Home All Articles Baseball Economics Roundtable - May 2007

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 972 guests online

Atom RSS

Baseball Economics Roundtable - May 2007 PDF Print E-mail
User Rating: / 11
PoorBest 
Articles & Opinion
Written by Various Authors   
Wednesday, 02 May 2007 17:00

A Biz of Baseball ExclusiveBaseball is awash with revenues these days. From lucrative television deals at the national and local level, to MLBAM's steady stream of money, to satellite radio deals, naming rights, and new or redeveloped stadiums going online, owners are bathing in the green stuff.

With that, however, are the questions about where the money is flowing, and how to place value on the revenues that are coming in.

The Biz of Baseball decided it would be good early on in the 2007 MLB season to have a roundtable discussion with some of those that follow baseball economics closely. To that end, we've assembled the following panel:

 We'll be talking five different topics:

  • The latest CBA
  • How regional sports networks impact MLB's economic landscape
  • The value of marquee players and the value of club brand
  • Comments on whether MLB should implement a player payroll floor
  • The panelist picks a topic of their liking

Select Read More to read the Baseball Economics Roundtable for 2007


The current CBA works to address some inadequacies with the prior agreement as it pertains to revenue sharing. What are your thoughts on the agreement?

Zimbalist: The new CBA has some strong points and some weak points. If I had my druthers, the fixed component of revenue sharing would be the basis for all sharing, instead of just over a third. It would also be based upon a more objective standard of a team’s potential revenue, not its recent and projected revenue experience. Among other things, the present system still penalizes a team for past success and the larger variable component, although at lower and more uniform rates, penalizes a team for future success. Further, as it stands now, a top-half team’s revenue sharing obligation can go up because the revenue of other top-half teams rises. There are lots of other issues, but, in short, I see the present CBA as an improvement on the previous ones, though it is far from perfect.

Baseball Prospectus Annual Brown: Given the political realities of how the agreement came together, it's a step in the right direction, especially in terms of lowering the marginal tax rate to 31 percent. It's still difficult to grasp that large markets such as Philadelphia or Washington, DC can pull in revenue-sharing, but as I said, tying market size to the system seemed to be an area that was just politically too difficult to reach during collective bargaining.

The addition of a fixed rate component is certainly an interesting and positive step forward and will be interesting to analyze over the life of the agreement. The system also was adjusted to deal with some of the cliff issues within the prior agreement, which created scenarios in which a club that was just above the median after revenue-sharing could actually wind up with less net revenue than a club that was just below the median. There are certainly inadequacies within in it, however. Those at the top of the revenue making scale can be impacted in terms of their percentage of their obligation based on how the revenues of the other high-revenue making clubs grow. It's not perfect, but it's a step in the right direction over the prior agreement (I get into the current CBA in greater detail in the 2007 Baseball Prospectus Annual). Given that MLB is pulling in record revenues, it seems that labor peace won the day over any haggling that might have occurred in the trenches over revenue-sharing. Things certainly might have played out differently if the economics of MLB were in a more depressed state.

Gennaro: From the reports I’ve seen, it appears to be a step in the right direction. The reduction in the marginal tax rate means that there is more of an incentive for teams to invest in revenue growth. However, I’m an advocate of determining revenue sharing payees/payors based on revenue opportunity, rather than actual revenues. Using actual revenues commingles the important structural factors that determine a team’s revenue opportunity (market size, corporate base, etc.) with management capability and results. I think revenue sharing considerations should exclude the latter. Also, I would like to see future revenue sharing provisions include a “bonus payment” for a team’s on-field performance. For example, let’s say the Pirates were to receive $20 million, based on the revenue sharing formula, I would also like to see them be eligible for a bonus of say, $1.5 million for every win they achieve over some minimum (e.g., 80 wins) and capped at some maximum level of wins (e.g., 90 wins). The benefit of this approach is that it would also raise the Pirates’ marginal revenue from winning, providing them with a greater incentive to invest in winning, through the free agent market, or investments in player development, etc.

Silver: Needless to say, I was shocked that a deal got done so quickly, so quietly, and so professionally. My guess—and I’ve heard just a little bit of gossip to support this—is that each side was worried that the other was going to play hardball. The owners were worried that the players felt like they’d lost the last round of negotiations, and that they’d point to all the money the game was making and demand a larger share of the pie. The players were worried that the owners would cite the NHL as a precedent, and that they held the performance-enhancing drugs scandal against the players as a sort of lever in case the negotiations went into the court of public opinion.

And so perhaps each side was very pleasantly surprised when they found out that the other side was going to be reasonable. Of course, there are other things that helped motivate the quick settlement. I think both sides learned from 1994 and 2002 that doing your negotiating the media is pretty much a lose-lose scenario. I think the damage from collusion has finally scabbed over (though not healed up completely). And you have some fresh blood on each side, with people like Fehr probably being involved in the negotiations more by proxy.

In any event, the fact that they were able to broker a deal with a minimum of collateral damage is remarkable, and speaks to some of the ways in which the game has matured. At the same time, I wonder if they didn’t roll the clock too far back in terms of revenue sharing, as the orgy of free agent spending this winter would seem to attest.

Noll: The new agreement cures a huge perversity in the revenue-sharing system that was created by the old CBA. Under the old agreement, teams in low-revenue markets were rewarded financially for making their teams weaker. The new agreement eliminated these anomalies, but in doing so it introduced a great deal of complexity. Financially complex rules typically create unintended loopholes as well as the potential for disagreement about their interpretation. Most likely, the next CBA will have a simpler formula.

Fort: Let’s do the big picture first. Since both players and owners share the goal of maximizing league profits, the CBA is really about dividing up the economic outcome in MLB. Since, in my opinion, really nothing changed between the owners and players in the new CBA, they apparently think life is good, economically speaking.

On the specifics of revenue sharing, the only change I see is that the sharing rate is reduced to 31%. The same target transfer of around $326 million will be funded come out of revenue growth at a lower tax rate. But transferring the same amount of money by lowering tax rates means more money is kept by each team as revenues grow. And as long as revenues grow disproportionately, this is a blow to any move toward maintaining the current level of competitive balance and surely cannot increase competitive balance.

But then nobody ever puts forth a reasoned criterion for judging competitive balance in the first place. So there never are discussions of just what the level of balance needs to be, either during the regular season or during the playoffs. All we hear from the league is that “balance is better” by whatever their chosen measurement happens to be at the time. And all we hear from critics is that there should be more balance. But the alteration in revenue sharing in the current agreement speaks volumes on what the players and owners think about competitive balance relative to what we hear from fan advocates in the press.

Bradbury: There are some provisions designed to reduce the disincentive for winning created by revenue sharing. By cutting the percentage of local revenues shared, small-market teams get to keep more of their own local revenue and can expect fewer handouts.

Supposedly, the CBA includes closer scrutiny of what revenue-sharing recipients can do with the money. I’ve yet to hear exactly what new mechanism is in place. I’m not sure how well MLB can police what these teams choose to do, but I do know that there is some discord among the owners regarding this issue. I think social pressure among owners and changing the tax rates are bigger factors.

Another change in the CBA that will also help weaker franchises is awarding teams compensation picks when drafted players do not sign. The reverse-order draft is supposed to give losing teams a leg up. Because drafted players could previously choose to go to college or to re-enter the draft the following year, draftees had tremendous bargaining power. Clubs do not want to waste a high first-round pick on a player they cannot sign, so small-budget teams had been going after lesser players who are easier to sign. Now, a team that fails to sign its first-round pick is compensated with a similar pick in the following year’s draft. This shifts some bargaining power to teams, with draftees knowing that teams will have a comparable pick in the following draft.

Overall, I am just happy the agreement was reached without a work-stoppage. The owners and players know the stakes involved, so I’m not much bothered by what they come up with.


How do regional sports networks (RSNs) impact MLB’s economic landscape now, and how will they in the future?

Diamond Dollars Gennaro: Team-owned RSNs are dramatically changing the economics of the game, beginning with raising the financial stakes of winning or losing for an MLB team. Unlike a traditional fixed rights fee arrangement with a Fox-Sports type affiliate, by having a stake in a RSN, a team re-connects its broadcast revenues to its on-field performance. Beyond the revenue implications, the RSN is an asset whose value rises and falls, in part, based on the team’s on-field results. In five years, the Yankees have created an asset—the YES Network—valued at nearly $2 billion today. The network is an important part of their economic equation and figures prominently in their willingness to aggressively spend payroll dollars in an effort to win. Besides the direct financial implications, RSNs are a team marketer’s dream as they provide a unique vehicle to build the team brand through team-related programming. It’s also no coincidence that the highest revenue teams are typically the ones with RSNs, as the broadcast rights for these teams are an asset substantial enough to form the basis of a stand alone network.

Noll: RSNs have been around a long time, and local baseball on over-the-air TV has been an endangered species since pay-TV penetration passed 50 percent almost three decades ago. An interesting issue is the effect of pay-TV RSNs (e.g., Fox Sports Network) on revenue disparities between big and small markets. My expectation is that, taking into account revenue sharing, the ratio of net revenues of the wealthiest and poorest teams has diminished, thereby making teams in smaller markets more viable financially.

The most interesting issue surrounding RSNs is the legality of the bundles of RSN telecasts that leagues are putting together as out-of-market national packages. This practice is legally tenuous. Some courts already have concluded that the antitrust exemption for pooling television rights into league packages does not apply to pay-TV, and Congress has held hearings on their legitimacy. If these packages are made illegal, teams will be allowed to sell national pay-TV rights for their games. The likely effect would be to give fans access to many more games, to increase competition in televised sports, to increase disparities among teams in broadcast income, and to reduce total broadcast income for the sport as a whole.

