Good Morning! Apollo has a new way to describe baseball: “AI-resilient leisure.” That’s how it pitched its $2.6 billion Yankees financing to investors. Pantheon raised $6 billion for its latest PE secondaries fund, well above its $3.5 billion target. And PE firms reportedly valued Xbox at $100 billion+ in short-lived buyout talks.

SpaceX had its best day in two months on strong earnings and Tesla merger buzz. Goldman, JPMorgan and Morgan Stanley are dominating the AI stock boom. And Anthropic could file for its IPO as soon as Friday.

Plus: Apollo sits out on-cycle recruiting again, UBS cuts starting associate pay by 20,000 francs in Zurich, and Elon Musk’s merger math.

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NFL owners have been quietly investing through the league since 2013. Now they’re scaling up and managing outside capital too.

This week, NFL owners approved a partnership between General Atlantic and 32 Equity, the league’s in-house investment arm, to launch a new sports fund. The two sides had been in talks for about a year, and some owners had pushed the league to be more aggressive with its investing.

32 Equity isn’t new. The NFL created it in 2013 with each team chipping in $1 million, and two later capital calls have grown it to ~$250 million.

The league invests in companies it already does business with, helps them grow through NFL deals like licensing, data, and sponsorships, and then profits on both sides of the relationship.

One of its biggest win is Fanatics. The NFL paid $95 million for a 3% stake in 2017, when the company was valued at ~$3.2 billion, and Fanatics has since been valued as high as $31 billion.

32 Equity has backed 42 companies, including Genius Sports, Hyperice, CLEAR, and NOBULL, and earlier this year it bought a 49% stake in Mexican soccer club Club América.

What changes now is the scale and the structure. General Atlantic, a ~$130 billion firm, and 32 Equity will both put in capital, raise money from outside investors, and serve as co-general partners.

The fund is expected to back growth-stage companies with at least some sports revenue, with Bloomberg reporting a focus on sports media, fan engagement, consumer products, and tech. Fundraising is expected to start early next year, and the fund’s size and leadership haven’t been disclosed.

Owners won’t just earn returns on their own money; they’ll also collect carried interest. And that income reportedly falls outside the league’s revenue-sharing deal with players. GA, meanwhile, gets a high profile partnership ahead of its expected IPO, along with access to the NFL’s brand, relationships, and deal flow.

Takeaway: NFL owners are turning the league’s reach into a fund management business. With GA bringing the capital and expertise, owners get a new stream of profits they don’t have to split with players. There’s a salary cap on the field, but at the corporate level, the NFL keeps adding revenue streams.

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Dan Ariely gave 100 MIT students two Economist subscription options: web only for $59, or web plus print for $125. Sixty-eight chose web only and 32 chose the combo, for 8,012 dollars of revenue.

Then he added a third option, print only for $125, which no one should want. Zero students chose it, but the combo jumped to 84 and web only fell to 16. Revenue rose to 11,444 dollars, up about 43 percent.

The useless option made the combo look like a bargain by comparison. Whenever you are shown a menu of choices, ask whether you would still pick your favorite if one obviously bad option were deleted.

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