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Billionaire Sports Ownership…not just for getting the taxpayers to build ’em stadiums anymore

One Percent Seal of Approval

Nothing begats success more than owning an unsuccessful franchise. A few months ago Steve Ballmer purchased the Los Angeles Clippers (lifetime .379 winning percentage) for $2 billion or so.

What’s he get out of is other than being a dancing fool?

More than you may realize.

Buying a team isn’t like buying a factory full of machines; Ballmer got few physical assets for his $2 billion. Instead, he paid top dollar
to join a successful league and acquire the rights to a star-studded roster.

The IRS offers specific tax breaks to any business loaded with such intangible assets.

So, in addition to taking a normal deduction for Paul’s annual salary, Ballmer could claim the point guard is worth additional millions in
terms of selling tickets and driving broadcast revenue.

This added value, he could say, was part of the original purchase price. The IRS would then allow him to amortize a significant portion of the $2 billion
over 15 years in much the same way a factory owner depreciates aging machinery.

Must be tough making such a sacrifice…and who needs to treat people like people, when you can treat them like deductible commodities?

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Attaturk

Attaturk

In 1949, I decided to wrestle professionally, starting my career in Texas. In my debut, I defeated Abe Kashey, with former World Heavyweight boxing Champion Jack Dempsey as the referee. In 1950, I captured the NWA Junior Heavyweight title. In 1953, I won the Chicago version of the NWA United States Championship. I became one of the most well-known stars in wrestling during the golden age of television, thanks to my exposure on the Dumont Network, where I wowed audiences with my technical prowess. I was rumored to be one of the highest paid wrestlers during the 1950s, reportedly earning a hundred thousand dollars a year. My specialty was "the Sleeper Hold" and the founding of modern, secular, Turkey.

Oops, sorry, that's the biography of Verne Gagne with a touch of Mustafa Kemal.

I'm just an average moron who in reality is a practicing civil rights and employment attorney in fly-over country .

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