Where does the value lie in a franchise?

Sure, the brand has value. The McDonald’s name and logo would be worth something if it hit the market.

But the true value lies in real estate.

McD’s is one of the biggest real estate companies in the world. Brand value could go to 0 and the holdings would still be worth a chunk.

The sports teams that can spend the most also happen to own their arenas and don’t have to split the ticket revenue (in many cases, some are just owned by absurdly rich people (like the LA Clippers)).

Until Zuck’s metaverse dream takes off and NFTs are the new everything, value still resides in scare, physical goods. And they’re not making more land (unless you’re in Dubai or maybe China).