Silver: Any team that doesn’t have its own RSN is leaving money on the table. It’s simply a more efficient way to mine the profits of your broadcasting rights. Undoubtedly, there are a few inefficiencies in play for the time being, since some teams have RSNs while others do not. But I suspect that within a decade, we’ll be talking about 27 or 28 teams having RSNs, and it will become something that’s as standard a practice as building luxury boxes or investing in your farm system.

Zimbalist: Since the late 1980s RSNs have been a powerful force boosting team revenues, particularly those in the larger markets. When the team owners also own the RSNs, it can be a source of an extraordinary revenue advantage.

Bradbury: As much as MLB would like to have a national viewing audience like the NFL, baseball fans want to watch their local teams. MLB has been quick to allow these loyal fans to see their favorite teams play with Extra Innings and via the internet.

There was a lot of dialogue about the potential exclusive arrangement with DirecTV, but MLB won as the cable companies gave in to MLB’s demands. This should tell you something about the value of the local broadcast rights. MLB played hardball, because it knew what its product is worth.

Regional Sports Networks are profitable; there is no doubt about it. As Ted Turner learned, the more people you give a taste of the game, the more they’ll consume it. It’s a lesson that baseball learned with radio as well. By giving fans with geographic ties more opportunities to watch, the fan base grows. Oh yeah, and more importantly the RSN generates quite a bit of revenue on its own. Very nice!

Brown: RSNs are creating more disparity in terms of local revenues between the clubs, and given the ease with which clubs might be sheltering those revenues from the revenue-sharing system, they play a large part in creating the haves and have-nots. Not every owner is going to be in a position to acquire an RSN due to limited content or saturation of content by an existing RSN in a given market. Plainly put, there are only a limited number of YES Networks and NESNs to go around.

Beyond that, they create issues in terms of what is now deemed a "local" territory by way of television household reach, and the ability to tap into what is deemed local through the likes of the Extra Innings deal recently reached. Another good example of how RSNs impact MLB in the overall is how Peter Angelos leveraged television reach by way of the Orioles broadcast area during the Expos relocation to Washington, DC. Through that, he was able to gain a foothold into an even larger regional area via the creation of MASN.

Going forward, RSNs are going to become more of an issue as the revenues for YES and NESN continue to escalate, and those on the outside of the RSN bubble clamor for more shared revenues.

Fort: Two things about Regional Sports Networks seem important to me. First, RSNs generate local revenue rather than national revenue and inequality in the growth of local TV revenue is the major source of the imbalance in potential revenues across teams. Second, the level of competitiveness among RSNs determines the price and quantity of games seen by fans.

So, on the first count, RSNs impact MLB’s economic landscape on the competitive balance dimension. But that’s handled through the local part of revenue sharing just discussed. So, really, on this count, the impact of RSNs on MLB’s economic landscape is up to the owners and players through collective bargaining. And as long as both parties to collective bargaining have the same goal of maximizing league profit, then RSNs will be managed to do so. Indeed, we see precisely how that plays out in the new CBA revenue sharing rates. 

On the second count, technology is such that the idea of an RSN as a geographic organization is just plain wrong. It doesn’t matter where the RSN is located, what matters is its level of competition. And right now that appears to be nil. This suggests fans are paying close to their maximum willingness to pay for the games they do receive. And price discrimination through repackaging for special package offerings on cable and satellite make it clear that the market power of RSNs is being exercised. Of course, MLB is not oblivious to this and is making its own package deals available as well. The upshot seems to me, though, that fans will pay just about the most they are willing to pay, rather than a competitively determined return over and above the actual costs of providing TV games.


In an interview with the Biz of Baseball, David Samson addressed how marquee players and brand can impact the bottom line. At the time, we asked Samson about retaining talent on a limited budget, specifically in retaining Dontrelle Willis.

Samson said, “We’re going to go out there and compete, and we went people to know that they should be cheering for the front of the jersey. And now’s an important time for people to support the Marlins, because without season ticket support or attendance, it’s hard to convince politicians that it really matters.”

The quote begs the question: What is the value of marquee players, the value of team brand and how do each of these impact the bottom line?

Noll: Only owners and league officials believe that people pay to see the jersey instead of the players. Field some great players, draw 3+ million; field a de facto minor league team, draw 700,000. The contribution of marquee players to revenues in the sport continues to grow, although the post-strike revenue-sharing rules have slowed salary growth among the best players.

The Baseball Economist Bradbury: It is hard to convince politicians to dole out welfare to sports franchises. There is no economic justification for a public subsidy to professional sports teams. But even on philosophical grounds, I cannot support taxing citizens to do this. David Sampson runs a good franchise. I wish he would concentrate on marketing the phenomenal product his organization has put on the field, rather than use it as a weapon.

Where are the Marlins going to move? They are in a top-10 MSA that is growing. San Antonio just laughed when Jeffrey Loria threatened to move the team there. Unless the Marlins can convince some city to give them a sweetheart deal—something I don’t see happening— the Marlins threat to move is not credible. If he pulls this off, he should start demanding that supermodels pay for the privilege of sleeping with him.

I don’t think the Marlins fans are too concerned about marquee players. Miguel Cabrera and Dontrelle Willis are two of the best players in the game. They have an exciting group of young players who have the potential become All-Stars. As a baseball fan, I think the Marlins have one of the most likable line-ups in the league. One thing we know is that fans want to see a winner, and even the Marlins fans have responded to winning. I think it’s one of the reasons the Marlins have put a lot of effort into putting a good team on the field on a tiny budget.

The main reason that fans have turned against the Marlins is the behavior of the owner. Look at the experience of the Charlotte Hornets in the NBA. The Hornets sold out their arena for a decade—North Carolina is basketball crazy. When owner George Shinn demanded a new facility and threatened to leave, fans stopped supporting the team. When you tell your fans love me or else, they’ll abandon you in a hurry.

Gennaro: I’ve done enough work in this area within baseball—consumer research, focus groups, etc.—to be convinced that each MLB team is a unique brand, with its own “equities”, that have been shaped by many factors, including the team’s on-field performance, their ballpark, fans perceptions of ownership, and the way fans relate to the players. A strong team brand goes hand-in-hand with high fan loyalty and is a strong financial asset, which can cushion attendance declines when the team is playing poorly and offers some extra pricing power when the team is performing well. The amount of focus teams place on “building the brand” often depends on a trade-off between marketing spending to shape the image of the team in the mind of its fans, versus spending dollars on promos to put fans in seats. On the topic of marquee players, there is strong evidence that a team’s high-profile fan favorites can “personalize” the team brand and deepen the emotional connection with its fans—a connection that endures long after the player has moved on.

Silver: I like the work that Vince did on marquee players. Intuitively, I thought his numbers passed the sniff test. Analytically, there wasn’t quite as much empirical backing as I might have liked, but this is something that’s nearly impossible to study empirically; the data set simply isn’t robust enough to account for the attendance effects of individual players. 

In any event, I suspect that Vince is right that the marquee player effect is relatively small, and confined to a relatively few number of players. And ultimately, I think the marquee player question is subsumed in the concept of brand. Brand, among other things, is about managing expectations. It’s about making a certain promise to your consumers and living up to that promise, and it’s when teams tend to break those promises that they get themselves in trouble. What the Seligs did in Milwaukee, for example – promising competitive payrolls in order to get Miller Park built and then reneging on that promise – was very damaging for a couple of years, and I suspect that Brewer attendance would not have recovered to the extent that it has if the Seligs hadn’t sold the club. I did a lot of consulting work in Milwaukee at about the time the Brewers hit rock bottom, and people took all of this very personally.

Anyway, I’m running in circles here, but I suspect that once you get beyond perhaps a dozen or so players – guys in the Derek Jeter, David Ortiz class – fans are less concerned about the name on the back of the uniform as they are having players who can catch, throw and hit. If the Cubs fail to re-sign Carlos Zambrano, that could be problematic for them, but only to the extent that they don’t sign someone of comparable worth to replace him -- if they lost Zambrano but brought in Roy Halladay, nobody would bat an eyelash. To that extent, team payrolls are perhaps a little bit sticky downward; fans may be quicker to punish you for selecting a lower point on the wins-revenue curve than they are to reward you for picking a higher one.

Fort: I read this quote as focusing on the politically determined part of an owner’s bottom line. Fan support impacts revenues directly at the gate, on attendance-related revenue like concessions and parking, on TV, and through merchandise purchases. But fan support also impacts the politically determined part of revenues, that is, subsides through venue construction and lease terms. To the extent that marquee players engender that support through better fortunes for the team, so be it. But Samson is quite correct that general brand name identification—we used to call that fan loyalty, by the way—is related to political support for the team as well. So, it seems to me that marquee players and brand identification are important to both the “business” side of revenues and the “political” side of revenues.

Zimbalist: Theoretically, team brand value is difference between the team's market value and the discounted present value of its future profits. A player's marquee value would be approached similarly, the difference between his salary and his estimated MRP.

Brown: Measuring the value of marquee players is an interesting study that may lend itself to those at the top of the “star player” scale, but across the league it becomes extremely difficult to quantify. Certainly both Nate and Vince have touched on this in Baseball Between the Numbers (Alex Rodriguez) and Diamond Dollars (Babe Ruth).

