1.) Explain why it might be advantageous for a professional sport team to show a net loss on their income statement in any given year. 2.) From 1977-2004 the average tenure for professional sport team ownership was just 7.375 years. Explain why this might be the case given what you know about the unique accounting abilities of professional sport teams. 3.) When lobbying congress for the ability to depreciate the purchase price of teams, former MLB team owner Bill Veeck argued that when buying a professional sport team, the asset you are essentially buying are the player contracts, and since they don't last forever they should be depreciable. Do you believe this is a reasonable argument? That is, do you believe the purchase price/value of a team is tied to the player contracts? Explain why or why not.