Monets, sports franchises, and other toys...

From local business columnist Bill Virgin:

Owning a sports franchise is like buying a Monet painting. The immediate payoff is psychological, not financial; in fact, ownership is likely to be a financial drain. A work of art doesn't pay interest; it does generate expenses for security, insurance and preservation. The financial payoff comes when it's sold -- if a buyer can be found who is willing to pay more than the original purchase price and accumulated losses.

In other words, the Greater Fool Theory....

As long as an owner has confidence the pool of Greater Fools has not been drained, the issue becomes whether there's enough psychological benefit from owning a team, a house, or a Monet to put up with the losses -- and the wallet is thick enough to endure them. The former Sonics ownership group decided the trade-off wasn't worth it, especially when a live one showed up on the doorstep, checkbook in hand.

Some toys get sold on ebay. Others are given to friends or relatives...and still more just sit on the mantel or in a closet. NBA franchises don't usually go on ebay, but they don't necessarily do well when ignored, either. Sports franchises are businesses that employ a bunch of people, so an owner's blind eye can boomerang into problems with the IRS, L&I, creditors, landlords, and the like. Much better to sell if you aren't going to spend time and energy on it.

Well, unless you have a management structure you trust.

A lot.