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Quest Means Business
Bill Gates Proposes Major Limits On A.I. Development; Australia Says OpenAI Agent Breached Government Health Portal; Trump Discussed Iran With Xi, "We're Going To Do Great"; Reports: Manchester City Guilty Of Breaching Financial Rules; Rubenstein: My Book Is About Why Investors Buy Sports Teams; Rubenstein: Passion Transcends Profits For Sports Team Owners; Rubenstein Weighs In On Public Art In Washington, D.C.; Pope Leo Begins Four-Day Trip To France. Aired 4-5p ET
Aired September 25, 2026 - 16:00:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:11]
RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": It is Friday. The closing bell is ringing on Wall Street. Trading is coming to an
end. The market is bullish and blue -- sorry, green -- bullish in green. Bring trading to a close if you would be as kind XPRIZE Wildfire and a one
and two and a one, two, three, four.
Good gains across all the markets and all the indices as we end the week, there you see the NASDAQ is up half a percent as well. Those are the
markets and these are the main events of the day.
The A.I. safety debate: Fact or fiction, fact or fear mongering.
Bill Gates and Jensen Huang offer opposing views in interviews with CNN.
Xi Jinping's trip to the U.S. ends with a visit to see the Declaration of Independence, but without much progress on key issues.
And valuations of major U.S. teams are soaring. The billionaire owner of the Baltimore Orioles tells us owning a team is about more than money.
So we are live in New York. End of the week, Friday, September the 25th. I am Richard Quest and I mean business.
Good evening.
We begin tonight with a warning from Bill Gates, who is now joining the chorus of tech leaders in proposing major limits on A.I. Bill Gates warns
as the models become more powerful, they could begin to act against our interests and we could lose control. Bill Gates is proposing a tax on A.I.
and robots in order to slow down a shift away from human labor, telling Fareed Zakaria that A.I. could cause a major catastrophe.
(BEGIN VIDEO CLIP)
BILL GATES, CO-FOUNDER, MICROSOFT: The likelihood of major cyberattacks that are A.I. enabled that shut down a hospital or electricity, it is very
high.
And so the prescription of let's get this policing layer in, at least if we've laid the groundwork of what would that look like, and are there some
tradeoffs that, yes, humanity working together should be able to make?
If we have those ideas in place, then perhaps it will take some awful events before we will really decide, yes, this is very much worth doing.
(END VIDEO CLIP)
QUEST: And you can watch the rest of that interview with Fareed Zakaria with Bill Gates on Sunday at 10:00 A.M. New York, 3:00 P.M. in London.
Separately, in an interview with NBC's meet the press, Mr. Gates warned that A.I. could take a staggering toll on human life if it falls into the
wrong hands, saying it is powerful enough to drive events that could cause billions of deaths.
The head of NVIDIA agrees that A.I. safety is paramount, and that seems to be where the agreement ends. Jensen Huang says some of the worst
predictions are not realistic. He told Anderson Cooper if A.I. firms are worried about their models, then they should just stop.
(BEGIN VIDEO CLIP)
ANDERSON COOPER, CNN HOST, "ANDERSON COOPER: 360": There are a lot of people who are scared about how fast this is moving, the dangers of it. You
are not one of them. Why?
JENSEN HUANG, CEO NVIDIA: Well, first of all, A.I. safety is paramount. Nothing could be more important. However --
COOPER: Isn't the competition the most important thing? I mean, the race?
HUANG: No. Actually, no and the reason for that is if you don't build something -- if you don't build something that the market could benefit
from, and it is unfunctional, unsafe, unreliable, all of those "un" things are obviously, you're not going to be successful in the competition will
take care of itself.
And so if you want to be competitive, you want to be successful as a business, we want to create an industry. The first thing we have to do is
job one is to create something that works. And this is a big deal because in the last six months, it wasn't until the last six months that we really
created A.I.s that were useful.
And now, it is really important for us to make sure that not only are the agents useful, that as we are testing them, they are well-contained. As we
are testing them, that as we deploy them, that they are monitored because these agents are obviously interacting with the world, they are interacting
with other websites and so on and so forth, interacting with tools and memory and files. They have access to information.
And so you want to make sure that they are properly contained, that they're given access control and whatever privileges and rights that it has, like a
digital employee does and you put that inside some kind of a sandbox, a runtime, you know, if you will, some container.
[16:05:10]
And the second thing that you need to do is make sure that you continuously monitor it. If your agent were interacting with a website, in this case,
the example that you used, it is interacting with a website, but it is not supposed to, you should be able to monitor that agent and detect it early
so that you recognize that it is doing something it shouldn't, and either - -
COOPER: But in these attacks, oftentimes they're not discovered for months.
HUANG: Because they're not being -- we need to monitor them much more continuously.
COOPER: But I mean, the people who are working closest, the people who are on the front lines of the frontier models, the frontier of this technology,
they seem worried, whether its researchers, engineers, or the CEOs -- Dario Amodei, Sam Altman, they are raising alarms, saying we need regulation.
Aren't they the ones closest to these models who would know best about what is needed?
