Do you laugh at it from a business point of view, Alex? Because it is just spend, spend, spend, spend, spend, isn't it?

It is, and at the moment...

It is being mirrored by the current valuations in some of these clubs.

And, you know, we've had discussions, especially sort of Rob and myself, as to are we getting to a stage where the valuation of these clubs is getting to the top? As in, if you look at the current stakeholders, I would often say who have you next got to sell to? Because at the moment, the valuations aren't really based on a traditional model, i.e.

profit.

That doesn't really happen in football.

It's almost based on your enhanced capital value.

So in many ways, Alex, we're going to get Premier League 2, aren't we, in terms of opportunities with the rewards of Premier League 1 on offer for those people who are willing to take the gamble?

Just explain to us who Y11 are and where do they sit in the context of this?

Well, I think ultimately it's what you have mentioned already.

They are an investment vehicle based out in Singapore that, as they actually say on their website, they're looking for opportunities to invest in sports clubs that have got a strong heritage but are currently underperforming.

And it is something that we are seeing across different sports across the globe and in particular in rugby.

It's something that's happened in England and it's now happening in Wales.

And I think when we spoke earlier, one of the challenges you have is that the current model is broken in that these regions and clubs are loss making.

And you don't have many potential owners to pick from.

Alex, that the model in Wales can sustain four teams?