Why Billionaires Are Buying Up Sports Teams [Yahoo! Finance]
GameStop Corporation (GME)
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Source: Yahoo! Finance
gleeful Roy brothers in an alternate ending of Succession . Onlookers may have thought the investment titans had dunked on the GOAT—and perhaps they had. But in buying a majority stake in the team from Michael Jordan, they made the five-time MVP a vastly more valuable player, paying him $3 billion—an 11-fold return on the $275 million he paid in 2010. If the public knew anything about these new owners, it was that Plotkin's company lost nearly $7 billion in four days in 2021 during the GameStop short squeeze, an epic fail recounted in the movie Dumb Money (in which Seth Rogen plays Plotkin). Perhaps not coincidentally, Schnall did most of the speaking to the press and, amid a barrage of bromides, let slip an unwitting truth: “We can't screw this up.” While trying to acknowledge the pressure to deliver a winner, Schnall was also admitting an open secret among the billionaire class: If you have the resources to buy a sports team in a major league, particularly the NFL and NBA, you c
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