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	<title>Comments on: What if Albert Pujols becomes Mark Teixeira?</title>
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	<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/</link>
	<description>Brian Walton&#039;s news and commentary on the St. Louis Cardinals (TM) and their minor league system</description>
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		<title>By: Two years of Albert Pujols age and contract coverage &#124; The Cardinal Nation blog</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-39647</link>
		<dc:creator>Two years of Albert Pujols age and contract coverage &#124; The Cardinal Nation blog</dc:creator>
		<pubDate>Sat, 10 Dec 2011 16:28:39 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-39647</guid>
		<description>[...] signed Matt Holliday, I explained the merits of trying to extend Pujols at that time as well. “What if Albert Pujols becomes Mark Teixeira?” – I looked at a comparable situation to see what the Cardinals might land in trade if they [...]</description>
		<content:encoded><![CDATA[<p>[...] signed Matt Holliday, I explained the merits of trying to extend Pujols at that time as well. “What if Albert Pujols becomes Mark Teixeira?” – I looked at a comparable situation to see what the Cardinals might land in trade if they [...]</p>
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		<title>By: CariocaCardinal</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8193</link>
		<dc:creator>CariocaCardinal</dc:creator>
		<pubDate>Mon, 11 Jan 2010 22:40:09 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8193</guid>
		<description>A general question that I dont really have an answer to - how much will Mauer&#039;s contract affect Pujol&#039;s contract?</description>
		<content:encoded><![CDATA[<p>A general question that I dont really have an answer to &#8211; how much will Mauer&#8217;s contract affect Pujol&#8217;s contract?</p>
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		<title>By: CariocaCardinal</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8176</link>
		<dc:creator>CariocaCardinal</dc:creator>
		<pubDate>Mon, 11 Jan 2010 05:17:08 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8176</guid>
		<description>I didn&#039;t think anyone even used win shares anymore (everyone uses WAR now days).   Interesting though that his crude analysis shows us as the best in the division even without Pujols and better than the Cubs without Pujols or Holliday.</description>
		<content:encoded><![CDATA[<p>I didn&#8217;t think anyone even used win shares anymore (everyone uses WAR now days).   Interesting though that his crude analysis shows us as the best in the division even without Pujols and better than the Cubs without Pujols or Holliday.</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8175</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Mon, 11 Jan 2010 04:26:34 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8175</guid>
		<description>Haven&#039;t paid attention to the Chapman thing.  I would guess they are looking to turn a profit.  So far I haven&#039;t noticed the Reds getting better with Jockety.  

Getting fired by Albert would be high profile where ever he&#039;s playing.</description>
		<content:encoded><![CDATA[<p>Haven&#8217;t paid attention to the Chapman thing.  I would guess they are looking to turn a profit.  So far I haven&#8217;t noticed the Reds getting better with Jockety.  </p>
<p>Getting fired by Albert would be high profile where ever he&#8217;s playing.</p>
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		<title>By: WestCoastbirdWatcher</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8174</link>
		<dc:creator>WestCoastbirdWatcher</dc:creator>
		<pubDate>Mon, 11 Jan 2010 03:59:17 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8174</guid>
		<description>Its likely the the BHSC guys see Pujols as a loose cannon.  They want him in a large Market.....NY..Boston..LA........just because it would enhance their endorsement business which no doubt would be much more lucrative than their salary percentage.  There prediction of hanky panky by the Cards concerning Albert s elbow, and then proving it on their dime likely has Albert believing everything they say.  Who knows how knows how it will end............BD bought his ticket....  It isn&#039;t going to be his fault.

Did you see the Reds/Walter speculation with Chapman?  Now that&#039;s differed money.</description>
		<content:encoded><![CDATA[<p>Its likely the the BHSC guys see Pujols as a loose cannon.  They want him in a large Market&#8230;..NY..Boston..LA&#8230;&#8230;..just because it would enhance their endorsement business which no doubt would be much more lucrative than their salary percentage.  There prediction of hanky panky by the Cards concerning Albert s elbow, and then proving it on their dime likely has Albert believing everything they say.  Who knows how knows how it will end&#8230;&#8230;&#8230;&#8230;BD bought his ticket&#8230;.  It isn&#8217;t going to be his fault.</p>
<p>Did you see the Reds/Walter speculation with Chapman?  Now that&#8217;s differed money.</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8173</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Mon, 11 Jan 2010 03:40:00 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8173</guid>
		<description>I would think the amount of money coming off the books will matter more than the players availible.  I don&#039;t know what the money teams have coming off next year.  Not enough is my guess. 

 If Boras was willing to yield to reality with Beltre, maybe BHSC will with Pujols.  That guy with the blog at the Belleville paper suggests 30/300.  :)  If it started in 2010 it would give us another $6M for an arm. :)  Thinking outside the box is the point I guess.

