ventolin direct pharmacy purchase aricept 5mg fertility drugs over the counter for men elocon usage geriforte syrup discount voucher actos 40 mg pharmacy order albendazole 200 mg over counter wellbutrin sr what is the antibiotic suprax used for malegra fxt 100 generic viagra jelly india bystolic tablets for sale liv 52 tablets online cheapest propranolol bystolic 20 mg side effects lithium delivery london luvox dose children fda max dose abilify clarithromycin alcohol interaction diflucan online coupon code exelon uk brand name generic viagra softabs comprar alli original isoniazid sale what types of aceon are there what does aleve do to pregnant women synthroid medication interactions reactive arthritis duration american express platinum singapore login trazodone bonus pills buy wind brahmin buy ralista next day como comprar orlistat cheap haridra buy online pharmacy one source schedulerx compare prices epivir-hbv erection packs 1 buy uk urispas cost in canada buy amaryl from mexico online can you buy lozol in ireland valtrex generico bula order antibiotics online us reviews on hoodia hydroxycut differin cream price canadian colchium buy amitriptyline tablets us wellbutrin sr without prescription miami generic seroquel vs brand arimidex usage is zofran safe after expiration date cialis jelly perth australia what is protonix 40 mg used for nhs online prescriptions uk can we trust benadryl online buy tenormin have no prescription how to use cipro for uti prilosec capsules vs. tablets accutane low dose 5 mg all types leukeran pills brafix without prescription cytotec tablets insert what is the side effect of benadryl for allergy chloramphenicol canada buy cheap erythromycin online discount drugstore online where to get nolvadex pct resources for blopress robina yasmin paintings sale indocin comprare good drugstore makeup primer cialis super active over the counter india side effects of seroquel xr vs seroquel canada order diflucan mexican strattera nike air max 1 leopard grey antivert canadian pharmacy trimix computers erexin-v perth australia sodium diclofenac 50 mg dosage female cialis in canada revatio sales buying anafranil vytorin 10 40 price hyzaar low cost generic astelin and cheap does generic viagra work well indian generics online nootropil singulair chewable tablets side effects pariet tablets 20mg trandate medication side effects can we trust aciphex online tretinoin 0,05 delivery uk non prescription septilin toprol xl generic reviews why did the canadian alliance party form indinavir mg tablet buy generic keppra online wellbutrin shortage toprol xl prices usa thyroxine hormone action what are the side effects of doxycycline capsules comprar prometrium online glyset for sale uk can you split levitra tablets aldactone prescription minocycline buy 50mg costco pharmacy online prices diamox to buy from europe mail order generic trandate voveran sr lowest price septic arthritis avodart birth control online uk buy claritin d 12 hour online buy ampicillin medication valtrex drug classification patients viagra medicine order levitra online legally prescription cipro tablets side effects american olanzapine augmentin bid 1000 mg dosage pharmacies online legal calcium carbonate pharmacy order levlen by mail order can you get trental over the counter ordering super active 100mg viagra online xenical drugstore dramamine prescription coupon purchasing nymphomax online uk cvs pharmacy hours near me canadian pharmacy ripoff over the counter cabgolin nike air max leopard when will generic allegra be available over the counter what is saw palmetto for hair loss benzoyl metronidazole wikipedia liposafe online legally isoptin rx purchasing flagyl er online uk claritin allergy and sinus reviews snorting gabapentin 300mg capsules what does crestor look like prednisone 5mg tab order levitra pill nexium 20mg pret levitra 20 mg what drug category is skelaxin fucidin h cream over the counter mexican pharmacy no prescription biaxin ivermectin pour on for dogs female viagra shop order decadron us viagra cost comparison baclofen pas cher cialis buy usa free or low cost cialis sublingual super kamagra pills mycelex-g with paypal payment nystatin and triamcinolone acetonide cream acne buy avapro new zealand online long time side effects singulair buy paroxetine in ireland side effects of etodolac 300 mg canadian pharmacy-24.com seroflo 50mg tablets is viagra banned in the uae cheap buy deltasone delivery to us fastest emsam uk delivery prometrium shopping mexican pharmacy no prescription bupron sr generic actos canada generic carafate overnite shipping canada and viagra soft does parlodel make you gain weight cabgolin from canadian pharmacy buy duetact without rx noroxin generic 2013 drugs colchicine pills online in the canada clomiphene fertility associates cephalexin 1000 mg side effects is zanaflex better than xanax where to buy viagra for cheap depakote and alcohol overdose finax prices at costco nizoral spain sports direct uk amoxil 500 mg cheap accutane us pharmacy isotretinoin resources for proscar side effects of taking doxycycline for a long time what are the long term side effects of lithium order buy discount advair diskus inferior parietal lobe function has anyone ordered accutane online cheapest drug nizagara ortho tri-cyclen no prescription compare prices trental tablets side effects where to get ceftin without a script abana online buy cod where to buy arimidex liquidex lozol mail order levitra professional 40 mg dose can you buy trileptal in ireland canada health act prescription drugs can you get addicted to prilosec new alliance party platform terramycin for men sale in uk levitra professional coupons order norvasc 5 mg buyers of vasotec canada ou acheter lasix 40 mg betnovate generic wikipedia drugs yasmin australia cost urispas without script order proscar no prescription original lopid online order alli capsules pharmacy mobic prescription medication risperdal no prescription reviews buy elavil greece mycelex-g online order how much does pletal cost flovent for men in usa low price stromectol uk bachelor of pharmacy online course purchase hydrochloot cialis lilly 20mg 12 online drugstore no prescription canada zyvox online coupon code pilex shelf life 400mg flagyl medicine remeron coupon code what is tulasi tablets dutas tablets crestor complications tadalis sx tablets us online where can i buy clomid tablets brandon discount drugs brandon ms hours brahmi overnight pharmacy where can i find cytotec in dubai oral ringworm medication for cats indian generics online rogaine 2 is it safe to order viagra online the story of thalidomide drug adalat sony tv 13 january 2013 ordering tadacip mexico buspar online order viagra nhs prescription price vasotec 10 mg cost nitrofurantoin 100mg cap proscar online pharmacy shipped to canada generic hytrin overnite shipping new non narcotic pain meds mircette comprar what is diclofenac sodium 50mg used for super viagra active buy zofran new zealand online clozaril canada no prescription is viagra available in saudi arabia glucophage sr 1000 mg side effects cholestoplex online coupon code comprare kamagra on line post cycle therapy asacol retin a micro gel for acne reviews famvir costco mometasone furoate monohydrate nasal spray purchase bystolic canada alli where to buy in canada switching from cymbalta to wellbutrin buspar in croatia para que sirve prednisone 20 mg what does valtrex treat other than herpes aleve rx to otc buy rhinocort hong kong discount budesonide buy minipress perth australia mobic dose arthritis canada drug generic cialis neurontin dosage instructions levitra vs cialis cost discount canadian pharmacy cialis professional quiero comprar cialis jelly zentel apteka krako'w vpxl low dose birth control prescriptions by mail tricare genuine atacand 100mg canada colchicine over the counter nitroglycerin cream order differin online canada buy generic advair diskus adalat comprar bactroban cream dose lowest priced luvox where can i buy pariet in canada cheapest cialis no prescription zofran sublingual dosage cheap zoloft 50mg ephedraxin delivery uk buy diovan hct 320 12.5 mg zoloft lawsuits pregnancy generic liv 52 safe rumalaya gel dosage instructions how much does walgreens pay in texas buy sominex pills online how to order serpina claritin online coupons best place to buy speman where to buy tetracycline uk cabgolin prescription only finpecia goa vs kumrek viagra to buy in uk zestril safe dose bactrim side effects headache worldwide pharmacy dutas how to by trental online cheap abilify canada pills canadian drugs online safety cheap tadapox free delivery ordering viagra professional uk ordering low dose eldepryl mail-order cialis soft chloramphenicol in the uk now liv online meds cheap nimotop sale uk mentat over counter ampicillin mg order side effects of adalat 30 mg lipitor patent expiration what does betnovate cream treat buy cymbalta online at canada pharmacy premarin horses 2008 the villages florida viagra best antabuse prices delivery buy abilify cheap what does flovent have in it can strattera 40 mg get you high buy celebrex from canada benicar pharmacy mail order reviews on alli diet supplement tricor plc vat tribunal himplasia brand positioning actonel 100 lisinopril prescription help brand zyprexa for sale mexican pharmacy no prescription haldol buy tulasi plant padre chelo misa sanacion cozaar com patent expirations order abilify 20 mg prescription buy cheap speman using pay pal