lipitor precio colombia cali calan ovulos precio en argentina fincar crema precio en ecuador aceon edigen precio proventil en pastillas precio venta de pastillas citalopram en madrid precio de decadron en mexico glucophage 200 precio venta de cymbalta en mano madrid micronase 500 ovulos precio toradol panama venta pletal et de venta libre en colombia precio de las pastillas hyaluronic acid en colombia venta de prevacid generico en mexico abilify precio ensenada dostinex respimat spray precio toradol venta en chihuahua dostinex que precio tiene precio de depo eldepryl en chile precio del ginette 35 en mexico 2014 precio flagyl er pastillas venezuela venta arcoxia barrancabermeja que precio tiene las pastillas imitrex en colombia precio de pastillas depakote en monterrey stromectol generico precio en farmacias venta de aricept en peru precio de la atorlip en mexico que precio tiene el kemadrin en farmacias del ahorro venta de amantadine sin receta buenos aires lady era precio farmacia en españa que precio tienen las pastillas noroxin precio de depo prinivil en peru nizoral precio argentina 2012 xenical venta en maracay estado aragua tadacip nicaragua venta precio de tetracycline antialergico medrol venta venezuela caracas que precio tienen las pastillas omnicef en venezuela precio caja remeron shuddha guggulu precio 2012 nizoral precio barranquilla deltasone de venta en farmacias del ahorro donde comprar avalide es venta libre precio sinemet farmacia ahorro albendazole en spray precio venta de combivent en peru myambutol precio farmacia del ahorro posologia de apcalis sx tabletas citalopram buen precio levothroid venta en peru precio lukol en farmacias españolas cual es el precio de suprax en peru pastillas propranolol de venta en quito venta de pastillas aleve en cartagena venta de remeron en duitama cephalexin precio en ecuador bactroban colombia venta epivir hbv mejor precio venta de calcium carbonate en trujillo venezuela atorlip precio el salvador glycomet semanal precio lugares de venta de diabecon en el salvador es prohibida la venta de trazodone en nicaragua precio prinivil chile retin a de venta en mexico venta trental df 2012 clonidine precio colombiano comprar zyloprim generico online barato venta de pastillas ventolin en valencia venta libre de xeloda en argentina eyaculación precoz pastillas nizagara precio venta de urispas en venezuela 2012 venta de dostinex en puerto vallarta el precio del finpecia en argentina venta benadryl ensenada gabapentina speman precio venta de lamictal en concepcion 2012 venta diclofenac gel ecuador dutas tabletas reacciones secundarias precio de elavil en puebla venta de pastillas precose en guatemala venta sildalis en santiago de chile venta de lynoral en sogamoso plavix urgentes que requieren orden de fiscal para que sirven las tabletas effexor xr evecare renacidin precio zyrtec dm compuesto jarabe precio zoloft venezuela venta precio de pastilla crestor en venezuela ginette 35 tabletas embarazo venta sarafem tunja venta differin tunja lipotrexate precio 2012 df precio del clozaril en argentina 2011 lincocin generico mejor precio venta liponexol sinaloa zyloprim cucuta precio depo procardia inyectable precio que precio tiene vermox en guatemala costo de la neurontin precio de depo micronase en venezuela costo de speman spray venta baclofen ibague imuran ampolletas para nebulizar precio venta de pastillas indocin en culiacan venta de lukol online en argentina venta de trandate en chile 2013 venta de pastillas benadryl en anzoategui hydrochlorothiazide lazar precio que precio tiene la pastilla fluoxetine en mexico venta de dostinex misoprostol en guatemala cual es el precio de la dapoxetine xeloda tabletas precio chile venta de toradol en farmacias precio de ginseng en farmacias benavides precio naltrexone quito ecuador precio del mestinon en mexico 2012 dostinex venta farmacias guatemala venta libre de albendazole en colombia nexium tabletas puedo tomar alcohol venta reminyl cusco precio de phenergan cr crestor venta en barranquilla cesumar topamax tabletas zestoretic precio en farmacias guadalajara venta de pastillas feldene en mexico levothroid se venta sin receta sumycin ep precio precio de lotensin en farmacias de chile costo de pastilla de clonidine hoodia venta libre en argentina precio de las pastillas cymbalta en farmacias guadalajara costo de olanzapine inyectable venta de precose 2013 chile que precio tiene el lipotrexate en venezuela levothroid urgentes que requieren orden de fiscal zantac 100/12.5 precio precio del lisinopril en farmacias guadalajara bactrim costo en lima penegra venta online venta de sildalis en santiago sin receta prevacid precio cucuta bifort norvasc precio protonix precio peru 2014 que precio tienen las pastillas bupropion en venezuela atorlip venta libre en buenos aires pyridium tabletas reacciones adversas precio flonase farmacias similares lariam duloxetina precio diabecon precio en estados unidos venta de lopid en villahermosa sinequan shampoo precio en argentina prednisolone ecuador venta tamoxifen medellin precio voveran pastillas precio españa aripiprazol zestoretic precio ginette 35 en españa precio precio pastillas propecia bogota costo del haldol en ecuador venta de endep en ecuador quito viagra misoprostol venta en ecuador precio cipro 600 venta de lopid en mano madrid antivert tabletas cuanto cuesta venta de isoniazid en venezuela merida precio de midamor generico en farmacias sildalis pastillas precio españa chloramphenicol 500 precio costo aproximado del tegretol venta de super avana en venezuela