Posts: 8,024
Threads: 100
Joined: Jun 2009
Reputation:
0
<!--quoteo(post=87406:date=Apr 9 2010, 11:10 AM:name=1060Ivy)-->QUOTE (1060Ivy @ Apr 9 2010, 11:10 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=87397:date=Apr 9 2010, 10:57 AM:name=rok)--><div class='quotetop'>QUOTE (rok @ Apr 9 2010, 10:57 AM) <{POST_SNAPBACK}><!--quotec-->In retrospect he overpaid, but at the time it was the market price. This is oversimplifying the issue.
I deal with private equity every day. Private company valuations are marked to "market" every quarter. It doesn't mean the valuations are accurate or reflect debt and equity fully. The process of closing on the sale of a baseball franchise has a time lag embedded into it. Ricketts isn't a fool for paying $800 mil for a team that many thought was worth $900 mil to $1 bil at the time. Then the economy collapsed.
What is your point?<!--QuoteEnd--><!--QuoteEEnd-->
Recall the Tribune was attempting to bring new parties into the Cubs sale as late as last year. If the agreed upon sale price was overvalued, have a hard time believing that the seller would still be attempting to find another a new buyer to purchase at an even greater overvalued price?
It comes down to what's more likely: the Cubs value has decreased by $119 MM or Forbes valuation methodology is faulty?
<!--QuoteEnd--></div><!--QuoteEEnd-->
I gotta go with the notion that Forbes is just talking about the team and the Ricketts deal included more than that.
Posts: 14,097
Threads: 90
Joined: Nov 2008
Reputation:
0
<!--quoteo(post=87406:date=Apr 9 2010, 11:10 AM:name=1060Ivy)-->QUOTE (1060Ivy @ Apr 9 2010, 11:10 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=87397:date=Apr 9 2010, 10:57 AM:name=rok)--><div class='quotetop'>QUOTE (rok @ Apr 9 2010, 10:57 AM) <{POST_SNAPBACK}><!--quotec-->In retrospect he overpaid, but at the time it was the market price. This is oversimplifying the issue.
I deal with private equity every day. Private company valuations are marked to "market" every quarter. It doesn't mean the valuations are accurate or reflect debt and equity fully. The process of closing on the sale of a baseball franchise has a time lag embedded into it. Ricketts isn't a fool for paying $800 mil for a team that many thought was worth $900 mil to $1 bil at the time. Then the economy collapsed.
What is your point?<!--QuoteEnd--><!--QuoteEEnd-->
Recall the Tribune was attempting to bring new parties into the Cubs sale as late as last year. If the agreed upon sale price was overvalued, have a hard time believing that the seller would still be attempting to find another a new buyer to purchase at an even greater overvalued price?
It comes down to what's more likely: the Cubs value has decreased by $119 MM or Forbes valuation methodology is faulty?
<!--QuoteEnd--></div><!--QuoteEEnd-->
The Tribune tried to bring in another party but failed to do so. No one was going to pay more than what was a agreed upon originally especially with credit being so tight. A deal would have dragged on for several more months, and who knows what the final price would have looked like.
And Coldneck is most likely right. The method to value the team with a more up-to-date valuation is not the problem, it is trying to strip out the value of the baseball operation that is key. None of us knows the formula, but I stand by what I've said thus far. I think you are confusing paper valuations with market valuations of a deal such as this, especially when huge time lags between agreement and closing exist.
Posts: 3,676
Threads: 119
Joined: Jun 2009
Reputation:
0
<!--quoteo(post=87398:date=Apr 9 2010, 10:59 AM:name=Coldneck)-->QUOTE (Coldneck @ Apr 9 2010, 10:59 AM) <{POST_SNAPBACK}><!--quotec-->Both of you are missing a key detail. The $800+ million purchase price included Wrigley and a share in Comcast Sports Chicago. I'm guessing the listed value is for the Chicago National League Ball Club only.<!--QuoteEnd--><!--QuoteEEnd-->
Give the man a cigar.
Could be make up a significant portion of the difference but no clue as to what Forbes includes or excludes.
Posts: 1,238
Threads: 11
Joined: Nov 2008
Reputation:
0
Maybe we can all team up and buy the Pittsburgh Pirates!
Posts: 2,911
Threads: 67
Joined: Nov 2008
Reputation:
0
<!--quoteo(post=87414:date=Apr 9 2010, 12:22 PM:name=dk123)-->QUOTE (dk123 @ Apr 9 2010, 12:22 PM) <{POST_SNAPBACK}><!--quotec-->Maybe we can all team up and buy the Pittsburgh Pirates!<!--QuoteEnd--><!--QuoteEEnd-->
I could probably come up with 75 cents.