where to buy kamagra in dublin epivir-hbv medication side effects nitroglycerin cost without insurance 150 mg viagra for sale cialis 20 mg tablets information flovent prices 100 mg arimidex prometrium where to buy in canada will doctors prescribe viagra young men erythromycin acne topical reviews lowest price differin differin cheap mexico pharmacy finast maximum dosage purchase glucotrol xl pills wow where to learn polearms alliance where to buy aspirin cardio buy cheap rumalaya forte using pay pal finax uses medication canadian healthcare vs uk buy colchicine online from mexico atarax pharmacy 1000 games for kids cheapest price strattera is accutane legal in uk can you order moduretic cialis levitra viagra sample pack prometrium discount voucher emsam rx best place buy diclofenac gel where abilify generic atarax dose for anxiety what is cialis super active buy astelin perth australia comprar furosemide original buy aygestin boots pharmacy what is ditropan 5 mg used for zantac pills sweat craigslist london uk olympic tickets dosage of abilify for depression cheap oral online kamagra jelly 100mg flomax generic usa zithromax cost comparison is cytotec an over the counter drug canadian suprax risperdal for daily use canada cialis cheap online pharmacy best way to get off pain pills zyvox 800 mg information what is promethazine vc codeine syrup for vigra vegetal viagra super active for men in usa himcolin drug class can you take viagra with atrial fibrillation metoclopramide no prescription needed silagra online shop order colchicine medication by mail cozaar not generic generic altace uk paypal most effective depression and anxiety medication does tofranil make you gain weight there generic form januvia viagra jelly tablets for purchase buy genuine ciplox uk diovan discount card 2011 what is uroxatral 10 mg used for pink pills women viagra no prescription ralista sale pulmicort side effects why is there a shortage of tamoxifen cheap lithium ion drills kamagra oral jelly 10 mg cost cialis super active discount voucher brand cialis legal in england is prevacid better than nexium motilium suspension + spc propecia usa online pharmacy ordering zenegra usa synthroid on line clomid lowest price online solebox x adidas consortium torsion allegra for sale costco pharmacy purinethol price order does alli work canada dosis aciclovir para tratamiento herpes zoster zyvox drug oversea can you buy viagra from canada licensed pharmacy furosemide buy ciplox online mail order generic fucidin pantoprazole sodium lov cost xenical what is the best viagra cialis or levitra capoten pharmacy prices list allegra prescription medicine budesonide vs entocort augmentin xr 1000 mg generic phexin tablets side effects buy cheap lisinopril pills inderal weight gain depression famvir where to purchase buy cheap nexium pills viagra for sale in mexico buy dapoxetine in canada buy amoxil bencard discount clonidine annual sales transdermal suprax 200 mg used can you get high from snorting abilify imuran over the couter is cialis for women the same as cialis for men web based prescriptions eprescribe fucidin h to buy how much does bactrim ds cost safe to buy generic nolvadex from uk percocet 512 generic for estrace cream .01 is mentat legal in uk viagra for sale online cheap canadian alesse prescription pills lanoxin discount voucher female viagra online sales pulmicort supplier in uk clozaril online coupon code keppra pills health canada acai can prevacid make you gain weight asacol overseas motrin for babies side effects purchase remeron without prescription seroflo in the uk now can fucidin cream be used to treat thrush evecare no prescription compare prices wellbutrin sr pills online in the india emsam mg price online generic flovent meloxicam tablets 15 mg metoclopramide side effects infants vpxl medication on line can you buy requip can you take revia daily is it illegal to order generic adalat botanical herbal slimming tablets tulasi prices cvs american rumalaya lincocin limited india fluconazole 200 mg pregnancy zocor discount card ordering haldol generic propecia uk motorcycle insurance comparison ventolin salbutamol dosage children buy micronase no prescription online pharmacy order propecia 5mg feldene 20 mg capsule non generic order abana order quibron-t online uk norvasc discounts cicloferon suspension aciclovir dosis furosemide without prescriptions buy luvox online no prescription where to buy calcium carbonate in the philippines finax max dose buy pariet pills online abana shelf life valtrex order in the us buy extendaquin tablets usa buy ed levlen online what is erythromycin ethylsuccinate used to treat what type of medication is metoclopramide where to buy cytotec in manila order brand amoxil online can betnovate n used face amaryl noprescrition needed canada online pharmacy where to buy zestoretic ointment can you buy cialis professional in ireland 20mg 5mg is there a generic drug for zoloft buy cabgolin with paypal generic norvasc amlodipine besylate nifedipine tablets side effects norvasc online bestellen lamictal sales hytrin online in us imuran order canada where can i buy accutane isotretinoin where can i purchase seroflo best place to buy glucotrol xl us online pharmacy no prescription cefixime norvasc looking for ordering pyridium here in canada retin-a 0,05 canada overnight delivery amitriptyline uk buy online suprax coupon code brand viagra medication side effects amaryl diabetes purchase actos over the counter bactroban cream how much does biaxin cost lariam gu"nstig online voltaren retard 75 mg beipackzettel is synthroid available over the counter anxiety medication list xanax pastillas omifin embarazo citalopram hydrobromide oral tablet 10 mg himplasia shelf life haldol medicament wiki what is zovirax ointment used for buy arimidex 20 taking viagra and cialis together buy bactrim overseas generic aciphex cheap quality pills mentat ds syrup mg tablet discover adventure ltd i pill diclofenac gel website is it illegal to order generic clozaril ditropan dosage hyperhidrosis buy zyvox inhaler canada selegiline dosage adhd side effects of fluoxetine with alcohol metformin hydrochloride and alcohol prescription solutions careers kansas city order proscar online canada actoplus met mg canada generic uk paypal pravachol zenegra uk brand name zenegra pct buy jr strength acetaminophen rapid tabs augmentin duo forte what is it used for premarin side effects long term use how much will seroquel cost order finasteride 5mg shallaki online forum side effects of long term use of bupropion lexapro side effects in children accutane hair loss women lamisil complications where is benicar made safest medication for anxiety during pregnancy tinidazole discount code how much will vermox cost sildenafil canada pharmacy where can i buy permethrin zolpidem online canada snovitra super power order online cefadroxil dosage for uti femara patient reviews prescription drug cabgolin qsymia online purchase ponstel pharmacy promethazine pharmacy order elavil in usa pharmacy that sells cialis sublingual naltrexone alcohol interaction cheapest celexa tablets uk costco pharmacy prevacid viagra jelly uk next day delivery panax ginseng plants for sale generic drug for altace antabuse buy online uk hydrochlorothiazide no prescription online maximum dose decadron im estrace generic equivalent glucophage order by phone risperdal canada desert sky pharmacy peoria az buy confidor men health forum viagra alli 40 mg pharmacy tratamiento omifin en hombres zyrtec usada venden viagra en las farmacias sin receta eutroxsig thyroxine tablets side effects quickest maxalt prevacid online in us best generic brand viagra sites propranolol mg mexico where to buy confido in canada safely tesco-online-pharmacy doxycycline drug in mexico pharmacy altace tablets us online flomax order by phone brahmi bonus pills dosis del aciclovir en adultos zoloft generic name what is lopid pills used for purchase nexium without insurance where do i tinidazole in usa calan tablets side effects tretinoin 0,025 shopping how often to take atarax vente de viagra professional au quebec where to buy zestril in canada safely saw palmetto pharmacy order beconase aq over the couter what is the proper dosage of aleve buy tadacip without rx super drugstore uk aldactone 20 mg seroxat uk court case ventolin sale drugs lasix online uk risperdal consta coumadin express canada norvasc daily use reviews order albendazole from australia without prescription can you buy nexium over counter canada buy geriforte without rx cheapest place to buy tinidazole albendazole side effects liver generic ceftin switzerland cheap original viagra what is the dosage for ciprodex buying antabuse no prescription best place to buy provera in mexico vardenafil 20mg hcl can you get duphalac amoxil side effects in babies buy generic omnicef viagra cheaper than cialis pharmacy business for sale in usa donde comprar nizoral shampoo mexico albendazole tablets india para que se usa el coumadin vitamin shoppe in store coupon code betapace pill shortage generic elimite permethrin buy trimox with paypal levofloxacin eye drops best over the counter medicine for neck and back pain cymbalta common side effects diflucan canada companies only tinidazole new zealand what types of midamor are there manpower viagra is there a drug comparative to pravachol flonase generic nasal spray cafergot no prescription fedex ups price of avodart 0.5 mg order bupropion without rx xenical for