Tensions between ownership and the players are rough right now, as the two sides struggle to come together on terms to get games going. While the players want more games and a full prorated salary, owners seem to want fewer games and less money paid. The Dodgers’ Justin Turner had enough this week.
After St Louis Cardinals’ owner Bill DeWitt stated that owning a team ‘isn’t very profitable’, Turner had to speak up. The Dodgers’ captain took to Twitter today to point out a number of things wrong with DeWitt’s statement through excerpts from a Baseball Prospectus editorial.
The Cardinals, per Forbes, were worth $2.2 billion in March. That’s a compound annual growth (CAGR) rate of 11.8 percent on the $150 million investment.
— Justin Turner (@redturn2) June 10, 2020
Turner went on in a lengthy statement that continued or several tweets talking about the flaws in Dewitt’s statements.
Point being: DeWitt has been earning outsized returns, year after year after year, for 24 years. Oh, and about the $150 million he paid for the Cardinals—he got half of that back within a year, selling four parking garages received in the club’s purchase for $75 million. So take those outsized returns and double them, if you’d like. Bill DeWitt has earned returns on his baseball investment that are far, far higher than anyone outside his financial class could reasonably expect.
To say that Dewitt’s comments were untimely would be an understatement. The Dodgers’ captain knows that now is certainly not a good time for owners to be telling the media that they don’t make any money, especially when they’re trying to pay players 33 percent of their salaries and cutting minor league players.