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Dr. K's point right here:
"The franchise value has increased from 48% over those nine years, but over the time period the value of the Rangers has increased by 120% and the value of the Angels by 417%*."
Lemme pull rank here a bit, as (apparently) the Seattle blogger most familiar with 7th-floor steering committees. F-500 execs live and die by market share, live and die by the question of, "How are we doing compared to other people selling the same thing?"
Dr. Kelly's point not only has traction; it's a point that has so much traction that it had buried jemanji in oblivion. It hadn't even occurred that the appreciation had been so low for the Mariners. 48% over nine years is only 5.3% per year, and that is pitiful at these corporate levels, in this industry sector. 10%, 12% per year would be only marginally acceptable. The Rangers have scored over 30% per annum, calculated straight-line in retro.
Bloggers and Warts Spiders talk "profit" when, in fact, yearly cash flow is a trivial consideration compared to appreciation. The profit is when you sell (and that profit is fairly liquid, can be -- and is -- pulled at any time through bank loans).
For the Mariners it's a LITTLE different, because they're not EXACTLY a Seattle's Best Coffee that could be PUT TO DEATH by a Starbucks. The Mariners, almost uniquely, face no competition for market from other MLB franchises. But do you notice how hyper-sensitive the Mariners are even to the Sonics and Seahawks? Who don't play, mostly, at the same time they do?
The execs can and do look at Kelly's issue -- 1.2x and 4x growth for AL West teams while they saw a piddling 0.5x growth over a decade -- and they panic, believe me. Now I finally understand why the Mariners' puzzling willingness to bid on Prince Fielder last year.
..............