Quote:Operating income doesn't mean Net income....  There's a little thing called taxes out there along with depreciation... NFL teams get most of their dough from TV which is spread equally...  The vast difference in franchise values comes from local revenue where the Cowboys probably have 4-5 times the Jags since they get equal national TV money... 

 

Actually, Doug, there's an even bigger potential flaw in my computation, and that is, unless they paid out their operating income in the form of a dividend or other distribution to Shad Khan, then it's possible that I am counting the income twice, because it may already be included in the franchise value. 

 

Sort of like if someone makes $100 and puts it in the bank, they have a net worth of $100, but then someone like me comes along and says, hey, not only does he have a net worth of $100, he also made $100, so he really is better off by $200.  Which of course is not true. 

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