- 6/20/2025
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00:00Giants are No. 5 on the Forbes valuation list.
00:05The order goes like this.
00:06This is the current 2025 list and their valuations.
00:11Keep in mind, if you want, for example, the Warriors were valued at $9 billion.
00:15That was No. 2 in all of sports, only behind the Cowboys.
00:19But then the Lakers walked in and got sold with a valuation of $10 billion,
00:23which means, based on estimates that were shared with us,
00:29Warriors probably worth closer to $13 billion if you put them on the market today.
00:35And I do know that the Forbes values get blown past very quickly sometimes.
00:40I was telling Grandy this yesterday.
00:42I was working in L.A. when that whole Donald Sterling hullabaloo took place
00:46and the Clippers got sold, and Forbes was like,
00:51watch out now, this is the Los Angeles market.
00:54They might go for a billion dollars.
00:56One billion dollars.
00:58That was like, one billion?
00:59Are you crazy?
01:01It might go for a billion?
01:02And then what's my man?
01:05Who's the crazy captain?
01:06Ballmer.
01:07What's that?
01:07Steve Ballmer.
01:08Steve Ballmer.
01:10He walked in and he bought them for two.
01:13Yep.
01:14Not one.
01:15Two.
01:16Two billion inside.
01:18Inside one team.
01:19Yeah.
01:19So these Forbes valuations, I tend to think, are too low.
01:23Because you get into a bidding war, and everyone knows these are a license to print money.
01:27So anyway, the Yankees are number one.
01:29Eight point two billion dollars.
01:32Okay.
01:32I promise you, put the Yankees for sale tomorrow.
01:35They're going for 15.
01:36For sure.
01:38Los Angeles Dodgers, number two, 6.8 billion.
01:41Okay.
01:41Another one where I'm like, dog, put the Dodgers for sale right now, might go for $100 billion
01:46the way things are going.
01:47I thought Cubs and Mets would be the only two I was considering ahead of the Giants.
01:52Number three is the Boston Red Sox.
01:54Yeah, that's the other one I was...
01:55You mentioned them.
01:55Yeah.
01:55You mentioned them, $4.8 billion.
01:57Okay.
01:58Cubs, number four.
02:00Yep.
02:00$4.6 billion.
02:02And for those of you who loved all the Giants, you guys love to think that they're one of
02:07the big-time teams.
02:08They're worth more than the Mets.
02:11Okay?
02:12They're worth more than the Mets and the Phillies.
02:17Yeah.
02:17Oh, yeah.
02:18Okay?
02:19These are big boys.
02:21And...
02:21What's their valuation?
02:23$4 billion.
02:23Okay.
02:24$4 billion.
02:25New York Mets, 3.2.
02:27Phillies, 3.1.
02:29Braves are next at three.
02:31And that rounds out the top eight.
02:34Right.
02:34And you put them up for sale right now and they're valued at four.
02:38You're probably getting six at least.
02:39I agree with you.
02:40And I don't know if you have tried to buy a house or if you buy a house in this Bay Area,
02:45but you listed it 1.35 and it goes for 1.7 because, you know, what the list is, is never
02:52going to be what the house goes for.
02:54And it's the same thing with these franchises.
02:56Do you know what's wild was when you go through this whole list, like, where do you think the
02:59A's sit?
03:01The athletics, well, you probably would think that they'll be toward the bottom 28th just
03:07based on the fact that they're a laughing stock and they're run by an absolute moron.
03:13And you've got Tampa and Miami who are below them.
03:15And then you think about other teams that would be down there, like Pittsburgh would
03:18be down there and so many other teams.
03:21So I'm going to think based on the fact that they're going to Vegas, two fingers, for those
03:26of you who can't see me, I'm doing two fingers, also known as air quotes, I'm going to put
03:31the A's at 16th, right in the middle.
03:35Oh, let's see.
03:368, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19.
03:42Okay.
03:42Yeah, not bad.
03:43I was a little hot with that.
03:43Yeah, no, but the way you said it is absolutely correct.
03:47And Tampa Bay and Miami are the bottom two.
03:49The A's valuation was $1.8 billion.
03:53Yeah.
03:54And in 19th place, ahead of major markets like Detroit and Denver and Cleveland and
04:01things like that.
04:02So anyway, fun to look at the whole thing, but I'm with you.
04:06Whatever these teams are, if you did put them up for sale, they're going for more.
04:11In fact, I think that the Tampa Bay Rays, I think, are going up for sale.
04:15And I saw that they're looking for $1.75 billion, and Forbes has them at $1.25 billion.
04:23Okay.
04:24That's about right.
04:24They'll get the $1.75 billion.
04:26And maybe even more.
04:27They might even get two.
04:28Exactly.
04:28Yeah.
04:29Because like you said, unlike buying a house in the Bay Area, there's only 30 of these in
04:33baseball.
04:34And I believe there are more than 30 houses in the Bay Area.
04:37I've seen more than 30.
04:37Yeah.
04:38And when you want to get one of these things, I don't know how often a franchise goes down
04:44in value.
