beställa Viagra på nätet flashback beställa Trental på internet är det olagligt att beställa Slimex bästa sidan att köpa Lithium köpa billiga Himcolin bästa pris på Protonix köp Diflucan snabb leverans Isoptin pris apoteket Benzac var köpa behövs recept för Ranitidine köpa Dutas i lettland apoteket hjärtat Pletal pris beställa Serevent för kvinnor köpa Levothroid i sverige beställa Combivent billigt beställa Crestor utomlands var kan man köpa Aristocort säkert kan man köpa V-gel på apotek Urispas k dosering köpa Topamax patong lagligt att beställa Coumadin Avana turkiet pris köpa Zyprexa i helsingborg köpa Himcocid flashback 2014 lagligt beställa Zofran Strattera beställa container köpa Seroflo i göteborg köpa Fucidin billig var köpa Flagyl ER på nätet Prilosec pris på apoteket var kan man köpa Pristiq duo köpa billigt Zestoretic hur ska man köpa Valtrex köpa Anacin i sverige flashback Finast tabletter pris sverige köpa Lasix i barcelona Florinef dosering lunginflammation försäljning av Liponexol Ralista pris i sverige billig Trental på nätet Cymbalta uttag pris beställa Famvir på internet kan man köpa Kamagra i prag Lipotrexate dosering rampfeber köpa V-gel snabbt dosering Malegra k var kan man köpa Lopressor köpa Unisom postförskott köpa Cephalexin i bangkok Trental första dos Hydrea dosering ångest köp billig Prometrium köpa Renagel i vietnam köpa Lopressor i italien var kan jag köpa Mycelex-g köpa Brahmi mot faktura Differin duo leverans köpa Atorlip-10 i tallin Bestina till katt dosering lagligt att beställa Tamoxifen på nätet köpa Saw Palmetto i grekland köpa Cozaar malmö vart ska man köpa Cialis Clarinex kräm pris billig Fertomid snabb leverans köpa Prograf apoteket köpa Carafate grekland billig Clozaril sverige Ranitidine pris gatan apoteket Synthroid gel pris Diovan pris apoteket hjärtat Bupron SR dosering rampfeber köpa Atorlip-10 säkert köpa Benzac internet köpa Famvir olagligt beställa Pristiq på nätet lagligt hur ska man köpa Voltaren vad kan man köpa Promethazine köpa blå Avana köpa Fluoxetine snabb leverans kan man köpa Antivert på teneriffa säkra sidor att köpa Finax generisk Hydrochlorothiazide snabb leverans kan man köpa Atorlip-5 receptfritt på apoteket köpa Prilosec i norge pris hyra container Liv 52 fungerar generisk Casodex Ampicillin hur stor dos var kan man köpa Keppra köpa Prednisone i thailand var köper man billig Roxithromycin vart kan man köpa Xalatan online köpa Rogaine 5 grekland eljo Feldene dimmer pris köpa Innopran bangkok kan man köpa Zyvox i danmark är det olagligt att beställa Finpecia köpa Minocin malmö köpa Cardura kräm apoteket hjärtat Glycomet pris var kan man beställa Clarina apoteket Anacin gel pris Dipyridamole mot ångest dos köpa Desyrel på ica beställa Zyban online flashback köpa Acivir online köpa Clindamycin grekland köpa Finpecia budapest Alavert hög dos kan man köpa Clarina i england kan man köpa Aciclovir i turkiet dosering Biaxin till hund beställa Celadrin flashback köpa Brahmi grekland Vasodilan pris i sverige pris Benadryl på apoteket pris på Naltrexone i sverige Diovan utan recept Proscar receptfritt pris köpa Nimotop i tallin Tretinoin uttag pris apoteket hjärtat Zantac pris vad kan man köpa Premarin hur kan man köpa Reminyl köpa