One unexpected result of writing this newsletter has been that so many of you reach out to me each week with questions. Some want to discuss a different viewpoint on that day’s topic, while others are genuinely curious about various aspects of sports.

I try to answer as many of these as possible over email. But going forward, I want to do more of this publicly. These Q&A-style posts will be slightly less formal but should be a fun way to explore additional topics. If you enjoy them, we’ll do them more often.

Let’s kick things off with an email I got earlier this week:

Hey Joe, big fan of the newsletter. I’d love for you to write about the economics of athletes owning private jets. I recently saw that Cristiano Ronaldo and Max Verstappen each bought $50M+ planes, but it would be cool to learn more about the pros and cons of renting vs. owning, how leases work, additional costs, etc. No pressure, just an idea!

This is a fun one to start with because the details are so unique. The Max Verstappen angle is more interesting, but let’s begin with Ronaldo for chronological purposes.

Ronaldo’s private jet “purchase” is the perfect example of how the media can run with imperfect information. Over the last few weeks, you have probably seen headlines that say Ronaldo purchased a $70 million private jet, like this one, this one, or this one.

The only problem is that Ronaldo didn’t purchase a private jet worth $70 million. His new plane might have been worth $70 million when it was brand new, but we know Ronaldo didn’t pay $70 million for it because the exact plane that he purchased is 1) used and 2) was listed for just $18 million when it was initially put up for sale.

The Bombardier Global Express XRS then sat on the market for nearly 9 months. So, Ronaldo probably negotiated a lower price on the plane or potentially didn’t buy it at all, instead choosing to sign a long-term lease, a common (and cheaper) alternative.

The Global Express XRS is a fantastic plane. It can seat 13 passengers and 2 crew members. It flies at a max speed of 511 knots (588 mph) and has a comfortable cabin (6’3″ high x 8’2″ wide). The plane also has a couch that folds down into a bed for longer trips, and the 7,000-mile range means Ronaldo almost never has to stop for fuel…