sale philippines genuine hydrea best price atacand hct rxlist keftab generic reviews can i order strattera online tetracycline uses skin sildenafil citrate powder manufacturers order diovan lowest price augmentin generic cost buy hyzaar with visa soviclor side effects pharmacy no prescription online pet medication online uk buy cardizem online uk no prescription propecia shopping depakote vs generic depakote shelf life of cipro tablets where can i buy citalopram online without a prescription where to get benadryl generic daily cialis online wyeth premarin lawsuit trazodone 50 mg tablet ephedraxin buy online ireland lansoprazole side effects nhs canada non prescription online hydrochlorothiazide dosage range como comprar xbox live gold sin tarjeta de credito buy nimotop mg online side effects of colchicine tablets metoclopramide 100 olanzapine 5mg tablets side effects of korean ginseng root what is aspirin good for fever comprar actoplus met original buy roxithromycin in india online aciclovir dosis snafi tadalafil 20 mg doryx coupon cost of generic trazodone cheap alphagan buy online viagra generico raloxifene hydrochloride cost daily cialis forum order generic arjuna natural thyroid medication list cialis professional best price lansoprazole best price no prescription canada lady era over the couter silagra prescription tamoxifen mg mexico best place to buy singulair without a prescription what does ceftin do how to get cardura in australia cozaar pills voltaren retard 100 mg dosis propranolol cheap australia pharmacy beat way to order grifulvin v flovent uk brand name can you buy sustiva in ireland purchase viagra soft cheap viagra prescription australia drug store pulmicort nebuliser solution zanaflex drugs for sale levothroid 40 mg pharmacy compazine for nausea american adalat cipro and alcohol side effects bupropion 100mg cheep seroquel medicine information order arimidex online no presctiption lithium uk buy vipps pharmacies that sell real viagra cialis 2.5 mg cost chloroquine cheap price cephalexin pills side effects skelaxin reviews cheap plavix canada chloroquine prescription coupon wellbutrin sr no prescription canada purchasing brand amoxil online uk lithium order of reactivity cheap drugstore makeup online s cool physics pfizer pharmaceuticals non-prescription clonidine best pharmacy to order alli best site to buy reminyl what do claritin d pills look like viagra plus pill shortage generic forms of alesse birth control comprar purinethol original how does levothyroxine compared to synthroid uroxatral on line no script clavamox 500 amoxicillin clavulanic acid c 20 tan pill rhinathiol 2 dosage women using viagra recreationally cheap amoxil per pill generic viagara pill list of tesco stores selling serevent motrin mg price mirapex side effects mayo clinic how much will voveran sr cost buy sinequan online risperdal consta max dose cost of shuddha guggulu prednisolone eye drops over the counter nexium prescription herbal can you buy beconase aq over the counter brand sale discount cialis online coumadin blood thinner and alcohol is there a difference between synthroid and levothyroxine periactin tablets 40mg prednisolone dosage 8 tablets a day buy augmentin cheap amoxicillin clavulanate to buy tadapox in uk buy zithromax online from india fenofibrate 200 mg allopurinol drugs online purchases solicitud de cvs pharmacy puerto rico which uk site to buy flagyl er generic revia paypal comprar avalide doxazosin on line purchase bupropion hcl xl 150 mg tablets yasminelle better than yasmin canadian pharmacyniaspan remeron 100mg tablet health canada mestinon isoniazid 100mg cheep mail order isoniazid blopress australia pharmacy calan mg canadian rx cipro tablets package insert walmart viagra prices best online viagra mexican silagra sublingual generic cialis importing prescription drugs into new zealand buy kamagra soft pills online where to purchase anacin ortho tri-cyclen from canadian pharmacy cialis 36 hr mg can buy tulasi online zyrtec pills sweat cost of generic effexor xr discount what is sarafem tablets purchase duphalac getting imitrex in australia topamax uk online risperdal nhs finpecia best price can betnovate cream be used for acne where to buy prandin online pharmacy usa international shipping canadian order propecia on line uk canadian pharmacy valtrex antiviral elimite dosage instructions gasex 2012 bali can you buy augmentin diarex online usa levitra plus drugstore redustat orlistat efectos secundarios piroxicam pfizer viagra 50mg kamagra jelly mit paypal bezahlen best site for micardis prednisone steroid pack celadrin pills legal buy sarafem online canada citalopram com and cannabis healthy mango chutney legal to buy atarax purchase ashwagandha pills purchase aciclovir 200mg tablets low cost overnight moduretic lowest price starlix cheap amitriptyline usa where can i buy liverpool fc tickets levitra professional direct pharmacy indian generics online rumalaya where lithium can be found in nature fucidin buy on line apcalis sx next day delivery alli availability usa cost of crestor in mexico methotrexate medicinenet comprar clozaril portugal cost of clomid out of pocket buy motrin hong kong renagel lawsuit canada viagra alternatives otc what is serophene used for overnight pharmacy risperdal alli weight loss coupon 2012 canada supreme court viagra patent canada drugs vipps phone in order for ginette-35 buy famvir 40 benadryl cough syrup price in india aromasin clomid nolva for pct drugstore foundation reviews 2012 what is effexor xr mg used to treat proscar canada simplotan tablets information cough syrup promethazine codeine uk vpxl price india purchase generic benfotiamine aygestin without a prescription betnovate online price what does detrol treat estrace ivf pregnancy genuine kamagra buy long time side effects colchicine prometrium order canada vente de premarin au quebec adalat over the counter canada buyers of bactrim canada cheap precose no prescription aarp prescription solutions phone number over the counter antibiotic for scratch eye what is the equation for calcium carbonate and hydrochloric acid diuretic blood pressure medication side effects buy combivent quick glucotrol xl online bestellen buy precose online usa diamox drugs for sale can you buy viagra plus in ireland how to buy trileptal unisom echeck baclofen trade name in india buy canada no prescription for tadapox missed methotrexate dose phone in order for cleocin metformin pharmacy price discount pharmacy paris fastest digoxin uk delivery age can you take viagra vigra vegetal 200mg pharmacy that sells caverta finasteride 5 mg tablet tev is there a generic for proventil hfa eurax without prescription miami what is inderal for costo levitra da 10 mg tijuana domperidone pharmacy online kamagra from mexico rumalaya liniment perth australia nexium esomeprazole magnesium trihydrate buy liv 52 boots pharmacy brand viagra drug class thundercats 2011 episode 14 new alliances no prescription triamterene sale avalide 300 25 mg cost dapoxetine spain over counter imuran medication crohn;s disease mail-order actonel can you buy adalat can i make etodolac danazol for men in usa metformin precio mexico tamoxifen dose lithium shop net cheap buy antabuse disulfiram cheap valtrex online canada can we trust tadalis sx online where can i buy prednisolone online without a prescription buy cardura online without a prescription does elavil work for anxiety diltiazem 100mg cheep generic finpecia usa purchase augmentin cheap tablet generic desyrel paypal better than himplasia liv 52 cheap uk saw palmetto tablets uses where to buy fucidin with amex como comprar o orlistat cost of provera in canada get lisinopril online retino-a cream 0,025 supplier in uk buy provera canada pharmacy mexico lotrisone buy minocin mr cheap himcolin uk lanoxin in italia viagra details can you get grifulvin v over the counter can i buy yeast infection pills over the counter is cleocin t over the counter genuine azulfidine best price buy buspar pills in the us buy online reviews accutane no prescription symptoms of missed synthroid dose cheapest eldepryl to buy what is levitra professional mg used to treat lipitor worldwide sales 2008 buy erythromycin usa vermox daily use reviews order combivent cheap onlain kino generic doxycycline walmart brand viagra buy online mexico comprar triamterene en argentina med cab mentat noroxin side effects skin inderal order on web nevada licensed canadian pharmacy trental online in usa cgv online pharmacy alesse online prices buy skelaxin low dose birth control lisinopril hctz 20 12.5 mg tablets side effects high blood pressure medication alcohol accidental overdose effexor xr cipla finpecia side effects cheap generic viagra 50mg fastest voltaren uk delivery do over the counter erectile dysfunction pills work danazol 100 relafen 500 mg uses cafergot for purchase can voltaren get you high free-viagra-coupon i pill wellbutrin sr website cialis 5mg in canada ceftin antibiotic and breastfeeding viagra in hong kong watsons how much will glucophage cost free viagra samples uk where to buy hydrochlorothiazide with mastercard what is crestor taken for pyridium como usar can you purchase viagra over the counter in canada prescription buy micronase hong kong unisom tired next day champix how to take them cialis tablets on line to buy cialis sales 2014 american ginseng root candy can you crush plavix tablets buy nexium 40mg levitra super active uk boots india pharmacies online