What's good, ya'll? For school I'm doing a research report on the business and finance problems with professional sports, namely the NBA, NFL, MLB, and NHL. If any of you cats can help me out with the following information, it'd be greatly appreciated!
-What is the difference between a hard cap and a soft cap?
-Since teams are privately owned, how is money generated? Ticket sales, apparel, sponsors, etc?
-Which leagues allow teams to use their profits to spend on players' contracts? This is the case in the MLB, right? Are there any other leagues?
-What are some of the goals of the NFL lockout and the impending NBA lockout?
-Can anybody explain to me how local economies are impacted by the success of local sports teams? Or how they're impacted by the lack of a team (Seattle Sonics, the Sacramento Kings' potential move, etc).
If any of you could answer any of these questions, once again, I would really appreciate it. And for the record, I am doing research of my own to answer some of these things, so it's not like you are doing it for me, just I could use some base knowledge before I get started. Thanks again, and comment away!