Bruce Dowbiggin
Celebrity Owners– Fun, Yes, But The Equity Is Even Better

In case you hadn’t noticed. Celebrity Sports Ownership is all the rage. When the Ottawa Senators were for sale Ryan Reynolds, Snoop and The Weeknd were all mentioned among the bidders (that eventually went to Montreal businessman Michael Andlauer). LeBron James now holds a minority position with Liverpool FC.
Jay-Z owns part of the Brooklyn Nets, Usher a piece of the Cleveland Cavaliers while Fergie of Black Eyed Peas fame also partly owns the Miami Dolphins. Gloria and Emilio Estefan, Marc Anthony, and tennis superstars Serena and Venus Williams are owners of pro sports teams. Famously, Elton John owned Watford FC, although he’s now just an honorary chairman.
And, of course, Reynolds and Rob McElhenney used a documentary TV series that showed their Welsh Wrexham soccer team promoted to the FA’s League Two. What’s the attraction?
Clearly a little PR is always a good thing. But sports team ownership has also become a lucrative equity play. As BMO reports, “The average compound annual growth rate since the last purchase price… is 15 percent, a meaningful outperformance to the TSX and S&P. Forbes estimates the Toronto Blue Jays are currently worth US$2.1 billion or roughly C$2.85 billion.
Based on recent sports franchise transactions, expansion fees and annual estimations of franchise values by Forbes Magazine, an $8 billion enterprise value is easily defendable for the Jays’ owners MLSE (who also own the Maple Leafs, Toronto FC and Argonauts).”
It’s the same across the major pro sports leagues. The estimated average franchise value in the NFL since 2013 is $5.1B with a compound annual growth rate (CAGR) of 16 percent; in the NBA it is $2.9B with a CAGR of 18 percent. For MLB it is $2.3B with a CAGR of 12 percent; the NHL is $1.0B with a CAGR of 11 percent; while MLS is $0.6B with a CAGR 21%.
But, BMO cautions, owning a sports franchise is considered “an equity investment strategy rather than a cash flow or income play.” In other words, don’t think that ticket sales and hot dogs are going to make you rich. (Although the NHL’s salary cap, which guarantees owners’ profits is a sweet deal.) The key is sports media which is thriving despite the move to cord cutting..
Sports media rights contracts have grown in tandem with franchise valuations. Not to be ignored in the advertising growth and viewer interaction is the bear knowns as legalized sports betting. Betting companies are flooding the airwaves with commercials while bettors tune in to watch how their selections work out. The casinos and online shops have replaced lower-paying traditional advertisers who’ve dropped off.
In Canada, league or team ownership of broadcast properties is still common. For that reason the real value of those broadcast rights is often opaque. (We had some irritated pushback from Rogers and Bell for writing on this tidy arrangement in the mid 2010s, forcing some limited disclosures). Rogers Sportsnet and TSN own (via MLSE) own a stable of teams in MLB, NHL, CFL and MLS. Good luck finding out what they pay themselves for media rights.
It’s more open in the U.S. Since the New York Yankees pioneered the YES network in 2002— sparking multiple imitators in other markets—the move in the U.S. has been away from outright ownerships of regional sports networks. A number of RSNs in the U.S. are either in bankruptcy or nearing it. Digital and network sources are now absorbing these sources. ESPN, via its owner Disney, is looking to find partners for its many broadcast properties as their bottom line in general has suffered.
Still, ESPN’s legacy business generates revenue and operating income of approximately $12.5 billion and $4.0 billion in 2023. It remains to be seen what new model emerges in the U.S. to answer cord cutting and the death of conventional TV. The NFL’s experiment on Monday, having two MNF games compete on separate networks is one experiment.
