The next Yankee owner
By
Derek Jeter is all smiles during his Spring Training press conference. (AP Photo/Kathy Willens)
When Derek Jeter signs his next contract, it will represent his last big payday. He might not retire at the end of the three- or four-year extension he’ll sign with the Yankees in eight or nine months, but by the time 2015 rolls around, Derek will be 40 and playing on a year-to-year basis.
But what if the Yankees and Derek reach a different kind of agreement? In a Post column that makes serious use of a RAB meme, Kevin Kernan suggests that Jeter, who wants to be a part-owner of a baseball team one day, should be given an ownership stake in the Yankees and thus be a Yankee For Life®. The crux of Kernan’s article rests on this concept that Jeter bleeds pinstripes and that he always should and always will. It’s similar to false dichotomy between those who are True Yankees in the eyes of a judgmental media and those who are not.
If we wade through that argument, however, Kernan may have presented a solution to the Yanks’ needs to retain Derek Jeter but not as a salary that ties up too much of the team’s payroll on players who are fast approaching 40. Jeter, according to Kernan, told him that being an owner of a team is “definitely a goal of mine.” Jeter has never mentioned the Yankees, and considering that he’s building a massive mansion in Tampa, he could easily target a Florida team. But aren’t the Yankees’ team offices also based in part in Tampa? It almost makes too much sense.
In probing Jeter, Kernan got the usually taciturn captain to open up. Jeter wants to “get to call the shots,” he says, and he wants to oversee a disciplined organization similar to the Yankees. After all, it’s all he has known throughout his baseball career.
Those who know Derek can see the owner in him emerging. Team adviser Reggie Jackson has worked with Jeter for the better part of his career. “Jeter will be an owner one day,” Jackson said to The Post. “That will happen. He wants to be an owner. I’m sure he knows enough people to help with money. He knows the path.”
That path might be even easier than Jackson or Jeter think right now. If Jeter is intent on becoming an owner, the Yankees could figure out a way to include that in his next contract. Jeter may be a wealthy man. After all, he’s in the last year of a deal that will pay him $189 million, and he earns a little bit less than $10 million a year in endorsements. But that still leaves him approximately $1 billion short if he wants to purchase the Yanks outright.
So what are the Yankees to do? In an ideal world, the team would be able to give him an ownership stake in his next deal. They could start to line him up for an adviser role with the team that includes a nice title and some real power and retains him within the organization. It would make him a Yankee for Life® indeed.
The Collective Bargaining Agreement has another take on the matter. Per the CBA and the Uniform Players Contract, Jeter is barred from having an ownership stake in the team. Term 4.(c) of the boilerplate cannot “own stock or have any financial interest in the ownership or earnings of any Major League Club” and will not, “while connected with any Major League Club, acquire or hold any such stock or interest except in accordance with Major League Rule 20(e).”
According to my research, there is a way that the Yanks could give Jeter some ownership stake. I don’t have the full text of Rule 20, but sources indicate that a player may have an ownership stake with the express permission of the Commissioner and as long as that stake is sold if if the player leaves that team.
The Bombers might not be able give Derek an outright share in the team. But the team could work something out with Bud Selig or the two parties can work out something agreeable to both teams. After all, would we want to see Derek owning any other team?
126 Comments»
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If anyone can pull it off he can.
I wonder if he’s had any input from Wayne Gretzky or Mario Lemieaux(sp)?
Has any baseball player ever been given a share of ownership in a contract?
Isn’t it against MLB rules for a player to have either a present ownership stake or to negotiate for a future ownership stake in a team?
I want to say yes. I’m almost certain of it, but the fact that Kabak wrote a piece about it makes me question my assumption. i.e. i would assume he researched it before posting.
I forgot about that. Updating now.
Darren Rovell:
“The bigger part of the story is the ownership angle. It’s against the rules. This from Page 213 of the Collective Bargaining Agreement under ‘Interest in Club.’
’4c. The player represents that he does not, directly or indirectly, own stock or have any financial interest in the ownership or earnings of any Major League Club, except as hereinafter expressly set forth, and covenants that he will not hereafter, while connected with any Major League Club, acquire or hold any such stock or interest.’
