Sixth Street’s Playbook: Investing in NFL, NBA, and NWSL

Name: Video _2LfgJq-1j0
Uploaded: 2026-05-14T08:37:39.363040+00:00
Description: Summary and key takeaways on Video 2LfgJq-1j0: Summary & Key Takeaways, covering Sixth Street Partners Ethos Sixth Street operates with “complete flexibility”

May 14, 2026

•

2 min read

YouTube video ID: _2LfgJq-1j0

Source: YouTube video — Watch original video

PDF

Sixth Street operates with “complete flexibility” across asset classes, geographies, and sectors. Its architecture is “investor first,” deliberately avoiding large, bloated funds in favor of smaller, opportunity‑specific strategies. When evaluating potential partners, the firm watches how they treat employees and junior staff and looks for a unified vision, because culture, values, and clarity of purpose guide every investment decision.

Investing in the NFL

The NFL subjected Sixth Street to a rigorous vetting process nicknamed the “Proctology Exam.” This multi‑stage due‑diligence procedure examines financial stability, strategic fit, and cultural compatibility before any institutional investor can acquire a stake. The partnership with the New England Patriots’ owners, Robert and Jonathan Kraft, formed quickly because of immediate cultural alignment. Sixth Street’s thesis for the NFL rests on the league’s durability, the scarcity of its 32 franchise slots, and the leadership of Commissioner Roger Goodell. International expansion serves as a primary growth lever for the league.

NBA and Global Growth

Sixth Street entered the NBA early, taking an institutional position in the San Antonio Spurs during the COVID‑19 pandemic. That move signaled a “gentrification” of the NBA asset class as more private capital chased the league. A key driver of global engagement is the increasing presence of international players— the last eight NBA MVPs have been non‑American—demonstrating how a single star from another country can open up an entire market.

NWSL Expansion and Bay F.C.

The firm’s investment in Bay F.C. illustrates an asymmetric NWSL expansion. Expansion fees surged to $53 million, far above the $3–4 million historically paid for new teams. Sponsorship revenue is shifting from “impact” buckets to dedicated marketing (CMO) budgets, reflecting a more commercial approach. With supply of franchise slots remaining scarce, valuations for expansion teams are expected to keep rising.

The Future of Sports Ownership

Institutional capital is likely to take full control of NFL, NBA, or MLB teams, but only if valuations are underpinned by massive infrastructure and real‑estate development. Sixth Street stresses that “there needs to be substantial infrastructure and real‑estate adjacency to justify these valuations; otherwise, these valuations are gonna turn out to be probably too high.” In baseball, a potential fix involves integrating regional rights into a centralized model and allowing teams to pay “designated players” outside standard salary caps, creating new revenue levers.

Takeaways

Sixth Street operates with complete flexibility and an investor‑first architecture, favoring small, opportunity‑specific strategies over large, bloated funds.
The firm entered the NFL after a rigorous “Proctology Exam” vetting process and formed a partnership with the Kraft family based on immediate cultural alignment and the league’s durable, scarce assets.
Early institutional investment in the NBA, exemplified by a COVID‑era stake in the San Antonio Spurs, reflects a gentrification of the asset class driven by international player influence and global fan growth.
The Bay F.C. acquisition illustrates an asymmetric NWSL expansion where fees jumped to $53 million and sponsorship budgets are shifting toward marketing‑driven allocations, signaling rising valuations for scarce expansion teams.
Future sports ownership will likely see institutional capital fully control NFL, NBA, or MLB franchises, but only if teams back high valuations with substantial infrastructure and real‑estate development, as highlighted by the need for adjacency investments.

Frequently Asked Questions

What does the “Proctology Exam” refer to in the NFL’s vetting of institutional investors?

The “Proctology Exam” is a nickname for the NFL’s highly selective, multi‑stage due‑diligence process that institutional investors must pass before gaining ownership stakes. It scrutinizes financial stability, strategic fit, and cultural compatibility, ensuring only partners that align with the league’s long‑term vision and governance standards are admitted.

