Posted on 02/09/2017 2:57:31 PM PST by ConservativeStatement
Two sources who spoke on the condition of anonymity said that Miami Marlins president David Samson has said that there is a $1.6 billion "handshake agreement" for the MLB team. Jeffrey Loria paid $158 million for the baseball team in 2002.
(Excerpt) Read more at forbes.com ...
It seems like a dollar is worth a lot less than it used to be.
Get it in writing. A Handshake agreement may not be enforceable.
Not a bad ROI.
Professional sports teams seam to be in a bubble market. Revenues are not consistent with value, and they are running out of egotistic billionaires. It will be fun to seem them burst.
The trouble with sports is the ever growing political correctness. People tend to make the same decisions at the same time. You’ll lose a deal breaking amount of customers on almost exactly the same day.
Passively watching sports is going the way of the Do Do Bird.
Maybe this guy will actually try to pay for some talent. Unlike the last 3 owners.
Pro sports teams have been vanity purchases, at least since the 1960s when family-owned teams began to quit being profitable enough. MLB has seen revenue growth for more than a decade, most of it during a very mediocre economy. Owning a franchise during a decade of likely growth isn’t going to hurt any owner.
If you look at revenue, the numbers aren’t justified. If you look at asset appreciation, then it’s a great purchase. For now. Just like the housing market was.
The $634 million stadium was supposed to usher in a new era for the Miami Marlins. In claims similar to those made to justify a new Tampa Bay Rays ballpark, Marlins officials predicted bigger crowds, more revenue and a more competitive team. The lure of a Major League Baseball ballpark would draw development into the low-income, mostly Hispanic neighborhood 2 miles west of downtown Miami.
But after a one-season burst of interest, crowds at Marlins games remain among the smallest in baseball, and the team continues to trade its best players and struggle on the field.
As the Tampa Bay Rays look to leave Tropicana Field, the Marlins’ experience serves as a warning that a new ballpark is no instant fix for a struggling franchise.
Including new parking garages, the cost to taxpayers for the Marlins’ plush new home ran to $508 million. Add in the cost of repaying high-interest construction bonds and that figure rises to a jaw-dropping $2.4 billion over 40 years, which led Forbes Magazine to dub it “baseball’s most expensive stadium disaster.”'
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