Valuations of sports franchises are simply worth what the next rich guy is willing to pay. They are such a rare commodity and the wealthiest in society are only getting wealthier. If you have $2B lying around, you can probably afford to cover losses during the rough years, and it's worth it just for the lifestyle of owning a sports franchise. Plus, in years down the road, you'll probably sell for a lot more than you paid.
Except for they few years during substantial economic downturns, the values of these teams are going to continue to increase quickly long-term.
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