buy luvox capsules cytotec pct buy tegretol purchase safe place order yagara pastillas para tener una ereccion how much will arimidex cost motrin online what is mobic compared to how to order omnicef online viagra india name where to buy cephalexin no prescription safe place to buy viagra xenical where to purchase are there over the counter pills for yeast infection relafen weight gain sample of viagra pills alli refill cheapest cephalexin cost comparison side effects of amaryl 3mg blopress order canada online sale of cefixime viagra online order australia actos buy usa skyrim how to buy livestock genuine brand name cialis rythmol in hong kong,s pharmacy gasex prices at costco dapoxetine in malaysia pharmacy buspar combined prozac pharmacy has best price benfotiamine sale calan aldactone fastest delivery what are roxithromycin tablets used for medrol purchase content validity aspirin for sale online missed provera dose cialis generico 40 mg sumycin by mail order best online pharmacy generic brahmi typical dosage for cialis walgreens generic claritin buyers of micardis canada how much is cialis in singapore can you buy lopressor blood pressure cholesterol dosage mycelex-g order by phone prix cialis en pharmacie paris non generic finast cephalexin non perscription countries lariam delivery uk terbinafine cream over the counter nitrofurantoin mono 100mg cap cheap aricept uk is nitroglycerin available over the counter zyprexa italiano can you buy pharmacy zovirax ointment best online pharmacy generic nolvadex where can i buy low dose naltrexone in the uk medicine colchicine best place to buy clomid uk discount code for diclofenac alesse uk equivalent discount tetracycline finpecia without prescription miami what drugstore makeup brands don;t test on animals what is aristocort ointment will generic aciphex available prandin roche precio argentina canada online pharmacy for vermox pharmacy support services cerritos ca pyridium now co uk european internet pharmacy albuterol inhaler price india pharmaceutical jobs north west cheap periactin 4 mg clomid coupons order bactrim online no prescription prevacid for babies with silent reflux generic tenormin no prescription buy periactin hong kong without pharmacy atacand missed dose diarex medication overnight delivery lukol to buy in england buy geriforte next day tetracycline 40 mg pharmacy shuddha guggulu uk next day delivery mentax daily use reviews cheap indocin mg valtrex suppressive dose during pregnancy buy prazosin in india online abilify by mail aripoprazole canadian cephalexin recommended dosage can you buy nootropil shortage of diovan what is the difference between xenical and orlistat is it safe to use rogaine and propecia together sinequan overseas comparateur de prix xenical best place to buy prednisone in canada stilnox tablets zolpidem splitting proscar tablets rumalaya forte without insurance diclofenac gel no rx atarax online overnight cost of proventil hfa 90 mcg inhaler cheap zenegra cephalexin medicine triderm unguent ulotka viagra for women pink pill provera overnight snovitra super power online overnight shipping generic kamagra chewable us i pill ampicillin website institute of nuclear medicine and allied sciences (inmas) delhi micardis for daily use canada can i make lisinopril desyrel for sale australia ashwagandha australia price propecia 0.25mg effective medications without prescriptions buy actos pioglitazone hcl type diabetes online pharmacy stromectol rx relief card walmart what is sarafem prescribed for acheter une livebox 2 where to buy dulcolax suppositories how to use liv 52 can zantac 75 get you high purchase kamagra gold cheap mg dilantin medication administration dapoxetine with no rx cheap penegra sale uk pediatric prednisone dosage for poison ivy calan company lowest price noroxin accutane comprar online how to buy differin gel is allegra d over the counter prescription cefixime cost without insurance opiniones ivalia dermis wellbutrin dose depression generic from advair diskus doxycycline for dogs same as people buy advair diskus canada fluticasone salmeterol how to get clonidine in australia remeron tablets uk cheap fertomid free delivery no prescription amaryl sale buy celebrex bulk cheap dutasteride uk buspar for anxiety dosage hair loss after using accutane oz pills plus viagra buy lipitor in uk xanax wiki sk clozaril in canada proscar lawsuit settlements is my finpecia fake viagra for sale paypal buy cheap celebrex using pay pal buy pulmicort online reviews alli diet reviews orlistat remedio sertralina engorda buy suhagra next day betoptic prescription coupon order vpxl online no presctiption detrol over counter uk all types of drugs cheap torsemide india xenical prix suisse ordering flomax here in canada motrin suppositories buy buy ortho tri-cyclen generic mail-order mobic coumadin to buy in england original revatio online all types erexor pills buy over the counter hoodia online differin side effects depression where are parietal cells located in the stomach best place to buy proventil in usa cozaar tablets on line to buy buying zyrtec for dogs lady era canada head office buy paxil in australia commander xenical pas cher how to buy hydrocodone online buy cyklokapron paypal buy erection packs 3 online with out prescription purchase celebrex 100 mg pharmacy outside us mevacor to buy from europe can you buy rumalaya in ireland buy ginseng from india ditropan in croatia viagra professional buy online uk los algodones mary;s pharmacy cealis without prescription from australia flovent rx canadian pharmacy 24 hour review order estrace online in usa spironolactone aldactone side effects buy keftab in ireland phone in order for deltasone generic motilium india como comprar unidades de nivel alto en empires y allies comprar cleocin gel original buy chloramphenicol online at canada pharmacy discount canadian pharmacy doxazosin avalide order in the us how to use finpecia tablets how many years is it safe to take evista cheap nymphomax sale uk levlen side effects depression lioresal online store what is erythromycin used for cheap genuine maxalt online order trazodone from india without prescription cialis nz clindamycin acne side effects retino-a cream 0,05 from canada buy viramune online no prescription us leukeran medication side effects trazodone mail order albendazole cost without insurance where to get aleve pct tadacip uk no prescription can you order keflex rabeprazole domperidone dosage cost of finpecia without insurance compare prices naprosyn order carafate online uk amoxicillin nhs side effects diamox without prescription price of plavix 75 mg quiero comprar zofran antibiotics for tooth infection for sale glucotrol xl prix en pharmacie en france isoniazid roche precio argentina diclofenac without prescriptions recommended dosage of cephalexin for strep throat epilepsy medicine trileptal prednisona posologia vademecum norvasc billig kaufen claritin online in us doxycycline dose for urinary tract infection donde puedo comprar asacol flagyl side effects in women viagra side effects in men discount urispas mg febuxostat vs allopurinol gout generic hoodia usa pharmacy taking viagra drinking alcohol nizoral generic shampoo liv ordering no prescription buy canada no prescription for dipyridamole buy asics kayano online australia viagra over the counter thailand prescription best generic bupropion sr cordarone 200 mg tablets discount crestor canada lexapro side effects weight gain or loss western drug toradol what does maxaman can youtube buy cialis professional in ireland online drug shop india pharma return buyer discounts topical finasteride cream atarax no prescription needed canadian online pharmacy acai berry juice costco canada tretinoin 0,025 uk buy levitra professional no prescription pill bayer side effects of glyburide during pregnancy order viagra plus online uk nitroglycerin medication form micardis tablets on line to buy bactrim forte uses can you buy motilium over the counter antabuse ampicillin 1000 mg nebenwirkungen us pharmacy online minocin worldwide pharmacy motrin rid canadian pharmacy emails how to take zovirax 200mg voltaren tablets 75mg generic lithium safe side effects of lipitor 40 mg how to use viagra video buy cymbalta (duloxetine) without rx acheter ventolin dulcolax coupons 2011 yagara lowest price delivery buy premarin online prescription how to use large alligator hair clips mail order generic betnovate is generic avodart effective how to by zetia online himcocid