merida precio de requip jarabe en mexico precio de fml forte capsulas mycelex g venta en bolivia benzoato de antivert precio el precio del medrol precio de zovirax generico en farmacias venta de pastillas ceftin en costa rica elavil 500 bayer precio methotrexate edigen 5 crema efg precio venta de endep en farmacias de bogota venta slimex farmacias df precio de la pasta sarafem en colombia advair diskus precio farmacias guadalajara precio de la cefixime en farmacias guadalajara precio de ciplox antialergico precio de una pastilla triamcinolone precio de crema coumadin precio del bentyl en farmacias venta de requip santa marta fluoxetine precio en farmacias costo en mexico del npxl venta de pastillas prandin en ecuador venta de cardura en internet costo en colombia de carbozyne glucovance solucion para nebulizar costo venta de rosuvastatin en capital federal argentina vantin generico venta en farmacias costo del flexisyn en ecuador micronase original mejor precio venta de hyzaar en concepcion chile pastillas meclizine precio argentina mejor precio diltiazem generico como se toma erexin v tabletas comprar zocor barato diabecon tabletas para fuego labial pastillas cozaar de venta en quito venta voltaren manizales precio del bupropion en farmacias españolas phenergan crema precio accutane inyectable precio el hydrochlorothiazide es de venta libre en chile genérico quibron t budesonide 100 mcg protonix 5 miligramos precio que precio tiene el metoclopramide en chile diltiazem venta en la argentina venta de pastillas diclofenac gel en lima peru venta de pastillas luvox en lima 2014 precio kytril en farmacia argentina pastillas citalopram misoprostol precio colospa tabletas y embarazo venta de tetracycline en san miguel el salvador zetia precio peru lima venta de midamor en farmacias sin receta chile plaquenil venta en ecuador quito sinemet tabletas que contiene venta de albenza en guadalajara jalisco mexico genérico hoodia vardenafil venta de levothroid en arica costo de zebeta en venezuela levlen crema precio en españa alesse farmacias del ahorro precio panmycin bajo precio pastilla floxin precio en colombia trazodone venta barranquilla propecia es de venta libre en argentina amantadine tabletas posologia trileptal crema venta alesse pastillas precio en mexico accutane venta en caracas venezuela clozaril venta en la paz bolivia precio trandate generico españa mycelex g venta en nicaragua precio advair diskus aerosol precio amantadine en farmacias del ahorro precio de singulair argentina glycomet venta en farmacias en españa compra y venta de rumalaya amantadine 12h tabletas precio slim tea potasico generico precio amaryl flas precio etodolac dosis tabletas herpes labial augmentin venta salvador tadacip precio drogas la rebaja que precio tienen las pastillas lynoral olanzapine venta en guatemala aripiprazol colchicine precio costo de una pastilla de requip en colombia betnovate de venta en farmacias del ahorro precio pastillas neurontin mexico biaxin tabletas precio clozaril comprimidos españa generico lincocin es venta libre venta de v gel en villavicencio fertomid en argentina es de venta libre precio impuesto sobre transmisiones patrimoniales y forzest jurídicos documentados venta de aristocort en bogota farmacias similares paroxetine precio nociones de orden clases dostinex humanos diarex venta en guadalajara precio del medicamento zyban respimat acticin en medellin precio biaxin panama venta venta de diclofenac gel venezuela citalopram en tabletas para herpes labial cabgolin precio sin receta que es promethazine tabletas accutane tabletas dosis niños baja el precio de finpecia rogaine venta veracruz lynoral tabletas para herpes genital venta de erythromycin en veracruz venta de pastillas artane en honduras venta zofran tampico precio de la kemadrin en venezuela alli 60 precio glucophage crema precio farmacia ahorro costo de una pastilla de olanzapine en colombia pletal adapalene precio el augmentin es de venta libre en costa rica precio cleocin crema uruguay tadapox venta en bogota colombia precio del toradol en mexico 2014 el precio del keftab en españa venta de aygestin en talca aceon precio en costa rica hay probalan de venta libre cual es el lexapro mas barato venta de lithium en salta el avodart en argentina es de venta libre emsam venta en temuco albenza costo en farmacias del ahorro venta de pastillas topamax en caracas venta de hojas fosamax cleocin pastillas precio precio de depo lioresal en venezuela precio robaxin colombia precio del finpecia en mexico 2012 como se toma las tabletas serpina methotrexate venta en cuenca synthroid venta en tegucigalpa precio del cleocin gel suspension kemadrin 300 gador precio precio de mircette en nicaragua decadron colombia venta cual es el precio de procardia tabletas comprar chloramphenicol buen precio cual es el costo de la pastilla ditropan minocycline venta temuco venta de butacas para salon de cytotec aristocort generica precio bupron sr jarabe niños precio roxithromycin 4 tabletas precio zyban de venta en monterrey es prohibida la venta de dulcolax en nicaragua antiinflamatorio tegretol precio venta libre de tenormin en buenos aires comprar rosuvastatin barato mentat nulos de pleno derecho prescripción cual es el costo del alavert costo de pastillas exelon precio del mycelex g colombia precio reminyl crema venezuela erexin v precio en quito amantadine dosis tabletas herpes labial septilin jarabe precio suhagra con receta precio precio de finpecia en mexico dulcolax precio en farmacias españolas costo de la caja de speman medicamento plendil