By Aris Barkas/ barkas@eurohoops.net
There have been a lot of reports during the last few days about delays of payments from FEDCOM media and explanations about the awkward situation.
However, FEDCOM media and Skweek were created not just as distributors of EuroLeague content, but with a much bigger ambition as innovators of the French basketball ecosystem. This was just the start of a much wider spread project around Europe.
Having this in mind, it’s strange to combine it with reports about delays of payments – which were totally valid – which also created a sense of uncertainty about the whole project.
That’s why Eurohoops contacted FEDCOM media and had a long conversation about the current situation, which ultimately seems to be just labor pains at the start of a really ambitious endeavor.
“We understand that when we push for change, we might get push back”, said Chief Bussiness Officer Jose Luis Roda-Medina on the current situation, while CEO Oleg Petrov (photo) when asked if he feels that there’s the belief that FEDCOM media is being viewed in France as the proverbial “golden goose” he smiled.
“I don’t know if we are the “golden goose” or “Santa Claus”, but we have a business plan and big ambitions for basketball not only in France but also in Europe because we see a huge potential”, he said.
While FEDCOM media, practically a branch of FEDCOM which also owns Monaco and has become a sponsor to ASVEL, has the financial means to dominate the French basketball market, there’s a much wider picture about the sport that interests them.
“We knew from the start that monetization of our investment will not be imminent”, said Petrov, “but we also see an opening in the market we see as a great opportunity. We have invested, we have closed some deals and I think that for the time being there’s no other party who is able to do it as we are.”
This doesn’t mean that FEDCOM media wants to “own” French basketball and then move on to the rest of Europe.
As Rosa Medina explained without giving any further details: “We are now the only player looking at this roadmap with these ambitions, but we are open to partners and will absolutely welcome the right one, which are conversations we are having right now”.
And while FEDCOM media is focused on audiovisual content, there’s much more into play and the big picture is really big.
“We are lucky that anything in sports starts with what is happening on the court”, Rosa Medina elaborates, “the success that French basketball is experiencing will bring more parties to the table, and there’s a real enthusiasm on our side to welcome that interest but our enthusiasm can’t be misinterpreted and lead to any mismanagement of expectations or any rash decisions for that matter as choosing the right set up of partners, will be key. Our mindset is that this is not a sprint, this is a marathon and the game itself is the starting point, the spark. Game content, the production, all that is absolutely key, to portray the talent that is on the court in the French market, which we believe is a sleeping giant poised to be one of the bigger leagues in Europe”.
“Skweek Live and sports real estate”
That’s why despite a level of animosity by local stakeholders, the whole project will continue its progress with Rosa Medina making this clear, but keeping in mind the way the game is portrayed at all levels has to improve.
As he said: “What we have seen, is that all partnerships need the correct context and tip-off with no misinterpretations or any type of mismanagement, and that this whole process needs to be flawless, to be able to succeed in the packaging of the game itself. We have a great studio in the center of Paris, where now during the Olympics we will see great basketball, we will cover that surely but our eye is more on things beyond just media. Our strategic focus for next season will be on our newly created division called Skweek Live which will be looking at the acquisition of sports real estate. Our focus is media now, but there’s a pipeline of opportunities in real estate we will be looking at”.
Το be exact, FEDCOM remains interested in buying the LDLC Arena. As Oleg Petrov confirms: “Yes, we are interested, this is one part of our interests. It’s a great new arena, a great city, but we are not the only party interested”.
However, this is only the start as Petrov said: “There are many big cities in Europe and we want to invest in basketball, to produce value for consumers”.
Rosa Medina explains further: “We are diving deep into the purchase of both arenas and basketball at a grassroots level. Looking at democratizing access to great and accessible basketball playgrounds. For example, Greece has great basketball academies and mixing this with a playground/pickup model is one in which we would be very interested. When we say real estate, it’s not only arenas, it’s also these playgrounds/ academies, that will be a big pillar for us moving forward”.
This is on top of the current business media model. “We are not thinking of stepping away from the media business, but we are a start-up and we have to be very careful with every euro we spend”, Rosa Medina says.
Oleg Petrov sums it up in a very clear way: “We are as committed as ever, Skweek is here to stay and the things that have been written to the press, don’t change anything. We are eager to work on our plans for the future, I repeat we have to be careful, we have to keep going and the core factor is finding the right partners, not being the sole risk takers. This is a long-term project, it’s still there and we are moving ahead with the same enthusiasm”.