online bestellen buy keflex boots pharmacy acquisto albendazole sicuro online phenamax where can i buy it how to buy benzac get doxycycline toronto buy cipro without a prescription is strattera a class 2 drug pharmacy cephalexin penicillin buy tofranil in usa doxazosin 50mg tablets zithromax buy on line price increase strattera gyne-lotrimin uses medication diclofenac canada sale buy birth control pill in singapore lady era prices buy antabuse tablets uk what is the generic name for requip cheap cardura free delivery vardenafil proper dosage why is there a shortage of ditropan buy amoxicillin tablets trazodone canada cheap prescription drugs uk arava 10 mg tablets patient information discount canadian pharmacy epivir-hbv cytotec coupon code nizagara 100 reviews suhagra refill pack pilex where to purchase online pharmacy no prescription needed dilantin cheap aleve no prescription metoclopramide online overnight shipping alli diet plan book brafix shortage secure medical online pharmacy manchester united supporters club sydney where to purchase chloroquine buy sominex in uk cheapest cordarone paypal mylan wellbutrin reviews nitroglycerin next day shipping how to purchase prednisolone what is ampicillin pills used for venlor brands india lithium drug schedule can you only get rogaine 2 on prescription order erexin online no prescription with a visa buy generic tetracycline delivery discounts what does clomid do to hormones trazodone pas cher italie no rx meds online wellbutrin prescription only viagra suppliers london get levlen las vegas buy generic zovirax ointment does aciphex cause weight gain seroquel bonus pills where can i get some floxin best place to order cordarone in us pilex spain oral prednisone shelf life order generic albendazole decadron induced psychosis what does prinivil cheap viagra order online buy non generic viagra top 20 pharmaceutical companies uk better than serophene apo-metformin 500mg buy deltasone pharmacy online valacyclovir reviews for genital herpes purinethol generico italiano neurontin usa sale find 24 hour pharmacy near me wellbutrin medicine side effects rogaine 2 sold over counter alli weight loss reviews 2012 coreg doctors online hoodia sale australia propranolol and sleeping pills cabergoline pregnancy fda mexican ranitidine what is mobic pain medicine amantadine comprar flomax medication where to buy cheap genuine ginette-35 online what is propranolol used for how long does it take for furosemide to work pfizer provera lawsuit donde comprar metformina en colombia generic exelon cost buy viagra no prescription needed accutane cause birth defects years later cheap blopress 100 mg common dosage for celexa what is the classification for aricept blopress canada drug store albuterol inhalant over counter drugs avoid coumadin floxin dosage forms met rx buy acheter du vrai viagra sur internet can you split topamax pills buying ethionamide using paypal malaseb wipes australia buy sinemet cr viagra 100mg effects aspirin for dogs buy flagyl 500 mg tabletas dosis amoxicillin clavulanate potassium 875 mg alcohol what does ciplox do purchase lithium aluminum hydride will zyvox go generic baclofen overnight pharmacy lasuna express canada side effects of olanzapine 5mg pfizer samples direct is noroxin available over the counter anacin usa zanaflex with american express what does cardura do buy over the counter acivir pills online cialis south africa online safe cordarone buy buy naprosyn paypal accepted buy fluoxetine in the uk brand cialis from europe finpecia weight gain suhagra online price what does dilantin mean generic name for diclofenac usa buy actoplus met without prescription buy cheap voltaren pills cost of abilify 2mg usa buy finpecia without prescription buy elimite cream uk dulcolax suppository over counter uk canada rx reviews get topamax las vegas non prescription fluoxetine cheapest place to buy alli weight loss pills zofran cost where can i get zerit price increase alesse how to obtain free samples of viagra prednisone 20 mg unisom results forum zoloft dosage for anxiety oder mg tablets of methotrexate buy flomaxtra buy generic accutane uk acquistare tadacip in italia buying evecare from canada no prescription online amaryl overnight delivery healthy meds viagra what is clomiphene citrate clomid i pill viagra plus website what is the dosage of tetracycline for dogs yagara no prescription compare prices lisinopril tablet sale buy cardura 20 where can i buy provera in canada what does alli simpson act in purchase liv bactroban dosage information levothroid 100 mcg side effects human pain meds for dogs amaryl glimepiride tablets levitra cost canadian what is zyban dosage yasmin birth control online us ordering depakote uk sarafem shipping overseas discount canadian pharmacy toprol xl buy unisom without rx propranolol hcl 40 mg tablet cost of apcalis sx without insurance silagra no prescription canada betnovate c medicine pharmacy online london otc aleve dose generic pamelor switzerland legal buy saw palmetto online canada can you order biaxin buy nolvadex online from canada do you take doxycycline with or without food ciplox medicine used meclizine medicine buy cheap alligator clips what is clonidine hcl 0.1 mg tablet levaquin results forum is generic cialis professional available in usa where can i get voveran pills depakote reviews for bipolar fr6 l91 aa-size lithium batteries price in india levitra canadian pharmacies alesse levonorgestrel and ethinyl estradiol tablets can you order phenergan online canadian no prescription needed kamagra without what is the generic for zovirax buy lexapro online pharmacy buy prevacid without a script desyrel canada companies only motilium tablets buy benicar cost canadian cleocin gel free shipping how to get diltiazem on line buy citalopram with paypal how to get zestoretic on line micronase canadian pharmacy avapro prescription only how to buy flonase side effects of cialis for men venlor 20 mg buy valtrex pills how to order amoxil minocin billig kaufen best pharmacy to order naprosyn generic toprol xl problems getting flonase in australia cozaar com dosage amy search mp3 from canada cialis prednisone 5 mg tablet brand viagra from uk buy viagra tablets no script stent without plavix avalide medication trental australia mail-order glycomet through abilify online prescription clozaril cheap price triamterene hydrochlorothiazide contraindications generic aricept in calcium carbonate non perscription countries zyprexa withdrawal symptoms warfarin dosing algorithm total synthesis of indinavir risperdal consta new zealand buy cialis black online generic dostinex cabergoline when will there be a generic for levitra what class of drug is femara strattera pill canadian buy triamterene discount buy online without script order abilify long term side effects of betapace tetracycline online canada ginseng without insurance what does taking seroquel feel like non prescription substitute for viagra buy premarin without prescription us thyroxine overdose antidote no prescription needed augmentin online avapro in canada purchase allegra can you get yasmin over the counter order acticin 1 pharmacy viagra free sample voucher levitra side effects blindness cost of nystatin and triamcinolone acetonide cream como conseguir viagra sin receta medica evista complaints etodolac pill shop discount code cholestoplex cheap price estrace generic reviews free sample viagra coupon buy eltroxin tablets buy cheap prograf indian evista tadacip cipla price discount code for kamagra oral jelly kamagra oral jelly vs viagra reliable site for viagra where can i buy ventolin inhalers flovent doctors online norvasc in usa xenical india pharmacy suppliers of clonidine in us prometrium brand order how many acai berry tablets to take serpina mg tablet serve medicamento sertralina 50mg viramune xr patient assistance buy alphagan lowest price nymphomax sale innopran xl pharmacy online keftab for men sale in uk atorvastatin vs simvastatin dose ordering elocon mexico best place to buy ceftin in uk neurontin 600 mg 50 c,entikli film tablet yan etkileri where can i buy alli weight loss alesse drugs class order generic voveran buy betnovate no prescription fast delivery pharmacy salary 2012 ireland prescription diflucan online trileptal generic release date lloyds pharmacy online prescription viagra cialis levitra trial pack does bactrim make you gain weight what is the active ingredients in aleve buy live fish walmart how to take promethazine syrup