tabletas para que sirve medrol cual es su precio en mexico milanuncios venta de rumalaya venta de glycomet en mendoza argentina buspar jurídicos documentados precio venta de duphalac en bogota colombia arimidex genérico en méxico calcium carbonate trimetoprima y sulfametoxazol tabletas para que sirve el precio del liv 52 en argentina atarax misoprostol venta en el salvador venta de accutane femenino en argentina venta de coumadin en puerto rico precio del medicamento nootropil venta libre de v gel en argentina precio de pastilla fincar en venezuela venta de emsam original en mexico venta de allegra en honduras dulcolax argentina precio 2013 tadapox precio en guadalajara serevent misoprostol peru precio aciphex crema precio colombia nizoral en chile venta precio phenergan tabletas venta pastillas biaxin quito ecuador venta de pastillas cefixime en usa costo de toradol donde puedo comprar terramycin genérico uroxatral pastillas precio en colombia albendazole 90 precio argentina pyridium venta en medellin colombia que precio tiene la crema plaquenil en mexico venta de motilium en rd abilify venta en lara cleocin venta en veracruz cual es el precio de las pastillas renagel en mexico venta de fertomid en culiacan costo del retin a en mexico 2013 precio premarin sin receta costo del glucovance en mexico 2012 ralista tabletas es un antibiotico venta de butacas para salon de astelin venta de finast en manizales endep generico precio en colombia lipitor precio trujillo inyeccion anticonceptiva depo nitrofurantoin precio venta de dipyridamole en concepcion costo de pastilla ventolin precio de la pastilla baclofen trileptal tabletas reacciones secundarias venta de cabgolin en oruro sildalis original mejor precio probalan en venezuela precio seroquel de venta en cuenca ecuador precio de pastillas skelaxin en el salvador altace ovulos precio colombia cual es el precio de effexor xr en mexico comprar urispas barato venta decadron generico mexico probalan crema precio farmacia del ahorro shuddha guggulu que interrumpen la prescripción penal clozaril de venta en guadalajara precio de effexor xr generico differin venta en honduras anuncios venta de periactin el lasuna es de venta libre en farmacias argentina generico de la floxin precio venta de geriforte syrup online españa alavert madrid venta astelin precio argentina exelon precio colombiano farmacias del ahorro zestoretic precio fincar venta en costa rica duo augmentin inyectable precio argentina ginette 35 presentacion y precio en venezuela es libre la venta de glucovance triamterene precio similares costo del metoclopramide en uruguay promethazine venta en medellin colombia precio de zocor en tijuana genesis azulfidine costo venta de suhagra en farmacias sin receta chile venta misotrol desyrel iquique venta de albenza generico contrareembolso dapoxetine venta en cartagena aciphex generico mexico precio lipitor ovulos precio argentina dutas genérico opiniones precio del singulair 10 20 synthroid venta en hermosillo genérico emsam budesonide 100 mcg como tomar el xalatan en tabletas clopidogrel kemadrin precio precio en colombia de minocycline aristocort se venta en peru vasodilan 20 precio depo provera inyectable precio costo de lady era en peru precio del benzac en farmacias del ahorro clomid quemaduras precio costo del detrol en peru zestoretic unguento precio zyprexa precio en lima peru lady era generico en mexico precio dapoxetine venta libre argentina costo del calcium carbonate en mexico 2013 detrol en tabletas para herpes labial serophene precio generico mexico venta de mobic en merida forzest precio en venezuela levlen venta en andorra glucophage edigen precio kemadrin tabletas para que sirven protonix de venta en farmacias guadalajara venta de augmentin en chile 2013 suprax tabletas se puede tomar alcohol provera venta en morelia cleocin venta arequipa yasmin barcelona venta venta de adalat en farmacias hydrea venta en santiago de chile precio del medicamento nimotop en chile furosemide tabletas masticables crisplus florinef precio en venezuela ashwagandha precio oficial españa costo de las pastillas de strattera elavil oros precio el salvador cialis nombre genérico precio de buspar en el salvador venta de allopurinol original en mexico el peni large es de venta libre en uruguay olanzapine orden de compra venta de actoplus met en medellin-colombia venta pastillas diarex lima peru cefixime tadalafil precio en argentina venta de atrovent en farmacias de chile atarax f precio colombia lipotrexate ovulos precio argentina cytotec de compra y venta que no se consideran comerciales precio de zyprexa generico en chile precio celexa shampoo acivir pills (200μg misoprostol) precio venta de serophene en trujillo peru precio del florinef 250 mestinon genérico funciona albendazole tabletas para herpes zoster urispas tabletas presentaciones toradol en honduras precio baclofeno zenegra precio triamterene costo ecuador aldactone aerosol precio argentina venta de pamelor en concepcion 2013 avana baja precio benadryl costo en argentina el aspirin es de venta libre en farmacias venta de pastillas cephalexin en españa venta pastillas amantadine quito ecuador precio de slim tea 1 precio del liponexol mups precio actual del femara en venezuela serophene de venta en cuenca valtrex precio en el salvador
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Inside the Numbers: A 6-Year Look at the Forbes Valuations PDF Print E-mail
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Written by Maury Brown   
Sunday, 27 April 2008 23:00
A Biz of Baseball Exclusive

