Lalit Modi

And so then if you look at a total revenue basis, the NFL total annual revenue, everything local central added up, is on the order of $20 billion a year. And then, like we just walked through with IPL, right now it's call it $1.6, $1.7 billion a year. Yep.

And so then if you look at a total revenue basis, the NFL total annual revenue, everything local central added up, is on the order of $20 billion a year. And then, like we just walked through with IPL, right now it's call it $1.6, $1.7 billion a year. Yep.

And only plays 74 games a year. All of this incredible. Already, if you look at it on the per-match basis, it's number two to the NFL.

And only plays 74 games a year. All of this incredible. Already, if you look at it on the per-match basis, it's number two to the NFL.

It's absolute economic impact of this.

It's absolute economic impact of this.

Totally. It's a tenth the size of the NFL today by that respect.

Totally. It's a tenth the size of the NFL today by that respect.

Right. So as you're comparing business dynamics here versus other leagues and particularly the NFL, on the one hand, you've got this albatross, if you will, of the BCCI taking 50% of central revenue.

Right. So as you're comparing business dynamics here versus other leagues and particularly the NFL, on the one hand, you've got this albatross, if you will, of the BCCI taking 50% of central revenue.

And you don't have the capital heavy nature of the stadiums, which there is risk and opportunity to that as we'll get into in a minute.

And you don't have the capital heavy nature of the stadiums, which there is risk and opportunity to that as we'll get into in a minute.

And as revenue keeps going, they're going to get really, really, really profitable. Right. So right now, at a billion-dollar valuation, that's 20 times EBITDA, you know, pre-tax earnings, whatever you want to call that. And it's, what, 12x revenue? That's a pretty attractive valuation as an investor.

And as revenue keeps going, they're going to get really, really, really profitable. Right. So right now, at a billion-dollar valuation, that's 20 times EBITDA, you know, pre-tax earnings, whatever you want to call that. And it's, what, 12x revenue? That's a pretty attractive valuation as an investor.

And there is a reasonable financial valuation here, unlike many of the other leagues where the teams trade primarily on asset values instead of as P&L, you know, scarcity value. Right.

And there is a reasonable financial valuation here, unlike many of the other leagues where the teams trade primarily on asset values instead of as P&L, you know, scarcity value. Right.

Yes. So I proposed to you a couple days ago that we bring back a version of the bull and bear case that we used to do here at Acquired. And... In this case, I think we should do bull, bear, and mega bull. Because I think there is a mega bull case here. And the question specifically we should address in this should be, is there a reasonable path

Yes. So I proposed to you a couple days ago that we bring back a version of the bull and bear case that we used to do here at Acquired. And... In this case, I think we should do bull, bear, and mega bull. Because I think there is a mega bull case here. And the question specifically we should address in this should be, is there a reasonable path

that the IPL could 10x in revenue economic impact over the next set of time and be equal to, or perhaps even in Megabull case, greater than the NFL in terms of economic value and revenue-generated impact. to be the number one or tied as the number one sports league in the world.

that the IPL could 10x in revenue economic impact over the next set of time and be equal to, or perhaps even in Megabull case, greater than the NFL in terms of economic value and revenue-generated impact. to be the number one or tied as the number one sports league in the world.