HUANG: If they're worried about it, they should just stop. If the product is not safe, just don't release it.
COOPER: It is that simple? I mean, these are multibillion dollar companies. The competition --
HUANG: That's what every company does. That's what we do. That's what a car company would do. That's what anybody would do.
If you're -- of course --
COOPER: There are companies that have gone forward with products that, you know are not safe or are risky, and they go forward anyway because of
competition. That's why there is regulation.
HUANG: Well, if a regulation is necessary, if they don't have self -- first of all, they ought to have self-restraint -- if they -- if they are
telling everybody that their product is unsafe, they obviously know it. They are publicly admitting it. They ought to just not release it, okay.
Now, having said that, I am not advocating for no regulation, I am just simply saying self-restraint does not require regulation.
Now, if the industry would benefit from regulation, whether it is setting standards, as you know, Sarbanes-Oxley has done a good job setting
standards for financial regulation and that has been good for the industry.
And so if there are regulation that addresses the problems that we now understand, I am in favor of it.
(END VIDEO CLIP)
QUEST: Much of the talk of the week surrounding A.I. came from Australia, where the Prime Minister of Australia said this week that an A.I. model
hacked into his country's health records.
Anthony Albanese says an OpenAI agent accessed both public and private information and even wrote files into the database. It is the first known
such attack of this kind on a government network. OpenAI said they didn't know about the June hack until two months after it happened.
Andrew Forrest says this incident has crossed a red line in terms of needing regulation. He is the Mining chief executive. He has been
sponsoring discussions between U.S. and Chinese policy experts on A.I. oversight. Andrew Forrest told me on Thursday, if governments and tech
leaders wont rein in A.I., then he is happy to do it himself.
(BEGIN VIDEOTAPE)
ANDREW FORREST, FOUNDER AND EXECUTIVE CHAIRMAN, FORTESCUE: As computer scientists, not the top dogs whose names are on everyone's lips, but the
scientists underneath them have said, when I've said, well, what will it take for the off switch to be designed and for you to be told, put in an
off switch? And I've said, well, because that is going to take a truckload of work, Richard, it will slow us down and no one is going to take that
responsibility on their own because everyone else will speed up.
QUEST: But everybody agrees there is a problem. Everybody agrees that there is not only a practical problem, a social problem, but a humanity
existential problem.
FORREST: Well, those very same scientists say when I asked that question, what will it take? They say it is going to take a major human catastrophe
before people listen to us.
We crossed a red line last night, North American time in Australia. We discovered that agents, which just once they started, Richard, they go on
forever. They work every second of every day. Unless they stop, they just go on.
They're not like humans. We will peg out one day. They live forever. They work every day. Those agents hacked into the medical records, deeply
personal, Richard, of every single Australian and that this is a monster problem. That is a red line crossed.
QUEST: Right. There are several issues on that as the Prime Minister in Australia made clear, but the first was when this happened back in June,
earlier this year; the second was when the authorities were notified about it and by all accounts, the Prime Minister in Australia is furious.
FORREST: Well, he can jump up and down about it. That's completely fine. The U.S. president, the president of China, they don't have laws. So they
actually didn't -- there are no laws stopping this. There is no culpability.
[16:10:02]
When I ran a huge mining industry, you know, 23,000 to 24,000 people, my truck hits a little car or my ship hits another ship, I am responsible. I
might be only chairman, but I take immediate personal responsibility.
That's not happening. That is because there are simply no laws. And don't jump up and down and blame the companies. You don't have regulations in
place. And all I am saying, it is a simple regulation, but it is tough having an A.I. off switch.
If you don't have it on A.I., it could well develop to have an off switch on us and that is what needs to be developed and the industry and
government working together. Now, I don't say it can't be done because we've just done it between America and China, and that's in a very tough
part of the world, military.
QUEST: Are you offering to help here?
FORREST: I am absolutely offering to help.
QUEST: Are you offering to be the person that bridges that gap between everybody?
FORREST: Richard, that's not up to me to decide. I know that I can, I know that I know all the players, they are all coming to me for energy. They are
all coming to me to create green tokens. Obviously, I know governments because of the Chinese American military dialogue. We speak to them. I am
delighted that one of those presidents came out and said, a human must be in full control, but it needs an independent player of some sort.
If industry wants to ask me to do it, I will step up. But I am not stepping up to make anyone rich. I am stepping up because A.I. is certainty. The
toothpaste is out of the tube. I just don't want that toothpaste to be poisonous.
QUEST: But if we have a U.S. president that is against further regulation, that is against slowing down, then you are already one hand tied behind
your back.
FORREST: I don't think so. This morning, the same president who said all you need -- all you need, mate, to fix the A.I. problems is to a really
bright, intelligent president in The White House.
Now, okay, I don't know too many of those, but great. That's great. What he said this morning was you don't need anything more for guardrails. We've
got the Department of Justice. Bang! That means he is saying we need some laws for the Department of Justice to hang their guardrails on. That's
called regulation.
