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View Diary: Mitt Romney hits Costco (84 comments)

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  •  scibeboy - Mitt isn't in that league (6+ / 0-)

    Mitt could be part of an ownership group of a professional sports team, but he doesn't have the wealth to buy one without some heavy hitting partners. The people who are buying professional sports teams have a lot more wealth than Mitt. Plus the ideal sports team owner, from a fan perspective, is one who treats the team as a very expensive hobby and is willing to throw money at it without concern for its profitability. I don't think that's in Mitt's DNA.

    "let's talk about that"

    by VClib on Tue Dec 04, 2012 at 10:50:21 AM PST

    [ Parent ]

    •  Pro sports ownership isn't about operating profits (1+ / 0-)
      Recommended by:
      VClib

      Team owners seem quite satisfied to break even on the team's direct operations, as selling out to an even-richer hobbyist has proven very lucrative over the past 50 years.  Pro sports seems to be an even better store of wealth than gold bars.

      In addition to the numerous tax benefits, team owners can also drive business to related cable TV networks, news programs, real estate developments, etc.

      •  Bronx - for some periods of time (1+ / 0-)
        Recommended by:
        Bronx59

        some of the professional leagues have made corporate ownership against the rules. I don't have any idea if any of the leagues still prohibit corporate ownership but your point that ownership could drive related businesses is certainly true and so you would expect teams to have corporate owners if it isn't prohibited.

        A business friend of mine owned an NBA team when it won a championship. He said it was the coolest thing ever. Shortly after that he realized that the economics were out of his league and sold the team to someone who had an order of magnitude more wealth.

        "let's talk about that"

        by VClib on Tue Dec 04, 2012 at 05:48:39 PM PST

        [ Parent ]

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