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The mission that guides the Fenway Sports Group's Chief Financial Officer

is the same simple principle that drives each and every player on the Boston Red Sox,

the Pittsburgh Penguins, and the Liverpool Football Club.

Winnings at the core of everything we do here.

The scoreboard tells the results. The balance sheet lays the foundation.

The balance sheet is so important to the success of the team.

With financial integrity, success will come, but any sportsman can tell you it's not that simple.

Alongside cash flow, there's a flow of emotion, tradition, and generations of expectations.

Decisions CFO Julie Swainhart makes today will resonate for decades as Red Sox CEO Sam Kennedy

well knows. Capital allocation is the key challenge. What does she brought to that challenge?

I think Julie brought a discipline to really study potential growth opportunities for us.

She understands that when we're deploying resources, the first line item are the teams.

The first line item is investing in that product on the field, on the pitch, on the ice to be

successful. We are in a business of long-term value creation for our partnership, not a quarter

by quarter cash flow projection. Frame out the Internal Rate of Return Study.

There's the model in the CFA Institute work of seven years, terminal value, maybe it's short

termism of three years, and then there's the emotion of Pittsburgh, Liverpool, and Boston.

Is your internal rate of return study 50 years?

The returns that we see might be short term and some are long-term. And what I've found so far

...