Diakof i phuket var köpa Slim Tea flashback kan man beställa Purim köpa Metformin tabletter jag vill köpa Plendil Aciclovir dosering rampfeber köpa Finpecia på postförskott kan man köpa Cytoxan på gran canaria billig Ralista sverige köpa Avodart i ungern Prandin dödlig dos Lukol usa köpa billig Evecare sverige köpa concerta Benadryl apotekets pris på Himcolin olagligt att beställa Premarin beställa Purim utan recept lagligt att beställa Acticin skaffa recept till Prednisone köpa Aciclovir oral jelly köpa Depakote postförskott Kytril dosering vuxna Cymbalta beställa Keftab vilken dos pris på Ciplox apoteket måste man ha recept för att köpa Amitriptyline i vilka länder kan man köpa Seroflo receptfritt köpa Periactin spanien köp billig Nitrofurantoin Keppra hexal köpa var köpa Proventil billigt Phexin strömställare pris Confido dosering halsfluss köpa Neurontin teneriffa köpa Brahmi i stockholm köpa Imdur i barcelona vart kan man beställa Trandate billig Viagra sverige Cleocin dosering migrän Dramamine flashback köpa köpa Singulair säkert online vart kan jag köpa Ditropan Pilex rekommenderad dos bästa stället att köpa Keftab på Gyne-lotrimin gel pris apoteket lagligt köpa Aspirin köpa Sominex 20mg köpa Vasotec på nätet sverige lägre pris på Provera Chloroquine med snabb leverans Noroxin duo leverans kan man köpa Dutas i turkiet sänkt pris Abilify jag vill köpa FML Forte köpa Micardis inom sverige kan man köpa Trileptal i tyskland pris på Actos i turkiet var kan man köpa Nasonex receptfritt var kan man köpa Nitrofurantoin receptfritt köpa Lukol i thailand Urispas oral jelly köpa Coreg eljo pris Exelon flashback köpa Himcocid jelly köpa Phexin var köpa våga köpa Toradol på nätet Brahmi gel på recept köpa Lukol snabb leverans köpa Temovate i ryssland generisk Dutas snabb leverans köpa laglig Noroxin köpa Coreg tallinn Fluoxetine gel pris apoteket köpa Zyrtec billig olagligt att köpa Bactrim beställa Hydrochlorothiazide pulver i vilka länder kan man köpa Zantac receptfritt köpa Aristocort prag köpa Risperdal i norge hur kan jag köpa Femcare köpa Kytril inom eu skaffa recept Sinequan köpa Voltaren online lagligt lägsta pris på Cardura Benadryl säker leverans köpa billig Urispas skaffa recept till Differin bästa pris på Rumalaya pris Cytoxan apotek hjärtat köpa Finpecia tabletter bra sida att köpa Clomid köpa Avapro forum vart kan man köpa Dipyridamole online Coumadin flytande dosering Fincar dosering rampfeber beställa container Cytoxan Styplon med snabb leverans köpa Gyne-lotrimin på nätet säkert hur få recept på Antivert Pristiq rekommenderad dos beställa Toprol på faktura var köpa Pyridium flashback köpa Doxycycline egypten köpa Xalatan 50mg Prilosec 100 billig att köpa Prilosec i sverige för hög dos Dulcolax Ranitidine dosering vuxen Suprax dosering vuxna Tinidazole kapslar pris vart ska man köpa Keppra Methotrexate uttag pris köpa Vantin inom eu beställa Vermox från sverige pris på Himcocid apoteket Lipotrexate sverige snabb leverans Panmycin för kvinnor pris köpa Bactrim i usa köpa Topamax tallinn Furosemide flytande dosering Mircette hur stor dos köpa äkta Tetracycline Unisom hög dos pris på Imuran sverige Avana dosering till hund beställa Alesse på nätet flashback köpa Viagra säkert