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Money & The Cubs: What Does Winning Mean?
Written by wrigleyville   
Friday, 06 June 2008
With the Cubs holding the best record in baseball (for now), The Wall Street ponders what this will do to the sale price. They checked in with Andrew Zimbalist, a sports economist at Smith College who uses the word "augur" twice - a first for Wrigleyville23:

Deal Journal: Does the fact the Cubs have the best record in baseball increase their value in a sale?

Mr. Zimbalist: Assuming other things are equal and the Cubs do well, does that raise the franchise value? I think the answer to that is yes. We all know that in the past the Cubs have spent a lot of money on bad teams, as well as a lot of money on mediocre teams. This year if they are spending a lot of money on a good team, it not only augurs well for this year in terms of revenue generation, it augurs well for the future because they will have the sam talent more or less available next year.

If you are a buyer, you are going to estimate what kind of net income you are going to have for the next 20 to 30 years and you discoutn that back to the present. And if they have at the current payroll a winning team rather than a losing team that gives you more net income this year and more net income for a few years into the future. Hence it increases the value of the club. So yes, it does improve that.

In the second question, they ask about the value of winning a World Series. Mr. Zimbalist says a World Series win would generate buzz and "sex appeal," but that potential buyers are all hard-nosed businessmen.

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