In Canada’s monopolistic market, “TSN/RDS penetration rates have declined at a quicker pace than ESPN over the past 10 years. ESPN penetration has dropped from 81 percent of U.S. households in 2013 to 56 percent in 2022, while TSN/RDS penetration has decreased from 89% of Canadian households in 2013 to 49 percent in 2022.
In addition, BMO admits that cord cutting is a thing. “SportsNet subscribers have decreased -23 percent to 5.8 million over the same period. Subscriber and advertising revenues are 60 percent and 40 percent of total revenue, respectively. Since 2017, TSN revenues have increased 13 percent. TSN subscribers have decreased -29 percent to ~7.8 million over the same period.”
But! In the last five years, TSN and SN have increased advertising revenues by 13 percent and 15 percent respectively. The same figure for the top five Canadian non-sports channels (collectively) is six percent. Thank you legalized wagering in Ontario. So who wouldn’t want a piece of this action, especially in Canada?
The red flag in this surging equity market comes in the form of smaller Canadian NHL markets. The Senators sale for $950 suggests a healthy interest in owning, but the Sens sale was also tied into the new LeBreton Flats arena. Ownership or control of a Canadian arena means more than NHL games. It also includes revenue from concerts, rallies, monster-truck events etc.
Even with that can Andlauer produce a winner just two hours from the Montreal Canadiens market? Likewise, the Winnipeg Jets are desperately in need of a larger arena to replace the 15,321 Canada Life Centre. Having Canada’s richest man, David Thomson, as an owner is no guarantee of getting one. And should Thomson tire of being the saviour of a losing Jets hockey property, who in that market has C$1-2B lying around needed to fund the franchise properly?
Likewise, the Calgary Flames. Despite the political press conference this summer about as new agreement the arena that management promised by 2013 has still not seen a shovelful of dirt turned over. The latest gaffe was architect’s drawings for the rink being rejected by the NHL due to inadequate dressing-room space. Start again.
Should the rink not be available till 2025-26 will an evolving ownership group still be interested in shelling out the money to keep the Flames (and Stampeders, Roughnecks and Hitmen) operating in Calgary? And if they don’t, because losing sucks? While energy-rich Calgary has plenty of billionaires, few will want to risk the money needed to keep a competitive team in a small market.
Connor McDavid’s brilliance plasters over the same small-market crack in Edmonton. Yes, they have their new building, but can owner Darryl Katz fund the moves need to keep his stars and build a winner? Vancouver, owned by the Aqulini family, has a larger market base, but with Seattle Kraken just two hours away can they too write the cheques needed to create the first Stanley Cup winner since the Canucks entered the NHL in 1970.
If these Canadian markets do survive longterm it might have to be with foreign ownership. Certainly there is money to be made riding the equity train. But there also no guarantees that those carpetbagger owners might replicate the Montreal Expos and scoot to richer markets.
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Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. Inexact Science: The Six Most Compelling Draft Years In NHL History, his new book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via http://brucedowbigginbooks.ca/book-personalaccount.aspx
2025 Federal Election
The Last Of Us: Canada’s Chaos Election

