I’ve seen a prospectus on purchasing minor league teams. I went in on an investment group managed by a couple of former MLBers that purchased three A level teams. We’ve since made our money and sold.
What the group was looking for was poorly run teams in potentially good markets. Too often people buy into sports without a clue to join the club (think NFL and Daniel Snyder). Our group had proven owners running the show. I never thought of myself as part of “the club.” I had no say other than “sell.” It was just a cool investment.
The problem with purchasing AAA teams is they cost significantly more than A teams. The group purchased three A teams for the cost of one AAA. They also tend to be in markets large enough that poor promotion isn’t an issue. In smaller minor league markets the ability to properly promote the team for the least cost has a lot to do with financial success.
One of my homes is near AA stadium. I’ll bike by and see families leaving in the sixth or seventh inning. The great thing about minor league ball is if the kids get restless, leave. You haven’t blown a couple of hundred dollars-plus. Four tickets, four hot dogs and four sodas is about $60.