General Atlantic

I went to a great panel actually, Nico Berman of Kasek, which is the ex-Macau Libre guys that founded about 14 years ago, the top LATAM VC fund.

And then Juan Frank from SoftBank, which has invested billions and billions in startups in Mexico and Luis Cervantes from General Atlantic.

And as you would expect, a lot of talk about how AI is kind of creating a huge opportunity for Latin America, but it's also making everything much more competitive and therefore harder to defend sort of above average margins.

As competition becomes easier, you don't need to invest in big teams anymore to take on big markets.

They continue to grow.

I mean, I listened to you guys talk about their expansion to private equity with the General Atlantic deal a few weeks ago, which is a new revenue stream that is kind of untapped in this area and may just put more money in owner's pockets.

It's funny because the NBA is obviously talking expansion right now with Vegas and potentially Seattle.

And every time that comes up and every time you guys have talked about it, in the back of my mind, I always think, what would it cost if they added a 33rd NFL team? And I would assume that if the NBA is commanding $10 billion for Vegas plus $3 billion in investment, then an NFL team would probably have to cost more than that.

And along the big bets, do you have the right A players? Yeah, he

said GA, General Atlantic.

Yeah,

General Atlantic.

This is different and actually deeply complimentary because this is also, here's all the social, like here's the context and also all the social psychological factors, which like...

At the end of the day, part of a CEO's job in this environment is actually you have to create energy, right? So you have

because it's a $12 billion annual industry, but how do you make the deal? That's the issue.

Number two, the NFL owners approve a global investment partnership with General Atlantic, the Equity 32 Fund, which was created years ago, a million dollars apiece from 32 NFL owners, giving them leverage to buy pieces, not control, but pieces of companies like Clear, FedEx, fanatics on location and others that turn them into a more profitable entity because of the big with the nfl and general atlantic no difference there an institution which allows for equity investments and restructuring across the board including private equity with NFL teams, which is now all the rage and really important.

Number two, number three, Comcast, a billion-dollar decoupling with NBC Sports.

They all have common visions and common ownership, but they may have slightly different mandates.