There’s a common misconception that owning a sports team is a great business move. Actually, it’s a rotten one.
Until you sell, that is. Then — wow!
On a day-to-day basis, sports franchises are BEETs — Billionaires’ Expensive Ego Trips. They’re the corporate version of a trophy wife, without the prenup — something for really rich guys to show off to other really rich guys. They’re not a way to make money.
Take the Chicago White Sox — please.
Forbes’ annual list of MLB valuations has the White Sox pegged in the mid-range, at $1.