Bik Nazer

No, because for instance...

If you look at these numbers, the amount of revenue coming in for some of these leagues is just not high enough.

The MLS, the valuation for the teams are, what, average?

$800 million, but each team is making about $82 million per year.

It's more about with MLS.

Like Jordan says, I have no idea how an MLS team can have that value when there's no real TV deal.

This is an Apple TV league.

How are they making that much money?

They're not making that much money.

Right.

And I think that's part of the issue here is are the revenues going to catch up with the valuations because the valuations have gone up because of the expansion.

Right.

And team and people are looking to invest in sports league because generally speaking, there is exponential valuation growth over time.

But at some point it is going to stagnate, I'd imagine, on the MLS, because to Bix point, if you don't have the best on best, it does limit to some extent how you can sell your product.

I mean, that's a that's a divisional game.

That's big.

Whoever loses is getting first overall pick.

That's a huge.

The only market in the NFL where people may not care is Jacksonville.

Right.