pris på Cephalexin apoteket kan man köpa Astelin i italien apoteket Voveran pris är det säkert att köpa Propranolol på nätet generisk Evecare i sverige Hydrea låg dos köpa Pletal tyskland Diakof dos migrän lagligt att köpa Tulasi Vasodilan receptfritt pris är det olagligt att köpa Colchicine apoteket hjärtat Sumycin pris Nootropil till hund dosering Phexin plåster pris köpa Periactin i estland Vermox köpa jord kan man köpa Gasex på nätet köpa Vytorin från turkiet köpa Valtrex malmö beställa Motrin inrikes var kan man köpa Lincocin köpa Deltasone snabb leverans Gasex på apoteket pris beställa Colchicine jelly köpa riktig Propranolol pris på Geriforte sverige köpa generisk Zanaflex online köpa Doxazosin i göteborg Luvox att köpa köpa Reminyl inom sverige Confido eljo pris rekommenderad dos Voltaren vem vill köpa Calcium Carbonate köpa Cephalexin på kreta Xenical nervositet dos köpa Reglan estland köpa Penegra billig våga köpa Pristiq på nätet kan man köpa Xenical på apoteket köpa Lanoxin i egypten Rosuvastatin dosering vuxen i vilka länder kan man köpa Methotrexate receptfritt beställa Cozaar online köpa Duphalac göteborg köpa Prinivil i vietnam eljo Atorlip-10 dimmer pris beställa Beconase AQ 2012 köpa generisk Aricept köpa Strattera flashback Tricor dosering föredrag kan man köpa Trandate receptfritt i danmark köpa Benemid utan recept köpa Eurax på teneriffa skillnad mellan generisk Clarina Benfotiamine dosering vuxna beställa Arimidex pris på Pariet apoteket vart kan man köpa Zoloft snabb leverans Bystolic beställa Rogaine 2 på nätet 2014 är det lagligt köpa Serevent på nätet kan man köpa Ciplox på apoteket i spanien köpa Minomycin i frankrike Toprol pris apoteket dosering Stromectol till hund köpa Sominex gran canaria köpa Lariam i bangkok Serpina dosering halsfluss köpa Fertomid i oslo Cardizem på apoteket pris apoteket Calan pris köpa Vantin i sverige forum köpa Aldara snabb leverans Dapoxetine Confido snabbast leverans köpa generisk Alli online Diarex oral jelly billig köpa Vasodilan på internet köpa Ciplox online sverige kan man köpa Emsam på apoteket i sverige köpa billiga Prinivil köpa Cozaar online flashback Zovirax pris gatan Hydrea shampoo köpa Doxycycline pris i sverige köpa Erexor på faktura Vermox dosering urinvägsinfektion köpa Minocin i barcelona Keflex pris apoteket kan man köpa Depakote thailand Myambutol gel recept sänkt pris på Zantac billig Coumadin på nätet köpa Ditropan säkert på nätet pris på Adalat i sverige Zovirax plåster pris kan man köpa Atorlip-20 på teneriffa köpa Indocin alanya beställa Nizoral för kvinnor Rosuvastatin dödlig dos Bonnispaz första dos köpa Sumycin online billigt Minomycin och träning dosering var kan man köpa Accutane kan man köpa Proscar på mallorca Gyne-lotrimin dosering sömn Fucidin dosering rampfeber Zaditor dosering urinvägsinfektion kan man köpa Imuran på apotek köpa Ponstel online lagligt köpa Zetia på nätet olagligt köpa Betnovate rhodos flytande Shuddha dos lägsta pris på Levitra billig NPXL sverige köpa Elimite i apoteket lägsta pris Chloroquine Charboleps flashback köpa köpa Lanoxin i eu Emsam online snabb leverans köpa Lipotrexate på internet pris på Xeloda i sverige Synthroid jelly snabb leverans köpa Bystolic 400 mg lagligt köpa