Why does Sixth Street stress infrastructure and real‑estate adjacency to justify sports team valuations?

Sixth Street argues that media‑rights revenue alone cannot sustain the soaring valuations of modern sports franchises; without tangible assets such as stadiums, training facilities, and surrounding commercial development, valuations risk becoming inflated. Investing in infrastructure and real‑estate adjacency creates revenue streams and community anchors that justify higher purchase prices and protect long‑term returns.

Does this page include the full transcript of the video?

Yes, the full transcript for this video is available on this page. Click 'Show transcript' in the sidebar to read it.

Helpful resources related to this video

If you want to practice or explore the concepts discussed in the video, these commonly used tools may help.

Books On Sports Business And Finance Recommended

Provides foundational knowledge on the economics of professional sports leagues and team valuation models discussed in the podcast.

Amazon →

Hardcover Notebook For Investment Research

Useful for tracking investment theses, partnership evaluations, and due diligence notes similar to the firm's rigorous vetting process.

Amazon →

Books On Private Equity Investment Strategies

Explains the mechanics of long-term capital structures and institutional investment strategies mentioned by the guest.

Amazon →

Links may be affiliate links. We only include resources that are genuinely relevant to the topic.

Summarize another video

Full Transcript YouTube

MLB, NBA, NFL.
Do you think in our
lifetime, the three of us,
there will ever
be institutional capital
that takes full control
of one of those 92 teams
Within those three leagues?
It will happen in our lifetime,
but there needs to be
substantial infrastructure
and real estate adjacency
to justify these valuations.
Otherwise, these valuations
are gonna turn out
to be probably too high.
Alright, Alex, we're
back at Bloomberg Invest,
massive conversation on
stage, live taping of The Deal
with Alan Waxman, co-founder,
CEO of Sixth Street Partners.
They own across lots of sports,
but I know there's one deal
you're especially interested in.
I am, and that's his
acquisition of a minority stake
of the New England Patriots.
And I wanna know how he
cracked a code with Robert
and Jonathan Kraft, who are in Mount
Rushmore of my ownership groups.
He's also done deals
across soccer, basketball,
and baseball.
So I have a prediction. You
guys are gonna fix baseball.
- Okay, let's go.
- All right, let's do it.
Please welcome to the stage
Alan Waxman for a live taping
of The Deal with
Bloomberg's Jason Kelly
and Alex Rodriguez.
Alan Waxman, great to see you.
I wanna set the table a little bit
and talk about sixth Street, your firm,
because I think it's hard to
understand, Alex, the context
of what you're doing in sports
without understanding the
context of the firm and,
and even some of what's going
on in the world right now.
So, 30 seconds, give
or take, what's the sixth
street investing ethos?
- Complete flexibility.
We invest across, from
day one, built the firm
to invest across asset
classes, geographies, sectors.
Where's the best relative risk-reward?
And we do that by having a team
and a culture of people who
that are over themselves.
No egos, no bs, no politics, no fiefdoms.
We built our architecture
to be an investor first architecture.
So we didn't build it to raise
the bigger and biggest funds.
We raised smaller strategy funds so
that we raise those funds to
the size of the opportunity.
And then we have extensive capabilities
and that's how we built
our firm from day one.
That allows us to look across ecosystems
and to find the best themes
and the best opportunities.
- Wax, you were one of the
early, early movers in sports
and you saw this early, you made
that early acquisition
getting into San Antonio Spurs
right after COVID.
But as a co-owner today, I have
my Mount Rushmore of owners
and two that sit right on
top of that list are Robert
and Jonathan Kraft.
I am fascinated by this
deal. How did it start?
Do you call Robert? Does Jonathan call
you? Walk us through it.
- First of all, I, I spoke
to Robert and Jonathan
before this and they
speak so highly of Alex,
so you've got some big
fans there. Thank you.
- My name didn't come up just
for the record, but go on.
- So, by the way, Jason's
super talented too. Yeah,
- Thank you. I really
- Appreciate that.
