Ben Gilbert

Can they take fees and carry on their LPs?

Or is it a...

Permanent capital, individually held by highly motivated, passionate individuals, not thinking like a pool of capital would.

You needed an ownership change and suddenly you needed it fast.

And the most recent purchase was the year before

Yes.

So you already have this new very high watermark and you already found the family behind Walmart.

So like, okay, you need to keep going down your list of where can we find liquid principal family owned capital?

But private equity desperately wants to get in.

And more than ever, you now need private equities money.

But the NFL still has leverage.

It's still the cream of the crop thing to own.

And they've watched private equity go wrong in all these other sports leagues.

If you're a random movie star who happens to own a little tiny bit of a team, you have the same rights as a PE firm who owns 10%.

So you texted me this.

I couldn't believe it.

But suddenly everything makes sense.

Yes.

That's why there's an anointed set of four.

It's not just there's only four PE firms we trust.