Sports franchises exist to provide people with amusement and entertainment, of course. At the same time, anyone who says they are not big business is not getting the picture.
Sports teams generate millions of dollars in sales of food and drink, memorabilia and tickets. They also inject money into local communities thanks to television deals, endorsements and the like. And, of course, there are always the restaurants, bars and parking lots near stadiums that thrive when the team is playing a home game, too.
Recently, a survey of National Hockey League franchises put the Florida Panthers near the bottom with a value of just $170 million. (The Toronto Maple Leafs topped the list of 30 teams with an estimated value of $1 billion.)
So, why are we writing about this on a business blog?
Oftentimes, national sports teams arrange for sweetheart deals or tax breaks with local (or even state) governments to keep them from relocating. And, as we already mentioned, sports teams can be good for business. Lastly, major companies often tout local sports teams when they are recruiting talent.
Our point is this: If the Florida Panthers hockey team is not flourishing, can and should we do more to bolster it? That is, would any investment in the team be a good investment for Florida's business community?
We realize we're expressing this in rather broad terms, but it an issue best thought about at the high level. If you have any thoughts, we would like to hear them. Leave them in the comments below.
Source: The Florida Sun-Sentinel, "Florida Panthers 24th in NHL at $170M; Maple Leafs tops Forbes list at $1 billion," Craig Davis, Nov. 28, 2012
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