Ben Gilbert

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.

Forbes now estimates the annual revenue multiple in the NFL is 10.7x, which is up from 9x in 2024 and 6.4x five years ago.

So in five years, it went from 6.4x to 10.7.

It's funny how supply and demand will do that.

Yeah, investors either think there's much more durability and growth in these franchises than they did before, or they just don't care and they want to own a scarce asset.

It is funny to just do the quick math on what the sort of carry is on the carry type thing.

So at 10% stake of a team that's worth eight ish billion dollars.