they can massively increase B12 revenues or they are going to take a bath. Given all the current uncertainties surrounding college athletics revenue and the increased uncertainty around conferences not in the P2 this looks like a flyer and PE firms do not generally do flyers. Specifics of the deal need to be known to see what may be the true transaction. For discussion purposes, a cash infusion of $800MM to $1B for a 15 to 20% interest values the Big 12 media rights between $4B and approximately $6.5B. Currently the Big 12 revenue as reported for 2024 was projected around $550MM. That revenue stream has to increase on average to somewhere between $667MM and $1.08 B to fall in the valuation range and that represents a revenue increase of approximately 20% to almost 100% over present levels. In addition, the return on investment component still comes out of the individual members' cash and the PE firm needs a buyer to exit. Seems like a stretch just in rough terms but, more details could sharpen the calculation.