This Mark Walter situation got me looking into some numbers with the Dodgers:
The current ownership group bought the Dodgers on 3/27/12 for $2.15B. The team is worth today an estimated $8B, so they've 3.72x their investment on paper.
The S&P 500 on 3/27/12 closed at 1412. It closed today at 7745, or 5.5x. That's the price only return (not including dividends and re-investing those dividends).
You're telling me that the ownership/operation of the Dodgers has significantly underperformed a buy and hold strategy (that can be implemented essentially for free) of the world's largest and most popular public stock index? The Dodgers would need to be worth almost $12B today to have performed in line with the S&P.