So he himself said, you've got the Department of Justice. Now, that means regulation. And you've got the Chinese president saying, we've got to keep
a human in the loop. I think we are making serious progress. Now, they are not telegraphing like I am telegraphing and saying, actually, those
computer scientists who I mentioned earlier, they are the people who have looked at me with tears, Richard, saying, it is going to take a
catastrophe.
I am hoping that red line savagely crossed last night is enough to have Xi, Trump, our boy, whoever you want, wake up and say, okay, let's have
industry and government come together.
(END VIDEOTAPE)
QUEST: Andrew Forrest talking to us. It is QUEST MEANS BUSINESS at the end of the week.
So the U.S. and China, the two presidents have now finished their landmark summit that took place in Washington. After the break, we will talk about
what it all means and who got what out of it. Was it all just smiles as the leaders sat down? The real test begins.
(COMMERCIAL BREAK)
[16:15:00]
QUEST: China's Leader Xi Jinping is returning home on his way back to Beijing after his three-day state visit -- Summit meetings in Washington.
Very high on pomp and pageantry, the details and the progress, less so.
If you take overall, President Xi extended an invitation to Mr. and Mrs. Trump to visit China again. President Trump said they discussed the war in
Iran and that U.S. agriculture would benefit from the summit.
(BEGIN VIDEO CLIP)
DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES OF AMERICA: I think our farmers are going to be very happy, a lot of very positive things happened,
but America is very happy about this visit, and I am sure China is very happy also.
Great things for both countries and it has been just very, very productive.
(END VIDEO CLIP)
QUEST: Alayna Treene is at The White House with more, and I guess, it is always -- I mean, you know, the fact that the two men were meeting and that
in itself is beneficial. It is better to talk than not.
But if you had to point to some concrete results, I am guessing we might be looking a little threadbare.
ALAYNA TREENE, CNN WHITE HOUSE REPORTER: That's exactly right. I think what we really saw out of this summit was a lot of handshaking, a lot of these
two leaders heaping praise on one another and really, this White House doing a lot to make this seem just as lavish as the visit that the
President had when he visited Xi Jinping in Beijing back in May. But we didn't get a lot of substantial details on any sort of deliverables.
I will tell you, heading into this State Visit, Richard, we know there were many topics that they wanted to discuss, or at least that White House
officials had prepared the President on things like artificial intelligence, Taiwan and specifically this question of when will the U.S.
resume arms sales to Taiwan and this question of Taiwan independence, which, of course, the Chinese do not want the U.S. getting behind, but then
also questions about trade, about critical minerals. The list goes on, the Iran War, I should add.
Now, we do know they did discuss some of these subjects that President Trump said that they did talk about the war with Iran. Unclear, though, if
Trump pressed him on the reporting that we know that the Chinese had provided intelligence and satellite imagery to the Iranians throughout the
course of the war, or if the President asked Xi any sort of actions as it relates to that.
Similarly, on artificial intelligence, there were a lot of A.I. leaders and tech CEOs who were part of that State Dinner in the East Room in that
building behind me last night, but again, no real substantial deliverables on that either.
So could we be waiting to hear more? Were there any agreements that were struck? Perhaps! But we weren't told of any of them. And I can tell you,
typically this White House and we know the Chinese are the same, would like to promote them if they did come to pass.
QUEST: On this business, as you were saying, about the trade, at least it has been sort of -- it has been extended until the new year, but the idea
of Donald Trump and the First Lady going back to China, is that likely before -- I mean, how long is a piece of string? I realize it is an
impossible question, but just from what you're hearing, is there a sort of a feeling at The White House that they would all like to go back to Beijing
before the end of the administration?
TREENE: So I am not sure about Beijing, well, perhaps before the end of the administration, I think, you know, if you're referencing what we heard from
the President, he did post on social media at the end of this visit that he had a great meeting of friendship with Xi and Madame Peng. And he noted
that he would be meeting again with Xi in November.
From my conversations with people at The White House, Richard, they are referring to the President visiting China to attend the APEC Summit in
November. So that would be, of course, a new development. He also noted that Xi will be coming back to the U.S. in December for the G20 meeting,
which China is a part of in Miami.
Unclear if he will go back to Beijing, but I think it is certainly possible. I mean, we've seen these two very eagerly want to have these
types of meetings. This is the second time the President has met with Xi this year. He has also met with him previously in his second term. So, I
assume we will see more meetings between these two.
[16:20:04]
QUEST: I am grateful to you. Thank you very much. Of course, I had completely forgotten about APEC and the G20 never ends. Every time you turn
around, there is another G something. Thank you. Have a lovely weekend. Good to see you.
Now, oil prices. They fell, and for good reason. Iran said it had offered the United States new proposals to open or reopen the Strait of Hormuz.
Iran's Foreign Minister says the offer is part of a plan to restart talks towards a final deal.
Tehran is calling for the U.S. to meet certain conditions within seven days, including lifting the blockade, et cetera.
