Just like my spot on observation of greedy owners being the main impediment to doing the right thing and requiring every NFL game be played on grass, this shows more greediness from another NFL owner.
Terry Pegula bought the team in 2014 for $1.4B
Today, it's estimated value is $3.7B...and increase of $2.3B or 164%
Pegula's net worth is estimated at $6.8B.
The TEAM (not Pegula personally) is on the hook for paying the difference between the final cost of the stadium over the very generous $850M the public as already pitching in. So, yeah, the expected $200M from PSL's helps pay for the Bills playground.
BUT, why does Pegula NOT give the area a GIFT by taking that $200M OUT OF HIS OWN POCKET????
The Buffalo Bills, like every NFL team is WILDLY PROFITABLE!!!
Forbes says the Bills had a PROFIT of $119M on "sales" of $502M. That's a WHOPPING 23.66% profit margin. A margin that almost all other industries would SALIVATE over (in addition to the non-ending cash cow of guaranteed TV revenues and a labor contract that is TIED to a percentage of the SALES...in other words, labor costs are GUARANTEED to not go up (as % of sales the only accurate metric of labor cost) over the life of each CBA).
Simply put, a NFL team is a CASH PRINTING MACHINE!!!!! Of ever increasing value.
Here is a comparison to what percentage of Pegula's net worth it would take to cover that $200M (2.94%) and the median American household by age group (median is 50% have higher and 50% lower)...
Age of family head (or reference person) Median net worth Amount equal to Pegula's $200M Less than 35 $39,000 $1,147 35-44 $135,600 $3,988 45-54 $247,200 $7,271 55-64 $364,500 $10,721 65-74 $409,000 $12,029 75+ $335,600 $9,871
Now, this is a rhetorical exercise. We all KNOW why these filthy rich owners will wring every last dime out of their customers.....BECAUSE THEY CAN!!!!
Reply With Quote
Originally Posted by Typ0
