Municipal debt outstanding doubled in the past 10 years. And in the past 30 years, the U.S. has been in real economic nirvana.

I mean, I've been stupid in the past, and I've learned from that.

All the things that are in the past are in the past.

There's no sustenance in the past.

In addition we retain an enviable net debt position despite investing heavily in the squad over the past couple of years. All these factors underline the robustness of the business we now have but also highlight its potential to grow if we can get all elements of the club right both on and off the pitch.

Given BCE's balanced approach in the past, we believe that a division of proceeds between debt and equity holders is the most likely outcome.