Edmonton Journal: Why do billionaires keep buying teams that lose money?
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11-19-2012, 05:53 PM
Join Date: Sep 2003
Location: Oiler fan in Calgary
Originally Posted by
I am not sure I follow, but I'll take your word for it and I appolgoise.
Here, I’ll even take the time to explain it to you. Take this quite, directly from the article:
“The bottom line is that the Panthers’ current ownership did not get into hockey to lose money, and according to the county auditor they haven’t lost money”
Now, based on the article, which shows a revenue from the arena only, can one conclude that the Panthers havent lost money? Do you not see how he’s twisting around words to inflluence people’s opinions.
Plus, this quote:
“How does a team losing $7.5 million per season rack up profits in excess of $100 million?”
Once again, the “team” isnt racking up profits, but he’s stating it as such. But the funny thing is that 100 million is over 14 years, so that’s about 7.5 million a year profit from only the arena, which includes non-hockey events. Now, the costs of the team salary is, what, about half a billion over that same time period. But that’s not involved in his calculations, which he’s presenting as overall profit.
The writer is taking arena profit, dressing it up as overall profit in more than a few occasions in the article, and presenting it to show how owners fudge their numbers. These are the things that the players latch on to, thinking that this proves that the teams are actually making money when they say they arent. Do you not see how disingenuous that is for the writer to present his info as such?
And here, SI is now latching on to this bs as well:
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