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NYT Sells Some Of Its Red Sox Holdings

Discreetly buried in the ‘Media And Advertising’ section of the New York Times:

New York Times Company Sells Small Part of Its Red Sox Holdings


April 1, 2010

The New York Times Company said Thursday that it has sold a small slice of its minority ownership of the Boston Red Sox and related properties.

The company sold a 1.18 percent share in New England Sports Ventures to Henry F. McCance, a venture capitalist. The company declined to disclose the sale price, though a spokesman said it would record a pre-tax gain in the second quarter of 2010.

The sale was for 50 of a total of 750 units owned by the Times Company. In 2002, the company paid $75 million for 17.75 percent of New England Sports Ventures. After the sale to Mr. McCance, it would still own about 16.58 percent.

The Times Company was among several partners who joined in the 2002 purchase, a group headed by John W. Henry, the principal owner. New England Sports Ventures owns the Red Sox baseball team; its stadium, Fenway Park; 80 percent of New England Sports Network, a regional cable channel; and 50 percent of Roush Fenway Racing, a stock car racing team.

Eager to marshal cash and shed non-core investments in a rough time for the newspaper business, the Times Company began looking for a buyer about a year and a half ago, hoping to sell its entire stake. Company executives have said repeatedly that the prospects were good and they expected to make a deal before long; they have not offered any explanation for the delays.

We saw this last week but didn’t post it because of the dateline.

But as the article notes, yes indeed The Times has been a shareholder in the Boston Red Sox since 2002. When they teamed up with main purchaser John Henry in his mission “to break the Curse of the Bambino.”

And, after all, isn’t it completely typical of the New York Times? They just have to be on the side of the enemy – whether nationally or locally.

And, speaking of treason, isn’t The Times betraying their precious proletariat?

The Boston Red Sox have one of the highest payrolls in the monopoly known as Major League Baseball. Their players make unheard of salaries – even more than some of the evil CEOs the Solons at The Times like to fulminate against.

So where are their editorials denouncing their ownership of such a frivolous, expensive bauble in these desperate days of the ‘Great Recession’? Where is Frank Rich? Where is Paul Krugman?

You can feed a lot of hungry children with $125 million dollars a year.

This article was posted by Steve on Monday, April 5th, 2010. Comments are currently closed.

2 Responses to “NYT Sells Some Of Its Red Sox Holdings”

  1. proreason says:

    At least they made one good decision.

    8 years ago.

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