The Very Lucrative Pro Sports Business

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The LA Times reports on the upcoming sale of the Dodgers:

The winning bidder is expected to pay owner Frank McCourt in excess of $1 billion for the team, its stadium and the surrounding parking lots….All summer and into the fall, McCourt — who purchased the Dodgers for $421 million in 2004 — sought to maintain control of his team by taking it into bankruptcy.

Amazing. That’s an appreciation of about 12% per year for a team that McCourt has all but ruined and a business that he and his wife have looted of hundreds of millions of dollars. It’s something to keep in mind when owners of sports teams weep about how much money they’re losing — usually when they’re begging for government subsidies or badmouthing greedy players. But businesses that are truly losing money don’t usually see their market caps increase by 12% a year, do they?

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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