We can certainly place soft revenues around other players. The most notable player currently would most likely be Daisuke Matsuzaka, where sponsorship, ad revenues, and tourism dollars will impact, not only the Red Sox, but other clubs as well.

But, as mentioned, these are the exceptions. Past the biggest stars in MLB, it becomes more difficult to value a player’s name. If someone can tell me how much Wade Boggs made the Devil Rays in 1999 based on pure name recognition alone, we’d be getting somewhere.

As for placing a value of fan loyalty based on brand recognition, you get into a somewhat similar situation. In the case of clubs such as the Yankees, Red Sox, and Cubs, there is ample evidence that brand loyalty alone can provide steady revenues to buffer losing seasons. Certainly, the Cubs being able to hitch your wagon to the “Lovable Losers” mantra and milking revenues from it is something that doesn’t apply to say, the Royals—it becomes more difficult to measure the further away from the marquee clubs you get.

Much of brand loyalty comes from the history of a club, and therefore, those that have been in existence the longest will have the best chance of taking advantage of brand loyalty. Samson doesn’t have this ability given the short time the club has been in existence. The Yankees can leverage the memorable history of Joe DiMaggio or Mickey Mantle. As time marches on, these newer clubs will create (or hinder) their own brand loyalty based the history they create, and often times, the fan experience of the ballparks they play in.


The latest Forbes franchise valuations for MLB shows that the some of the highest profit making is coming from clubs that have some of the lowest player payrolls in MLB. Is a player payroll floor needed to fully address possible high levels of profit taking from those that also receive revenue-sharing?

Baseball and Billiions Zimbalist: With over $30 million per team coming from MLB’s central fund and some of the bottom teams receiving over $30 million in revenue sharing, a low payroll virtually guarantees teams on baseball’s welfare system a healthy profit. I favor a revenue sharing system that has the proper incentives, rather than one with administrative rules.

Bradbury: I think a salary floor is a bad idea. Yes, it limits the amount of revenue sharing an owner can keep, but paying players isn’t necessarily the best way to manage your franchise, especially for a low-revenue team. There are several clubs winning without spending much money on player salaries. From 2000-2005 the Twins, Marlins, White Sox, and Athletics spent, on average, 32 percent less than the league-average payroll and went to the playoffs ten times and won two World Series. These teams aren’t just sitting home collecting revenue sharing; they generate revenue by putting good teams on the field with low labor costs. The incentives for generating revenue through winning are high enough to limit the “welfare queen” strategy.

It is true that there is a positive relationship between market size and winning, but the disparity between the best and worst franchises is not pure product of financial determinism. Predicting player performance is difficult; therefore, attempting to buy a championship through free agency is expensive and risky. Some teams have exceptional scouting departments that give them an edge. The bigger story though, is that the reserve rules allow teams to pay players far below their actual worth during their first six years in the league. Why not put resources into relatively cheap management/scouting personnel and cast your lot with a huge pot of prospects? Some become stars while others wash out, but no matter what, they didn’t cost you much. Also, the difference between good and bad players is small, so that even teams that can’t hire the best can remain competitive.

The perennial losers like Kansas City and Milwaukee are in small markets, but they also have been horribly managed. Are they at a disadvantage? Yes, but it’s not as big as the small-market owners make it out to be. From 1995-2004, differences in market size explained only about 40 percent of the gap in wins between the Yankees and the Brewers.

Furthermore, the potential remedies for market-size disparities are worse than any of the solution—more revenue sharing (remember the “welfare queen” problem?). The financial disadvantage that some teams face is similar to the disadvantage the Rockies face playing in an extreme altitude. We don’t have 30 localities with identical demographic characteristics to host teams. The disparity exists, but we’ve seen that it’s not too big for teams to overcome. It is part of the game, and may even add some drama. I sure enjoyed watching the Marlins beat the Yankees in 2003. If some teams put as much effort into their development as they do belly-aching, they might have a few playoff appearances to show for it.

Silver: I recently did a piece at Baseball Prospectus that looked at the overall stock of talent within each organization, rating each club from 1 to 30 based on the amount of long-term talent that they’ve compiled. Three of the teams at the top of the list were the Twins, Indians, and Devil Rays, all of which have been accused at one point or another of “profit taking”.

The problem is not that the teams at the bottom are spending too little – it’s that the teams at the top are spending too much. Neil deMause, building on some work I’d done for Baseball Between the Numbers found that probably only 3-4 teams derived a larger marginal gain in revenues than they paid out in payroll, and the fact that there’s such a strong inverse correlation in the Forbes data between payroll and operating income would tend to confirm that. Baseball teams, especially those toward the top of the revenue heap, are remarkably bad at marginal economics. They have the luxury of being sloppy because they’re making too much money.

Gennaro: I’m uncomfortable with player payroll as the sole yardstick of whether a team is re-investing revenue sharing dollars. The teams with the lowest payroll are often the teams with the lowest revenue opportunity. These teams will ultimately fail or succeed based on the strength of their player development system, not their willingness to escalate payroll. Forcing payroll investment may create more Gil Meche-type signings. I would rather see some dual measure that includes investment in player development as an alternative investment option.

Brown: I’m uncomfortable with the way some clubs appear to be using revenue-sharing as welfare—and as I’ve written on this topic, some fans think that reason is good enough to implement a player payroll floor.

However, I don’t see the need for a player payroll floor.

With more clubs getting player contracts under control, the free agent pool has been thinning, and with that, we’ve seen the supply and demand of them increase. That has sent player salaries upward at rates that many low-to-mid level revenue making clubs cannot keep up with.

With the change, the ability to develop players from within becomes a higher priority, and with that, forcing investment of those revenues directly at the MLB player level is counterintuitive.

Clubs need to be able to invest in player development—be that scouting, academies outside the US, et al. While some clubs continue to take advantage of the revenue-sharing system, implementing a player payroll floor would have unintended consequences and further upset competitive balance.

Noll: The theory behind a floor on salary expenditures is that if a team is forced to spend money, it will bite the bullet and field a decent team. There are two major problems with this theory. One is that the only cause of weak teams is low salary budgets. Another cause is bad management. Forcing teams to spend more will cause poorly managed teams to overpay their players even more than they do now. In addition, teams can improve themselves by spending more on player development and evaluation, as exemplified by Minnesota and Oakland. Why should these teams be punished financially when they now can field above-average teams with below-average budgets? One should be very careful about implementing central planning in any sport because it inevitably reduces the efficiency of team management.

Sports Economics Fort: First, Forbes only guesses at profits using some data that can be roughly verified, team revenues, and some data that can’t be verified, team costs. But even if one takes the Forbes guesses at face value, it is also true that some of the highest profit making is coming from clubs that have some of the highest player payrolls. So I don’t see why there should be any conclusions at all drawn on the profit statements from Forbes.

The intent of the observation about the Forbes data seems to be that if smaller-revenue owners spent their net revenue sharing proceeds on talent, then profit margins would be smaller. And that somehow these margins are “too high” given the intent of revenue sharing. But there is no way to know this from the Forbes data, even if it is correct, since fans will pay more for higher quality even though payrolls went up.

But let’s talk directly about the rationale behind a payroll floor and not worry about the Forbes data. Enough people already think that smaller-owners are violating the intent of revenue sharing so let’s just take it as given.

In my opinion, there’s no need for a payroll floor in order to meet the league’s goals for two reasons. First, unless MLB’s choice of the equal 31% sharing rule has truly perverse impacts on the return to investing in talent, then all teams will put all of their revenue sharing proceeds back into team quality of their own accord. Second, even if this isn’t true, MLB could always choose to focus just on the competitive balance tax and remove any need for a payroll floor in the first place.

The issue of a payroll floor arises as follows. Revenue sharing is just a form of tax—all owners pay 31% of local revenues into the tax pot. Now, suppose MLB just burned the collected 31%. The equally proportionate take from all teams would have no impact at all on relative ability to spend on talent! The price of talent would fall but teams would hire roughly the same amount. So I would not expect competitive balance to change if tax receipts were taken out of owners’ operations considerations.

But the league has decided to redistribute these tax revenues in equal shares, but not equal amounts, back to all owners. Smaller-revenue owners thus get back more than they put in. Larger-revenue owners get back less than they put in. Now, the question becomes, “What do we expect owners to do with their revenue sharing proceeds?” And there are two possibilities.

Scenario 1: If the return on investment in baseball talent has fallen, not the price but the return, then owners will take their revenue sharing proceeds and spend it outside of baseball. But this would be just as true for larger-revenue owners as for smaller-revenue owners. And remember that this action would not change the level of competitive balance in baseball.

Scenario 2: If the return on investment in baseball talent has remained the same or increased, then owners will take their revenue sharing proceeds and put that money back into talent purchases. After all, baseball talent drew that spending before the tax and if the return hasn’t changed, or rises, the same would be true after the tax. Now, after-tax revenues are lower for larger-revenue owners than their pre-tax revenues and after-tax revenues are higher for smaller-revenue owners than their pre-tax revenues. So, the return on baseball talent leads to lower spending by higher-revenue owners and higher spending by smaller-revenue owners so that after-sharing competitive balance would be expected to improve.

So which is more likely, Scenario 1 or Scenario 2? If the latter, as I think should be the case since MLB wouldn’t choose a path that lowers the return to talent investment, then there is no need for a payroll floor. After-tax payrolls will see all net revenue sharing proceeds spent on all of the teams in MLB, larger- and smaller-revenue alike.