Posts: 3,804
Threads: 111
Joined: Nov 2008
Reputation:
0
For the 3rd game of the season, the Pirates had a paid attendence of around 9,000 people. If a team needs to move or be contracted, it's that one.
Posts: 11,761
Threads: 388
Joined: Oct 2008
Reputation:
0
<!--quoteo(post=87416:date=Apr 9 2010, 11:29 AM:name=ruby23)-->QUOTE (ruby23 @ Apr 9 2010, 11:29 AM) <{POST_SNAPBACK}><!--quotec-->For the 3rd game of the season, the Pirates had a paid attendence of around 9,000 people. If a team needs to move or be contracted, it's that one.<!--QuoteEnd--><!--QuoteEEnd-->
I think Pittsburgh could be a good baseball city (they certainly were in the past). They've just sucked for so long, with no relief or change in sight, that I'm sure it's hard to continue showing up. Even with a cool new ballpark.
Posts: 3,801
Threads: 68
Joined: Dec 2008
Reputation:
0
In all fairness, the 2nd and 3rd games are notoriously bad attendance games league wide.
I hate my pretentious sounding username too.
Posts: 14,097
Threads: 90
Joined: Nov 2008
Reputation:
0
The Sox were rewarded by their glorious fans with an attendance of about 19,000 the other night, and that was the big Peavy game. I know the weather wasn't the best, but come on.
Posts: 11,761
Threads: 388
Joined: Oct 2008
Reputation:
0
<!--quoteo(post=87422:date=Apr 9 2010, 11:56 AM:name=rok)-->QUOTE (rok @ Apr 9 2010, 11:56 AM) <{POST_SNAPBACK}><!--quotec-->The Sox were rewarded by their glorious fans with an attendance of about 19,000 the other night, and that was the big Peavy game. I know the weather wasn't the best, but come on.<!--QuoteEnd--><!--QuoteEEnd-->
I read an article in the Trib last night written by John Kass (I think that's his name). A big douchebag.
I'm not going to post it, but it's about some Sox fan who took his young kid to one of the home games. Maybe the Peavy game -- I'm not sure. Anyway, he took his kid to the bathroom and there were some people fucking in one of the stalls. At some point while they were in the bathroom, the woman busted out of the stall and left, while everyone else cheered the guy on and gave him high fives. The father was left speechless and had a hard time explaining it to his kid.
Anyway, I'm not sure what point Kass was trying to make. He went on a tangent about security guards at the ballpark and raising kids to be Sox fans and something about Daley being a Sox fan. But near the end of the article he made a wisecrack about not taking his kids to Wrigley until they reached "the age of reason."
I'm still unsure why that wisecrack was included in an article about people fucking in the bathroom stall at U.S. Cellular.
I started to write an email to Kass, but it was after midnight and I decided it wasn't worth it.
Posts: 3,801
Threads: 68
Joined: Dec 2008
Reputation:
0
Here's some examples of poor attendance in games 2 & 3:
Rays... <b>15,220 & 16, 191</b> (opening day 36,973)
Rangers... 22,890 & <b>14,707</b> (opening day 50,299)
Royals... <b>10,574 & 10,909 </b>(opening day 40,052)
White Sox... 19,514 & 18,637 (opening day 39,935)
Reds... 28,132 & <b>13,445 </b>(opening day 42,493)
It's not just those teams either. The Mets, Braves, Nationals, and Astros all drew less than half capacities for game 3. Only the Angels, Red Sox and Brewers didn't have drop offs. It's really league wide, and the Pirates make it look worse because they have trouble drawing, period.
I hate my pretentious sounding username too.
Posts: 3,801
Threads: 68
Joined: Dec 2008
Reputation:
0
<!--quoteo(post=87423:date=Apr 9 2010, 10:06 AM:name=Butcher)-->QUOTE (Butcher @ Apr 9 2010, 10:06 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=87422:date=Apr 9 2010, 11:56 AM:name=rok)--><div class='quotetop'>QUOTE (rok @ Apr 9 2010, 11:56 AM) <{POST_SNAPBACK}><!--quotec-->The Sox were rewarded by their glorious fans with an attendance of about 19,000 the other night, and that was the big Peavy game. I know the weather wasn't the best, but come on.<!--QuoteEnd--><!--QuoteEEnd-->
I read an article in the Trib last night written by John Kass (I think that's his name). A big douchebag.
I'm not going to post it, but it's about some Sox fan who took his young kid to one of the home games. Maybe the Peavy game -- I'm not sure. Anyway, he took his kid to the bathroom and there were some people fucking in one of the stalls. At some point while they were in the bathroom, the woman busted out of the stall and left, while everyone else cheered the guy on and gave him high fives. The father was left speechless and had a hard time explaining it to his kid.
