Bingo,
Appreciate the time and effort pt into this. Two thoughts around the assumption:
As has been mentioned, if looking at arena only, no reason it should take 5 years.
Non hockey revenue of 30%. This seems like an important driver here, and I have no idea how to estimate. How did you come up with 30%?
I do think franchise value appreciation is relevant. Yes requires a sale to monetize, and there is risk over whether values will continue to appreciate. But those are just factors to consider IMO.
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