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On Sunday, shortly after the San Diego Padres signed All-Star third baseman Manny Machado to $350 million for 11 years, former New York Mets starter Chris Bassitt lashed out at owners for not spending enough. In a tweet posted from his account, Bassit asked owners to be better and invest more of the revenue generated in MLB.
To the owners going for it and still making money… Thank you!!
— Chris Bassitt (@C_Bass419) February 26, 2023
To the owners not going for it and pocketing hundreds of millions… Be better.
The false argument for yearly revenue loss is laughable but honestly…just look up how much the team was purchased for vs current value
Bassitt's argument comes at a time when MLB team owners have formed an ¨economic reform committee¨ to assess the current financial state of the league. This committee is expected to evaluate broadcast deals and evaluate the current stipend of some teams like the Mets or the Padres that are creating a problem for them.
Former Mets starting pitcher Chris Bassitt is right about MLB ownership
The financial statements of most teams are not public, which makes analyzing the actual performance of their operations and profits difficult. However, Bassitt's comment about the increased value of teams is real and provable.
Using the information from Statista, we can see that the Major League Baseball average franchise value went from $811 million in 2014 to $2,074 million in 2022, a growth of 2.56 times. Regardless of the actual inflation value of those years, the increase in the value of MLB franchises has been, in terms of variation, the best in its history.
Similarly, if we use the information related to the increase in total league payrolls, it can be seen that they only increased 1.22 times, well below the growth in the value of the teams. Likewise, if we evaluate the variation in the average salary in the same period, it can be seen how these increased only 1.13 times.
Bassitt is right, the teams are making more money than ever but they are still trying hard to prove otherwise. This problem can continue to increase, causing a rupture between the Major League Baseball Players Association and the owners that we hope will not happen. Meanwhile, teams like the Mets and Padres are using their good revenue to acquire the talent needed to win, whatever the cost. This is certainly a good thing for the sport.