Yep. Most of the major sports teams (especially in US) are owned by lots of investors who see it as high risk, high reward, bit of fun, without a massive outlay. Given that view they also are unlikely to spend their precious time negotiating directly but defer to people like Flanagan, who has a track record, and Adam Shaw, who has the local contacts. People need to get over this idea of a single white knight owner, it increasingly isn’t the norm.