David Rosenthal

And it's ironic that probably the one really big glaring area in the original episode that we didn't cover at all

was the dynamics of team ownership, and thus collectively, in aggregate, league ownership of the NFL.

Now, this is actually probably good because this is also the single biggest thing that changed in the NFL since we made the original episode.

Right.

Okay, so what has happened over the last couple years?

The NFL has long had a pretty strict code around team ownership.

So other sports leagues have regulations, too, about who can own teams and what ownership groups can exist, etc.

But the NFL has always had the strictest set of regulations around this.

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.