David Rosenthal: uncertainty

Transcript context

…That's why there's an anointed set of four. It's not just there's only four PE firms we trust. There's four PE firms that we went and we did a deal with, where if they buy into our league, we effectively get carry on their investment because when they sell, we get some of the profits. It's funny, you asked about carry in the ownership structures. 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 carry on investor ownership on franchises in the league. It feels like the ultimate pinnacle of the collective capitalism mindset and ethos of the NFL. Now, one interesting thing, a way to look at this is that it is the NFL pulling yet another lever at their disposal to achieve competitive parody. The league is using the fact that PE firms want desperately to be in as a way to redistribute the wealth from increases in these incredibly high value teams that private equity is buying into and distributing that out to all of the other 31 owners.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.