That means that not only can a player not get a percentage of the team while he’s playing, but he can’t agree as part of his contract to get a piece of the team in deferred compensation either.”
http://www.cnbc.com/id/20954479
Huh.
What if we signed Jeter to a 4 year, 120M contract with 40M of it “deferred money” that wasn’t scheduled to be paid to Jeter until, say, 2016, and then when 2016 comes, we just roll that 40M into an ownership stake instead of a cash payout?
Meh, that’s probably contractually barred as well.
“… and covenants that he will not hereafter, while connected with any Major League Club, acquire or hold any such stock or interest.”
I think that means the contract has to expire (i.e. Jeter has to receive all the deferred money) before he can acquire an ownership stake.
Sounds right.
Still, though, there’s this:
January 1, 2016
Hal Steinbrenner: Here’s the 40M we still owe you, Derek.
Derek Jeter: Thanks. Send the paperwork that I’ve been paid to the league office, will ya?
Hal Steinbrenner: No problem.
January 2, 2016:
Hal Steinbrenner: Hey Derek, would you be interested in buying a piece of the Yankees?
Derek Jeter: Why yes, I would. How nice of you to ask. What’s the price?
Hal Steinbrenner: 40M should cover it.
Derek Jeter: Deal. I happen to have 40M with me right now. Do me a favor and send the paperwork to the league office, will ya?
Hal Steinbrenner: No problem.
… aaaaaaaaaaaaaaaaaaaaaaand, SCENE!
Ok, so, here’s a question:
Why would Jeter want to give up 40M? So he could own, what, 1% of the team? What good is that?
40M is a lot of scratch.
I agree with you on that point.
You know what else is a lot of scratch? 1% of the Yankees.
If the NYY’s are a billion dollar organization, $40M would be 4%.
And since he’s doing pretty well for himself, I bet he could probably come up with another $60M for an even 10%.
My question is ‘how much for one rib?’
Well, the original point is this: what good does owning 1% or 2% or 4% of the Yankees do? Why would you give up $100M in cash? What’s the economic incentive?
1. $100 million is not a lot of cash, because nobody keeps $100 million in cash. If the Yankees paid that money to Jeter, it would be invested somewhere, either in a baseball team or in another business or in stocks/bonds/etc. So setting up a dichotomy between “ownership” and “cash” is misleading- this money *will* be invested in something, the question is what.
2. If that money’s going to be invested in something, and Jeter wants to invest in a baseball team at some point, investing it in the Yankees is not a bad idea. The Yankees are far and away the safest baseball team to invest in. According to Forbes, the Yankees have tripled in value since 2000, and team revenues have doubled. Just for comparison’s sake, an investment in the stockmarket is considered pretty good if it makes a 10% return. So the Yankees are a pretty strong investment.
3. So, ultimately, the question really isn’t about the money. If he were interested and allowed to do this, Jeter would make a lot of money out of the deal. Not many investments can make owners as much money as the New York Yankees. The question is a)will this be allowed (and regardless of the existing rules, I have no doubt that Selig could make this ok if he wanted), and b)will this give Jeter the ownership control that he wants? Jeter clearly doesn’t want to be a baseball owner just for the money, he wants to be able to control and influence a teams long-term direction. If the Yankees gave him the level of control he wanted, then the monetary upside will be there.
If the Yankees’ team value has tripled since 2000, that equates to slightly less than 12% return per year. Certainly not a bad investment, but not as ridiculous as it sounds.
Math. Ur doin it wrong
heh…you’re math isnt actually wrong, but if you compare it to the s&p 500, which i think is actually negative for that ten year block, that’s a pretty decent excess return.
That’s actually not in the CBA itself, but in the Schedule A attachment. That’s a term from the boilerplate for the uniform player contract. Still, Jeter can’t own part of the team while a player on that team.
Any chance this topic gets tackled at all in the next CBA meetings? Or do you think they have much bigger tasks at hand and this gets left alone…
I don’t think it will be addressed because I don’t think anyone wants to change the current rule, and if anyone does, they probably don’t care enough that they’re will to compromise in other areas of interest in order to win a concession on this issue.
And actually, the Yanks could get permission from Selig to give Jeter an ownership stake. Rovell’s reporting up there was very half-hearted.