The Foreign Minister says those conditions are similar to the tentative deal that was reached in June. Look at the numbers. Brent crude still over
a hundred, though $104.30, WTI, $92.50, but it is now lower on the week and President Trump sounded confident when asked earlier in the day about the
current oil situation.
(BEGIN VIDEO CLIP)
REPORTER: President Trump, did you discuss the war with Iran during your discussions with President Xi? Did you discuss the war with Iran?
DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES OF AMERICA: We did.
REPORTER: Did he offer you anything concrete?
REPORTER: Do you think there will be progress made in the Strait of Hormuz?
TRUMP: I think we are going to do great.
(END VIDEO CLIP)
QUEST: Richard Haass is President Emeritus of the Council on Foreign Relations, author of "The World: A Brief Introduction."
Sir, it is good to see you. I am grateful that you've given us time tonight.
I mean, where do we begin? Do we begin with Xi and Trump and not reaching agreement? Or do we begin, in your view, with Iran putting a deal on the
table, which suggests that they are more urgent than the President or that they realize he has got midterms? Where do you want to begin?
RICHARD HAASS, PRESIDENT EMERITUS, COUNCIL ON FOREIGN RELATIONS, AUTHOR "THE WORLD: A BRIEF INTRODUCTION": Your show.
Well, on the former, I think you've basically covered it really well. There was much more show than substance. Much more talk about cooperation than
evidence of any real cooperation. So again, I suppose in principle, like you, I prefer that the two leaders meet and talk with some frequency, but I
am hard pressed to see any measurable or tangible gains.
And what I can tell you, the United States did not press China on their support for Iran or their support for Russia against Ukraine and all the
talk about A.I. shall we say, was incredibly loose in general.
QUEST: So if you will, we end up with a mushy status quo where neither side is gaining, neither side is losing and we are in this sort of anomie state
where no one is really quite sure what, what fills that vacuum?
HAASS: Well, I wouldn't quite put it that way, because what worries me is the other point I would have mentioned is that U.S. relations with its
principal allies in the region and partners -- Japan, South Korea and Taiwan are all weakening and in particular, Taiwan.
The fact that we've put on indefinite hold our arms sales to Taiwan plays into the Chinese strategy of creating a loss of confidence in Taiwan about
what it can count on the United States for. So, I worry that things are somewhat shifting in China's favor.
And that that to me is grounds for obvious concern.
QUEST: Turning to Iran, the latest proposal that the Foreign Minister has put through backchannels is an interesting one, because it is playing on
the fears of the midterms.
It is essentially a deal we've seen before with sort of a few bells and whistles on it, but essentially it is the same idea of lift the blockade,
get rid of the sanctions, and we will open the Strait of Hormuz. Now, it is really up to the President, whether -- the U.S. President, whether he just
blusters through to the midterms at these higher prices?
HAASS: I think he is running out of time on that. The midterms are what? Five, six weeks away now? So even if you had an agreement between the U.S.
and Iran, and I am skeptical, you'll get one anytime soon, it would take quite a while for many of the knock on effects, interest rates have already
gone up, inflation is in the so-called pipeline. It will take months for energy prices to come down, particularly diesel, which affects food prices.
So I think in a sense, it is probably too late, and President Trump, I think he reads the polls and Republican candidates are in trouble.
I thought it was interesting, Richard, that in his talk at the U.N., what did he say? I am not on the ballot. Republicans are on the ballot. So I
think he is already beginning to distance himself a little bit from the likely results of the midterms.
QUEST: This week, for those like yourself, who live and are high in the foreign policy world, this week, of course, is Christmas, Easter, Hanukkah
everything all rolled into one with the UNGA, for those of us that get caught up in the traffic, I often wonder whether it is just a waste of
time.
So, sir, balance out the pluses and the minuses to what we learned this week.
[16:25:08]
HAASS: Waste of time is a bit harsh, but the U.N. has essentially been reduced to a venue for side meetings and speeches. Serious diplomacy
doesn't happen inside the U.N. as an institution, in large part because the Security Council, which is the executive organ of the U.N. is as gridlocked
as the streets around it.
So nothing serious, you know, nothing much serious happens. And again, you have side meetings, you have speeches. It has become the New York
equivalent of Davos.
QUEST: One of the -- and to that very point, I was interested to read during the week that of course, there will be a new Secretary General who
will be coming along in the New Year and I am wondering whether it is a sign of the state of -- the poor state of the U.N.
I looked at the names that are being promoted. I didn't recognize any of them. I mean, I didn't recognize anybody of any -- I am not saying these
aren't good men and women of great experience, but to have the stature, to be able to pull the thing together, surely the last thing that the U.N.
needs is just another relatively obscure diplomat. It needs a leader that people know and can follow.
HAASS: It doesn't really matter. You could have a leader that someone with proven talent and expertise. It wouldn't matter. Russia is not going to
budge no matter who presses it on Ukraine. China is not going to budge on Taiwan.
The United States is uninterested in climate change, has already withdrawn from the World Health Organization. Again, the U.N. is a reflection of the
state of major power relations. The last time it was really relevant, I would argue, was at the end of the Cold War, when the United States forged
an international coalition to oust Iraq and Saddam Hussein from Kuwait. There was consensus within the Security Council.
