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Owning a professional sports franchise is my dream job. I’m willing to relocate.
I’d be one of the more meddlesome executives fans love to hate. I’d demand a say in who we drafted and redesign our uniforms. I’d deliver dramatic missives via sports-talk radio and send cryptic messages through the press. And I’d encourage local schoolchildren to mail Christmas cards to my dog, who’d have her own luxury box and a cartoon on our cable network.
Of course, not counting the NHL, I could never afford a pro sports team. There’s a better chance I’ll miraculously develop an unhittable slider, or learn to punt.
You obviously must be exceedingly rich to become an owner. Did you ever wonder how all these people made all that money? I sure hope you did, because we went and did all this research. What follows is a list of ten billionaire owners and how they built their fortunes.
In 1959, DeVos and high school friend Jay Van Andel started selling all-purpose cleaner. Their business grew to become Amway, which now brings in $6 billion each year under the ominous-sounding Alticor name. Whether you see Amway as an empowering direct sales company or a crazy cult, it sure was good to DeVos. Forbes estimates his wealth at $3.4 billion, making the paltry $85 million he spent on the Magic in 1991 a minor investment.
Lower on my list of dream jobs is running a cable network that caters to urban youth. So I’m all kinds of envious of Robert L., who founded BET and sold it to Viacom for $3 billion in 2001. His fortune was depleted by an expensive divorce, but Johnson’s estimated net worth is still $1.1 billion. His resume is full of firsts — BET was the first African-American owned company traded on the NYSE. He was the first African-American billionaire in the U.S. And, in 2002, he became the first African-American majority owner of a professional sports franchise.
I’d never given it much thought, but I’d always assumed Kraft bought the Patriots with big cheese money he’d inherited. That’s not the case. Kraft made his money in paper. In 1972, he founded International Forest Products, which is now part of the Kraft Group – a diversified collection of companies ranging from Gillette Stadium to the New England Revolution (Major League Soccer) to Carmel Container Systems (Israel’s largest packaging plant). Kraft is seen as a savior in New England; before he bought the team in 1994, the Pats seemed destined for relocation to St. Louis. Plus he’s made them really, really good.
Another reason I’m so keen on owning a team is the access to foreign heads of state. In 2005, Kraft met Vladimir Putin, who walked off with one of Kraft’s Super Bowl rings. Kraft now claims it was a gift, but that might just be what you say when a Russian leader steals your jewelry.
Despite America’s strong resistance to Japanese ownership – and despite his admitted lack of interest in baseball – Hiroshi Yamauchi became majority owner of the Seattle Mariners in 1992. Yamauchi is the man credited with transforming Nintendo from playing-card company to video game giant. His 55-year tenure saw incredible growth. But that doesn’t mean there weren’t a few bumps along the way. Forays into instant rice, taxi service and short-stay hotels (also known as “love hotels”) did not pan out.
In addition to not caring for baseball, Yamauchi also prided himself on never playing a video game.
Jerry Jones built an oil empire in the early 1970s, striking gas in the first thirteen wells he drilled. His father had given him a head start; Pat Jones sold the Modern Security Life Insurance Company for millions.
An undersized guard, Jones was captain of the 1965 Cotton Bowl-winning Arkansas Razorbacks. Future Cowboys coach Jimmy Johnson was a teammate; Johnson’s successor, Barry Switzer, was a Razorbacks assistant.
Jones bought the Cowboys for an estimated $140 million in 1989. He immediately made waves by firing Tom Landry – the only coach in Cowboys history – and replacing him with his college buddy (the aforementioned University of Miami coach, Jimmy Johnson). After a rocky 1-15 start in 1989, the Cowboys went on to win three Super Bowls in the 1990s.
Malcolm Glazer inherited a small jewelry repair business from his father. But it was Malcolm’s investments in Florida trailer parks that started his financial ascent. He went on to become president and CEO of First Allied Corporation, which now owns 6,700,000 square feet of retail space. He was also chairman of Gilbert/Robinson, Inc., which managed over 100 restaurants, including Houlihan’s and Darryl’s. Today, the Glazer family oversees strip malls and nursing homes throughout the land. Glazer also has a large stake in Zapata, an oil company founded by George H.W. Bush.
Glazer made five previous attempts to join the elite ranks of NFL ownership, including a failed 1993 bid to bring an expansion team to Baltimore. The New York Times said Glazer had “a reputation as a franchise window shopper, one who looks at virtually every team that comes up for sale.” But in 1995, he outbid George Steinbrenner for the downtrodden Tampa Bay Buccaneers. Under his leadership, the franchise was righted, earning a Super Bowl title in 2003. Glazer also bought Manchester United, and fans weren’t exactly pleased.
