David Rosenthal

And again, you can understand why.

Like, having these strong principal owners that can all get in a room and negotiate, think long-term, have a huge part of their family's net worth be the team...

Yeah, it all makes sense.

So this is where the NFL proves once again that they truly are N of 1.

So they meet with a bunch of private equity firms, talk amongst the ownership group, hammer out a new set of ownership regulations for NFL teams.

And here are the four major rules that they drop.

Number one.

The NFL will approve a set list of private equity firms, large private equity firms, who have the opportunity, the option, the ability to invest in league franchises.

That list is vetted by the NFL, subject to change, and if you are not on that list, you are not allowed in.

And that set of firms right now is only four.

Four very large private equity firms that have the anointed ability to invest in NFL teams.

Number two, those private equity firms are now allowed to own up to 10% of the equity in NFL franchises, but no more than 10% under any circumstances.

That is the smallest cap of any major sports league out there, if they have caps at all, on private equity ownership.

Three, these private equity firms will be fully silent limited partners in the ownership group with no control and no rights, peri-pursue exactly the same effectively as all of the previous individual limited partners in the ownership groups.

Yep, you have the same rights as Aries Management or Sixth Street or Carlisle or, you know, the small set of firms.

And then number four, this is the kicker.

Upon any eventual sale or monetization of the ownership stake that private equity would have in an NFL franchise,

A portion of the returns on that investment get skimmed off the top and go back to the NFL and then get distributed equally among all 32 NFL team ownership groups.

This is wild.

It's funny, you asked about Kerry and the ownership structures, and I don't know mechanically and legally how this actually works.