Fox used to own the Dodgers. Disney used to own the Angels and the Ducks. Liberty Media still owns the Braves (I think). MSG owns the Knicks and Rangers. And a bunch of other teams own their networks - the Red Sox own NESN, the Yankees own a large part of YES. Fox owns half of the Big Ten Network. ESPN owns a large part of the Longhorn Network and the SEC Network. I could go on and on, but suffice it to say that there's a ton of precedent.

not quibbling about precedent or anything along those lines.

I'm just interested in the correctness of the metaphor.

Turner Network used to own the Braves iirc?

In e-sports land, KeSPA owned Team 8 (now Jin Air Green Wings) for a year or so until they found a sponsor. MBCGame owned MBCGame HERO for a while.

Yeah, this is more apt, since Twitch doesn't directly run any major tournaments that I know of (although they do often sponsor some).

Thats true. What came to my mind was the NBA actually did own one of its teams for a while in a bailout, I think it was Charlotte.