Zithromax snabb leverans Caverta pris för Phexin fungerar generisk Femara köpa Uroxatral lagligt snabb leverans på Reminyl dödlig dos av Yasmin Micronase köpa apoteket Confido receptfritt pris lagligt att köpa Sarafem på nätet Lioresal dosering sömn köpa Lotrisone på nätet billigt beställa Toprol online flashback köpa Shallaki för tjejer Epivir-HBV plåster pris köpa Shuddha online flashback köpa Erexin-V barcelona säker sida att köpa Uroxatral Zebeta sverige snabb leverans köpa Sinemet i england Avana migrän dos Plaquenil och träning dosering köpa Cytotec säkert köpa Viramune tallinn köpa Uroxatral egypten köp Sinemet snabb leverans köpa Trazodone i spanien kan man köpa Shatavari i frankrike köpa Shuddha phuket beställa Endep inrikes Cefixime dödlig dos beställa Avalide till sverige Cialis i sverige utan recept Hyzaar pris sverige köpa riktig Yougara Atorlip-20 var köpa köpa Finpecia polen var kan jag köpa Isoniazid Precose på nätet utan recept kan man köpa Silvitra på apoteket Orlistat pris apoteket köpa Xenical postförskott kan man köpa Yougara på teneriffa Strattera k dosering Floxin låg dos vem vill köpa Atorlip-20 Moduretic jelly snabb leverans var kan man köpa Albendazole säkert Emsam dosering sömn köpa Cafergot säkert beställa Aspirin lagligt olagligt att beställa Florinef köpa Dipyridamole säkert online kan man köpa Effexor i kroatien köpa Triamcinolone receptfritt köpa Suhagra kroatien Chloramphenicol dos migrän försäljning av Unisom Shatavari pris på gatan eljo Xenical uttag pris köpa kvinnlig Trental Serpina vilken dos Mobic hur stor dos köpa Keftab sverige flashback Benzac tabletter pris sverige köpa Nasonex säkert på nätet köpa Allegra apotek behövs recept för Lipitor vart kan man köpa Ayurslim köpa äkta Medrol är det lagligt att köpa Bactrim kan man köpa Sominex i england köpa Indinavir för kvinnor köpa Ciplox sverige flashback kan man köpa Seroflo på teneriffa försäljning av Chloramphenicol beställa Nasonex på faktura beställa Amitriptyline lagligt beställa billig Peni Large köpa billig FML Forte hur kan man köpa Procardia köpa Prometrium på faktura köpa Kemadrin tabletter pris på Cystone apoteket lagligt beställa Betnovate köpa Micronase internet köpa Indocin på kreta köpa Prometrium online billigt jag vill köpa Nitrofurantoin köpa Mestinon egypten köpa Cafergot i apoteket fungerar generisk Aceon köpa Metformin säkert online kan man köpa Atorlip-20 i usa generisk Liv 52 i sverige köpa Arcoxia i filippinerna köpa Allegra spanien köpa Ciplox tyskland Citalopram k dosering kan man köpa Probalan på apoteket i spanien Phexin beställa container köpa Elavil oslo Septilin flytande dosering var kan man beställa Charboleps köpa Tadalis online flashback köpa Lamisil i butik köpa Glucovance spanien är det olagligt att köpa Septilin lagligt att köpa Zyban köpa blå Ampicillin Confido vet dosering Erythromycin kräm köpa var köper man Lukol utan recept Tenormin utan recept spanien pris Meclizine på apoteket pris på Eulexin med recept Pyridium dosering till katt lägre pris på Requip köpa Keftab gel Vermox 100 billig sänkt pris Cozaar vart ska man köpa Alesse Styplon köpa online Copegus pris sverige
Home Biz of Baseball - Interviews Interview - Kurt Badenhausen - Senior Editor Forbes

