Ben Gilbert

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.

So quick, interesting math.

So as of today, Forbes estimates the average team is worth $7.1 billion, up from $4.5 billion when we did the episode.

Team valuations now are $228 billion in total, up from $140 billion when we recorded the episode.

That's up 62%.

And again, these are estimates because these are mostly not liquid assets, but interesting to know that.

Have opened up sales to minority owners.

But private equity being able to buy in, since they're a bidder, drives up the valuation.

So even though they're opening up sales to all these individual people.

I also heard from some wealth managers that advise people who are buying into teams that they are allocating this to people's fixed income portfolio.

Wow.

That buying into an NFL team, you almost treat it like... Like an annuity.

An annuity, yeah.

I just know that it's going to spit off this much cash each year, and it's like buying a bond.

Oh, multiple expansion is crazy.