I talked to a lot of people
before this, so they,
they said we're super talented too.
Look, this all starts. So we
went through just context.
The NFL didn't allow private
equity or private capital
'cause we don't really think of ourself
as a private equity firm,
but they didn't allow
institutional investors.
So the NFL ran this big process.
Some might say it was a proctology exam,
and you go through a process
where they're trying to select,
you know, 2, 3, 4 people that
have sort of a golden key
to invest in the NFL.
But coming outta that process, the CFO,
I don't think I've ever
told this story publicly,
but the CFO of the NFL Joe Siclare is,
after we got approved,
basically sent me an email.
He said, Hey, you know,
and he was kind of the front lines
of their due diligence on us and others.
And he said, Hey, have you ever
met Robert or Jonathan Kraft?
I think you culturally would get along
with him, you should meet them.
And they weren't, you know,
looking to do, you know,
minority equity investment.
So he connected us.
We got together, and I'm summarizing this,
but literally instantaneously
it almost felt like family
where we had alignment on
team values, team culture
and clarity of purpose, which
obviously you see the results
of what the New England
Patriots have done,
but what you don't see
is all the little things,
those micro things they did in terms
of running the organization.
And we just clicked right away.
And that's by the way, consistent.
When you look at all the other
sports teams we've invested
in, they're all global
champions,
Real Madrid, Barcelona,
San Francisco Giants, San
Antonio Spurs, Boston Celtics.
Like there's a, there's
a, there's a theme here,
but the one common denominator between all
of 'em is alignment on culture,
values and clarity of purpose. I
- Have a quick follow up
on that for you Wax.
So once you get through
all the hugging and family
and alignment, alignment
and pricing, does that, do they say nine?
Do you say six? Do they,
does it go back and forth
or is that more, here's what we're looking
for. You. You agree
- The, the way that we do business
and the way that I,
I think the Krafts do
business both Robert Jonathan,
is this is a long-term relationship
and the last thing you
wanna do in getting a
partner is a back and forth.
It's, it's, you
kind of know what's fair
and you're just trying
to solve for fairness.
And it was a very short
conversation and we agreed on it
and we got in business together.
But you can just tell, by the
way, it's not just sports.
It's any company we invest in.
You can get a sense when
you're in the meeting,
you're watching the way
they treat their employees,
the way they treat junior people.
You know, you talk to
different people in the company
or the teams, are they all
seeing the same things?
Are they seeing seven different things?
And you can tell by just meeting everyone
what those culture, what that culture is,
what the values are,
and obviously do they
have clarity of purpose.
- And so let's talk about
investing in the NFL
because you,
you rightly pointed out
this was a long process.
The NFL was really the last of the,
the major North American leagues and,
and almost any league in the world
to really embrace institutional capital.
But what was it about this particular
deal financially?
And, and as you figured
out how to underwrite this
and did the diligence, what
was it about this franchise
and this sport that made
it a compelling investment
as a minority shareholder?
No rights. I mean, this, this
is, you're, you're in it,
but they're running it.
- Look, the first thing is like,
what's the durability of the league?
What's the leadership of
the league? They're A plus.
Like, all you have to do
is spend time with Roger.
- Roger - Goodell. Yeah, I
mean he, sorry, Roger Goodell.
I mean he's, and the people
below him, the owner there,
it's, it's a world class organization.
Then you get into sort of
the market, you know, the,
the Boston sports market.
We're also the Boston Celtics.
Like, it's a great sports
market. It's a great fan base.
And look, I think with all these you
- Are in New York, just,
just as a reminder,
New York's a great..
- Red Sox Are next. By the way,
- We're, by the way, we're partners
with the New York Yankees
and they're, they're great fan base too.
It's not exclusive. Everyone's
got their own cultures.
But look, I think at the end
of the day, like for us, like
the league itself, the
