Efficient markets assume rationale participants. Sports fans are anything but. Sports is all about emotions. While valuation of sports franchises may be only l

Efficient markets assume rationale participants. Sports fans are anything but. Sports is all about emotions. While valuation of sports franchises may be only loosely coupled to reason the salary of players is connected to cash flow into the company. That is even more true if the company will have struggle to get more loans (lenders tend also to be more rationale).