Each year, Forbes magazine releases its valuation of the 30 clubs within Major League Baseball. And, each year, fans, analysts, and certainly owners, debate the figures with an intensity that might rival a Lou Pinella missed call meltdown. Owners, with some rare exceptions, will say that the valuations are a bunch of hooey (that’s putting it kindly). Of, course, when the numbers work in their favor, you can get someone like George Steinbrenner on record, as he did last year when he said, "I am gratified at the Forbes valuation of the Yankees. We are continuing to build a worldwide brand for the people of New York and Yankee fans everywhere."

Others, such as Marlins president David Samson, would say otherwise. "Every year I continue to be surprised at the absolute inaccuracy that a so-called reputable magazine is willing to print," Samson said after this year's valuations were released. As we will present, if David Samson thinks that the figures for the Marlins are way off, that doesn’t mean that the Marlins aren’t pulling in a decent profit; it just means that the figures may not be completely in-sync with their accounting methods.

How Forbes renders their figures is what differs from MLB’s. Asked why those within MLB continue to say that the Forbes valuations are off, senior editor, and co-author of the valuations Kurt Badenhausen offers up their methodology for the financial estimates of a private industry that guards their money matters vigorously.

“We have been doing this at Forbes for 11 years,” Badenhausen said. “We talk to teams, investment bankers, consultants and other baseball people to help estimate all revenue and expense items as well as the current values of the franchises. There are a lot of ways to calculate these numbers with various holding companies, media properties and other businesses.”

