Several sport headlines during the last few weeks have revolved around the role of billionaire team owners in their teams.
Last week, Manchester City won their case in court regarding the alleged breach of UEFA’s Financial Fair Play, and some have suggested that such idea has died. The Emirati petro-money has turned the team around. So has the Qatari ownership of Paris Saint-Germain. Both teams run at a loss.
As CNN reports, Newcastle might be sold to a Saudi-led group which could bring more billionaire money to English football but the British Parliament is pressuring the Premier League owners to block the transactions amidst Saudi Arabia’s record of Human Rights abuses, including silencing the opposition, and also for being found guilty by the World Trade Organization for facilitating pirate football streams.
But across the pond there is a billionaire that knows how to run teams at an operational profit and by being successful.
“The Captain” Roger Penske, who bought the IndyCar Series and the Indianapolis Motor Speedway this year, had a round weekend: His Penske Racing drivers won both IndyCar races, Austin Cindric (USA) won the NASCAR Xfinity Series race in Texas (Joey Logano finished 3rd in the Cup race) and Scott McLaughlin (NZL) won a Supercars Championship race in Sydney.
All of this while at the same time reporting an expected profit in his company…During the pandemic…In the car dealership industry…Now that is why he is called “The Captain”.