Why would anyone spend $9.6 billion buying an NFL team?

This week, Anthony Cheung and Stephen Barnett break down the record-breaking sale of the Seattle Seahawks and explain why owning a sports franchise has become one of the world's most attractive investments.

From guaranteed TV revenues and billion-dollar media rights to stadium economics, private equity, and surprising tax advantages, they unpack the business model that has transformed NFL franchises into some of the most valuable assets on the planet.

Along the way, they compare the NFL with European football, explain why scarcity drives valuations, explore the role of concerts and live events, and reveal why billionaire investors continue to compete for sports teams despite eye-watering price tags.

If you're interested in finance, investment banking, private equity, M&A or simply want to better understand how billion-dollar businesses really work, this episode is for you.

(00:00) Why NFL Teams Cost Billions

(03:46) The Seahawks Sale

(06:52) Sports M&A

(08:04) The Auction Process

(09:14) Why NFL Teams Win

(14:12) Celebrity Team Owners

(17:25) Inside the NFL Business

(22:11) TV Money & Scarcity

(24:00) Most Valuable Teams

(26:40) Stadium Economics

(32:58) The Tax Loophole

(38:26) Interview Takeaways

(41:09) Private Equity's Move

The Hidden Business of Sport: Why NFL Teams Are Worth Billions

Market Maker

The Hidden Business of Sport: Why NFL Teams Are Worth Billions