This is the basic strategy of private equity. Find a sector of businesses that is doing poorly, buy them up (they're motivated to sell), run them poorly for several years while collecting money, file for bankruptcy and find a new sector to take on.
If running an ice rink was good business, PE would have a hard time finding rinks to buy for prices they're willing to pay.
https://www.sportsbusinessjournal.com/Articles/2025/11/06/te...
Private Equity's New Venture: Youth Sports (80 comments)