Sure, but in the absence of any additional evidence about how Selig would respond, I think it’s pretty safe to say that he wouldn’t allow such an arrangement to stand. He has absolutely zero incentive to allow this to happen, and he’d be opening a massively awful can of worms if he were to allow it. I also think he’d be under intense pressure from the other owners to not allow a deal like that to stand.
So… Sure, technically, Selig could allow it, but I think it’s pretty unrealistic to think he would.
Who needs a piece of ownership as incentive to win? Just call up the bookie and let it ride!
Sincerely,
Pete Rose
Heh.
Arod should just buy the mets or the marlins…
The Marlins? Sure.
The Mets? No, Jeter’s lucky and classy. He’d be a horrible fit as a Mets owner.
Arod should just buy the mets or the marlins…
Whoops… Allow me to amend, then:
———–
SamVa says:
Arod should just buy the mets or the marlins…
———–
tommiesmithjohncarlos a/k/a The Large Sample Size says:
The Marlins? Sure.The Mets? No, Jeter’s lucky and classy. He’d be a horrible fit as a Mets owner.
http://riveraveblues.com/off-topic/
There, that’s better.
Would be a very interesting strategy, though not sure if the Steinbrenner boys want to give up any of the control they posses, assuming that they are enjoying running the team, which certainly seems to be the case.
Otherwise seems difficult that Jeter would ever be the controlling owner of a team unless he can head up a fairly large ownership group, where he is the head without having to put up a very significant part of his piggy bank and thus would suddenly become pretty illiquid.
I like Jeter and all that, but I’m not really wild about him being a “special adviser” with “real power”. He’s a great shortstop, but why would we assume that he’d have any FO skillz?
Couldn’t you say that about any first time owner? At least Jeter has a legit baseball background. That’s more than most owners.
Im referring to Kabak’s idea that they set him up as an adviser with “real power”. Just because he has a baseball background doesn’t mean that he’d be a good FO type. At all.
I’d rather have paleface Cashmoney any day.
I’m not advocating for replacing Cashman with Jeter. I too would rather have Cash over Derek. But give him some responsibilities for something. If the Yanks can keep Reggie in the fold, they can probably do the same for Derek.
OK. My impression from this: “They could start to line him up for an adviser role with the team that includes a nice title and some real power and retains him within the organization. It would make him a Yankee for Life® indeed.”
was that you were talking about some kind of baseball ops role. maybe i’m wrong.
Yes, it was about some sort of baseball ops role. No, it wasn’t (even close) to being about giving him Cashman’s job.
Right. My comment in re: cashmoney was a general, wide one, which is my preference is that people like Cashman are the ones with “real power”, making important decisions, rather than people with “baseball experience”.
Ok, that clarification makes more sense. If you re-read your comment and the rest of the conversation, I think you’ll see why people objected to the way you said it. “I’d rather have paleface Cashmoney any day” is pretty specific. Your amended/clarified statement makes more sense.
Yeah, it was dumb wording on my part. My bad.
Yeah you figure he works his way through like anyone else. He’s a special adviser of some sort, they give him some responsibility, if it goes well he moves up the ladder, if not, well they cross that bridge.
A very salient point. Great player, yes. Doesn’t mean he’d be a great coach/manager/GM/other FO type.
Doesn’t mean he couldn’t be, though . . .
How much of the team could Jeter actually afford, though? What would that salary compensation package earn him, like, 2%? I’m not saying he wouldn’t be interested, but were they ever sold, the Yankees would have to be the most expensive sports property on the planet. I wonder if Jeter would rather be the ACTUAL owner of a less-expensive team elsewhere than a distant minority owner of the behemoth Yankees.
Compare Jeter to Michael Jordan; the two of them (along with Tiger Woods) are probably the most highly paid athletes in North American history by far, when you include all the money they earned in endorsements. Jordan just barely had enough money to buy the Charlotte Bobcats, and I wouldn’t be shocked if he bought them at a below market rate thanks to helpful nudges from David Stern and Bob Johnson to put the franchise in his hands rather than to the actual highest bidder’s hands.
Stern would never do something like that.
