Brother Can You Spare A Dime ?
As a precursor to the MLB season two stories still stick out and really indicate the plight of the game at present . Competitively we could prescribe to the fact that baseball has never been better . We had two surprising penant winners take aim at winning the World Series . The San Francisco Giants essentially had their way in taking down the Texas Rangers on their way to winning their first championship in over four decades . And for the Giants this upcoming season comes the hard part in trying to make a successful defense of their title.
Slide show for your perusal .
Away from the game the continuing story is that of the New York Mets and their financial woes and that also of the Los Angeles Dodgers . MLB through the commissioner’s office issued a public statement that as recently November of 2010 the New York Mets had sought to borrow $25 million from the league in order to meet certain obligated expenses . .Now as we know the Mets’ ownership led by Fred Wilpon and team President Saul Katz . Both individuals as well the Mets an entity are being sued by Irving Picard the lead attorney for the plaintiffs who were victims of the Bernie Madoff “Ponzi Scheme” Picard vs Wilpon , Katz et all leads us into the depths that the Wilpons went to in trying hide the fact they were indeed the benefactors of ill gotten gains in the profits that they’re said to have received over the last two decades. It is estimated that collectively the Mets , Katz and Wilpon received in excess of $550 million but the Wilpons specifically have argued that they were unaware that the monies received from Madoff’s company were in fact of or from a fraudulent act. Pardon me for saying this , Madoff claimed that he was able to gain his clients in excess of 30 to 50 % return on their investments at a time when banks and major financial institutions were playing simply no more than 4% at the time . Somehow the Wilpons and Katz are either stupid or one can indeed surmise that they’re trying to blow smoke up everyone’s ass !
Neither Wilpon , Katz or Mets’ COO Jeff Wilpon have claimed any wrongdoing on their part and they claim that they too were victims of this Ponzi scheme . But that doesn’t hide the fact that once the indictment of Madoff by the Justice Dept and his arrest by the FBI before his trial the defendants still denied wrongdoing but when asked why it is that they chose not to return the monies received. It’s interesting to see how it is that the league and in particular Commissioner Bud Selig would now make it a point of now making this news public as it relates to the New York Mets.
After the acrimonious divorce of Los Angeles Dodgers’ owner Frank McCourt from his now ex wife Jamie McCourt the LA County Courts decided that the team and organization was a communal property and an asset that should be split between the two. The Los Angeles Dodgers it’s estimated worth is in excess of $1.1 billion and with the team being in the nation’s second largest advertising market it has been a boost to the ownership and the rewards reaped . However , in light of this all Frank McCourt has been extravagant in his spending and has simply burdened this team with an unwanted debt . That debt of $800 million ( $800,000,000 ) could seriously jeopardize hamper the financially viability of the ballclub and any ambition that it might have as to its future . Team GM Ned Colletti has been cautious in not making any public statement concerning the team’s present predicament.
The Dodgers had requested a loan of $250 million from the league in order to meet certain financial obligations of which they haven’t made clear. McCourt had stated that the loan would be guaranteed by the broadcast television rights that the team has with the local Fox affiliate and their partners nationwide. The sum involved there is a twenty year $2 billion ($2,000,000,000) contract. Given the precarious situation of the Los Angeles Dodgers , the decision made by the league’s hierarchy is a prudent one at this juncture and for once it looks as if Bud Selig is either getting some prudent advice rather than simply going out and making rather irrational decisions that in the end tends to hurt the image of the game rather than add to its luster.
And given the Dodgers history and its recent showing in the league one has to ask the question where does all now take the team and specifically how can Don Mattingly and his staff ignore the off the field issues and get the team playing with any degree of resolve and success. It should come as no surprise that Mattingly’s predecessor left the Dodgers in the way that he did as there was no clarity as to the organization’s situation and it certainly hadn’t help the situation with the constant bickering that was said to be taking place between McCourt and his wife as well with Frank McCourt and certain individuals within the front office , so much so that you got the feeling that there was indeed more than a great deal of unrest within the Los Angeles Dodgers.
