Marc Lasry (Avenue Capital) & Wesley Edens (Fortress Investment) have deicded to buy the Milwaukee Bucks for 550M$, with an additional spending of 100M$ for a new arena. At this point, this "distressed asset" has no where but up to go (66 losses at the moment)
While this isn't an entirely new thing, is this something the top 1% should be spending on? Or should they be taking a page out of Bill & Warren and donate their wealth to altrustic projects? When you're total net worth is similar to GDP of countries, your perception of things and money is sure to get wonky.
Some of the big purchases of sports teams that I've read or am interested before:
Roman Abramovich - Chelsea FC (not strictly US centric but this is the soccer team that I've supported, pre-roman days)
Joshua Harris - 76ers (brings back glory days of Allen Iverson, nostaglia)
Stephan Pagliuca - Boston Celtics
Putting a shoutout to @winningsince1776, bring back the seattle supersonics to the 206!
stop worrying about how other people spend their money
They will make money off of this, just like pretty much all major sports teams since the overall industry continues to grow and generate more cash. The most interesting piece to me is the previous owner purchased the team for only $18mill in the 80s, that's one of hell of a return
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