Fire Luke Richardson

[WarriorofTime]

united Center joint venture was making money by leasing the UC to bulls and Blackhawks at fairly high rate since it did not have any public money and also got all the parking. all the suite Reveune and there are alot of suites at UC and all the other events. Blackhawks lost 10 mil but UCJV made wirtz 30 mil.

That’s what I meant in my first post.

 

[DisgruntledHawkFan]

This answer amounts to 'team do good, pay everybody involved what they ask for regardless of measurable impact'

There has to be more nuance than that.



Sports teams increase in value over time regardless of success 'on the field'. That's why they're such a popular investment among billionaires along with real estate.

I'm not saying pay them whatever I'm saying pay them what the market says they're worth.

And yes I'm aware sports teams are the best index fund on the planet.

 

[DisgruntledHawkFan]

That’s what I meant in my first post.

Yea I have said and still do think it was a total shell game.

 

[statswatcher]

I'll side with millionaires over billionaires every single time.

personally, i hope they all lose their shirts. only time i root for any of them is on the ice.

 

[DisgruntledHawkFan]

personally, i hope they all lose their shirts. only time i root for any if them is on the ice.

It's not a stand I want to take but given the options it's pretty easy for me to choose.

 

[statswatcher]

It's not a stand I want to take but given the options it's pretty easy for me to choose.

i can respect the conviction, but i think it’s misplaced. i don’t think i will ever find it in me to be on the side of anyone making north of six figures. doesn’t really tug at my heartstrings. i’m just here to witness the results.

 

[ChiHawks10]

i can respect the conviction, but i think it’s misplaced. i don’t think i will ever find it in me to be on the side of anyone making north of six figures. doesn’t really tug at my heartstrings. i’m just here to witness the results.

So you're not on the side of the middle class? Because that's what those making north of 6 figures are at this point. The current middle class. Unless you meant 7 figures. At which point I generally agree.

 

[statswatcher]

So you're not on the side of the middle class?

nope. my sympathies are with the vast majority of people in the world making five figures or less. but now this is getting dangerously close to politics so we should probably leave it there.

 

[kmwtrucks]

without getting political the wealthy are the heaviest tax group in the US. Its the UBER wealthy that get away with not paying tax. $500K-$1mil most pay effect tax rate with state fed and Prop tax at about 50% people that make north 10mil pay more like 25%. its stems mostly from there ability to pay mostly capital gains, have alot of passive income which can be offest by passive losses, deduct there real estate holdings at 3.75% per year (even thou real estate goes up in value) and they tend to donate large % of money to tax deductible things often there own charity.

 

[MarotteMarauder]

Sports franchises aren’t solely valued on P&L. The prestige, closed off system and demand amongst billionaires play a big role as well. Ryan Smith didn’t pay $1.2 billion to relocate the Coyotes because they’re raking in cash hand over fist.

While these are not cash flow businesses, the money is made on the back end, these heavy hitters are not in business to consistently lose money.

Probably the majority are profitable but with "advanced" accounting methods they look like losing propositions.

 

[WarriorofTime]

While these are not cash flow businesses, the money is made on the back end, these heavy hitters are not in business to consistently lose money.

Probably the majority are profitable but with "advanced" accounting methods they look like losing propositions.

Yes, but at same time, sports are a big deal in the U.S. cultural landscape. A sports franchise in one of the big 4 is one of the few things that are closed off no matter how wealthy you are, unless somebody is willing to sell. That’s just a pure supply/demand the same as a consumer good, even if the pool of buyers is small. Your point on the backend is correct but also I imagine a lot of buyers plan to keep it in the family indefinitely and aren’t looking at it like a 5-7 private equity timeline. A big part of it simply that element of there’s nothing quite like the commissioner handing you the Lombardi Trophy (just as way of example) that if you’re already rich enough to buy everything you want and ensure multi-generational security and comfort, an extra $3 billion can capture.

 

[statswatcher]

without getting political the wealthy are the heaviest tax group in the US. Its the UBER wealthy that get away with not paying tax. $500K-$1mil most pay effect tax rate with state fed and Prop tax at about 50% people that make north 10mil pay more like 25%. its stems mostly from there ability to pay mostly capital gains, have alot of passive income which can be offest by passive losses, deduct there real estate holdings at 3.75% per year (even thou real estate goes up in value) and they tend to donate large % of money to tax deductible things often there own charity.

taxes and avoidance of same only barely effects the ethical calculus for me. 7.5 million after tax in a single year is still something like 15-25 times what i’ve made in my entire working life thus far, and i’m not even in a particularly bad place financially. that number only gets more absurd as the wealth increases.

 

[x Tame Impala]

taxes and avoidance of same only barely effects the ethical calculus for me. 7.5 million after tax in a single year is still something like 15-25 times what i’ve made in my entire working life thus far, and i’m not even in a particularly bad place financially. that number only gets more absurd as the wealth increases.

They're paid their market value and you consume the product. Don't be a hypocrite. Also, how old are you? $7.5m/15 years = $500,000

 

[statswatcher]

They're paid their market value and you consume the product.

someone being “paid their market value” means even less to me than tax evasion lol. also i don’t watch games, i watch stats.

Also, how old are you? $7.5m/15 years = $500,000

median us salary is somewhere in the 50-70 thousand range, so assume 60 thousand. that’s 8 years and some change in the job force making 60 grand a year from the jump before you hit even 500 thousand lifetime gross income. i’ve never made median salary. you do the math and figure out an age range. i prefer to leave personal details offline if possible.

 

[x Tame Impala]

someone being “paid their market value” means even less to me than tax evasion lol. also i don’t watch games, i watch stats.


median us salary is somewhere in the 50-70 thousand range, so assume 60 thousand. that’s 8 years and some change in the job force making 60 grand a year from the jump before you hit even 500 thousand lifetime gross income. i’ve never made median salary. you do the math and figure out an age range. i prefer to leave personal details offline if possible.

Well bemoaning the fortunes of others seems like a total waste of time but to each their own.

 

[statswatcher]

Well bemoaning the fortunes of others seems like a total waste of time but to each their own.

i’m not bemoaning anything in this thread. i’m explaining why my heart doesn’t bleed for either millionaires or billionaires, and why i don’t take a moral stand on disputes between the two. such disputes are very far removed from my own concerns and interests. guess that’s my problem for not being a talented enough entertainer or going to business school though.