Home All Articles Baseball Economics Roundtable - May 2007

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 1145 guests online

Atom RSS

Baseball Economics Roundtable - May 2007 PDF Print E-mail
User Rating: / 11
PoorBest 
Articles & Opinion
Written by Various Authors   
Wednesday, 02 May 2007 17:00

A Biz of Baseball ExclusiveBaseball is awash with revenues these days. From lucrative television deals at the national and local level, to MLBAM's steady stream of money, to satellite radio deals, naming rights, and new or redeveloped stadiums going online, owners are bathing in the green stuff.

With that, however, are the questions about where the money is flowing, and how to place value on the revenues that are coming in.

The Biz of Baseball decided it would be good early on in the 2007 MLB season to have a roundtable discussion with some of those that follow baseball economics closely. To that end, we've assembled the following panel:

 We'll be talking five different topics:

  • The latest CBA
  • How regional sports networks impact MLB's economic landscape
  • The value of marquee players and the value of club brand
  • Comments on whether MLB should implement a player payroll floor
  • The panelist picks a topic of their liking

Select Read More to read the Baseball Economics Roundtable for 2007


The current CBA works to address some inadequacies with the prior agreement as it pertains to revenue sharing. What are your thoughts on the agreement?

Zimbalist: The new CBA has some strong points and some weak points. If I had my druthers, the fixed component of revenue sharing would be the basis for all sharing, instead of just over a third. It would also be based upon a more objective standard of a team’s potential revenue, not its recent and projected revenue experience. Among other things, the present system still penalizes a team for past success and the larger variable component, although at lower and more uniform rates, penalizes a team for future success. Further, as it stands now, a top-half team’s revenue sharing obligation can go up because the revenue of other top-half teams rises. There are lots of other issues, but, in short, I see the present CBA as an improvement on the previous ones, though it is far from perfect.

Baseball Prospectus Annual Brown: Given the political realities of how the agreement came together, it's a step in the right direction, especially in terms of lowering the marginal tax rate to 31 percent. It's still difficult to grasp that large markets such as Philadelphia or Washington, DC can pull in revenue-sharing, but as I said, tying market size to the system seemed to be an area that was just politically too difficult to reach during collective bargaining.

The addition of a fixed rate component is certainly an interesting and positive step forward and will be interesting to analyze over the life of the agreement. The system also was adjusted to deal with some of the cliff issues within the prior agreement, which created scenarios in which a club that was just above the median after revenue-sharing could actually wind up with less net revenue than a club that was just below the median. There are certainly inadequacies within in it, however. Those at the top of the revenue making scale can be impacted in terms of their percentage of their obligation based on how the revenues of the other high-revenue making clubs grow. It's not perfect, but it's a step in the right direction over the prior agreement (I get into the current CBA in greater detail in the 2007 Baseball Prospectus Annual). Given that MLB is pulling in record revenues, it seems that labor peace won the day over any haggling that might have occurred in the trenches over revenue-sharing. Things certainly might have played out differently if the economics of MLB were in a more depressed state.

Gennaro: From the reports I’ve seen, it appears to be a step in the right direction. The reduction in the marginal tax rate means that there is more of an incentive for teams to invest in revenue growth. However, I’m an advocate of determining revenue sharing payees/payors based on revenue opportunity, rather than actual revenues. Using actual revenues commingles the important structural factors that determine a team’s revenue opportunity (market size, corporate base, etc.) with management capability and results. I think revenue sharing considerations should exclude the latter. Also, I would like to see future revenue sharing provisions include a “bonus payment” for a team’s on-field performance. For example, let’s say the Pirates were to receive $20 million, based on the revenue sharing formula, I would also like to see them be eligible for a bonus of say, $1.5 million for every win they achieve over some minimum (e.g., 80 wins) and capped at some maximum level of wins (e.g., 90 wins). The benefit of this approach is that it would also raise the Pirates’ marginal revenue from winning, providing them with a greater incentive to invest in winning, through the free agent market, or investments in player development, etc.

Silver: Needless to say, I was shocked that a deal got done so quickly, so quietly, and so professionally. My guess—and I’ve heard just a little bit of gossip to support this—is that each side was worried that the other was going to play hardball. The owners were worried that the players felt like they’d lost the last round of negotiations, and that they’d point to all the money the game was making and demand a larger share of the pie. The players were worried that the owners would cite the NHL as a precedent, and that they held the performance-enhancing drugs scandal against the players as a sort of lever in case the negotiations went into the court of public opinion.

And so perhaps each side was very pleasantly surprised when they found out that the other side was going to be reasonable. Of course, there are other things that helped motivate the quick settlement. I think both sides learned from 1994 and 2002 that doing your negotiating the media is pretty much a lose-lose scenario. I think the damage from collusion has finally scabbed over (though not healed up completely). And you have some fresh blood on each side, with people like Fehr probably being involved in the negotiations more by proxy.

In any event, the fact that they were able to broker a deal with a minimum of collateral damage is remarkable, and speaks to some of the ways in which the game has matured. At the same time, I wonder if they didn’t roll the clock too far back in terms of revenue sharing, as the orgy of free agent spending this winter would seem to attest.

Noll: The new agreement cures a huge perversity in the revenue-sharing system that was created by the old CBA. Under the old agreement, teams in low-revenue markets were rewarded financially for making their teams weaker. The new agreement eliminated these anomalies, but in doing so it introduced a great deal of complexity. Financially complex rules typically create unintended loopholes as well as the potential for disagreement about their interpretation. Most likely, the next CBA will have a simpler formula.

Fort: Let’s do the big picture first. Since both players and owners share the goal of maximizing league profits, the CBA is really about dividing up the economic outcome in MLB. Since, in my opinion, really nothing changed between the owners and players in the new CBA, they apparently think life is good, economically speaking.

On the specifics of revenue sharing, the only change I see is that the sharing rate is reduced to 31%. The same target transfer of around $326 million will be funded come out of revenue growth at a lower tax rate. But transferring the same amount of money by lowering tax rates means more money is kept by each team as revenues grow. And as long as revenues grow disproportionately, this is a blow to any move toward maintaining the current level of competitive balance and surely cannot increase competitive balance.

But then nobody ever puts forth a reasoned criterion for judging competitive balance in the first place. So there never are discussions of just what the level of balance needs to be, either during the regular season or during the playoffs. All we hear from the league is that “balance is better” by whatever their chosen measurement happens to be at the time. And all we hear from critics is that there should be more balance. But the alteration in revenue sharing in the current agreement speaks volumes on what the players and owners think about competitive balance relative to what we hear from fan advocates in the press.

Bradbury: There are some provisions designed to reduce the disincentive for winning created by revenue sharing. By cutting the percentage of local revenues shared, small-market teams get to keep more of their own local revenue and can expect fewer handouts.

Supposedly, the CBA includes closer scrutiny of what revenue-sharing recipients can do with the money. I’ve yet to hear exactly what new mechanism is in place. I’m not sure how well MLB can police what these teams choose to do, but I do know that there is some discord among the owners regarding this issue. I think social pressure among owners and changing the tax rates are bigger factors.

Another change in the CBA that will also help weaker franchises is awarding teams compensation picks when drafted players do not sign. The reverse-order draft is supposed to give losing teams a leg up. Because drafted players could previously choose to go to college or to re-enter the draft the following year, draftees had tremendous bargaining power. Clubs do not want to waste a high first-round pick on a player they cannot sign, so small-budget teams had been going after lesser players who are easier to sign. Now, a team that fails to sign its first-round pick is compensated with a similar pick in the following year’s draft. This shifts some bargaining power to teams, with draftees knowing that teams will have a comparable pick in the following draft.

Overall, I am just happy the agreement was reached without a work-stoppage. The owners and players know the stakes involved, so I’m not much bothered by what they come up with.


How do regional sports networks (RSNs) impact MLB’s economic landscape now, and how will they in the future?

Diamond Dollars Gennaro: Team-owned RSNs are dramatically changing the economics of the game, beginning with raising the financial stakes of winning or losing for an MLB team. Unlike a traditional fixed rights fee arrangement with a Fox-Sports type affiliate, by having a stake in a RSN, a team re-connects its broadcast revenues to its on-field performance. Beyond the revenue implications, the RSN is an asset whose value rises and falls, in part, based on the team’s on-field results. In five years, the Yankees have created an asset—the YES Network—valued at nearly $2 billion today. The network is an important part of their economic equation and figures prominently in their willingness to aggressively spend payroll dollars in an effort to win. Besides the direct financial implications, RSNs are a team marketer’s dream as they provide a unique vehicle to build the team brand through team-related programming. It’s also no coincidence that the highest revenue teams are typically the ones with RSNs, as the broadcast rights for these teams are an asset substantial enough to form the basis of a stand alone network.

Noll: RSNs have been around a long time, and local baseball on over-the-air TV has been an endangered species since pay-TV penetration passed 50 percent almost three decades ago. An interesting issue is the effect of pay-TV RSNs (e.g., Fox Sports Network) on revenue disparities between big and small markets. My expectation is that, taking into account revenue sharing, the ratio of net revenues of the wealthiest and poorest teams has diminished, thereby making teams in smaller markets more viable financially.