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Interview - Kurt Badenhausen - Senior Editor Forbes PDF Print E-mail
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Written by Maury Brown   
Sunday, 04 May 2008 23:00
Kurt Badenhausen

As early as 1991, through the now defunct Financial World magazine, Michael Ozanian would publish valuations of the 30 clubs in Major League Baseball. When Financial World folded, starting in 1998, Ozanian continued doing the valuations for Forbes, adding Kurt Badenhausen as co-author.

Today, they are an annual staple for those looking at baseball as a business. As we reported last month, the figures within the Forbes valuations show clear trends in how individual clubs are increasing in value, as well as MLB as a whole. Bud Selig calls this the “Golden Age” of baseball, and he may well be right, based upon the rosey standing of the industry.

When conducting the research for Inside the Numbers: A 6-Year Look at the Forbes Valuations, we contacted Badenhausen who is a Forbes Senior Editor, to get clarification around some aspects of the process by which he and Ozanian go about defining the valuations, and how they differ from MLB’s.

But, even for those that follow the valuations closely each year they are published, we saw that an interview around the published figures would be incredibly insightful.

To that end, we contacted Badenhausen for the following interview. Topics include how long, and who Forbes contacts for their valuations; his response to Marlins President David Samson’s remarks regarding this year’s report; what does it say when the highest profiting clubs often times receive the most in revenue-sharing; how new ballpark construction—especially for the Twins—impacts valuation; how regional sports networks factor into the valuations; the upcoming sale of the Chicago Cubs; the clubs that have the largest potential for increasing in value; the overall growth in MLB, and much, much more. – Maury Brown

Select Read More to see the interview with Kurt Badenhausen, Senior Editor Forbes

Maury Brown for the Business of Sports Network: Each year, the Forbes valuations for MLB create controversy, as well as present a clear picture of how MLB is performing as an industry. Take us through the process. When do you start working on it? Who do you interview?

Kurt Badenhausen: We work on the MLB valuations year-round, although the bulk of the work is done in the 2 months leading up to the publication date which typically coincides with the start of the season. We contact every team as well as investment bankers, consultants and other baseball people. The level of cooperation varies significantly amongst teams. Some teams won’t confirm the name of their stadium, while others will provide us with their revenue and operating income.

David SamsonBizball: On the controversy side, Marlins president David Samson said after this year’s figures were released, "We've never gotten called by them. We've never been asked to verify, deny, confirm, nothing.” As co-author of the report, how do you respond?

Badenhausen: We wrote about the Marlins and Jeff Loria four years ago and we reported about how the team was losing money and the team cooperated with us at that time. We contact all of the teams each year and ask for certain pieces of information. This year we heard back from all 30 teams and all but two cooperated to some degree (the Marlins were not one of the two).

Bizball: When looking at the operating income figures, for many, it is surprising to see clubs such as the Marlins, Rays, pulling in some of the highest profits while fielding teams with exceptionally low player payroll. Both clubs have ranked at the bottom of the valuations for several years now. How do you view these two issues together, especially in terms of the revenue-sharing system?

Badenhausen: It’s an issue that has upset many large-market teams. By our calculations the Marlins and Rays both received more than $70 million last year from MLB in the form of revenue sharing, national TV and licensing revenue. You combine that with 2007 payrolls under $30 million and you have two very profitable franchises. But increasing the value of an MLB franchise comes through increased revenues and the poor stadium situations of the Marlins and Rays prevents them from generating much in the way of revenue. Hence they are the two least valuable franchises in baseball by our calculations.

Twins new stadiumBizball: It has recently been reported that the Twins have already sold out nearly all of their luxury suites for their new open-air ballpark, just under two years before it is set to open. Are the Twins a club that is set to climb in the rankings?

Badenhausen: The Twins have been one of the least valuable franchises in baseball over the past ten years, but the value of the franchise has increased 52% since the new stadium deal was announced in 2006. The current value of the team is $328 million which ranks 25th out of baseball’s 30 teams. If the team is able to sell most of its inventory of tickets, luxury suites, sponsorships and ad signage they have the potential to move up in the rankings.

Bizball: RSNs have become an incredibly important part of the revenue streams for many clubs. How big of a factor are they, and do they create a have and have-not environment for those clubs that are in markets where they are unable to take full or partial ownership of one?

Badenhausen: We don’t include the value of RSNs in our calculations of team values. From a revenue standpoint, we only include the rights fee that the RSN pays the baseball team. These are supposed to be arms-length transactions to adhere with MLB’s revenue sharing regulations. But there is no doubt that the Yankees and Red Sox are getting below-market rights fees from their RSNs. While we don’t include RSNs in the value of teams, they are an important factor driving the business of the teams that have them. The Yankees and Red Sox collect stars to help fuel ratings on YES and NESN respectively. Both RSNs are extremely profitable allowing the teams to dole out high salaries and potentially lose money on the team itself, while making it up with RSN profits.

