David Rosenthal

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.

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.