Here is some encouragement (I think) from the ChiTrib:

&quot;For comparison&#039;s sake, group eight starters in the field, four starting pitchers and the best four relievers from each team. Then evaluate them strictly on their 2009 performance based on Bill James&#039; measure of Win Shares. The Cardinals are at 230. . . . . . The Brewers are at 180,. . . . . . .The Cubs total a meager 166 . . . .&quot;

http://www.chicagotribune.com/sports/baseball/cubs/chi-10-rogers-inside-baseball-jan10,0,1033848.column</description>
		<content:encoded><![CDATA[<p>I would think the amount of money coming off the books will matter more than the players availible.  I don&#8217;t know what the money teams have coming off next year.  Not enough is my guess. </p>
<p> If Boras was willing to yield to reality with Beltre, maybe BHSC will with Pujols.  That guy with the blog at the Belleville paper suggests 30/300.  <img src='http://thecardinalnationblog.com/wp-includes/images/smilies/icon_smile.gif' alt=':)' class='wp-smiley' />   If it started in 2010 it would give us another $6M for an arm. <img src='http://thecardinalnationblog.com/wp-includes/images/smilies/icon_smile.gif' alt=':)' class='wp-smiley' />   Thinking outside the box is the point I guess.</p>
<p>Here is some encouragement (I think) from the ChiTrib:</p>
<p>&#8220;For comparison&#8217;s sake, group eight starters in the field, four starting pitchers and the best four relievers from each team. Then evaluate them strictly on their 2009 performance based on Bill James&#8217; measure of Win Shares. The Cardinals are at 230. . . . . . The Brewers are at 180,. . . . . . .The Cubs total a meager 166 . . . .&#8221;</p>
<p><a href="http://www.chicagotribune.com/sports/baseball/cubs/chi-10-rogers-inside-baseball-jan10,0,1033848.column" rel="nofollow">http://www.chicagotribune.com/sports/baseball/cubs/chi-10-rogers-inside-baseball-jan10,0,1033848.column</a></p>
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		<title>By: WestCoastbirdWatcher</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8172</link>
		<dc:creator>WestCoastbirdWatcher</dc:creator>
		<pubDate>Mon, 11 Jan 2010 03:22:50 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8172</guid>
		<description>The Boston contract to Beltre shows that Scottie understood the nature of the agreement with the Yanks.  It obviously is based on the Luxury tax threshold.  The trick option year financing shows that to be true.  

The Market will be stronger next year because of the players.   Whats Jeter suppose to do, leave NY for a better offer?  They will have to pay him to keep the peace.  He already makes 20+.  When Mauer feels the outdoor cold, he will leave.  There are plenty of players to go around.  I think teams will conspire to control prices by agreeing to a players destination.  That happened with Holiday.
The addition of Holiday seriously changes Pujols options.  Add in performance challenges and you are back to players determining there competitive values.  The NY teams have opened their stadiums.  The economy has affected attendance.  NY showed that it could buy a WS.  The greatest available wealth for the owners to compete for is in the hands of the players.  They have drawn first blood.</description>
		<content:encoded><![CDATA[<p>The Boston contract to Beltre shows that Scottie understood the nature of the agreement with the Yanks.  It obviously is based on the Luxury tax threshold.  The trick option year financing shows that to be true.  </p>
<p>The Market will be stronger next year because of the players.   Whats Jeter suppose to do, leave NY for a better offer?  They will have to pay him to keep the peace.  He already makes 20+.  When Mauer feels the outdoor cold, he will leave.  There are plenty of players to go around.  I think teams will conspire to control prices by agreeing to a players destination.  That happened with Holiday.<br />
The addition of Holiday seriously changes Pujols options.  Add in performance challenges and you are back to players determining there competitive values.  The NY teams have opened their stadiums.  The economy has affected attendance.  NY showed that it could buy a WS.  The greatest available wealth for the owners to compete for is in the hands of the players.  They have drawn first blood.</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8171</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Mon, 11 Jan 2010 01:49:17 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8171</guid>
		<description>Scott Boras is smart, but he seems to assume that the market will certainly be better next year, which leads me to believe he does not understand why it was bad this year.

Next winter it will be interesting to see what happens with the Beltres of this winter.  Here is a quote which I think represents the typical thinking:

&quot;Surprisingly, Beltre turned down three-year, $24MM deals from both Oakland and Philadelphia to play in Boston. If he has a big season, however, he should be able to hit free agency and earn far more than $24MM total over the course of 2010-2012. &#039; (S. Adams, MLBTR)

The assumption is the FA market will be better next year.  I don&#039;t claim to know the future, but I can&#039;t understand why that assumption would be made.  I&#039;ve heard it said that Mauer will bring out the big money bidders that didn&#039;t show up for Holliday.  Really?  Why is that?  I think that Mauer has unique value to the Twins like Holliday and Pujols have for the Cards, so he will get the big offer from them.  There will be no 8/180 bidders for the same reason there were not this year.  I have been keeping a good lookout and have seen no reasonable argument as to why next years FA market will be different. The reason is there is no sign the economy and financial markets will be any better.  Inertia will keep things stationary until some force sets the markets rolling again.  It will not happen just due to the passage of time.  

