May 27, 2011, 10:00 AM EDT
In light of hedge fund manager David Einhorn buying into the Mets, The Wall Street Journal makes an observation this morning:
Einhorn is poised to join a growing number of sports team stakeholders who have come to this highly eccentric vocation bearing one basic skill: the ability to manage enormous sums of money. Over the past decade, hedge-fund managers and elite financiers—many of whom are from New York or who made their fortunes here—have emerged as the first people bankers call when they have a major sports franchise to dispose of.
I suppose courting owners whose skill is “manging enormous sums of money” is preferable to baseball’s old m.o. of courting owners whose calling card seems to be a striking inability to manage enormous sums of money. So hey — progress.
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