The most interesting issue surrounding RSNs is the legality of the bundles of RSN telecasts that leagues are putting together as out-of-market national packages. This practice is legally tenuous. Some courts already have concluded that the antitrust exemption for pooling television rights into league packages does not apply to pay-TV, and Congress has held hearings on their legitimacy. If these packages are made illegal, teams will be allowed to sell national pay-TV rights for their games. The likely effect would be to give fans access to many more games, to increase competition in televised sports, to increase disparities among teams in broadcast income, and to reduce total broadcast income for the sport as a whole.

Silver: Any team that doesn’t have its own RSN is leaving money on the table. It’s simply a more efficient way to mine the profits of your broadcasting rights. Undoubtedly, there are a few inefficiencies in play for the time being, since some teams have RSNs while others do not. But I suspect that within a decade, we’ll be talking about 27 or 28 teams having RSNs, and it will become something that’s as standard a practice as building luxury boxes or investing in your farm system.

Zimbalist: Since the late 1980s RSNs have been a powerful force boosting team revenues, particularly those in the larger markets. When the team owners also own the RSNs, it can be a source of an extraordinary revenue advantage.

Bradbury: As much as MLB would like to have a national viewing audience like the NFL, baseball fans want to watch their local teams. MLB has been quick to allow these loyal fans to see their favorite teams play with Extra Innings and via the internet.

There was a lot of dialogue about the potential exclusive arrangement with DirecTV, but MLB won as the cable companies gave in to MLB’s demands. This should tell you something about the value of the local broadcast rights. MLB played hardball, because it knew what its product is worth.

Regional Sports Networks are profitable; there is no doubt about it. As Ted Turner learned, the more people you give a taste of the game, the more they’ll consume it. It’s a lesson that baseball learned with radio as well. By giving fans with geographic ties more opportunities to watch, the fan base grows. Oh yeah, and more importantly the RSN generates quite a bit of revenue on its own. Very nice!

Brown: RSNs are creating more disparity in terms of local revenues between the clubs, and given the ease with which clubs might be sheltering those revenues from the revenue-sharing system, they play a large part in creating the haves and have-nots. Not every owner is going to be in a position to acquire an RSN due to limited content or saturation of content by an existing RSN in a given market. Plainly put, there are only a limited number of YES Networks and NESNs to go around.

Beyond that, they create issues in terms of what is now deemed a "local" territory by way of television household reach, and the ability to tap into what is deemed local through the likes of the Extra Innings deal recently reached. Another good example of how RSNs impact MLB in the overall is how Peter Angelos leveraged television reach by way of the Orioles broadcast area during the Expos relocation to Washington, DC. Through that, he was able to gain a foothold into an even larger regional area via the creation of MASN.

Going forward, RSNs are going to become more of an issue as the revenues for YES and NESN continue to escalate, and those on the outside of the RSN bubble clamor for more shared revenues.

Fort: Two things about Regional Sports Networks seem important to me. First, RSNs generate local revenue rather than national revenue and inequality in the growth of local TV revenue is the major source of the imbalance in potential revenues across teams. Second, the level of competitiveness among RSNs determines the price and quantity of games seen by fans.

So, on the first count, RSNs impact MLB’s economic landscape on the competitive balance dimension. But that’s handled through the local part of revenue sharing just discussed. So, really, on this count, the impact of RSNs on MLB’s economic landscape is up to the owners and players through collective bargaining. And as long as both parties to collective bargaining have the same goal of maximizing league profit, then RSNs will be managed to do so. Indeed, we see precisely how that plays out in the new CBA revenue sharing rates. 

On the second count, technology is such that the idea of an RSN as a geographic organization is just plain wrong. It doesn’t matter where the RSN is located, what matters is its level of competition. And right now that appears to be nil. This suggests fans are paying close to their maximum willingness to pay for the games they do receive. And price discrimination through repackaging for special package offerings on cable and satellite make it clear that the market power of RSNs is being exercised. Of course, MLB is not oblivious to this and is making its own package deals available as well. The upshot seems to me, though, that fans will pay just about the most they are willing to pay, rather than a competitively determined return over and above the actual costs of providing TV games.


In an interview with the Biz of Baseball, David Samson addressed how marquee players and brand can impact the bottom line. At the time, we asked Samson about retaining talent on a limited budget, specifically in retaining Dontrelle Willis.

Samson said, “We’re going to go out there and compete, and we went people to know that they should be cheering for the front of the jersey. And now’s an important time for people to support the Marlins, because without season ticket support or attendance, it’s hard to convince politicians that it really matters.”

The quote begs the question: What is the value of marquee players, the value of team brand and how do each of these impact the bottom line?

Noll: Only owners and league officials believe that people pay to see the jersey instead of the players. Field some great players, draw 3+ million; field a de facto minor league team, draw 700,000. The contribution of marquee players to revenues in the sport continues to grow, although the post-strike revenue-sharing rules have slowed salary growth among the best players.

The Baseball Economist Bradbury: It is hard to convince politicians to dole out welfare to sports franchises. There is no economic justification for a public subsidy to professional sports teams. But even on philosophical grounds, I cannot support taxing citizens to do this. David Sampson runs a good franchise. I wish he would concentrate on marketing the phenomenal product his organization has put on the field, rather than use it as a weapon.

Where are the Marlins going to move? They are in a top-10 MSA that is growing. San Antonio just laughed when Jeffrey Loria threatened to move the team there. Unless the Marlins can convince some city to give them a sweetheart deal—something I don’t see happening— the Marlins threat to move is not credible. If he pulls this off, he should start demanding that supermodels pay for the privilege of sleeping with him.

I don’t think the Marlins fans are too concerned about marquee players. Miguel Cabrera and Dontrelle Willis are two of the best players in the game. They have an exciting group of young players who have the potential become All-Stars. As a baseball fan, I think the Marlins have one of the most likable line-ups in the league. One thing we know is that fans want to see a winner, and even the Marlins fans have responded to winning. I think it’s one of the reasons the Marlins have put a lot of effort into putting a good team on the field on a tiny budget.

The main reason that fans have turned against the Marlins is the behavior of the owner. Look at the experience of the Charlotte Hornets in the NBA. The Hornets sold out their arena for a decade—North Carolina is basketball crazy. When owner George Shinn demanded a new facility and threatened to leave, fans stopped supporting the team. When you tell your fans love me or else, they’ll abandon you in a hurry.

Gennaro: I’ve done enough work in this area within baseball—consumer research, focus groups, etc.—to be convinced that each MLB team is a unique brand, with its own “equities”, that have been shaped by many factors, including the team’s on-field performance, their ballpark, fans perceptions of ownership, and the way fans relate to the players. A strong team brand goes hand-in-hand with high fan loyalty and is a strong financial asset, which can cushion attendance declines when the team is playing poorly and offers some extra pricing power when the team is performing well. The amount of focus teams place on “building the brand” often depends on a trade-off between marketing spending to shape the image of the team in the mind of its fans, versus spending dollars on promos to put fans in seats. On the topic of marquee players, there is strong evidence that a team’s high-profile fan favorites can “personalize” the team brand and deepen the emotional connection with its fans—a connection that endures long after the player has moved on.

Silver: I like the work that Vince did on marquee players. Intuitively, I thought his numbers passed the sniff test. Analytically, there wasn’t quite as much empirical backing as I might have liked, but this is something that’s nearly impossible to study empirically; the data set simply isn’t robust enough to account for the attendance effects of individual players. 

In any event, I suspect that Vince is right that the marquee player effect is relatively small, and confined to a relatively few number of players. And ultimately, I think the marquee player question is subsumed in the concept of brand. Brand, among other things, is about managing expectations. It’s about making a certain promise to your consumers and living up to that promise, and it’s when teams tend to break those promises that they get themselves in trouble. What the Seligs did in Milwaukee, for example – promising competitive payrolls in order to get Miller Park built and then reneging on that promise – was very damaging for a couple of years, and I suspect that Brewer attendance would not have recovered to the extent that it has if the Seligs hadn’t sold the club. I did a lot of consulting work in Milwaukee at about the time the Brewers hit rock bottom, and people took all of this very personally.

Anyway, I’m running in circles here, but I suspect that once you get beyond perhaps a dozen or so players – guys in the Derek Jeter, David Ortiz class – fans are less concerned about the name on the back of the uniform as they are having players who can catch, throw and hit. If the Cubs fail to re-sign Carlos Zambrano, that could be problematic for them, but only to the extent that they don’t sign someone of comparable worth to replace him -- if they lost Zambrano but brought in Roy Halladay, nobody would bat an eyelash. To that extent, team payrolls are perhaps a little bit sticky downward; fans may be quicker to punish you for selecting a lower point on the wins-revenue curve than they are to reward you for picking a higher one.

Fort: I read this quote as focusing on the politically determined part of an owner’s bottom line. Fan support impacts revenues directly at the gate, on attendance-related revenue like concessions and parking, on TV, and through merchandise purchases. But fan support also impacts the politically determined part of revenues, that is, subsides through venue construction and lease terms. To the extent that marquee players engender that support through better fortunes for the team, so be it. But Samson is quite correct that general brand name identification—we used to call that fan loyalty, by the way—is related to political support for the team as well. So, it seems to me that marquee players and brand identification are important to both the “business” side of revenues and the “political” side of revenues.