 I&#039;m sure Scottie must have told Beltre and Damon  and some other guys that the market will be better next year.  I wonder if any of them required him to explain why the smart money is on that.</description>
		<content:encoded><![CDATA[<p>Scott Boras is smart, but he seems to assume that the market will certainly be better next year, which leads me to believe he does not understand why it was bad this year.</p>
<p>Next winter it will be interesting to see what happens with the Beltres of this winter.  Here is a quote which I think represents the typical thinking:</p>
<p>&#8220;Surprisingly, Beltre turned down three-year, $24MM deals from both Oakland and Philadelphia to play in Boston. If he has a big season, however, he should be able to hit free agency and earn far more than $24MM total over the course of 2010-2012. &#8216; (S. Adams, MLBTR)</p>
<p>The assumption is the FA market will be better next year.  I don&#8217;t claim to know the future, but I can&#8217;t understand why that assumption would be made.  I&#8217;ve heard it said that Mauer will bring out the big money bidders that didn&#8217;t show up for Holliday.  Really?  Why is that?  I think that Mauer has unique value to the Twins like Holliday and Pujols have for the Cards, so he will get the big offer from them.  There will be no 8/180 bidders for the same reason there were not this year.  I have been keeping a good lookout and have seen no reasonable argument as to why next years FA market will be different. The reason is there is no sign the economy and financial markets will be any better.  Inertia will keep things stationary until some force sets the markets rolling again.  It will not happen just due to the passage of time.  </p>
<p> I&#8217;m sure Scottie must have told Beltre and Damon  and some other guys that the market will be better next year.  I wonder if any of them required him to explain why the smart money is on that.</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8162</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Sun, 10 Jan 2010 21:09:14 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8162</guid>
		<description>Brian, check out my comment  above at 11:20pm.  Albert could make $30M on a one year deal.  But it would have to be a team that believed signing Albert would increase it&#039;s revenue by $30M.  Remember, its all about cash flow in this market.  I don&#039;t believe the market will be any better in two years, and nobody is going to sign a 32 year old Albert for a humungous  long term deal.  Mo should make a reasonable offer, considering that he is uniquely valuable to the Cards, and if he rejects, enjoy his services for two prime years, then talk about again then.</description>
		<content:encoded><![CDATA[<p>Brian, check out my comment  above at 11:20pm.  Albert could make $30M on a one year deal.  But it would have to be a team that believed signing Albert would increase it&#8217;s revenue by $30M.  Remember, its all about cash flow in this market.  I don&#8217;t believe the market will be any better in two years, and nobody is going to sign a 32 year old Albert for a humungous  long term deal.  Mo should make a reasonable offer, considering that he is uniquely valuable to the Cards, and if he rejects, enjoy his services for two prime years, then talk about again then.</p>
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		<title>By: Brian Walton</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8159</link>
		<dc:creator>Brian Walton</dc:creator>
		<pubDate>Sun, 10 Jan 2010 20:46:17 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8159</guid>
		<description>Taking your above post at face value for a moment, bb, could this be a reason for the Yanks spending less this winter on free agents? More importantly, what would it mean to Pujols&#039; value if Teixeira&#039;s and A-Rod&#039;s contracts were really worthless junk bonds? Paying Albert $30-32M as RC suggests he is worth seems badly out of phase.</description>
		<content:encoded><![CDATA[<p>Taking your above post at face value for a moment, bb, could this be a reason for the Yanks spending less this winter on free agents? More importantly, what would it mean to Pujols&#8217; value if Teixeira&#8217;s and A-Rod&#8217;s contracts were really worthless junk bonds? Paying Albert $30-32M as RC suggests he is worth seems badly out of phase.</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8154</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Sun, 10 Jan 2010 20:19:27 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8154</guid>
		<description>BDW at least had time to pull the plug.  Wonder how Steinbrenner and his bondholders like sitting on a brand new stadium that isn&#039;t going to appreciate in value any time soon.  Its probably worth less than it cost.  That $100M or so appreciation per year they were counting on to show return on $1.5Billion investment isn&#039;t happening.  I&#039;ll bet they wish that $1.5B was sitting in the bank earning interest.  Bet they&#039;d trade Tex for a sack of batting practice balls to anybody that would take the contract, A-Rod too.</description>
		<content:encoded><![CDATA[<p>BDW at least had time to pull the plug.  Wonder how Steinbrenner and his bondholders like sitting on a brand new stadium that isn&#8217;t going to appreciate in value any time soon.  Its probably worth less than it cost.  That $100M or so appreciation per year they were counting on to show return on $1.5Billion investment isn&#8217;t happening.  I&#8217;ll bet they wish that $1.5B was sitting in the bank earning interest.  Bet they&#8217;d trade Tex for a sack of batting practice balls to anybody that would take the contract, A-Rod too.</p>
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		<title>By: WestCoastbirdWatcher</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8148</link>
		<dc:creator>WestCoastbirdWatcher</dc:creator>
		<pubDate>Sun, 10 Jan 2010 17:34:27 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8148</guid>
		<description>Ballpark Village seems to be caught up in that environment. After having said for years construction would begin sooner, rather than later (where have I heard that phrase before?), last month BDWIII said it likely won’t get off the ground in 2010 and he has no idea when it will.

