David Rosenthal

I mean, everything we've talked about in this update have basically all been extremely positive developments for the NFL and its business.

But nothing we talked about until now would have caused 60% asset value appreciation in three years, except for this.

Well, the NFL ownership group had so constrained the buyer-investor market before to such a tiny, tiny, narrow window that...

buyers and investors actually had a lot of leverage.

And this has opened that window much, much, much wider.

Which, hey, in the context of the revenue of the NFL, that's not a lot.

But that's just for a transaction around an individual team.

Collectively, the transaction potential is 32 of those.

That's actually a reasonable valuation.

You're talking about 10x revenue and 20x operating income?

That remains the bear case for the NFL going forward.

All that said, for the moment at least, communist capitalism is alive and well in the NFL.

Yes, definitely.

And the answer to the question we had three years ago of could the NFL grow from here is resoundingly abso-freaking-lutely.

Yeah.

If by asset value, if nothing else.

Well, my thank yous are to all of our many friends in the 49ers organization who, sadly, I felt less bad about emailing this week after your Seahawks.

Yeah, yeah, yeah.

Knocked us out of the playoffs last week.

They've been immensely helpful, become good friends.