Zimbalist: Theoretically, team brand value is difference between the team's market value and the discounted present value of its future profits. A player's marquee value would be approached similarly, the difference between his salary and his estimated MRP.

Brown: Measuring the value of marquee players is an interesting study that may lend itself to those at the top of the “star player” scale, but across the league it becomes extremely difficult to quantify. Certainly both Nate and Vince have touched on this in Baseball Between the Numbers (Alex Rodriguez) and Diamond Dollars (Babe Ruth).

We can certainly place soft revenues around other players. The most notable player currently would most likely be Daisuke Matsuzaka, where sponsorship, ad revenues, and tourism dollars will impact, not only the Red Sox, but other clubs as well.

But, as mentioned, these are the exceptions. Past the biggest stars in MLB, it becomes more difficult to value a player’s name. If someone can tell me how much Wade Boggs made the Devil Rays in 1999 based on pure name recognition alone, we’d be getting somewhere.

As for placing a value of fan loyalty based on brand recognition, you get into a somewhat similar situation. In the case of clubs such as the Yankees, Red Sox, and Cubs, there is ample evidence that brand loyalty alone can provide steady revenues to buffer losing seasons. Certainly, the Cubs being able to hitch your wagon to the “Lovable Losers” mantra and milking revenues from it is something that doesn’t apply to say, the Royals—it becomes more difficult to measure the further away from the marquee clubs you get.

Much of brand loyalty comes from the history of a club, and therefore, those that have been in existence the longest will have the best chance of taking advantage of brand loyalty. Samson doesn’t have this ability given the short time the club has been in existence. The Yankees can leverage the memorable history of Joe DiMaggio or Mickey Mantle. As time marches on, these newer clubs will create (or hinder) their own brand loyalty based the history they create, and often times, the fan experience of the ballparks they play in.


The latest Forbes franchise valuations for MLB shows that the some of the highest profit making is coming from clubs that have some of the lowest player payrolls in MLB. Is a player payroll floor needed to fully address possible high levels of profit taking from those that also receive revenue-sharing?

Baseball and Billiions Zimbalist: With over $30 million per team coming from MLB’s central fund and some of the bottom teams receiving over $30 million in revenue sharing, a low payroll virtually guarantees teams on baseball’s welfare system a healthy profit. I favor a revenue sharing system that has the proper incentives, rather than one with administrative rules.

Bradbury: I think a salary floor is a bad idea. Yes, it limits the amount of revenue sharing an owner can keep, but paying players isn’t necessarily the best way to manage your franchise, especially for a low-revenue team. There are several clubs winning without spending much money on player salaries. From 2000-2005 the Twins, Marlins, White Sox, and Athletics spent, on average, 32 percent less than the league-average payroll and went to the playoffs ten times and won two World Series. These teams aren’t just sitting home collecting revenue sharing; they generate revenue by putting good teams on the field with low labor costs. The incentives for generating revenue through winning are high enough to limit the “welfare queen” strategy.

It is true that there is a positive relationship between market size and winning, but the disparity between the best and worst franchises is not pure product of financial determinism. Predicting player performance is difficult; therefore, attempting to buy a championship through free agency is expensive and risky. Some teams have exceptional scouting departments that give them an edge. The bigger story though, is that the reserve rules allow teams to pay players far below their actual worth during their first six years in the league. Why not put resources into relatively cheap management/scouting personnel and cast your lot with a huge pot of prospects? Some become stars while others wash out, but no matter what, they didn’t cost you much. Also, the difference between good and bad players is small, so that even teams that can’t hire the best can remain competitive.

The perennial losers like Kansas City and Milwaukee are in small markets, but they also have been horribly managed. Are they at a disadvantage? Yes, but it’s not as big as the small-market owners make it out to be. From 1995-2004, differences in market size explained only about 40 percent of the gap in wins between the Yankees and the Brewers.

Furthermore, the potential remedies for market-size disparities are worse than any of the solution—more revenue sharing (remember the “welfare queen” problem?). The financial disadvantage that some teams face is similar to the disadvantage the Rockies face playing in an extreme altitude. We don’t have 30 localities with identical demographic characteristics to host teams. The disparity exists, but we’ve seen that it’s not too big for teams to overcome. It is part of the game, and may even add some drama. I sure enjoyed watching the Marlins beat the Yankees in 2003. If some teams put as much effort into their development as they do belly-aching, they might have a few playoff appearances to show for it.

Silver: I recently did a piece at Baseball Prospectus that looked at the overall stock of talent within each organization, rating each club from 1 to 30 based on the amount of long-term talent that they’ve compiled. Three of the teams at the top of the list were the Twins, Indians, and Devil Rays, all of which have been accused at one point or another of “profit taking”.

The problem is not that the teams at the bottom are spending too little – it’s that the teams at the top are spending too much. Neil deMause, building on some work I’d done for Baseball Between the Numbers found that probably only 3-4 teams derived a larger marginal gain in revenues than they paid out in payroll, and the fact that there’s such a strong inverse correlation in the Forbes data between payroll and operating income would tend to confirm that. Baseball teams, especially those toward the top of the revenue heap, are remarkably bad at marginal economics. They have the luxury of being sloppy because they’re making too much money.

Gennaro: I’m uncomfortable with player payroll as the sole yardstick of whether a team is re-investing revenue sharing dollars. The teams with the lowest payroll are often the teams with the lowest revenue opportunity. These teams will ultimately fail or succeed based on the strength of their player development system, not their willingness to escalate payroll. Forcing payroll investment may create more Gil Meche-type signings. I would rather see some dual measure that includes investment in player development as an alternative investment option.

Brown: I’m uncomfortable with the way some clubs appear to be using revenue-sharing as welfare—and as I’ve written on this topic, some fans think that reason is good enough to implement a player payroll floor.

However, I don’t see the need for a player payroll floor.

With more clubs getting player contracts under control, the free agent pool has been thinning, and with that, we’ve seen the supply and demand of them increase. That has sent player salaries upward at rates that many low-to-mid level revenue making clubs cannot keep up with.

With the change, the ability to develop players from within becomes a higher priority, and with that, forcing investment of those revenues directly at the MLB player level is counterintuitive.

Clubs need to be able to invest in player development—be that scouting, academies outside the US, et al. While some clubs continue to take advantage of the revenue-sharing system, implementing a player payroll floor would have unintended consequences and further upset competitive balance.

Noll: The theory behind a floor on salary expenditures is that if a team is forced to spend money, it will bite the bullet and field a decent team. There are two major problems with this theory. One is that the only cause of weak teams is low salary budgets. Another cause is bad management. Forcing teams to spend more will cause poorly managed teams to overpay their players even more than they do now. In addition, teams can improve themselves by spending more on player development and evaluation, as exemplified by Minnesota and Oakland. Why should these teams be punished financially when they now can field above-average teams with below-average budgets? One should be very careful about implementing central planning in any sport because it inevitably reduces the efficiency of team management.

Sports Economics Fort: First, Forbes only guesses at profits using some data that can be roughly verified, team revenues, and some data that can’t be verified, team costs. But even if one takes the Forbes guesses at face value, it is also true that some of the highest profit making is coming from clubs that have some of the highest player payrolls. So I don’t see why there should be any conclusions at all drawn on the profit statements from Forbes.

The intent of the observation about the Forbes data seems to be that if smaller-revenue owners spent their net revenue sharing proceeds on talent, then profit margins would be smaller. And that somehow these margins are “too high” given the intent of revenue sharing. But there is no way to know this from the Forbes data, even if it is correct, since fans will pay more for higher quality even though payrolls went up.

But let’s talk directly about the rationale behind a payroll floor and not worry about the Forbes data. Enough people already think that smaller-owners are violating the intent of revenue sharing so let’s just take it as given.

In my opinion, there’s no need for a payroll floor in order to meet the league’s goals for two reasons. First, unless MLB’s choice of the equal 31% sharing rule has truly perverse impacts on the return to investing in talent, then all teams will put all of their revenue sharing proceeds back into team quality of their own accord. Second, even if this isn’t true, MLB could always choose to focus just on the competitive balance tax and remove any need for a payroll floor in the first place.

The issue of a payroll floor arises as follows. Revenue sharing is just a form of tax—all owners pay 31% of local revenues into the tax pot. Now, suppose MLB just burned the collected 31%. The equally proportionate take from all teams would have no impact at all on relative ability to spend on talent! The price of talent would fall but teams would hire roughly the same amount. So I would not expect competitive balance to change if tax receipts were taken out of owners’ operations considerations.

But the league has decided to redistribute these tax revenues in equal shares, but not equal amounts, back to all owners. Smaller-revenue owners thus get back more than they put in. Larger-revenue owners get back less than they put in. Now, the question becomes, “What do we expect owners to do with their revenue sharing proceeds?” And there are two possibilities.

Scenario 1: If the return on investment in baseball talent has fallen, not the price but the return, then owners will take their revenue sharing proceeds and spend it outside of baseball. But this would be just as true for larger-revenue owners as for smaller-revenue owners. And remember that this action would not change the level of competitive balance in baseball.