If you read carefully Brian, the Cardinal Organization has reserved the right to control the bond sale.  As with the stadium.  They were up to 180 million in subsidies from the city and state.   But that isn&#039;t the point.  Someone very special want to hold those bonds, and he can&#039;t right now.  So they delay.........until the time is right.</description>
		<content:encoded><![CDATA[<p>Ballpark Village seems to be caught up in that environment. After having said for years construction would begin sooner, rather than later (where have I heard that phrase before?), last month BDWIII said it likely won’t get off the ground in 2010 and he has no idea when it will.</p>
<p>If you read carefully Brian, the Cardinal Organization has reserved the right to control the bond sale.  As with the stadium.  They were up to 180 million in subsidies from the city and state.   But that isn&#8217;t the point.  Someone very special want to hold those bonds, and he can&#8217;t right now.  So they delay&#8230;&#8230;&#8230;until the time is right.</p>
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		<title>By: JumboShrimp</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8142</link>
		<dc:creator>JumboShrimp</dc:creator>
		<pubDate>Sun, 10 Jan 2010 13:46:23 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8142</guid>
		<description>BDWIII is just being honest, which is refreshing.  Our leaders are obliged to be positive and to look for silver linings.   Who is going to re-elect them, if as honest as BDWIII?   But there are some genuine difficulties within today&#039;s economic circumstances and not easy choices about how to ameliorate them. 
More happily, we have the escapist world of sports to lift our spirits.  There is still some money to be found for a hard-throwing southpaw, Arnoldis Chapman, from Cuba and now a citizen of the Pyrenees state of Andorra.   He must be promising, if the Red Sox like him.   And he is expensive, if the Red Sox drop out at $15MM.   If Chapman lands $23MM from the Blue Jays, they are being aggressive, since this is 8 times what the Cards gave Shelby Miller, 4 times what Porcello got from the Tigers.  Chapman helps make Matt Holliday seem a wise investment.</description>
		<content:encoded><![CDATA[<p>BDWIII is just being honest, which is refreshing.  Our leaders are obliged to be positive and to look for silver linings.   Who is going to re-elect them, if as honest as BDWIII?   But there are some genuine difficulties within today&#8217;s economic circumstances and not easy choices about how to ameliorate them.<br />
More happily, we have the escapist world of sports to lift our spirits.  There is still some money to be found for a hard-throwing southpaw, Arnoldis Chapman, from Cuba and now a citizen of the Pyrenees state of Andorra.   He must be promising, if the Red Sox like him.   And he is expensive, if the Red Sox drop out at $15MM.   If Chapman lands $23MM from the Blue Jays, they are being aggressive, since this is 8 times what the Cards gave Shelby Miller, 4 times what Porcello got from the Tigers.  Chapman helps make Matt Holliday seem a wise investment.</p>
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		<title>By: Brian Walton</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8141</link>
		<dc:creator>Brian Walton</dc:creator>
		<pubDate>Sun, 10 Jan 2010 13:28:05 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8141</guid>
		<description>Ballpark Village seems to be caught up in that environment. After having said for years construction would begin sooner, rather than later (where have I heard that phrase before?), last month BDWIII said it likely won&#039;t get off the ground in 2010 and he has no idea when it will.</description>
		<content:encoded><![CDATA[<p>Ballpark Village seems to be caught up in that environment. After having said for years construction would begin sooner, rather than later (where have I heard that phrase before?), last month BDWIII said it likely won&#8217;t get off the ground in 2010 and he has no idea when it will.</p>
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		<title>By: JumboShrimp</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8140</link>
		<dc:creator>JumboShrimp</dc:creator>
		<pubDate>Sun, 10 Jan 2010 13:14:43 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8140</guid>
		<description>The Forbes estimate of the value of a franchise is its sale value, under economic conditions assumed by Forbes.  If Forbes estimates $485MM, then maybe this is based on an estimate that the team generates $30MM/yr profit.   
DeWitt and company may have bought the Cardinals cheap.  Busch may have wanted to sell to owners who would keep the team in St Louis and DeWitt&#039;s group may have been the high bidders on a sweet deal.   

