[新聞] Financial Pitch for A-Rod
Leave it to Alex Rodriguez to steal the thunder from this year's World Series
winner, the Boston Red Sox. That is a testament to the 32-year-old third
baseman's mold-breaking career. As he prepares to leave the New York Yankees,
he should consider breaking yet another record -- a financial one.
A-Rod already is the highest-paid Major League Baseball player. Yet he wants
more than the $252 million 10-year deal he had. That won't be easy, given
that the Yankees sport the league's largest payroll. But there is a way for
A-Rod to get what he wants by taking a page out of Wall Street's playbook and
accepting a form of deferred compensation.
Scott Boras, A-Rod's uber-agent, appears to be gunning for a $300 million,
10-year deal. To figure out the present value of that future earnings stream,
one should apply an adequate discount rate reflecting the time value of
money, as well as any risks associated with A-Rod, such as the chance of an
injury. Assuming an annual 10% discount rate, A-Rod's contract would cost
$200 million in today's money.
That is an awful lot for any team without the Yankees' payroll to commit to.
But what if, as with a Wall Street firm, a chunk of it came in the form of
equity? Such risk-sharing might be attractive for some team owners, though
the compensation might need to be deferred to comply with league rules. Such
a deal wouldn't be unprecedented in sports. The National Hockey League found
a way to let Pittsburgh Penguins part-owner Mario Lemieux play.
Of course, a team boss like the Yankees' George Steinbrenner isn't likely to
want to share ownership with a player. But there is at least one team in
search of new proprietors that might: the Chicago Cubs. The team being sold
by Sam Zell's Tribune Co. is expected to fetch at least $600 million.
If A-Rod were to convert 40% of the present value of his contract into an
eventual ownership position, he could wind up with about 13% of the Cubs. Of
course, for that bet to pay off for A-Rod, the value of the Wrigleyville
franchise would need to more than double over 10 years. But with A-Rod in the
position to break all manner of hitting records, that isn't out of the realm
of possibility.
資料來源:www.wsj.com
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