From The Banner · Andy Kostka · · 1m
Rubenstein's dry humor sparks MLB lockout debate
Orioles owner David Rubenstein's joke about buying teams for $280m vs $1.7bn becomes a key argument in MLB lockout talks.
In brief
Orioles owner David Rubenstein's joke about buying teams for $280m vs $1.7bn becomes a key argument in MLB lockout talks. Orioles owner David Rubenstein's comment that he bought the Orioles for philanthropy after seeing other owners make more money in sports became a talking point for players union during MLB lockout…
Rubenstein's Washington quip
Orioles owner David Rubenstein made a dry joke about passing on teams before buying the Orioles.
“I had passed on many teams a long time ago, and Josh [Harris] bought the Philadelphia 76ers for $250 million or something like that [$280 million]. I was like, 'What is he doing? How can he be ...?'”
Rubenstein's team valuation
Rubenstein purchased the Orioles for around $1.7 billion after seeing other owners make more money.
“So I made a mistake. A lot of my friends were buying teams, and I realized they’re making money on this, and they’re making more money than I’m making in private equity.”
Boras references Rubenstein
Superagent Scott Boras used Rubenstein's quote to argue against salary cap during MLB lockout talks.
“Even an owner, a private equity genius, has said, 'I can’t do that well in public markets. I want the asset class of Major League Baseball because all of my friends are doing much better in that market.'”
Boras' player union argument
Boras claims MLB has record franchise revenues, viewership, and attendance without salary cap.
“Players are emboldened by the success of this game. They are standing on truth, absolute truth, of the fact that we have record franchise revenues in every quadrant of the market.”
Lockout context
MLB lockout looms as collective bargaining agreement ends in December.
“We have record viewership. We have record sponsorship. We have record attendance.”
Rubenstein's philanthropy claim
Rubenstein said he bought the Orioles for philanthropic purposes despite making more money in private equity.
“I thought maybe I should look at it as a financial thing, but ultimately I bought the Orioles for a philanthropic purpose.”
In short
Orioles owner David Rubenstein's comment that he bought the Orioles for philanthropy after seeing other owners make more money in sports became a talking point for players union during MLB lockout negotiations.
