News Article: Canadian billionaires’ wealth skyrocketing amid the pandemic (Jets in good shape?)

[Jetsfan79]

Some have worried about the financial longevity of the Winnipeg Jets especially amidst the COVID 19 pandemic. Forbes listed the Jets as the fifth worst valued NHL team recently.

I came across this article today which I found Interesting. If accurate, this seems to bode well for the Winnipeg Jets. David Thomson in particular has seen his wealth increase by nearly 9 billion dollars from March to Sept.

Daryl Katz has seen an increase of 400 million.

Now I have always been unclear on exactly how much of David Thomson's influence is connected with the partnership with Mark Chipman . But if that the influence is strong which I suspect, this could bode well for the Jets in terms of mitigating any forthcoming financial losses

Some did better than others, with the biggest gains going to the Thomson family fortune (an estimated $8.8 billion increase in wealth), followed closely by Shopify’s Tobi Lutke ($6.6 billion increase)—mirroring some of the huge gains among big tech firms like Amazon and Apple south of the border. Lululemon founder Chip Wilson has also done exceptionally well, with a nearly $3 billion gain.

Canadian billionaires’ wealth skyrocketing amid the pandemic - Behind the Numbers

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[Jeti]

I don't put too much stock in the Forbes valuations.

While I don't think billionaires are willing to lose money indefinitely on a team, it's at least not bad news. As we've seen with Melnyk, an owner who's short on cash can really mess up a franchise.

 

[Jetsfan79]

Just to put it in perspective, the wealth increase attributed to Thomson from just March to Sept is bigger that the overall wealth of any or most of the owners of the NHL teams.

 

[violaswallet]

Bad timing: These articles go from trough (March 18th in US) to current levels which ignore the massive fall! Stock market wealth year to date is about flat (as measured by S&P 500) Tech did do quite well but that is expected given nature of Covid

It’s like bragging that you put up 5 goals in the third period while giving up 5 in the first top: it might make you feel better but we care about the score

 

[Hunter368]

Cool & all, but not hockey related, certainly not directly. Closed