David Rosenthal

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.

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.