04:45They tend to only go up.
04:46I don't think I've ever seen it.
04:48Right.
04:48Then again, I've never seen a Warriors point guard dancing up and down midcourt, chasing
04:55female basketball players around either.
04:58But there's a first time for everything.
05:01Yep.
05:01So anyway, I digress.
05:03Yep.
05:03Joe Lacob and Peter Goober paid $450 million for the Warriors.
05:08Oh, God.
05:08Yeah.
05:09They did like.
05:11Yeah.
05:11And that was only, quote unquote.
05:14About 15 years ago.
05:15And now it's worth 30 times that.
05:18The only thing that I wonder about when it comes to this conversation, and Stiney and
05:23Evan were talking about it a little bit earlier in the week when the Laker thing went down.
05:28I actually don't know.
05:29I'd love to ask a money person this.
05:32I'd love to ask Joe Lacob this.
05:34To what level is franchise valuation dependent on the current players on your team?
05:41I don't know if the answer is at all.
05:44But I know a lot of people are like, well, the value is going to go down when Steph leaves.
05:48And I was thinking to myself, well, if that was true, then they would sell it.
05:51They would sell it.
05:53Yeah.
05:53Put that thing up for sale next year.
05:54Because it feels like the value will get cut in half because there are people who will
06:00look at the Warriors and go, now, why on earth would the Warriors be valued higher than the
06:06Lakers and the Knicks?
06:07Why?
06:08And there's a lot of answers for that.
06:10The Lakers don't own their arena.
06:11The Warriors do.
06:12And yes, to a degree, I guess, indirectly, whoever's on your team at that point sort of
06:19like helps what you're standing in the marketplace, which affects your revenues.
06:25And whatever your revenues are, that's what actually is the driving force behind your franchise
06:31valuation.
06:32So I don't really know.
06:34And I guess then to bring it back to the Giants, does this franchise valuation thing have anything
06:40to do with the way they're going to conduct themselves on the open market?
06:43Same answer for me.
06:45Indirectly, the answer is yes.
06:47You are the fifth highest valued team in baseball.
06:53You're the fifth highest valued team in baseball.
06:56And you have been basically branded for the last six or seven years as fair or not, small
07:05time, cheap, no players I want to buy a jersey for, all of these things.
07:12And I got to think that Buster Posey, who is part of the ownership group, I got to think
07:19a piece of what we're seeing is not just what they're saying, which is, well, is opportunistic.
07:24We're here, we're kind of playing some good ball, I saw that the Red Sox hate Rafi, so
07:30I called him and we got him.
07:32I think it goes a lot deeper than that.
07:34And I think that there are clues, bricks being built on the wall, if you will, that the Giants
07:39are about to start playing the Dodgers and the Padres game a little bit.
07:43And I find that to be a very welcome development.
07:45No, it's thrilling.
07:46And this is the number one frustration from the Farhan Zaidi era.
07:50And I know that they had Correa all but signed, sealed, and delivered.
07:54He was delivered, he was literally here, it was sealed, he had agreed to come, but they
07:59didn't do the signed part.
08:00And so he was the one that got away, and it's probably a good thing that he got away.
08:04And you wouldn't have Adamus.
08:06And, you know, the approach, I think, changed with when Farhan went out.
08:10I don't know if it was Buster who had the gravitas as a small part owner or just the gravitas
08:15of being a Giants legend.
08:17Whatever the shift was, maybe it's just the development.
08:20Like you're talking about, when Lot A is no more.
08:23Lot A now is a building, or five, or eight.
08:27I don't even know how many of those buildings they slapped down in that once great parking
08:31lot.
08:32Still a good parking lot.
08:33Yeah, but I think the combination of events, the development, which is now just about completed,
08:40and you can make that a revenue stream.
08:42Buster comes in, and you realize that you've got to spend to compete.
08:46And like you said before, the star factor all around you, down the street, you've got
08:52stars and titles.
08:54And further down in 49ers, you've got stars.
08:56No titles, but it's football, so you don't even really need stars because people will
09:02come anyway.
09:03But you're the Giants, and you're looking to get something going where people are going
09:06to want to come see you.
09:08And this is the way you go about doing it.
09:10And it costs money, and they're spending it.
09:12And this team is fun to watch.
09:14They're sexy.
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10:17slash concerts.
10:19So all of that is coming up here in the next, oh, I don't know, 30-ish, maybe a little bit
10:25more minutes.
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10:26Could be three minutes from now.
10:28Yeah.
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10:35Yeah.
10:36The larger conversation about all of this is that sort of strategic effort, and you just
10:43called them sexy.
10:45And like, yes, I agree.
10:48I still think, though, you're in, well, what I'll call maybe like a certain point along the
10:55road of that foreplay to being really, really sexy.
10:59Yeah.
11:00I mean, it's a baseball analogy.
11:01It works.
11:02You're on your way to third.
11:03Yeah.
11:03You're on your way to third.
11:04Yeah.
11:05I don't think anybody hit it out of the park yet.
11:07No, but if you're on your way to third.
