Professor Stone
Microeconomics
30, March 2012
Another Home Run for the whop Wealthy
The Los Angeles Dodgers didnt win all that many baseball games in the eight years owner Frank McCourt signed the teams pseud presentchecks. But McCourt has now won plenty. The mega-rich developer has emerged as the biggest financial achiever in the bill of professional sports.
On Tuesday, in a special bankruptcy auction, a group of deep-pocketed bidders agreed to pay $2.15 billion for the Dodger franchise, an all-time record for a U.S. pro sports team, nearly double the previous high-water mark, the $1.1 billion footballs Miami Dolphins fetched in 2009.
Out of that $2.15 billion, McCourt will have to pay collide with the $706 million in debt that his widely derided incompetence and greed saddle on the Dodgers. After that debt settlement, analysts estimate, hell walk away with a nibble $1 billion.
The Dodgers rate as one of the worlds most iconic pro sports franchises, and this calendar weeks sale has spurred an endless stream of commentary about Dodger history and the economics of contemporary sports.
But the sale of the Dodgers amounts to much more than a sports story.
McCourts windfall helps define and dramatize beneficial how incredibly unequal our world has become -- and how that inequality is spell our 99 percent into squeezed spectators of games only the super-rich can afford to play.
iii powerful trends have converged over recent years to hand these games so expensive. These three trends loom large behind this weeks record Dodger sale.
The starting time: The ranks of the worlds super-rich have expanded enormously since the Great Recession first hit.
The latest evidence for this enormous increase comes from researchers at the sawbuck Frank consultant firm and Citi Private Bank. Their sixth one-year joint Wealth Report, released Wednesday, counts 63,000 people worldwide worth at least $100 million.
The total global centa-millionaire population, Knight Frank...If you unavoidableness to get a full essay, order it on our website: Orderessay
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