Kroenke is a self-made man who also married mega-rich. He earned his estimated $2.1 billion fortune in real estate, developing shopping centers across the country. Then he went ahead and married a Walton – Ann Walton. Sam’s niece. She’s worth another $3+ billion. A sports junkie, Kroenke also owns Major League Soccer franchise Colorado Rapids and a share in Premier League’s Arsenal F.C.
With $5,000 he’d earned delivering pizzas – and after a stint as a TV reporter – the future Cavs owner started a small mortgage company called Rock Financial in 1985. In 1999, it was bought by Intuit for $532 million. Three years later, Gilbert bought it back for $64 mil, renaming the company Quicken Loans. He bought the Cavaliers for $375 mil in 2005. He also owns Fathead, which makes wall decals and tiresome ads. On the side, Gilbert is working to beat Michigan’s steroid-free bench-pressing record.
At 47, Stephen Bisciotti is the NFL’s second-youngest owner. He made his money in staffing – specifically, finding talented engineers for the aerospace industry. With Jim Davis, Bisciotti founded Aerotek in 1983 (he was 23). Their staffing company, now known as the Allegis Group, had revenues of $4.4 billion in 2005. Bisciotti bought 49% of the Ravens in 2000, and purchased the rest from Art Modell in 2004.
Power blogger and dance icon Mark Cuban owns the Dallas Mavericks, and is thinking about buying the Chicago Cubs. The Indiana University alum sold MicroSolutions for $6 million in 1990. Ten years later, his internet radio startup Broadcast.com (formerly Audionet) was acquired by Yahoo! for almost $6 billion in stock. Cuban is also a partial owner of HDNet, Magnolia Pictures and 2929 Entertainment.
Many of you probably already knew how Cuban made his fortune. But we like his blog and think he’d make a terrific mental_floss intern. This opens the door.
How other owners made their money: Arthur Blank, Atlanta Falcons (NFL): co-founder of Home Depot; Paul Allen, Seattle Seahawks (NFL) and Portland Trail Blazers (NBA): co-founder of Microsoft; Woody Johnson, New York Jets (NFL): Johnson & Johnson heir; Micky Arison, Miami Heat (NBA): CEO of Carnival (Cruise) Corporation, which was founded by his father; Bill Davidson, Detroit Pistons (NBA) & Tampa Bay Lightning (NHL): family started Guardian Industrial (manufacturing auto mirrors and windshields); Glen Taylor, Minnesota Timberwolves (NBA): Taylor Corp (printing empire).
If your local owners aren’t on this list, please add the story of how they built their fortunes below. Thanks again to my anonymous library scientist friend for all her wonderful research.
• Spectacular Stories of Storied Spectators
• Quiz: The Most Humiliating Scandals in Sports
• Quiz: The Hall of Fame Game
• Sports Too Deadly for Gym Class
• Superstars in Super Strange Uniforms
Carl Pohlad, MN Twins owner- got his start foreclosing on homes during the depression… we think of him as a real life Mr Burns.
posted by ovie on 11-6-2007 at 2:28 pm
Two of the Nets owners are Harvard real estate developer Bruce Ratner and rapper Jay-Z. I’d love to sit in on an owners’ meeting.
posted by JerseyBoy on 11-6-2007 at 2:34 pm
This has nothing to do with the sports part of your post, but I love when you post pictures of your dog. Such a beautiful dog. I want another, but our house is just barely large enough for our boxer, cat and fish.
posted by Janet on 11-6-2007 at 2:39 pm
You could own a piece of the Green Bay Packers! I’m one of over 110,000 shareholders.
posted by Debbie on 11-6-2007 at 2:46 pm
The Edmonton Oilers only have 38 investors including Todd McFarlane of Spawn.
posted by Michael Surtees on 11-6-2007 at 2:59 pm
Detroit Tigers (MLB):
1983-1992 – Tom Monaghan, founder Domino’s Pizza
1992-present – Mike Illitch, founder Little Pizza (1959)
Illitch also owns:
Detroit Red Wings (NHL) – 1982-present
and had owned:
Detroit Drive (AFL) – 1988-1993
posted by tiger on 11-6-2007 at 4:08 pm
The Steinbrenners made their money in shipbuilding.
posted by Marty K. on 11-6-2007 at 5:35 pm
who owns the red sox?
posted by charlotte mortgage lender on 11-7-2007 at 9:14 am
Jon Bon Jovi, owner of the Philadelphia Soul of the AFL, made his millions as a rock and roll star and part time actor.
posted by Brad on 11-7-2007 at 10:30 am
Tom Benson – New Orleans Saints: made his money in car dealerships in San Antonio, then in New Orleans. Has sold most of holdings in N’awlins as he tries to take the Saints away and bring them to San Antonio. Last year’s team support, even before the Saints started winning, has made this difficult and with a 30,000 person season ticket wait list I think Tom will be forced to keep the team in LA for the foreseeable future.