Scenario 2: If the return on investment in baseball talent has remained the same or increased, then owners will take their revenue sharing proceeds and put that money back into talent purchases. After all, baseball talent drew that spending before the tax and if the return hasn’t changed, or rises, the same would be true after the tax. Now, after-tax revenues are lower for larger-revenue owners than their pre-tax revenues and after-tax revenues are higher for smaller-revenue owners than their pre-tax revenues. So, the return on baseball talent leads to lower spending by higher-revenue owners and higher spending by smaller-revenue owners so that after-sharing competitive balance would be expected to improve.

So which is more likely, Scenario 1 or Scenario 2? If the latter, as I think should be the case since MLB wouldn’t choose a path that lowers the return to talent investment, then there is no need for a payroll floor. After-tax payrolls will see all net revenue sharing proceeds spent on all of the teams in MLB, larger- and smaller-revenue alike.

And here’s another reason for skepticism about the need for a floor. Without any other mechanisms, the competitive balance (luxury) tax currently operational in MLB, carefully chosen, can take care of both the over-investment in talent issue that might confront a league and the issue of obtaining the level of competitive balance that maximizes league profits. The competitive balance tax lowers the marginal value of talent to larger-revenue owners. They buy less talent and competition among players then reduces the price of talent. Smaller-revenue owners buy the talent that is released as the price of talent falls. And it all happens without any spending requirements at all. Indeed, MLB has taken luxury tax revenues completely out of the operations picture by spending it on “growing the game” here and abroad.

Thus, at least from the perspective of getting the league’s view of its profit-maximizing result, there is no need for any requirement of a payroll floor under revenue sharing because they could accomplish the same goals just with a luxury tax that doesn’t require any payroll floor either.

And in the off chance that some sort of unforeseen contingency might lead an owner to bleed a team, the Commissioner has explicit power to levy revenue sanctions. Admittedly, whether the incentive to do so is strong is questionable but, under the preceding logic, the need for such an exercise of power would be infrequent at most.

Thus, at least from the perspective of getting the league’s view of its profit-maximizing result, there is no need for any requirement of a payroll floor under revenue sharing because they could accomplish the same goals just with a luxury tax that doesn’t require any payroll floor either.

And in the off chance that some sort of unforeseen contingency might lead an owner to bleed a team, the Commissioner has explicit power to levy revenue sanctions.  Admittedly, whether the incentive to do so is strong is questionable but, under the preceding logic, the need for such an exercise of power would be infrequent at most.


Lastly, pick a topic that has yet to be covered that faces MLB or clubs from an economics perspective, and expand on it.

Brown:  I’m surprised at the emotional responses that relate to the decline of the number of African-Americans in MLB; none of which seem to take into account the economics of the situation. On one hand there are articles that claim MLB to be racist on some level, while some writers wish to claim the decline is a myth—both of which are incorrect.

With picks in the draft coming in the reverse order of finish in the standings, and large bonuses attached to high draft picks, the clubs that have lower revenues to work from often times wind up with these selections. With the lower revenues, the extra stress of scouting talent that will turn into a quality player becomes greater for these clubs than a club with more revenues to work from.

The ability to acquire quality international players outside of the draft process is economically more effective. Quality players can be procured less expensively, and with that we now see all MLB clubs with development academies in Dominican Republic, and a third of the clubs have academies in Venezuela.

While the racial diversity of MLB has grown, this unintended economic impact of the draft plays a large part in number of American born players coming into MLB, and with that, the level of African-Americans have declined to half of what it was ten years ago.

Gennaro: There is an interesting transformation taking place within MLB teams towards a more disciplined, analytical approach to making decisions. That’s not to say that an intuitive approach based on years of baseball experience doesn’t have value, but it’s a very different business than it was 20 years ago. Today, signing a free agent contract is often a $50+ million decision. Teams are faced with complex issues as diverse as where to invest scouting resources throughout the globe and how to deploy the internet to cultivate a relationship with fans, to mention just a few of the newer challenges. One impetus for the transformation is the sale of franchises, not just because new ownership brings new thinking, but also because the cost basis of these purchases are in a different league than a franchise that was bought even 10 years ago. With a $700 million cost for the Red Sox (including a stake in NESN), to an even potentially steeper price tag for the Cubs, new ownership groups need to find innovative ways to create financial value to justify their investment. Add to the higher cost basis a heavy load of debt service and it’s easy to see why teams are more inclined to take a more strategic approach to sourcing talent, take a global view of their brand, and are constantly seeking to develop related assets in which additional value can be created.

Noll: Baseball has not yet found an effective way to exploit business opportunities internationally.  The same can be said of other American pro sports, but baseball probably has the largest unrealized potential for international play.  In the immediate future, the greatest opportunity is for a genuine baseball World Cup among national teams, featuring mainly players from Major League Baseball.  But in a decade or so, rising incomes in Latin America and Asia could make “major leagues” (with some teams equivalent in quality to MLB) feasible there, in which case an international club championship, like the Champions League in European soccer, also would become attractive.  Does MLB have the entrepreneurial capability to take the lead on these issues?  Based on its feeble attempt at a baseball world championship in the spring of 2006, baseball seems in danger of missing these opportunities.

Baseball Between the Numbers Silver: I’ll be fascinated to see what MLB Advanced Media does in the area of mobile technology.  I was at a wedding recently where someone had rigged up a Slingbox to his Palm Piolt – we were all watching a football game during the reception.  Nobody wants to recreate the mistake of the ESPN Phone, but once the technology has advanced by another couple of years, and you’re able to transmit streaming video to mobile devices in a way that’s relatively cheap to everyone involved, it’s going to be a big hit with affluent consumers.

In fact, I almost wonder if the technology isn’t so good that it’s going to start to take away from the ballpark experience.  I’ve caught myself wondering a couple of times recently if I should go to a ballgame, when I can watch six or seven games at once using MLB Mosaic.  I’d rather watch a game in person than on TV, but if I can flip back and forth between a half-dozen games on TV, and track my favorite players and favorite teams in the meantime, that might be a different story.  Plus, the beer is a lot cheaper at 7-Eleven. 

Bradbury: Major League Baseball’s monopoly status is overblown. Fans and policy makers have little reason to be concerned about baseball’s market power. Sports leagues are unique markets that will almost always evolve to a single-seller. In the 1970s, economists began to take a closer look at competitive pressures and explored new models of monopoly.  What we have learned is that a little competitive pressure goes a long way, and I think the evidence is that MLB seems to be well-governed by market forces.

First, the antitrust exemption appears to be benign. MLB behaves no different than the other major sports leagues, which lack an exemption.  Second, early in its history MLB learned that trying to restrict quantity and raise prices, something that standard monopoly theory predicts, results in entry by competitors. Thus, MLB expands to provide the baseball fans want before competitive leagues spring up, and this is key to its existence.  And third, if MLB is a monopoly—it certainly has some market power—it is a price-discriminating monopolist, which harms society far less than a standard monopoly. If fans are willing to pay price for baseball that exceeds the cost of producing it, owners have every incentive to provide it.

Fort: Everything that confronts MLB and its member owners (clubs don’t do anything, owners do) has to do with profitability—how to get profits and how to grow them over time.  To me, the interesting problem confronting the league is its best response to the increase in substitutes available to fans.  MLB is following its tried and true approach of monopolizing the flow of value from talent in areas like the movement of games from over-the-air and cable to satellite.  It pursues the same approach to other media values through MLBAM, most notably recently the attempt to dictate terms in the fantasy baseball market.  These seem to represent an ever-increasing competitive challenge to all sports leagues.   Invariably, this type of competition seems to me to threaten their ability to make much of an abnormal return into the future.

(Andrew Zimbalist passed on this topic) 

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?
 