that sell prednisone compare prices zovirax order non generic crestor buy fucidin mg where to buy proscar online in the uk promethazine pill canadian do you need a prescription for viagra in usa tamoxifen online canadian crestor capsules how long does it take for vermox to work on pinworms cheap xeloda free delivery alli coupons walgreens bupropion suppliers overseas does flomax have generic equivalent generic lasix cost search facebook people costo augmentin con ricetta cialis online pharmacy europe viagra super active over counter reglan dosage for breast milk what is phenergan with codeine prescribed for acquisto inderal sicuro online canadian pharmacy diamox benadryl side effects long term use paxil canadian pharmacy where do i buy flying mounts alliance where to buy ventolin without a prescription propecia usa merck medicine for abortion in uae colchicine generic canada order alligator skins erythromycin 250mg gastro-resistant tablets side effects order zaditor overnight maxalt prescription assistance how to take stromectol for scabies buying xenical over the counter what are guarantted top ed drugs order erythromycin without pharmacy cheapest place to buy lamisil generic viagra any good buy ortho tri-cyclen greece confido dose differin order on web olanzapine from india ordering low dose hyzaar pyridium prescription only acai with green tea capsules review zoloft suppliers overseas buy cytotec in manila olanzapine 20 mg cost buy alli tablets us canada benicar hct levaquin side effects is canadian neighbor pharmacy real what is hydrea used for best place buy prandin urispas from canada can you buy viagra super active in ireland big discounts silagra now buy nizagara without prescription ampicillin online australia kamagra cialis uk prescription lamisil generic azithromycin tablets ip 500mg dosage triamterene reviews aldactone 289 user reviews prescription flomax coupons buy advair diskus coupon diclofenac delivery relaxant rx amitriptyline hcl the online drugstore himcocid benadryl over counter ireland generic form of zyrtec d buy nexium 100mg online generic diclofenac sodium topical gel paroxetine victoria bc cafergot suppository dosage hydrochlorothiazide 25 mg clomid ovulation no period metformin sale online nolvadex purchase canada differin0.3 internatiinal viagra soft pill shortage purchasing viagra in france best place buy adalat pct can order kytril canada order keftab canada augmentin tablets online purchasing minocin online eurax cream 100g price viagra super active store toradol medicine dose clomid without prescription miami generic prevacid solutab for infants cialis preis in der apotheke doryx generic alternative cvs pharmacy technician application online what is alli simpson middle name doxycycline for dogs to treat ear infection claritin sale week order yasmin from mexico without prescription diflucan to buy buy kamagra chewable uk furosemide tablets usp 20 mg canadian pharmacy cialis 5mg discover finance charge keflex no rx where to buy viagra sublingual ointment novartis voltaren rapid 50 mg aristocort overnight taking valtrex before delivery participating pharmacies for lipitor $4 copay card generic brand for effexor xr vasotec 5 mg tablet can your buy levitra super active in ireland discount buy blopress in ireland what is decadron pills used for best generic brand levitra review minocin capsules acne vente de lamisil au quebec best viagra tablet india nexium prescription only medication prednisone pills used there generic proventil canadian alliance terminals inc warehousing tesco travel insurance promathazine where to buy lowest price evista paxil online europe amaryl india aventis how to take alli orlistat lisinopril india price serevent results forum lozol by mail buy calcium carbonate melbourne cheap lopressor uk order sominex online precose over counter is there a generic drug for aricept discount alliance theater tickets ampicillin 500 mg buy levitra inhaler canada erowid viagra vault crestor from india inderal generic equivalent extra rx pills what is viagra professional used for pharmacies accutane australia united can i get prevacid over the counter himcocid without a prescription zyvox online canada generic altace shortage diflucan for sale + no prescription pharmaceutical society cpd buy roxithromycin 10 buying finasteride thailand lipitor cheapest buy topamax without a prescription from canadian pharmacy actoplus met drug classification brand viagra side effects uk pharmacy mexico asacol is cialis from canada real motilium generic wikipedia drugs staxyn discount coupons tizanidine zanaflex side effects buy revatio without a prescription from canadian pharmacy glyset pill shortage liv dolls australia celebrex tablets arthritis online certified medication aide courses how to get triamterene drug dostinex comments patient order cytotec tablets purchase propranolol in australia ordering low dose trimox can you buy fosamax over the counter in germany what is nitroglycerin patch used for no prescription rosuvastatin sale medical abortion pill online levitra on the internet perscriptions on line canada medrol pills buy pharmacy mexico meclizine altace 10 mg capsule ephedraxin drugstore.com cialis genuine cozaar tablets 100mg zanaflex overnight shipping cheap buy female cialis no prescription fast delivery cystone legal us clozaril daily use reviews meclizine canadian medications without prescription buy xenical in usa buy tulasi mala online what is avodart medication for lisinopril no prescription canada sarafem purchase online hoodia purchase lidocaine patches for back pain order repeat prescriptions online actoplus met bonus pills elavil 100mg buy purchase does speman work cheap generic avapro perth australia serious side effects of meloxicam clomid side effects clomid success rate olanzapine teva 15 mg order online no prescription elimite skin cream actonel western australia nexium over counter equivalent no rx phenergan online overdosing on trazodone symptoms get strattera toronto ortho tri-cyclen where to get elavil dosage for anxiety amaryl medication where to buy cheap generic voveran sr largest generic drug manufacturers list trimix gel in canada seroflo no prescription donde puedo comprar olanzapine diakof over the counter erythromycin generic equivalent ordering brand viagra generic revia overseas bupron tablets buy lipitor canada sale risperdal in croatia better than singulair purchase acai berry in australia prednisone effects on metabolism estrace prescriptions diovan without a prescription from australia amantadine canada head office tetracycline metallic chelation best cialis professional prices cipla cheap purchasing venlor online uk acivir pills no prescription reviews clomiphene side effects baby vardenafil hcl 20mg tab cost no rx trimethoprim ds buy online luvox generic what types of kamagra oral jelly are there how long does it take for flomax to kick in methotrexate 2.5 mg tablet price ventolin pills side effects generic drugs canada customs pletal without prescription miami no prescription norvasc sale how much does levaquin cost canada pharmacy primatene mist does acne return after taking accutane buying chloromycetin using paypal como comprar coumadin forzest without rx keflex direct pharmacy where can i get ephedraxin pills adalat medication dosage purchase lotrel cheap thyroxine hormone vermox pharmacy online no rx trandate online thalidomide disaster 1962 western drug zyrtec tetracycline 500 mg cost 4th cycle clomid what is the dosage for benadryl allergy liqui gels can you buy acivir pills mg effects avalide 300 25 price what is risperdal mg used to treat tadalis sx uk brand name celexa overdose treatment generic imitrex walmart cardura medicine children buy coumadin with paypal what is orlistat 60mg prednisone side effects in dogs panting side effects of tamoxifen treatment buy micardis online india tinidazole giardiasis dosage zyprexa and sleeping pills origin acai 1000 mg softgels erection packs one drugs cialis grifulvin v online drugs eurax cream crotamiton cost of betapace without insurance amaryl tablets diabetes hydrocortisone on face rash buy doxazosin buy periactin online at canada pharmacy order kamagra lowest price brand cialis online canadian best site to buy zyban safe place order ethionamide erythromycin 500mg tablets acne avapro online cheap domperidone reflux dosage pill rx health order cipro products nizoral daily use reviews zenegra generic cheap costs accutane over counter medicine augmentin bid 1000 mg ne ilac? what is voveran sr pills used for metoclopramide bnf orlistat reviews diet low cost living house ideal home show avodart women reviews vermox only prescription needed decadron mg tablet purchase soft jelly cheap kamagra online purchase protonix nitrofurantoin where can i buy it generic pills for erexor buy celexa mg online tadalafil cheapest online price india fast lisinopril deleviery when will there be a generic viagra in the u s hyzaar no prescription cheap generic paroxetine coupon code fexofenadine hydrochloride leaflet cephalexin direct pharmacy para que sirve el eritromicina 500 mg cialis sublingual online forum clomid vs nolvadex for men fincar paypal ciplactin what is the drug aricept used for insurance companies in london hannah s club 7 can you get high off maxalt what is lasix tablets for brand viagra sale approved cymbalta 60 mg price american lasix bupropion prescription cost how much will ephedraxin cost what are the side effects of taking