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
Bruce Dowbiggin
Elbows Down For The Not-So-Magnificent Seven: Canada’s Wilting NHL Septet
The week after Grey Cup is always a good time to look in for our first serious analysis at how Canada’s NHL teams are doing. So let’s take a quick… WHOA… what’s happening here?
If the playoffs were to begin next week (we wish) then it would be a cold breakfast for teams in Elbows Up. Just two clubs—Winnipeg and Montreal— would even qualify for the postseason. And the Jets have just found out their star goalie Connor Hellybuyck is unlikely to play much before mid-January.
The two putative Canadian hopes for a first Stanley cup since 1993— Toronto and Edmonton— are sucking on vapour trails. After being raked 5-2 by Montreal, the Leafs have just a 24.9 percent chance of making the playoffs. Conor McDavid’s Oilers have a better percentage but their same old goaltending woes and a ticking clock on McDavid’s back.
Granted that, going into the weekend, no team in the East was more than four points out of the wild-card spot while all but three teams were within three points of a playoff spot in the West. But the Canadian teams are stuck behind some premium teams and need lotsa’ luck so they end up like Max Verstappen not Lance Stroll.
Maybe a Canadian men’s Olympic gold medal can reduce the sting of no Cup, no future for another season. But it won’t save the jobs of coaches in Calgary, Toronto and Vancouver unlikely to survive also-ran status. Let’s take a close look at the not-so-magnificent seven starting west to east.
Vancouver: The Nucks have a sterling 4 percent chance of making the postseason as of this writing. In the powerful Western Conference that’s still an insult to a franchise that hasn’t recovered from the hasty 2013 firing of GM Mike Gillis—who won… let us us see… two Presidents Trophies and six Western Conference titles in a row. Since then? Uh, bagel.
It’s nice that Elias Petterson has come back from the morgue this season. But it will come down to goalie Thatcher Demko staying healthy and whether ownership wants to go full tank or just a quarter-tank for a draft pick. Hard to see Adam Foote surviving as coach.
Calgary: Speaking of tanking, everyone in Calgary wants the Flames to do a teardown for the top picks in the 2026 Draft. Everyone, except, for the Flames absentee owner Murray Edwards and his robo-spokesman Don Maloney. They want the five percent chance at a playoff spot and a mid-round first draft pick. The Flames missed the chance to restructure in 2023 when Johnny Gaudreau and Matthew Tkachuk departed. But again, denialism in the management suite tried to make it an even trade with Florida, sign huge new contracts and keep pushing. Bad decision.
Only question here is when does the purge begin and what can they get to help Dustin Wolf— signed for seven more years— in net?
Edmonton: We’ve written at length here and here about the McDavid saga. He and the management team halved the baby with a short-term deal to pretend he’s staying in the Chuck. Their healthy chance of making the playoffs (75.5 percent) says one thing. Their play in the putrid Pacific— they’re given up six-goals-plus five times in just 24 games— says another. But as long as McDavid and Leon Draisaitl stay healthy they might still finesse a ticket to a their third straight Finals ride.
But if they get near the trading deadline and the postseason is a mirage the noise to trade McDavid will be deafening. And the offers staggering for a capped-out team.
Winnipeg: Last year was supposed to be the Jets big year. Okay, that didn’t work out so well. The Jets kept their core together for another chance at finally making a serious playoff run. So it will all come down, as it has in the past, to the health and playoff juju of Hellybuyck. Their ticket out of the Central Division lies in beating powerful Colorado and Dallas and, if that happens, staying healthy.
The Jets would probably just as well their stars didn’t go get beat up in the Olympics, but that’s unlikely. There’s always been a karma about Winnipeg breaking the Canada Cup jinx. Still a long shot.

EAST
Toronto: So you’re saying Mitch Marner wasn’t the problem with the highly rated Maple Leafs never getting as far as the Conference Finals? They’re 3-5-2 in their last ten, their captain is still a sulky figure— only now his output doesn’t make it worthwhile. And the Toronto media is trying to do the players’ will to get coach Craig Berube fired for them. The same problems remain from years previous: dubious goaltending and a shallow talent pool on defence.
The biggest problem for the Leafs is their closing window for success. They’re old, have few tradeable assets in the system and have traded top picks away for short-term gains that never appeared. Expect fireworks after the Olympics if this crate doesn’t get moving. New MLSE boss Keith Pelley has no ties to the current administration and will sweep clean.
Ottawa: The Sens have managed to survive the loss of captain Brad Tkachuck to a broken finger. How? Ottawa have gotten goals from 17 different players which means they have balance. And so far they are above average 5-on-5. All good. They’ve also taken advantage of the mediocrity of the Leafs and other Eastern teams to stay afloat.
Their Achilles heel? Between the pipes. Both goalies have a save percentage under .875 and that ain’t going to cut it come spring. As always finances will limit their trades and manoeuvrability.