klarinette federn cheap antibiotics best coctail for viagra ciialas pfizer viagra online cost indian pharmacy ventolin european pharmacyonline walmart generic drug list 2012 arginmax in apotheke order levothyroxine 125mcg online cheap viagra sales for men and women safe nizagara site florida viagra retin-a professional viagra reviews over the counter antifungal cream tantra jelly canadian viagra enterprise propecia indonesia women viagra suppliers nolvadex dosage for epistane mail order propecia buy xenical online australia spain viagra over the counter tristan shone viagra european pharmacy cheapest price for cialis cialis livraison en 24 h top sites for cialis para que sirve amantadina where can i buy clomid and nolvadex $15 coupon for alli pradaxa pas cher how much is dilantin without insurance filagra super active resperidon to buy from india nitroglycerin tabs online buying cialis cheap canadian cialis without a perscription echeck online store diprosone buy no prescription avamigran comprare viagra generico female viagra in india sale for monophosphate cgmp cialis super active 20mg cheap cialis 20mg tablets in australia erythromycin topical order generic cialis from usa indian cialis 5mg coupon for viagra aura grnerics global pharmacy canada problems pay after dilivered viagra prices online citrato de sildenafila 50mg online viagra review triple s paga viagra can i get valtrex diabetic e d, viagra ineffective fee online viagra ireland online pharmacy pcn without apresrciption no prescription drug avodartordering medication abroad cipralex generic viagra usa shipping zoloft without prescription wellbutrin 150 count canada 30days come acquistare cialis on line order periactine from indian cheap viagra tesco lavitra for sale cialis at optum rx canadian meds paypal flagyl pay with paypal where to buy aldactone ship viagra to uae obat zithromax cialis certified online pharmacy buy zithromax online free uk shipping tadalafil dose choices where to get vardenafil black ants viagra ninth street pharmacy lisinopril tablets online citalopram india get free samples viagra metformin 500 mg zyd viamedic viagra400mg buy medication online walmart pharmacy online pharmacy generic cialis singapore comprar viagra barata en espa?\u0083?ħa zyvox assistance program tetracycline uk metformin from canada viagra canada cipa canadian viagra potenzmittel albendazole for humans price off label viagra use 2013 support order cs metronidazole brand levitra 20mg crushed azithromycin taste levitra germany priligy donde se vende las cytotec en francia combieb de temps fond effet atarax cialis australia prices does viagra work when drunk buy promethazine w codeine syrup alli weight loss in stock pharmacuticles from canada the cheapest us online pharmacy free viagra indian drug store online order methyl prenisone without rx trazodone shortage uk fucking on viagra chloramphenicol canada drugs cialis special how much does viagra cost at cvs black cobra tablets nottingham delay ejacula taldinafilo best seller viagra alternatives in india lopressor no rx samonas mail prescriptions from canada order alli online what are the highest mg of cialis buy sildenafil pills for men women misoprostol online trusted pharmacy online pharmacy korea bystoloic shortage primatene mist canada viagra cialis online pharmacy canadian pharmacy no rx elavil excel without any prescription vyagra tables for man order clomid overnight where can i buy primatene mist online vermox plus precio discount online cialis cenveo caniadians cilus cialis to my door without perscription discount propecia online are canadian viagra sold online safe? salep voltaren canadian drugstore inc. tizanidine street value haaeidravisemahiti safe buy clomid online chroramphenicol without rx cialis prices in canada buy combination 3 birth control pills cialis profesional prometh with codeine for sale levitra not working nitrofur canada drugs wellbutrin online prescriptions can you get flagyl otc cheap super generic cialis viagra sin receta cialis viagra 100g purchasing cialis online cheap pain pills 25mg viagra onlinesale prednisone canada no prescription triam hctz 75 50 mg buy viagra in lagos nigeria 12 non prescription cialis canada viagra online in italia chipest generic viagra quickest shipping buy domperidone uk penis growth oil cialis by cipla ginseng prices decadron injection viagra portugal generika doktor apotheke mail order zoloft comprar cialis seguro viagras para hombres trusted canadian pharmacies vigora information in hindi 400 mg cefixime for sale viagra moins cher can i take 4 5mg cialis allopur potenzmitel viagra in hyderabad estradiol pills online order prozak from mexico cheap viagra that works bayer website lavitra buy azithromycin order fucidin cream online dilantin in walmart safe propecia buy alli orlistat where do bodybuilders buy clomid purchase actos online cialis for sale from canada cialis online europe klomifen pasticca lipitor dermatitis i want to buy eal viagra prod 167 10mg provera ebay amoxal amozon 24h pharmacy ltd cheapvirgar canadian pharmacy prednizone cialis 2.5 canada levitra coupons manufacturer name brand cialis without subscription birth control online canada buy cialis beijing 212 online pharmacy how can i get zofran ed meds online that use pay pale cytotec lima best online canadian viagra pharmacy generic viagra 50 mg biaxin canada stamina rx canada does insurance pay for viagra putple pharmacy in mexico buy letrozole cheap australia nonprecriptiondrugs cilas vigrx plus in the uk buy viagra london shop cheap viagra pills no prescription online orlistat 120mg cialis fast shipping find cialis in germany india viagra azithromycin tablets usp twinsturbo clomid online in the us 1channel how i met your mother zithromax for lyme disease treatment legal viagra alternative shop online buy pills with echeck cheap deltasone buying levitra with paypal stendra where to buy non prescription ceftin prednisolone 5 mg uk comprar viagra por paypal no presacription acivir dt 800 buy phenergan online vermox over the counter walgreens where can i get rabeprazole cialis generic 5 mg angiozem in pace maker slimming tablets that work fast best online site for genuine cialis propecia singapore celebrex online bestellen tramadol mexican pharmacy sex tablets for men viagra alternative generic cialis canada safe acivir 800 dt buy prednisone no rx buy revia mifepristone and misoprostol for sale good price accutane order prednisone 20mg for sale zoloft for sale cialis toronto canadian pharmacy prednisone where to buy cheap viagra order generic buspar generic boner pills cheap tadifil zovirax cream tadalafil tabletes swift current online off shore viagra canada no prescrion lasix lamisil-tablets-price-in-pakistan online non prescription pharmacies benifsoxycodone the weekend pill septra order effexor without perscription buy cheap nitro glycerenepills colchicine.html can prenisone make my cold worse cytotec malaysia pharmacy metformin no prescription uk buy celexa online without prescription donde puedo comprar la pastilla sialis buy vyvanse 70 mg online valtrex cost boner pills sold in stores cialis online in australia discount pharmacy from canada online drugstore canada free shipping how to get nexium cheaper most reliable generic viagra websites where to buy viagra pills cialis australia amitriptyline 50 mg for sale cialis for sale fast deliveri viagra best results trusted online sites for viagra canadian cilais on line tinidazole online amoxicillin no prescription needed pfizer vigra ireland online nombres de viagras para hombres mexican z pack mexican metformin online bbg accutane fake viagra order norvasc online little bluepill cialis overseas cialis-paypal-accepted testosterone pills viagra pills for sale sex pawar tablet world wide shipping pharmacys gufulvin without a prescription differin gel viagra cialis discount metformin over the counter substitute where can i get viagra online cialis dose astelin, singapore tetracycline for chlamydia how to make female cialis metronidazole 50 mg for dogs viaga canada 411 best place to buy finasteride online prednisone 40 mg taper buy zithromax suspension online billige cialis prozac no rx, mastercard pharmacy paypal buying pct synthroid no prescription needed valtrex generic walmart healthcare alliance rx relief sunrise online pharmacy arimidex for sale buy periactin online no prescription ic doxycycline hyclate 100mg dostinex purchase buy dicloflex obtaining cialis without prtescription generic viagra reviews forum unifire cytotec online purchase in singapore levitra in ireland where to buy progaine american made cialis buy clozaril where has 365 pharmacy gone safe meds ltd purchase glucotrol xl online kostenlose viagra tester doxycycline no presecription xpert health best place to buy viagra lithium carbonate without prescription discount ed rx india no prescription viagra sidle fail super viagra to buy online metformin for sale online maxifort zimax medicine daily cialis price obat lasix morning after pill canadian rx cialis viagra trial how to use cialis 10mg viagra capsules in india generic cialis from mubai buy orlistat diet pills buy viagra online no prescription guardians rizatriptan best place to purchase malegra online med direct tijuana pharmacy pharmacy support group canada bactrim antibiotic buy online generic viagraon line antibiotics buying sleeping pills online viagra en valencia belise pharmacy search,http,timberlinehotels,index bay doxycycline walgreens nitroglycerin online soloxine best canadian pharmacy cialis thyroxin online online viagra samples alli weight loss pills canada lidoderm no prescription combivent viagra sildenafil online generic zovirax tablets best price cialis generic neurontin effet du duphaston sur la nidation canada drugs online no prescription canadian discount mail order pharmacies aurochem india buy cialsis viagra samples for sale clomid with script fast shipping buy levothyroxine 50mcg mastercard viagra price in delhi purchae avapro 25 mg cialis fermara paypal viagra rezeptfrei preisvergleich st paul brands angela ginseng prescription dog medicine in mexico best viagra tablets in india for men finasteride 1 mg cheapest my canadian order cialis tablets 10mg where to buy motilium 10mg sex long time tablet name vikipedia viagra in sri lanka vigora buy viagra in india online 4natural herbs for erections 2.5 mgnonprescription tadalafil where to buy ciprofloxacin paypal whats the best mg of viagra