In the US economy, there is still potential ahead for continued real estate deflation (residential and commercial alike) and for a surge in inflation (owing to gross overspending by government and Federal Reserve debasing the currency).</description>
		<content:encoded><![CDATA[<p>The Forbes estimate of the value of a franchise is its sale value, under economic conditions assumed by Forbes.  If Forbes estimates $485MM, then maybe this is based on an estimate that the team generates $30MM/yr profit.<br />
DeWitt and company may have bought the Cardinals cheap.  Busch may have wanted to sell to owners who would keep the team in St Louis and DeWitt&#8217;s group may have been the high bidders on a sweet deal.   </p>
<p>In the US economy, there is still potential ahead for continued real estate deflation (residential and commercial alike) and for a surge in inflation (owing to gross overspending by government and Federal Reserve debasing the currency).</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8139</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Sun, 10 Jan 2010 04:50:55 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8139</guid>
		<description>Welcome to the club Westy.  I&#039;ve been talking about the market changing all the rules for quite a while.  In the old days a team didn&#039;t have to have positive cash flow for the same reason investment real estate didn&#039;t have to.  In a market marching ever upward, an asset that doesn&#039;t cash flow is worth having because of the appreciation in value every year.  BDW paid $150M for the team and its worth $485M now.  He has cleaned up even without 1dollar of positive cash flow.  Now its different.  Without reliable yearly appreciation, 100% of return on investment has to come from positive cash flow.  That&#039;s why Epstien and Cashman got cut off.  Moving from the income statement to the balance sheet, if you take on a big debt going out quite a few years, and the appreciation of your assets will cause your equity to go up each year, you are in good shape.    But what happens if the value of your asset does not go up?  How do you avoid having your debt/equity ratio head south?  What happens is you go for 1 or 2 year deals and hope they don&#039;t go sour.  If you are careless and allow your GM to sink your D/E ratio, it affects your credit risk, triggers a rate increase in your stadium bonds,  or whatever you borrowed to buy the team, and you are then drawn and quartered and nailed to the cross.  This is the same basic reason why any kind of business can&#039;t commit to anything long term right now.  My guess is its the $300+M increase in the value of the team since purchase, equity in other words, that is somehow being used to allow BDW to do the MH deal and potentially the AP deal.  John Henry and George S. would not do that even for Pujols.</description>
		<content:encoded><![CDATA[<p>Welcome to the club Westy.  I&#8217;ve been talking about the market changing all the rules for quite a while.  In the old days a team didn&#8217;t have to have positive cash flow for the same reason investment real estate didn&#8217;t have to.  In a market marching ever upward, an asset that doesn&#8217;t cash flow is worth having because of the appreciation in value every year.  BDW paid $150M for the team and its worth $485M now.  He has cleaned up even without 1dollar of positive cash flow.  Now its different.  Without reliable yearly appreciation, 100% of return on investment has to come from positive cash flow.  That&#8217;s why Epstien and Cashman got cut off.  Moving from the income statement to the balance sheet, if you take on a big debt going out quite a few years, and the appreciation of your assets will cause your equity to go up each year, you are in good shape.    But what happens if the value of your asset does not go up?  How do you avoid having your debt/equity ratio head south?  What happens is you go for 1 or 2 year deals and hope they don&#8217;t go sour.  If you are careless and allow your GM to sink your D/E ratio, it affects your credit risk, triggers a rate increase in your stadium bonds,  or whatever you borrowed to buy the team, and you are then drawn and quartered and nailed to the cross.  This is the same basic reason why any kind of business can&#8217;t commit to anything long term right now.  My guess is its the $300+M increase in the value of the team since purchase, equity in other words, that is somehow being used to allow BDW to do the MH deal and potentially the AP deal.  John Henry and George S. would not do that even for Pujols.</p>
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		<title>By: WestCoastbirdWatcher</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8138</link>
		<dc:creator>WestCoastbirdWatcher</dc:creator>
		<pubDate>Sat, 09 Jan 2010 21:36:53 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8138</guid>
		<description>The Market is changing radically.  The world economy is changing radically.  

The commissioner want to do a world championship round with the Japanese?

There are likely to be big changes in the Union/Owners contract coming up after 2011  The conservatives aren&#039;t going to want the oval office again for a while with Obama doing everything they want anyway.  The climate for record contracts is over.

Do you think Albert&#039;s agents want him to become the poster boy in the upcoming struggle between players and owners.  Hell know.  The owners created the rapid inflation they desired when they had political control.  The have the ticket prices they want, and the concession prices they want, and the TV revenue they want.  They will draw back now and start collecting the profits.  NY and Boston just showed that they can sacrifice for the benefit of the owners.

Even if Albert hit FA, the Cardinals aren&#039;t out of it with current market forecasts.  They might even save money if they go that route and just bid along with everyone else...........................  Pujols would be smart to take 8/200 right now as that is probably as good as he&#039;s ever going to  get.........if he plays well this year and next that is.  BD would go for it because the president for differing salary is already set by the Holiday deal.  BD would love to save 4 or 5 mill a year to be paid later.