And here’s another reason for skepticism about the need for a floor. Without any other mechanisms, the competitive balance (luxury) tax currently operational in MLB, carefully chosen, can take care of both the over-investment in talent issue that might confront a league and the issue of obtaining the level of competitive balance that maximizes league profits. The competitive balance tax lowers the marginal value of talent to larger-revenue owners. They buy less talent and competition among players then reduces the price of talent. Smaller-revenue owners buy the talent that is released as the price of talent falls. And it all happens without any spending requirements at all. Indeed, MLB has taken luxury tax revenues completely out of the operations picture by spending it on “growing the game” here and abroad.

Thus, at least from the perspective of getting the league’s view of its profit-maximizing result, there is no need for any requirement of a payroll floor under revenue sharing because they could accomplish the same goals just with a luxury tax that doesn’t require any payroll floor either.

And in the off chance that some sort of unforeseen contingency might lead an owner to bleed a team, the Commissioner has explicit power to levy revenue sanctions. Admittedly, whether the incentive to do so is strong is questionable but, under the preceding logic, the need for such an exercise of power would be infrequent at most.

Thus, at least from the perspective of getting the league’s view of its profit-maximizing result, there is no need for any requirement of a payroll floor under revenue sharing because they could accomplish the same goals just with a luxury tax that doesn’t require any payroll floor either.

And in the off chance that some sort of unforeseen contingency might lead an owner to bleed a team, the Commissioner has explicit power to levy revenue sanctions.  Admittedly, whether the incentive to do so is strong is questionable but, under the preceding logic, the need for such an exercise of power would be infrequent at most.


Lastly, pick a topic that has yet to be covered that faces MLB or clubs from an economics perspective, and expand on it.

Brown:  I’m surprised at the emotional responses that relate to the decline of the number of African-Americans in MLB; none of which seem to take into account the economics of the situation. On one hand there are articles that claim MLB to be racist on some level, while some writers wish to claim the decline is a myth—both of which are incorrect.

With picks in the draft coming in the reverse order of finish in the standings, and large bonuses attached to high draft picks, the clubs that have lower revenues to work from often times wind up with these selections. With the lower revenues, the extra stress of scouting talent that will turn into a quality player becomes greater for these clubs than a club with more revenues to work from.

The ability to acquire quality international players outside of the draft process is economically more effective. Quality players can be procured less expensively, and with that we now see all MLB clubs with development academies in Dominican Republic, and a third of the clubs have academies in Venezuela.

While the racial diversity of MLB has grown, this unintended economic impact of the draft plays a large part in number of American born players coming into MLB, and with that, the level of African-Americans have declined to half of what it was ten years ago.

Gennaro: There is an interesting transformation taking place within MLB teams towards a more disciplined, analytical approach to making decisions. That’s not to say that an intuitive approach based on years of baseball experience doesn’t have value, but it’s a very different business than it was 20 years ago. Today, signing a free agent contract is often a $50+ million decision. Teams are faced with complex issues as diverse as where to invest scouting resources throughout the globe and how to deploy the internet to cultivate a relationship with fans, to mention just a few of the newer challenges. One impetus for the transformation is the sale of franchises, not just because new ownership brings new thinking, but also because the cost basis of these purchases are in a different league than a franchise that was bought even 10 years ago. With a $700 million cost for the Red Sox (including a stake in NESN), to an even potentially steeper price tag for the Cubs, new ownership groups need to find innovative ways to create financial value to justify their investment. Add to the higher cost basis a heavy load of debt service and it’s easy to see why teams are more inclined to take a more strategic approach to sourcing talent, take a global view of their brand, and are constantly seeking to develop related assets in which additional value can be created.

Noll: Baseball has not yet found an effective way to exploit business opportunities internationally.  The same can be said of other American pro sports, but baseball probably has the largest unrealized potential for international play.  In the immediate future, the greatest opportunity is for a genuine baseball World Cup among national teams, featuring mainly players from Major League Baseball.  But in a decade or so, rising incomes in Latin America and Asia could make “major leagues” (with some teams equivalent in quality to MLB) feasible there, in which case an international club championship, like the Champions League in European soccer, also would become attractive.  Does MLB have the entrepreneurial capability to take the lead on these issues?  Based on its feeble attempt at a baseball world championship in the spring of 2006, baseball seems in danger of missing these opportunities.

Baseball Between the Numbers Silver: I’ll be fascinated to see what MLB Advanced Media does in the area of mobile technology.  I was at a wedding recently where someone had rigged up a Slingbox to his Palm Piolt – we were all watching a football game during the reception.  Nobody wants to recreate the mistake of the ESPN Phone, but once the technology has advanced by another couple of years, and you’re able to transmit streaming video to mobile devices in a way that’s relatively cheap to everyone involved, it’s going to be a big hit with affluent consumers.

In fact, I almost wonder if the technology isn’t so good that it’s going to start to take away from the ballpark experience.  I’ve caught myself wondering a couple of times recently if I should go to a ballgame, when I can watch six or seven games at once using MLB Mosaic.  I’d rather watch a game in person than on TV, but if I can flip back and forth between a half-dozen games on TV, and track my favorite players and favorite teams in the meantime, that might be a different story.  Plus, the beer is a lot cheaper at 7-Eleven. 

Bradbury: Major League Baseball’s monopoly status is overblown. Fans and policy makers have little reason to be concerned about baseball’s market power. Sports leagues are unique markets that will almost always evolve to a single-seller. In the 1970s, economists began to take a closer look at competitive pressures and explored new models of monopoly.  What we have learned is that a little competitive pressure goes a long way, and I think the evidence is that MLB seems to be well-governed by market forces.

First, the antitrust exemption appears to be benign. MLB behaves no different than the other major sports leagues, which lack an exemption.  Second, early in its history MLB learned that trying to restrict quantity and raise prices, something that standard monopoly theory predicts, results in entry by competitors. Thus, MLB expands to provide the baseball fans want before competitive leagues spring up, and this is key to its existence.  And third, if MLB is a monopoly—it certainly has some market power—it is a price-discriminating monopolist, which harms society far less than a standard monopoly. If fans are willing to pay price for baseball that exceeds the cost of producing it, owners have every incentive to provide it.

Fort: Everything that confronts MLB and its member owners (clubs don’t do anything, owners do) has to do with profitability—how to get profits and how to grow them over time.  To me, the interesting problem confronting the league is its best response to the increase in substitutes available to fans.  MLB is following its tried and true approach of monopolizing the flow of value from talent in areas like the movement of games from over-the-air and cable to satellite.  It pursues the same approach to other media values through MLBAM, most notably recently the attempt to dictate terms in the fantasy baseball market.  These seem to represent an ever-increasing competitive challenge to all sports leagues.   Invariably, this type of competition seems to me to threaten their ability to make much of an abnormal return into the future.

(Andrew Zimbalist passed on this topic) 

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?
 


