David Rosenthal

It's not a percentage because it's debt.

So in your capital structure, you can have a maximum of $800 million of debt that you carry.

You can have about twice that if you are buying a team.

So they let you go...

double it in the process of purchasing to have more debt to finance the deal, but obviously still, you know, double that to $1.5, $1.6 billion.

That's not going to buy you a lot of an NFL team these days.

Maybe for like the Bengals or somebody, you know, not for a real team.

No, Bengals are great.

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.