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Years ago

Bargains galore

There is passion and there is business. Eddie Groves would not be as financially successful if he had the attitude that some of you think regarding passion versus money. He knows what he is doing and I doubt its with the intention of losing money over it. Some weeks back when Van Groningen was a guest on Talking Hoops he spoke about how Groves nearly threw in the towel as far as Bullets ownership. A few years back the team was not as successful as they are today and he wanted to let go of his attachment. Van Groningen convinced him to give it a bit longer and it now has paid off for him. Groves won't stay involved in basketball only because of his love of it, it also has to make business sense.

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Years ago

Eddie Groves is 40 years old and reported to be worth $125m. I don't think he made too many mistakes in his life. I don't doubt for a minute that he got a bargain that he is confident will make a good return for him.

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Years ago

Does anyone know the split up price of the 2 assets. We hear how much the women's team sold for, but get a combined sale price for the other 2 assets. Considering 2 separate people made the purchases, we should know how much each paid. This question was raised in my mind on last night's Talking Hoops program where Paul Bell talked about a 2nd team and the cost for a new NBL license is $1m. Surely the Sixers sold for more than that considering its an established team with a successful history and a brand name. If that is the case, then the price fetched for the Dome was a bargain basement price for what you are getting. There is no reason why a venue like that cannot generate income every single day. Some of the uses are:

1. Junior training and matches
2. Sixers home games and training.
3. Concerts and other forms of entertainment in the stadium.
4. Restaurant for a myriad of uses such as weddings, corporate functions, presentations, promotions, fund raisers etc.
5. Board room for hire.

This is only the tip of the iceberg. There are enough uses to keep the place buzzing every single day.

Reply #90002 Report this topic

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Bargains galore

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