What Are Teams Worth? Team Valuation ◾ 261
with some new massive facilities being built, owners of some NFL teams are see-
ing a larger percentage of their revenues coming from non-NFL events in their
stadiums.
Because facility revenues aect franchise values, how the building was nanced
is also important. A new facility should always increase revenues, but at what cost?
Because professional sports teams often receive some level of public support, how
the stadium is paid for is also important. For instance, if the team completely owns
the facility or retains all revenues with little or no obligations for construction or
maintenance, prots will increase more than if the public still owns the facility and
assigns responsibility for maintena ...