The NFL/ESPN (Disney) deal announced Aug 5, 2025 was described as a non-binding agreement that still required definitive documents + approvals/closing conditions.

https://thewaltdisneycompany.com/espn-nfl-agreement/

Even after NFL owners approved the deal (Oct 22, 2025), reporting emphasized a potentially lengthy antitrust review with no close date given.

https://www.sportsbusinessjournal.com/Articles/2025/10/22/nfl-owners-approve-disney-deal/

Reuters reported the deal was likely to face DOJ antitrust scrutiny and that review could take up to about a year.

https://www.reuters.com/legal/litigation/espn-nfl-deal-faces-regulatory-hurdles-2025-08-07/

The Washington Post explicitly said the deal was nonbinding and was expected to be finalized by late 2026.https://www.washingtonpost.com/sports/2025/08/05/nfl-espn-deal-redzone-equity-stake/

@10thOfficial Could you confirm whether regulatory approval for the deal is necessary for this market to resolve yes?