Alan Waxman

They still had some of their media deals, but it went to zero.

So for the first time ever, they started to reach out to institutional partners.

Our whole thesis in sports is the biggest global brands in the world.

And our whole thesis in sports, and we can talk about live entertainment, is that these are historically local brands.

And because of technology, you can be on your phone and you can actually watch anywhere in the world.

You can be a Dallas Cowboy fan in Australia and watch, or a Real Madrid fan in China and watch.

That whole local to global thing.

That was our thesis.

So we literally just started, through our relationships, calling on the top global sports franchises in the world.

Now we've got San Francisco Giants.

We're partnering with the Dallas Cowboys and New York Yankees.

And then two of the biggest brands in the world, FC Barcelona and Real Madrid, we started calling on building relationships.

I mean, the deal with Real Madrid was...

They wanted to do business with us and we wanted to do business with them.

And it was, again, a whiteboarding exercise.

That structure we did with Real Madrid where we basically formed a joint venture with them, partnered with them on their stadium renovation, which is the Bernabea.

That was the use of funds, but we formed like a company that sort of owned the stadium assets.

When they came to us, they had an idea, we had an idea, and it was literally multiple whiteboard sessions to come up with that structure.

And now a number of people have tried to deploy that structure elsewhere.

FC Barcelona, again, because of COVID, it impacted their financials.