David Rosenthal

But in practice, this is exactly what it is.

The NFL invented a way to charge Kerry on investor ownership on franchises in the league.

It feels like the ultimate pinnacle of the collective capitalism mindset and ethos of the NFL.

Yes, exactly.

That's what I was going to say.

And I think this was one of the big sticking points that emerged in the owner meetings as they were contemplating how to do this, which is that only a subset of the teams are going to avail themselves of the private equity option.

either through sales of the franchises or through minority stake investments that have been happening a lot.

Right.

But it would have created an imbalance, right?

Of like, you know, some subset of the teams have embraced private equity, gotten these big liquidity stakes, had their valuations get reset, and the other set of teams hadn't for whatever reason.

They decide the family wants to keep 100% or near 100% ownership, etc., etc.,

This is just brilliant.

Well, it's funny you say mostly not liquid assets.

A large number of them have become liquid assets.

Yeah, because what's basically happened...

There have been no full team sales since the commander's transaction that precipitated all of this.

But a large number of teams have used this as a way either with private equity or interestingly, more often without private equity, usually with family offices to sell minority stakes in the franchises and get liquidity for the ownership group.

The prices are set, yeah, by institutional capital.

So the Dolphins, Bills, Chargers, Giants, Eagles, 49ers, Raiders, Browns, and Patriots have all sold minority stakes over the last, call it, two years.

And all at extremely higher valuations than they would have had this not happened.