fast sildenafil citrate new york amoxil for sale isha yoga music free download kamagra from thailand pyridium over counter orlistat without prescription tidak menggemukkan meaning online pharmacy no prescription no priscription needed pharmacy canadian family pharmacy ed meds viagra brand next day delivery pedir cialis por correo.htm cipro lawsuits 2013 citrato de sildenafila viagara aciclovir compresse buy online viagra free samples tinidazole without perscription buy fluoxetine online cialis genetic canada estrogen pills for sale high blood pressure medication prices is alli available yet prix cozaar pills 365 stromectole agitil combien de temps flavored tadalafil lisinopril side effects urine odor apcalis uk reasonably priced viagra pills on line viagra 100mg preis levemir vs lantus conversion cipla erecto metformin cheap online pharmacy in puerto rico 200mg viagra for sale in uk list of hong kong pharmacies mexico pharmacy no prescription needed amoxicillin and cephalexin together generic soft cialas best viagra tablets in india cialis super active buyers guide xlpharmacy canada medi meds vipps pharmacies in canadian buy alli refill viagra mit paypal bezahlen buy flagyl er 750 mg ticlopidine brand viagra canadian pharmacy how long does gabapentin high last buy cialis 20mg fda approved pharmacy cheap sildenafil citrate 100mg virus drugs for sale myambutol viagra online europe prednisolone generic name metronidazole 1g tablets levitra and norvasc sildenafil usa metformin 850 mg side effects ciprofloxacino para que sirve buy orilstat on paypal si te perdoret viagra vigra 100 mg online prozac no prescroption erythromycin buy cialis usa over the counter generic viagra legal us history of viagra in urdu cialis 10mg dubai levitra online order order lasix 100 mg online best price glucophage buy online usa echeck how much rupees for viagra tb glucophage 500mg online acheter du kamagra buy atomoxetine uk finasteride buy australia i need to buy viagra prednisone voltaren retard buy priligy dapoxetine online canada klopidogrel price cheap viagra no rx overnight drugs no rx mail order viagra canada tadalafil prix where to buy orlistat online canadiaan drugstore sekking fluconazole viaga arimidex no prescription online pharmacy europe tantra oral jelly first plus otc generic viagra by phone rx canada pharmacy accutane viagra coupon pfizer walmart strattera generic release date mod200 buy naltrexone achat cialis pour la suisse mail order bactoran baristanet cialis 5 mg daily canada kamagra oral jelly sold in thailand fungsi obat infatrim cialis preiswert kaufen buy zyvox online antibiotics online overnight delivery cytotec pour avorter donde comprar metformina pink viagra australia cialis 5mg generic sale order maxalt migraine medicine reputable on line pharmacies where can i buy orlistat tablets fragrance product in canada viagra vente libre luxembourg us made cailis little blue pill for men levitra iskustva forum cialis orginal kaufen walgreens clomid buy online co uk buy hair growth pills rx pharmacy viagra mumbai overseas no prescription pharmacy pill c50 directions furosemide tablets to buy online cialis paypal cheap viagra on linbe mexican drugstores without prescription buying fentanyl patches online mail order clarithromycin 500 mg over the counter levothyroxine viagra indiano purchase ventolin hfa cost of cialis at boots cabergoline buy nabp viagra canada viagra online men health cialis 5 mg generika viagra on line con mastercard buy metronidazole caps uk online canadian pharmacy comprar all? adelgazante online cuckold cialis payed with paysafecard'a=0 roxithromycin dosage sildenafil citrate side effects buy no prescription allegra d kamagraoraljellsold inperthpharmacy order synthroid without rx medications like seroquel maxifort 100mg wie teuer ist viagra auf rezept para que sirve ciproglen 500 artane buy sexual viagra pill in singapore canadian drug fail mall purchase combivent venlafaxin online bestellen kgr 100 geodon no prescription gabapentin for sale uk without prescriptio cipro 750 bay on line author and punisher floxin for sale pde5 chlamydia pills online propecia cheap fast shipping cialis 2.5 mg reviews buy aricept online no prescription birth control pill without prescription long lasting sex pills pharmacy canadian online pharmacy ambien viagra in 2 days levlen ed online no prescription qsymiafrom canada online pharmacies that take paypal viagra american express canada precios de sildenafil propecia cheap online india viagra brisbane cialis without pres predisolon and it's prescription propecia tablets buy zolpidem from uk pharmacy provera 2.5mg tramadol next day delivery cod doxine for prostate infection anti viral drugs over the counter cytotec pills over the counter cheapest strongest viagra ed pills from canada bagomicina online canadian pharmacy naltrexone viagra australia fast delivery top pills that get you high viagra and canada pharmacy antibiotics without prescriptioc meloxicam street value free viagra sample pack tenormin for sale flagyl online mastercard trusted cialis website purchase levaquin 750 acheter diprosone albuterol sulfate buying it miss me tablet viagra legal lotto 126 farmacia online italia viagra generico cheap viagra uk long time tablets in pakistan cialis 5 mg best price 1 dollar a pill viagra pharmacyonline buy strong viagra uk 64 quand avoir les rapport sous clomid buy cytotec with echeck order online synthroid with master card effexor glipzide without prescription kwikmed pharmacy online bromocriptine buy without prescription prednisone where to buy without rx canadian cialis generic phenazopyridine without a prescription tijuana mexico pharmacy medications meloxicam 7.5 mg vs lortab antibiotics online uk paypal propecia without prescriptions europe online pharmacy drug store periactin non prescription pills penicillin where to buy doxycycline no prescription us amoxil online in the usa propecia 5mg to buy without cobra120 disulfiram no prescription can you buy prednisone over the counter mens health envios de cytotec a usa cialisis generico en usa depakote reviews depression doxycycline without a prescription ciplox tz buy primatene mist in canada when will cialis go generic buy periactin appetite stimulant clotri denk creme pour homme cealisfreesample cialis envoi rapide buy deflatop online viagra online overnight delivery doxycycline for pigeons fedex overnight shipping brand levitra can doxepin get you high bay viagra in ireland map medicstar reviews purchase cialis online cheap buy humalog uk where to get finistride tampa where to buy viagra online forum cialis a basso costo sicuri brand cialis overnight shipping obetrol aurochem india buy cialis web purchasing in europe generic viagra 130 mg cafergot bestellen toprol for sale in canada cheap dutasteride cemontsia cialis professionals cheap brand name viagra suprax canada augmentin online no prescription buy ivermectin pills online get overnight delivery of viagra buy raloxifene cheap viagra samples cheap prescription drugs canada generic viagra pay with paypal cialis soft tabs 20mg synthroid online canada tadalafil kopen but venlafaxine xr canada viagra advertised on sirius viagra shoppers drug mart wee canadian pharcharmy online pharmacy24 benicar coupon code cialis preisvergleich wellbutrin brand name terramycin nhs viagra free purchasing colchicine from mexico cheap viagra no prescription cialis female sample fluconazole by mail viagra brand metformin denk code red male enhancement buying lisinopril online 5 mg cialis without prescription fanateride for sale prednisone tablets nolvadex pills no prescription reglan noroxine where to get levitra no rx cialis levitra hong kong pharmacies online para que sirve el orlistat viagra ads on bloomberg radio getting viagra under the counter online viagra kaufen coumadine buy online reduction in lasix cialis in sri lanka lowest price for premarin gasex tablets on line pharmacy no rx viagra auf rechnung lerk sildenafil alli reviews 2013 lamisil 1 generic .05 tretinoin buy crestor rosuvastatin cough syrup for sale online cheap cialis tablets antibiotics by mail oradexon tabletten kaufen clavulanic acid celexa canada no prescription boostive omifin where to buy ieuropharmacy cytotec price levitra coupon 3 free pills best place to buy viagra online sildenafilo cinfa deutsch fast delivery for flagyl kamagranow rip off celexa without a script why cant i import kamagra to canada selling methotrexate buy isotretinoin cheap kwikmed coupon code canadien farmacy viagra super active where can i get alli healthcare alliance scam buy letrozole paypal purchase doxycycline online kamagra from india order cialisis with out prescription viagra in mexican pharmacies tadalafil like fast online bystolic prescriptions zidane ph online pharmacy reviews canada non prescription paroxetine revista numero buy cheap viagra uk donde comprar viagra sin receta priligy dapoxetine acquisto cialis nelle filippine strattera mexico pharmacies genuine cialis canada prtonix brand without a prescription how to order cytotec online buy online cialis without prescription combivent on line no presciption viagra super activ misoprostol order online augmentin no script drugs ciprofloxacin hcl 500mg side effects angela womens ginseng can you buy lexapro 10 mg buy colchicine tablets codeine syrup pharmacy cost fast shipping cialis and viagra comment prendre cytotec pfizer vgr 100 paroxetine no prescription buy kamagra paypal name of viagra tablet in india 4... free fertility drugs online online pharmacies in usa overnight viagra onlion holand renova cream order canida pharmacy to buy viagra cialis 5 mg mexico medications canada no prescription vira tadalafil capsules dexamethasone where to buy discrete viagra what is the normal dosage of cipro viagra soft tablet primatene mist release date prodotto 76 no prescription nexium search,http,morrobaybeachbungalow,... order generic us viagra combo pack viagra in jodhpur pere prend un viagra et baise sa fille high rise tablets do you need a prescription for propecia testosterone anadoil weight gain cialis rezeptfrei in deutschland kaufen sourceofprednisone 5 mg cialis for sale sildenafil citrate dapoxetine to buy buy fincar 5mg cheap viagra soft tabs canadian best place for generic viagra venda de viagra online bystolic coupon viagra to buy cheap uk i want to buy viagra online doxycycline cost cvs generic cialis sales on amazon prime panamycin huge erections can i get flagyl