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BUCS SALE BOOSTS ALL FRANCHISE VALUES?
Published January 18, 1995
Malcolm Glazer's purchase of the Buccaneers for $192M sent shock waves "throughout the North American sports community," as the worst-ever NFL team was sold for the highest price of any professional sports team in history. FINANCIAL WORLD's Managing Editor Paul Brown says Glazer overpaid by $50M: "But Economics 101 tells you the worth of anything is what somebody is willing to pay for it. And you've got a lot of rich guys walking around with money burning a hole in their pockets." The sale will boost franchise values in every sports, according to Brown: "This sale transcends sports. ... If I own the [Blue] Jays, I point out the Tampa Bay sold for 30 per cent above its appraised value and make the argument that it's worth $200 million." Brown estimated the Dallas Cowboys value jumped from $190M to $290M "If I'm (Dallas Cowboys) owner Jerry Jones, I buy a case of champagne" (Tim Harper, TORONTO STAR, 1/18).