But what? A decade or so later, the U.N. was sidelined during the wars in the former Yugoslavia and the U.S. and the Europeans had to take matters to
NATO to do a workaround around the U.N.
So, again, I think the U.N. has been in decline for some time, long before Donald Trump, and I don't see that changing until essentially, you probably
get a post-Putin post-Trump, post-Xi leadership among the major countries.
QUEST: That's fascinating.
Richard, thank you so much, sir, for that, and now after the orgy of diplomacy is over, we can all have a good weekend and have a strong drink.
Thank you, sir, for taking time. Have a good weekend. Good to see you.
HAASS: Thank you.
QUEST: Now, after the break, the bombshell development in the English Premier League. Manchester City has reportedly been found guilty of
breaking the league's financial rules. So assuming which we will, for the purposes of this story, that it is accurate, now, we have to look at what
it means, what the fine, what the penalties are? What happens? Where does it lead?
We will knead it all, after the break.
(COMMERCIAL BREAK)
[16:31:09]
QUEST: Hello, I'm Richard Quest.
You and I together, a lot more QUEST MEANS BUSINESS. We will be talking about when we'll delve into the troubles facing Manchester City football
team.
And David Rubenstein tells us he gets more criticism in his role as owner of the Baltimore Orioles than any of his private equity deals. We will get
to that after the headlines, because this is CNN, and here, the news always comes first.
Leaders of the U.S. and China have finished their summit meeting. Xi Jinping is returning to China after three days in Washington with Donald
Trump. The two then reportedly spoke on issues like A.I., trade, Iran, and Taiwan.
But there were no major agreements announced.
U.S. Supreme Court has voted to let states use a controversial database to audit the citizenship status of voters. The federal database was redesigned
by the Trump administration to let users to search multiple records at a time.
Past searches have mistakenly flagged eligible voters as non-citizens, and that's raised fears of disenfranchisement. The Supreme Court's unsigned
opinion comes only weeks before the U.S. Midterm Elections.
Pope Leo is finishing the first full day of his visit to France with a youth prayer vigil. Thousands of people have joined him at the Stade de
France outside Paris, an eventful day for the pontiff, who also led a service at Notre Dame and met the French President Emmanuel Macron.
Manchester City Football Club has reportedly been found guilty of breaching the Premier League's financial rules. According to sources that tell -- The
Athletic that the club was found guilty on 114 of 115 charges that were heard by an independent commission.
The Premier League has declined to comment. Man City says the process is ongoing.
Patrick Snell is with me to bring us up to date on what it's all about.
PATRICK SNELL, CNN INTERNATIONAL SPORTS ANCHOR AND CORRESPONDENT: Hi there, Richard.
Yes, this is an absolutely huge story across the football world and beyond. No question about that. Not a good look for the Premier League, the most
lucrative, and dramatic, and attractive league in the world. No question about that. Nor Manchester City, nor their Abu Dhabi-based owners.
We are waiting to hear from the Premier League on this. This is according to multiple reports on Friday. I do want to be clear off the top, Richard,
that Manchester City have consistently denied any wrongdoing in connection with this, and I'm pretty sure they are absolutely going to appeal this,
which could force this to drag on even longer.
We have already been going back some seven or eight years. These charges first brought in 2023, most recently, and we have been waiting seemingly an
eternity to actually just sort of find out what was going to happen.
(CROSSTALK)
QUEST: Right.
SNELL: But what are the charges then? In a nutshell, the Premier League alleging City failed to provide accurate financial information between a
nine-year period between '09 and 2018, as well as failing to comply with UEFA's Financial Fair Play regulations during a five-year period.
Why is this so critical, Richard? Because during this time, City won a whole heap of trophies, a whole heap of silverware, including breaking
their 35-year trophy drought when they won the 2011 F.A. Cup. But more importantly, they won three Premier League titles. So, it raises all kind
of questions now.
Are we going to see other clubs making legal claims against Manchester City?
(CROSSTALK)
QUEST: All right.
SNELL: Clubs that finish second, for example.
QUEST: Right.
SNELL: Clubs that were relegated, for example.
QUEST: OK. But when we talk about these charges and financial things, and not disclosing, is -- I mean, I realize this is highly detailed stuff. But
is it that they did -- they spent more than they were allowed? Is it they didn't tell people how much they had? Is it that they shifted the money --
allegedly, of course, shifted the money around?
(CROSSTALK)
[16:35:04]
SNELL: Yes.
QUEST: What was it that they were supposed to be doing?
SNELL: It's that failure to provide and disclose accurate financial information. That's basically what we have got to go on at this point,
Richard. And that is the sense there. What is that implications of that, and what might the repercussions be?
Also, that failing to comply, as I mentioned, with European football, UEFAs and their financial play -- fair play regulations as well. That's
absolutely critical.
