You are always the last one chosen when the neighbor children choose the team, but now you are a millionaire and the revenge is sweet. The owner of a professional sports team is a god, trading players to his will and even switching teams if the desire occurs. And all you need to get in the game is money – a lot of money.
Assess your financial situation. To buy controlling shares (51%) of a major sports franchise, the potential owner needs to have a minimum net worth of about $250 million. If you don’t have it for yourself, consider forming partnerships with other potential buyers.
Playground research. Look at the 131 franchises that make up the major sports leagues and find out which teams are sold or need investors. Poor performers can be a big bargain – billionaire Mark Cuban bought the last-place Dallas Mavericks in 2000 for just $280 million.
Consider starting with a small division team. The minor league’s sports franchise range from about $2.5 million for a Division A team to about $10 million for an AAA club.
Arrange to meet the owner(s) or broker of the team. Most of the sports teams’ negotiations are conducted at the dinner table: Potential buyers and sellers talk sports about food, while brokers and contract lawyers handle beautiful prints.
Hire a professional sports franchise broker, such as Game Plan (gameplanllc.com) or Bryan Cave (bryancave.com), to negotiate the sale price and complete the acquisition.
Pack and move your team to a competitive city that offers better incentive subsidies, such as a new stadium. Professional team owners have the right to move teams, sell or exchange players, and even determine ticket prices, but the political divide can be extremely serious (not to mention damage to your popularity).
As the owner, as well as the coach, you will see that your reputation will be directly linked to the team’s achievements. Win the championship and you are a saint; sink to the last place and you are the biggest burden of the city.