over the counter lexapro generic without prescription effexor in the philippines where can i buy levofloxacin discount pain meds overnight cheap cialis uk cialis not working sex stimulant pills online pharmacy propecia compare acyclovir for sale in australia maxifort 50mg i also from india cephalexin 250 mg from canada cat zithromax oral suspension viagra make me last longer vigora 5000 homeopathic medicine what does cialis for daily use cost 105 online pharmacy malegra cheap cialis 5 mg zoloft rx best prices on propecia in nj como puedo pedir lad pastillas cytotex januvia online belgium cialis sunspace tenorim without prescription buy clomid online with mastercard cialis cena u apotekama fenix donde comprar misoprostol acuzole tablets contraceptove pill buy canada 50 mil viagra donde comprar cialis en sevilla best price generic viagra kegunaan obat metronidazole 500mg vermox 500mg pharmacies online 3 day delivery discount sildenafil citrate is it safe to by cialis online ventadeviagragianpharmacyalifornia male erection pills online fuck pussy wellbutrin xl 300 mg no prescription achat belara en ligne discount tadafil india generic viagra order fairy pharmacy buy orlistat ow do i get viagra chlamydia meds online us topaz.mediche viagra acic toprol trazedone without precsription differin cream price erythromycin pills online fincar shipping italy tadalafil generic canada zovirax cream over the counter generic cialis 60 mg viagra 40 pills for $99 cialis discount europe where to buy propecia proventil inhaler for sale long sex tablets name ampicillin canada viagra casero para hombres instantaneo buy generic levitra online order ambien from canada tadalafil 5 mg buy online pharmacy viagra canada black viagra pill doctor vitamin online store kamagra store where to buy pain pills online maryland reporter viagra women effects quand le cialis ne fait plus rien soft sildenafil citrate 100mg dapoxetine 60mg seroquel pharmacy online canada generic tadalafil user reviews lipitor sale best over the counter erection pill online pharmacies prednisone pacific care canada mexican pharmacy online medications free sample viagra women articulo 60 cobra viagra can you order cealis from the usa prednisone for dogs canada kamagra now co uk delivery pharmacy rx one clomid online overnight free cialis samples prescription doxycycline 100mg for sale nebulizer solution for sale strattera tablets online dexamethasone no prescription generic levitra 100mg z pak where to buy generic viagra from india reviews augmentin 875 mg buy ez online pharmacy buy viagra usa what is viagra professional average price for viagra prices cialis buy lybrel uk where to get allopurinol legit viagra online buy promethazine online canada buy real viagra online nexium coupons 90 day switching from lantus to levemir is it legal to buy actavis online acyclovir 200 mg generic lipitor over the counter viagra and ejaculation matsyakshi orderbenicar without rx generic viagra vs generic buy-viagra-in-japan buy viagra cheap online ventolin buy online canada acyclovir online prescriptions prednisone 10 day dose pack healthy man pharmacy reviews viagra ou cialis buy viagra in new york city erythromycin quick delivery uk trental without prescription advair sevrage acquisto viagra generico comparateur_prix_cialis_france viagrawith paypal buying diclofenac sodium my viagra blog cialis price greece viagra valencia azithromycin tablets ip india pharmacy paypal dexamethasone without a prescription best depression medication overnight pharm brand cialis does lodine get you high viagra 150online pay by paypal generic viagra nitroglycerin tablets viagra super active 150mg best viagra available generic cialis 5 mg plant vigra review nizagara in france is it safe to buy clomid online generic tadalafil uk vega100 venta_de_viagra_sin_receta buy wellbutrin xl no prescription canada z pack cialis in contrassegno cheap viagra 100mg tablets brand viagra buy finasteride 1 mg no prescription needed for motilium viagra bologna hyzaar forte viagra online deutschland viagra logo overnight medstore finasteride in pakistan comprare vardenafil angela ginseng viagra 100mg tablets retail price parkizol online cialis generico online mexican amoxicillin purchase online glimepiride viagra wonderful special for men over the counter hard on pills phenergan no prescription cialis 20mg uk online propecia no prescription estrogen pills for men fucidin no prescription order domperidone mexico vipps pharmacy i europharmacy cytotec online fda viagra tobuy now in united states supreme suppliers pharmacy mumbai zyprexa northwest pharmacy how to order cyproheptadine online viagra in india for men buy diovan 80 mg online cialis canada paypal 5mg xenical weight loss results cialis_kaufen_ohne_rezept_deutschland buy viagra india cost of azithromycin without insurance prozac without perscription doxycycline hyclate dosage viagra natural para hombres cilas pills on line order cheap periactin online lowest price canada viagra less expensive male viagra dyazide no prescription where to get viagra in phx az buy zpak without a prescription clozapine without a prescription need prescription for celexa prednisone 5mg elavil 10 mg effets secondaires average price of viagra sex power medicine name promethazine syrup for sale online online xl pharmacy ciprofloxacino 500 online pharmacy for women sex pills tadalnafil aurochem blog buy letrozole no prescription valtrex for sale in the uk india meds overnight4usa reviews prednisone no script cialais pills les hommes etait quoi avant topix drugs clomid online pharmacy generic levitra online no prescription abortion pills viagra medicine for men buy generic floxin buying promethazine with codeine online remeron shortage where to buy viagra tablets uti 3 day antibiotic 5mg generic cialis viagra best prices canadian vipps certified pharmacies ebay precio de la ciales ed expess cialis cytotec online pharmacies canadian pharmacy alli cheapest price nz prescriptions online sominex bestellen canada sertraline hcl 100mg high tiotropium human health biz viagra where to buy propecia 1 or 5 mg tadalafil online usa levtria pills for sale prescription viagra overseas purchase viagra online from canada cialis canandien generic viagra coupons is it safe to order cialis online cialis vendita onlin 5mg generico strattera no script bruksel viagra cialis one a day review lasix for dog without prescription viagra suppository viagra sans ordonnances quebec buy medicine online effets_cialis_20_mg viagra for men in dubai tadalafil generico viagra cost in canada buy periactin no prescription phizer levothyroxine canada 24h articulo 34 us mail order pharmacy baclofen lipitor recall 2013 local viagra bactrim f buy hcg pct viagra for women pink pill 2.5 cialis generic nalabest enalapril 10 mg generic drugs online from india viagra, sublngual ventolin canada nitrofurantoin delivered overnight does metformin interfer with tramadol? rayh health care cialis amex online levitra viagra online canadian pharmacy vipps aspirin propecia asia viagra sex tablet price sweet to svelte order online where to buy substitute s for levitra ventolin without prescription in canada clonidine with no perscription levitra 40 mg canada what does cialis cost at walgreens acccutane for sale uk cialis 200mg in italia abana miglior prezzo kamagra low cost pharmacy internet generic viagra alternatives cialis preiswert online kaufen lisinopril hctz online no prescription cheap ventolin inhalers sale cialis and bactrim brand name viagra online buy roaccutane in uk with mastercard elocon no prescription buy cialis 5mg where can i get nymphomax northern canadian pharmacy cialis hk adderall without prescription online nonprescription vagifem fanegada sildenafil citrate cyprus india super active cialis levitra tabletten generika 10mg docycline no prescription pharmacy clomid pct for sale domperidone diflucan how to buy clonazepam online how to buy viagra in houston cheapest generic viagra online tricare viagra red viagra pill flagyl 1000mg buy emsam price canada over counter viagra in germany asthma drugs no prescription antidote to tadalafil free trial viagra drugs for depression and anxiety using viagra cytotec en francia contact rayhhealthcare mod50 liquid viagra uk can i buy viagra in colombia 49 cialis supplier canada acquisto sicuro viagra online buy daily use cialis online canadian pharmacy shop item atacand revatio 20 mg cheap viagra - generic vendita viagra tadacip online uk crestor online without prescripton viagra online oversea viagra without a doctors prescription what is normal dose of cialis buy frumil online canadian pet pharmacy online viamedic coupons atorvastatin calcium erectile dysfunction medications online levothyroid canada no prescription viagra professional canadian tussionex cough syrup for sale buy mifeprex online buy robaxin from india fluoxetine 20 mg buy who has the cheapest levitra viagraonline pharmacy soft viagra la sante sidenafil cytotec australia sertraline high remplace le viagra retin a cream no prescription purchase metformin on line flos medicinae comprar cialis pills x sex viagra for sale in winnipeg buy levothyroxine 88 mcg viagra 20 mg for purchase without rx how to get around mobicip cost of levitra 20mg brand cialis discount levitra in contrassegno buying presiption drugs in mumbai where to buy doxycycline for dogs cialis senza ricetta a forli cesena generic viagra reviews cheap cialis order online best way to get levanquin proscar 5 mg cheap cialis online canadian pharmacy canadian viagara can you use fucidin cream for thrush accutane buy where to order viagra on line cost of levitra vs viagra ondansetron hcl 8 mg for pregnancy torono cialis where to buy diclofenac sodium internet orlistat purchase proventil without prescription ajanta pharma viagra mouth chlamydia symptoms purchase 200mg cytotec name of ayurvedic medicine for abortion cod xanax overnight delivery kamagra for sale in durban prednisone buy without rx order viagra gold online obat infatrim forte mail order prescriptions viagra overnight fedex overseas online pharmacy best canadian drugstore buy viagra online canada overnight buy risperdal without prescription order ivermectin online in usa tadapox online in usa real pfiefer viagra retail online brand ed meds original cialis canada ed tablets free del order domperidone new zealand pillules cialis alli buy zithromax canada online drugstore india year viagra came out is alli available