Afterthought – he has turned over most of operations to his granddaughter, who is in her mid 30’s and hot (although married, booooo)!!
posted by Boomer brown on 11-7-2007 at 10:45 am
Peter Angelos, Baltimore Orioles.
Led his law firm to many successful and lucrative asbestos litigation cases.
posted by Robert on 11-7-2007 at 10:57 am
NY Islanders & NY Dragons (Arena Football) – Charles Wang founded Computer Associates (CA) by using credit cards debt to start up the company. Retired from CA in 2002.
posted by Island Laxer on 11-7-2007 at 12:11 pm
I worked at an indepedent book store in Laramie, WY for a lot of years. Stan Kroenke used to come in quite a bit; he was always in WY to check on land investments. SUPER nice guy, I like him a lot. He would buy anything I told him to (he knew that I knew what he liked – lots of Western fiction and nonfiction, and mysteries. He read a lot, I guess spending so much damn time on his private jet…)
posted by Laura on 11-7-2007 at 12:41 pm
Can anyone guess how William Clay Ford, owner of the Detroit Lions, made his money?
posted by Jil on 11-7-2007 at 3:37 pm
William Clay Ford, thats easy he is a grandson of the late great Henry Ford
the auto maker.
posted by Carlos Mosley on 11-7-2007 at 4:32 pm
Doesn’t Sir Richard Bronson own some sort of women’s extreme sports team? A sexy women’s extreme sports team bought with money made off the Sex Pistols- now that’s interesting.
posted by Paul Apt7 on 11-7-2007 at 5:39 pm
Abe Pollin Washington Wizards & Washington Capitals – Building & Real Estate
Ted Lerner – Washington Nationals – Building & Real Estate
posted by Benny on 11-8-2007 at 12:20 am
Jerry Richardson (owner of the Carolina Panthers) took his meager bonus as a player for the Baltimore Colts and bought or started (Can’t recall which) a fast food joint which eventually became Denny’s which he built into an empire. That empire gave him the $$$ to create the Panthers.
posted by Marc in Charlotte on 11-8-2007 at 9:14 am
I think Tiger forgot to add Caesars to his post.
Mike Ilitch, owner of the Tigers and Red Wings, is the founder of Little Caesars Pizza. His wife owns Motor City Casino.
posted by brian on 11-8-2007 at 9:41 am
and the Tigers owner before Ilitch was Tom Monagham who helped create Dominoes pizza. So since I can remember there has been some sort of pizza at the stadium
posted by Dan on 11-8-2007 at 9:28 pm
I am a co-owner of an NFL team. I proudly own 3 shares of stock in the Green Bay Packers-the only franchise in professional sports owned by the fans. No dividends except pride of ownership. I will never part with my shares!
posted by Jody on 11-14-2007 at 10:28 am
Ralph Wilson, owner of the Buffalo Bills, he took over the successful insurance business of his father and invested in Michigan area mines and factories. He eventually purchased several manufacturing outlets, construction firms, and radio stations, and founded Ralph Wilson Industries.
posted by Jack on 11-16-2007 at 11:15 pm
how ironic you would mention your dream of owning a team one day while also mentioning Robert L. Johnson and Vladimir Putin! because it’s always been my dream to one day marry a man who owns a cable network that caters to urban youth, who is also a billionaire, who also owns a sports team, and then completely divorce him and deplete his wealth.
on a lesser note, i’ve always wanted to steal something from Vladimir Putin. oh the irony!
posted by amywithlemon on 12-5-2007 at 1:22 pm
Robert Kraft is not self-made, his wife Myra “Hiatt” Kraft’s father Jacob Hiatt was the brains behind the paper company that became Krafts. He took it over, changed the name and expanded it to 1 billion in sales but the beginnings are always under-estimated and over-looked. Without Myra “Hiatt” Kraft, Robert Kraft would never be an owner. She’s a wonderful owner!!!
posted by Nick Riccio on 12-27-2007 at 9:23 pm
Mel & Herb Simon (Indiana Pacers) – These guys are the owners of the Simon Mall chain, which owns hundreds of malls and strip malls across the country.
posted by Deuce on 1-22-2008 at 8:27 pm
Ted Leonsis-owner of the Washington Capitals (NHL) made his pile by being with AOL in the beginning.
posted by Scott on 2-29-2008 at 3:34 pm
Jim Dolan (NY Knicks and Rangers) is the worst owner is sports. A recovering addict, he inheirited his fortune from his father in the form of Cablevision.
posted by AJ on 11-9-2008 at 1:19 am
Interesting how many of these guys were really second generation successes.
posted by jmanley on 11-9-2008 at 4:51 pm
The original owner of the Steelers bought the team after a huge run of luck at the track.
posted by Johnny Salami on 8-20-2009 at 5:08 pm