cheap minocycline usa rulid 100 mg roxithromycine travel insurance viagra ohne rezept bestellen per nachnahme purchase kamagra pills metoclopramide pills sweat buy acai tablets online what is trazodone prescribed for claritin shop net pharmacy mexico aleve relafen not generic wedding insurance comparison buy brand shuddha guggulu hydroxyzine dichlorhydrate wiki get alesse las vegas lotrisone view topic overnight delivery tenormin from toradol medicine side effects neurontin online price indian generics online hydrea kwikmed review order cephalexin canadian pharmacy prednisone for dogs side effects diarrhea buy caverta online zantac online order where doxycycline order minipress online uk safe to buy generic levlen from canada kamagra pharmacies prevacid prescription strength non prescription duphalac bromocriptine parlodel dosage buy diarex next day caverta overnight delivery low cost propranolol ventolin user reviews best viagra deals super walmart alliance ohio canadian pharmacy phone number buy paxil with paypal generic emsam buy canada clomid serophene infertility diarex where can i buy cheapest price for abilify what works better than accutane retino-a cream 0,025 uses medication sale flovent quiero comprar levitra plus american sarafem voltaren retard 100mg tablets pill rx health order singulair products quibron-t italiano what are the side effects of the drug levaquin order acivir pills 1 pharmacy mg clomid success rates secondary infertility elocon dosering where to buy augmentin the sons of sol pharmacy house kdrama proguanil chloroquine prices how much does a prescription of singulair cost biaxin medicine children nitroglycerin spray canada pharmacy all types of drugs in a list generic bupropion sr 150 mg comprar viagra pela internet brasil what is baby aspirin good for sibutramine 15mg buy uk prazosin prices at costco hay un viagra para mujeres viagra online same day delivery strattera dosering trental daily use reviews cheap minomycin can benadryl get you high by snorting metformin tablets manufacturers india is there a generic cymbalta lisinopril 5 mg tablet side effects generic zestril overnite shipping acheter revia vivitrol naltrexone canadian drug companies online aldactone usa sale renagel legal in england order capoten xenical no prescription fedex ups buy keppra levetiracetam buy mircette online with out prescription citalopram pills 20 mg post cycle therapy actoplus met how much does cytotec cost at walmart norvasc brand positioning american brafix flomax reviews lidocaine spray for waxing lov cost bactroban order minocycline no prescription apcalis sx online usa lotrisone cream 45gm stats 19 form buy tetracycline online in usa artane boys band cd online viagra genuine why is nizoral so expensive now lisinopril on line in the usa celadrin canadian pharmacy start allopurinol after gout attack generic clozaril cost comprar artane 5 mg canada drugs female viagra with prescription para que se usa el amaryl can you take micronase daily flonase 10 mg cost sale sarafem where to buy alli weight loss capsules albenza package insert generic zovirax safe buying diamox in manchester actos 15 mg tab kikisu pure chinese viagra cost of mirapex best price for real dostinex cheapest ventolin paypal where to buy antabuse online list of tesco stores selling tadapox lexapro maximum daily dosage most reliable place to buy norvasc online deltasone order canada citalopram reviews for social anxiety tretinoin 0,025 online forum prescription drugs online pharmacy best pct for anavar only cycle minocycline no prescription reviews mail order cialis super active buy female viagra 80 mg online indinavir in croatia can you buy claritin d over counter cilas orleans orlistat online ordering amantadina clorfenamina paracetamol dosis pediatrica imuran india can you buy doxycycline in malaysia cheap trazadon no prescription licensed pharmacy colchicine veterinary pharmacy online course viagra soft precio mexico gulf of mexico alliance regional partnership projects epa-gm-2009-1 preis cialis 20mg schweiz best place buy eulexin pct keppra reviews lipitor mexico no prescription lasuna generic reviews black market viagra uk axis and allies new world order games viagra professional pct buy online pharmacy uk cipro sildenafil online india cheapest price for generic viagra can we trust voveran sr online ciprofloxacin 500 mg purchase best place to buy plavix in india what all is benadryl used for buy accutane patch what is motilium syrup used for citalopram 20mg tablets overdose astelin by mail order levlen limited india ciplox 5mg tablets augmentin suspension australia finasteride cost in india how to purchase emsam online cost of depo provera shot without insurance order artane overnight no prescription viagra canadian pharmacy captopril capoten mechanism of action is it safe to order remeron pharmacies amantadine aleve overnight shipping cheap what is the max dosage for celexa buy ayurslim next day artane with no rx what is the generic for biaxin buy revia lowest price health canada atorlip-10 buy online australia order accutane lloyds pharmacy tens machine instructions gasex ingredients minocin without perscription lipitor next day shipping clozaril buy online us stopping lasix weight gain is generic betnovate available in usa kamagra gold cheap artane where to purchase side effects of taking hyaluronic acid supplements buying glycomet ginette-35 cheap order prednisolone 5mg dogs no prescription proscar sale purchase carafate cheap dilantin delivery what is saw palmetto in tamil lotrisone cream online clotrimazole florida quibron-t where to buy glycomet drugs online drugstore cowboy watch online prevacid online overnight shipping terramycin online legally misoprostol pregnancy termination generic cytotec 200 mcg over the counter singulair substitute antibiotics alcohol myth alesse in canada where can i buy birth control pills online cheap buy kamagra oral jelly tablets online is mail order aleve safe nizagara tablets 100mg where to get skelaxin pct cyklokapron online cheap buy albenza online pharmacy albendazole canada and celebrex minomycin tablets side effects where can i buy flagyl online buy bactroban with paypal benicar 40 mg pharmacy lansoprazole dose range combivent to buy uk cheap cleocin gel usa what is toprol xl what is ampicillin prescribed for cheap bactroban generic wholesale drugstore suppliers studying clinical pharmacy in canada best place buy cleocin gel pct buy levitra super active 80 mg online diovan sale prescribed washington low income housing alliance contact coalition buy chloromycetin eye ointment prescription prazosin shortage where to buy viagra professional ointment generic abilify 2mg is there a drug comparative to altace nolvadex drug class precio adalat oros mexico online combivent india is generic buspar effective lexapro price without insurance keflex for uti during pregnancy generic advair diskus online drug discount mestinon mg ordering flomax on line brahmi supplier in uk cardizem generic pictures Purchase cephalexin 500mg capsules hytrin reviews best place to order celebrex in us can you buy over the counter in australia cheapest ventolin cost of viagra on prescription wellbutrin anxiety meds purchase inderal keftab tablets side effects what is the drug cardura used for free coupon for glucotrol xl comprar accutane online nitroglycerin reviews and dosage online pharmacy emsam free or low cost diclofenac gel buy cheap vpxl pills xeloda patient forum cymbalta canada head office buy tegretol online amazon prednisone precio mexico reputable online pharmacies uk oder mg tablets of abana buy hytrin from mexico online topamax tablets scored allopurinol dosage instructions cheap dapoxetine pills priligy non generic aleve glucophage without a prescription levitra online purchase geriforte syrup prices usa comprar chloramphenicol online best pharmacy to order rumalaya forte prometrium generic name trazodone 50mg capsules winthrop suicidal ideation generic viagra brands health canada propecia best place buy acivir pills pct best online pharmacy technician school best place buy wellbutrin sr pct generic risperdal paypal us pharmacies online that sell brand amoxil where purchase tenormin liquid retin-a 0,025 review como comprar depo provera furosemide without rx liv 52 tablets review what is caverta drugs buy power slim acai berry diet pills where can i buy diclofenac topical gel canadian pharmacy roxithromycin pastillas para mantener la ereccion peru atacand tablet 16 mg 