But I want to get reaction now from one fan at Etihad Stadium on this day, Friday, giving his reaction to today's news. And now, thoughts turning to
the club's ownership as well, and leaders. Take a listen.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: I think can loads of fans. I think they will have lost the trust of loads of fans. The people, the fans, they will never have the
same trust in the owners and the club again. But there is the true fans that will stay with the club through thick and thin, but obviously, they
will lose quite a few, just for everything that's going on.
(END VIDEO CLIP)
SNELL: Manchester City statement on this Friday, Richard, let's get to that. "The Premier League process remains ongoing," per the statement,
"with significant elements to be completed, and subject to strict confidentiality. As such, Manchester City's position remains consistent
with the Club's statement of February 2023. The Club has diligently respected due process for eight years on the basis the Premier League Board
and Executive would behave as an independent, impartial, and fair-minded regulator, free from partisan influence."
So, what might these ramifications be, Richard? Potentially, according to the Premier League's handbook, City are potentially looking if this -- if
the appeal is not successful from that, that point of view, a points deduction, an unlimited fine, and the biggest one of all, potential
expulsion from the Premier League. Will they be stripped of those titles as well? They won three Premier League titles during that nine-year period I
mentioned. This is going to run for quite some time to come.
Two things to recap: City deny any wrongdoing, highly likely to appeal. We'll stay across it all for you, you can be sure.
QUEST: I'm grateful. Thank you, Patrick Snell.
In a moment, the billionaire David Rubenstein has worn many hats throughout his career. Co-founder of Carlyle, chairman of the Kennedy Center, even the
principal owner of a major baseball team. In a moment, he talks to Pauline Newton about his book on the business of buying a sports team.
(COMMERCIAL BREAK)
[16:40:10]
QUEST: There is been a surge in the valuations of sports teams in the last few years. Ever since professional leagues started allowing P.E., private
equity investment.
David Rubenstein says his firm Carlyle sees its stake in the NFL's Seattle Seahawks as a bid opportunity. The millionaire himself entered the sports
market in 2024. That's when he became the principal owner of baseball's Baltimore Orioles.
He also told Paula Newton about his new book on the business of buying a sports team.
(BEGIN VIDEOTAPE)
DAVID RUBENSTEIN, CO-FOUNDER, THE CARLYLE GROUP: I bought the Baltimore Orioles with some partners about three years ago, and I just felt there
hadn't been that many books about why people buy these sports teams. And I thought if I could give my story about why I did it, and then, interview
other owners about why they did it, it might help people understand what owners are all about. And that was the reason for it.
PAULA NEWTON, CNN INTERNATIONAL CORRESPONDENT: You are born and raised in Baltimore, and you make a point that that's where your pedigree is. Your
grandparents were there as well.
So, you say that you bought the team in this context that I bought the team, not so much to make money, but rather to help my hometown and be part
of the effort led by Governor Westmore and Mayor Brandon Scott to revitalize, strengthen, and return pride and purpose to Baltimore. So, it's
been three years. How is it going?
RUBENSTEIN: Well, it's been tough. We haven't done as well as I would have hoped. Obviously, the team is not doing as well this year as I would have
hoped, or last year as well as I would have hoped.
On the other hand, we have added a lot of really good talent to the team, and we have had some very good back up, as people we have added, and so,
I'm optimistic about the future.
But the reason I bought the team was that I'm from Baltimore, and I grew up and got a public education there. My parents are buried there. I'll be
buried in Baltimore, and I just thought that I had done enough for Baltimore philanthropically compared to what I've done elsewhere. So, I
decided, at this point in my life, I would do more for Baltimore.
And as a result, I thought if I bought the team and helped revitalize the team, would revitalize downtown Baltimore, and help in other ways.
NEWTON: So, what have you learned about what more you need to do? And I ask specifically, because in your book you speak to so many owners from
different sports, not just baseball.
(CROSSTALK)
RUBENSTEIN: Right.
NEWTON: So, you must have learned something, right? And speaking to them about what you might do better, what you might do next.
RUBENSTEIN: The owners are really determined to win at almost any legal way they can do so. And so, it's a different kind of situation. Also, I get
criticized more for what I do in the Orioles or praised more for what I do in the Orioles, anything I've ever done in in my life. And so, it's
interesting. I could buy a much bigger company at Carlyle, and nobody pays that much attention to it.
But now with the Orioles, which is you know not a gigantic enterprise. This baseball teams are nice companies, but they are not multi-billion-dollar
revenue kind of companies.
Carlyle buys multi-billion-dollar revenue companies all the time, and it gets virtually no attention compared to what you get from a sports team.
NEWTON: And yet, these marquee teams are so attractive to so many people like yourself for different reasons. What surprised you, if anything, when
you spoke to these owners across so many leagues?
RUBENSTEIN: What surprised me is that their passion for winning transcends the profitability situation. In other words, they want to make a profit.
That's how you measure success to some extent in business and professional sports as a business.
But winning a championship is just so much more important to them than the bottom line. And they have a passion for the sport that is really well
above what an average fan would have. And so, everybody who's bought a sports team, glad they did it. I couldn't find anybody who said that they
wish they hadn't bought a sports team.