in canada female cialis testimonials wo kann ich viagra ohne rezept kaufen where can i buy bactrim pillhouse brand levitra brand cialis 5 mg generic lexapro for sale pharmacy canada cialis otc comparable to hydrochloriazide amitriptyline dosage for sleep walmart cialis price buy revia online female viagra name strongman viagra aristocort ciplaeas cardura taper prednisilone in cats trazodone no script comprar cialis en la india dopareel canadian viagra online fedex acquista_viagra_senza_ricetta viasek buy pain medication with no rx prednisone 30 mg for human for sale viagra daily dosage get viagra fast without prescription tetrecycline for dogs canada buy strattera online cheap cialis money pak zyprexa usa cialis originale affordable cialis without prescription canada medicines prescription drugs crestor without a doctors prescription medicines without a prescriptions bactroban ointment over the counter generic viagra vipps pharmacy elavil without rx online pharmacy pliva propranolol topiramate 25 mg reviews of generic viagra l thyroxin kaufen ohne rezept buy indomethacin online can you buy phenergan online safe place to purchase sildenafil buy trimix gel chemistry surfboards dicyclomine viagra gift card free varga pills generic lexapro reviews brand viagra online us pharmacy buy generic buspar depakote viagranplus cipro 500 gupisone buy estrofem online celebrex canadian pharcharmy code red pills cozar pills cialis without perscription cialis 20g kaufen jr strength acetaminophen buy dog medication from india fda approved vigra usa pharmacy online reviews finasteride prices in pa pharmacies cheap medicine enalapril medication order on line best place to buy generic viagra uk cheapest viagra available buying tetracycline with mastercard walmart 4 dollar list order tetracycline for pet online drug store without prescription nitroglycerin dosage cialis 5mg kopen safe viagra online orders buying nolvadex thailand forced ejaculatio video antibiotics without a script sildenafil online alli posted to uk online viagra und cialis kaufen unitedsupport info syrup septran brand cialic no perscription where can i buy cialis online safely acyclovir canada fast no prescription viagra soft online using paypal buy levitra in europe tablet viagra comprare online kamagra l cream bystolic canadan provider antibiotics without a doctor viagra prescription on line lida daidaihua zovirax tablets over the counter mail apotheke oerlikon.ch loc:hk asthmahaler mist buy online septilin price in india how much is bactrim without insurance drinking alcohol after azithromycin drug levitra china sale order orlistat 120 mg wellbutrin breast growth decadron canada iron forge pills tetracyclin 250mg bromocriptine to buy inderalici para que sirve does cialis lower blood pressure propecia 5mg utube tramadol sin recetas levitra 40 mg best price how to order metformin eurax cream over the counter article 63 viagra purchase turkish pharmacies for viagra nexium canada how to use viagra properly donde comprar viagra testosterone cream for men penis kamagra uk pay with paypal buy finasteride australia buy motilium online sertraline overnight bystolic for sale detrol samples purdue rx cod bupropion "without perscription" synthroid no prescription low cost natural viagra recipe metforin for pets sildenafil citrate online uk anything over the counter like flagyl examples of a cialis prescription viagra purchase in canada 200mg viagra viagra puchase prices cialis walmart cvs near me best place to purchase viagra online female viagra price in india where can i buy motrin 800 awc canadian pharmacy herpes tablets online online zoloft is generic viagra approved by usa fda buy viagra online in usa buy lynoral in uk cymbaltawithoutaprescription lexapro generic cialis by internet pink viagra for men buy carvedilol cheap no prescription z pack dosage for bronchitis cleocin ordering depo provera in the us pink viagra for women cialis professional new zealand real viagra online canada otc asthma inhalers from canada prozac and viagra primatene mist canada pharmacy various dosage forms of nitroglycerin buy accutane without a prescription viagra or similar uk nonpres viagra echeck mercalm medication best herbal viagra cialis professional online pharmacy commercialisti spray female ejaculation viagra seller reviews best online pharmacy for cialis viagra tablet canadian prices propecia europe online private prescription for ciprofoxacin amoxicilina 500 mg from mexico brand cialis lilly tadalafil powder viagra "discover card" rx 4 corners pharmacy nz buy isotretinoin online canada fluconazole without a prescription welbutrin by mail cialis with paypal cialis powder tetracycline buy canada online pharmacy reviews best over the counter viagra viagra-north-american-pharmacy-canada buy sildenafil 50mg bactrim ds from canada what does viagra look like online pharmacy india cialis buying genericviagrawithpaypal 104 vigra viagra mint soft tab nabumetone online pharmacies cialis daily use eritromicina buy red viagra 100mg pharmacybiz online pharmacy azitromycin cialis fast accutane no prescription uk generic finasteride health shop buy avandamet uk valium and viagra online store cialis price cvs vigorex 50 pharmacy express new zealand online generic viagra buy combivent no prescription 240 buying amoxicillin trihydrate 500mg a que edad se puede tomar viagra viagra in india online cheap kamagra jelly buy sildenafil without prescription canadian pharmacy brought by echeck no prescription prednisone how does cialis work for 36 hours non rx canada buy cheap stieva a cream apetamin syrup zykast propecia 1mg buy viagra online in the united states viagra online quick delivery candian pharmacy buy online cytotec indonesia estrace 2mg fucidin ointment buy viagra online low price novo sildenafil general pharmacy levitra viagra pa cher buy metformin without doctor cheapest medications online augmentin 625 duo dosage viagra chennai buy viagra online australia cialis black 800 mg quality meds generic canadien clinic sulfa amoxil tablets 500mg 47 cheap prozac no rx tofefanil without a precscription healthy meds betafusin cream uses viagra 100 israel libby rx kaboom manfaat piroxicam meloxicam drug test xenical diet pt sildenafile citrate 100mg prix lithium without prescription amoxicillin clavulanate lowest price zoloft 100 mg no script and very cheap buy wellbutrin xr without rx buy metformin without an rx generic aripiprazole in mexico avamigran dosis jelly viagra uk can i buy propecia in mexico order pills online chlamydia ondansetron no prescription kamagra gold 100mg review voltaren 50 levitra producer india antibotics cialis black for sale buy uk tretinoin 0.05 pregabapentin cialis 5 mg from the pill store masterbation cealus nicotinic acid good generic cialis made in india best price online pharmacy pact madagascar will alli diet pills become available buy lady viagra pharmacy for diflucan rhine inc palghar india prednisone without prescription india lady era tablets buy amoxicillin canada online generic viagra with mastercard overthecounterdeltasone viagra 50 mg price walmart abc online pharmacy reviews canada pharm 24 h generic cealis with no script what dose of propranolol should l take best price propecia in uk pharmacy pills we accept echeck pfizer viagra, online amitriptylin on line coupon amazon cheap periactin pills levothyroxine 0.2mg finasteride gel mens home health viagra www.where can i buy celebrex viagra for sale in arizona eyrthomycin ordering over the phone generic viagra paypal canada discreet shipping viagra viagra cheap canada whats an average age men use viagra cialis daily use buy online 248 atomoxetine cialis professional tadalafil cheaprxmedsonline viagra commercial girl buy generic cialis mastercard buy buproprion sr without prescription levitra overnight shipping cialis precio en farmacia cheapest abilify price acheter viagra en ligne canadian pharmacy 24h review buy nolvadex pct buy drugs online with ach or echeck betnovate online 35mg force culminate cialis sunrise tadalafil india buy roaccutane where to buy fucidin cream canadian express phramcy erectiestoornis pil cialis lily brand low cost pfizer viagra aciclovir prezzo holy cross rc church cottingham cilostazol price where to get cialis cheap clomid forsale novirax cum first cialis what is the target market for viagra generic levitra paypal levitra reviews where to buy hydrochlorothizide 25mg viagra online sale in india where to buy brand viagra how many skelaxin to get high usa pharmacy online viagra ketoconazole sebaceous hyperplasia weight gain pills at walmart sudafed and cialis non prescriptin synthroid canadian meds without an rx wellbutrin side effects in women dapoxetine actual work ortho tri lo online pharmacy viagra costa rica buying cialis stateside generic androgel india female cialis alesse zovirax tablets viagra and cialas for aale colchicine where to buy no prescription sildenafil ranbaxy pacific care pharmacy canadian 24 hr pharmacy 5mg or 1mg of propecia viagra for women reviews no scrip online pharmacies fluoxetine capsules for sale cheap livetra buy furosemide uk articulo 162 substitute for propecia kamagra europa co uk provera canada does cialis expire combivent.html buy betnovate online cheap viagra pills online generic overseas viagra bayer levitra canadian "drug store" no script how to order pure tadalafil pharmacy thailand online over the counter singulair buspirone 15 mg street value cialis blogs search grifulvin where to buy cialis on line? priligy portugal zithromax online walmart drug list web pharmacy rx australian generic cialis canadain pharmacy cialis generic uk cabgolin ragipi tu qi zithromax without prescription kegunaan salep elocon clomid for men accutane pharacy online name brand cipro on line alli weight loss tablets obat furosemide no perscription flagyll viagra for sale in dublin rx list viagra ointment on sale loss of a pet what to say trusted generic viagra sites ordering xenical in australia toradol fast delivery on cialis flagyl medication online pharmacy male sex enhancement finasteride for sale where to buy periactin testosterone cream for men online sale red 7 pill piombino drug similar to zofran motilium alcohol cialis cheap india hydrochlorothiazide pills nizoral capsules buy where to buy amoxicillin30 capsules india propecia flucomed cara minum cytotec zenegra 100 side effects youtubelevitra auscap side effects ear ringing exelon discounts get canadian drugs