28 tb generic name for reglan get generic viagra overnight can you plus in ireland buy levitra online generic alli in the uk where can i buy pyridium in canada vasotec nombre generico zetia from usa pharmacy generic plavix price at walmart snovitra super power lawsuit settlements generic fluoxetine safe where do chinese alligators live can you buy astelin over the counter buy clomid online using paypal zyvox overnight shipping cheap buy cialis for women online signs of coumadin toxicity tetracycline 40 mg dose fastest kamagra gold uk delivery rx buy xenical online drug alli trippy twitter where to buy flonase generic prescription lasix rx med buy mentat mg metoclopramide pregnancy dosage metformin hcl oral tablet 500 mg craigslist newcastle indiana can order viagra plus canada get allegra las vegas where to buy mobicam vente viagra au canada side effects of phenytoin dilantin can include express care pharmacy az tenormin from canadian pharmacy retin-a 0,05 costco buy genuine fluoxetine uk promethazine codeine syrup dosage for adults buy lotensin without a script purchase estrace cheap where do i estrace in canada buy aleve hong kong uti treatment antibiotic cipro dosage lynoral dose fertility drugs online usa anacin rx how long do erythromycin take to work on acne doxycycl hyc acne review cvs alli coupon where to buy ginseng in london doxycycline 100mg capsules price antivert medication dosage fluoxetine no prescription canada proscar annual sales viagra order online india bactrim generic form acquistare meclizine in italia para que se usa diovan maxalt from headaches treatment best rx online trazodone 50 mg tablet for sleep estradiol cream generic foods to avoid with coumadin warfarin wellbutrin sr 150mg order tricor online in usa can you get aricept over the counter doxycycl hyc acne topamax cost without insurance no prescription needed accutane pills ranitidine weight gain research grade haldol benzac medication online lexapro buy online no script do i need a prescription for levaquin norvasc 20 mg side effects psoriatic arthritis flare up lithium ion battery florida best price for bactrim zofran generic 2013 drugs gabapentin capsules brand levitra reviews and dosage order bystolic cheap list names of birth control pills brands in india januvia 50 mg price buy cochicine suprax coupon copay lamictal bouton visage actos class action florida precio viagra farmacia.andorra lotrisone for sale australia online buy zyvox prescription generic uk paypal altace etodolac recommended dosage quibron-t side effects uk to buy lincocin bromocriptine parlodel pregnancy propecia medication hair loss buy amaryl online india amaryl canadian source buy over the counter depakote online vendita viagra generico in farmacia where can i buy viagra in nz order non generic bupron sr buy accutane online canada (pill box) renova cardizem order in the us cost of penegra buy hytrin tablets online metoclopramide echeck ciplox pharmacy india nitroglycerin price where to buy valtrex with mastercard pharmacy buy alesse canada viagra plus capsules buy cheap tricor online nexium 40 mg capsulas buy aldactone generic prescription sex pill for men last long sex keflex dog medicine qsymia peak sales buy pure acai berry uk metformin and alcohol pcos pcos clomid no ovulation safe buy aldactone online fosamax tablets side effects mavi umut dershanesi ders program? amoxicillin drops no script maxaman tablets original lariam online cialis jelly for sale online canadian pharmacy online viagra super active dramamine tablets on line to buy biaxin online india does kamagra oral jelly work on women cheap pilex sale uk what does amitriptyline cure ampicillin stock in ethanol cafergot medication side effects what is bactroban ointment for viagra in wilmington nc us online pharmacy no prescription tetracycline non prescription gyne-lotrimin pharmacy mevacor drug schedule order aygestin cheap prograf with american express accutane name india clomid pills pregnancy viagra sublingual discontinued purchase cheap trimethoprim generic bactrim order elocon from mexico without prescription lexapro online coupon code what is combivent prescribed for 100 mg alli buy cialis super active online india depakote 100 mg levaquin dose for uti what is aceon medication Purchase accutane 400 mg buy premarin in ireland depo provera pills side effects buy generic lamisil tablets online no prescription cheapest cephalexin 1000 lopressor prices cvs synthroid order indian medrol approved cheap is generic imuran effective alphagan for men sale in uk cheap viagra professional usa arimidex new zealand zithromax shortage side effects of desyrel trazodone buy amitriptyline 10mg pharmacy drugstore aricept side effects paranoia best online pharmacy generic toradol typical luvox dose etodolac sale can order cialis jelly online where purchase v-gel fexofenadine hcl pseudoephedrine hcl beat way to order flagyl er viagra without prescriptions canada zaditor in the uk chloroquine prices canada aetna insurance mail order prescriptions luvox tablets buy how long after taking azithromycin is chlamydia gone lowest priced naprosyn mentat ds syrup to buy from europe rabeprazole tablets ip clomifeno 50 mg prospecto can you buy mifepristone online there generic zaditor online generic nymphomax viagra generic 2010 liv 52 generic reviews where can you get free samples of viagra cost of tamoxifen in india buy lipitor online with mastercard top 10 online lady era sites compazine now diclofenac medication order methotrexate rx order mevacor cheap hydrochlorothiazide canadian pharmacy generic aspirin for sale on line periactin medication overnight delivery zithromax azithromycin chlamydia low price buy albendazole online artane no prrescription cymbalta mg price buy hytrin without a prescription from canadian pharmacy walmart pharmacy drug list 2010 benicar medication where to buy buying voveran sr from canada no prescription lipothin buy on line cheapest place buy alli pills parlodel doctors online what is asacol for discount coreg keftab canadian online overnight pharmacy cleocin suppositories buy zyprexa for daily use canada rowlands pharmacy portsmouth online doxycycline india billig acivir pills online kaufen how much does walgreens pay cashiers promethazine codeine over the counter canada viagra trusted online drug stores in canada tofranil tablets uk generic pills for trileptal cost of viagra plus amantadine medication overnight delivery cozaar cost comparison viagra soft tabs alcohol buying furosemide online chloramphenicol 20mg tab anafranil tablets us online voltaren 40 mg cafergot 40 mg pharmacy purchase exelon increasing breast milk while pumping generic for aleve where do i buy rosuvastatin buy zestoretic for daily use buy betnovate c online companies fight against cheap indian drugs how much viagra should a healthy male take buy generic evista cialis vs sales viagra online claritin loratadine pregnancy ramipril 10 mg cialis black 800mg pills buy drugs without a prescription buy alphagan inhaler canada where to buy fml forte buy generic prandin with bonus buy brand advair diskus from mexico online get viagra prescription doctor buy cozaar mg online serophene pill shortage crestor dosage recommended hydrocortisone injection in spine where to get living steel recipe codeine aspirin australia how much does alli cost uk singulair sales 2011 billion fda generic lipitor recall buy singulair online cheap topamax cost in canada ephedraxin discontinued before and after photos using accutane nizoral dose ginseng by mail brand prandin buy us online pharmacy no prescription dutas phone in order for eurax buy elimite 5 buy online tricor generic endep shelf life zyvox 600 mg tablets side effects order strattera online in usa purchase elavil on line in the uk price of penegra in india voltaren 100 mg xr buy haridra pills seroxat 30mg side effects i pill nimotop website cialis 20mg online apotheke what is doxycycline used for treatment vibramycin how to import yasmin comprar motilium original en madrid where to buy orange mobicarte in paris order celadrin tablets isoptin capsules ponstel express canada fucidin side effects skin what is carafate 1 gm elavil generic wikipedia drugs what is brand amoxil tegretol daily use reviews how to order eldepryl online betnovate order canada finpecia cipla price india torsemide medicine online online pharmacy, china, beijing, viagra compare pet insurance roaccutane for discount best place buy speman pct remeron online usa no prescription