Brian, I believe Atlanta thought that Tex was a good old boy...............oops!  The only possible trade for Albert would be Tex and 30/40 million.  Boras would need some greasing to get him to convince Tex to wave his know trade.  We would be unbeatable with a switch hitter in the 3 slot.   So would the Yankees though.

&quot;Do not underestimate the powers of the commissioner, young Brian&quot;.  (Return of the Jedi)

The A-Rod PED&#039;s leak........also including David Ortiz.........shows some control with respect to fairness.  He might not be the source....but he knows who it is........and likely has some influence.</description>
		<content:encoded><![CDATA[<p>The Market is changing radically.  The world economy is changing radically.  </p>
<p>The commissioner want to do a world championship round with the Japanese?</p>
<p>There are likely to be big changes in the Union/Owners contract coming up after 2011  The conservatives aren&#8217;t going to want the oval office again for a while with Obama doing everything they want anyway.  The climate for record contracts is over.</p>
<p>Do you think Albert&#8217;s agents want him to become the poster boy in the upcoming struggle between players and owners.  Hell know.  The owners created the rapid inflation they desired when they had political control.  The have the ticket prices they want, and the concession prices they want, and the TV revenue they want.  They will draw back now and start collecting the profits.  NY and Boston just showed that they can sacrifice for the benefit of the owners.</p>
<p>Even if Albert hit FA, the Cardinals aren&#8217;t out of it with current market forecasts.  They might even save money if they go that route and just bid along with everyone else&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;  Pujols would be smart to take 8/200 right now as that is probably as good as he&#8217;s ever going to  get&#8230;&#8230;&#8230;if he plays well this year and next that is.  BD would go for it because the president for differing salary is already set by the Holiday deal.  BD would love to save 4 or 5 mill a year to be paid later.</p>
<p>Brian, I believe Atlanta thought that Tex was a good old boy&#8230;&#8230;&#8230;&#8230;&#8230;oops!  The only possible trade for Albert would be Tex and 30/40 million.  Boras would need some greasing to get him to convince Tex to wave his know trade.  We would be unbeatable with a switch hitter in the 3 slot.   So would the Yankees though.</p>
<p>&#8220;Do not underestimate the powers of the commissioner, young Brian&#8221;.  (Return of the Jedi)</p>
<p>The A-Rod PED&#8217;s leak&#8230;&#8230;..also including David Ortiz&#8230;&#8230;&#8230;shows some control with respect to fairness.  He might not be the source&#8230;.but he knows who it is&#8230;&#8230;..and likely has some influence.</p>
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		<title>By: Brian Walton</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8137</link>
		<dc:creator>Brian Walton</dc:creator>
		<pubDate>Sat, 09 Jan 2010 19:57:48 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8137</guid>
		<description>WC, Tex and Holliday were each traded twice without extensions. AP could, too.