Bizball: The Cubs should be sold shortly, now that Sam Zell is getting the book out to bidders on the franchise, Wrigley Field and Comcast SportsNet Chicago. What do you see the sale price of the club at, both with, and without Wrigley as part of the package?

Badenhausen Quote Sale of CubsBadenhausen: The Cubs sale process has been endless even by MLB’s standards. We value the Cubs and Wrigley at $642 million. But since the Cubs are a marquee franchise and there appear to be many bidders interested in the team, it would not surprise me to see a sale price of more than $700 million. If Wrigley is not part of the package, it is hard to say what the team sells for. If the new lease agreement gives the new team owners access to most of the stadium revenues and they are able to add premium seating and advertising, then the price shouldn’t drop too much. But if the new venue owners are going to keep significant stadium revenues, we could see a much lower price. I think this is unlikely though. SportsNet Chicago is another component of this and could push the value of the total package to close to $1 billion if included.

Bizball: Do you see the down turn in the economy impacting valuations in the next year?

Badenhausen: I don’t think the downturn in the economy affects revenues too much for individual teams. We could see it affect revenues to some degree in sponsorship agreements as companies tighten their belts and cut back on their ad and marketing budgets. Potentially the big impact on team values and franchise sales relates to the access to credit. We’ve seen numerous public company buyouts affected by the tightening credit markets. The sale of the Tampa Bay Lightening has also been impacted by the turbulence in the credit markets. Easy access to credit made franchise transactions easier and prices higher over the past five years. That will change if these markets remain tight.

Bizball: Which club do you see as having the largest potential for increasing valuation?

Badenhausen: The two franchises with the biggest potential for increasing their value on a percentage basis are the two Florida clubs. Both are in dire need of new stadiums and in the Marlins case at least it looks like it is finally going to happen. If these clubs can build new stadiums and get fans to show up, they will see the value of their franchises increase at least 50%. A new stadium is the biggest factor that can significantly boost the value of a franchise. Almost every other club is already playing in a relatively new stadium, getting one or playing in a big market in an iconic stadium.

Badenhausen quote on tickets and media revenuesBizball: We’re seeing more and more in-stadium naming deals these days. How much do naming and sponsorship deals play in the valuations?

Badenhausen: Sponsorship revenues are up 63% over the past five years compared to 50% for MLB revenues overall. It is an important part of team valuations because it is one way that teams can really differentiate themselves from some of the less successful teams. Overall though sponsorship revenues, which includes ad signage, naming rights and marketing deals, are only 11% of total MLB revenues. Tickets and media deals are still the main drivers of team values representing 36% and 35% of league-wide revenues.

Bizball: Finally, MLB is in a fantastic growth period. What do you think has been the key reasons for it?

Badenhausen: We have seen revenues and team values each surge about 150% since we first published our MLB valuations in 1998. The average team is currently worth $472 million and league-wide revenues are $5.5 billion by our calculations (Major League Baseball calculates its revenue to be $6.07 billion in 2007, but that include revenues Badenhausen quote on MLB revenuesfrom things like the All-Star game and MLBAM where very little of the money trickles down to the teams). There are several factors behind the boom in baseball. First up are the 12 new ballparks that have opened since 1998 with two more scheduled to open in New York next year. These stadiums have richly enhanced teams by creating new revenue streams from premium seating, concessions and sponsorships/signage. Secondly, revenue sharing has had a big impact on the finances of low-revenue teams like the Royals, Twins and the Florida clubs. Lastly I’d point to the incredible success of the big-market teams. The Mets and Yankees sold 8 million tickets between them last year, double their attendance in 1996 (the first full year after the strike). LA’s 2 teams drew 7.5 million, 50% more than in 1996. Chicago’s two teams drew 6 million fans, also up 50%. The Red Sox have been a juggernaut as well. The increased number of fans in these markets means more sponsorship revenues and the increased demand results in higher ticket prices. Add it all up and you get greater revenues and increased team values.


 Interview conducted by Maury Brown on 4/30/08

 
 
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