In the world of professional sports (football, baseball, basketball), teams which have an operating profit often...

In the world of professional sports (football, baseball, basketball), teams which have an operating profit often have a worse win-loss record compared to teams with lower operating profits or an operating loss (teams with the best players win, and the best players cost money). (a) Would you consider a professional sports team to be a profit maximizer? Please explain.

(b) If your answer to (a) is no, then what financial reason is there for anyone to own a professional sports team? Please explain.

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Expert Solution

Colby Messinger answered 1 year ago

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