There used to be a time when the champions of commerce also owned the local sports champs. Chewing-gum magnate William Wrigley Jr. and his family ruled the Chicago Cubs for decades. In St. Louis, August Anheuser “Gussie” Busch Jr., who built the Anheuser-Busch Companies into the largest brewery in the world by 1957, oversaw the baseball Cardinals.
Read more: Plenty have tried to create a new Silicon Valley, but this new NBA owner and tech founder may be succeeding Pera spotted the potential years ago, especially as leagues looked to expand into China, India, Europe, and South America. In a 2013 interview with this reporter, he pointed to revenue from TV rights, merchandise, and marketing deals.
There is a downside, Carter cautions. Substantial involvement in team ownership adds a significant level of public scrutiny to the CEO of a public company. Some boards of directors and shareholders may “wonder if [the CEO is] capable of leading an organization and not distracted by their team.” As Finley and Wrigley were forced out, corporate owners swooped in – especially MLB. The NFL proved an exception because the league evenly divided TV profits among its franchises in a true act of socialism. The NFL currently hauls in $5 billion annually from its TV contracts.
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