durability of the league,
the international expansion
opportunities, the fact
that just all these brands historically,
if you go back 20 years ago,
these brands were a local brands, you have
to get the local right?
But once you have the local,
right, the global opportunity
for all these brands, like take Wemby,
like we're investing in the
San Antonio Spurs.
I went last year when they
were playing in Paris,
it was literally like an NBA Finals game.
So you just turned on an entire country
and that's happening all over the place
and the NFL, those opportunities,
the international
opportunities of the same.
So look, for us it was pretty easy.
But again, this wasn't
a competitive process.
It was a handshake, it was
a set of relationships.
And that's how almost all
of our deals have happened
in the sports ecosystem.
- How do you think private
equity, private capital
has performed so far?
What has it been about what you
thought it would be in terms
of the uptake from the teams,
the uptake from the funds?
Like where is it now?
Where does it go next?
- I think it's happened about kind of
what we'd expect.
- Because it's been fairly minimal.
- Yeah, I, I think about
what, what we,
what we would expect.
I think the challenge is,
and this is why I think there's
an important delineation
between private equity
and private capital.
- Yeah.
- Because a lot of private equity capital,
the liability
or the fund structures, you have
to sell the asset in five to seven years.
That is a terrible,
that is a terrible idea
for investing in sports team.
Whether it's a control or minority.
So our, our vehicle, we
have very patient capital,
which is why I think there's
a, that really matters.
You know, a lot of these
guys own these teams.
They don't, they don't, they
don't have to sell, like,
they don't have to do anything.
And some of them just
want good, good partners.
So it's kind of happened what I expect,
I would expect over time,
if valuations continue to increase,
it's just gonna continue to grow.
But, and this is really,
I think the next wave
of sports is there needs to be
a substantial infrastructure
and real estate adjacency investment
to justify these valuations.
Otherwise these valuations are
gonna turn out to be in a lot
of cases, not all cases,
probably too high.
- I got one more on the NFL just
'cause it's such a juggernaut.
Do you wanna go first?
- No.
- Okay.
- I, I wouldn't.
- I love when you guys flow.
Yeah. I love when you guys flow.
- We're like a married
couple. Okay. Anyways, Wax.
When you think about the
NFL as such a juggernaut
and when you look at just P and L
and you dig down into just the thesis
of an investment, right?
Is it, when you look at an
NFL team, is it the market?
Is it scarcity, appreciation, cash flow?
What are the things that
excites you on sixth Street
about deploying capital in
- Football?
I think it's, it's all those
things. There's, it's scarcity.
Obviously different markets matter.
Ownership, culture values,
clarity of purpose that matters.
But again, you know, it
doesn't take a long time.
If you look at every youth in the world,
everyone's picking up
their phone all the time.
AI is just gonna continue
to consume people's time.
And I think the other thing
is that the sort of exporting
of sports, particularly global
brands into other markets is
gonna continue to increase.
And I think, again, I think that's an
opportunity for the NFL.
- It's interesting to,
to think about your..
- Can I ask you guys
a question?
- Sure.
What do you guys think?
- Jason will take any question.
- Flip, flip that question,
flip that question around.
What, how would you guys,
you guys talked to a lot of smart people.
How would you guys answer that
- Underwriting the NFL?
- Yeah,
- I, I mean it, I'll answer
because you prodded me into it.
It's really hard to do.
I mean, I think the,
the point you made about the
international opportunity,
I think is one that was
underappreciated for a long time
with the NFL and I think even
the NFL didn't quite fully
appreciate what the market was.
And I think as it's invested more
and more, you know, I did
a piece about Shad Khan
of the Jaguars and, and
Fulham F.C. a few years ago.
And understanding through his eyes,
he was obviously a pioneer
with the London based games.
I think that international piece,
I mean I know you've spent a lot of time
with Roger Goodell and others.
I mean that, that seems
to be the real growth market
in terms of both fans and,
