Reinsdorf celebrates anniversary with Bulls
The Bulls marked a significant anniversary this week.
No, not the 10th anniversary of the week Eddy Curry spent as the NBA's best young big man. Friday was the 30th anniversary of Jerry Reinsdorf taking controlling interest of the franchise.
Since then, the Bulls have been the city's most successful pro team, winning six championships. Of course, the person most responsible for that success was Michael Jordan, and he was a player Reinsdorf inherited.
There were some smart moves along the way. Hiring Jerry Krause led to drafting Scottie Pippen, Horace Grant and Toni Kukoc, as well as Phil Jackson being plucked out of the CBA to become the most successful NBA coach in history.
Where Reinsdorf made his biggest mark is on the business side. The Bulls weren't the first NBA team to put a premium on in-game entertainment, but they helped perfect the practice. Bulls games became a great night out whether the team won or not.
Reinsdorf also was instrumental in the building of the United Center and had a hand in the revitalization of the West Side.
On the surface, improvements in the community have been drastic. The area between I-94 and Chicago Stadium was filled with store fixture shops and religious missions. Now it's all upscale businesses and housing, extending even a few blocks west of the arena.
Whether the United Center has helped improve the lives of West Side residents is tougher to measure, but the area has come a long way.
Reinsdorf's other significant achievement has been turning a profit. I asked him once if the Bulls were his most profitable investment ever. He didn't give a straight answer, but unless he bought Microsoft stock in the 70s, it would be tough for anything to top the Bulls, considering what the team is worth today.
According to the Chicago Tribune, Reinsdorf's group bought 56.8 percent of the team for $9.2 million. The Bulls' chairman at the time, Lester Crown, stayed on as a partner, as did Jonathan Kovler and Lamar Hunt.
Most Bulls fans are aware that Reinsdorf is not a majority owner. He's the controlling partner with a long list of associates. Many of the current partners are family trusts, which means no one is selling their share of the Bulls, even after the original investor passed on.
The most recent Forbes Magazine valuation had the Bulls worth $2 billion, with an operating income last season of $65.3 million. Those sort of yearly profits have been achieved for a long time.
These numbers help provide some insight into how the Bulls are run.
As chairman, Reinsdorf feels he has a responsibility to give his partners a good return on their investment. His son Michael stepped in to oversee the franchise in 2010 and seems to be focused mostly on the business side.
Winning championships is great. But keep in mind the Bulls partners win big every year when that profit-sharing check arrives in the mail. Ultimately, the No. 1 goal is to keep the building full.
Having a team that contends for a championship sells tickets, so that's important.
Imagine if the Bulls received an intriguing trade offer for Joakim Noah this summer. Which factor would take precedence: whether the trade could turn the Bulls into champions, or the fact that Noah is a popular, marketable star who puts people in the seats?
Well, until that actually happens, we won't know the true answer.
• Get the latest Bulls news via Twitter by following @McGrawDHBulls.