bb, gotta keep Holliday’s present day value under Albert’s $16 million. Also, no-trade protection is far from absolute. It gives the player two things. The ability to: 1) Determine where he will go and 2) Squeeze out some more cash for waiving his right. Once it is clear they are no longer wanted, few players want to remain. Halladay and Peavy are a couple of recent examples. Both had NTCs so could wait until trades suited them.</description>
		<content:encoded><![CDATA[<p>WC, Tex and Holliday were each traded twice without extensions. AP could, too.</p>
<p>bb, gotta keep Holliday’s present day value under Albert’s $16 million. Also, no-trade protection is far from absolute. It gives the player two things. The ability to: 1) Determine where he will go and 2) Squeeze out some more cash for waiving his right. Once it is clear they are no longer wanted, few players want to remain. Halladay and Peavy are a couple of recent examples. Both had NTCs so could wait until trades suited them.</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8136</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Sat, 09 Jan 2010 19:14:04 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8136</guid>
		<description>&quot;Union: Present-day value of Holliday deal $113.6M or $16.2M per yr. Agent: Cards see p-d value as lower. Team uses different discount rate. &quot;
about 4 hours ago from txt 
Ken_Rosenthal
Ken Rosenthal</description>
		<content:encoded><![CDATA[<p>&#8220;Union: Present-day value of Holliday deal $113.6M or $16.2M per yr. Agent: Cards see p-d value as lower. Team uses different discount rate. &#8221;<br />
about 4 hours ago from txt<br />
Ken_Rosenthal<br />
Ken Rosenthal</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8135</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Sat, 09 Jan 2010 19:10:44 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8135</guid>
		<description>Let us set up a scale of justice.  On one side we place two years of Albert Pujols squarely in his prime, with Holliday hitting behind him and, depending on the new CBA, throw in two high picks.  On the other side of the scale, what does it take to tilt the scale over?  My position, it can&#039;t be done.</description>
		<content:encoded><![CDATA[<p>Let us set up a scale of justice.  On one side we place two years of Albert Pujols squarely in his prime, with Holliday hitting behind him and, depending on the new CBA, throw in two high picks.  On the other side of the scale, what does it take to tilt the scale over?  My position, it can&#8217;t be done.</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8134</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Sat, 09 Jan 2010 18:43:56 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8134</guid>
		<description>Mo:    We will go 10/260, the biggest contract ever.
BHSC guy:    He is worth more on the market.
Mo:   So?
BHSC guy:  What?
Mo:   He is not on the market.
BHSC guy:  He will be.
Mo:  In two years.
BHSC guy:  So?
Mo:  What will he be worth then?
BHSC guy:  What?
Mo:  We will go 10/260, the biggest contract ever.</description>
		<content:encoded><![CDATA[<p>Mo:    We will go 10/260, the biggest contract ever.<br />
BHSC guy:    He is worth more on the market.<br />
Mo:   So?<br />
BHSC guy:  What?<br />
Mo:   He is not on the market.<br />
BHSC guy:  He will be.<br />
Mo:  In two years.<br />
BHSC guy:  So?<br />
Mo:  What will he be worth then?<br />
BHSC guy:  What?<br />
Mo:  We will go 10/260, the biggest contract ever.</p>
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		<title>By: WestCoastbirdWatcher</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8133</link>
		<dc:creator>WestCoastbirdWatcher</dc:creator>
		<pubDate>Sat, 09 Jan 2010 18:12:38 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8133</guid>
		<description>The commissioner is making a move in Oakland before he&#039;s done (pro-owners).  Yankee/Boston brass lead an obvious collusion.........without the Bonds case as a shield...Union will have to come to grips on that, Scotties counting on it....................Yanks and Sox farm systems are exhausted, LA has problems, Angels have problems.  As of yet....Pujols hasn&#039;t shown that he would be productive in an &quot;ego competitive environment&quot;......... 

Cards are now well on their way to the highly anticipated youth movement.......one way or another.
They won&#039;t be looking to take on big salary in trade for AP.   Albert&#039;s agents know this.  No one is going to trade for Pujols without the extension in place, so like Tex and the Braves lesson, Albert&#039;s agents really have to get him to FA just to negotiate.  Cards would probably have to give him away.