coreg speman suppositories buy benadryl price walgreens zyloprim allopurinol generic oral isotretinoin side effects ordering domperidone from canada synthroid works better than levothyroxine why is there no generic for viagra rimadyl palatable tablets 50mg buy cheap etodolac using pay pal buy triamterene online with mastercard periactin uk medicine prazosin medicine children buy fuosmide with out perscription feldene piroxicam side effects reviews on lioresal cheap adalat 20 pharmacy order viagra on line usa como usar o arimidex onlain kinoebi prazosin results forum cheap premarin free delivery where to get acivir pills pct alli medication order how to use eulexin finast for men in usa maxalt in the uk best price eldepryl paxil shopping florinef sale inderal legal in england nitrofurantoin 20 mg what is tenormin medicine for buy cheap cytoxan pills can clomid bring menopause drugstore foundation for oily skin urispas for men in usa non prescription minomycin legal to buy mobic best site get acticin generic detrol uk paypal buying tamoxifen citrate buy skelaxin without rx procardia xl sales evista costco cialis cost buy viagra can you get high off ventolin inhaler cheap benzac free delivery western drug lexapro can you get high off doxycycline hyclate how much does danazol cost buy cleocin gel in australia motilium overnight delivery keftab rx micardis price evista tablets 150 mg where to buy mobicool feldene i.;.m. 40 mg side effects of ciprobay 500 what type of blood pressure medicine is diovan how long does it take for lisinopril hydrochlorothiazide to work cytoxan prescription coupon boots chemist pharmacy viagra buy remeron online no prescription us donde comprar pastillas xenical where to buy micardis mentat ds syrup pharmacy order zanaflex best online non prescription pharmacy avapro over counter uk generic duphalac prednisolone cheap australia pharmacy how to get zoloft on line diclofenac gel 20 mg methotrexate pill shop discount code my benfotiamine coupons mexico buy amantadine inderal refill pack ambien 10mg not working how to get roxithromycin in australia etodolac cost in canada safe place order aristocort ventolin cheap starlix supplier in uk propranolol cost comparison buy zebeta bulk the best sex pills for women stromectol paypal dosis de antifludes gotas ashwagandha where can i buy it lopid reviews and dosage tofranil order online revia online in usa side effects of ibuprofen can you get zantac for babies over the counter best anti anxiety medication canada furosemide 40 mg coupons what is ginseng made of trileptal mg tablet synthroid versus generic levothyroxine hashimoto;s toradol buy canada life insurance uk can we trust tegretol online purchase pariet lowest price pulmicort legal in england aceon pills order florinef 0.1 mg tablets pms ranitidine 150 mg tablet generic pills for clozaril buyers of minipress canada buy ethionamide in india online bactroban usa best elavil prices free coupon for hydrochlorothiazide does pink viagra for women work wellbutrin xl 300 mg buy no rx xeloda online finpecia 1mg review online pharmacy no prescription prozac motrin ib wiki cheap metformin 500mg tablets can you buy altace pharmacy generic what is cymbalta 30mg caps about buy cheap isotretinoin order accutane yasmin sewell rufus what does an allegra pill look like voveran low dose birth control where can i get cefadroxil pills brand levitra western australia cheap calan sr verapamil diovan hct max dose legal buy innopran xl online canada can you buy vasotec injectable ivermectin for rabbits cardizem fast india safe buy paroxetine online where purchase confido ampicillin discount voucher pharmacy technician online training free can buy levaquin online can you order fincar suprax dosage strep propecia generico espan~a 2012 buy pyridium cordarone 100 side effects how to import propecia safe use betnovate pregnancy clomid shoppers drug mart kamagra oral jelly uk next day where can i locate tetracycline tenormin medication side effects to buy etodolac tamoxifen birth control online india how to take elavil do you need a prescription to buy cialis reliable online pharmacy diazepam purchase cheap online generic vermox antiviral film watch online buy albuterol inhaler from china purchase actos 50 mg price increase pilex zanaflex online from india prozac and weight gain in men como comprar tadacip cheap albendazole no prescription prescription lotrisone lotion what is the generic for lisinopril can you only get lasix on prescription diclofenaco sodico dosis oral buy olanzapine astrailia where can i buy misoprostol online levitra plus prices at costco generic sildenafil citrate 50mg buy venlor online no prescription us what does allegra allergy zoloft medicine price prevacid where to get para que se usa suprax buy propecia cheapest order tricor canada where can you buy primatene mist all types zetia pills zantac price levitra professional pills online in the australia generic yasmin side effects buy serevent online cheap cholestoplex buy anacin online cheap mexico pharmacy no prescription uk drugs reform ?? blopress tablets 8 mg non prescription prevacid pharmacy femara 2.5mg india acheter pas cher lanoxin generic differin in drugs acne difference between viagra levitra cialis terramycin lawsuit settlements what is lithium drugs used for order grifulvin online no presctiption lotrisone prices erythromycin prescription drug best medication for depression and social anxiety midamor next day 365wellst website no rx dapoxetine online common side effects of augmentin cialis phone can you only get aldactone on prescription buying fincar buy provera online usa no rx aspirin online coreg visa tamoxifen in canada generic from avalide order alli cheap can you buy levitra online can you get pregnant while taking methotrexate can you only get mentat ds syrup on prescription cheapest cialis professional oil and gas job search cheap avapro india carbozyne legal in england cephalexin purchase can you buy diakof how much does orlistat cost the nhs zoloft medication for sale wellbutrin no prescription compare prices keflex information australia exelon drug patch retail cost of paxil serve medicamento cloridrato sertralina metformin 500 mg medicine how long to liver biopsy results take better than antabuse tadacip with no perscription online generic abilify can you take 20mg cialis daily tamoxifen drugs for sale how long does it take for anafranil to work for ocd 2012 ginseng prices in tennessee what is bactrim taken for flagyl forte side effects lipitor generic name bupropion uk buy celebrex nz cost cardizem canadian source forum buy flonase online fedex what are the side effects of prilosec otc maxalt mlt generic what does cipro antibiotic look like florida innopran xl buy retino-a cream 0,025 with paypal pletal now generic medrol cost is clomid prescription only what does premarin come from bystolic used anxiety fast alesse deleviery how to get pravachol in australia is pepcid better than zantac how to by brand cialis online brand amoxil online uk epivir-hbv women buy antivert prices order abana 3 pharmacy minocycline for daily use canada ranitidine tablets 40mg buy apcalis sx no prescription fast delivery viagra sublingual generic wikipedia drugs target pharmacy zocor compazine generic cost brafix prescription only get avodart toronto canine lasix dosage brand viagra for daily use canada allegra d lawsuit cleocin buy on line buy zovirax online no prescription united states benzaclin gel pump generic anastrozole 1mg kroger pharmacy 4 dollar list hoodia over counter uk arimidex tablets us online buy zoloft online cheap triamterene hctz generic drug buy terramycin visa biaxin phone orders topical diclofenac sodium 3 gel delivery buy order cymbalta buy compazine 100 order plendil 10 mg free viagra samples without purchase order aleve canada best place to buy zanaflex in usa amlodipine besylate side effects with alcohol online canadian drugshop.com generic baclofen in where to buy glycomet in canada safely where can i get prandin is cholestoplex available over the counter purchase gasex online retino-a cream 0,05 express canada micardis hct coupons can you order alavert mg histamine resources for trental cheap plavix 40 mg over the counter nymphomax cialis side effects long term buy topamax singapore research grade leukeran loading dose aspirin mi requip xl 8 mg tablet where can i get fml forte buy dostinex inhaler canada buy aristocort cheap tenormin dosage info what is novo prednisone for dogs buy yasmin in usa what is triamterene-hctz 37.5-25 mg tb over the counter malegra dxt zyloprim side effects kidney effexor xr ships from india low dose pravachol generic atacand usa pharmacy what is prednisone 5mg use for after accutane side effects canadian entente of physiotherapy regulators the alliance the alliance buy doxazosin europe alli diet pill coupon printable cialis professional suppliers overseas where to buy yasminiq zithromax 100 mg 5 ml what is flexeril 5 mg used for tinidazole fast mexico purchase mexitil cheap metronidazole flagyl antibiotic infections cheap levitra no prescription colospa pill shop discount code kroger pharmacy lexington ky hours speman wanted online review cardura drugs com treat baclofen side effects memory how to get ataraxia canada drugs levitra professional with prescription
Home Pete Toms LWIB: Blue Jays Ownership, the Minaya / Rubin Imbroglio, Yankees and the NY Supreme Court, Bonding & Citi Field, Sale of the Memphis Redbirds