overnight delivery order amaryl serophene discontinued ebay cialis buy haldol no prescription diclofenac sodium 100mg tablets order paroxetine online no prescription with a amex voveran from usa abana cheap generic lipitor online pharmacy what is the therapeutic function for calan canadian health mall virus no prescription needed generic lipitor purchase levaquin on line in mexico is it illegal to order generic calcium carbonate where can i get aciphex from tadacip in the uk now zanaflex capsules dosage indian generic trandate prescription furosemide medicine online albendazole dosage for tapeworm geriforte syrup refills low acivir pills drugstore side effects stromectol without a prescription minoxidil hair lotion reviews where is lasix made buy requip cheap feldene pharmacy coupons american diabetes association aspirin primary prevention cost of abilify without insurance tetracycline mail order india buying crestor in canada female herbal viagra generic lasix no rx pyridium 100mg buy side effects of fluconazole 150mg generic aciphex rabeprazole sodium buy sustiva in india online aldactone side effects long term orlistat in canada celebrex online no prescription europe tricor ordering online pharmacy cipro xr Ь 1 gr precio tetracycline generic walgreens elavil legal us bloc party red pill blue pill lyrics endep 10mg weight gain can you buy saw palmetto online american heart association guidelines for nitroglycerin metronidazole tablets what are they used for what drug category is oxytrol side effects of lamisil cream buy etodolac 10 generic malegra fxt safe unique hoodia reviews weight loss best european online pharmacies viagra jet lag printable serevent coupons hydromorphone vs. oxymorphone conversion dosage of bupropion for smoking cessation order colchicine online pharmacy side effects of generic lipitor minomycin order online periactin available in the uk buy viagra sublingual paypal cheap vardenafil tablets cytotec buy online australia buy topamax pills in the india zoloft prescription dosage motrin max dose per day free or low cost rumalaya prandin where to get what family of drugs is cipro in can i make himcocid online pharmacy finast cheapest guest house in calangute difference between generic and brand name viagra eldepryl daily use reviews order neurontin medication by mail buy bactrim without a script celebrex commercials anastrozole steroidology buy proventil with paypal cialis tabs 20mg over the counter buy amitriptyline cheapest neurontin new zealand xenical cost nz licensed pharmacy cialis professional can you order birth control pills online amitriptyline long term usage tetracycline resistance e coli buy adalat online without overnight delivery lisinopril hctz side effects alcohol diflucan online usa buying flomax online endep doctors online best price moduretic research chemicals usa shipping content analysis methodology cafergot birth control online australia buy fucidin cream usa liv 52 canadian pharmacy buy dapoxetine benadryl over counter speman tablets from buy elavil tablet sale gasex dosage kids brand viagra pill shop discount code malegra dxt medication side effects buy cheap naprosyn using pay pal pharmacy usa online cialis buy chloromycetin quality discount med cab purchase proventil cheap non prescription avalide obagi tretinoin .05 cream will lexapro available generic form fast ventolin delivery cheapest evecare robaxin birth control online us non prescription strattera pharmacy best generic cipro review is clomid better than metformin mail-order coreg fluoxetine and diet pills non prescription desyrel pharmacy is there a natural viagra for women reviews on didronel no prescription zithromax sale i pill mirapex website nerontin non prescription cheap xenical diet pills omnicef by mail what types of trandate are there aciclovir tablet sale prozac overdose lethal chloromycetin online bestellen what are the side effects of taking reglan price comparison levitra viagra cialis celebrex 200 mg precio mexico viagra professional discontinued imuran ulcerative colitis user reviews lamisil online coupon code what is antivert drugs antivert reviews and dosage atarax buy on line generic benzac uk paypal buy zithromax in ireland generic revatio no prescription risperdal proces usa fincar how to buy toprol xl for purchase order forzest medication by mail para que se usa el bactroban buy orlistat online cheap arimidex generic canada ceebis viagra otc canada is mail order cialis super active safe cheap doxycycline online norvasc 10 mg pret aciclovir drug in usa pharmacy over counter diovan where can i buy trimethoprim treatment tablets normoxic trimix iantd propranolol tablets on line to buy can order cardizem online can you order beconase aq patient nasal protonix in italia cordarone online order carafate dose pediatrics the online drugstore coupon discount maxaman blue pill viagra buy zyprexa online usa buy alavert online no prescription us best place to buy cardizem in uk order viagra from side effects of antabuse with alcohol fast haldol delivery zyban pills to stop smoking reducing dosage of prednisone strattera dose chart can you buy percocet in india crestor 10mg vs 20mg best website to buy kamagra in uk buy minocycline online no prescription orlistat comprar order gasex on line usa tulasi prescription coupon safe buy liposafe online lowest price sumycin best price risperdal himplasia uk brand name cvs discount rx card what does generic aleve look like detrol 1mg tablets can i take viagra and blood pressure medicine buy ginette-35 tenormin dosage forms buy xenical inhaler canada purchase isoniazid in canada clomiphene menogan repronex purchase neurontin on line in usa buy silagra online at canada pharmacy maxalt generic drug where can i order viagra jelly cheap cardizem 100 mg cheapest price for levaquin what is doxycycline hyclate tablets used for ventolin hfa prices best generic actoplus met review buy online viagra australia doxycycline acne side effects flagyl medication dogs comparatif prix cialis en pharmacie buy valporate no prescription buy minocycline 50 stromectol tablets merck metformin online without rx trazodone sold over counter albendazole dose for kids can you get pregnant after methotrexate injection prandin sold over counter o cloridrato de sertralina emagrece purchase geriforte pills cheap 30 mg actos 30mg x australia post shipping lithium batteries costco pharmacy zantac price phenamax from canada endep no prescription reviews better than saw palmetto skelaxin prescription coupon stromectol 3 mg tablets ciprofloxacin hcl 500mg suprax cost walmart minocin generic wikipedia drugs robaxin mg buy maximum dosage of glucophage what does motrin buy pulmicort usa india buy cheap lotrisone cialis commercial new headphones do you need prescription viagra canada snovitra super power shortage generic mobic paypal serophene sale over counter omnicef online pharmacy innopran xl cephalexin mg tablet buy metoclopramide minocin online meds stieva a gel vs cream humana mail order pharmacy jobs hydrochlorothiazide generic form tablet lamisil spray powder the online drugstore hydrea meclizine hydrochloride 25 mg side effects how to buy keppra what is calan medication buying minipress in manchester piroxicam gel dosage carafate 100mg cheap riolife acai capsules review imiquimod cream user reviews online pharmacy amitriptyline where to get finast order strattera on line usa gyne-lotrimin prices canada non-generic cialas cost of effexor xr 75 mg discount caverta lantus solostar needles novofine what is minipress drugs advair diskus online order buy retino-a cream 0,05 bulk is sertraline better than fluoxetine cheap abana pills what are the side effects of zantac in babies is it illegal to order drugs from canada med cab diflucan recommended dose of doxycycline for acne buy hong kong serevent mcg generic generic viagra pay for by e-check what is lexapro like a xanax mevacor where can i buy it buy diarex no prescription trial erection packs 3 pharmacy cheapest cyklokapron tablets uk can we trust voveran sr online diltiazem weight gain mexico accutane how often to take allegra d original medrol online erexin drug canadian pharmacy differin gel acne reviews mentat ds syrup over counter uk buy lantus solostar insulin pen nizoral uk buy rxlist tegretol drug order elavil 10 mg bayer aspirin stock price order generic estrace there generic actonel walmart pharmacy singulair cost over the counter medicine back pain is there a drug comparative to provera safe buy periactin online best pharmacy to order wellbutrin generic for zovirax cream cymbalta for sale online accutane isotretinoin roaccutane 101 levitra uk price buying tadapox from canada no prescription betnovate side effects skin generic brand advair diskus us comprar malegra dxt en argentina imitrex drug oversea what is pariet 20mg used for what does lisinopril 40 mg look like buying clonidine using paypal order zithromax azithromycin canada endep on line for sale no script us online pharmacy no prescription cytotec adalat legal us how long does it take for ampicillin to degrade is amoxicillin better than keflex actos prescription discount card buy antivert medication renagel australia buy anacin 200 does zovirax work for genital herpes chloramphenicol brand name india generic brand imuran how to get viagra uk best online pharmacy generic viagra jelly buy dostinex 100mg online celebrex drugs forum phone in order for levitra aleve ships from india browser stats google can renagel tablets be crushed tamsulosin hydrochloride alternatives tramadol overnight with mastercard side effects of benadryl and alcohol list of tesco stores selling l-tryptophan top drugstore bb creams 2013 sarafem not generic long time sex tablet name for men where to get nolvadex in usa cheap genuine zanaflex online generic cost allopurinol 300mg celebrex online pharmacy canadian minomycin usa buy abana online rx betapace uk brand name mentat ds syrup italiano voltaren mg usa glucophage dosage weight loss actonel new zealand sildenafil or viagara to buy diflucan in uk buying propranolol in the uk femara without a percrip doryx acne medicine canadian cialis generic buy generic venlor online best pills to get high off of floxin mexico prescription viagra subscribe email capoten medication online drugstore makeup coupons 2012 proscar medicine order alligator hair clips wholesale cheap kamagra uk paypal purchase tetracycline online no prescription glucophage perth australia crestor rx help how much does generic depakote cost viramune limited india mail order benicar 100 mg actonel how long does it take for hoodia pills to work coumadin zyvox order online trazodone refills bactrim ds for uti dose overseas pharmacy no prescription asacol best online pharmacy no prescription reviews hydroxycut acai user reviews coumadin 20mg tab zaditor over counter uk deltasone 100 review missed effexor xr dose how to order celexa online best pharmacy to order micardis floxin sold over counter propecia pills buy where is aspirin absorbed in the body buy atorlip-5 with paypal buyers of adalat canada can order tricor canada can you buy anacin over the counter in germany zyprexa recommended dosage buy bupropion hcl xl 300 mg fucidin reviews for men low cost elocon is generic diabecon available in usa is mail order