When the NHL was in lockout, I had a debate with a well-respected newspaper editor. The debate focused on whether it was better to own a professional sports team or a newspaper in the town that you lived in. At the time, this editor basically posited to me that the NHL was “dead as a doornail” and that there was no real consumer interest in hockey. I posited that we were getting our game restructured and that hockey was a global game. Its interest level was growing with young people and that we would lead in digital delivery of our content and services. I bet him that in less than five years that all of our growth arrows would be green and all of his growth arrows would be in the red.

I also noted that sports teams, newspapers and universities were the enduring brands in each city. (Think about it.) They were all trophy properties and since you couldn’t buy a university and newspapers were shrinking badly and were already public companies, that sports team would become the most “aspirational” of all things to own and operate in a major city. 

So here is the question: Would you rather own the Washington Redskins or Washington Nationals or Washington Capitals or Washington Wizards vs. the Washington Post? Or in the case of Sam Zell, would you rather own the Chicago Cubs, Chicago Bears, Chicago Bulls or Chicago Blackhawks compared to the Chicago Tribune. Note that the Tribune Company is selling the Cubs right now basically to help pay down debt incurred to the business and take it private which I believe is a mistake because sports teams are appreciating while newspapers are shrinking.

So what do you think? Better to own a sports team or a newspaper in a top 10 market?