My favorite sports business story involves two brothers turning $1 million into $800 million as basketball team owners without ever owning an NBA team.
It's a masterclass in leverage, long-term thinking, and the power of equity and ownership.
Here's the crazy story π
1) The story starts with Ozzie & Daniel Silna.
The two brothers were born in New Jersey after their parents immigrated from Latvia in the 1930s.
They worked at their dad's small textile business, but when he sold the company, they started manufacturing polyester in the 1960s.
2) As polyester sales skyrocketed throughout the 1960s, Ozzie & Daniel Silna's business grew.
So they used $1 million in profit to buy the ABAβs failing Carolina Cougars in 1974.
They then moved the team to Saint Louis and rebranded as the Saint Louis Spirits.
I asked my audience: "What is the best sports book you've ever read?" β and received more than 1,000 responses.
Here are the Top 10 π
1) Open, an autobiography by Andre Agassi.
Everyone needs to read this, seriously.
2) Moneyball by Michael Lewis
This book follows the Oakland A's historic 2002 season βΒ 103 wins with one of the lowest budgets in MLB βand details how the Athletics pioneered the use of analytics and advanced statistics.
This is a must-read, plain & simple.
3) The Score Takes Care Of Itself
This book breaks down the leadership lessons Bill Walsh installed as head coach of the 49ers, taking the team from a 2-14 record to Super Bowl Champions in just 2 years.
β’ $3 million construction cost
β’ $100 million economic impact
β’ 10 million viewers and 300,000 fans
But it wasn't always this big.
ESPN *made* it this big.
Here's the fascinating story π
1) The NFL didn't have a draft for its first 14 years.
But Eagles owner Bert Bell got tired of losing β the best college players signed with the best teams β and pitched an idea to level the playing field.
And the NFL draft was born.
However, it looked different back then.
2) The first NFL Draft was held in 1936 at the Ritz-Carlton Hotel in Philadelphia.
β’ Draft picks written on a chalkboard
β’ Only 81 players selected (262 today)
Even crazier?
That year's #1 pick, Heisman winner Jay Berwanger, turned down the NFL to become a salesman instead.