Montreal: The Habs were the fashionable pick before the season as the Canadian team most likely to get to the Cup they last won in 1993. Defenceman Laine Hutson is all that he promised last year. The dynamic top line of Cole Caufield, Nick Suzuki and Juraj Slafkovsky have cast back to the days of the Flying Frenchmen. Managing expectations in Montreal’s rabid hockey culture— where a misplaced apostrophe can cause chaos—means never taking anything for granted.
Now if only goaltender Jacob Dobes can keep up his play long enough for Sam Montembault to regain his form the Habs could be a thing in the spring. At this rate they might be the only thing.
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 . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.
Bruce Dowbiggin
Burying Poilievre Is Job One In Carney’s Ottawa
The Liberals’ first budget under Mark Carney— about nine months overdue— snuck through Parliament with Green Party leader-of-one Elizabeth “Margarita” May as the deciding vote. (All it took was a commitment to her insane climate targets.) A quick review of the Book of Revelations does not reveal this as a sign of the Apocalypse. But to Canadians who voted for a change in the spring it’s a rude reminder that no one is minding the store in Ottawa.
The Parliament Hill media has largely shelved discussion of Carney’s budget ‘guzintas (the PBO said there is a “less than 10 percent chance the government will keep its deficit-to-GDP ratio on a downward track through 2029-30… and Finance Canada has “changed its reporting of deficit financing, separating capital from operational spending.”) Translation: If Carney keeps on this track till 2030 the total GST collected from Canadians will not be enough to service the federal debt.
The chattering class is, however, full speed ahead on their Pierre Poilievre deathwatch. The leader of the CPC is one of their more anodyne figures to lead a party since Mackenzie King. His earnest kitchen-table schtick is about as dynamic as a cheese sandwich. Even when he famously defenestrated a blundering BC journalist in an apple orchard he never raised his voice. (What page am I taking from Trump’s book?”)

In the House of Commons, he has performed a monotone strafing of Liberal policy since becoming leader in 2023. He hasn’t elbowed aside a female NDP member. In the fine tradition of the House he does mock the Liberals front bench, throws water on their fevered policies and acts like a vice-principal of a small high school disciplining a student.
But in the judgment of today’s febered media— okay, the Liberals— he’s “rage-farming” or “rage-baiting” when pointing out that Canada’s debt is out of control, its real estate is a bubble waiting to burst and the relationship with the U.S. is flat lining. In fact he’s all rage, all the time, for their purposes. According to Carney’s bots, Poilievre stoops “to stirring and riling up ‘white-trash’ elements in society into hateful rhetoric against the prime minister. “
Team Carney has gloried in his travails since Donald Trump upended the spring election by cozying up to Carney. (Poilievre didn’t help himself taking pot shots at Trump who then dismissed Poilievre). CBC/ CTV/ Global savants who spit every time they mention Trump bizarrely were suddenly in enthusiastic approval of Orange Man Bad spanking PP for them.

The tone about his performance as opposition leader is vitriolic. “Pierre Poilievre’s rage-baiting and empty slogans aren’t what Canada needs”. His slogans (stolen by Carney during the election campaign), his by-election win in Alberta, his insistence on core issues— it drives the panelists on talk shows to fits for pique.
Which is funny when you think about it. Those with longer memories can recall the hijinx of the Liberals’ Rat Pack in the 1980s and 90s. Led by Sheila Copps (dubbed Tequila Sheila by Tory justice minister John Crosbie), Don Boudria and John Nunziata they were an early version of Polievere and Melissa Lantsman and the CPC front bench. Just more obnoxious.
Except the wind therapists were amused by them. Instead of rage monkeys they were the subjects of puckish CBC features. Copps could speak Italian with her (Hamilton) constituents and also had “perfect French,” said reporter Jason Moscovitz.” But she needles Mulroney in plain English,” he added, as Copps introduced a question for Brian Mulroney by comparing him to to Johnny Carson.
The irreverent Rats even produced their own T-shirts to wear in the House. “Other MPs say he’s sleazy, slimy, and a snake,” said Moscovitz, of Nunziata as he donned one of the T-shirts. So Nunziata used the same words in the House of Commons.”Sleazy, slimy Tory patronage!” he proclaimed on the floor of the House.

Laugh? We could have died. It was entertaining in the collegial debating club of the time. The sparring of the feisty Copps and her target John Crosbie was mint.
But now that the Liberals are entering a second decade of mismanaging the nation, their appetite for impertinence has disappeared. So the clever ripostes of Copps are now Poilievre “rage” farming and “rage baiting”. Some people have noticed the contrast: “Caucus unrest treated as a calamity when it involves the Conservatives, while Liberals get a pass” But the bubble-bound Canadian public only hears one slant.
In the U.S. there are hopeful signs of a bubble breakthrough. Hip TV host Bill Maher was forced to tell Woke comedian Patton Oswalt that his BlueSky world was strangling him. He enlightens an oblivious Oswalt on the UK grooming gangs. He also brought him up to reality when Oswalt said the Left never orders gender off of passports.
It’s not much, but it’s hopeful, at least in America. Here in Canada the information corridor is so thoroughly policed by the culture Stasi (using their dreaded Trump guns) that nothing can get through. Singing O Canada and not abusing the lyrics is considered a sacrilege on the Left. Daniel Smith is a Trumpist etc. Carney is intent on importing British hate speech convictions, not AI chips and nuclear energy.
If that isn’t enough of a bummer remember that Carney is just a stop-gap, a guy to rag the puck for a few years till the Liberals have groomed Justin’s eldest for the PMO. Where he can complete the Woking of traditional Canada that Grandpapa Pierre started in 1968.
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 . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.
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