In our last article we talked about What to Expect after Buying a Sports Team.
In sports, there are certain things you need to be successful. Good players, a good fan base, good coaches, the list could go on. And for sports owners, many of those things are the same. Then again, many are not. We thought we would take a look at five things that can make an owner of a sports team successful. This is not an all-inclusive list, but covers five areas that are of importance.
1) Financial Stability
Although fairly obvious, this is extremely important. A sports franchise will normally always go through some lean times. Times when attendance is low and interest in the team is not what it should be.
Financial stability in ownership can survive those lean times and also make important investments during those times that can help get things turned around. This may mean investing in facility upgrades or acquiring new players and coaches.
2) Spending When Necessary
These are tough decisions but ones that can make all the difference. Having that financial stability is great, but using it at the right time and for the right reasons is important for successful ownership.
Working with the rest of the organization, being able to determine when and on what to spend that money on is important. For instance, bringing in an expensive free-agent who may not be a good fit for your team is money probably not well spent. But waiting a year to get the right player may be the best move for the franchise.
3) Wanting to Win
All ownership groups want to win. But wanting to avoid being only mediocre is a big difference. Successful owners realize that sometimes the best way to get to the top might be to hit bottom. This isn’t always easy, on you or the fan base. But building a team the right way and not being stuck with a lot of big contracts that holds the team back, can limit how far a team can go.
4) Having a Long Term View
Many times, ownerships look short term at their investments. Buying the team when things are bad can cause profits to suffer initially. But being patient, following the right path, and returning the franchise to a winning atmosphere, can benefit you and let you reap the rewards that were missing during the lean times. Many do believe that winning and profits will eventually go hand in hand.
5) Hiring the Right People
A team owner will not have all the knowledge it will take to make the team successful. That’s why getting the right people in place is an incredibly important skill for an owner to have. They need to determine how to go about identifying the right people to run the team, whether it’s in the front office or on the playing field.
A great General Manager who can bring in the right talent and a talented coach who can run the team on the field can turn a team around much quicker than you may think. That can only be good for success and profitability.
Does owning a professional sports team appeal to you? Try it out know for less than $1.00 a month at prosportsowner.com