(09-06-2017 11:01 AM)Wedge Wrote:  Is it a generic location? The Houston market is about the size of the Bay Area, or Boston, or DC media markets. It's not Memphis or New Orleans -- it's about 4 times the size of either of those NBA markets, and it's about 50% larger than the Denver or Miami markets.

So are the Grizzlies or Pelicans going to sell for $2 billion? Almost certainly not. But a well-run franchise with a strong season ticket base, and a relatively new arena with a very favorable lease, in a market with almost 2.5 million households, is worth a helluva lot more than the Grizzlies or Pelicans.

Houston is not 50% larger than Miami.

That said, Houston benefited from the Yao era and has a huge Chinese presence. That's why it has a bigger market than usual.