Changing The Game, Constant Innovation In Sport

What do you do when the math doesn't math?I'm not a banker but in 15 years of looking at financial statements as the primary part of my job I like to think I have learned a little.City AM ran an article saying the IPO of Eagle Football for $2bn was now imminent. Great, it would be nice to see the clubs well capitalised and ready to thrive but the more I look at it the harder to make sense of it. I run through it topline here, considering, revenues, multiple, debt, relegation etc.Then - excluded in the video - comes timing. Regardless of the economics you need good timing and while SPACs are making a resurgence in the public markets we are not seeing many IPOs. So what am I missing?#sportsbiz #sports #football #finance #investment