David Rosenthal

Okay, so that's the principal owner needs this 30% stake funded with cash.

In addition to the principal owner, that person is allowed to have up to 24 other minority owners as part of their ownership group.

But those 24 other people must be silent with no operational control.

And the way they actually structure this is hilarious.

They structure it like an investment fund.

It's a GPLP entity.

So the principal owner is the general partner.

And then all the minority partners are limited partners.

We'll get back to that in a minute.

Okay.

So, okay, for a long time, this ownership structure and ownership code was actually, I think, a key part to the NFL's strategy working.

It might have actually been the single biggest driver of this whole architecture that we've talked about all episode working.

Exactly.

These are real flesh and blood people, not corporations.

They have enormous skin of the game.

A huge portion of their family's wealth is invested in the clubs.

They run them personally.

They make the decisions.

They are effectively the CEOs of these organizations.

And you're able to get all 32 of these people, or 31 plus the Packers, into a room a couple times a year.