It is a unique attribute of professional sports industries that the attraction of the game or match depends to a large extent on the closeness of the compe tition. Prof. Walter Neale calls this characteristic the ' ' Louis-Schmelling Paradox.'' Unlike the usual firm which tries to attain a position of sole supplier, a heavyweight champion, for example, who desires to maximize profits needs a contender and the stronger the contender the larger the profits from fighting him.'^1) A comment in the Yale Law Journal states clearly:
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David S. Davenport (1969) studied this question.
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