Major-league franchises aren't trophies — they're a long-duration asset that beats stocks risk-adjusted, and private equity is now manufacturing the liquidity that was always missing.

New England Patriots President Jonathan Kraft Expects NFL ROI to Beat Stocks (Sportico, 2024) · Sportico

Some assets are bought to keep forever — so the rational price and the right price are different numbers.

Patriots Owner Robert Kraft on The David Rubenstein Show (full episode) · The David Rubenstein Show / Bloomberg