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View Diary: Detroit Emergency Manager Approves Go-Ahead on New $450 Million Sports Arena (247 comments)

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  •  Technically the municipality doesn't own the team. (5+ / 0-)

    The team is owned by its fans, who own "shares" of the team which give them voting rights for the Board of Directors. (Nobody's allowed to own more than 200 shares, the share price is fixed at $250/share, and the stocks never pay dividends.)

    It's an absolutely wonderful model for team ownership, since it ensures that every time the team has to choose between making a profit and putting a winning team on the field, it's going to choose a winning team, and the team's never going to threaten to up and leave since the fans are the ones who own it.

    The team is truly operated by and for the fans' benefit, not for the benefit of the owner's wallet.

    Which is, of course, why the NFL banned such an ownership model in the 1980s. (The Packers were grandfathered in.)

    If I were going to make one change to major-league sports in this country, it would be to require that every team transition to this model by requiring any sale of the team to be in the form of shares of team stock, as in the Packers' model.

    "When I give food to the poor, they call me a saint. When I ask why the poor have no food, they call me a communist." --Dom Helder Camara, archbishop of Recife

    by JamesGG on Fri Jul 26, 2013 at 01:41:19 PM PDT

    [ Parent ]

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