I’ve been saying this for a while.
The Joel/Avram stories have been nonsense all along. They’re no more emotionally invested in the club than any of the other siblings. Therefore the idea that they were going to leave their capital on the table while the other siblings are allowed to cash out and not only cash out but cash out at a higher rate
because the deal on the table requires some shares to be retained.
So Joel and Avram would have been taking on all the risk for the benefit of the other siblings.
Or, conversely if they all believe in the deal and there is genuinely a no risk put and call on the table that would see Joel and Avram cash out at a high rate in 3 years why wouldn’t the other Glazers want a piece of that?