The Importance of Liquidity in Sports Teams

The service was really liquidity to minority owners, where it was allowed for sports teams. The North American leagues do not let their owners use a lot of leverage on these businesses. And what they've had to do is just roll their free cash flow back into those opportunities and sort of pick which opportunities to fund. So I came at this three and a half years ago with a second of a split. We totally missed the appetite for growth capital.