal with private equity at the table. There has to be a real owner representing.
You know, I'm probably one of the few in professional sports that owns 100 percent of their team, and you know, you look at oh gosh, I could go sell x
amount to private equity, but you know it's great to own 100 percent.
ANDERSON: This is the problem, isn't it? That the sports purists and others-you don't just have to be a sports purist to suggest this. You know
the idea of sort of PE and venture capital coming in increasingly, and we don't know how this deal is structured. Certainly, in baseball there will
be no more than 15 percent ownership from private equity.
But it's this sense that these organizations don't care about the sport. Now you care about NBA. You've made the investments for that team. Does
that worry you going forward?
FERTITTA: It doesn't worry me as long as they keep it at a smaller percentage and they never have a seat at the table. And if they can find
another investor to come in, that's fine. If their hold is five years, seven years, but you have to remember what's happened in the last three to
five years, not even five years.
[09:40:00]
It's really happened in the last 36 months. There's so much money in America. That's just the way it is. Look how many millionaires and
billionaires were just made on SpaceX, and family offices have realized is there's been no better appreciation than sports. There's nothing more
special than owning a sports team.
And so, what you're seeing now is these super, super wealthy families, maybe their parents didn't have any interest in it, but all of a sudden now
you're seeing the next generation saying this would be pretty cool to own one of these 100 teams.
(END VIDEOTAPE)
ANDERSON: Tilman J. Fertitta, that conversation on his giga yacht in Livorno, in Italy. All right. Well, from the behind-the-scenes money to the
on-field action. "World Sport" after this break, I'll be back with more "Connect the World" in 15 minutes.
(COMMERCIAL BREAK)
[09:45:00]
(WORLD SPORT)
END
