Football did not die. It was algorithmically optimized.

01The investment thesis

1. Chapter One — The Problem

   Football was volatile.

   Anyone could lose. In 2033 a finding showed that highlight packages outperformed live matches at one-fortieth of the cost.

2. 18 months

   −69% viewership.

   Long-form broadcast rights collapsed within eighteen months. The Global Broadcast Rights Consortium was dissolved on 5 May 2035.

3. Leagues insolvent

   Four of six, in administration.

   Four of Europe’s six largest domestic competitions entered administration. The structural defect was clear: the possibility of a bad outcome.

4. Chapter Two — The Solution

   So we removed it.

   PEFA™ was incorporated in Luxembourg nine days later, on 14 May 2035. Objectives: Redacted: Five stated · three redacted.

5. Outlook

   Results remain unscripted. Revenue does not.

   Fifteen founders hold permanent seats. Their revenues are guaranteed irrespective of performance, form, or final position.