People that buy sports teams are pretty happy with having done so, even though not everybody is going to win a championship every year, obviously.
NEWTON: And in some cases, it really has outsized valuations. I know the NFL is the poster league for this, but across all leagues, even women's
sports now, the valuations are enormous.
One of the most intriguing things I've heard recently came from the new Seattle Seahawks owner, Vinod Khosla.
You know, his point is that he feels that from a business perspective that owning a sports team is a great hedge against A.I. tech, A.I. disruption.
It's live sports. It's happening live. You know what you can monetize there. What's your opinion of that?
RUBENSTEIN: Well, I should disclose that my firm, Carlyle is an investor in the Seahawks, so you have to discount what I say, perhaps. But I think
Vinod, who I think is a brilliant businessman, has obviously got a got a -- good approach to it. He has made a lot of money in tech investing and
venture capital investing, and this is kind of a hedge against that to some extent.
The price that was paid, $9.6 billion is a very high price to pay. But I think most people went in, or a lot of individual investors that went in,
including my firm, Carlyle, are pretty happy with the price because the prices have been going up, because T.V. contracts are likely to go up from
where they are now.
[16:45:12]
So, on the whole, I don't think people are upset with the price that we paid.
NEWTON: David, just to move on here -- so, you can confirm that the sculpture Blue by Joel Shapiro. It was a feature at the Kennedy Center. You
bought it, right?
RUBENSTEIN: I have not physically paid for it yet. I have agreed to buy it from the foundation, and I'm happy to give it to the National Gallery of
Art. The National Gallery of Art, though, has to approve it. It hasn't technically approved it yet. I am the chairman of the National Gallery of
Art, but it hasn't yet approved it. So, it will have a vote on that at some time in the fall.
But it's my intention to have it go there if they want it there. If they don't want it there, then it goes somewhere else, perhaps. But I don't
intend to put it in my backyard. I think it should be on public display. I think Joel Shapiro is a really gifted sculptor. Unfortunately, passed away
about a year or two ago, and -- but his daughter is now running the foundation. I think, they are happy.
I can't speak for them, but I think they are happy that it will be on public display. It will take a while to do it, and it has to be positioned
at the right time. It will take a while before it's on public display if the National Gallery of Art wants it.
NEWTON: Why was it removed? I mean, why do you think this even happened in the first place? What were you told is --
(CROSSTALK)
RUBENSTEIN: I haven't been in touch with the president about it or the White House, so, I don't really know. My impression from afar is that the
president wants to make changes in the -- in the Kennedy Center, and this is an example of a change he wanted to make. I think, he wanted to have
different sculptures, ones that he liked better. He is the chairman of it now. So, it's his decision.
I was the chairman for 14 years, and I had my decisions then, and now, somebody else is the chairman. But, you know, what can I say? I'm not in
charge of the Kennedy Center any longer.
(END VIDEOTAPE)
QUEST: That's David Rubenstein.
Investment advice can come in many forms. For Chinese entrepreneur and investor Snow Li, it came from her fortune teller that took her all the way
to Abu Dhabi, where she is now a driving force in both the business world and the artwork.
CNN spoke to Lee about her dual passions as part of our "FOUNDERS IN FOCUS" series.
(BEGIN VIDEOTAPE)
ELENI GIOKOS, CNN ANCHOR (voice over): Thousands of valves, different shapes, different sizes, and one very large market. Entrepreneur Snow Li is
part of a growing push to bring Chinese industrial expertise and investment into the UAE. She sees an opportunity for her business right here in Abu
Dhabi. She is the vice chair of M.T. Group, the company behind the largest valve manufacturing facility in the MENA region. These valves are critical
equipment used by the region's oil and gas industry.
SNOW LI, ENTREPRENEUR AND INVESTOR: We want to build a supply chain here. It's something you need in the region.
GIOKOS: Her interests stretch from advanced manufacturing and energy to strategic resources and technology. But for someone used to making big
investment decisions, her bets on Abu Dhabi started with some rather unconventional advice.
LI: My fortune teller. He told me that it's a good opportunity for you discover a new city. Name is Abu Dhabi. So, I said, OK, we try. And he told
me also it's a good time to invest in property. So, I bought this one and I bought others.
GIOKOS: One of those properties became home and a showcase for a different kind of investment.
LI: You can see my art collection that reflects my personality and also my hobbies. I'm very interested in heavy industries inspired by the family.
So, many collectible piece, furniture piece, or art piece I collect. It's also very heavy metal.
GIOKOS: She is been collecting art for more than two decades, with a growing focus on backing artists for the long term.
In 2024, some works from her collection went to the Louver in Abu Dhabi, making her the museum's first individual donor, forging even closer ties to
the country she now calls home.
LI: They never received any individual donation. So, we went all the legal and all the process for almost one year, and that is the way I contribute
to the city. And I think, it's a benchmark for everyone who loves the city to contribute.
(END VIDEOTAPE)
QUEST: There you are. In a moment, Pope Leo is in Paris as he begins his journey to France.
