The Business of Sports, the Economy and the Election

t1land_2042_obama_mccain_apAs many of us spend tonight watching CNN’s interminable coverage of the Presidential Election, we will likely focus on the prevailing issues of the day: the economy, the Iraq War, and whether Sarah Palin can really see Russia from her backyard.  In fact, election night is often a rare night off from watching sports.  However, those involved with the ownership of professional sports teams certainly have a vested interest in tonight’s election.  Darren Rovell, in his Sports Biz blog, provides much insight:

Sports team owners, in a collective sense, are rooting for John McCain to win the election tonight. That’s because in general, the politicians with the (R) next to their name not only stand for Republican, but for the values of the rich. 

But it’s all not about the capital gains tax. Today, I’m here in Pennsylvania, where I continue to be confused by the Rooneys. After turning down $800 million in cash from Stanley Druckenmiller —clearly the highest bid for the Steelers—Steelers chairman Dan Rooney is not only supporting Obama, he has been campaigning for him. You’d think if you were even thinking about unloading the family fortune, you’d be Republican.

To see the rest of Rovell’s article, click here.

Perhaps what’s more interesting is the effect that this election and the current economic conditions will have on the business of sports in the coming years.  Will owners be able to justify bank-breaking player contracts when their customers are looking to save more and spend less?  Will businesses and corporations invest in a luxury box in a bad economy?  Will owners be able to secure the financing necessary to fund new stadium projects and then expect the fans the pick up the tab via personal seat licenses (PSLs)?

We’ll just have to wait and see.

Comments

  1. I can’t really see the ecomony having too much of an effect on how much athletes make. Even in a recession, people are still ordering the huge NFL packages on TV and going to games.

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