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  "authorName": "Morgan Stanley",
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  "notes": "The slide provides specific financial context for a valuation analysis, likely supporting a precedent transaction table.",
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      "text": "1) Based on reported sale for $165MM and $81MM 2010 Forbes revenue\n2) Tom Gores purchased a 90% share of the Pistons, the Palace at Auburn Hills, and other assets of Palace Sports & Entertainment (including DTE Energy Theater); Gores reportedly paid $325MM for all assets after backing out minority ownership interest, debt and other liabilities; Karen Davidson maintained a 10% interest. $360MM value according to Forbes with $80MM attributed to arena; $217MM reflected above for team only\n3) Based on reported sale of 30% stake to Nationwide for $52MM and $80M 2011 Forbes revenue\n4) Based on reported sale for $240MM and $90MM 2011 Forbes revenue, includes 50% of American Airlines Center\n5) Jaguars 2011 operating statistics based on Forbes NFL team valuations\n6) $2.1Bn value for Maple Leaf Sports & Entertainment, including Raptors, Maple Leafs, Toronto FC, and other sports, real estate and entertainment properties\n7) Based on reported sale by TowerBrook Capital Partners and Dave Checketts for $180MM and $78MM 2011 Forbes revenue\n8) Browns 2011 operating statistics based on Forbes NFL team valuations and estimate of purchase price based on public information\n9) Purchase price includes $200 million for Padres equity stake in MLBAM, and $200 million of upfront television money retained by previous owner\n10) Based on reported sale for $170MM by the NHL (acquired in 2009 out of bankruptcy) and $83MM 2012 Forbes revenue\n11) Based on reported sale for $240MM and $87MM 2012 Forbes revenue, includes arena operations but not ownership\n12) Based on reported sale for $320MM to Josh Harris and David Blitzer and $122MM 2012 Forbes revenue, includes arena operations\n13) Adjusted revenue multiple of 7.1x based on PF revenue adjusted for new local and national TV deal estimates in LA Clippers legal filings (Project Claret), slightly aggressive BAML estimates\n14) Bills 2014 operating statistics based on Forbes NFL team valuations\n15) Based on reported sale of $485MM and Forbes 2014 revenue of $83MM\n16) Based on reported sale of 51% stake for $155MM to Andrew Barroway and $83MM 2012 Forbes revenue (instead of 2013 due to lockout). Team rebranded Arizona Coyotes in January 2014. Higher multiple reflective of new US/Canada TV deal\n17) Based on reported sale of 13% stake for 265MM GBP to China Media Capital (CMC) / CITIC Capital and 2015 revenue of 352MM GBP\n18) Based on reported sale of 90% stake for $1.4Bn to 17-person group of local minority owners led by John Stanton and $271MM 2015 Forbes Revenue\n19) Based on reported sale of $2.2Bn and Forbes 2017 revenue of $244MM\n20) Purchase price includes RSN, land and/or additional assets\n21) Tsai acquired 49% of the franchise with option to assume majority control in 4 years at a locked-in valuation of $2.3Bn\n22) Represents LTM 2011 transaction multiple; Adjusted multiple assumes new broadcast rights deal of $150MM / year",
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      "text": "Notes to Precedent Transactions",
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