The Dodgers sale is being financed by people’s insurance money. Is this a problem?

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Over at the New York Times’ Deal Book blog, Andrew Ross Sorkin notes that the sale of the Dodgers to the group led by Magic Johnson — but really controlled by Guggenheim Partners’ Mark Walter — is being financed with insurance policy dough:

In addition to their own cash, Mr. Walter plans to use money from Guggenheim subsidiaries that are insurance companies — some state-regulated — to pay for a big chunk of his purchase of the Dodgers. Guggenheim controls Guggenheim Life, a life insurer, and Security Benefit, which manages some $30 billion, among others.

Using insurance money — which is typically supposed to be invested in simple, safe assets — to buy a baseball team, the ultimate toy for the ultrarich, seems like a lawsuit waiting to happen.

Sorkin explains that this is especially problematic given what seemed to be a significant overpay for the team and given that Walter has said that he’s not too concerned about immediate profitability. What of the fiduciary duties to the policy holders, he wonders.

While Sorkin seems pretty alarmed by this, he later makes mention of the fact that long-term holdings are not unheard of for insurance-backed investments.  And this is where I think the alarm should stop. Remember: the Dodgers nearly quintupled in value during the McCourt years, despite historic mismanagement by Frank McCourt.

While I appreciate that there is a bubble element to elevating franchise values in any given short period of time, sports teams have proven to be a safer investment than just about anything over the past, well, forever.  It’s like a license to print money.

Albert Pujols hit his 597th career home run

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Angels DH Albert Pujols smacked his 597th career home run, a two-run shot in the top of the first inning during Wednesday night’s 5-2 loss to the Rays. The blast was off of Erasmo Ramirez and marked No. 6 on the season for the future Hall of Famer.

Pujols finished 1-for-3 with the homer and a walk. After Wednesday’s game, he’s hitting a lackluster .244/.296/.378 with 34 RBI and 14 runs scored in 186 trips to the plate.

Pujols currently ranks ninth on baseball’s all-time leaderboard and is three shy of joining the 600-homer club. He’s currently 13 home runs away from tying Sammy Sosa for eighth all-time.

Chris Sale’s streak of starts with at least 10 strikeouts ends

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Red Sox starter Chris Sale entered Wednesday’s outing against the Rangers with at least 10 strikeouts in eight consecutive starts, tying a record he already shared with Pedro Martinez. He failed do break the record, racking up only six strikeouts in 7 1/3 innings. Fortunately, the Red Sox scored seven runs in the bottom of the seventh to put him in line for the win. Sale gave up four runs (three earned) on six hits and a walk.

After Wednesday’s outing, Sale is sitting on a 2.34 ERA with a 101/14 K/BB ratio in 73 innings. So far, so good for the Red Sox, who acquired Sale from the White Sox in December.

Sale previously racked up 10 strikeouts in eight consecutive games between May 23 and June 30 in 2015 with the White Sox. Pedro Martinez accomplished the feat for the Red Sox between August 19 and September 27 in 1999.