Last week, news broke that a bidding war had erupted over a hockey team – the Ottawa Senators, to be precise. The bidders weren’t your typical unknown billionaires, either. In the running are two of the biggest names in media: Snoop Dogg and Ryan Reynolds. The rapper and actor are duking it out over the right to own a business that can have truly profitable returns.
So why would someone hand over millions for a sports team? Like any other investment, a sports team’s owners invest with the hope that the value will increase dramatically over time. Jimmy Kimmel recently joked with George W. Bush over his sale of the Texas Rangers baseball team in the 1990’s (punchline: he sold too soon).
Wish you could have a piece of the fun but don’t have millions to play with? Owning a team is just one way to turn a passion for athletics into profit. Here are a few more.
For most young athletes, going pro is the most obvious path to riches. After all, who wouldn’t want a multi-million-dollar paycheck for playing ball all day long? The bad news a shocking percentage of professional athletes go bankrupt. But with the right financial advice, professional sports can having lasting impact. Just ask one of the Harlem Globetrotters:
If you don’t have the athleticism to go pro, you can still turn play into profit by hosting a fundraiser for a good cause. Take it from the organizers of Give Blood, Play Hockey.
If none of those paths to profit sound feasible or fun, consider the lesson delivered by our Hidden Careersepisode. Sometimes, the closest job to the action isn’t one that draws much attention. Securing a job as an athletic trainer or stadium attendant could put you in front of the action without requiring quite as much luck.