and really the technology as such.
And I think you, and we'll
talk about this I think in the
NBA section too, the,
if you can truly globalize
American football,
I mean, good lord,
- Here's what I can tell you with fact.
There's excess demand
for sports teams internationally
in sports in cities that
want to bring NFL games to their markets.
- Yeah. So not to dodge your question.
So it's kind of the
things that I talked about
that I really like about
the NFL is the market's very
important, the scarcity.
Now think about if you're in real estate
and there's only 32 beachfront
properties and you own one of 'em.
So I would think about
that. The combination
of appreciation and cash flow.
It's very rare in sports.
And to have that like a moat
that you can actually underwrite it
and it's like A paper as A paper can get.
'cause obviously the national TV deal,
that's gonna get probably richer here.
And then I would say I would
over index in leadership
and I think Roger Goodell
is best in class, as good
as they get, as far as commissioner.
And then when you have
a guy like Robert Kraft
and Jonathan that makes it,
'cause at the end of the days,
forget what the numbers say,
you still have to be in partners
with families like a marriage.
And that's how I look at it.
- A hundred, a hundred percent.
And I'd say across the NFL,
there's some great owners across the NFL.
- All right. You wanna talk some hoop?
- Sure.
- All right. The, the NBA is interesting
and you have such a
fascinating lens here, Wax,
because you went into
the Spurs six years ago.
5, 5, 6 years, five and
change, yeah. Five and change.
And then you go into the
Celtics, you know, a number
of years later, the valuation
differential alone
is massive.
How did the opportunity evolve?
How did it change, as you've sort
of seen the NBA five six years ago
and the NBA today from
a business perspective?
- From an institutional
investor standpoint? Yeah.
Well first of all, we
were one of the first,
I think we're the first or the
second institutional investor
in the NBA where, you know,
the San Antonio Spurs,
we just literally, they changed rules
and we cold, cold called
the San Antonio Spurs.
So it was, you literally
- Just picked up the phone, and
you're like RC Buford, like,
you know, like what's up
bro?
To be fair, it's my colleague
Austin Bowers picked up the
phone and that's what we do.
Like we just picked up the
phone, I grew up in Austin,
so we had a view on
Austin, San Antonio view,
but that was different.
- All these people are like, Ooh,
cold calling, okay, I'm
gonna do that. Go ahead.
- Don't be afraid. Just
be really a real person
and just ask good questions.
You'll be fine.
Sorry that, that
was unsolicited advice.
So whoever was talking in the audience.
So look, I think back then, I mean
that was the middle of COVID.
So very different environment.
I mean these, you know, revenue
had gone to a zero for a lot
of, for a lot of these teams
were significantly reduced.
So very different environment.
It's, I would say it's maturing.
There's more people that are
obviously getting into it.
So it's, I'd say that the
competitive landscape is different
so that that's different.
But on the other hand,
- Competitive landscape from
an investor perspective,
- From there's just more
capital, which is a good thing.
This, there's the gentrification
of the asset class.
Like we, we were always
interested in investing in sports.
It's themes are only as
good if it's investible.
Maybe in public market,
in public markets you can express a theme,
but private markets,
you could have the best
theme in the world,
but if it's not investible
then it's a waste of time.
And COVID made it investible.
So that really opened it
up and started to gentrify.
Today it's very different.
First of all, we're at the
beginning of a new media deal,
so there's massive reraise
so that's different.
There's also a lot more capital.
But again,
the international opportunity
in the NBA, it's massive.
You look at the demographics,
you look at the number
of NBA players that are
from different countries
and again, it takes one player
on one team from one country
to come open up that country
and open up that country.
In terms of possible
engagement of new, you know, fans.
- Was that similar to you?
Is that what you guys saw in 21?
- Yeah, we we came
in around the same time.
Right after COVID, which was
a very scary time.
I remember my mom saying,
what are you doing?
Like you have the Disney