protonix safe female viagra noprescrition needed canada online pharmacy can order minocycline canada prescription drug doxycycline hyclate prescription drug prilosec otc hoodia 10 000 mg mupirocin nasal use levlen over counter uk colchicine express canada compare prices for xalatan carafate suspension for sale dosage of viagra to take methocarbamol robaxin 750 getting hyzaar in australia top 10 online levaquin sites nitrofurantoin mono/mac 100mg capsules periactin where can i buy it sustiva pills vantin tablets uses lov cost duetact renagel western australia buy over the counter tenormin online aldactone tablets uses lawsuit against allianz buy diclofenac sodium 50mg uk drugstore purchase viagra sublingual online buy amoxicillin over the counter can you buy inhalers over the counter in canada aricept and drinking alcohol prevacid dose buy lozol boots pharmacy purchase levitra super active online viagra sublingual drugs generic nizoral shampoo 1 raquel allegra buy online aristocort usa cvs prices rumalaya uk next day delivery what is better than viagra estrace side effects rash long term cialis side effects order abilify 2mg online nexium 40mg tablets esomeprazole buy generic retino-a cream 0,05 online levitra online pharmacy no prescription generic drugs clomid fertility medicine where to buy depression medication forum prescription buy deltasone online hartley pharmacy new york amsterdam zoloft starting dose 100 mg what is deltasone for canadarx 24 pharmacy atorlip-10 over the couter use atorlip-5 coupon online pharmacies buy alesse how to take amantadine proventil vs proair inhaler depakote reviews for bipolar ii late ovulation on clomid 150mg cost comparison prescription buy silagra fluoxetine 100mg tablet how to get prednisolone in australia where can i buy cipro online generic didronel for sale on line diclofenac gel 1000g what is the treatment for aspirin overdose buy hoodia in singapore paroxetine overdose fastest snovitra super power uk delivery can we trust nitrofurantoin online what is motrin used for claritin online etodolac 400 mg tablet tar buy benicar 5 metoclopramide hydrochloride oral solution buy cheap actos pills isoptin on line no script best pharmacy to order zoloft zyprexa generic can you get addicted to topamax venlor for sale azithromycin 250mg dosage children aristocort tablets us online prescription assistance bystolic mg zyprexa india price neurontin on line purchase buy actoplus met xr fda over the counter version of alli weight loss danazol generic release date zyban on line no script can you get addicted to dulcolax can you buy adalat pills para que se usa el voltaren gel suhagra legal us how long mobic to take effect cialis jelly no rx i pill website generic lipitor ranbaxy the chepest omnicef what is celadrin used for flomax without prescription pills sustiva to buy from europe pariet 100 review benemid shop net acheter pas cher bupron sr vantin perth australia long term effects of prednisone ordering cheap amantadine medicine voltaren medication gel metoprolol tartrate spc menosan over the counter can you buy penegra over the counter where to buy dramamine ii generic viagra professional india fast prilosec delivery can you buy olmesartan benicar canada comprar sarafem original diovan pas cher italie female viagra liquid form lisinopril in croatia amaryl diabetes side effects buy motilium fast shipping i pill erexor website buy atrovent without rx como comprar cytotec en usa comprar silagra en argentina what is the brand name for furosemide uk generic pills for roxithromycin real viagra sites acticin with paypal payment buy yasmin 200 non persciption prazosin drug market order elavil reliable canadian pharmacy review mail order generic cialis super active urispas shop net get seroquel toronto como puedo conseguir viagra sin receta medica glaxosmithkline lamictal discount citalopram hydrobromide drug classification is zyloprim a prescription drug buy innopran xl boots pharmacy over the counter medicine ditropan levitra 20 mg side effects tamoxifen and raloxifene star viagra soft online australia clomiphene citrate tablets 50 mg levitra mexico city alesse delivery cheap car insurance ni to buy mircette flagyl er prices evista without script safe synthroid no precription lexapro medication class arava tablets 20mg taking clomid at age 40 moduretic refill pack viagra effects on heart astelin discount buy propecia finasteride no prescription comprar lexapro portugal where to buy cheap generic aygestin how to take orlistat 120 norvasc side effects joint pain buy vytorin with lipothin and active cleanse flagyl pharmacy canada oxybutynin generic for ditropan albendazole delivery uk generic abana cost atorlip-5 limited india class action lawsuit against zocor viagra soft tabs vs viagra best place to buy finpecia no prescription abilify seroflo 125 buy over the counter atorlip-20 online escrow refills invitation code lipitor drugs buy order sinemet cheap lexapro side effects of allegra-d 24 hour tablets cheap drugs no prescription needed prednisolone online purchase how much will dostinex cost levitra professional on line where to get vasodilan pct endep 10 pain relief viagra online overnight shipping elocon best price pharmacy buy drugs valtrex donde comprar el live view extrapyramidal side effects of metoclopramide lariam discount voucher benzac 2 5 comprar para que se usa bactrim ds order benicar 20 zenegra buy usa buying cordarone using paypal sale myambutol order lexapro success rates clomid fertility shots crestor no prescription needed can you get dramamine in australia rumalaya mist canada amaryl drugs for sale glucophage canadian source atacand tablets hong kong buy online flovent kaufen is there a generic for estrace cream without a script online ampicillin perscription best prices viagra no prescription cost of premarin at walmart pharmacy pharmacies in canada best cialis professional prices pill pharmacy low cost finast buy ethionamide perth australia prednisone side effects in dogs shaking antabuse overnnight beat way to order finast buy albuterol cfc inhaler side effects of paxil medication thyroid medication not working reasons metronidazole flagyl dose cialis prices usa over the counter viagra online original viagra online uk aldactone for dogs buy original nizagara online buy vantin low cheap price buy isoniazid uk cafergot novartis mexico generic diflucan buy canada health canada revia buy toradol online viagra over counter substitute nitroglycerin pills for sale common side effects of lisinopril-hctz viagra online without perscription purchase tetracycline on line in india suprax online in canada geriforte syrup dosage too high estrace cream side effects depression myambutol without a script nizoral uk brand name aspirin over counter dose premarin cream no rx buy leukeran visa how to get pills out of your system tiny blue pain pills what is zanaflex 4mg used for farmacias canadienses cipro hc otic price ampicillin shortage where to purchase benfotiamine common anxiety medication names mircette tablet sale is it safe to order nootropil what is amitriptyline hydrochloride generic for brand name cialis online canada content aware fill cs5 feldene gel pregnancy wellbutrin xl medication assistance generic viagra 100mg sildenafil benzac buy online ireland is generic betoptic effective levitra no prescription paypal cialis viagra no prescription fast delivery how to by aspirin online triamcinolone cream side effects albendazole cheap us pharmacy phone in order for purim accutane tablets uses colospa for sale online lov cost detrol lithium from usa pharmacy prilosec mexico generic plavix benemid shortage what is the prescription drug requip viagra weekend warrior order dostinex 120 mg where to buy low level pvp gear alliance pharmacy the chepest desyrel terramycin mg usa tegretol tablets for purchase buy codeine syrup online carafate cost canadian ivermectin for horses side effects prazosin without insurance azithromycin side effects for chlamydia where to buy apcalis sx can you get prometrium over the counter best aspirin face mask where can i buy minipress in canada femara generico italiano brahmi gadi katha movie online hq retino ac gel uses acquisto moduretic sicuro online fungsi salep bactroban buy zoloft online australia generic for avalide best price for lipitor 20 mg lozol drug information buy phentermine diet pills uk sinequan costco what does ephedraxin cheapest luvox in the uk beat way to order baclofen lasix pills identify misoprostol mechanism of action on uterus cheap cymbalta pills the low alliance how long does it take for a toradol injection to work kytril online sales there anything like viagra over counter paxil drug in canada pharmacy brand cialis online price zovirax delivery london donde puedo comprar aciclovir acai berry tablets wiki best place to buy pravachol how to get crestor drug where is the parietal bone located mexican mg buy propranolol nootropil where can i buy it cleocin 40mg vendita viagra in italia apcalis sx 40 mg pharmacy where to buy real viagra cialis online what does alliance mean ordering risperdal can we trust calcium carbonate online aciphex no rx date generic cozaar nolvadex gyno results best generic sinequan sites doxazosin online store buy protonix inhaler canada legal buy uroxatral online canada buy purim online amazon azithromycin chlamydia treatment side effects prednisone dosage for kids lisinopril for sale no prescription needed levitra sale uk viagra unisom generic dosage of viagra para que serve o diclofenaco de sodico viagra cheap fast delivery pariet buy online us buy clomid new zealand online xenical online usa no prescription cialis 20 mg for sale oxytrol delivery uk 6 mercaptopurine inhibits enzyme lowest price himplasia cheap hydrochlorothiazide mg buy atrovent from india what is keftab for buy otc viagra natural warfarin alternatives buy dramamine patch comprar pamelor portugal american lipothin how to buy tadapox in london buy toradol boots buy flomax online reviews celexa dosage anxiety minomycin pills side effects of baclofen withdrawal purchase cefadroxil online floxin 100mg cheap prinivil drug class robaxin next day shipping long term side effects of baby zantac clozaril dosage aciclovir with american express jenis pil perancang untuk ibu menyusu low buspar zovirax pills for shingles generic anafranil cost paxil 100mg cheap order non generic zyloprim lansoprazole nhs cost azulfidine limited india stromectol lawsuit prednisolone tablets australia genuine valtrex 100mg tulasi rx what types of colchicine are there generic name for lozol on line pharmacies get cephalexin over counter purchase forzest cheap estrofem uk nizoral online store zyvox next day shipping indian generics online grifulvin v propecia no prescription from canada cardura for purchase clomid price cvs what are the side effects of abilify in children nitroglycerin for men in usa coupon code for mycanadianpharmacy overseas pharmacy no prescription valtrex best online pharmacy generic isoptin prednisolone tablets 10 mg best muscle relaxant tablets ms pharmacy in canada universities canadian alliance of student associations 2010 advair diskus 250 50 mcg billig retin-a 0,05 online kaufen buy cheap atorlip 5 cheap genuine risperdal online zithromax 40 mg /ml annostus generic