The Seattle Storm just valued at $151M. So money is rolling in, even with running in the red.
Well thought out post. On this particular point, something to think about: Professional sports franchises of any kind are EXTREMELY scarce on a global scale. Wealthy people and the sanctioning bodies are betting on asset value increases driven by scarcity over a long period of time and weathering losses if necessary in the intermediate term. It's all part of the calculus
Beyond the economic scarcity argument, there also a network effect argument. Becoming an owner gives you commonality and access with some of the most powerful people and organizations on earth and associated entry points to other valuable endeavors.
Bets on women's sports also make logical sense. 50% of the population, changing demographics and tastes, dovetailing with public policy, etc
Internet
is free because it's ubiquitous. Sports ownership is
because it's rarer than almost anything.