Guess what? The Flyers are for sale too...and the Eagles. If someone walked up to Jeff Lurie with 2 Billion dollars cash they'd be sold.
The reason the Sixers will not be sold (which is good for the fans) is that the real value of any sports franchise is not in operating profits but from year over year increase in the value of the entire property. These days, entire property means the team, the arena, and the rights to broadcast them and rake in advertising. Comcast Spectacor has painted themselves in a corner with this - they can't let go of the TV station and arena. Without them, the team is worth less than 200 million dollars, and that's for someone to come in and lose money year over year. To quote the first president Bush - "not gonna happen".
So the team isn't going anywhere in terms of ownership any time soon. The facade they went through last year was a joke - someone I'm sure ponied up half a billion or so for the team but they'd need the arena and tv revenues.
More later on the basketball aspect of our basketball blog.
1 comment:
You write very well.
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