After selling the Los Angeles Dodgers for a record $2.15 billion price tag, former team owner Frank McCourt fancies himself an expert businessman and expert on professional sports ownership. That has to be the case because McCourt recently decided to buy a large stake in a horse jumping tour.
Bloomberg reports that McCourt purchased a 50 percent ownership stake in the Global Champions Tour for an undisclosed amount.
The tour has 14 premier circuit events in Europe, Asia and the Middle East, according to Bloomberg. McCourt plans to expand to the US and grow in Asia and the Middle East. He plans to tap more sponsors and believes he knows what he’s doing.
“You know what happened with the Dodgers,” McCourt told Bloomberg “We took a franchise losing almost $60 million per year and ended up selling it for the highest price ever paid for a sports franchise. We created value there and we plan to do the same thing here.”
Easy, Frank. Don’t forget that you were in such bad financial shape that you had to borrow millions in order to meet payroll. MLB forced you to sell because you were such a cruddy owner, and you only cashed out thanks to the TV deal that was open for business.
Knowing Frank, he’ll find some way to make money off this deal. Let’s just say that we’re much happier seeing him in equestrian than professional baseball.
H/T Dodgers Now