You could own a Boston professional sports team for just $1 million
The New England Patriots, according to Forbes, are valued at a hefty $2.6 billion. For the Boston Red Sox, that figure is $2.1 billion. The Celtics are worth $1.7 billion, and the Bruins, $750 million. The value of the New England Revolution is up to $158 million this year. Even the minor-league Pawtucket Red Sox fetched $20 million in February.
If you want to buy one of these pro sports team, it would require very deep pockets (provided a team was for sale in the first place). But there is a slightly more palatable option out there, and it’s available now: The Boston Lobsters are for sale, with a price tag of $1 million.
“I think that’s probably the price we believe a team should be valued at,’’ said World TeamTennis Commissioner Ilana Kloss.
The league took over operating the Lobsters just after the start of 2015, when former owner Bahar Uttam walked away. The league has been looking for a local owner or ownership group since. Kloss said WTT has had conversations with several interested buyers in New England.
The Lobsters play in Manchester-by-the-Sea at the Manchester Athletic Club. Kloss said the league’s priority is to keep the Lobsters in or near Boston, but the team could move elsewhere in New England depending on who winds up in control.
According to Jeremy Steindecker, a team spokesman, the Lobsters ushered in 7,500 fans over seven home games in the 2015 season, which is more than 1,000 per game. Ticket revenue in 2015 increased by about 85 percent over 2014, he said.
Kloss said it may be beneficial for a future owner to bring the team closer to the city, as Manchester-by-the-Sea is a 45-minute drive away from Boston. But she said the league does not generally play a role in deciding where teams play, leaving those decisions to team owners.
“The MAC is a wonderful club and facility,’’ she said. “It is quite far from Boston, which in some ways can be challenging.’’
Kloss said the league hopes to sell the team soon.
“The next couple of months are important because you want to be up and running and in place well before the end of the year,’’ she said.
WTT played its first season in 1974, taking a hiatus after the 1978 season before returning to action in 1981. It was co-founded by American tennis legend Billie Jean King.
The league holds a quick summer schedule, with regular season matches this past season taking place between July 12 and July 29. Teams are made up of male and female pros, and the league has featured major stars such as the Williams sisters and the Bryan brothers. WTT’s final is televised on ESPN2.
The size of the league has shrunk in recent years, however, with the number of franchises down to seven from 11 in 2008. League spokeswoman Rosie Crews said WTT typically draws 100,000 fans per year, which would have been about 2,000 per game in 2015. She declined to discuss whether the league is profitable.
So why would somebody want to own the Lobsters?
“You love tennis, and you love your community, and you want to own a professional sports team,’’ Kloss said. “We really believe there are many people who love tennis, who want to help grow pro tennis in America. … We think WTT can be a part of the answer of helping to get more Americans to choose tennis as their first sport and hopefully get more American champions.’’
Plus, compared to other sports enterprises, the $1 million price tag may be attractive. Even the expansion fee for a Major League Lacrosse franchise would run you $1.5 million, according to the league.
“Obviously the upside and the downside isn’t as great,’’ Kloss said.
Actually, don’t be so certain about the limits of the upside. Before the current incarnation of the Lobsters launched in 2005, a team by that name played from 1975 to 1978.
Its owner didn’t leave pro sports after the Lobsters folded. Nope, Robert Kraft would go on to buy the Patriots 16 years later.
Granted, the Pats only cost him $172 million back then.
Meet the future of U.S. soccer:
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