Show me good loser and I’ll show you a loser— Leo Durocher
There’s an expression that goes, you’re not allowed to die until all the people in your life have disappointed you. That trenchant observation is particularly relevant to those who woke up on April 29 to discover that their neighbours and friends in Canada have opted to give the federal Liberals (under new leader Mark Carney) another four years to continue Canada’s descent into irrelevance.
These are the same Liberals sans Carney who were polling in the low 20s six months earlier. Their cabinet members were quitting in droves. In the finest Wag The Dog tradition, a sure victory for Canada’s Conservatives was then transformed into a humiliating defeat that saw the Tories leader Pierre Poilievre lose the seat he’d represented for 20 years. The debate in the chattering classes now is how much was Poilievre’s fault?
In a minor vindication the Liberals were seemingly denied a majority by three seats (169-144) . How they balance that equation to advance their pet projects on trade, climate, gender, free speech, native rights and Donald Trump was unknowable Which is why the Grits have turned to dumpster diving MPs like Elizabeth May and keffiyeh-clad NDP to achieve a workable majority..

Suffice to say that neophyte Carney, without any support system within the Liberals, is being highly influenced by the Justin Trudeau faculty lounge left behind after the disgraced three-term PM slunk off into the night.
It’s not all beer and skittles. No sooner had the Liberal pixie dust settled than Carney was hit with Bloc leader Yves-Francois Blanchet announced unequivocally that energy pipelines were still a no-go in electrified Quebec. Alberta premier Danielle Smith lowered the requirement for a separation referendum from 600 K signatures to around 170 K— a very doable mark in pissed-off Alberta.
Saskatchewan premier Scott Moe outlined his demands on Carney if his province is not to join Alberta. And former British PM Tony Blair, who’d worked with Carney in the UK, announced that Carney’s pet project Net Zero was a loser for nations. Finally RBC revealed it was moving beyond diversity toward “inclusion” by removing “unconscious bias” among its upper ranks.
Such is the backwash from April 28. If you listened to the state-supported media on election night you might think that Trump had picked on poor, innocent friend next door Canada. His outrageous 51st state jest did send the Canadian political apparatus into panic. A Liberal party that proclaimed Canada a postmodern state with no real traditions (lowerering flags to half mast for six months to promote their Rez School genocide hustle) suddenly adopted the flag-waving ultra-patriotic visage of expatriate comedian Mike Myers.
Instead the commentariat was spitballing about how to make the House of Commons function more smoothly or if Carney should depart for Europe immediately or in a month to meet his true constituents in the EU commentariat. China? Wassat’? Urban crime? I can’t hear you. Canada as fentanyl capital of the West? Not interested.
Astonishingly, many people who should know better bought it. It was Boomers waking from a long nap to impose their cozy values one final time on the nation they’d created via Trudeau. Comfy ridings like Oakville, Burlington, North Vancouver, Ottawa Centre and Charlottetown mailed it in for another four years. Academic hotbeds like Western (London), Laurier (Kitchener), Waterloo, UNB (Fredericton), U Calgary (Confederation) Alberta (Strathcona) and UBC (Vancouver) also kept the radical dream alive.
Meanwhile shrieks of “Panic!” over Trump decimated the Bloc (22 seats) and the NDP (7 seats) with their support transferred to a banker-led party that had been poison to them only six months earlier. You could not have written a more supportive script for a party who had neglected the essentials in traditional Canada while pursuing radical policies to please the globalists of the West.

Speaking of time capsules, you’d have been hard-pressed to find a more retro scene than the one produced by the legacy TV networks. With their emphasis on the horse-race story the tone, the panels, the hosts could have easily been teleported from 1990s. While many were interested in the micro of government finance, most listeners were expecting maybe a word or two on the collapsed state exposed by Trump’s aggressive negotiating.
As we’ve mentioned often before, Canada’s allies are appalled by the takeover of the country by malign actors, drugs traffickers, money launderers, real-estate manipulators and Chinese subterfuge. Trump’s generic reference to the border was a catch-all for the corruption swallowing the election process and the finance of the country.
That avoidance was echoed by pollsters who spent the night talking about how the final figures reflected their findings. Except for those that didn’t— Conservatives vote tally over 41 percent and Liberals well under 200 seats. What was avoided was the cumulative effect of highly inflated Liberal polling during the campaign, the “why-bother?” narrative they sold to voters appalled by the Liberals manipulation of the process to switch leaders and hold a micro-campaign of 36 days.
While Donald Trump has announced he’ll work with Carney on tariffs, it’s still highly likely that this was the final Canadian election fought by the old rules where the have-nots (Atlantic Canada) the haves-but-outraged (Quebec) and the indolent (Ontario) control the math for making government. The money pump (Alberta, Saskatchewan) will seek to attract eastern BC and southern Manitoba to their crew. In the worst case Carney may be the nation’s final PM of ten provinces plus territories.
Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster A two-time winner of the Gemini Award as Canada’s top television sports broadcaster. His new book Deal With It: The Trades That Stunned The NHL And Changed Hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org. You can see all his books at brucedowbigginbooks.ca.
Bruce Dowbiggin
Mistrial Declared in Junior Hockey Assault Trial. What Now?

With all the Elbows Up election idiocy you can be forgiven for missing the news this past week that the trial of five former members of the 2018 men’s gold-medal winning Team Canada hockey team was declared a mistrial just a day into the proceedings. The five have all plead not guilty.
On Friday the judge ordered a new jury be empanelled after a half day of evidence in the trial of the players who are accused of sexually assaulting a woman in a hotel room in 2018 in London, Ont. Superior Court Justice Maria Carroccia has not released the reasons she halted the trial. It comes after outrage over a civil settlement between the victim and Hockey Canada in 2020 forced authorities to pursue the criminal charges.
The graphic nature of the evidence so far promises dramatic testimony should the trial go its full length. Thoughts that one of the quintet might accept a plea deal to roll over on his former teammates— a goal of the police and prosecution— have so far been unrealized. It is expected that the victim will testify.

