Selling claims, not clubs
The non-control minority stake — a premium-priced slice sold while the founder-owner keeps the decision rights — has become the default liquidity event for elite clubs, repricing the entire tier off headline numbers no full sale ever has to validate.
In production
This analysis is in production
The Ledger is actively researching this piece. The summary above outlines the thesis; the full analysis, data, and sources will publish here.