Bloomberg, Dolan, and money as power

Greed isn’t about having all you want, it’s about control

Spike Lee got into a public spat with New York Knicks owner James Dolan.

It’s the latest of a series of public relations disasters for Dolan, the most unpopular personality in the NBA. Until recently, I wondered why a rich guy like that would endure the criticism. The Knicks are valued at $4.6 billion; why not just sell the team?

Eventually I realized: well, I wouldn’t sell. I think back to 2014, when NBA Commissioner Adam Silver forced the sale of the L.A. Clippers over the resistance of the owner, Donald Sterling. Steve Ballmer eventually bought it for $2 billion, a record price for an NBA team at the time, but Sterling still contested the sale. While Sterling loved his lavish lifestyle, the Clippers were at the center of his identity.

A major-league sports franchise isn’t like real estate or stock. While the majority owner certainly wants to make an operating profit on the team, it’s not an investment so much as a prized possession.

And unlike mansions, private jets, yachts, and other possessions a billionaire enjoys, a sports team is an instrument of power. Tens of thousands of fans purchase game tickets hoping for no return on their investment except happy memories. The civic…