1. Understanding Sports Markets
“Those of you on the floor at the end of the game, I’m proud of you. You played your guts out. I’m only going to say this one time. All of you have the weekend. Think about whether or not you want to be on this team under the following condition: What I say when it comes to this basketball team is the law, absolutely and without discussion.”
—GENE HACKMAN AS COACH NORMAN DALE IN Hoosiers (1986)
In applying the laws of economics to professional sports, we must consider the nature of sports and the motives of owners. Professional sports are different from other forms of business.
There are sellers and buyers of sports entertainment. The sellers are the players and teams within the leagues of professional sports. ...
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