Miller family to sell majority interest in Utah Jazz to Qualtrics CEO Ryan Smith
https://www.ksl.com/article/50039105...ceo-ryan-smith
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Miller family to sell majority interest in Utah Jazz to Qualtrics CEO Ryan Smith
https://www.ksl.com/article/50039105...ceo-ryan-smith
So much for "community ownership". That was short lived.
As this pandemic continues to linger on, and no crowds in the stands, I am really wondering how much political pull the professional and collegiate sports teams have on changing government policy on returning fans to the stands. How much longer can these franchises and university sports programs continue to function without the revenue from packed houses? On the same note, how much longer can municipalities pay bonds on their $B public funded stadiums without tax revenue from packed hotels, transportation, restaurants, hospitality, etc.? They can't continue to limp along withouth those revenue streams returning. Something has got to give soon, or else these franchises are going to have to either insist on returning fans to the stands, or start filing for bankruptcy. You can't tell me that the NBA can go another empty stadium season and still function, without drastically dropping the players salaries.
When the Millers see the writing on the wall wall and decide to get out now as long as someone else is willing to fork over the cash and bet on fans returning for next season?
So long as the pro teams have the massive TV contracts they don't need butts in the seats.
The NBA's contract is currently $2.7 billion a year good through 2025. That's a little over $84 million a year per team.
Salary caps are also tied to team revenues so they will be able to pay the players less.