**crickets**
In David Stern’s quasi-defense, it’s Bob Johnson’s franchise. If he wants to give Jordan friend prices, he damn well has the right to give Jordan friend prices. It’s not mandated anywhere by law that every sports franchise must be sold on the open market to the highest bidder.
Stern may have had nothing at all to do with the Bobcats sale.
I’d write about the frozen Knicks envelope in the Ewing lottery, but I don’t want to disappear from the face of the earth.
http://www.sadviolin.com
Now it’s time for SAT Analogies, ladies and gentlemen!
George Steinbrenner : Derek Jeter :: Night : Day
http://antzinpantz.com/kns/ima.....mated1.gif (safe)
SAT much tjsc?
George:Jeter as Day:Night.
THAT’S racist. The other one was just wrong
hmm…actually:
George:Jeter as Day:really late afternoon in the northern latitudes in the summertime
I wasn’t remotely being serious. I figured the fact that nobody has ever used the “That’s Racist!” gif in a non-tongue-in-cheek fashion would have been the giveaway.
you thought i thought you were serious?
you assumed that somehow, i thought an animated gif from a place called ‘anzinpantz’ was a legitimate social commentary?
yet after that you didnt judge me for making a ‘he’s only half-night’ comment?
Even with the correction made above, I still don’t understand why the Yankees would want to sell a part of the team to Jeter. What possible motive would they have for doing that?
Because giving him a tiny piece of the team in exchange for the up-front cash payment money will be fairly cost-neutral and B) making him a Yankee minority owner keeps him (at least temporarily) from being a minority or majority owner of another franchise?
Because Tigers owner Mike Illitch would probably sell him a piece of the Detroit Tigers in an effort to have some of Jeter’s PR awesomeness rub off on his team? Because lots of other owners would also try Illitch’s idea?
Remember, we’re only talking about tiny, tiny ownership stakes here.
I may be in the minority here, but if I own the Yankees, I couldn’t care less if Jeter, after his playing career is over, winds up with a minority ownership stake in another franchise. I don’t see why they would care or why that prospect would motivate them to offer him a stake in the Yankees.
No, I agree with you and I think we’re both in the majority: It’s doubtful that Jeter ever owns a piece of the Yankees.
Just trying to imagine potential reasons why it would happen if it did.
yeah, this.
Because having Jeter in the fold allows them to keep using him as a marketing device. For example: “Buy a luxury box and Jeter will stop in and watch a game with you. He’ll shake hands and take pictures with your ee’s kids”.
This stuff matters to the people who spend that kind of money.
So Jeter has to give up $40M, in this example, so that he can go around and kissass to a bunch of rich people’s snot-nosed kids?
Yeah, I think he’ll pass.
Well, his 40M also gets him yearly dividends on the profits. It’s not like that money never comes back to him.
Related question: the Yankees kick out dividends on the yearly profits?
Most friggin definitely. If they didn’t, all those various minority owners wouldn’t be minority owners.
Do we know if those profits include the profits from YES Network and other assorted Yankee Universe properties?
That’s where it gets complicated, I suppose.
yes they do…major assumptions already made:
The NYY sports franchise is a C Corp.
All the other owned, wholly or part, are C, S or ‘typical’ LLC’s.
Any non-retained profits by any organization the Yankees own will become income to the Yankees–they could lose money on the team, but make money on YES, the Cowboys/Yanks/Sachs concession company, and then still have net profits, which *could* be distributed as dividends (or owner’s draw or etc etc).
Mondesi asked why the Yanks would be willing to give him a minority share. I was answering from their perspective.
Reggie Jackson doesn’t own shit, but he’s still kept in the fold and used as a marketing device.
Just give Jeter a job as a special team consultant. Corner office, phat salary, River Ave. Hookers, company Maybach, the works.
Or, go the Cal Ripken route (what a shocking surprise there) and let him buy a piece of one of the minor league teams or something.
There it is: Derek Jeter, owner of the Tampa Yankees. Boom.
There it is: Derek Jeter, owner of the Tampa Yankees. Boom.
You know who the current owner of the Tampa Yankees is though? That’s right; the New York Yankees.
Fun fact: Bill Murray is a part owner of the Charles RiverDogs.
Son of a bee-sting!
/RonBurgundy’d
True, but Reggie evidently has no desire to leave and go own another team. He’s happy getting paid as a special advisor.
