Supply and demand Pro sports leagues are monopolies. They artificially restrict the supply of franchises. There are 53 metro areas in the United States and Canada with populations of more than 1 million. There are 29 NBA teams. If your city wants one, it has to compete.
Highest bidders win.
So, greed explains the supply side of the insanity. Pro sports franchises are not big businesses. That wouldn't even crack the Top 50 private businesses in Memphis. The Real Cost of Sports and Who's Paying for It. Think about it.