Is it because small market refers to the size of where they’re located? And the revenue wouldn’t justify, as a businessman, to pay out these large deals?
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Most billionaires buy sports teams as personal vanity projects, more so than actual businesses. Most pro sport teams are not super profitable.
Let’s say you own a team in a small media market like Kansas City. Even if you spend top dollar to bring in all the best players, there’s a limit to how many people will watch your games on TV, and a limit to how high you can make your ticket prices. So if you spend a bunch of money, you’ll wind up barely breaking even, or maybe even losing money each year
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