Ben Gilbert

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.

It's there's four PE firms that we went and we did a deal with where if they buy into our league, we effectively get carry on their investment because when they sell, we get some of the profits.

Now, one interesting thing, a way to look at this is that it is the NFL pulling yet another lever at their disposal to achieve competitive parity.

The league is using the fact that PE firms want desperately to be in as a way to redistribute the wealth from increases in these incredibly high value teams that private equity is buying into and distributing that out to all of the other 31 owners.

Right.

If you do that, we all get paid.

Yeah.