If there’s no resolve as to an amicable solution to the issues between Frank McCourt , his ex wife Jamie and the Los Angeles Dodgers then the team will have to be sold to an interested third party. It would be embarrassing for the team to go into the regular season and their situation still not resolved , albeit that McCourt is now divorced. Frank McCourt now is in the process of suing his legal representatives in his case because it’s been stated that one of his lawyers apparently forged a signature pertinent to the divorce proceedings that had a bearing on the case, which subsequently the presiding judge and jury would side with Jamie McCourt in reaching their verdict of granting her petition to divide the couples’ assets as communal property apart from the finalizing of their divorce. Do you get the impression that had this been two mature adults then quite possibly this situation could have reached an amicable solution for both parties ? Now you have a situation where one of the games most renowned and fabled ballclubs now wrestles for its survival and there’s not yet to be a certainty that the Dodgers will exist in its present guise under McCourt’s ownership.
In order to meet the judge’s verdict of dividing the couple’s assets of which the most prized is the Los Angeles Dodgers Frank McCourt will have to adhere to the verdict. . McCourt for his part hasn’t yet said how he intends to deal with ballclub’s financial problems of a mounting debt and the fact that his creditors are hovering closely like vultures circling a dead animal’s carcass. Personally I’d think idiotic had baseball even thought of meeting the Dodgers’ request for a loan of a quarter of a billion dollars ($250,000,000) specifically in case where the team itself has an $800 million debt and its creditors are said to be unduly happy with the actions of the ownership group. But that being said when it comes to showing business acumen as it relates to the game the league hierarchy and the owners in particular I’ve never felt that they were ever smart much less had any real business acumen. We’re often told that these men are corporate executives and they’ve made their fortunes showing sound judgment , however when it comes to business of owning a professional sport’s franchise they’ve shown the actions of a blind man taking the chance of thinking that they can walk safely through a mine-field .
Baseball’s owners aren’t all that smart and neither is Bud Selig and the executives who are his subordinates within the league’s head office. If nothing else they’ve shown that they don’t completely understand the economics of running a professional sporting concern ! The game itself is in something of a financial mess which Selig isn’t prepared to address publicly when broached on the subject.
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Picture gallery for your perusal .
In light of the statements now made by the commissioner’s office concerning both the Los Angeles Dodgers and New York Mets do you feel that the right decision was made by the commissioner ? And in light of another rumor now brewing that after the league’s existing collective bargaining agreement due to expire in 2013 do you believe that there will one or two teams that quite possibly will be contracted ? It has been rumored that one of the teams in question could very well be the Tampa Bay Rays if they’re unable to find a new home within the state of Florida or elsewhere. Simply leave a comment on this topic or any other as it relates to baseball .
Picture and slide show details .
(1) JACKIE ROBINSON FIELD: Mets owner Fred Wilpon (left), MLB Commissioner Bud Selig (center) and former MLB COO Bob DuPuy (from the MLB) were on hand for the naming of the field at Forest Hills HS in honor of the late Jackie Robinson. The Mets are now seeking to borrow $25 million from the ML hierarchy in lieu of pending litigation against team owner Fred Wilpon and team President Saul Katz. AP Photo / Andy MacDonald ……………
(2) Fred Wilpon, General Manager Sandy Alderson, New York Mets new manager Terry Collins, Jeff Wilpon and Saul Katz pose for pictures during a press conference at Citi Field on November 23, 2010 in New York, New York. Chris McGrath / Getty Images ……….
(3) Dodgers owner Frank McCourt (to Torre’s left) congratulates incumbent manager Don Mattingly as he’s flanked by current Manager Joe Torre (left) and General Manager Ned Colletti (far right) on Friday during a news conference to announce that Torre will not return next season. McCourt has requested a $250 million loan from the league’s hierarchy and in doing so wishes to place as collateral the team’s broadcast rights that they have with the local Fox affiliate and its partners nationwide. Wali Skalij / Los Angeles Times ……….
Alan aka tophatal ……………
NB: If the league should subsequently choose to purchase the team from Frank McCourt then it’d mean that the other teams in the league will would instantaneously become adjunct owners of the Dodgers and more likely than not would have to assume the debt ($800 million) . If anything it’d be preferable for McCourt and his ex wife to either file for Bankruptcy protection under Chapter 11 while trying to clear its debt and then come back out of bankruptcy as a newly reorganized ballclub clear of its original indebtedness.
Los Angeles Dodgers team stats
New York Mets’ team stats
Eye candy …………. Angie Conwell
Tastin’ the flava lickin’ and suckin’ it well !
Bill Withers ………….” Lean On Me”