In Sports Business:
Philadelphia Phillies first baseman Ryan Howard agreed to a $125 million, five-year contract extension Monday that could keep him with the Phillies until 2017. The $25 million guaranteed average salary will be baseball's second-highest behind Yankee Alex Rodriguez who earns 27 million a year. Howard, the NLs 2006 MVP, is earning $19 million this season. A regulatory filing Friday by the New York Times shows the value of the Boston Red Sox could be higher than anyone thinks. Venture capitalist Henry McCance paid $14 million earlier this month for his 1.18 percent stake in the team's parent company. That could put the value of New England Sports Ventures - owner of the Sox, Fenway Park, and other local sports assets at roughly $1.2 billion. Last year, Forbes estimated the team alone was wortht $833 million, the third most valuable franchise after the New York Yankees and Mets. Owners John Henry, Tom Werner and others paid $700 million for the BoSox in 2002. The Times owns 16.57 percent of the venture and its initial $75 million investment may now be worth twice that amount. |
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