The Very Lucrative Pro Sports Business

For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.


The LA Times reports on the upcoming sale of the Dodgers:

The winning bidder is expected to pay owner Frank McCourt in excess of $1 billion for the team, its stadium and the surrounding parking lots….All summer and into the fall, McCourt — who purchased the Dodgers for $421 million in 2004 — sought to maintain control of his team by taking it into bankruptcy.

Amazing. That’s an appreciation of about 12% per year for a team that McCourt has all but ruined and a business that he and his wife have looted of hundreds of millions of dollars. It’s something to keep in mind when owners of sports teams weep about how much money they’re losing — usually when they’re begging for government subsidies or badmouthing greedy players. But businesses that are truly losing money don’t usually see their market caps increase by 12% a year, do they?

DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate