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Why Owning an NBA Team is Like Having a House on the Best Beach in the World

Last year the Milwaukee Bucks were purchased by two hedge-fund billionaires for $550 million. In a piece for Grantland, Bill Simmons tried to nail down what exactly drives the super rich to acquire NBA teams, a purchase that—at least by the numbers—is often a pretty lousy investment. Simmons concluded that for many owners, exclusivity and prestige outweigh straight number crunching: “You can’t […]