cheap methotrexate generic version of children;s benadryl zanaflex reviews and dosage elavil new zealand water pills high blood pressure list upper back pain relief medicine what does promethazine codeine feel like how to buy diovan ginette-35 canada prescription order famvir prilosec 10 mg cost dewalt 20 volt lithium ion reviews where to buy furosemide with echeck can i buy fluconazole online i pill zestoretic website lisinopril drug information plavix generic when available lanoxin tablets 40mg buy blopress mexico can you buy live online allopurinol alcohol side effects medrol price cozaar losartan blood pressure where to get fluoxetine lisinopril without script elimite cream reviews where to buy ethionamide drugs online ditropan sublingual dosage most reliable place to buy bupron sr online viagra shops in london acquisto capoten sicuro online cheap tretinoin 0,05 uk ginette-35 delivery uk sinequan generic cheap costs leadmedic online pharmacy colospa pill shortage natural treatment for erectile dysfunction in young men how long does it take for tegretol to get in your system best drugstore mascara for dramatic lashes 2011 beconase long term use adam richman man vs food healthy vermox 100 buy anafranil 50 buy tamoxifen online no prescription uk what are the side effects of zestril drug pharmacy has best price glyset canadian pharmacy online tamoxifen lisinopril 10 mg tablet lup can you buy toprol xl medicine canadian coumadin clinic south florida baclofen dosage hiccups where to purchase capoten nitroglycerin comprar acticin tablet sale how to import chloramphenicol renagel generic name cost of proventil hfa without insurance hyaluronic acid roche precio argentina augmentin 1 gm differin spain how long to get lexapro out of your system pharmacy support specialist salary discount canadian pharmacy rogaine 5 can you get styplon best place buy cozaar buy brand advair diskus no prescription yasmin comprar online ordering voltaren gel amantadine next day us online pharmacy no prescription differin order trial erection packs 1 online no presctiption best generic blopress review what is the generic for flomax gd online chloramphenicol what is the cost of sustiva cheap pharma greens generic hytrin switzerland is mail order lukol safe differin 0.3 discount pharmacy that sells arimidex avapro brand order fast venlor delivery buy viagra plus greece generic prograf us www.clomidfertilitypill.com what is beconase aq pills used for remeron 30 mg 28 tablet buy albenza online no prescription us best price paxil cr yasmin ed tablets side effects can you order beconase aq nasal spray cheap wellbutrin buy online anastrozole uk buy cialis to buy from europe why is there a shortage of yagara aristocort reviews and dosage detrol tablets from buy canadian pharmacy relafen order alphagan cheap brimonidine generic diovan tablets 150 mg sarafem tablets online dutas next day delivery how to get a prescription for birth control pills online american kamagra oral jelly prevacid pills online in the australia what does etodolac feel like what is tetracycline hydrochloride ophthalmic ointment used for buy generic alphagan online with prescription gyne-lotrimin supplier in uk prediction of physician visits and prescription medicine use for back pain fluoxetine generic drug has anyone ever bought accutane online does trazodone cause weight gain or loss over the counter medicine tenormin generic equivalent for flomax keflex tablets for dogs generic advair diskus 60 50 celexa side effects speman billig kaufen citalopram cost walmart my alli diet myalliplan what is didronel used for order rumalaya forte 120 mg onlain filmer generic alesse online birth plendil capsules best place buy lopressor pct where can i buy amaryllis tofranil 40 mg pharmacy antifludes pediatrico precio abilify starting dose for depression buy contact lenses no prescription uk buy estrace in singapore buy cheap voltaren using pay pal is valtrex generic effective diclofenac gel dosage instructions buy tamoxifen online usa comprar cipro pela internet carafate pas cher generic paxil online pharmacy relafen drug interactions online pharmacy accutane no prescription isotretinoin montelukast generic reviews where is nitroglycerin metabolized valtrex generic over the counter what does cialis pills look like donde comprar viagra sin receta sevilla differin cream 0.1 wrinkles keflex from mexico where to buy pyridium lantus insulin no prescription kamagra sale europe safe anacin buy orlistat update july 2012 singulair at cheap prices how to buy atacand in london albendazole delivery discount buy cheap tamoxifen pill canadian medrol 1000 mg online prescription drugs without prescription ordering inderal filagra super active can you buy quibron-t where to buy tadalafil pill suhagra available in uk vega 100 vs viagra valtrex no prescription reviews micardis cost comparison buy singulair usa online canadian pharmacy ratings where can i purchase voveran possible side effects of testosterone therapy cheap generic cholestoplex adavan drug non perscription mexican buy zofran cafergot sale buying floxin what does tricortone cream do alli tablets back in stock can you drug order flonase online ventolin over counter victoria finasteride cost cvs buy cialis discreet tadalafil 20mg side effects azulfidine australia pharmacy pantoprazole sodium sesquihydrate usp monograph ventolin nebules effexor xr canada pharmacy generic finasteride canada zithromax medicine can you buy prescription get adalat dr. reddys finasteride cost nitrofurantoin mexico legal to order arimidex ordering aygestin cheap female cialis uk order cheap overnight atacand online side effects of clomid 50mg buy brand actonel buy antibiotics online from india pharmacy clomid generic clomiphene toradol dose iv pediatric seroflo online usa mens sex pills uk ditropan side effects reviews free or low cost zenegra cozaar 10 mg buy prescription drugs without a prescription benadryl delivery purchase cialis professional in us drug sales representative job description western drug brand levitra discount citalopram otc long term side effects of asthma inhalers minomycin australia pharmacy detrol online order fucidin crema costo generic form of arimidex buy stratified ginseng seeds what is claritin 10mg used for can you buy januvia in ireland etopan xl etodolac tablets lisnopril without script order furosemide no prescription biaxin on line in the uk trandate tablets pregnancy eulexin 50mg tablets nizagara without script increasing lexapro dosage tired colchicine suppositories buy slimming acai super 1200 tablets reviews keflex prices como comprar cialis professional where can i get fluoxetine pills can you buy amoxil over counter dramamine brand order blopress plus 8 mg tabletten topamax pharmacy prices list ortho tri lo online pharmacy dutas medicine para que se usa zestril what are the side effects of provera tablets purchase children;s motrin estrace online ordering where to get silagra pct what is acticin albuterol tablets bodybuilding estrace generic wikipedia drugs to buy amitriptyline aristocort forte injection bactrim ds 800-160 tab order aristocort fucidin generico online free cialis sample yaz vs yasmin weight gain online prescription pharmacy uk orlistat finpecia medicine online buy actoplus met xr oral can i get nolvadex from my doctor ventolin inhaler uk canadian pharmacy generic viagra amitriptyline 10mg for nerve pain low betnovate skin ingredients lov cost brand levitra over counter coreg nootropil medication side effects long term side effects of aricept suppliers of orlistat canadian meclizine tablet secure pharmacy ordering best way to get pain pills prescribed glucophage online in us lipitor tablets cholesterol which works better viagra or cialis or levitra free coupon for eulexin cheap bactroban pills allopurinol for sale philippines cefadroxil over counter too much thyroxine and weight gain discount prescriptions walgreens safe place order abilify which causes more weight gain lexapro or celexa plavix from canada pharmacy price diamox australia cytotec 40 mg pharmacy cheapest nolvadex forum over the counter roxithromycin buy cheap generic antabuse prescription how to use nolvadex for gyno to buy proventil forum buy phenergan online click phenergan now co uk buy pariet online overnight delivery how to use floxin ear drops luvox limited india over the counter anxiety medication uk law and order livejournal
Home Biz of Baseball - Interviews Interview - Andrew Zimbalist - Sports Economist

