Showing posts with label professional sports. Show all posts
Showing posts with label professional sports. Show all posts
Sunday, February 13, 2011
The Freep profiles Tom Gores the investment savvy hedge fund billionaire who is currently trying to buy the Pistons: Well maybe. But when the Illich family brain-trust looked at the Piston's books they came to the conclusion that they were overpriced by about $25 million or so. But then again maybe Gores has a plan to remedy that deficiency, if it in fact exists. Gores is known as a turn-around specialist kind of investor.
Sunday, July 11, 2010
weblog
Want Economic Stimulus? Don’t Build a Sports Stadium! - Big Government (W.T. Huston)
"For one thing, [Andrew ] Zimbalist says, the money that will be spent on the events held at the new sports arena or stadium is money spent by local residents. This is not new money but money that would simply have been spent on other entertainment in the metropolitan area if the stadium didn’t exist. Secondly, the big money that goes to players, owners and investors does not stay in the area but is invested elsewhere. Third, the city or state is often chipping in up to a third of the continuing costs and this is tax money wasted, not revenue made."
"For one thing, [Andrew ] Zimbalist says, the money that will be spent on the events held at the new sports arena or stadium is money spent by local residents. This is not new money but money that would simply have been spent on other entertainment in the metropolitan area if the stadium didn’t exist. Secondly, the big money that goes to players, owners and investors does not stay in the area but is invested elsewhere. Third, the city or state is often chipping in up to a third of the continuing costs and this is tax money wasted, not revenue made."
Friday, July 9, 2010
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