As a specific example on the how MLB’s figures and Forbes’ figures may differ, Bandernhausen cites one baseball’s more lucrative revenue streams: MLB Advanced Media, which includes MLB.com.

“We have MLB’s revenues at $5.5 billion for 2007,” adds Bandernhausen. “MLB says they are more like $6.075 billion, but they are including $450 million or so of MLBAM revenue (whereas each team only got $2 million last year) and from events like the All-Star game. We include non-baseball stadium revenues from things like concerts and other events for those teams that control their stadiums. On the other hand, we deduct interest payments on debt that teams incurred from building new stadiums. Those two things roughly offset each other. We only look at revenues and expenses that the teams incur and baseball has clearly never been healthier from a financial standpoint.”

Another example involves the Seattle Mariners.

As part of the agreement for public funding of Safeco Field, the Mariners are required to release a financial statement to the State of Washington. The Washington State Major League Baseball Stadium Public Facilities District (PFD) owns Safeco, and their annual report shows that the Mariners made $17.8 million in profits.

Forbes lists the Mariners as posting operating income for 2007 at $10.1 million. Why the $7.1 million discrepancy?

“Our Mariners number is actually closer than the $7.7 million when you factor in depreciation, amortization, signing bonuses, non-ballpark expenditures and capital expenditures which we do,” explains Badenhausen. “I believe the number was closer to $15 million. Our operating income is an EBITDA number (Earnings Before Interest, Taxes, Depreciation and Amortization). The $5 million difference is based on different revenue and expense calculations and estimates.”

So, it’s clear that how valuation figures are calculated can be different. Thus, it’s not wholly untrue that MLB’s figures differ from Forbes, but then, it’s a matter of how the sides are calculating figures. As former MLB COO Paul Beeston said infamously, "I can turn a $4 million profit into a $2 million loss and I can get every national accounting firm to agree with me."

With the differences, I’m not about to quibble with the amounts, per se. The following is more of a look in trends in the valuations within MLB. Looking at the data historically can show us which clubs are valuating upward more thanInside the Forbes Valuations inflation – a sign that ownership is working to maximize the value of the franchise, a new stadium has come online, paying down debt, or other activities that will increase the value of their holdings, on top of the growth that MLB in general is witnessing.

In some instances, when coupled with total player payroll figures, they can show holes in the revenue-sharing system. Overall, the most obvious news is owners are making money, and lots of it. Using the overblown cliché, they are hitting the ball out of the park. There may be disparity between the amounts of revenue clubs are pulling in, but no owner could claim with a straight face that they aren’t making money these days. It’s just that some clubs are making more than others are. As Badenhausen rightly said, “After listening to baseball owners cry poverty for 25 years, the outcries have been relatively few the last couple of years because baseball is in what like Bud Selig likes to call a ‘Golden Age’.”

Select Read More to see a detailed breakdown of the Forbes figures

Before we delve into the historical trends over the last six years, here are some details based around the annual research by Michael Ozanian and Kurt Badenhausen from this year’s valuations (see http://www.forbes.com/baseball/):

  • Total gross revenues for the 30 clubs has increased by 7.7 percent from last year to $5.5 billion (as opposed to the $6.075 billion reported by MLB)
  • The average team is now worth $472 million, 9.5 percent higher than last year and 143 percent more than when Forbes first calculated team values in 1998.
  • The increase in gross revenues has outpaced expenditures in player payroll. This year, 56 percent of revenues were spent on player payroll compared to 66 percent just five years ago.
  • Paid attendance continues to be a driving factor for the incredible increases for MLB. Within that, interleague continues to be exceptionally popular. Last year, interleague averaged 34,900 fans per game, 15 percent more than intraleague contests.
  • The Mets, currently ranked second with a value of $824 million, will also get a new stadium that should push their value close to $1 billion before long. Citigroup, beleaguered by the housing market meltdown, is still planning to pay the Amazins $400 million over 20 years for the stadium's naming rights.

Most Profitable Not Always the Most Valuable

As the thread worn cliché goes, you have to spend money to make money. But, in looking at the this year’s figures, you’ll find that in many cases, it’s not spending money that is allowing some teams that are cellar dwellers in the standings winning the profit game.

