Christmas Comes Early in Philly

Budget cuts are never something you want to hear, especially during times of need as many people find themselves in now. Unfortunately, Mayor Michael Nutter made the decision to cut various programs in Philadelphia's budget due to a major deficit. Some of those programs include libraries, swimming pools, and hockey rinks, all of which are places that help keep kids off the streets and actively engaged in hands-on activities.

Fortunately, however, Christmas has come early, as the Philadelphia Flyers' owner Ed Snider has announced that his Ed Snider Youth Hockey Foundation will pick up the tab to keep three Philly hockey rinks open for the public to enjoy. This is a classy move that will help many kids and families, and save the city $150,000 annually. It's also very fitting since the people that helped Snider make his fortune will now benefit from his generosity. Well played Ed!

The NBA: Ball + Basket = Billions

This past Wednesday, I went to see the Sixers play (and defeat) the Phoenix Suns at the Wachovia Center, the first game I've gone to in well over a year. The game was pretty good, save for the fact that Steve Nash was visibly not 100% and Shawn Marion was out for the game, thus rendering the Suns less potent than usual, but all in all it was a fun time.

While at the game I did some thinking. I saw Ed Snider-- the Sixers' President who represents Comcast, the team's owner-- walking around his establishment that holds around 20,000 fans on a full night. He watched his investments, errr, players who are collectively paid about $40-50 million run up and down the court. He undoubtedly smiled as he watched ticket-purchasing customers spend more hard-earned money by devouring overpriced food and beverages. And perhaps he thought about the income he would get from people who paid for parking, team gear, and other in-stadium purchases. And I'm sure he didn't forget the hundreds of ads that are plastered on the walls and other marketing messages announced throughout the game. He's got a lot to smile about... There's a lot of money floating around this building in just this one evening.

And all for putting a ball through a rim.

Think about it for a moment. A handful of guys in shorts, sleeveless jerseys, and sneakers run back and forth on a wood court trying to get a ball through a metal hoop. And people will pay tremendous amounts of money to witness it.

In fact, I did a quick estimate based on last year's Forbes Franchise Values and found that the NBA's teams are collectively worth well over $7 billion. All for getting that bouncy leather ball into a circular basket.

Is that unballievable or what?