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 1184 guests online

Atom RSS

Interview - Andrew Zimbalist - Sports Economist PDF Print E-mail
User Rating: / 2
PoorBest 
Written by Maury Brown   
Sunday, 08 August 2004 12:00

Andrew ZimbalistWhen the discussion of the economics of baseball are discussed in the media and beyond, most often you'll find Andrew Zimbalist in the mix.

This interview covers the debate over the public subsidy of stadium development, to territorial rights, especially as it pertains to the Baltimore/Washington, D.C. area, to the current revenue sharing system, plus more, Zimbalist covers all the bases.


The numbers are staggering.

Since 1992, when Bud Selig took over as Commissioner of Baseball, there have been 15 new or renovated ballparks. In the case of the new ballparks, all have had some form of public subsidy involved, totaling well in excess of a billion dollars when all is said and done and leases are fulfilled. This new stadium development is touted by MLB as being a panacea towards overall franchise success, regardless of the fact that many see franchise sustainability being coupled, in large part, to wins and losses as well.

With this large volume of stadia development has been the constant struggle to try to quantify the economic impacts of ballpark development within local, state and regional domains, and one of the most visible economists to speak to this current environment has been Andrew Zimbalist.

Zimbalist serves as Robert A. Woods Professor of Economics at Smith College and his resume is  peppered with consultation as it pertains to baseball. To Wendell, Chritton & Parks in the Florida State League/Florida Marlins arbitration case, to the Major League Baseball Players' Association in collective bargaining, to ABRY Communications in a baseball broadcasting suit, to the United Baseball League, to Krendl, Horowitz and Krendl in Ehrhardt v. Colorado Rockies, to the Portland Oregon Mayor's Commission on bringing another professional sports team to the city, the list is far too long to mention in this space.

To add to this, Andrew has several outstanding books on the economics of baseball. "Baseball and Billions: A Probing Look Inside the Big Business of Our National Pastime", and "May the Best Team Win: Baseball Economics and Public Policy" can be found on the desks of those ranging from politicians, to fellow economists, to baseball researchers.

The following interview covers several areas, from the economics of new stadium development, to the shifting of discretionary income as it pertains to this development, to the territorial claims by Orioles owner Peter Angelos regarding the possible relocation of the Montreal Expos to Washington, D.C., and possible ramifications to further relocation or expansion, to the overall health of small to mid-tiered markets under the current revenue sharing plan. Enjoy! - Maury Brown


BizBall: You’ve been following the economics of baseball for some time now. What has been the biggest fundamental change in how MLB conducts business over the last 10-20 years?

Zimbalist:
I would think that the biggest change has been the introduction of its revenue sharing system in 1996 and the extension of that system in 2002. Prior to that system the only thing that got shared in baseball was gate revenue. And in the American League they shared about 20% of gate revenue, and the National League about 5% of gate revenue. There was a program that they introduced in the 80’s to do some sharing in the American League of pay cable back then, but basically it amounted to just about nothing. So fundamentally out of all the revenue that got generated they only had either the 20% [shared] in the American League and roughly 5% in the National League; nothing else was shared.

And then when local television contracts really began to take off -- the Yankee contract that was signed with MSG back in 1988 was a 12 year contract worth $493 million over the period -- you had the emergence of TBS with the Braves and WGN with the Cubs, and the Mets had a big contract, the Red Sox got a big contract, baseball’s revenues became very sharply imbalanced.

And, the other thing that’s happening of course in the early 90’s is the introduction of the new stadiums, beginning with Camden Yards, or some people might want to date it to a year earlier in 1991 with the new White Sox stadium. But the retro-set architecture stadiums begins with ‘92 Camden Yards. Those stadiums for many teams ended up generating an extra $30 million a year for the team, so that together with the local television contracts and no revenue sharing meant that the revenue disparities between top and the bottom teams, which were actually no greater than $30 million back in 1989, all of the sudden exploded, so that by the end of the 90’s those disparities are up over $200 million. Or around $200 million, let’s say.

And in this context baseball introduced the revenue sharing system. I think it’s a really major change. It required a shift in political alignments, to get the big city teams to go along with that, to get Steinbrenner to go along with that, O’Malley at the time still owned the Dodgers, to get him to go along with it in ’96, to get the Chicago teams to go along with it, the Tribune Corporation, was a major political accomplishment. And they began sharing revenues, so I think that’s the big number, and of course as I’ve said elsewhere the system doesn’t work as well as it ought to because the incentives that are built into it are perverse, they’re backwards, they actually assess a higher marginal tax rate on low revenue teams than on high revenue teams. It therefore in my view has not done what it is supposed to do, which is to equalize payrolls.

BizBall: A common claim among economists is that spending on sports simply shifts spending from other entertainment options (movies, etc.). This theory assumes that most individuals have a finite amount of discretionary income to spend on entertainment. Some might argue that a high percentage of Americans have enough discretionary income to choose to attend most of the entertainment events that they would like to attend. If season ticket holders of an MLB team suddenly lost their franchise, would it follow that each season ticket holder would add 81 nights of other entertainment activities annually to their life?

Zimbalist: [laughter] Well, first of all, I don’t think that season ticket holders go to all 81 games. Most of them don’t, anyway; I think they end up sharing their ticket, or giving away their ticket to some other people, at least for some of the games. But no, I don’t think it follows that way, and look, I don’t think the proper argument is that there is a 1-to-1 trade off here. The argument is simply that for most people who go to ballgames they have a finite amount of discretionary income and there is a substitution effect working, but again, it’s not a 1-to-1 effect, maybe it effects 80% or 90% of the money that would otherwise get spent at the ballpark.
And it certainly is not the only basis for the argument that there is no positive economic impulse or developmental impulse from having a new stadium or a new team in your town.

One of the reasons is the substitution effect, but another very important reason is the leakage effect. Which is to say that if money gets spent at a ballpark, something like 60% of it on average goes to players, who have an average income of $2.4 million, and when money goes to those players, and most players don’t live in the town where their team is anyway, then the money leaks out, because a millionaire has a very high savings rate, much higher savings rate than somebody with ordinary income, thirty or forty thousand dollars, and that money they save goes into the world money markets, it doesn’t get spent at the local cities, and even more that’s true because the player doesn’t live in the city, so his permanent home is elsewhere, or if he has family elsewhere, a lot of the money gets sent back to the family.

And, also players are encouraged, and most of them follow the encouragement or the advice, they’re encouraged to save a lot because their life in baseball and their lifetime earning the mega-salaries is a very short one.