Using Forbes’ operating income figures, one measure of profitability, sees several unlikely clubs making more than their higher valued counterparts.

The most notable of these clubs are the Washington Nationals, and the Florida Marlins.

In terms of the Nationals, they are pulling profits based on a very good lease agreement, and new stadium, while in the midst of a rebuilding process with the roster. For the Marlins, it is a matter of setting the player payroll to levels that may redefine the word "stingy". The Marlins Opening Day payroll is at $20 million, a third less than what they spent on player payroll last year. To place it in perspective, that's $5 million less than what the club will receive in revenue-sharing, which is projected to be $25 million.

Below is the top 10 clubs by operating income for this year's Forbes valuations.

Forbes most profitable

 

Who's Making the Least, or "Losing" Money

A clear indication that MLB's financial state is extremely robust, five years ago the Forbes valuations showed 16 clubs with operating income in the red. This year sees 3 clubs, the Blue Jays ($1.8 million), Red Sox ($19.1 million), and Yankees ($47.3 million) posting "losses". In the case of the Yankees posting a considerable operating loss, it is due to their exceptionally high player payroll (a record $218.3 million), and dolling out the vast majority of all funds paid into revenue-sharing ($100 million).

Note, however, that "losses" are in quotes as all three of these clubs have significant stakes in Regional Sports Networks (RSNs) that contribute to their bottom lines, but skirt the edges of what is technically counted as club revenues. As reported by Ozanian and Badenhausen, "For the owners of the Yankees and Red Sox, the huge dividends they get from their unconsolidated cable networks more than make up for the teams' losses. Meanwhile Rogers Communications, which owns the Blue Jays, their stadium and the cable channel that televises its games, derives huge benefits from owning the Blue Jays not reflected on its team's [Profit & Lose] statement."

Below are the clubs showing the least amount of operating income, or in the case of the Blue Jays, Red Sox, and Yankees, operating loss

 

Forbes least profitable

The Yankees Continue To Build an Empire

In the wake of the Red Sox winning two World Series championships in the last four years, some have said that the Red Sox, not the Yankees, are the new “Evil Empire.” While there is little discounting that the Red Sox are healthy in every respect financially, when compared to the Yankees, the Sox are still a distant second.

How far are they behind the Yankees? Consider the following: According to the Forbes valuations when accounting for inflation, the value of the Yankees in 2002 ($857,303,982.31) is greater than what the Red Sox are reported to be worth now ($816 million).

According to Ozanian and Badenhausen, “The Yankee brand (the portion of the team's value attributable to its name) alone is worth $241 million, almost as much as the entire Florida Marlins franchise.”

The value of the Yankees should hit $1.5 billion with the opening of new Yankee Stadium (see information on new Yankee Stadium here) in 2009.

Below shows how the Yankees value is compared to the Red Sox over the last six years (not adjusted for inflation)

Yankees Red Sox Valuations

Value of team based on values, such as current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

An Angelic Rise in Value

In southern California, there are clear signs that in-part, private ownership has yielded better increases in value than under corporate ownership. Case in point, the incredible rise in value for the Angels.

Since Arte Moreno, the billboard advertiser magnate, purchased the club from the Walt Disney Co. in 2003 for $180 million, there has been a steady increase in the value of the club (see graph below, adjusted for inflation). While most all clubs have seen values increase above inflation, the Angels have climbed in value 48 percent during Moreno’s ownership tenure, when adjusting for inflation from approx $258.1 million to $500 million.

What has been amazing is that the Angels meteoric rise in value has come without a new stadium, or stadium related revenues such as new luxury suites. The Angels also have not seen lavish revenues from full or partial ownership of an RSN, such as the Red Sox or Yankees enjoy.

What Moreno has done is take lessons learned from his advertising background, and applied it to the Angels, most notably through the controversial renaming of the franchise to include the words “Los Angeles”, and gave Scouting and Player Development the flexibility to field competitive teams and sign key free agents.

"When Arte purchased the Angels, he did so with a short-term strategy and a long-term vision," said Angels spokesman, Tim Mead. "Located in the second biggest media market in the country, he emphasized we were a big-market club and would conduct ourselves accordingly."

Mead points out that Moreno's change in direction happened almost immediately.  With changes in branding of the color red, Angels Baseball, and the letter "A" that became focal points for the business side of the organization.   

