Word: owners
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Bill Laut, a beefy former construction-company owner, is a guy's guy: he has remodeled every room in his house, knows how to fix any plumbing glitch and savors Monday Night Football with his buddies. Yet when his wife Sheila, a manager at a large banking-equipment company, became pregnant, the Hudson, Ohio, couple decided that Sheila, whose job provides the family's health benefits, would be the breadwinner and Bill would give up his business to stay home and care for the children. Over the past five years, Laut has diapered, clothed, fed and organized play dates...
...Reality is biting in what once was Europe's richest football league. Having spent years paying players hugely inflated salaries from TV money, Italy's top 18 clubs last year declared an operating loss of $764 million. Already this year Serie A club Fiorentina has been declared bankrupt, after owner Vittorio Cecchi Gori failed to meet deadlines on debts of $22 million; Fiorentina was demoted to Serie C2. Even top-flight teams are struggling. Rome's Lazio, the 2000 champion, had bids for three new players annulled after admitting it couldn't pay even 30% of the transfer fees. League...
...real New Yorkers are superheroes by night, but each seeks to transcend the ordinary by excelling with indomitable spirit. Those rabid Yankee fans, like one of my co-workers at ABC, at once express their individuality and collective identity through their almost-excessive paraphernalia and fanaticism. Even the owner and manager of the local Subway franchise lives a second life. As a day trader, he most likely makes more money and derives more excitement playing the volatile stock market than managing his “sandwich artists...
...their cozy, new 15,000-seat stadium, the Memphis Redbirds, a Triple-A team affiliated with the major-league Cardinals, are drawing the largest attendance in the minors. Despite finishing last in 2001, the team is on pace this year to outdraw the doomed Montreal Expos. Owner Dean Jernigan originally scanned the suburbs for a site, but his wife and co-owner Jean convinced him that a stadium downtown could help the city. AutoZone Park now anchors a revitalized section of Memphis once occupied by porn shops and empty lots...
...those young fans have shown team owners that there is money to be made, and that has attracted a new breed of owner. Investor groups, including the likes of Bill Murray, Jimmy Buffett and Nolan Ryan, have discovered they can get into the game for a relatively small investment. You can buy a whole Class A team for $2.5 million. Even better, the salaries of players and coaches of affiliated teams are paid by the big-league teams. (A Class A minor-league rookie makes $850 monthly.) Half the minor-league teams play in stadiums built or completely renovated since...