Tampabear
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From Forbes:
Padres Fans Should Thank Jerry Reinsdorf For James Shields And Matt Kemp
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Three years ago, Chicago White Sox owner Jerry Reinsdorf rallied enough baseball owners to prevent Jeff Moorad from buying control of the San Diego Padres from John Moores. Moorad, who at the time owned just under 50% of the team, knew he was not going to get the 22 MLB owners needed for approval so he withdrew his offer.
Reinsdorf’s concern: Moorad would use a substantial portion of the team’s new cable deal with Fox Sports to complete the purchase, thereby hurting the team’s ability to sign talent.
Five months after Moorad withdrew his offer, the Padres were sold for $800 million to a group led by Ron Fowler and the O’Malley family. The deal included the team’s 20% ownership interest in the new regional sports channel Fox Sports San Diego. In 2012, the Padres began raking in an average rights fee of $50 million a year from their new agreement with Fox Sports, about double their previous arrangement.
Maybe Reinsdorf was right.
The team’s recent signing indicate the Padres are using the cable money to build a winner rather than finance the purchase of the team. ESPN reports today that The Padres have reached an agreement with free-agent pitcher James Shields on a four-year deal that will pay him in the range of $75 million. The deal would set the record for largest contract issued in Padres history. Last month the Padres traded for Los Angeles Dodgers slugger Matt Kemp, paying $75 million of the $107 million remaining on the outfielder’s contract.
If the Padres, who have not had a winning season since 2010, should make the postseason this year, the credit should certainly go to the new owners–with an assist to Reinsdorf.
Maybe old news to some of you but I don't remember this.
Padres Fans Should Thank Jerry Reinsdorf For James Shields And Matt Kemp
Comment Now
Follow Comments
Three years ago, Chicago White Sox owner Jerry Reinsdorf rallied enough baseball owners to prevent Jeff Moorad from buying control of the San Diego Padres from John Moores. Moorad, who at the time owned just under 50% of the team, knew he was not going to get the 22 MLB owners needed for approval so he withdrew his offer.
Reinsdorf’s concern: Moorad would use a substantial portion of the team’s new cable deal with Fox Sports to complete the purchase, thereby hurting the team’s ability to sign talent.
Five months after Moorad withdrew his offer, the Padres were sold for $800 million to a group led by Ron Fowler and the O’Malley family. The deal included the team’s 20% ownership interest in the new regional sports channel Fox Sports San Diego. In 2012, the Padres began raking in an average rights fee of $50 million a year from their new agreement with Fox Sports, about double their previous arrangement.
Maybe Reinsdorf was right.
The team’s recent signing indicate the Padres are using the cable money to build a winner rather than finance the purchase of the team. ESPN reports today that The Padres have reached an agreement with free-agent pitcher James Shields on a four-year deal that will pay him in the range of $75 million. The deal would set the record for largest contract issued in Padres history. Last month the Padres traded for Los Angeles Dodgers slugger Matt Kemp, paying $75 million of the $107 million remaining on the outfielder’s contract.
If the Padres, who have not had a winning season since 2010, should make the postseason this year, the credit should certainly go to the new owners–with an assist to Reinsdorf.
Maybe old news to some of you but I don't remember this.