Basketball - Howard Shultz Selling The Sonics

Howard Shultz Selling The Sonics

Howard Shultz, the owner of Starbucks, sold the Seattle Sonics to an investment group recently because he no longer wanted to be associated with the basketball team. After several upsets including trading players, recruiting new players that didn’t seem to care about the game, Shultz decided he could no longer fund the team he had so proudly purchased five years ago. He reminisced about going to basketball games with his father and how he looked forward to enjoying many more games. This feeling has passed at Shultz gives up the reins and hands the Sonics over to new owners.

Deciding to sell the Sonics came after his attempts to have a new stadium built by the city had failed. Disappointed by players, the city, and by all the money he was losing, selling the team seemed to be the best decision Shultz could have made. He was depressed at games which many fans claim made them uncomfortable. The once energetic owner became disinterested in the game and wanted out.

Owning a basketball team is very different from most business ventures. There are more personalities to deal with, unscrupulous business deals between teams and players, and in many cases, a lot more money to be gained or lost. Shultz tried to incorporate traditional business sense into his team, but it just wasn’t working. The team will now be managed by an investment group from Oklahoma City. This will mean changes for the Sonics, who will not be getting a new stadium.