Ted Leonsis Explains How He Is An Awful Businessman

[radoran]

or, alternatively, explains how expecting to turn a profit owning a professional sports franchise is a fools errand unless you own the "non-hockey related revenue" related to the hockey operations.

http://www.csnwashington.com/hockey-washington-capitals/talk/ted-leonsis-ive-never-made-penny-profit

On reports he lost money in recent years as owner of the Capitals:

I’ve never made a penny of profit with the Washington Capitals, not [just] in recent years. Since I’ve owned the team we’ve never been profitable.

Jaromir Jagr. Seven years. $77 million.

Then immediately decided that trying to win a Cup with high priced veteran talent wasn't going to work.

[jammer2]

@radoran I often wondered how guys like that got rich in the first place. Some of them are probably babbling fools who were born into richness.