作者tsaimatt (这学期功课比较重)
看板NY-Yankees
标题[新闻] Financial Pitch for A-Rod
时间Wed Oct 31 11:24:01 2007
Leave it to Alex Rodriguez to steal the thunder from this year's World Series
winner, the Boston Red Sox. That is a testament to the 32-year-old third
baseman's mold-breaking career. As he prepares to leave the New York Yankees,
he should consider breaking yet another record -- a financial one.
A-Rod already is the highest-paid Major League Baseball player. Yet he wants
more than the $252 million 10-year deal he had. That won't be easy, given
that the Yankees sport the league's largest payroll. But there is a way for
A-Rod to get what he wants by taking a page out of Wall Street's playbook and
accepting a form of deferred compensation.
Scott Boras, A-Rod's uber-agent, appears to be gunning for a $300 million,
10-year deal. To figure out the present value of that future earnings stream,
one should apply an adequate discount rate reflecting the time value of
money, as well as any risks associated with A-Rod, such as the chance of an
injury. Assuming an annual 10% discount rate, A-Rod's contract would cost
$200 million in today's money.
That is an awful lot for any team without the Yankees' payroll to commit to.
But what if, as with a Wall Street firm, a chunk of it came in the form of
equity? Such risk-sharing might be attractive for some team owners, though
the compensation might need to be deferred to comply with league rules. Such
a deal wouldn't be unprecedented in sports. The National Hockey League found
a way to let Pittsburgh Penguins part-owner Mario Lemieux play.
Of course, a team boss like the Yankees' George Steinbrenner isn't likely to
want to share ownership with a player. But there is at least one team in
search of new proprietors that might: the Chicago Cubs. The team being sold
by Sam Zell's Tribune Co. is expected to fetch at least $600 million.
If A-Rod were to convert 40% of the present value of his contract into an
eventual ownership position, he could wind up with about 13% of the Cubs. Of
course, for that bet to pay off for A-Rod, the value of the Wrigleyville
franchise would need to more than double over 10 years. But with A-Rod in the
position to break all manner of hitting records, that isn't out of the realm
of possibility.
资料来源:www.wsj.com
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※ 发信站: 批踢踢实业坊(ptt.cc)
◆ From: 24.0.43.111
1F：推 redsnipertd:...这篇讲认真的吗.. 10/31 11:26
2F：推 birdy590:我记得这不是禁止的? 10/31 11:27
3F：推 l3x18999:interesting idea, 据我所知球员不可以拥有球队股份,但是 10/31 11:38
4F：→ l3x18999:这篇应该是想要把股权defer到未来支付吧. 满有意思的, 但 10/31 11:39
5F：→ l3x18999:这合约一定要经过工会跟Selig的首肯,我想大部分老板恐怕 10/31 11:40
6F：→ l3x18999:不想把一个FA signing搞这麽复杂 10/31 11:42
7F：推 kaky:就算是到未来，那代表A-rod应该会在该队呆到退休?不然跳槽打 10/31 12:58
8F：→ kaky:自己拥有的球队吗?! 10/31 12:59
9F：推 CGary:这次开10-12年,就差不多是退休年纪了.... 10/31 13:30
10F：推 cloudsub:延到未来支付，实质上跟现在支付并无不同吧?不然在这之间 10/31 17:54
11F：→ cloudsub:球队易主，那些股份不就只能任人摆布 10/31 17:55