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 384 guests online

Atom RSS

LWIB: Blue Jays Ownership, the Minaya / Rubin Imbroglio, Yankees and the NY Supreme Court, Bonding & Citi Field, Sale of the Memphis Redbirds PDF Print E-mail
User Rating: / 8
PoorBest 
Pete Toms Article Archive
Written by Pete Toms   
Monday, 03 August 2009 00:00

Last Week in Baseball by Pete Toms

This week in LWIB, renewed speculation concerning Rogers Communications Inc. ownership of the Blue Jays, the Minaya / Rubin imbroglio focuses attention on the tangled relationships between teams and media, the Yankees prevail in New York State Supreme Court, will problems at municipal bond insurer Ambac impact the Mets?, and is a sale of the Memphis Redbirds inevitable?

ROGERS COMMUNICATONS INC. & THE BLUE JAYS

LWIB, Rogers Communications Inc. (RCI) announced that they are anticipating less growth in the coming year than previously anticipated due to the economic recession.  Some company executives, in discussing the state of RCI with analysts and media, made comments which led to renewed speculation in the Toronto media about RCI’s commitment to their baseball franchise (Blue Jays).  From the Canadian Press;

Rogers Communications Inc., says it's committed to the Toronto Blue Jays and that the baseball club's costs can be controlled,....

Speaking during a conference call to discuss the company's quarterly earnings Tuesday, CEO Nadir Mohamed was asked by an analyst about the team's place within the company given its continued financial losses and payroll disparity with its rivals.

“We remain obviously committed to the Blue Jays,” Mohamed said.

AND

Tony Viner, president of Rogers Media, the division responsible for the Blue Jays, said the team's spending is being brought in line with its revenues and that it remains an important part of the company's overall business.

“We believe that the financial performance of the Blue Jays can improve,” he said during the call. “In fact it's the one division of the media company this year, year over year performance is better than it was.

“We think that we can bring costs reasonably under control and more in line with revenues and our revenues are actually increasing in certain parts of the business, so as you know the Jays form an important part of our programming schedule on Rogers Sportsnet which is another division of the company which has done recently well and especially during the recession.”

Jeff Blair interpreted RCI’s statements:

It’s never a good sign when a bottom-line guy like Rogers CEO Nadir Mohamed feels he needs to give ownership of the Toronto Blue Jays a vote of confidence on a conference call with analysts. In fact, it’s never a good sign when any CEO of Rogers is paying any attention at all to the Blue Jays because trust me: nothing good can come of it. Especially when most of the people immediately under Mohamed don’t appear to like talking about the team publicly.

AND

But let’s take this to the max: are the Blue Jays for sale? Rest assured that we’re about to find out. People in the commissioner’s office believed going into the season that this was a club that could find itself on the market, even though one of Ted Rogers’ ever-lasting gifts to this franchise – and this is something that can’t be stressed enough – was that he paid for the team in cash and therefore didn’t saddle it with debt. Rather, there was a concern at the game’s highest levels that the new corporate reality at Rogers meant the team did not fit quite as comfortably with “core business” as it once did.

Yes, Rogers owns the stadium. Yes, they own the sports network which they sometimes seem reluctant to use to market the team and yes there are still some convergence points between Rogers Communications and Rogers Media, the divison under which the Blue Jays operate. But know this: Rogers’ ownership of this team is no longer a given. Are the Blue Jays for sale? My guess is if they aren’t for sale right now, they will be.

In February, The Biz of Baseball reported that if RCI sells the Blue Jays it would be a continuation of the trend of media conglomerates (Disney, Time Warner, News Corp., Tribune Co.) getting out of the business of MLB.  (Liberty Media will soon be added to the list)  RCI owns the RSN which broadcasts three quarters of the Blue Jays games, a cable company which carries their RSN and has a near monopoly in the Blue Jays southern Ontario market, plus a chain of radio stations including the Blue Jays flagship station Fan 590 in Toronto.  Interestingly, the same week that brought renewed rumours of a Blue Jays sale by RCI saw a very similar company – Cablevision – announce that it was spinning off their hockey and basketball teams, plus Madison Square Garden and two RSNs.  Why have these media companies sold off their professional sports teams, and is RCI next in line?  Jon Fine reported for BusinessWeek in February;

In earlier and more expansive times for media—and very good times they were—the industry's moguls fantasized about hitherto unforeseen advantages to be squeezed from all manner of assets. So many snapped up sports teams. News Corp. (NWS) bought the Los Angeles Dodgers. Disney (DIS) grabbed the Anaheim Angels and hockey's Mighty Ducks (unquestionably the only team to pinch its moniker from an Emilio Estevez film). Cablevision (CVC) bought New York's Knicks and Rangers. I could go on. The argument advanced was a variation on the (now wholly discredited) "synergy" theme then taking root: Take your programming. Run it through your distribution. Get richer faster.

AND

But a team is not a content business. It's more like a concert business. "Substantially," says Leo Hindery, managing director of InterMedia Partners (and pal of Tom Daschle), whose bid for the Cubs failed, "it's a butts-in-seats business." And teams come with a host of ungovernables. Being in a league makes you but one voice of many in determining business rules and conditions—a big problem for those who like control. Your stars go crazy off the field, but nowhere near as crazy as the salaries they command. Media companies might—might—scale back movie star pay, but good luck doing so in sports. It has a different talent ecosystem, with built-in scarcity stoked by the blunt measuring tool of the won-lost record. Do you want your most hated rival to sign the guy who can singlehandedly crush your offense, or do you offer more? It's not just winning and losing, you see. It's what the latter does to the bottom line. A franchise's wild ups and downs do not mesh prettily with a public company's demands. You can find top media executives still in the team business who privately concede that it's not worth the trouble.

In May, Tom Van Riper reported for Forbes on rumours that Cablevision wanted out of the professional sports business.

Media giants are discovering that the sports business just isn't worth it. Unpredictability, volatile revenues, high turnover among players and coaches--it all goes against the predictable money flow that a regional cable network enjoys.

Bethpage, N.Y.-based Cablevision ( CVC - news - people ), owner of the NBA Knicks and NHL Rangers, hinted Thursday that it may join the likes of Time Warner ( TWX - news - people ), the TBS parent that sold off the Atlanta Braves in 2007, and News Corp. ( NWS - news - people ), which got rid of the Los Angeles Dodgers in 2004.

"The mindset of running a corporation versus owning a team is different," says Lee Berke, a New York-based sports media consultant. A national or regional network, he notes, is typically valued at 15 to 20 times cash flow, unfettered. Sports teams, less predictable year to year, have a way of messing with that multiple.

AND

The TV-business trend of owning your own team to provide content for your network has been waning for several years now, as momentum shifts toward teams forming their own networks, a la the Yankees and Mets. Otherwise, trying to win games with an unappealing manager, coach or player who doesn't like to toe the corporate line can get tricky. "A network may not like a guy, but getting rid of him may not be what's best for the team," he says. And vice versa.

Daniel Kaplan reported for The SportsBusiness Journal in 2007:

It was only a decade ago that conventional wisdom had it that media companies were going to take over baseball. Media conglomerates had a notable presence in MLB’s team ownership ranks, and the rationale seemed overwhelming: Rather than pay the teams for their media rights, own them instead.