It’s not like what happens to me, an economics professor. I got into the business of being an economics professor when I was 25 years old and I could do that for decades, but for professional baseball players if you’re lucky you play 5 to 10 years and you don’t earn the mega-salaries your whole life. So, they’re encouraged to save a lot of money, and again the pattern is for the money to go into the world money markets and not to be spent in the local cities. So, there are leakages. And, of course, a lot of money goes to the owners and the owners have a similar pattern to the players, and those leakages are much higher than if the entertainment dollar gets spent at the bowling alley or restaurants, where the money ultimately goes to entrepreneurs who have a much more normal income, and who live in the local towns. So, very high leakages are another factor here. And, another factor still is that ballparks these days get financed with hundreds of millions of dollars of local tax money and if taxes go up then it means that that money is not being spent by consumers in other areas of the local economy. Either that or the city might rig -- I guess I’m not sure about this --either the services, and either higher taxes or lower services doesn’t help the local economy. So, if you put all of those effects together, the empirical research suggests that the expectation should not be that you get an increase in employment or an increase in per capita income.

BizBall: What about in cases where there are personal income taxes in some states? Wouldn’t there be money collected from the players and management in that framework?

Zimbalist: Yeah, there would be, but again the evidence is that the amount of expenditure that goes out of the public coffers in order to finance the debt service that they have to incur to build the stadium, or to improve the infrastructure, or both of those things, the amount of outflow is greater than the amount of inflow.

BizBall: Along the same lines, in the case of several cities, and possibly some new locations should relocation or expansion be considered, there are cities that border other states. Is there a case to be made that monies from bordering states cross over into these locales and therefore help the economies of these host cities via tourism?

Zimbalist: Yeah, sure, and in fact I made that case in part with the New York Nets leaving New Jersey and going into New York, in this case Brooklyn. So it can happen.

There are possibilities for, in essence, cannibalizing revenue across state lines.

And if what you’re interested in is the fiscal situation of a government on one side of the state line as opposed to the other side of the state line, yeah, there can be a shift in that way. It doesn’t end up producing a tremendous amount of difference, but there can be a small gain as a result of that.

It’s a different argument than an argument for regional development, though, because in terms of the overall metropolitan area the money is still in that area. But it might very well cross a political boundary and help one side of the boundary to the detriment to the other side.

BizBall: How much of the financial forecasting that MLB presents to the press and government do you feel is done to leverage the public in terms of stadium development and for collective bargaining purposes?


Zimbalist: Some of it. I tend to believe that those are not the main motivations today. Of course historically the other factor has been to hold on to the anti-trust exemption, or the  presumed anti-trust exemption, when they testify to Congress. But more recently I think the strongest motivation that teams have to color their financial picture is to avoid revenue sharing. That is to say, if you can push your revenue off your baseball books onto your media books or onto your stadium books, or some other, as in the case of the Chicago Cubs onto their premium ticket company, then you can avoid some of baseball’s revenue sharing taxes. So I think there are a variety of motivations to do that, but it’s hard to believe in this day and age that Don Fehr or Gene Orza or Mike Weiner are very misled by claims of penury that either Selig issues for all baseball or individual teams issue. Because they’ve been down that road and they know the game pretty well.


BizBall: On that note about dispersal of revenues, the Yankees and Red Sox have been talking about doing a merger of TV packages. Do you think this continues to blur the line for revenue sharing purposes?

Zimbalist: Well, first of all, that story is simply the product of our idiotic media. There’s no truth to that story.

BizBall: Could you elaborate?

Zimbalist: I mean, look, what happens in a situation like that is that there are two people who are having a conversation over a drink who are connected to either the Yankees or the Red Sox, and there’s a third person there, and this person happens to hear one of them who sort of throws out this idea that they might bat around for thirty seconds or something. So that third person then calls up his friend who’s a journalist and the journalist wants to break the story so he goes out and writes the story. But I don’t think there’s any factual basis to the story. I’ve spoken to owners on both sides and they disclaim any such notions and even if you just look at it logically it’s absurd.

Number one, baseball has television territories that it would violate, and they’d have to get MLB’s permission. Number two, they’d be inviting anti-trust scrutiny from the Justice Department if they tried to combine forces and get more leverage in the cable television market. Number three, any synergies they might get that would increase their revenues would then have to be shared between the two teams. Number four, the Yankees and the Red Sox play at similar times during the day, or at the same time during the day, very often, and they have competing claims on the time.

There’s just an infinite number of complications. And number five, and perhaps most importantly, the Yankees and the Red Sox have gone out of their way to develop a classic baseball rivalry, and if they start jumping into television bed together it totally undermines the perception of that rivalry. And quite apart from personality differences that might make it a complicated thing to do, I don’t think it ever made any sense, and it’s just one journalist trying to get a jump on a story based on a silly rumor.

BizBall: Peter Angelos has made quite a lot of noise about fan attendance and cable share being diluted for the Orioles should the Montreal Expos relocate to DC or Northern VA. Do you subscribe to those arguments?

Zimbalist: Well, I think he’s correct that there would be some dilution in his television ratings and some dilution in his attendance. Whether the reductions would be 5%, 10%, or 15% in each case, I don’t know. I don’t think it would be more than 15%. But basically I would say to him, “Tough noogies.” You’ve got two substantial media markets there and  you can host two teams in those markets. I mean, you might as well have Jerry Reinsdorf come along and say, “Hey, the Cubs dilute my revenues.” And that would be true, too. So Reinsdorf might as well go to Major League Baseball and petition Bud Selig, and say, “Hey, Bud, you’re my friend. I’ve supported you. The Tribune Company really isn’t your friend. Why don’t we just eliminate the Chicago Cubs?” And to me, logically, there’s not too much difference in those two arguments. Politically it might be a little different, of course, because it’s harder to eliminate a team that’s been around for time immemorial than it is to create a new team into a market.

But, D.C. used to have a team. In fact, they used to have two different teams, and I think it’s a premier market and they ought to have a team. And whether or not Angelos ends up effecting Selig in the ultimate decision by baseball, I don’t know, but certainly I don’t think that he should.

BizBall: Buried deep within the wording of a bill before congress is verbiage that would allow sports franchises the same ability of other business to write off 100% percent of their intangible assets, such as TV revenues, on an evenly divided basis over 15 years, as opposed to the current system which only allows for half of the assets. Beyond the huge windfall for sports owners for long-term investment, is this simply a case of having all businesses treated equally?

Zimbalist: No, it’s not.

First of all, you can’t amortize goodwill; that rule has changed, so businesses don’t get to amortize or depreciate all of their assets. Secondly, look, they might go for public relations purposes and say that this is to treat sports franchises the same as other businesses but the fact of the matter is that sports franchises, which might be valued depending on the league and the team anywhere from $100 million to $1 billion, don’t have many hard assets to establish that value. The main thing that a sports franchise has is a berth in a monopoly sports league which you could call goodwill, you could call it a going concern, and if you want you can somewhat falsely attribute it to television or other media contracts.

The IRS has always historically said that television contracts are non-depreciating assets or non-amortizing assets. They are always renewed. In other words, if I buy a car, it depreciates each year, it gets a little less valuable each year, that’s a physical deterioration that happens. But if I buy a baseball team and the baseball team buys a local television contract, if you go back and look at the historical records, when that contract is over there’s always a new one! And historically it’s always been a larger one. But whether it’s larger or not, the value is pretty much ongoing. Now in some cases something might happen that’s unanticipated, and then you might have an impairment of the asset, and they ought to be able to account for an impairment of assets, but generally speaking, baseball teams and other sports teams, almost all of their value is intangible.

In contrast, if you look at a manufacturing company, most of their value is tangible. They’ve got machinery, they’ve got technology, they’ve got patents, and so on. And therefore if you allow them to amortize some of their intangible assets, it’s going to be a minority of their  overall asset value. But if you allow a sports team to amortize the intangibles, you’re basically allowing them to amortize the whole thing. So it’s different for sports than for other businesses.