bubble, these stadiums are,
you're gonna go crazy,
you shouldn't uh do this.
I said, mom, I think I'm okay.
She made me think a little
bit. But what's exciting about
the NBA as we saw it,
like as you look at
where we are today in 2026,
the last eight MVPs
have been non-Americans.
And then when you think
about the global footprint
that Wax is talking about
and the opportunity,
I think we're really in
the early innings of what,
what we're gonna go as the NBA.
So it's very exciting.
- It's interesting as
we think back over the,
let's just make it about us for a second.
As we think back over the course
of this show's history, one
of our earliest guests was
Brandi Chastain, you know, one
of your co-owners in Bay F.C.
And what was so interesting
for us who followed this
so closely as a business,
your investment in Bay F.C.
an expansion team at
the time, was radical and new
because you were the
first institutional fund
that was allowed to become a control owner
of a major US sports team.
Tell us a little bit
about that deal
from your point of view,
we sort of heard
the Brandi perspective,
you know, sort of coming in
as a player, but this is,
this is new territory at
that time for a fund.
- Never have we made an investment
where people thought we were crazy,
but from our standpoint, it was one
of the most asymmetric
investments we've ever made.
So just for context, the
original, the last expansion fee
before we bought Bay F.C.
was I think 3 or $4 million.
And we paid $53 million,
two or three years later.
So people thought we were crazy.
But what got us on the
NWSL initially is my,
at the time nine-year-old
daughter, she was on her iPad
and she, she was watching an NWSL game
and I was like, huh, that's,
that's kind of interesting.
So look through prodding,
you know, through
a number of people around the ecosystem,
like you should take a look at this.
So, and I'm summarizing,
there's a lot, there's a lot.
My wife was involved
so she was prodding me
'cause she thought this was a
great investment opportunity.
She's much smarter than I am, by the way,
applied mathematics major.
But we started studying it
and we looked at the market
and at the time, like a
lot of the, a lot of the,
the sponsorship revenue was
in sort of the impact bucket.
It wasn't in the CMO bucket,
so the chief marketing officer
versus the impact bucket.
And that was just a major,
major opportunity for us
because we knew people were watching.
And it's actually the only
time in my entire investment
career where I actually
printed our investment thesis.
I put it out there publicly,
it's the first time
and only time we've ever done that
because I thought it was so asymmetric.
- You can find it on LinkedIn. I mean it
was a very popular LinkedIn post.
And I'm not a big social media,
I don't even have social
media, but we put it out there
because we thought just
for people to understand.
And sure enough, you know, now
everyone's talking about it
and we're, we're still
at the early stages,
but again, it's not gonna
be linear, the growth,
but it's, it's been a
good investment for us.
- Well, and and to be clear,
I mean if you think about
where the valuations have gone,
where the expansion fees
have gone, you know,
literally a year ago we were
sitting on the equivalent
of the stage, I think we
were actually downstairs
with Mellody Hobson.
She paid substantially more
for the Denver expansion
franchise, I think four times more
than you did to build in Denver.
And obviously Willow Bay,
who's been a guest on the show
as well, you know,
she bought Angel City at a
valuation of $250 million.
So clearly it's going up.
- It goes to anything
ultimately investing is about
supply and demand.
Like it could be the
best theme in the world.
But if there's excess supply
of capital, by the way,
this might rhyme with private credit,
excess supply capital and low demand,
low demand, that's not gonna
work out well. The thing,
going back to what you said Alex,
is these are scarce assets.
So there's valuable pieces of real estate
and as you start to sell
expansion teams, there's less
and less valuable real estate.
And what I can tell you, and
I'm go on the record here, is
that what Mellody
and Willow who are both two
incredibly talented people,
they're gonna look very
smart in about three
or four years and what they paid.
And you'll be having the same
conversation to them people
to Mellody and Willow
and you're gonna be saying