Now, that reasoning has fallen flat....

AND

The teams became lost in large companies and became headaches from both an operational standpoint and from a public relations perspective. No one knows that better than Tribune Co., which was consistently hammered in the local press for its stewardship of the Cubs, which famously have not won a title since 1908.

And from the aforementioned Biz of Baseball report:

The spring '05 edition of the academic journal NINE, included the essay, Whatever happened to synergy? MLB as media product. The essay attempts to explain why the aforementioned media conglomerates (excluding RCI) are no longer owners of MLB franchises. Some of the explanations contain parallels to RCI’s relationship with the Blue Jays.

The general state of the economy strongly affects corporate behavior. The Disney-Angels, News Corp.-Dodgers, and Time Warner-Turner-Braves deals all took place during a robust economy. Although the corporate economy appears to be trending upward again, the slump of the early 2000s is at least partially responsible for the drive to sell teams.

The urge to purge should be expected. Throughout history companies have concentrated resources on their "core" assets in a troubled economy. For example, in the early 1970s, CBS divested such assets as Wurlitzer pianos and, of special concern in this article, the New York Yankees.

The essay also explains how the baseball franchises were of value in establishing RSNs. Once those goals were achieved, the value of the ballclubs to the media conglomerates was diminished. Is there a corollary in RCI’s acquisition of the both the Blue Jays and the RSN “Sportsnet” in 2000 / 2001? Again, from “Whatever happened to synergy? MLB as media product.”

Some of the companies did benefit from team ownership before cashing out. Braves games were key to the development of Time Warner's Turner South RSN.... Similarly on a regional and national level, News Corp.'s FOX network and RSNs continue to be partners of MLB despite selling the Dodgers. In both cases an argument easily can be made that owning a specific team was a short-run means of creating or maintaining a relationship with baseball and not a core asset that needed to be sustained.

Then there are the deals that did not work out. At the time of the Angels purchase, Disney, through its then-new acquisition of ESPN, hoped to create a major southern California RSN, a move precluded by FOX's head start in developing its Fox Sports Nets RSNs there and throughout the nation.

Have the Blue Jays outlived their usefulness to RCI in growing their cable TV business?  Has the utility of professional sports to expand “cable penetration” peaked?  Andrew Flynn reported for the Canadian Press on RCI’s recently announced quarterly results.

Tough economic conditions also took a toll on Rogers' cable TV division, particularly in Ontario where 90 per cent of the sector's market is concentrated. The company reported slowing subscriber growth across the division,...

John Ourand reported for The SportsBusiness Journal in January.

Mark Lazarus was with TNT when it got an eight-game package in the early 1990s. He admits the NFL — and the NBA — helped TNT become a fully distributed network because operators believed that exclusive sports programming helped bring more subscribers to cable.

But Lazarus, who is now president of media and marketing for Career Sports and Entertainment, notes that NFL executives are dealing with a different environment today.

“When you think back to those years — the late 1980s, early 1990s — growth in cable homes every year was 5 to 7 percent,” he said. “We weren’t near the full distribution that we’re at today. Live, high-impact sports helped drive cable penetration.”

That kind of growth doesn’t exist today and operators are looking for other things — like equity or partnerships — to counter a mature subscriber base.

NFL Network President and CEO Steve Bornstein was quoted in the same piece.

“The cable business changed on us. It wasn’t anything that we did,” he said. “They decided that they want to be telephone companies. They are concentrating on delivering high-speed data. They are concentrating on delivering telephones. They are not just video providers anymore …

And will the bleak forecast for Rogers Media (the division of RCI which operates the Blue Jays) force significant reductions in player payroll or possibly a sale of the baseball club?  Again, from Andrew Flynn.

Weak advertising sales also led to a decline in Rogers' media division, where revenue fell to $366 million from $409 million the year before. The division, which operates TV stations, magazines such as Maclean's and Canadian Business, is now expected to see revenues fall between four and 10 per cent this year and operating profits sink 40 to 60 per cent.

LWIB, media reports on RCI’s relationship with the Blue Jays reiterated some of the previously mentioned problems inherent in corporate ownership of professional sports franchises.  Rogers Media President Tony Viner found it necessary to address the media concerning the fate of Blue Jays pitcher Roy Halladay.  Shi Davidi reported for the Canadian Press;

The speculation is threatening such a crisis in confidence for the Blue Jays that one analyst asked during a conference call on the company's quarterly earnings Tuesday if it was worried that ill feeling might affect Rogers' other core businesses.

Jennifer MacMillan reported for the Globe and Mail that the Blue Jays release of pitcher B.J. Ryan was brought to the attention of analysts in RCI’s recent quarterly report.

The disappointing performance of a major league pitcher isn't usually fodder for a company's financial results.

But buried in Tuesday's report from Rogers Communications Inc. were two lines about former Blue Jay B.J. Ryan that caught the eye of analysts for its impact on the cable giant's next quarterly statement.

Joseph MacKay of Desjardins Securities noted that Rogers, which owns the Blue Jays, will take a $15-million (U.S.) charge in its third quarter after releasing Mr. Ryan from his contract earlier this month.

Mr. Ryan's troubles on the field after battling a strained shoulder have translated into a financial hit for Rogers, illustrating how the problems of a marquee figure can affect a company.

Keith McIntyre, president of K.Mac & Associates, a sports marketing consultancy in Burlington, Ont., said teams take a risk when signing promising players to long-term contracts. It's a business move, aimed at building a fan base and a franchise in order to encourage ticket sales and licensing.

But it can backfire when a player hits a slump.

On the same theme, Nat Worden reported for the WSJ on the Cablevision spin off of MSG.

Investors have complained about the Dolans investing cash flows from Cablevision's cable business in MSG's operations, including the newly renovated Beacon Theatre here and athletes' salaries, which have done little to drive returns for shareholders.

The departure of Liberty Media (Atlanta Braves) from the ownership ranks of MLB is a foregone conclusion.  Tribune Co.’s sale of the Cubs to the Ricketts family should soon be concluded.  Will a sale of the Blue Jays by RCI be the end of corporate synergy in MLB?

Select Read More to see details on the Mets, SNY, and The Daily News; the continuing saga of Richard Brodskey vs. the New York Yankees; whether bonds for Citi Field will be downgraded, and; will debt-load force the sale of the Memphis Redbirds

 

 

THE METS, SNY & THE DAILY NEWS

LWIB, the bizarre exchange between Mets GM Omar Minaya and Daily News reporter Adam Rubin during the press conference announcing the dismissal of Tony Bernazard focused attention on the tangled relationship between teams, their RSNs and print reporters.  The Mets are majority owners of their RSN – SNY.  Since 2006, SNY has broadcast the weekday sports talk show Daily News Live, which naturally features sports writers predominantly from the Daily News.  Richard Sandomir reported;

Usually, it isn’t smart strategy to attack the integrity of a reporter covering your team — unless you have a smoking gun, which Minaya did not — especially when it’s a tabloid that loves a fight. But it’s even odder to pick a fight with a reporter working for a newspaper you’re in business with.

Mr. Sandomir explained the structure of the Mets/SNY/Daily News partnership;

It is a simple deal: SNY gets at least two News reporters every day and the paper gets video that first ran on SNY.

The News benefits further by having a half-hour of television exposure every day that other local papers don’t and that it promotes in its pages.

Mr. Sandomir also reports that the partnership between the Mets and the Daily News is hardly unique.

The relationship between the News and SNY puts into contractual terms a long-evolving trend: television loves sportswriters and wants them in its studios.

“The reality is that regional sports networks need content and a talk show like ‘Daily News Live’ is relatively inexpensive and compelling,” said Lee Berke, a television consultant and expert on networks like SNY. He said it was unlikely that the News paid SNY any sponsorship fee. Other sports networks run by Comcast, as SNY is, have nearly identical relationships for shows like “Daily News Live” with The San Francisco Chronicle, The Philadelphia Daily News, The Chicago Tribune and The Washington Post.

“If you’re a newspaper scrambling to retain readership in a tough situation, you can promote yourself and your reporters,” Berke said. “And after what happened on Monday, a lot of people might have picked up the News that normally wouldn’t have.”

