Blinded By The Loria?

Jack Woltz quote in GI prior to gaining [not getting] a head:

Johnny Fontane ruined one of Woltz International’s most valuable proteges. For three years we had her under contract, singing lessons, dancing lessons, acting lessons. I spent hundreds of thousands of dollars. I was gonna make her a big star. And let me be even more frank, just to show you that I’m not a hard-hearted man, that it’s not all dollars and cents. She was beautiful, she was innocent…. And then Johnny Fontane comes along with his olive oil voice and guinea charm and she runs off. She threw it all away just to make me look ridiculous. And a man in my position can’t afford to be made to look ridiculous.

From a business perspective, Jack Woltz’s personal animus towards Johnny Fontane, caused to him to do a poor job of assessing risk for Woltz International.  Similarly, Jeffrey Loria’s spectacularly profitable investment in MLB franchises, has not gone unnoticed by his unwitting benefactors.  A few examples of their frustration over being made to look ridiculous:

  • 2008 – Hank Steinbrenner remarks: I don’t want these teams in general to forget who subsidizes a lot of them, and it’s the Yankees, the Red Sox, Dodgers, Mets,” he said to The New York Post. “I would prefer if teams want to target the Yankees that they at least start giving some of that revenue sharing and luxury tax money back. From an owner’s point of view, that’s my point.
  • 2009 – John Henry remarks: … seven chronically uncompetitive teams, five of whom have had baseball’s highest operating profits, had received over $1 billion in revenue sharing money.
  • 2010 – First ever criticism of the revenue sharing abuse by the Florida Marlins from the Major League Baseball Players Association and the Office of the Commissioner of Baseball.
  • 2011 – Revealed that the New York Yankees had contributed about $130 million between revenue sharing and luxury tax in 2010.
  • 2011 – Revealed that the Boston Red Sox had contributed about $86 million between revenue sharing and luxury tax in 2010.
  • 2011 – Revealed that MLB had fined John Henry $500K for his 2009 complaints about the current revenue sharing structure.

No truth to the rumor that Loria asked MLB if the John Henry fine could be direct deposited into his bank account.

About Jorge Costales

- Cuban Exile [veni] - Raised in Miami [vidi] - American Citizen [vici]
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