After making $10M in budget cuts and dismissing about a
dozen staffers, the D'Backs "will break even" next season
without having to cut its $82M player payroll, according to
Westhead & Basken of BLOOMBERG NEWS. The cuts come as some
"investment bankers and analysts said the team might have
trouble borrowing more money because of recent financial
troubles." Managing General Partner Jerry Colangelo: "I'm
not concerned about meeting financial obligations. We've
addressed our financial situation through budget cuts, and
my partners knew that cash calls were part of the
commitment. With the changes we've made, we can be at least
break-even next season" (BLOOMBERG NEWS, 12/8).
RED SOX: While former Penguins co-Owner Roger Marino
has made a bid for the Red Sox, in Boston, Beth Healy wrote,
"To some people watching the course of the Red Sox sale,
Marino's experience in Pittsburgh is a strike against his
bidding successfully on the Sox. Others think he has a
strong chance to be among the short list of bidders,
particularly if he's teamed with other high-profile business
people" (BOSTON GLOBE, 12/10). Also in Boston, Scott Van
Voorhis notes that Red Sox execs "appear to be breaking from
a standard practice" in the team's sale, as they have yet to
bring on an investment bank to handle the sale. Red Sox
Counsel Justin Morreale said that members of the team's
firm, Bingham Dana, will "be taking care of functions
typically handled by investment professionals." Morreale:
"My guess is we will (hire an investment banker) but it will
be much later in the process. We don't need a banker at
this time" (BOSTON HERALD, 12/11). Morreale, on the status
of applications to buy the team, "We have upward of 50
interested parties who have asked for applications and we
know there are going to be more. We don't know yet when we
will shut off the first phase and get on to the next. ... No
one has been approved yet by the Major Leagues to be shown
the team's financial data" (BOSTON GLOBE, 12/9). ESPN's
Peter Gammons, on the Red Sox being active players in the
free agent market this off-season: "It's the investment in
the future. They're saying ... 'This club's going to be
sold in the next 14 months.' If this club is good with a
huge ticket raise, the fans [will] keep coming in. They
think it'll help them with their next [local TV] deal. So,
they're saying, 'What the heck. The next owner can pay for
it.' They'll be competitive" ("Baseball Tonight," 12/8).
