In terms of the success that we’ve had on both the business side and the football side, we believe that going forward we’ll be able to continue those successes. And furthermore, we think the multi-club network that we are building, as we build that out, there’s more value to extract from that. So we’re very excited about the investment, we’re very excited about what the team has done to date, and we think there’s big upside going forward.
William Foley: And also, if you look back at our public company investments, they’re really a result of something that was private, that converted into public assets. So, Dun & Bradstreet, we engaged in a going private transaction, then took it public and we still have our position in that company. Alight was the result of a private company that was converted into a public company via SPAC that we had sponsored. And Ceridian or Dayforce, of course, is a long-term investment that was private for years and years and years. And as it went public, we then began disposing of our interest in Dayforce, and we’re down to a fairly small number of shares. Paysafe again was a SPAC transaction that we participated in and were a sponsor of and the same with System1. So, really our public company assets that we’ve acquired have generally started out as private assets — private company assets that converted into a public company.
Jonathan Bass: Okay. Thank you. And on Ryan’s last point there, touching on the multi-club strategy with the new minority stake in Hibernian, can you maybe highlight the multi-club strategy, what it is, and why it makes sense, why it can be successful?
William Foley: Well, the Premier League is a difficult league to compete in. It’s the best football league in the world, with sovereign wealth funds as owners, private equity firms as owners, and obviously we own the interest in Bournemouth, but we found, as we got involved in the investment, that having interest in other clubs in top leagues is very advantageous in terms of the transfer window and acquiring players and also loaning players to those clubs. And the Scottish Premier League is a terrific football league. It’s — obviously, there’s no immigration issue with regard to Scotland and the UK. They develop a lot of good players that can also work their way down to Bournemouth and the other thing that we can do with Hibernian is actually give them players on loan to develop in the Scottish Premier League, so they can eventually rotate back to the English Premier League.
And the same is true with FC Lorient, which is again in League One in France, and recently we had loaned a player to Lorient and we just took that player back in January and last year we acquired a player from Lorient, Dango Ouattara, and he sees now playing at Bournemouth and the result is, if you own a piece of another team, say 40% that we own of the league one team, when we buy a player, we really are only paying 60% to the other owners. So it’s strategically and financially is a very advantageous situation to be in and we’d frankly like to invest in a couple of more clubs and other leagues that could be supportive of our goal to continue to develop Bournemouth and move it up in the table in the Premier League and right now you’d have to say that Bournemouth sits at the top of the pyramid and the other teams are supporting Bournemouth, but we’re also supporting them in terms of delivering players and helping them develop their teams and coordinating on the manner in which we play, coordinating in the transfer window.
So it’s really a — it’s not an original model and it’s — Manchester City really has developed over the last 15 or 20 years and they now have 13 or 14 clubs that they’re invested in. So we will never have that many clubs, but a few more would be interesting.
Jonathan Bass: All right. Thanks for the color, guys.
William Foley: You bet.
Operator: This concludes is our question-and-answer session. I would like to turn the conference back over to Mr. Bill Foley for any closing remarks.
William: Yeah. Thank you, operator. We are very excited with the opportunities ahead and confident in our strategy as we transform our portfolio, which we believe will deliver value to our shareholders. We look forward to speaking with you again on our first quarter 2024 earnings calls. Have a great day.
Foley: Yeah. Thank you, operator. We are very excited with the opportunities ahead and confident in our strategy as we transform our portfolio, which we believe will deliver value to our shareholders. We look forward to speaking with you again on our first quarter 2024 earnings calls. Have a great day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
