Billionaire Julian Robertson, who founded hedge fund Tiger Management LLC, said North American sports franchises are overvalued.
``There is a lot of interesting business involved in these things, but they've been bid up to pretty ridiculous levels,'' Robertson said in an interview airing Nov. 15 on Bloomberg's ``On the Ball'' radio program.
The National Football League's Dallas Cowboys, at $1.6 billion, are the most valuable sports franchise in the U.S., followed by Major League Baseball's New York Yankees at $1.3 billion, according to Forbes magazine. There are 19 football teams worth at least $1 billion, compared to none five years ago, while the average baseball team is now worth $472 million, 143 percent more than when Forbes first calculated team values 10 years ago.
The New York Knicks ($608 million) lead the National Basketball Association, while the Toronto Maple Leafs ($448 million) top the National Hockey League. The Phoenix Coyotes have a net worth of $142 million, making the hockey team the least expensive of the four major U.S. sports franchises.
Robertson, a 76-year-old who ran what was the world's largest hedge fund in the 1990s, no longer manages funds for clients. He grew up in Salisbury, North Carolina, and owns New Zealand golf courses Kauri Cliffs and Cape Kidnappers.
Robertson has a net worth of $1.8 billion according to Forbes, ranking him as the 262nd richest American. He said he wished he ``had the money to match the ego'' that comes along with sports franchise ownership.
``I'd love to try, I really would,'' he said. ``That's kind of the toy that every man wants, but I think I've done pretty well so far by being poor enough that I couldn't possibly afford one or even contemplate owning one.''
Kiwi Challenge
Robertson, instead, will focus his attention on raising the profile of his New Zealand golf courses. Cape Kidnappers was ranked as the 41st-best course in the world in 2006 according to Golf Magazine, while Kauri Cliffs was 63rd.
To bring even more attention to the courses, Robertson hosted the inaugural Kiwi Challenge two weeks ago. The event, which featured PGA Tour players Anthony Kim, Adam Scott, Brandt Snedeker and Hunter Mahan, will air this weekend on NBC.
The four golfers competed for a $2.6 million purse by playing a round apiece at the two courses on consecutive days. Another PGA Tour fixture, Tiger Woods's caddie and native New Zealander Steve Williams, provided commentary for the telecast.
(Source: Bloomberg)