River Ave. Hookers.
I’m not sure how much that really matters, but even if I just concede that it does matter, I think they’d do just fine without him. There are plenty of guys who can walk around shaking hands and taking pictures, it’s not like Derek Jeter is the only superstar Yankee.
And, as others noted above, they don’t have to sell him a stake in the team to get him to do those things.
they very well may: he wants to be an owner…if he can be an owner of the Nashville Mets, then he’s doing that same work for his own team.
Many competitive people want to be owners. its in the blood.
Ok, so like I and others have said a bunch of times in this thread… If he wants to be an owner so bad, and the Yanks don’t feel like going that route with him, I say godspeed Derek Jeter.
Look, I have no problem with Derek Jeter purchasing a stake in the Yankees. If the guys who run the organization think he’s that important to them, both professionally and personally, and they want to go that route, good for them.
Personally, I think it’s a little silly to sell him an ownership stake just because he wants one or might go elsewhere if he doesn’t get it here. But if the Yanks feel they have reason to do it, good for them and good for him.
Eh, I really can’t see the Yankees selling off a piece just to keep Derek from owning 2% of the Tigers. If that were to happen, I think the widespread reaction from fans would be puzzlement at Jeter, not at the Steinbrenners for refusing to sell.
The Yanks already have a fairly substantial number of minority stakeholders. Derek could just get someone else’s. They wouldn’t really be selling off a piece of the team.
Remember: John Henry — yes, that John Henry — used to be a minority owner of the Yankees.
Well, they would be selling off a piece of the team. It just wouldn’t be substantial.
I think there’s a greater likelihood that Jeter takes the Michael Jordan/Larry Bird routes and just sits back, waiting for a team to be sold, and puts together an ownership group and tries to buy an entire franchise. He’d probably only initially get like 10-20% of whatever team he gets, but hey, that’s how Steinbrenner got started. Get a foot in the door, then try and buy your partners out.
2024: Derek Jeter’s group buys the Miami Marlins. Book it.
Yeah, I could see this for sure.
I’m thinking the Rays. Him and Arod go into ownership together. Jeter makes “Ice” Williams his first GM.
Jeter makes “Ice” Williams his first GM.
http://www.hulu.com/watch/4760.....n-my-pants
Manager….Jorge Posada.
Pitching Coach…..Mariano Rivera
Bench Coach…..Andy Pettitte
Slogan…”The Core 4 in ’24 (and Alex helps too)”
The slogan may be a bit wordy.
Manager….Jorge Posada
Grumpiest. Clubhouse. Ever.
Meh. Girardi takes out the junk food, Posada takes out the urinals. Not a huge difference.
He will immediately install a no batting gloves policy.
All players WAG’s must immediately have enhancement surgeries.
Cornbread… ain’t nothin’ wrong with that!
Bullpen Coach (wearing #21): LaTroy Hawkins
Sorry, Ice’s next job is already lined up.
Ice Williams, 43, has been the lead designer of the spreadsheet since he put down the lightsaber in favor of SABR. Perhaps most famous for convincing Billy Beane to write “Moneyball”, he continues to be a front-runner for the Commissioner position in 2012.
I agree with this. He’s going to try to get a group of people together who want to be owners, but who are also willing to let Jeter run things.
I know that everyone on here, including me, are huge NASCAR fans, but many drivers own teams that they don’t even race for. I could never understand how the powers that be in racing could let that happen. It probably has something to do with imbreeding.
or inbreeding. elitist slurs are waaaaay more effective when you dont make teh ez typos
The Yanks need a nascar team. buy 49% of Hendrix, give it to Jeter along with 1% of the Yanks.
elitist slurs are waaaaay more effective when you dont make teh ez typos
I blame my mother, Aunt Mom.
Haha, touche.
dont forget, its all in good fun Andy–I love you like my brother.
wink.
“After all, would we want to see Derek owning any other team?”
Maybe I’m in the minority here, but I really don’t care one iota. After his playing days are over, I’m not sure why anyone would care if Derek Jeter, Businessman Extraordinaire, were to purchase a stake in an MLB team. Personally, if the guy wants to purchase a stake in a team, I say more power to him.