alesse birth control online pharmacy allegra medicine for cold sale stromectol chloramphenicol eye drops india purchase flagyl er online can you buy allegra in ireland furosemide no prescription fedex ups roxithromycin drug class renova black toilet paper analysis when will there be a generic for avalide kamagra oral jelly sublingual dosage mail order medrol dostinex generic equivalent minocycline discount voucher seroquel over counter buy calan with paypal proscar drug discount canadian pharmacy chloramphenicol terramycin from canada my doxycycline coupons accutane reviews taking methylprednisolone 4mg tablets dosage comprar alphagan portugal order cleocin online in usa how to use purinethol generic uk paypal tadalis sx buy aldactone without rx cod lasix to buy in england can order acivir pills canada haldol comprare purchase alligator hatchlings parkinson;s medication artane cleocin 100 mg coupons 100 mg zenegra is there a sex enhancing drug for women lioresal lowest price billig lariam online kaufen best anxiety medication free coupon for bupron sr there generic lopressor best online pharmacy generic cystone zithromax dosage sinusitis where can you get nizoral colospa pas cher italie buy imitrex online overnight cheap accutane now cod prednisolone stopping your medicine purchase lisinopril 20mg no prescription omnicef online shipping boots pharmacy brighton hill basingstoke buy lisinopril cheap buying astelin in manchester tramadol hydrochloride 50 mg enhancement drug men zerit billig kaufen brand levitra on line in the usa discount l-tryptophan mg colospa tablets on line to buy best foundation for very dry skin uk best online pharmacy generic atarax order cialis sublingual online with visa generic xenical orlistat rogaine 2 delivery yagara from usa betnovate ointment price erythromycin ethylsuccinate 125mg/5ml what are the bad side effects of alli acheter telephone portable mobicarte sfr uroxatral online coupon code voltaren gel 100 gm allegra mining australia proventil inhaler sale albuterol sulfate viagra super active usa cvs prices lithium mining western australia does accutane really work yahoo cleocin gel online sales ditropan no script where can i purchase indocin ordering colchicine uk where abilify disorder user reviews letrozole side effects where can i get viagra in singapore australia pharmacy online eu buy promethazine next day prescription solutions fax form what is the medication paxil used for buy styplon cheap se vende el viagra sin receta how can i make dulcolax work faster generic name benemid anxiety medication side effects children first round of clomid success stories cozaar reviews for men generic v-gel in usa ropinirole mechanism of action safe levlen no prescription brand amoxil limited india isoptin results forum pravachol generic cost pharmacy has best price remeron what does cipro treat strep throat united healthcare prescription solutions formulary can you get clomid on the nhs amoxicillin vs doxycycline lyme disease cheap lipitor pills can i take 2 alli pills instead of 1 1 internet online drugstore off brand clomid at walmart buy baclofen from india minocin recommended dosage prednisone prices walmart what is ginseng root used for purchase hyzaar on line in usa current price cephalexin craigslist manchester tn rogaine 2 discount quiero comprar mobic acai no rx is it safe to order vermox lisinopril/hydrochlorothiazide no prescription buy aspirin cardio what does amitriptyline do to cats free viagra newsletter himcolin gel of himalaya price prescription allopurinol gout inhaled amiloride cystic fibrosis metformin mail order sinequan over the counter antibiotic cream arimidex for men hair loss cipro buy without promethazine codeine syrup online generic version of micardis plus discount aspirin what mg does tricor come in kamagra without prescription pills terramycin billig kaufen cheapest micardis to buy decadron online forum click here discount astelin purchase in canada no prescription rosuvastatin medicine buy entocort hong kong 200mcg 100mcg buy online pharmacy india non generic zestril baclofen cost in india cipro antibiotic doxycycline ciprofloxacino cinfa alcohol erythromycin prescription coupon how much does diclofenac cost flagyl 500 mg film tablet lilly cialis wiki eldepryl pas cher italie orlistat delivery london atrovent nebulizer price albenza results forum lithium prescription coupon what are the side effects of trileptal in children valtrex 5mg tablets allopurinol for daily use canada baclofen 20 mg tab adhd meds online pharmacy best otc medication for ringworm glucophage usa cvs prices potatoes not prozac zestril in canada buy cefixime inhaler canada tretinoin 0,025 online in us compazine for sale online buy maxalt lowest price list of all types of illegal drugs american heart association aspirin heart attack lasix non perscription countries amoxil medication online buy cozaar mexican pharmacies geriforte syrup uses medication picture of furosemide 20 mg tablet cheapest online generic albendazole protonix generic over the counter ortho tri cyclen generic brand name suppliers of prednisolone in us midamor order by phone purchase diamox 500mg online pharmacy celadrin where can i get some lasuna alli trippy facebook best serevent prices where is plavix made suhagra comprar how often can i take cialis 36 hour decadron medicine children ethionamide delivery london cheapest place to buy doxazosin medrol and alcohol side effects anacin woldwide shipping altace pharmacies canadian ramipril overnight pharmacy ranitidine where to buy allison cabinet pulls drugs plendil tablets used buy levaquin singapore propecia over the couter buy flovent in ireland what types of malegra fxt are there buy promethazine and codeine syrup dog medicine rimadyl side effects is flomax legal in uk without a script depakote online overnight comprar dutas pela internet buy female viagra lowest price ciplox medication order buy zithromax hong kong prescription cheap aceon order lady era comprar glucotrol xl online bestellen best place to buy trandate order viagra super active from uk without prescription prograf pill shortage vipps certified online pharmacy canada side effects of long term use of cephalexin etodolac usa sale side effects of endep 25mg buy nootropil patch paxil next day what does seroquel 100 do to you indian pharmacy seroquel costco pharmacy uroxatral price lotensin composition pharmacy that sells levitra professional benadryl limited india valtrex coupons online can a gp prescribe accutane australia canadian nizagara tablet bystolic buy online indocin overnight pharmacy generic of allegra pharmacy cordarone iv lexapro medicine overdose lamictal 50mg tablet half price mentat carbozyne shortage purchase generic hoodia vigrande 50 mg kullanФБmФБ premarin cheap mail order generic haridra buy blopress generic acheter luvox pas cher why has bupron sr been discontinued buy augmentin 1000mg best pain meds for arthritis brand female cialis for sale periactin india sale drugs4us can youtube buy levitra plus in ireland cialis generic mestinon cost pramipexole gyno can i buy lansoprazole online abilify without online pharmacy pill identifier canada tec 3 fexofenadine hydrochloride 120 mg dosage amitriptyline in italia oral ivermectin for horses norvasc discontinued bystolic medication side effects blood pressure celexa anxiety dosage indian generics online betnovate synthroid side effects anxiety diovan sales concept levaquin 500 mg tablet mcn name brand viagra online fast eldepryl delivery buy himalaya purim online diltiazem spc actonel price canada is synthroid generic for levothyroxine anafranil with american express free or low cost nolvadex flomax from europe order avapro 75 mg cheap viagra soft 100 mg cholestoplex brands india trental online cheap iv clonidine dose what is artane tablets how long does it take for trazodone to kick in ordering noroxin here in canada long term side effects of fluconazole sinequan where can i buy it recommended daily dosage of korean ginseng buying doxycycline online no prescription nitrofurantoin veterinary medicine indocin to buy in australia compare prices erexin-v alli coupons august 2012 can you buy viagra in eygpt buy generic dostinex online amitriptyline prices usa buy abilify fast shipping chloroquine prices usa chloroquine shop net buy colchicine online for gout sertraline dosage forms what is bactrim ds tablets used for where can i buy allies and axis side effects of erythromycin stearate 250 mg ultra low dose actoplus met how to buy norvasc in london diovan from china costco pharmacy ephedraxin price buy colchicine cheap when should plavix be discontinued fast digoxin deleviery cialis soft tab bystolic from usa accutane settlement 2011 buy ceftin visa overseas pharmacy no prescription doxycycline what is sominex made of generic prevacid doesn;t work can i order ditropan no prescription in the usa cafergot no script boots chemist ireland prices buying zestoretic for dogs zebeta uk online the prescription weight loss medication orlistat works by advair diskus tablets online safe lipitor no prescription nizagara buy online mexico bactrim 100ml syrop dawkowanie cefixime 200 usage actos pharmacy type diabetes online motilium pill canadian buy cialis online canada no prescription rui tamoxifen reviews best medicine for abortion in pakistan mail-order aciclovir no prescription innopran xl buy alesse online uk shipping available prednisone cheap uk atrovent 40/100 ЮМg kaps mexican pharmacy no prescription baclofen bula da tadalafila over the counter replacement for synthroid anafranil supplier in uk vardenafil generika bestellen best online pharmacy generic arjuna hoodia medication online can i make metformin cheap brand advair diskus no prescription lioresal reviews for men revista visao portuguesa medrol 50mg tablets generic aleve overnite shipping donde puedo comprar fertomid atacand user reviews propecia causes weight gain purchase zestoretic where to buy lamictal best otc diet pills 2012 mentax sublingual dosage cialis originale online do i need a prescription for isoniazid prometrium 200 mg capsules side effects buy ventolin cheapest alesse 21 birth control side effects clomid nolvadex buy buying levaquin in manchester buy carbozyne online india lexapro online pay paypal no prescription mestinon thuoc isoptin 40 mg costco pharmacy prednisone buy menosan capsules buy hyaluronic acid visa buy antabuse mg order colchicine on line mexico synthroid and weight loss help zenegra legal us how to purchase clozaril how long does it take to withdraw from effexor xr vente de tadapox au quebec prednisone, retail, pharmacy support group warfarin interactions bnf acheter pillule alli en ligne biaxsig roxithromycin and alcohol where do i buy benadryl medrol dosepak 4 mg tablet viagra jelly to buy in england comprar erythromycin online northern ireland pharmacy online buy quinine sulphate toradol medicine pain nexium 20 mg tablete best place buy vytorin pct fucidin ointment india micardis 80 mg side effects orlistat lawsuit where can i buy elocon in canada best place to buy cipro in india can i get erythromycin prednisone side effects hunger most reliable place to buy rumalaya forte online when can i expect a positive pregnancy test calculator buy cholestoplex boots pharmacy cheapest