Ben Gilbert

It's like totally fascinating that the government thinks it's good enough for the country to issue an antitrust exemption.

It's like, well, having a big popular sports league is good for us.

So let's enable that to be as big as possible.

Yeah, there's no way you could spend the amount of money it takes to produce a good NFL game without the audience that they have to justify that level of cost.

Right.

I think it's about $44 million per game is effectively what the average broadcast partner is paying the NFL just for like one single game.

Yeah.

And just for the rights.

Right.

If you're the NFL, if you can go make $44 million by making a game happen, and that doesn't include anything on the field, selling tickets or that's revenue just from piping that game to a TV network.

Right.

or they're not even doing the piping, allowing a TV network to come on the field.

Yeah.

Right.

Then you can afford to have a whole bunch of costs to make that experience happen.

Yep.

Value creation, value capture.

And the way that I want to do value creation, value capture here is of the value created by the NFL in the world, how much of it do they capture?

There's a thing we didn't talk about, which is taxpayer-funded stadiums.

All the research you read about new stadiums that are funded by taxpayers, and not every stadium is funded by taxpayers.