When Losers Win
When it comes to professional sports, this is often the case. For instance, not long after Labor Day, the Pittsburgh Pirates clinched their 19th consecutive losing season–the longest stretch of futility in any major professional American sport. Yet, thanks to revenue sharing, television contracts and other non-gate income, Pirate owners have been making millions of dollars annually. In fact, the cost of signing top-flight players to lucrative contracts would take a deep bite out of annual profits, leading some analysts and economists to conclude that if the Pirates turned themselves into winners, they wouldn’t be helping their bottom line.
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