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It’s my guess that the majority of these tremendously wealthy guys view their baseball team as a toy that they can entertain themselves with. They’re not too obssessed with any enormous type of fiscal gains. Obviously it’s a good investment, but it’s not at all unlike your average guy who owns a ’69 Yenko Chevelle SS. You polish it up, tinker with it, spend some money to upgrade the powerplant and suspension and drive it around the neighborhood from time to time to show it off. It can’t help but to increase in value and it’s nice to have out there in the garage to look at, admire, and think about how lucky you are to own that sort of a neato-torpedo playtoy.
I think it’s funny that people think billionaires:
1) Don’t try to make money off their investments
2) Don’t understand basic finance
3) Don’t understand how to run a business profitablyI’ll give an example that was widely reported last year:
“The Pittsburgh Pirates, according to information received by the players union and confirmed by several owners, are one of the most profitable teams in all of baseball, stashing a huge chunk of their revenue sharing monies instead of investing in their team year after year,” Nightengale wrote.
New Angels Owner Stan Kroenke Has Already Made Nearly $20 Billion On His Sports Teams
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