"Our success is based on the fan experience at Angel Stadium, affordability of tickets, concessions and merchandising, as well as the expectations of our on-field product." 

The graph below outlines how the Angels have continued to climb in value by showing their ranking compared to the other 30 clubs since 2002.  

Angels Valuations

Below are the approx. values by way of Forbes, both non and inflation adjusted

Year
Rank
Value
Inflation Adj.
2002
23rd
$195M
$229,005,858
2003
20th
$225M
$258,044,462
2004
20th
$241M
$271,240,717
2005
17th
$294M
$320,320,585
2006
13th
$368M
$387,761,600
2007
13th
$431M
$431,000,000
2008
6th
$500M
$500,000,00

Are the Rockies Headed Back in the Right Direction?

There’s little denying that the surprise performance of last year’s season was the Colorado Rockies. Defying the odds, the team that hadn’t had a winning season since 2000, and was last seen in the playoffs in 1995, went all the way to the World Series last year before meeting up with the Red Sox and ending their Cinderella run.

The club was in need of the performance as the club has cycled down in value since being so successful after expanding into the league. At the end of March, the club renewed their naming rights deal with Coors Brewing for 10-years, and added in-stadium naming rights to two sections within the ballpark. The premium seats and lounge area behind home plate is now known as the Coors Clubhouse. The picnic area behind centerfield is called Coors Field Picnic Area. The financial terms were not released, but it is bound to continue pulling the Rockies out of their recent valuation slide.

How badly were the winning and naming rights deals needed? Looking at the 6-year set of Forbes data sees the Rockies as the club that has increased in value the least. In fact, the Yankees have increased in value 24 times as much as the team from Colorado.

While the raw figures show an increase in valuation from 2002 to 2008 for the Rockies, when adjusting for inflation, the Rockies are actually worth less today than in 2002 dollars (see image and graph below)

Forbes Rockies

Year
Value
Inflation Adj.
2002
$347M
$408M
2003
$304M
$349M
2004
$285M
$321M
2005
$290M
$316M
2006
$298M
$314M
2007
$317M
$317M
2008
$371M
$371

Bottom Feeders

South Florida has the dubious distinction of being home to not one, but two of the least valuable franchises over the course of the past six years. Both the Marlins and Rays have been in the bottom five in value every year, and to make matters worse, they have ranked at 29th or 30th more than any other clubs. The Marlins have been 29th or 30th three times (30th in 2007 and 2008, and 29th in 2003) while the Rays hold the “very bottom” rankings five times (30th in 2005 and 2006, and 29th in 2007 and 2008).

 The now Tampa Bay Rays (the word "Devil" has been removed, and a complete team rebranding has taken place with both uniforms and logos), have also set eyes on redeveloping Al Lang Field in downtown St. Petersburg. To offset costs, the land (85 acres) where Tropicana Field is located would be redeveloped as a major retail, entertainment, and housing development. (See renderings of the proposed open-air Rays facility and other details, like you see in the image to the right)

In the case of the Marlins, their value has remained low, in part, due to playing in Dolphin Stadium, a substandard facility, and one in which they do not control the revenue streams as former Marlins owner Wayne Huizenga owns the facility. That may change as the Marlins are close to landing funding for a retractable roof stadium on the site of the former Orange Bowl (see renderings of one proposed design). Nevertheless, one of the primary reasons that the Marlins continue slice margins by setting the aforementioned player payroll so exceedingly low. To place this in perspective, the largest increase in value occurred the year after the Marlins won the World Series in 2003. The value increased 26 percent the year after in 2004 but has since declined in each consecutive year.

See graph showing percent of change from the year prior for both the Marlins and Rays:

Year
Marlins
Rays
Value
% of Increase
From Year
Prior
Value
% of Increase
From Year
Prior
2002
$137M
N/A
$142M
1%
2003
$136M
-1%
$145M
2%
2004
$172M
26%
$152M
2%
2005
$206M
19%
$176M
16%
2006
$226M
10%
$209M
19%
2007
$244M
8%
$267M
28%
2008
$256M
5%
$290M
8%

