Politics and sports meet again and for everyone that says they should not mix, here is more proof that they are joined at the hip for better or worse. The 2012 Republican Presidential Nominee and former Massachusetts Governor, Mitt Romney is making a run at a Major League Baseball team again. This time the publicly declared Red Sox fan could be joining the evil empire. Mitt Romney’s Yankees ownership bid is making the circuit and it appears to be real.
Jon Heyman of FanRag Sports has reported that Romney is making an offer valued at $25-$30 million per point of ownership. The number of points that Romney is looking to acquire is speculative but we can look at some past information to approximate the level of interest that Romney has in baseball ownership and more specifically Mitt Romney’s Yankees ownership bid.
The Bain Capital co-founder has made runs at baseball ownership in the past. Romney expressed interest in the Los Angeles Dodgers before their inevitable sale to the Guggenheim partners. Last year Romney apparently also made a $1.4 billion offer to Jeffrey Loria in an attempt to buy the Miami Marlins but the deal never materialized.
According to Forbes calculations in 2016, the Yankees are the most valuable Major League Baseball team. The estimate is a conservative $3.4 billion. The Yankees are also ranked the fourth most valuable sports franchise in the world trailing only the Dallas Cowboys, Real Madrid, and Barcelona.
To create context, if Mitt Romney’s Yankees ownership bid is successful and he buys just one point then he would pay three to four times more than George Steinbrenner paid for the Yankees in 1973. In case you are too young or just never cared to know, the Yankees were purchased by Steinbrenner in 1973 for a whopping $8.8 million. History books and center field scoreboards keep score but the true score is the meteoric rise in valuation that the Steinbrenner family got from the original asking price.
Mitt Romney’s Yankees ownership bid is not the first time the self-appointed Red Sox fan has invested in his chosen teams arch rival. In 2007 Romney invested in the Yankees, a point disclosed through his financial disclosure. However, in the interest of open disclosure, Romney may not have chosen that investment since it was made through his blind trust, which is something he did not directly control. It just shows that fandom is fandom and money is money.
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