> this debt uses cash flows such as fee streams and equity returns as collateral. Sounds a bit like what some European football (soccer) clubs do (to their det

> this debt uses cash flows such as fee streams and equity returns as collateral. Sounds a bit like what some European football (soccer) clubs do (to their determent at times) selling future earnings to secure financing. I think Barcelona did something like this selling part of their future TV revenue income to secure financing.