While the Mets received credit for not censoring criticism on SNY of Mr. Minaya’s behaviour, the situation did lead Neil Best to examine the convoluted relationships between baseball reporters and the industry they cover.

...trying to disentangle reporters' conflicted professional allegiances these days is more difficult than ever, often leading only to a house of mirrors.

Example: Jon Heyman, who appeared in SNY's studio after Minaya's news conference, works for both Sports Illustrated and MLB Network, as does Tom Verducci, who recently wrote a bestselling book with Joe Torre.

As Verducci said when I asked him about the Torre story, in the end the only thing a modern journalist can do is fall back on his or her integrity, without which we're all really out of business.

AND

Sports history is full of writers-turned-executives, from American League founder Ban Johnson to former baseball commissioner Ford Frick to former Giants GM Ernie Accorsi to dozens of others.

(The world - sports and otherwise - is even more full of former journalists who morphed into paid spokespeople for entities they once covered.)

RICHARD BRODSKY VS THE NEW YORK YANKEES

LWIB, New York Supreme Court Justice John Egan ruled that the New York Yankees do not have to comply with a subpoena issued by the New York State Legislature requesting that the baseball club provide over 1 million emails and a few thousand boxes of documents related to public contributions in the construction of the new Yankee Stadium.  The ruling is at least a temporary victory for the Yankees (and particularly President Randy Levine) in their long, ugly, public battle with State Assemblyman Richard Brodsky.  From Richard Sandomir:

The subpoena was a central part of the contentious exchanges between Assemblyman Richard L. Brodsky and Randy Levine, the Yankees’ president, over more than $1 billion in city-issued, tax-exempt financing for the stadium, and new jobs creation, ticket prices and the appraised value of the stadium’s real estate.

Thom Weidlich reported for Bloomberg:

State Assemblyman Richard Brodsky, a Westchester County Democrat, has accused the team of skirting U.S. tax law, claiming it hasn’t shown an adequate public benefit to justify obtaining low-cost financing through tax-exempt bonds.

He wanted the documents to determine if the team “knew of, caused or participated in the illegal manipulation of property- tax assessments,” whether ticket prices exclude “the vast majority of New Yorkers” from attending the new facility built with the help of tax dollars, and related issues.

Justice Egan ruled that the subpoena was “overly broad” and “Subpoenas should not be used as fishing expeditions,”. However, Justice Egan did not question the usefulness of Mr. Brodsky’s investigation.  From the aforementioned Bloomberg report;

The “propriety” of using tax dollars for stadiums used by privately owned teams “is certainly debatable, and Mr. Brodsky is right to bring this issue to the floor of the legislature for public debate,” Egan wrote. “The Yankees did not invent this practice -- they are merely the latest in a long line of teams to apply for publicly backed financing for new stadiums.”

Justice Egan suggested that Mr. Brodsky should shift the focus of his investigation.  Again from Richard Sandomir:

He added that the more appropriate target of Brodsky’s investigation into public financing of stadiums for privately-owned businesses like the Yankees should be the city and not the team.

CITI FIELD MUNICIPAL BONDS TO BE DOWNGRADED?

LWIB saw reports that nearly $700 million of bonds issued by the New York City Industrial Development Agency to raise financing for the construction of Citi Field may be downgraded due to problems at municipal bond insurer Ambac Assurance Corp.  Karen Brettell reported for Reuters;

Ambac Financial Group's (ABK.N) insurance arm is at high risk of regulatory intervention, which in turn is increasing the likelihood that counterparties to the insurer will need to tear up contracts they hold with the firm at a large loss, Moody's Investors Service said.

Moody's late on Wednesday cut its ratings on Ambac Assurance Corp by five notches to Caa2, eight steps below investment grade and a deeply speculative rating.

The move came after Ambac said on Monday it expects to report around $1.6 billion in mortgage-related losses in the second quarter. For details, see [ID:nN27547188]

"These losses would reduce Ambac's regulatory capital to levels below the required minimum threshold," Moody's said in a statement.

Ambac has been decimated by insurance it sold on risky mortgages via collateralized debt obligations (CDOs) backed by credit default swaps.

"With the risk of regulatory intervention now elevated, Moody's believes there will be increased pressure on Ambac's counterparties to commute outstanding exposures on terms that could imply a distressed exchange," Moody's said.

Jeremy R. Cooke reported for Bloomberg:

Almost $700 million of Queens Ballpark bonds issued through the New York City Industrial Development Agency in 2006 and 2009 were placed on watch for possible reduction from BBB, the second-lowest investment grade, S&P said in a news release.

Ambac Assurance Corp., which provided a surety policy for the 2006 bonds, was reduced to CC, the third-lowest non- investment grade, from BBB by the rating company on July 28. Queens Ballpark bonds issued in 2006 have been under review for downgrade at Moody’s Investors Service since May after Ambac was dropped to high-yield, high-risk junk.

As part of S&P’s review, analysts will consider whether money deposited in the reserve fund is invested in securities with investment-grade ratings and whether that would be sufficient to cover debt service if needed, for instance, during a baseball strike, according to the release.

The debt is ultimately backed by payments in lieu of property taxes, or Pilots, from the Mets.

Karen Pierog reported for Thomson Reuters:

Standard & Poor's downgrade of Ambac Assurance Corp into junk territory on Tuesday began to take a toll on Thursday on municipal debt backed by the ailing insurer.

S&P, which cut Ambac a full 11 notches to CC, said on Thursday that the downgrade could constitute an event of default under terms of standby bond purchase agreements related to Ambac-supported variable-rate demand obligations. That in turn could lead to the termination of the agreements by their providers, the rating agency said.

AND

The rating agency also warned it may downgrade the BBB rating on $695 million of bonds issued by the New York City Industrial Development Agency for a new ballpark for Major League Baseball's New York Mets due to its downgrade of Ambac. The insurer supplies surety policies for the bonds' debt service reserve funds.

WILL DEBT LOAD FORCE SALE OF MEMPHIS REDBIRDS?

Last month The Biz of Baseball reported that the PCL’s AAA Memphis Redbirds are now managed by Global Spectrum, part of Comcast Spectator.  The change in management arose from the failure of the Redbirds owners to make a $1.625 million payment on bonds sold to finance the construction of AutoZone Park.  LWIB, Will Lingo of Baseball America speculated that a sale of the Redbirds is inevitable.

The Redbirds have been one of the minor leagues' flagship franchises since joining the Pacific Coast League in 1998. For their first few seasons they battled the Sacramento River Cats for minor league attendance supremacy, and while they eventually surrendered that battle, AutoZone Park remains unchallenged as the gem of minor league ballparks.

Unfortunately it also remains unchallenged as the most expensive minor league ballpark, more than a decade after its completion. And this is where the complicated part comes in. The Redbirds are owned by the non-profit Memphis Redbirds Foundation, which also owns the ballpark. The franchise was operated by an entity called Blues City Baseball, which was run by team founder Dean Jernigan, a local Memphis businessman.

Blues City Baseball had a contract to run the team for $1 a year, and it took any profits from the team and gave them to the foundation, which used the money to pay for sports programs for children that might not otherwise have them.

Then throw into the mix the various entities that hold the $72 million in bonds used to build the ballpark. While they don't technically have a management role in the franchise, when things go bad the bondholders become the most influential group in determining the direction of the franchise.

And things have gone bad in Memphis.

AND

The bondholders are still owed an estimated $55 million-$60 million, and the Redbirds have been heading in this direction for some time. But I still don't see a way out of this situation without someone losing an awful lot of money. The franchise's debt service is estimated at more than $5.5 million a year. It was able to make those payments when attendance was at its peak and times were better, but now it seems like a virtual impossibility.

Eventually, the answer seems to be that the franchise and ballpark will have to be sold, so the bondholders can recoup as much of their money as possible. There are buyers who have been interested in the Redbirds—the Cardinals went through extended negotiations to buy the team last year before eventually walking away when the economy went sour—but what's the best case for a purchase price? Whatever your most optimistic prediction, it would seem that anything more than half of the current debt would be a coup.

Global Spectrum probably isn't the future for the Redbirds. Rather, the company will be an intermediary to take an up-close look at the franchise and analyze its value for the bondholders, preparing the franchise to be sold. When that happens, the Redbirds will likely have a much more traditional structure; it also means the franchise's once-grand vision will never be realized.

LWIB will return August 17.

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?