CNBC Sport

Ronda Rousey joins Alex Sherman to unpack the economics of MMA, why UFC fighter pay remains a structural issue, and how the streaming era could reshape the business of fighting. Starting from the realities faced by lower-tier athletes—minimum per-fight guarantees, coach percentages, and taxes—Rousey explains how quickly “big league” fighting can still add up to poverty-level income. She argues the core problem is leverage: without credible alternatives to the UFC, fighters are stuck with take-it-or-leave-it contracts.

Rousey outlines why she believes streaming is the inflection point. In her view, streamers can pay upfront for premium fight content in a way that reduces reliance on traditional pay-per-view mechanics—and makes it feasible to build meaningful competition. She describes her push to work with MVP and why she sees Netflix as the only platform big enough to truly challenge the UFC at scale.

The conversation also covers Rousey’s upcoming return to fighting against Gina Carano—how the matchup idea originated, why early UFC talks didn’t ultimately land, and how the modern distribution shift changed the opportunity set. Rousey contrasts the classic pay-per-view structure (earning a share per view) with the newer streaming-first deal model, noting she can’t disclose exact numbers yet but expects details to be publicized after the fight.

Beyond the money, Rousey makes the case that fight promotions win when they sell stories, not just belts or brands—pointing to how major streaming events can draw massive attention when audiences care about the fighters involved. She also reflects on the overlap between combat sports and entertainment, her path through WWE and acting, and the mindset she brings to competition—whether she likes an opponent or not.

 

Key topics covered

Minimum UFC pay math and why three fights a year can still be “poverty level”

Why competition (not just incremental raises) is the leverage fighters need

How the streaming model changes MMA economics and upfront rights payments

Why Rousey believes fewer, bigger “can’t-miss” cards could outperform oversaturation

Pay-per-view incentives vs. streaming deal structures for top fighters

Storytelling, star power, and why audiences tune in to fighters—not just titles

WWE culture vs. MMA culture, and the entertainment skill set behind pro fighting

 

Timestamps

01:31 Why minimum per-fight pay can translate into “poverty level” annually

01:48 Rousey’s fix: competition and a real alternative to the UFC

03:25 Oversaturation vs. “can’t-miss” marquee fights (fewer events, stacked cards)

04:36 How the Gina Carano comeback idea came together

06:13 How pay-per-view fighter compensation works (per-view share)

06:43 Streaming-era pay models and why specific numbers can’t be shared yet

08:43 Relationship with Dana White vs. the UFC as a company

11:49 Why fighting and acting careers overlap (MMA as entertainment)

13:13 WWE vs. UFC: collaborative show-building vs. adversarial competition

14:06 Is this a one-time return—or a second chapter?

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Recorded live at Latinos in Sports in Miami, CNBC’s Alex Sherman sits down with New York Yankees icon Mariano Rivera for a wide-ranging conversation on the business—and evolution—of Major League Baseball, Rivera’s unlikely path from Panama to the Hall of Fame, and what he’s building after baseball.

Rivera weighs in on one of MLB’s biggest looming issues: whether the league should adopt a salary cap, and what “fair competition” should look like across big- and small-market teams. He also reacts to the sport’s recent rule and gameplay shifts—from the pitch clock to automated strike-zone technology—and shares why he believes some changes risk removing the “human factor” that makes baseball special.

The conversation then turns personal: Rivera recounts growing up without access to proper equipment, learning English after arriving in the U.S., and how a chance moment pitching in one game led to a Yankees tryout. He also tells the story of how the cutter emerged in 1997—an accidental discovery that became one of the most dominant pitches in sports history.

Finally, Rivera opens up about post-retirement life, from his early business moves to his newest venture: “Most Heat,” a hot sauce line he calls authentic, passion-driven, and built to bring “the heat” from the mound into fans’ kitchens—complete with a May 15 launch at the Major League Baseball store in New York City.

Key topics covered:

MLB economics and competitive balance (salary cap and revenue sharing)

Rule changes: pitch clock, automated strike-zone challenges, and the “human factor”

Rivera’s rise from Panama to the Yankees (and learning English in the minors)

The origin story of the cutter and becoming “The Sandman”

Post-career entrepreneurship and launching “Most Heat” hot sauce

 

Timestamps:

01:56 Why Latinos are driving sports economy growth—and why Miami matters

15:05 Rivera on how much baseball he watches now

16:41 Salary cap debate: “Yes… it has to be fair to everybody”

19:13 Rule changes Rivera likes (and doesn’t like), including the pitch clock

22:53 Growing up in Panama without proper gear—and why it shaped him

28:37 Learning English after reaching the U.S. minors

30:48 The cutter origin story (1997) and why it changed everything

33:08 A George Steinbrenner story from the 2000 World Series era

35:14 “Enter Sandman” and why Rivera never listens to it outside the stadium

37:26 Rivera on giving back, mentoring young athletes, and prioritizing education

38:28 Why he got into a car dealership—and how “Most Heat” came together

43:53 “Most Heat” announcement + May 15 MLB store launch in NYC

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Susie Wolff (Managing Director, F1 Academy) sits down with Alex Sherman for a candid conversation about what F1 Academy is building—and why its mission goes far beyond a single “first woman in F1” headline. Wolff breaks down the structural and financial barriers that have kept women from advancing in motorsport, how F1 Academy is designed to grow a real talent pipeline, and why visibility matters for the next generation of drivers.