Anyway, I'm not sure what point Kass was trying to make. He went on a tangent about security guards at the ballpark and raising kids to be Sox fans and something about Daley being a Sox fan. But near the end of the article he made a wisecrack about not taking his kids to Wrigley until they reached "the age of reason."
I'm still unsure why that wisecrack was included in an article about people fucking in the bathroom stall at U.S. Cellular.
I started to write an email to Kass, but it was after midnight and I decided it wasn't worth it.
<!--QuoteEnd--></div><!--QuoteEEnd-->
Pure class. Wow.
I hate my pretentious sounding username too.
Posts: 14,097
Threads: 90
Joined: Nov 2008
Reputation:
0
<!--quoteo(post=87423:date=Apr 9 2010, 12:06 PM:name=Butcher)-->QUOTE (Butcher @ Apr 9 2010, 12:06 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=87422:date=Apr 9 2010, 11:56 AM:name=rok)--><div class='quotetop'>QUOTE (rok @ Apr 9 2010, 11:56 AM) <{POST_SNAPBACK}><!--quotec-->The Sox were rewarded by their glorious fans with an attendance of about 19,000 the other night, and that was the big Peavy game. I know the weather wasn't the best, but come on.<!--QuoteEnd--><!--QuoteEEnd-->
I read an article in the Trib last night written by John Kass (I think that's his name). A big douchebag.
I'm not going to post it, but it's about some Sox fan who took his young kid to one of the home games. Maybe the Peavy game -- I'm not sure. Anyway, he took his kid to the bathroom and there were some people fucking in one of the stalls. At some point while they were in the bathroom, the woman busted out of the stall and left, while everyone else cheered the guy on and gave him high fives. The father was left speechless and had a hard time explaining it to his kid.
Anyway, I'm not sure what point Kass was trying to make. He went on a tangent about security guards at the ballpark and raising kids to be Sox fans and something about Daley being a Sox fan. But near the end of the article he made a wisecrack about not taking his kids to Wrigley until they reached "the age of reason."
I'm still unsure why that wisecrack was included in an article about people fucking in the bathroom stall at U.S. Cellular.
I started to write an email to Kass, but it was after midnight and I decided it wasn't worth it.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I fucking hate Kass. He's one of these writers who believes he is so witty, righteous and cynical, yet is completely unaware of how crude and one-dimensional his opinions actually are. He is in the same league of pretentious media douchebags as Sully and Morrissey.
Posts: 2,894
Threads: 72
Joined: Dec 2008
Reputation:
0
<!--quoteo(post=87416:date=Apr 9 2010, 11:29 AM:name=ruby23)-->QUOTE (ruby23 @ Apr 9 2010, 11:29 AM) <{POST_SNAPBACK}><!--quotec-->For the 3rd game of the season, the Pirates had a paid attendence of around 9,000 people. If a team needs to move or be contracted, it's that one.<!--QuoteEnd--><!--QuoteEEnd-->
What's too bad is that they have a beautiful new stadium. I haven't been there, but many who have consider to be among the very best ballparks in MLB.
I think Butch is right; they have a fanbase somewhere there. Lord knows that they worship the Steelers.
If you had $289 Mil, now would probably be a good time to buy the Pirates. They're trying to rebuild the right way (as opposed to their old way of throwing money at 35 year old vets...the KC Royals current method), and they have a nice new park and a great tradition/history.
There's nothing better than to realize that the good things about youth don't end with youth itself. It's a matter of realizing that life can be renewed every day you get out of bed without baggage. It's tough to get there, but it's better than the dark thoughts. -Lance
Posts: 2,911
Threads: 67
Joined: Nov 2008
Reputation:
0
<!--quoteo(post=87535:date=Apr 9 2010, 04:22 PM:name=KBwsb)-->QUOTE (KBwsb @ Apr 9 2010, 04:22 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=87416:date=Apr 9 2010, 11:29 AM:name=ruby23)--><div class='quotetop'>QUOTE (ruby23 @ Apr 9 2010, 11:29 AM) <{POST_SNAPBACK}><!--quotec-->For the 3rd game of the season, the Pirates had a paid attendence of around 9,000 people. If a team needs to move or be contracted, it's that one.<!--QuoteEnd--><!--QuoteEEnd-->
What's too bad is that they have a beautiful new stadium. I haven't been there, but many who have consider to be among the very best ballparks in MLB.
I think Butch is right; they have a fanbase somewhere there. Lord knows that they worship the Steelers.
If you had $289 Mil, now would probably be a good time to buy the Pirates. They're trying to rebuild the right way (as opposed to their old way of throwing money at 35 year old vets...the KC Royals current method), and they have a nice new park and a great tradition/history.
<!--QuoteEnd--></div><!--QuoteEEnd-->
Their owner will not sell. Mark Cuban has tried to buy them and he said the team is not for sale.
|
