00:00Can I ask what's going on? Because there was the Cleveland Browns getting an Arcto state tune,
00:03another high watermark valuation. Maybe I'm just like so completely removed, but why is it we're
00:08getting all of these NFL sale deals happening right now? I'd say that, you know, a couple of
00:13years ago, the NFL approved private equity and there have been a number of limited partner
00:16acquisitions, both in private equity and others who are just using private equity as an option
00:21and then going to sell to traditional limited partners. So it's a flux of things, but Arcto's
00:26has been the most prolific sports private equity investor for a long time. They have
00:29over 20 investments and they have three in the NFL alone. So this Browns stake is a big one. It'll
00:34be purchased over time, but this 3% is a big deal and the Browns are building a stadium. So
00:39I'm sure
00:39the funds could go towards that. By the way, separate from the NFL, the other big deal news
00:44around sports in general feels like LiveGolf and the fact that they're inching closer to bankruptcy,
00:50hoping someone might give them the cash infusion that they're no longer getting
00:53from the Saudi public investment fund. Is there any white knight in shining armor that might come
00:59to rescue Live? We're going to find out. I mean, the bottom line is Live is losing the funding from
01:03PIF and they're going to market trying to say, Hey, can we find other investors? If they don't find
01:08that then bankruptcy is an option. It remains to be seen. If anybody is going to be, as you describe
01:13it, the white knight to come and save things. But when you're doing bankruptcy filings, it's sort of
01:17like the writing is on the wall. So we're going to see how it all plays out for the rest
01:21of the year.
01:21But if they can't find anybody, then this could very well be the end.
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