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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