 

Key topics and takeaways:

The real end goal of F1 Academy: developing talent, challenging perceptions, and expanding opportunity—not creating permanent segregation in racing

Why funding matters: reducing the pay-to-race burden so drivers can prove performance without the usual financial gatekeeping

Whether an all-women series could evolve in the future—and why the current priority is building depth in the talent pool

Momentum in fandom: Wolff points to the rapid growth of younger female fans and what that means for the sport’s future

Brand and team alignment: how F1 Academy secured buy-in from all F1 teams to run shared car identity and liveries, and why that matters for legitimacy and reach

The media flywheel: why Formula One’s storytelling boom (Drive to Survive and beyond) changed the sport’s reach—and what that template unlocks for new audiences

Wolff’s personal journey: early racing roots in Scotland, learning to compete in a male-dominated environment, and the mindset shift that comes with confidence and leadership

How the NFL Draft became a traveling mega-event—and why it delivers huge value for the league and host cities

“Monetizing hope”: why the draft functions like a Super Bowl moment for every fan base, even the worst teams

The mock draft / draft grades media machine—and why the “report cards” are largely unknowable in real time

Why investor demand is pushing up valuations in MLB, NHL, and the NWSL as NFL/NBA prices soar

NWSL expansion fees as a proxy for broader second-tier sports growth and scarcity dynamics

Conversation timeline (mm:ss):

02:10 Why F1 Academy exists and what success really looks like

03:31 Should there be a separate women’s racing league?

05:12 How F1 Academy got every F1 team to back the series

07:48 Wolff’s memoir Driven and lessons from racing’s toughest moments

09:45 How she got started in racing—and when F1 became the goal

12:30 Leadership ambitions, focus, and building F1 Academy for the long term

13:21 Why docuseries changed F1’s global audience

15:18 New storytelling partnerships and reaching new fans

16:49 What needs to change next: education, access, and expanding opportunity

 

Links & resources:

F1 Academy (official): https://www.f1academy.com/

F1: The Academy on Netflix: https://www.netflix.com/title/81722244

Hello Sunshine (Reese Witherspoon’s production company): https://hello-sunshine.com/

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Fernando Mendoza joins Alex Sherman to discuss an unconventional draft run-up, the mindset needed to lead at the next level, and how he’s approaching brand-building and money management before ever taking an NFL snap.

They start with Mendoza’s pre-draft interactions—combine meetings with multiple teams and a single Top 30 visit—plus what it means to focus on finding the one franchise that truly believes in you. From there, Mendoza reflects on meeting Tom Brady during his Raiders visit, why Brady’s mental and emotional approach stands out to him, and how he plans to learn from great coaches and teammates if that becomes his landing spot.

Mendoza also opens up about the role sports psychology plays in his development: visualization, breathing habits, sleep, and a daily commitment to improving physically, mentally, and emotionally. Even as a projected top pick, he explains why he still sees himself as “at the bottom of the totem pole” among NFL quarterbacks—and why earning leadership matters more than being handed it.

On the business side, Mendoza discusses his education path (including business programs at Cal and Indiana), the importance his family places on being informed, and how NIL has changed the timeline for athletes to form major brand partnerships. He highlights his partnership with Boss (alongside Adidas), and how presenting well off the field is part of the identity he’s intentionally building.

 

Key topics covered:

Draft process realities: combine meetings vs. Top 30 visits, and why “you only need one team”

Meeting Tom Brady through the Raiders and what Mendoza hopes to learn from him

Sports psychology habits: visualization, breathing, sleep, and mental performance training

Competing vs. starting right away: Mendoza’s “whatever the coach decides” approach

NIL partnerships, personal brand building, and why Boss fits the “class act” standard he’s aiming for

Investing priorities: saving, living frugally, giving back, and his family-first motivation tied to his mother’s MS

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CNBC's Lillian Rizzo joins Alex Sherman on what may really be behind the Justice Department's antitrust investigation into the NFL. Then, Alex speaks with Shelly Cayette-Weston, President of Business Operations for the Charlotte Hornets, about how the organization is strengthening its business foundation while building a winning culture on and off the court.

She details what the president of business operations role looks like for an NBA franchise, from overseeing ticket sales, sponsorships, operations, and community engagement to leading fan experience strategy across more than 150 events at Spectrum Center each year. She also explains how the Hornets are measuring progress through attendance growth, business performance, and deeper community connection.

Alex and Shelly also explore why the Hornets’ recent gains are about more than improved on-court play. Shelly points to long-term ownership vision, fan re-engagement, market growth in Charlotte, and major investments like the $245 million Spectrum Center renovation as key drivers of momentum. She also discusses the changing regional sports media landscape, and how the organization is thinking about future revenue growth across ticketing, premium experiences, partnerships, and media rights.

Topics discussed:

 01:57 Hornets attendance growth, franchise momentum, and building a winning culture

 03:08 Lessons Shelly Cayette-Weston brought from the Cleveland Cavaliers to Charlotte

 05:18 Why business performance is not solely dependent on wins and losses

 06:53 How fan engagement, legacy fans, and the Spectrum Center renovation boosted attendance

 07:39 The Hornets’ revenue strategy across ticket sales, sponsorships, premium, and media

 10:08 The collapse of the regional sports network model and what it means for local NBA rights

 11:29 What is next for the Hornets, including the Novant Health practice facility and long-term fan experience plans

 12:47 Why the franchise believes its young core and draft capital position it for sustainable growth

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