Ben Gilbert: uncertainty

Transcript context

…Well, the NFL ownership group had so constrained the buyer investor market before it. Like such a tiny, tiny narrow window that buyers and investors actually had a lot of leverage. This has opened that window much, much, much wider. It is funny to just do the quick math on what the sort of carry is on the carry type thing. At 10% stake of a team that's worth $8 billion, you're putting up 800 million as a private equity firm. Let's say that goes up 30% before you exit your position. That's a gain of 240 million. I have no idea what the spiff is or the carry. Let's assume it's 10%. I don't know if that's conservative or not, but it's less than 20%. That 10% would be $24 million that the rest of the owners just get for free as a little thank you for letting private equity participate in our league here. 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.…

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