Frank McCourt on his time with the Dodgers: “We created value there . . . “

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Frank McCourt, who bought the Dodgers with mountains of debt, mismanaged the team into bankruptcy and engaged in financial conduct which led to a federal grand jury investigation, has amnesia. Or suffers from delusions. Something along those lines anyway. I mean, how else can you explain the characterization of his tenure as Dodgers owner he made today:

“You know what happened with the Dodgers,” said McCourt, who in 2012 sold the Major League Baseball team for a record $2.15 billion to a group that includes executives from Guggenheim Partners. “We took a franchise losing almost $60 million per year and ended up selling it for the highest price ever paid for a sports franchise. We created value there and we plan to do the same thing here.”

Those comments came today when it was announced that he has purchased a 50% stake in the Global Champions Tour, an international show jumping series that draws top riders and horses.

“We created value,” he says. Bollocks. He lucked his way into “value” due to fortunate timing that he neither predicted nor did anything himself to help bring about. He wanted to keep the Dodgers, but was forced to sell due to his divorce and his crushing debt load and because he had totally worn out his welcome in Major League Baseball, which is really, really hard for an owner to do. It just so happened that all of that came to a head when the Dodgers’ TV rights deal opened up and the local rights bubble reached what is likely its apex. Yes, a famous Dodgers executive once said that luck is the residue of design, but in McCourt’s case he was only able to take advantage of his great financial luck due to his enormous incompetence.

So good luck, Global Champions Tour. Here’s hoping that, among the many other things Frank McCourt has been wrong about, he is wrong about his desire “to do the same thing here.” Because while the Dodgers withstood it just fine, I wouldn’t count on it happening twice.

(Thanks to Sarah D. for the heads up)

 

Shawn Tolleson retires from baseball

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Evan Grant of the Dallas Morning News reports that reliever Shawn Tolleson is retiring from baseball. The right-hander experienced a setback in his recovery from Tommy John surgery last week.

Tolleson, who turns 31 years old on Saturday, last pitched in the majors in 2016. He had two very good years out of the bullpen for the Rangers in 2014-15, posting an aggregate 2.88 ERA with 145 strikeouts and 45 walks across 144 innings.

Tolleson signed a one-year deal with the Rays in January 2017 before undergoing Tommy John surgery several months later. The Rangers inked him to a minor league contract in December 2017, but he wasn’t able to work his way back.