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Nike is a new sponsor the United States Olympic committee to sportswear company paid up to fifteen million dollars to have the dream team of American basketball stars.
Where the iconic nineteen solution Beijing but in 2004.
The dream with nightmare -- for the first time since 1992.
The NBA -- did not bring home the gold so like most good business says.
Bad results bring in big changes recently -- sat down with Charlie dense and he's the president of Nike -- -- -- he.
The dream team's coach and Jerry Colangelo he's the CEO and director of the USA Olympic basketball team.
We talked about partnership US Olympic Nike basketball.
-- tell me about your investment in teen USA or -- investment how big an investment.
Well it's a it's a big investment obviously we're the number one brand in this sport of basketball.
And as as we go to Beijing and C.
What could be one of the greatest teams ever assembled.
Our ability to participate with them is is something we're looking forward.
And it is a lot of new product a lot of innovative product and putting in on some of the best players in the world.
Showing off -- vision will be great moment for us.
Have you ever thought -- now he risks.
To this investment in marketing I ask you because you and I both he came out reporting earnings last week he did it handily beat the street but the street raised some concerns about the fact that the marketing spending here on the Olympics is too costly.
What do you say to those people who.
Think that it is a risk that the company.
I think this is one of the things that we feel really strongly about we have some of the greatest newest and most innovative product we've ever launched ever.
And so putting that resources behind it to make sure that everybody understands and knows about it is something we're looking forward to it.
You know one of the -- that has been talked about a lot for major retailers plan to your thoughts on here.
Is the rising cost of fuel and what those costs are doing either to a declining -- declining US dollar or just the fact that fuel costs are so high in terms of getting your inventory accessories out there.
Is that the big impediment right how worried you sifting through that light -- He threw it I think the good thing about Mikey today that it's a global company and we operate in the global economy so.
Some of the economies maybe US is slowing down a little bit that we just announced.
-- -- -- ever both here in the United States as well as abroad.
And China represents one of our largest growth.
Countries in the world.
And we just crossed the billion dollar mark in China last quarter.
Which was about five quarters ahead of our schedules so we're very excited about this is both here in USA as well as abroad.
Coach K why isn't that Nike -- -- good fit you know that the representative ran for this team.
Well I think it's the best friend first well most of the guys almost the whole team wears Nike.
It's a product that you can depend on.
And and it's not just about getting great product it's about partnering with someone they're good team player for us.
Jerry -- in -- the Chief Executive Officer of this team when you look at the team putting it together other than talent.
What are the kinds of things it looked more.
We want people who cheer the passion that we.
Coach K and I have four representing our country you know I say that he -- red white and blue and I believe that.
Jerry -- wanna read a quote that you said.
You said that you talk to the guys one on one and eyeball I ball and they were looking for a response he said.
Look here's what I'm demanding.
Don't ever embarrass me and I'll never embarrass you but this is all about pride represent your country.
If you wanna be -- part of this you've got to buy you 100%.
This is not have play if you can handle what I just said then I'll consider you but if you can't.
-- -- -- Is coach K the guy who can do that.
Well he he certainly can but I didn't have to give him that's been I've known him well enough that I knew where he.
Buy stuff that for the first liver so yeah there are some of the players I really felt that it was importantly heard the message but.
Taking a cue from -- -- just half the players that look you have going for.
-- is set that tone.
For what we're doing and how he's started those relationships with -- four net.
That's important whether it's a family of business.
You know you have business.
For businesses -- in or good businesses it.
They have straight -- -- honest communication and that's been the basis of our of our program.
Traveling then turned back to you if you bring home the gold.
What might that due to sales how important that goal we really think that that the gold medal game in Beijing.
Is we call that an ignition point for the rebirth of basketball around the world the the participation levels continue to grow and that just means.
A much better more vibrant marketplace for -- to -- Jerry there has been found that I guess he could say some rumblings.
About the selection of the team and the players.
Some talk that many of the players who were selected were Nike endorse athletes -- You know Gilbert Arenas is made comments there is talk about -- Paul -- know Kevin Garnett.
Talking about controversy why would these athletes selected to represent the United States.
I feel that was a pure process.
We we shared and forming.
The basis of what we wanted in the way of personality and we have -- We feel pretty good about it and I want to switch subjects and say something that I really wish to say and that is.
We have 300 million people living here in the United States.
There -- 300 million people playing basketball in China that's how big this whole thing is.
As far as -- is concerned and as far as we're concerned.
In three years ago I had a chance to share my vision with the Nike people.
-- more than bought into -- they committed to USA basketball and I appreciate and respect.
And I think that commitment they've made is as evidenced by what they've already accomplished.
I would tell you that none of these guys were picked because of -- -- -- -- They were picked because of the feelings and there are.
And their commitment to what we're doing.
Coach K there will be -- who will.
Speculate particularly if you take home the gold that this might be the perfect transition into the end Yankee a lot of money to be made as a coach it.
And -- championships at the college coaching mean.
Would you consider.
While my advice you from a business standpoint what would be not to go for what that's speculation by that's.
Because you're not gonna make any money from that stuff if that's if that's the basis for mind.
I felt like I could answer I have to turn to the three of you now and just finding out how big a deal would be mechanical.
For us as a company which it would via a great finale to a great trip so far but it wouldn't be that destination and we just via a great amount possible.
How big how big would have been one of gold medal how big is that when your biggest dream becomes a reality.
You know I don't think it's any bigger than that I've been blessed with a lot of -- things in my life but this would be this would be the number one -- bring back the gold.
Well the NB AUS Olympic all starts he was first assembled for that 1992 Summer Olympics in Barcelona Spain.
The dream team's first competitive this year will be -- -- would they play in Beijing on August 10.
-- look at it over.
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