This presents difficulties all around.........enough to kill the radical market expansion that could happen with a 300 million dollar contract..........it ain&#039;t gonna happen.........that&#039;s what this off season has been about.   Teams that compete against Pujols aren&#039;t as intimidated as his followers apparently believe.  He is a good player.............the A-Rod market is gone.</description>
		<content:encoded><![CDATA[<p>The commissioner is making a move in Oakland before he&#8217;s done (pro-owners).  Yankee/Boston brass lead an obvious collusion&#8230;&#8230;&#8230;without the Bonds case as a shield&#8230;Union will have to come to grips on that, Scotties counting on it&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..Yanks and Sox farm systems are exhausted, LA has problems, Angels have problems.  As of yet&#8230;.Pujols hasn&#8217;t shown that he would be productive in an &#8220;ego competitive environment&#8221;&#8230;&#8230;&#8230; </p>
<p>Cards are now well on their way to the highly anticipated youth movement&#8230;&#8230;.one way or another.<br />
They won&#8217;t be looking to take on big salary in trade for AP.   Albert&#8217;s agents know this.  No one is going to trade for Pujols without the extension in place, so like Tex and the Braves lesson, Albert&#8217;s agents really have to get him to FA just to negotiate.  Cards would probably have to give him away.</p>
<p>This presents difficulties all around&#8230;&#8230;&#8230;enough to kill the radical market expansion that could happen with a 300 million dollar contract&#8230;&#8230;&#8230;.it ain&#8217;t gonna happen&#8230;&#8230;&#8230;that&#8217;s what this off season has been about.   Teams that compete against Pujols aren&#8217;t as intimidated as his followers apparently believe.  He is a good player&#8230;&#8230;&#8230;&#8230;.the A-Rod market is gone.</p>
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		<title>By: JumboShrimp</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8132</link>
		<dc:creator>JumboShrimp</dc:creator>
		<pubDate>Sat, 09 Jan 2010 18:09:33 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8132</guid>
		<description>Carioca, I am not too proud to admit that I am naive.  Also while I am not a thespian, I play a role here at the CNB.</description>
		<content:encoded><![CDATA[<p>Carioca, I am not too proud to admit that I am naive.  Also while I am not a thespian, I play a role here at the CNB.</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8131</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Sat, 09 Jan 2010 18:04:52 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8131</guid>
		<description>RC is likely right about Albert and the MLBPA and the $30M it will take.  But westy&#039;s point on another thread is key.  There are a lot of ways of getting the numbers to say $30M on paper.  As an example, what if a 10/300 contract called for the 300 to be paid all at once up front?  (reverse deferral?)  BDWIII told us the debt service cost on $300M is around $20+M a year.  So if the team borrowed the money the cash flow drain would be $20+M a yeaar.  Albert would owe the team interest on the part of the $300M recieved but not yet earned.  You get the picture.  When you are looking at financing a player who would be &#039;the franchise&#039; in any MLB city, you are not constrained by what has been done before.</description>
		<content:encoded><![CDATA[<p>RC is likely right about Albert and the MLBPA and the $30M it will take.  But westy&#8217;s point on another thread is key.  There are a lot of ways of getting the numbers to say $30M on paper.  As an example, what if a 10/300 contract called for the 300 to be paid all at once up front?  (reverse deferral?)  BDWIII told us the debt service cost on $300M is around $20+M a year.  So if the team borrowed the money the cash flow drain would be $20+M a yeaar.  Albert would owe the team interest on the part of the $300M recieved but not yet earned.  You get the picture.  When you are looking at financing a player who would be &#8216;the franchise&#8217; in any MLB city, you are not constrained by what has been done before.</p>
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		<title>By: CariocaCardinal</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8129</link>
		<dc:creator>CariocaCardinal</dc:creator>
		<pubDate>Sat, 09 Jan 2010 17:25:30 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8129</guid>
		<description>Jumbo, Mo is not a great thespian and I am not naive.</description>
		<content:encoded><![CDATA[<p>Jumbo, Mo is not a great thespian and I am not naive.</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8128</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Sat, 09 Jan 2010 17:01:09 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8128</guid>
		<description>The WWU site has Matt&#039;s autograph at $100.  Albert was a lottery for a chance to pay $175.</description>
		<content:encoded><![CDATA[<p>The WWU site has Matt&#8217;s autograph at $100.  Albert was a lottery for a chance to pay $175.</p>
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		<title>By: JumboShrimp</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8127</link>
		<dc:creator>JumboShrimp</dc:creator>
		<pubDate>Sat, 09 Jan 2010 16:47:17 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8127</guid>
		<description>Brian, aseball salaries for pinnacle athletes are stratospheric.  Its tempting to accept the insanity and think of one huge number as being greedy, whereas another huge number is not greedy.  I simply prefer not to go there.</description>
		<content:encoded><![CDATA[<p>Brian, aseball salaries for pinnacle athletes are stratospheric.  Its tempting to accept the insanity and think of one huge number as being greedy, whereas another huge number is not greedy.  I simply prefer not to go there.</p>
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		<title>By: JumboShrimp</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8126</link>
		<dc:creator>JumboShrimp</dc:creator>
		<pubDate>Sat, 09 Jan 2010 16:38:48 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8126</guid>
		<description>Carioca, some of these stories are theatrical, like pro wrestling antics.  They get relayed to the press, for reading by the loyal fan base.   
Mo says he was just five minutes from walking right out that door!   We fans then think, hooray for Mo, he showed that jerk Boras a thing or two.  Mo becomes the hero who saved the day.</description>
		<content:encoded><![CDATA[<p>Carioca, some of these stories are theatrical, like pro wrestling antics.  They get relayed to the press, for reading by the loyal fan base.<br />
Mo says he was just five minutes from walking right out that door!   We fans then think, hooray for Mo, he showed that jerk Boras a thing or two.  Mo becomes the hero who saved the day.</p>
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		<title>By: blingboy</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8125</link>
		<dc:creator>blingboy</dc:creator>
		<pubDate>Sat, 09 Jan 2010 16:34:02 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8125</guid>
		<description>There is the 5/10 no-trade factor with Albert.  Doesn&#039;t this effectively shorten the horizon compared to Tiexiera, so that we are now one year out not two as far as trade value.</description>
		<content:encoded><![CDATA[<p>There is the 5/10 no-trade factor with Albert.  Doesn&#8217;t this effectively shorten the horizon compared to Tiexiera, so that we are now one year out not two as far as trade value.</p>
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		<title>By: Brian Walton</title>
		<link>http://thecardinalnationblog.com/2010/01/09/what-if-albert-pujols-becomes-mark-teixeira/#comment-8124</link>
		<dc:creator>Brian Walton</dc:creator>
		<pubDate>Sat, 09 Jan 2010 16:30:28 +0000</pubDate>
		<guid isPermaLink="false">http://thecardinalnationblog.com/?p=6275#comment-8124</guid>
		<description>jumbo, obviously labeling is a personal decision, but the largest contract in baseball history in terms of years and dollars (by a considerable margin) in a time when the market is supposedly down would have to draw special scrutiny.</description>
		<content:encoded><![CDATA[<p>jumbo, obviously labeling is a personal decision, but the largest contract in baseball history in terms of years and dollars (by a considerable margin) in a time when the market is supposedly down would have to draw special scrutiny.</p>
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