MLB owners are doing their best these days to claim they are hemorrhaging money, and are not in a profitable business.
That appears to be extremely false, though, and it is hard to have any sympathy for those who own billion-dollar businesses.
Hmm. Interesting definition of "very profitable" there.
St. Louis Cardinals owner Bill DeWitt Jr. made some bold claims on Tuesday about how owning a baseball team doesn't result in much profit for him. One only has to look elsewhere within the state of Missouri to prove his claim as wildly false, however.
The Kansas City Royals being purchased for $96 million in 2000 is crazy in itself. The team didn't even make the postseason from that time until 2014, and went on to win the World Series in 2015.
What followed was another ongoing postseason drought, but the team still sold for $1 billion last year. That type of growth in value for a perennial loser shows that DeWitt is out of his mind.
The Cardinals have won two World Series titles since 2006 and are a regular participant in the postseason. Forbes valued the franchise at over $2 billion, and that number has shot up since DeWitt's ownership group bought the team for $150 million in 1995. If he thinks that rise in value isn't profitable, he is just delusional or completely fine with telling bold-faced lies. There is no other explanation.