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Wednesday, May 06, 2020

Baseball is bracing for an economic hit. The only question is how bad it will be.

..“We’re going to lose billions of dollars this year, no matter what,” said one high-ranking baseball official, who, like others interviewed for this story, spoke on the condition of anonymity to freely discuss internal matters. “People don’t realize the magnitude of the losses, but they’re huge.”..

...A high-ranking baseball official confirmed the Marlins are “behind the 8-ball” due largely to their debt but predicted all 30 teams “should be okay.” Some teams, the official said, are “maxing out” credit lines and taking on more debt. Forbes reported Friday that MLB “modestly” increased its leaguewide lending capacity for individual teams…

As much as I love the sport, I find it difficult to shed tears for billionaires who milk the public for stadium subsidies and tax breaks.  And now back to my garden and streaming concert replays.

NattyBoh Posted: May 06, 2020 at 02:33 PM | 10 comment(s) Login to Bookmark
  Tags: coronavirus, covid-19, finances

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   1. Rally Posted: May 10, 2020 at 08:55 AM (#5949151)
How are the Marlins in so much trouble? Their attendance drop so far for 2020 is only about 2 people per game.
   2. McCoy Posted: May 10, 2020 at 08:57 AM (#5949152)
Bad
   3. majorflaw Posted: May 10, 2020 at 11:48 AM (#5949175)
“The only question is how bad it will be.”

Well, no. A more interesting question is: Which pockets will absorb the loss?
   4. Jose Needs an Absurd Ukulele Concert Posted: May 10, 2020 at 11:53 AM (#5949177)
Is there an industry that couldn’t replace “baseball” at the front of that headline? If baseball teams and MLB in general are having financial difficulties that sucks but it also reflects poor business practices more than anything else. The money they are raking in if they can’t keep their businesses prepared for this situation that’s on them. The businesses I feel bad for are the small places in the vicinity of a lot of the stadiums that depend on the fans coming to the park 81 times a year. The little pizza joint on the corner, the burger place down the street, that great bar with the waitress that has been there since 1952, every city has these places. You go there on June 12th at 5PM you can’t get served until about 6:30, you go there on November 12th with a party of 8 and each person gets their own table.
   5. The Yankee Clapper Posted: May 10, 2020 at 03:42 PM (#5949208)
. . . that great bar with the waitress that has been there since 1952 . . .
Assuming she had to be 21 to work in a bar in 1952, Jose’s favorite waitress is now at least 89 years old. Not that there is anything wrong with that.
   6. Jose Needs an Absurd Ukulele Concert Posted: May 10, 2020 at 04:06 PM (#5949210)
GGILF
   7. Barry`s_Lazy_Boy Posted: May 10, 2020 at 04:26 PM (#5949214)
99% of businesses are gonna have a bad bad bad bad year.

Will it be a really bad recession, or an actual depression?
   8. Ron J Posted: May 10, 2020 at 05:43 PM (#5949226)
#7 I'm betting recession.
   9. Sunday silence: Play Guess How long season lasts Posted: May 10, 2020 at 08:49 PM (#5949258)
If they were to keep making stimulus payments as per the DEM suggestion of 2k per month per person, could they not keep the status quo for some time? Sort of. I mean of course hospitality and food services and places like that would still be wiped out, but over all wouldnt the economy be in position to bounce back to where it was? I know next to nothing about eco so Im guessing.
   10. Jay Seaver Posted: May 10, 2020 at 09:23 PM (#5949259)
9 - That's the theory and, more or less, what most other democracies are doing, basically hitting pause and incentivizing people to stay in and not work while testing and tracing is spun up, in some cases directly or indirectly subsidizing other industries (empty hotels being used for quarantine, for instance). It can't be the only part of the plan - some are also calling for rent freezes, for instance - but it's tough for that to gain traction in the U.S. where we seem to have a lot of cultural forces that push people to refuse a benefit if it would also go to people who they think don't deserve it.

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