people paid four times more,
- Right?
- That's my predict, I'm
going on the record on that.
- Oh, I like when you're on the
record. Yeah, now we got it.
- I guess we're live
TV so I guess we're already on
the record. So there you go.
- I'm following up a little
bit on what Jason said,
which I'm fascinated by this.
Like you, like Jason
said, you're the first
private institution called it private
equity institution of money.
There's a control partner.
- I think we're the only
one, the only one in the US.
- My question is on the big three.
- Yeah. - MLB, NBA, NFL,
do you think in our lifetime,
the three of us, there will
ever be institutional capital
that takes full control
of one of those 92 teams?
- I gotta be careful here,
but I, I'm gonna say
within those three leagues,
it will happen in our
lifetime for the simple reason
that if valuations continue to go up.
Which in order for that
to happen, there needs
to be hundreds of billions
of dollars of infrastructure
and real estate investment
to make that happen.
Just the size of these valuations
is gonna get to a point
where it's, there's only gonna be a finite
number of individuals.
So again, there's no certainties
but probabilistically, if you
sort of play that through,
you know, I think the
leagues will look at it,
will it happen in our lifetime?
I think anything can
happen in our lifetime.
So I'm gonna say especially
we're gonna live a long time,
hopefully knock on wood or something.
But no, we're, I think it'll
happen in our lifetime.
But yet just if any of the commissioners
of those three leagues are looking for,
I don't think it'll be
probably why I'm, you know,
probably a long time from from
now. That's what I would say. You'll
- Be mostly surfing and not investing.
I'm hoping I'm just surfing
and not that, yeah, exactly.
- Costa Rica.
- Yeah, there you go. All right.
You each have 30 seconds to tell me
how we're gonna fix baseball. Go Alex.
- Oh boy, we're here 30
seconds. It's a lot of pressure.
So I would say I'm a contrarian.
So I think the best time that
I've seen in the last 15 years
to invest in baseball is today
because the amount of
uncertainty, uncertainty
around the CBA, are they
gonna strike or not?
I love that for an investor,
the bet you're gonna make is
gonna get better, not worse
because right now it's
pretty, you know, tight.
And then the other one is
that Rob Manfred is gonna
integrate all the regional rights into one
and try to copy what Roger
Goodell's done with the NFL
because the World Series showed us
that if you have the right product,
you have the right teams,
you have the right stars,
the right strategy, and good baseball.
We had 53 million people watch
the World Series Game seven
when you include the US
market, Japan and Canada.
And it was one of the best I've ever seen.
- 30 seconds. I'll throw it out there.
I'm probably gonna get
some slack for this,
but I'm gonna throw out a
straw man on just real quick.
Okay, so first of all,
you gotta get the minimum standards up,
minimum salary across the league.
I think you gotta do that.
And this is gonna be a
little controversial,
but I think that each team,
I think you should have a salary cap
that each team should have one
or two designated players that
can pay whatever they want.
So if you wanna pay someone a billion
dollars, they're worth a billion.
Shohei Ohtani worth a billion
dollars, you can pay 'em.
So you get 1, 2, 3,
something that doesn't upset
the competitive balance
but allows teams for these superstars
to make what they earn.
And you put all that together
and then you get people
like on the TV deal
and media rights aligning interest.
So they're trying to grow the pie together
because again, there's a,
another an international
investment opportunity in baseball
and they've done a good job, but there's,
there's a lot more fruit out there.
So I think getting away
from the zero sum game
and trying to align
interest, that would be,
that would be my controversial
what's, I'll have 20
- And I, I jump on one 'cause we run outta
time really quickly.
I would say that from a union
perspective, being a member of
that union for almost 25
years, I think you want a union
that, you know, 70%, 80%
of the revenue doesn't go
to 10% of the players.
But having a more democratic
where everybody gets
gets to eat a little bit.
- Totally. All right. It's all
happening. Baseball's packed.
Thank you Alan Waxman.
This is really fun.
Thank you so much.
Thank you everyone. Thanks.