Yes, I noticed they sub-license those, but I want to discuss that later. In Germany, you have Sky, and growing up in France, I remember TF1.

Yes, and they had M6 after that. Canal Plus and others have moved across due to commercial pressures. When someone offers a large sum, there's often someone in the business who believes it's the best decision, leading to a shift. In the UK, there's still commercial value with same-day delayed broadcasts on Channel 4, free-to-air. There's potential to eliminate same-day delays and increase rights fees by 25%.

When considering a secondary market, like Poland, which is in Europe but not a major market, how do you decide which broadcaster to work with between pay TV and free TV? You're probably not at the ceiling of interest in the country, so you still want some exposure. How do those conversations go internally? I'm trying to understand the pay versus free TV dynamic and what kind of investment you're looking for from the broadcaster to provide proper coverage of the sport.

As TV people, it's best if there's competitive tension—not a bidding war, but at least two parties interested. You might then report back to the boss, saying, "I've got £25 million, but it's got to go on pay TV." If this broadcaster only reaches 10% of the population, with 25,000 viewers a year, the sponsorship team might not like that.