@Yale MBA | Former PE and IB
New Haven, CT
Joined April 2023
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This video has gone viral again after the Jaylen Brown trade, but the core claim is false.
Joon says Sixth Street’s preferred shares “change the power of who runs the team.”
That’s not at all how preferred equity works.
Sixth Street has ~10% preferred equity with an 8% preferred return (they get paid first if things go south, similar to debt, that part is true).
But they have zero governance rights. No board seats, no voting control, no say in trades or operations.
NBA rules and the actual deal structure keep control with Chisholm’s group.
Preferred equity = economic priority, not control.
The “shadow owner running the show” is nonsense.
Brad Stevens has a solid track record. Maybe we don’t jump to conclusions and blame “evil shadow money”.
The Celtics sale tells you a lot about where sports ownership is heading.
A private equity firm financed the deal.
And they negotiated preferred shares, meaning the PE firm gets paid back before other owners, and changes the power of who runs the team.
youtube.com/watch?v=taaj-jBe…
Look at John Henry and the Red Sox right now to see what happened when fans don’t appreciate “institutional-grade assets with infrastructure-like cash flows” more than wins and championships.
Where Apollo sees the actual opportunity crystallizing.
Global sports investment hit $56 billion in 2024, up 33% per year over the prior three years.
Yet the financing infrastructure has not kept pace with the growth in valuations and revenue.
Most franchises are still financed as if they were passion projects for billionaires rather than institutional-grade assets with infrastructure-like cash flows.
The gap between what these assets are worth and how they are currently capitalized is where the return opportunity sits.
“Most franchises are still financed as if they were passion projects for billionaires rather than institutional-grade assets with infrastructure-like cash flows.”
The issue is, the fans love the passionate billionaire who is willing to burn his funds to see his team bring home a coveted championship trophy.
Where Apollo sees the actual opportunity crystallizing.
Global sports investment hit $56 billion in 2024, up 33% per year over the prior three years.
Yet the financing infrastructure has not kept pace with the growth in valuations and revenue.
Most franchises are still financed as if they were passion projects for billionaires rather than institutional-grade assets with infrastructure-like cash flows.
The gap between what these assets are worth and how they are currently capitalized is where the return opportunity sits.
X article viewing is the worst UI/UX I’ve ever seen
@nikitabier @elonmusk @engineering please fix this garbage
Horrible design, go back to the crystal!
NEW: Vice President JD Vance dropped Ohio State's National Championship Trophy during the Buckeyes' visit to the White House💀
xitter.gq/CollinRugg/status/1911…
Who wore it better?
Like for Melania, retweet for Michael
#Inauguration2025
Where is @DavidSacks?
Some say we’d be better off with @GaryGensler
🧵1/6 Robert Kraft’s chess move:
Hiring Jerod Mayo wasn’t about immediate success, it was about the long game.
🧠♟️ #Patriots #NFLStrategy
5/6 Kraft’s masterplan:
Top draft pick ✅
Tons of cap space 💰
Exciting young QB in Drake Maye 🚀
Perfect situation for a proven coach like Vrabel 🏈
Fan expectations set 👏🏼
6/6 In the end, Kraft proves he’s still the smartest owner in the game.
The Patriots dynasty 2.0 is just beginning.
🏆 #ChessMaster #PatriotsNation
Austin Smith retweeted
After maybe rolling their eyes at furious FSU fans last year, the college football world is beginning to realize how terrible Kirk Herbstreit’s and ESPN’s constant shilling for the SEC is for the sport.
Column from our @Corey_Clark:
on3.com/teams/florida-state-…
