Credit Crunch sings "Take Me Out to the Ballgame"

[marmar]

from Bloomberg:



Baseball Hit by Money Crisis as Phillies-Rays Series Sells Out

By Danielle Sessa

Oct. 22 (Bloomberg) -- Baseball is counting pennies on everything from seats to sponsorships as it prepares to play next season in an economic slowdown.

With the Philadelphia Phillies and Tampa Bay Rays about to open the World Series tonight at sold-out Tropicana Field, three other teams -- the San Francisco Giants, Seattle Mariners and Cincinnati Reds -- are freezing the cost of tickets for 2009. The Washington Nationals, Oakland Athletics and San Diego Padres have lowered tickets by as much as 25 percent.

The credit crunch and fallout from the Standard & Poor's 500 Index falling 35 percent for the year is also hurting corporate sponsorship. The Mariners lost Washington Mutual Inc. after it was saved by JPMorgan Chase & Co., and the Arizona Diamondbacks need to find an advertiser on the pool in the right-field stands after Riviera Pools filed for bankruptcy.

``The economy has become an agenda item in planning meetings across sports, and certainly here in Arizona, we have spent a fair amount of time internally discussing various ramifications,'' said Jeff Moorad, the Diamondbacks' chief executive officer. ``We have already seen some impact and are bracing for more.''

Major League Baseball is planning to hold meetings after the World Series to discuss the best way for teams to operate in an economic slump. The sport this season had record revenue of $6.5 billion and attendance 1 percent below the all-time high set last year, said Bob DuPuy, the league's president.

Consumers are slashing spending and cutting back borrowing amid falling home prices and increasing job losses. U.S. retail sales dropped for the third straight month in September and a gauge of consumer confidence fell the most on record in October. Economists are predicting a global recession. ......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601079&sid=aKSwoCFgHmnk&refer=home

[Auggie]

1. Gee, think the players would agree to a salary cut?

I think someone earning $5 million a year could afford a reduction in pay of 5 to 10%.

I've had to lower my freelance fees significantly. Lots of other people are losing their jobs. Why can't professional athletes join the fun?

[cboy4]

2. BWHAHAHAHAHAHAHAHAHAHAHAHAHAHA

BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

Yea, that'll happen. :rofl:

[hughee99]

3. Why should they?

They signed a deal to play for a set amount. Why should they have to take less because they economy is down? So the owner won't lose money on the team for a few years? It's the players job to go out and perform, it's the owners job to put the best team he can on the field in a financially responsible way. In 5 years when the player is out of baseball, and the owners team is having a really good year, is the owner going to send him a check?