(COMMERCIAL BREAK)
[16:52:22]
Pope Leo has begun his four-day trip to France. And the pope has been holding a youth vigil at the Stade de France outside Paris. He has only
just left.
Earlier in the day, he visited Notre Dame, the first pope to do so since the devastating fire seven years ago.
Christopher Lamb is our correspondent and reports as the pope is, again, weighing in on current events.
(BEGIN VIDEOTAPE)
CHRISTOPHER LAMB, CNN VATICAN CORRESPONDENT (voice over): On board the papal plane to Paris, Pope Leo greeting reporters. And the first American
pope weighing in on President Trump's White House ban, signaling his support for the media.
LAMB: Thank you for having us on the plane. I just wondered if you had a word for some of our colleagues at CNN having difficulties at the White
House. I mean, you have spoken of freedom of the press.
POPE LEO XIV, SOVEREIGN OF THE VATICAN CITY STATE: Very happy that here you are all welcome. And good coverage I think is very important, and we have
it all the way around for everybody. Thank you.
LAMB: It is expected to be one of many strong messages the pope will deliver on his four-day visit to France.
On Friday, the pope visited Notre Dame, which shocked the world when it went up in flames nearly 7-1/2 years ago. It caused immense damage and led
to years of closure.
On Friday, Pope Leo paid a visit, the first time a pontiff has set foot inside the cathedral since it rose from the ashes and reopened its doors.
Leo XIV leading a prayer service in Notre Dame on the first day of his visit to France. The iconic 12th-century cathedral represents the spiritual
heart of France and one of the most visited cathedrals in the world.
The pope praying in front of its precious crown of thorns relic, believed to have been placed on Jesus's head at the crucifixion, and miraculously
saved during the fire.
Pope Leo is on the first official papal visit to France for almost 20 years, meeting the president and addressing the topic of A.I.
POPE LEO XIV: While intelligence is attributed to computational systems, we struggle to recognize the inalienable dignity of human persons whose lives
are judged according to the criterion of efficiency, and when deemed no longer productive, they are rejected and discarded.
LAMB: His trip also comes as France is seeing a surprising rise in young people joining the Catholic Church, a departure from the trend of recent
years, where attendance at mass has long been in decline.
PERE GASPARD CRAPLET, PRIEST AND YOUTH MINISTER (through translator): There is a kind of revival that was unexpected. Meaning, we don't really know.
Parishes don't know what to do with all these young people who wanted to be baptized.
LAMB: Well, hundreds of thousands are expected to turn out for a mass with Pope Leo on Saturday in central Paris.
[16:55:05]
There is a huge amount of interest in an American pope with French roots. One of Pope Leo's grandmothers was born in Normandy, in France, and another
grandmother born in New Orleans.
LAMB (voice over): While in France, Leo will face up to the legacy of abuse. A 2021 report into abuse by clergy sent shockwaves through the
country. The pope is meeting survivors while in Lourdes, a major Catholic pilgrimage site.
France, traditionally one of Europe's most Catholic countries, but with the strict separation of church and state. Leo's jam-packed visit covering the
pastoral and political, which he believes will send a message of hope and renewal.
Christopher Lamb, CNN, Paris.
(END VIDEOTAPE)
QUEST: Allow me to show you the way -- the way the week ended. Bearing in mind all that we have heard about tech and A.I. Wall Street closed in the
green today, with tech boosting the market midday, and then it all flattened out.
The Dow ended up 478 points higher. The 10-year U.S. Treasury passed five percent, a level that we have not seen since 2007.
Look at the Dow 30, and you will see that sea of green with the best of the day. Again, tech, look at that Microsoft up over 3-1/2. Down at the bottom
Sales Force again tapped down. But the losses are not really that significant overall. A strong day for the market.
We will have a "PROFITABLE MOMENT" after the break.
(COMMERCIAL BREAK)
QUEST: Tonight's "PROFITABLE MOMENT". A final word, if you will on F -- on Artificial Intelligence.
We have heard so many views over the course of the week. But there is a commonality of theme, and that is that we do need to get our act together,
and there needs to be some leadership to try and put guardrails before we all blow ourselves to kingdom come in some form or another.
I think, of all I've heard this week, it is arguably Bill Gates, who I found to be the most impressive. Why? Because Bill Gates has been around
almost the longest. He has seen -- he created Windows. He created the whole word. He created the sort of the backbone and architecture of mass use of
computers in the way that we do it today.
And to the extent that he is now warning that we need to be careful, and that he is saying something needs to be done, I put that near the top of
the tree.
Bill Gates knows what he is talking about. He's been around a very long time, and we would be foolish to ignore it. That's why I'll be listening to
his interview with Fareed over the weekend for more details.
[17:00:04]
Otherwise, next week I am in South Africa. If you see me, give me a wave, shake my hand, or say hello, or have a drink on the way. Because that's
QUEST MEANS BUSINESS for this Friday night. I'm Richard Quest in New York. Whatever you are up to in the hours ahead -- there you go -- I hope it's
profitable.
I will see you when I get back. Have a good weekend.
END
