David Rosenthal

So with the one grandfathered exception of the Green Bay Packers, which are a publicly owned nonprofit corporation... Sort of.

Sort of.

Except for them...

Every other team in the NFL must be controlled by a single principal owner who is a natural person and not a corporation.

And that person...

and their family must have a minimum equity stake in their franchise of 30%.

And that must be pure equity, like funded with cash or by appreciation of the value of your ownership of the team.

by one person, one family.

You are allowed to have debt in your capital structure, but the league imposes a ceiling.

That ceiling is currently $800 million with one exception.

Oh, they've denoted it as a number.

Yeah, yeah, yeah.

It's not a percentage because it's debt.

So in your capital structure, you can have a maximum of $800 million of debt that you carry.

You can have about twice that if you are buying a team.

So they let you go...

double it in the process of purchasing to have more debt to finance the deal, but obviously still, you know, double that to $1.5, $1.6 billion.

That's not going to buy you a lot of an NFL team these days.

Maybe for like the Bengals or somebody, you know, not for a real team.

No, Bengals are great.