Baseball is not a business that needs geniuses or a masters of the business world to be successful. There are only 30 franchises. Expanding the number of franchises is up to the owners. They own 1 of 30 franchises for the highest level of professional baseball which is still America's Favorite Pastime. If you are a great baseball player who wants to reach the top of his profession, he must play for one of those thirty teams. There is no other choice. Any article of clothing or any other item with a team name or logo must pay licensing fees to be shared equally by these 30 teams. National Television networks pay the 30 teams equally to broadcast games. They have no competition. The 30 teams compete with each other and their profits are largely dictated by the size of their market and loyalty of their fanbase-- two things over which owners have no control. Baseball is a business which fits perfectly within Warren Buffett's investment strategy. His top principle for investing is:
"to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will."
Baseball is that type of business. Drunks, jocks, drunken jocks, history majors, and rich kids inheriting their daddy's business have been successfully running the business of baseball for more thn a hundred years. Is John Henry a genius and great businessman? He might be, but those are not skills needed to run a successful baseball team.
Oh, and by the way, he ran his investment firm into the ground and had to shut the doors.
http://www.bostonglobe.com/business/2012/11/10/red-sox-owner-john-henry-shutter-investment-firm-that-helped-build-sports-empire/Qr1dS62xlk7UJB23uCjhAL/story.html