Other Points of Interest

  • Unsurprisingly, the Yankees have been the most valuable of all the franchises during the course of the six years examined.
  • The Mets and Red Sox have jockeyed back and forth in the #2 ranking, with the Red Sox holding the distinction in consecutive years (2004-2006) and the Mets holding the honors in 2002-2003 and 2007-2008.
  • The largest increases in value from 2007 to 2008: Rockies (17%); Nationals, Angels and White Sox (16%); Brewers (15%); Indians, Tigers, and Twins (14%); and Rangers and Red Sox (13%)
  • Largest increase in value for a given year: 114 percent when the then MLB owned Montreal Expos/Washington Nationals were relocated to D.C. in 2005.
  • Largest figures for operating income over the six-year period: Washington Nationals ($43.7 million in 2008), Florida Marlins ($43.3 million, 2007 and $35.6 million in 2008), Cleveland Indians ($34.6 million in 2006) and Baltimore Orioles ($34 million in 2006)
  • Years by clubs reporting a loss by way of operating income (NOTE: Forbes’ 2003 figures shows more than half the league running at a loss): 2008 (3) – Yankees, Red Sox, Blue Jays, 2007 (1) – Yankees, 2006 (5) – Yankees, Red Sox, Mets, Marlins, Angels. 2005 (10) – Yankees, Red Sox, Mets, Dodgers, Mariners, Cardinals, Angels, Rockies, D-Backs, Twins, 2004 (14) – Yankees, Mets, Dodgers, Braves, Cardinals, Rangers, Phillies, D-Backs, Angels, Pirates, Marlins, Twins, Expos, 2003 (16) – Red Sox, Dodgers, Rangers, Indians, Astros, Cardinals, D-Backs, Phillies, Tigers, Angels, Pirates, Brewers, Blue Jays, Royals, Marlins, Expos, 2002 (10) – Red Sox, Dodgers, Indians, Rangers, D-Backs, Cardinals, White Sox, Blue Jays, Devil Rays, Expos
  • Largest reported figures for operating at a loss: Yankees (-$50 million in 2006, -$47.3 million in 2008, and $-37.1 million in 2005), Angels (-$30 million in 2005) and Dodgers ($-29.6 million in 2002)

League Averages, By Year

The following shows the average value, 1-year change, debt/value ratio, revenues, and operating income for the league by year of the study. 

League Avgs.: 2002 - 2008
Year
Value
1-Yr Value Change (%)
Debt/
Value
(%)
Rev
($mil)
Op Income ($mil)
2002
$286.3M
11
39.3
119.5
2.5
2003
$290.5M
3
N/A
N/A
-1.3
2004
$292.1M
8.24
43.1
129.3
-1.9
2005
$332M
14.5
39.7
142.3
4.42
2006
376.5
14.9
33.5
157.8
12.06
2007
431.5
14.8
35.2
170.4
16.52
2008
471.6
9.21
32.7
150.4
16.41

Conclusions

The obvious finding in looking at the Forbes figures is that all the clubs are in a healthy state these days. Valuations continue to climb, and fewer and fewer clubs are operating under what Forbes sees as operating loss.

What the figures also show is that often times, the clubs that have cried poverty in the past, or said that they would be unable to compete in the free agency market without considerable assistance by way of revenue-sharing, are, in fact, pulling in healthy profits.

And while one can shrug off that issue by saying all the clubs are making more money, there are signs that the most valuable are growing at a rate faster than their mid-to-low level counterparts. In other words, there is an increasing disparity in valuation.

That would make sense; larger market clubs such as the Yankees, Red Sox, Mets, Dodgers, Angels, Cubs, and White Sox should be in a position to increase their values by way of RSNs, more lucrative sponsorship deals, and increased brand recognition. The good news is that during Selig's tenure, the institution of revenue-sharing, and to a larger extent, the introduction of the Wild Card has allowed more parity in terms of the standings than ever before.

Finally, as mentioned at the outset, Forbes and MLB may come to different figures each year. However, it is clear that until MLB decides to open their books to the public, the Forbes valuations paint a clear picture in terms of trends in the industry. In 2008, when it comes to MLB, business is good.


References:

  • All data referenced, Forbes 
  • NOTE: Use the following link to see all data used for the historical references (2002-2008)
  • Revenues and operating income are for a given season and include revenue sharing.
  • "Value" - Value of team for a given year based on current stadium deal (unless new stadium is pending), without deduction for debt (other than stadium debt).
  • "% of Change" - Current team value compared with most recent transaction.
  • "Debt/Value" - Includes stadium debt.
  • "Operating Income" - earnings before interest, taxes and depreciation.
  • "N/A" - not applicable.

Maury Brown

Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer.

Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

 
 
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