Money and Basketball.
We are about to hit the Final Four weekend for both the men’s and women’s college basketball tournaments and it got me thinking about how much money there is in basketball.
Recently the Boston Celtics of the NBA sold for $6.1 Billion dollars - a record for an American sports franchise.
Marc Lore and Alex Rodriguez just finished purchasing the Minnesota Timberwolves for $1.5 billion after being in that process for several years.
They are buying the team in installments which is unusual and different from the Celtics deal.
The Men’s March Madness tournament brings in almost a billion dollars a year. In 2024 it racked in $900 million over 3 weekends.
https://www.investopedia.com/articles/investing/031516/how-much-does-ncaa-make-march-madness.asp
The portion of the Women’s March Madness Tournament TV contract is worth $65 million to the NCAA.
What about the Shoes?! It’s gotta be the shoes?!
The basketball shoe market tops $6 billion a year. Jordan brand alone with all their clothing, shoes and accessories is a $7 billion a year business for Nike. Jordan stopped playing basketball in 2003.
Dr. James A. Naismith was really on to something when he nailed a peach basket up in 1891.
As always, if you come across a financially related article you’d like to send my way please do!
Best place to send them is to me.
More next time!
Jonathan