Famous Sports Teams that Went Bankrupt
Every sports fanatic has a team he loves more than any other; one that keeps him up at night watching DVR’d games before a random cabbie can ruin the surprise. Think you know which sports teams are most successful? You may know the stats on game successes, but financially, some of the leading teams have debt and bankruptcy filings in their past that outweigh game success! Find out which teams are hurting for plain dollars and cents, even if their talent is off the charts.
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Famous Sports Teams that Went Bankrupt
The Teams
Professional sports might seem like an industry with great stability and impeccable leadership, but that is not the reality. Four professional baseball teams and six professional hockey teams have declared bankruptcy in the last 50 years.
Seattle Pilots, 1970: The Seattle Pilots declared bankruptcy to counteract an injunction by the state of Washington that sought to prevent them from moving to Milwaukee and becoming the Brewers.
Pittsburgh Penguins, 1975, 1998: In 1998, to keep their season going, many Penguins players deferred their salaries. Star Mario Lemeiux was owed so much that he became a partial owner.
Cleveland Barons, 1978
Baltimore Orioles, 1993
Los Angeles Kings, 1995
Ottawa Senators, 2003
Buffalo Sabres, 2003: The Sabres declared bankruptcy shortly after their owner was convicted of fraud and sentenced to 15 years in prison.
Phoenix Coyotes, 2009
Texas Rangers, 2010
Los Angeles Dodgers, 2011: The L.A. Dodgers declared bankruptcy after their owners became involved in an especially nasty divorce battle.
The Leagues
Even though some teams need to declare bankruptcy during hard times, the big 4 professional sports leagues are still going strong with around a combined $1,812,000,000 in annual profits.
National Football League: $984 million annual profits
Major League Baseball: $496 million annual profits
National Basketball League: $207 million annual profits
National Hockey League: $125 million annual profits