[新聞] Financial Pitch for A-Rod

[tsaimatt (這學期功課比較重)]

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.

資料來源:www.wsj.com

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◆ From: 24.0.43.111
推 redsnipertd:...這篇講認真的嗎..
推 birdy590:我記得這不是禁止的?
推 l3x18999:interesting idea, 據我所知球員不可以擁有球隊股份,但是
→ l3x18999:這篇應該是想要把股權defer到未來支付吧. 滿有意思的, 但
→ l3x18999:這合約一定要經過工會跟Selig的首肯,我想大部分老闆恐怕
→ l3x18999:不想把一個FA signing搞這麼複雜
推 kaky:就算是到未來，那代表A-rod應該會在該隊呆到退休?不然跳槽打
→ kaky:自己擁有的球隊嗎?!
推 CGary:這次開10-12年,就差不多是退休年紀了....
推 cloudsub:延到未來支付，實質上跟現在支付並無不同吧?不然在這之間
→ cloudsub:球隊易主，那些股份不就只能任人擺布