I mean… If we can get used to seeing Don Mattingly in a Dodgers uniform, actively participating on the field and pursuing a post-playing career in on-field management with teams other than the Yankees, why would we care if 50 year old Derek Jeter wears a suit and makes a business deal to own a stake in a team? I don’t think Bulls fans care that MJ has been involved with other organizations and now will own the Charlotte franchise.
(goes and stands with Mondesi in the “minority”)
I just hope that Derek is a little more succesful than MJ.
I think Bulls fans are happy that Jordan isn’t involved with the team. His post playing career has been nothing short of a disaster.
That.
I hope for Charlotte’s sake he hires a real GM… because he’s NOT a real GM.
$25,000 says I am.
/jordan’d
The whole Arenas-Crittenton-gambling-guns situation makes me wish Jordan would have still been part-owner of the Wizards, for sheer comedy situations.
MJ: You bitch-asses wanna play some cards? I’m in.
(opens briefcase, pulls out $1.3M in $100 bills)
Are you saying that Rod Higgins is NOT a real GM? Color me: Shocked. I honestly think that Isiah could do a better job than Rod Higgins. Also MJ could have the satisfaction of firing Isiah as well.
I can’t wait for the Clippers to hire Isiah and play the Bobcats in the NBA Finals. It’s gonna be a bloodbath.
I can’t wait for the Clippers to hire Isiah and play the Bobcats in the WNBA Finals. It’s gonna be a bloodbath.
Fixed.
That works too.
I never understood how a man whose entire playing career was based on finding shit to get angry about or making up shit up to get angry about in order to crush his opponent could care so little and be so lazy as an executive.
Because he doesn’t have an actual hand in the game itself.
Jordan the executive:
Coach Bernie Bickerstaff: Mike, this Adam Morrison kid you gave me has no toughness or quickness. He can’t play well. I don’t know what kind of coaching could possibly help
Jordan: Here, lemme handle this.
(takes off blazer, walks over to Morrison)
ADAM, YOU PUNK BITCH, BE MORE TALENTED, MUTHAF#$%A! STOP BEING A PUSSY AND DO SHIT LIKE THIS!
(fakes a shot, elevates, puts a knee into Morrison’s chest, windmills and powerslams the ball through the hoop, dangles his crotch in Morrison’s stringy moustache hairs, picks up ball, throws it at Morrison’s face, breaking his nose)
Play better or I’ll f#$%ing cut you. Not cut you like release you, but cut you like literally cut you. With a knife.
(To Bickerstaff)
That oughta help. Oh, and Kwame Brown doesn’t get enough rebounds. Tell him to play better and get more rebounds. Immediately.
… aaaaaaaaaaaaaaaaaaaaand, SCENE
It’s funny because it’s true.
how bout Jeter + Arod + Jorge + Andy + Pauly + Mo. that should cover about half.
Problem is, A-Rod isn’t a true Yankee. Those other guys wouldn’t even think of being associated with A-Rod.
http://i729.photobucket.com/al.....erious.jpg (sfw)
Heh. Definitely not.
Jeter, ARod, Jorge, Andy, and Paulie, if they got together and pooled all their liquid assets, could probably collectively own about 3-4% of the team, tops.
Oh, and nobody’s mentioned this yet: The Yankees may still technically be a money-losing enterprise. Owning the Yankees might be worthless; owning YES, on the other hand, THAT’S where it’s at.
Yeah, that’s why I asked about YES and the Yankee Universe properties above. If they’re kicking out dividends on the money-losing enterprise, then you’re not getting great ROI apart from the capital appreciation of the value of the franchise. If they’re kicking out dividends on the Yankees+YES, etc, then you have real incentive to be a minority owner (apart from the whole “yankee for life” biznez.
The answer to that question requires a level of investigation I’m not equipped to undertake.
Unfortunately, I don’t think any of that info. is publicly accessible.
That’s why you don’t want to own part of the Yankees, you want to own part of Yankee Global Enterprises LLC.
Why would the ownership group want to sell?
If they do and he has the money, fine.
hey stupid question: would jeter owning part of and being the public face of another team actually be BETTER for baseball? if it were the marlins or nashville met or the expos, would it draw more casual fans or w/e?
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