place to buy decadron skelaxin cost in canada aciclovir 200mg herpes labial dosis what is chloroquine resistant malaria what over the counter drug is close to nexium pariet medication for keppra medication missed dose cafergot buy uk half price minocin silagra for sale amitriptyline withdrawal symptoms period does the yasmin pill make you gain weight short term car insurance dilantin 10 mg cost cost of advair diskus 500/50 can you get high off ranitidine syrup does lamisil cream require prescription can order keppra canada cheapest haldol amoxil 250 mg 5 ml order cafergot without rx search quotes relationship testosterone cream men prescription seroquel cheap uk does toprol xl cause weight gain nitroglycerin coupon code coreg overnight pharmacy cyclomen danazol side effects half price isoniazid generic lopressor overnite shipping rumalaya forte canada overnight delivery comprar reglan portugal pharmacy that sells lipitor roxithromycin from mexico walmart alliance ohio come acquistare cialis originale lariam australia price rogaine 2 non perscription countries yasmin indian baddow road chelmsford minocin new zealand all types abilify pills where to buy fucidin online mexico how to get aricept in australia blue pill vgr 100 pfizer prescription drug tamoxifen where alligators are found in texas aciclovir tablets 800 mg dosage xeloda online pharmacy no prescription nexium sale can you take aleve daily beconase aq pharmacy where can i buy effexor xr in canada maxalt patient reviews viagra professional no rx buy ophthacare perth australia best pharmacy schools us 2010 generic hydrochlorothiazide india viagra side effects mayo clinic uroxatral discounts lady era buy online ireland are alligators as old as dinosaurs men viagra effects on women the psychiatric side-effects of rimonabant order generic liposafe buy amitriptyline with no prescription best online pharmacy viagra non prescription lamictal pharmacy generic xenical safe take clomid post cycle therapy free search mp3 there generic avandamet getting prescriptions online legal order alliance wow role playing generic pills for saw palmetto buying glucophage in manchester viagra generic youtube prednisone where to purchase order erection packs 1 package drugs buy v-gel boots order tadalafil no prescription most common side effects of minocycline revista online natura best place buy sarafem pct celexa uk online generic indinavir how long does it take for propecia to leave your system can you get vermox over counter us find viagra tablets motrin generic drug ortho tri-cyclen tablets uses new russian street drugs celebrex in usa ordering propecia australia wellbutrin brand positioning 100 mg buspar med cab forzest zebeta online meds order lasix uk pharmacy lotrisone without what is indocin used for order procardia overnight gyne-lotrimin limited india orlistat is a weight loss medication that prevents the absorption of which macronutrient fluoxetine composition buy alavert paypal pilex cijena desyrel generic release date libro culturismo sin tonterias pdf gratis generic advair diskus us online buy feldene gel 112g over the counter without allopurinol mg buy clomid canada pharmacy insurance times awards how long should i take tamoxifen for pct serevent diskus coupons where can i buy levofloxacin cheap chloromycetin free delivery atorvastatin coupon ventolin dosage child risperdal low dose for depression buy robaxin online india no prescription 1000 top games for kids buy dvd player online australia vantin online with out prescription emsam patch application prescription drug medrol generic lamisil online per pill phenergan online forum prescription diovan no script buy nootropil ireland buy micardis mg how to buy colchicine brand viagra sublingual for sale medication for anxiety attacks and panic attacks estradiol implant supplier acai 1000 mg health benefits altace drugs side effects of stilnox sleeping tablets where to purchase revia purchase proscar online what is dilantin used for safe benadryl buy can you buy viagra soft online canadian pharmacy aleve meglio cialis o viagra is synthroid t4 lozol italiano scilla super sildenafil tablets 100 mg where can i buy naprosyn skelaxin side effects long term methotrexate online pharmacy uk american pletal phenergan pill shop discount code best drugstore foundation for acne skin buyers of kamagra chewable canada clomiphene citrate 50 mg success rate where can i shop online with echeck serpina prices lopressor drug schedule differin price in malaysia sildenafil citrate generic side effects furosemide 40 mg order online healthy blood pressure 21 year old male motrin prices usa aciclovir comprimido onde comprar brand colchicine for sale reviews on diclofenac sodium ophthacare without a prescription comprar eldepryl portugal erythromycin base 250 mg round blue scored mylan a1 rifampin and isoniazid capsules u.s.p carafate over the couter methotrexate 10 mg hair loss desi tashan saraswatichandra cipla pharma indore online pharmacy reviews valium claritin order online nootropil where to purchase uti antibiotics side effects zyvox canada pharmacy withdrawal from paxil help buy alli diet pill wholesale canadian online pharmacy for imitrex india online pharmacy adderall what are the side effects of prednisolone tablets buspar in the uk now ordering albendazole canada fertility drugs online buy depakote drugs tests acheter kamagra social anxiety symptoms cheap tofranil no prescription order bupron sr 120 mg prezzo viagra farmacia canada drugs meclizine with prescription is it illegal to order generic decadron acai berry now foods domperidone for lactating mares costco online coupons canada phentramine-rx t5 diet pills slimming tablets imitrex cost walmart tegretol for sale australia naprosyn dose children buy minocycline online in usa arava uk brand name buying serpina from canada no prescription tenormin prescription only where can i order trandate where to buy online alli program side effects when tapering down on prednisone zetia spain over counter alphagan generic eye drops buy alesse canada medrol 4mg dose pack which uk site to buy prevacid kamagra gold visa levitra sale drugstore online drug buy imitrex pills online actos barato purchase cheap cialis soft tabs paroxetine hydrochloride tablets 20 mg buy citalopram online no prescription top 10 online erexin-v sites beat way to order voveran atrovent buy canada buy generic tetracycline mentax order cytoxan on line purchase genuine prescription drugs amantadine benicar hct 40mg 12.5 mg viagra melbourne victoria can cipro get you high fosamax uk chloramphenicol tablets uses azulfidine legal us can order aristocort online prinivil tablets price astelin cost canadian how to order neurontin online orlistat buy australia generic avalide from canada artane 2mg tablet can order calan online silagra online india cobalt blue pillar candles what is the maximum dosage for topamax reported medication errors associated with methotrexate order adalat 20 pharmacy order generic eldepryl strattera generic name orthaheel yasmin sale valtrex 500 mg 42 tablet fiyatФБ find viagra for women best price retin-a 0,05 maximum daily dose of mobic generic viagra in the usa where did purim take place what is poor mentation can you take revatio daily can you take retin-a 0,05 daily where to buy albendazole with visa buy fincar from canada difference between zanaflex capsules and tablets alavert pharmacy order where can you buy acai berry products purchase plendil pills kytril without prescription miami compare prices shatavari buy levaquin generic online without a transcript accutane mg micardis doctors online propecia buy online mexico how to get arava in australia amoxil trusted online drug stores in canada what does promethazine feel like buy methotrexate astrailia where to buy levothyroxine thyroxine tablets wellbutrin sr canada ordering brand viagra here in canada what is nizagara does it work atarax 100mg tablets doxycycline 100mg chlamydia buy lithium 40 famciclovir price how much does actoplus met cost clonidine max dose vasotec from europe costco pharmacy zoloft price my pham s.i.a tenamyd canada quiero comprar chloramphenicol pharmacy mexico antivert is zovirax an over the counter drug retino-a cream 0,025 cheap uk buy acai online side effects of cipro xl 500mg arimidex canada no prescription best place buy carafate pct order non generic xenical cialis 36 hour video hyaluronic acid lip injections cost buy tenormin online pharmacy order voltaren online in usa lasix bonus pills what is tricortone buy cardura online with mastercard craigslist glasgow mt emsam pill shop discount code what is flagyl used for antibiotic viagra in canada com emsam medication gonorrhea treatment in pregnancy emedicine purchase dutas metformin hcl shelf life how much does cytotec cost what is slow mentation very cheap biaxin generic keflex cost digoxin mist canada without a script order allegra rx malegra fxt ordering no prescription tricor dosage recommended buy lamisil capsules safe buy doxazosin online buy rogaine 5 mexican pharmacies pharmacy mexico yasmin canadian pharmacy that carry domperidone generic propecia for sale on line can you get chloramphenicol eye drops over counter robaxin for costochondritis is mail order haldol safe zofran delivery does zyrtec cause weight gain provera buy online ireland best mircette prices arjuna results forum should take clomid steroids mirtazapine sleep walking rocaltrol mg tablet canadian pharmacy citalopram where to buy celebrex online uk generic florinef buy protonix boots pharmacy where can i get rabeprazole overseas pharmacy no prescription brahmi viagra sales ireland propranolol prescription price cheapest ampicillin myambutol in croatia revista palermo online buy himalaya v-gel side effects of mestinon tablets cefixime no prrescription where can i buy plavix online lotrisone no prescription zoloft pharmacy prices maxalt dosage glucophage discount where to buy valtrex ointment buy alphagan us eye drops brimonidine intravenous hydrocortisone side effects where to buy acai berry juice in calgary buy beconase aq no prescription fast delivery codeine promethazine over counter where to get carafate pct lady era over counter cialis 100 mg 30 film kaplФБ tabletler zyprexa generic name depakote side effects bipolar cheapest seroquel buy bupropion online usa what xenical does ciprofloxacina colirio bula zofran tablets for purchase z pack bronchitis dosage hydrochlorothiazide suppositories buy main active ingredient in viagra is it safe to order brahmi health canada lipitor side effects where to buy elimite compound amantadine hydrochloride tablets most common side effects of levlen desyrel no rx lamictal dose pack does one dose of zithromax cure chlamydia buy selegiline liquid buy coreg cr online ditropan by mail combivent medication class legal bring viagra into uk generic drug sales us buy levitra online australia nitroglycerin spray canada florida skelaxin buy glucophage mg online viagra professional online forum can buy rumalaya liniment online very cheap emsam costo levitra in italia is kamagra oral jelly legal in uk allegra shop net bupropion online india benadryl medication interactions swiss viagra pill splitter buy decadron+injection canada order amitriptyline triamterene discount medications