The low-profile start to the trial in the case is a contrast with the front-page treatment it received after excellent reporting from Katie Strang of The Athletic and Rick Westhead of TSN. At the time the charges were announced in 2024, Michael McLeod and Cal Foote were with the New Jersey Devils, Dillon Dubé was with the Calgary Flames and Carter Hart was with the Philadelphia Flyers. Alex Formenton had been signed by the Ottawa Senators but was playing in Switzerland.
The sensation was amplified by the role of Hockey Canada in the civil case, using funds to pay off the victim. Parliamentary hearings and front-page headlines added to the impact.
As we wrote in January of 2024, the hysteria encouraged the usual radicals to denigrate the national sport. “For the same reason that some think guns kill people, the toffs believe that hockey itself causes outbreaks of macho sexual behaviour. These people cheer for Sweden when it plays Canada because… Canadian hockey is just too down-market for them. Sweaty guys. Cold rinks. Meritocracy. Ick!

“We should clarify here that we mean men’s hockey. Womens’ hockey is not included in the loathing. In fact, metrosexuals from PM Justin Trudeau on down worship the wholesome new PWHL. Skippy recently gave a pep talk to the Ottawa players in their dressing room. Surprise. They lost.
“Players are married to rivals on other teams. Can you get more hip than that? Women’s hockey is nominally about winning; the real prize is equal pay for work of equal value. And the love of the Trudeau cabinet.
“But men’s hockey, with its crude meritocracy, must be shunned at all costs. Pediatric “experts” blame its emphasis on winning for causing kids to drop out.. So when the sordid tale of a 2018 multiple-sex allegation at a golf tournament arrived it warranted a hearing in the Commons, tut-tutting editorials by the score about the over-sexed nature of teenaged young hockey stars and multiple attempts to convict someone, anyone, for the act.
“That’s why the principals eventually pursued a civil case, where rules of evidence are less stringent. A civil case that Hockey Canada quickly paid off from a suspicious slush fund to end the ordeal for everyone. How’d that work out?
”Feminists and the non-binary set howled about this, but after the storm of outrage the media cycle disappeared from the public view. The 20 or so players on the 2018 Team Canada gold medal winners graduated into the NHL, and the league, which had no power to compel testimony nor a criminal charges to rely on, let them play.
“But pressure on police over the following months finally forced criminal charges. Butter cloak of secrecy prevailed. This was highly unsatisfactory. Who was under suspicion? Who was innocent? Player agents and lawyers kept their charges from self-incrimination at all costs.
“How will it end? Will there be convictions or will deals be done? In this time where social-media truths are fungible and Woke causes are paramount no one should hazard a guess. But one thing that will get an airing is the charge that hockey created this climate of sexual permissiveness. The sport must be condemned when its participants break the law.
You think that hockey caused this? That it doesn’t happen in the world of millionaire basketball or football or baseball players? Guess again. Cleveland Browns QB DeShaun Watson faced 24 sexual assault accusations. One former NBA player had seven children by six different women. Former MLB pitcher Trevor Bauer faced sexual assault charges from an alleged assault at his home.
How about the stories of young women who, like the young women pursuing athletes, went backstage at concerts and shows for a rendezvous with a famous rock star like Steven Tyler or Axl Rose and got more than they bargained for.
Or those who tried to climb the political or corporate ladder by submitting to power figures? Hello, Kamala Harris. This case is about power, stardom, privilege and exploitation. Ugly, yes. Life-wrecking for some. But trying to pigeon-hole hockey as the unique engineer of the tragedy is ignorant and irresponsible. “
Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster A two-time winner of the Gemini Award as Canada’s top television sports broadcaster. His new book Deal With It: The Trades That Stunned The NHL And Changed Hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org. You can see all his books at brucedowbigginbooks.ca.
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