And to me the more fundamental question is, what is the theoretical basis for saying there’s any depreciation at all in the tangible assets? And I don’t think there is one. And so I see it as an improper give away, and I see it as once again as kind of absurd politicking wherein you have special interests who get politicians whom they donate money to to stick it onto a bill that has nothing to do with the operation of sports franchises.

BizBall: From an economic perspective, is MLB going to be able to have sustainable and healthy franchises in existing smaller markets, and how does this impact possible relocation of franchises and/or expansion?

Zimbalist: Well, it all depends on the economic system that baseball has. If baseball has a sound revenue sharing system they can put teams in smaller markets. But it also depends in part on what you mean by smaller market. Is Portland, Oregon a smaller market because it has fewer than three million people? Well, I don’t think so. It seems to me that Portland, Oregon is perfectly capable of hosting a sports team in a league that’s properly designed. And Portland is a town that has been experiencing very good population growth and looking down the road they ought to be able to have a baseball team. As should some other cities. I guess you could argue that Nintendo should make the same argument that Angelos does: “My goodness, if you put a team in Portland there’ll be some dilution in our fanbase!” And that’s true. They’ll be some. But whether it’s 2%, 4%, or 5%, or 6%, who knows? But also, who cares? Because the people of Portland deserve a baseball team just as much as the people of Seattle do.

BizBall: I think they’re hand-wringing over this situation because it really does open up and set precedent if they pay off Angelos when he doesn’t have territorial rights to D.C. And it opens up a can of worms, like you’re saying with Howard Lincoln and Nintendo, Seattle and Portland, even though it’s 175 miles away they deem this a territorial market from a regional cable perspective and radio broadcast perspective.

Zimbalist: Look, I’ll tell you what, you have two territories for a baseball team. One is the physical territory; it used to be determined by 75 miles, now it’s defined in terms of counties.

And then you have another market--that’s the television market--that is much broader. And in fact the television markets span territories so that they bump up against each other. And therefore, they cover the whole country.

And so there’s no reason why Major League Baseball would not allocate like the whole state of Arkansas to a team, like the Houston Astros, for instance. They wouldn’t say, “Oh well, you know, it’s more than X number of miles from your ballpark and therefore you can’t have it.” No, they’re not going to leave the potential fans in Arkansas without access on local cable to watching a team.

So what they do is allocate: television markets are allocated to everybody in the United States. Therefore, whenever you contemplate adding a team you’d be interfering with somebody’s television market. And if you held that argument as decisive that, “Oh, you’re taking away part of this guy’s television market,” then you’d never be able to have expansion. Not now and not in forty years. Even when the U.S. population might be 350 million instead of 290 million. So that argument can’t possibly be a conclusive argument in my view.

BizBall: How much of the current growth in MLB is attributed to the recent honeymoon effect of new stadium development and do you see a trend in which there will be repercussions when these honeymoon periods fade?

Zimbalist: The honeymoon effect is very short-lived unless the owner is smart enough to take advantage of it.

A new stadium gives the owner an opportunity to get more revenue out of his players, and if his players generate more revenue they should be paid more. And so the smart owner says, I’m going to take advantage of my new stadium by increasing my payroll and putting a better team on the field, and getting my fans really excited. If the owner does that you can get a honeymoon effect that lasts five, six, seven, eight years.

If the owner doesn’t do that, then there’s a curiosity effect that can last two or three months, after which the fans get ticked off that the owner isn’t doing anything to improve the team. So honeymoon effects are very differential. It depends on the strengths and acumen of ownership.

That said, yes, of course, baseball has had a building renaissance, since 1991, and that renaissance has, although some teams more than others, that renaissance has generally raised attendance appreciably. And as the newness of some of these stadiums fades into the past, they won’t have that factor to boost attendance anymore. So other things being equal, yeah, that would make attendance drop a little bit.

BizBall: In your book, May the Best Team Win, you talk about how the Yankees have incentives to increase their stadium expenses, new stadia development, and a number of other areas. The last Chapter is entitled, “What is to be done?” Can you touch on this facet of the book, and tell us if any of the points within that chapter have changed since publication?

Zimbalist: You mean things that I would recommend?

BizBall: Yes.

Zimbalist: Well, I wrote that book at a time when baseball was talking about contracting by two or four teams. And I believe that as long as baseball maintains that posture, especially after a period where its revenues have been growing by 15-16% per year, that the U.S. Congress ought to go after baseball and say, “We’ve had enough. Your demand is increasing by 15% a year. If you want to reduce your output, we’re going to force you guys to have competition so that we can have an appropriate level of output.” Meaning more baseball teams rather than less baseball teams when demand is growing at 15% a year.

That’s what I believe.

And I believe in general that it would better serve U.S. fans, U.S. consumers, to have more competition in the baseball industry. But I don’t believe, at this point in time, that it’s in the cards, because baseball isn’t talking about contraction anymore, and therefore it makes more sense when talking about policy to focus on more realistic policy options.

And for me the most important thing for baseball to do is to get their revenue sharing system right. Because this year they’re going to be sharing about $280 million, top teams to the bottom teams, and it’s not going to do anything, in my view, to improve competitive balance. Because the bottom teams face this higher tax rate than the top teams. And payroll disparity has actually grown since 2002 when this new revenue sharing system was introduced.

So, I think they need to get their incentives right.

Right now the way the incentive system works in the revenue sharing system is that successful teams get penalized, and poorly performing teams are rewarded. Failure is rewarded and success is penalized. And I think you need to have a revenue sharing system that does the opposite, where teams are motivated to improve themselves. And so that would be the first thing that I would change.

Second thing that I would change, although I recognize that Bud Selig has done some good things, I don’t think baseball’s commissioner should be an owner. And I think that Selig’s  botched a lot of stuff. And so I think they need to replace Selig. I don’t think that they will, but I think they need to replace Selig, get some independent, intelligent, outside businessperson who knows a great deal about baseball, and leads the sport in a way that doesn’t suggest that there’s any conflict of interest, or that there’s any inability on the part of the commissioner to act in the best interests of baseball rather than the best interests of a coterie of owners.

BizBall: I understand that you have another book slated to be published. Can you tell us about it?

Zimbalist: Very briefly, I’m writing a book with Stefan Szymanski, who’s a British sports economist. What we’re doing is looking at the evolution of basically soccer leagues and the evolution of baseball and other closed leagues in the United States. Soccer Leagues in Europe and throughout the rest of the world are organized on an open basis and systems of promotion and relegation, where the top teams in the league get promoted to a higher level league, and the bottom teams in the league get demoted or relegated to a lower level league.

That system creates a very different pattern of incentives and fan responses than the closed system that we have in the United States, closed meaning that the existing owners determine if there will be expansion, and if there is expansion, who gets to own a team. And that creates a system of leverage and monopoly that gives teams an ability to extort large public subsidies and deprives fans in many cities of getting to have a professional team, when they warrant one, given the economic size of the city.

So, these are very, very different ways of organizing sports leagues, and they generate very different kinds of tensions and problems, and have different kinds of successes.

So what we're trying to do in the book is to explain how the systems are different, explain why they evolved the way that they did, looking at economic and political and cultural factors.

And then, finally, trying to figure out where the systems are heading, and whether the two systems can learn anything from each other.

The following interview was originally published on the SABR Business of Baseball website, and can be read here: SABR Business of Baseball Interviews Page

Interview conducted by Maury Brown on 8/9/04. Edited by Jeff Sackmann.

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?