All right. So, I don't think it's surprising. I don't think it's surprising at all.We saw the Cowboys play on the kickoff game. The Eagles are the Super Bowl champs. They were locked in because they won the Super Bowl.Talk to me about the fact that valuations are rising and the fact that according to your research, 72 of the top 100 TV shows last season were the NFL games. Well, that's a big part of the reason why the values keep going up, Frank. The revenue streams are very predictable, which is part of th ...

Sean, thanks for coming back on the program. And I see you brought two of your partners in crime. I am curious about just how far you want to take Harbinger Sports and and whether the moment that we're in right now with all of the attention on alternative investing and specifically investing in sports league franchises, teams, if that is providing the opportunity going forward.Yeah, 100%. I think there is a huge opportunity. There are kind of three things happening at the same time.One, there is this macro ...

Valuation & Revenue Growth - Positive elements are converging to drive up valuations for the W, including patch on uniform, ad spots, and franchise valuation, all driven by revenue and a multiple of revenue [1] - The league experienced hypergrowth after raising capital in February 2022, leading to increased revenue for teams from gate receipts, corporate partnerships, and local media deals [2] - Team valuations have increased from an average of $5 million to $260-270 million over approximately five years [3] Media Deals & Market Dynamics - A significant national media deal, including with NBC, is set to begin next year, further contributing to the multiple and valuation [3] - The league is primarily located in major cities, with Connecticut being one of the smaller markets [4] - Some teams in smaller arenas are looking to upgrade to larger venues to increase revenue and gate attendance [4] Player Compensation - Collective bargaining is currently underway with the players association, with plans to return as much as possible to the players and implement transformational changes by the end of the year [6]

WNBA Expansion and Growth - WNBA is capitalizing on growing popularity and high demand, entering an expansion phase [3][4] - The league aims for 18 teams by the end of the decade, adding Cleveland, Detroit, and Philadelphia in 2028, 2029, and 2030 respectively, and Toronto and Portland next year [4][5] - Expansion balances game quality, player opportunities, and strategic city selection [5] Financial Performance and Valuation - WNBA is experiencing tailwinds for women's sports and sports in general, particularly in team valuations [6] - Positive elements like uniform patch valuations, media ad spots, and franchise valuations are driven by revenue and revenue multiples [7] - Capital raised in February 2022 helped the WNBA transition into a hypergrowth phase [8] - Team revenues are increasing from gate receipts, corporate partnerships, and local media deals [9] - Team valuations have significantly increased from $5 million to $260-270 million [9] Media and Partnerships - WNBA has signed a significant national media deal, including with NBC, starting next year [9] - Corporate partners and NBA/former NBA players are strong supporters of the WNBA [2]