Terrible Deal!


The Dodgers were just purchased by an investment group led by Magic Johnson for $2 billion. This is an absolutely terrible fucken deal.

$2 billion is way too much money for that team, which was appraised about a year ago for $800 million. Yeah, new teevee deals, but not worth that much more.

Also, the former owner Frank McCourt has retained a substantial amount of the valuable land and parking lots that surround Dodger Stadium, which is an old decrepit shittehole and not the kind of cash cow like the new ballparks Yankee Stadium, Mets Stadium, Phillies Stadium, etc, with huge amounts of luxury boxes and awesome food, drink, and other opportunities for fans to be separated from their cash.

My guess–without knowing the details of the arrangements among the investors in Johnson’s group–is that Johnson and a few serious big money people are general partners and will be taking out profits early and often have roped in a shittetonne of limited partners who will not be taking out profits ever, if at all, and are just starstruck sort-of-rich motherfuckers who allowed the fantasy of “owning a baseball team” to lead them into a horrendous business deal that is nothing more than a wealth transfer from them to a handful of super-rich motherfuckers.

Oh, and BTW, guess who is gonna have to foot a lot of the bill for this absurd purchase price? Here’s a hint: What do you think is gonna happen to ticket, food, and beer/booze prices at Dodger Stadium in the wake of this deal?

Comments

  1. Stacy says

    a horrendous business deal that is nothing more than a wealth transfer from them to a handful of super-rich motherfuckers.

    Oh, and BTW, guess who is gonna have to foot a lot of the bill for this absurd purchase price?

    Reading David Cay Johnston’s Free Lunch has taught me that “wealth transfer to a handful of super-rich motherfuckers” is exactly what all major sports team/stadium deals are.

    And one way or another, the local taxpayers WILL foot the bill.

    Dodger Stadium, which is an old decrepit shittehole and not the kind of cash cow like the new ballparks Yankee Stadium, Mets Stadium, Phillies Stadium, etc, with huge amounts of luxury boxes and awesome food, drink, and other opportunities for fans to be separated from their cash

    Cash cows which of course milk the surrounding communities to feed the rich mofos who own the teams. I kinda like old Dodger Stadium (I’m an Angeleno, though not a big sports fan)–I’m not the least bit concerned about the rich suckers who may lose a bit on this deal or the other rich mofos who have to attend Dodger home games sans luxury sky boxes.

  2. slc1 says

    At one time, Dodger Stadium was the nicest ballpark in the major leagues; back when the O’Malleys owned the team. they put a lot of effort into keeping it up. After the team was sold to motherfucker Murdock and later to McCourt, the place was allowed to run down. Currently, it is the 3rd oldest stadium in the majors, behind Wrigley Field and Fenway Park.

    It would not surprise me if the new owners are thinking in terms of a new stadium in downtown LA with the land on which Dodger Stadium currently sits being sold to developers. The worst part of this deal is that, apparently, McCourt still owns the parking lots and some land adjacent to the site. If the deal had included the parking lots, the price might have made some sense as a speculative investment for development.

  3. Aquaria says

    They’re spending that much just to own it? They need almost that much to make the team a viable contender for anything. They have nothing but holes in their pitching staff after Kershaw (and, to an extent, Lilly), and they’re going to have to get past the Giants, who have very, very few holes in their pitching staff (other than Zito). Worse, their positions players are two decent players (Kemp and Ethier), and a bunch of underachieving frauds or incompetent buffoons making a joke of position playing (I’m looking at you, ba-Loney).

    Not that I mind the bums being a bunch of losing bums, as a Giants fan, but sheesh.

    And you’re right about Loser Stadium. It’s a dump. Worse, far too many of the “fans” who attend the games (in pitifully few numbers) are either idiots who know zero about the game (put down the fucking beach balls and watch the goddamned game!), or they’re thugs.

    Murdoch and McCourt destroyed a storied franchise and took a steaming dump on it. How are we supposed to hate the Dodgers if they seem determined to join the 5A of Houston, Pittsburgh and Oakland?

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