11:09Although this individually was a sexy home run.
11:12No doubt.
11:13This move.
11:13And as you round second, and you look up to see the third base coach, he doesn't have
11:18the stop sign up.
11:19He's waving you over to third base.
11:22I thought you were going to say something else, and I was really...
11:25I'm trying to keep it, you know, gentry.
11:27You've got to be careful.
11:28Trying not to lose you.
11:29You looked at the third base coach, and he was naked.
11:32Anyway, go ahead.
11:33The third base coach, in this analogy, is ostensibly Greg Johnson.
11:38And he's saying, come on.
11:39Come on down.
11:40Keep spending.
11:41Because I was looking at the salaries of all the players on all the teams here in the
11:47Bay Area.
11:47Oh, is this deep dive?
11:49It's a little bit of a deep dive.
11:50No, no, no.
11:51A little bit of a deep dive is kind of an oxymoron.
11:55Mark, this is a deep dive.
11:57And Lucas on our show thread hit me with a snorkel earlier in the week, because it wasn't
12:01a deep dive.
12:01Well, that's...
12:02I don't know if that's what he meant, though.
12:04I think when he did the snorkel emoji, it was like, ooh, it's a deep dive.
12:09And I'm kind of like, but a snorkel, by definition, is a shallow dive.
12:14Yeah.
12:15Is there a scuba emoji?
12:17There should be.
12:18Is there one?
12:19I don't know.
12:20I haven't studied all of my emojis.
12:22I'm not an emoji user, so I wouldn't know.
12:24Hang on.
12:24I'll try to text the thread and see if there's a snorkel.
12:26No, if you type in scuba, the only suggestion that comes up is the snorkel.
12:29Is the snorkel.
12:30Okay.
12:30Yeah.
12:31That is not the same thing.
12:32Major oversight.
12:34Major oversight.
12:36Although I'm still forever grateful that when we talked about scuba once before, and
12:43you correctly were able to lay out what scuba is an acronym for.
12:48Right.
12:48Most people don't know that scuba is an acronym.
12:51Exactly.
12:52And you nailed it.
12:52Yeah.
12:53I don't think that there are more than about 12 other people on the planet who can do that.
12:57Yeah.
12:57Self-contained underwater breathing apparatus.
12:59That is correct.
13:00Scuba.
13:01Scuba.
13:02Yeah.
13:02Onward.
13:03Unlike this deep dive, when it comes to my knowledge, it's an inch deep and a mile wide.
13:08But on this one, it is a deep dive.
13:09And I was thinking about Rafi Devers and his contract.
13:13After this year, it's going to be eight years and $254 million earned.
13:17The longest deal of any athlete in the Bay Area currently.
13:21And so I was wondering about average annual value for this deal.
13:25It comes out to $31.75 average annual.
13:29And I was thinking, huh, where does that put him alongside the remaining contracts of the other Bay Area athletes?
13:37Okay.
13:38He's ranked number five on the list.
13:40This is just in total money.
13:41Right.
13:42And the football ones are funky because...
13:44Because they're not guaranteed.
13:45Correct.
13:46But I pretended that these contracts would all come to bear.
13:49Okay.
13:50So everybody is finishing their contract and playing all the years.
13:53So Steph is ranked number one.
13:55Not surprised.
13:56$61 million a year over two.
13:58Jimmy Butler is number two.
13:59$55 million average over two.
14:02Okay.
14:03Brock Parity is three.
14:05Number three.
14:05And I included his upcoming season.
14:08That's so crazy.
14:08His average annual is $45.7 because this upcoming year is only nine.
14:13So number four overall is Nick Bosa at $39 average annual.
14:21Then Devers.
14:22Then Brandon Iyuk at six.
14:24Oh, Brock.
14:25And then, you know, seven is Adamas, eight is Draymond, nine is Chappie, ten is Trent
14:31Williams, then you go to Fred Warner, Logan Webb, Jung-Hoo Lee, and George Kittle.
14:37That's your top 14.
14:38Okay, that's your top 14.
14:38The reason why I did the deep dive...
14:41Yeah, why'd you stop at 14?
14:42That's a weird number to stop at.
14:43Kittle's at $18 million a year.
14:45Okay.
14:45So then you're getting down to...
14:47I mean, that's kind of small potatoes already.
14:49I want to know.
14:49Who's 15?
14:50I want to know.
14:51I'll look it up.
14:52Okay.
14:52I'll look it up.
14:53Well, it's probably Robbie Ray.
14:56He's got one year at 25, but I didn't...
14:59I was trying to look at bigger deals that have some length and some heft because...
15:04Got it.
15:04The reason why I did this is thinking about Devers and the idea of pressure and expectations
15:09because on this list, like, Curry, there's no pressure, there's no expectations.
15:15He's been there, he's done it.
15:15That was a well-timed fade out.
15:17Yeah, it was incredible.
15:17I really like that.
15:19I was right in when my mind was like, he's probably fade out right now.
15:22And then you did.
15:23That was really good.
15:24Go ahead.
15:24Mail it.
15:25Butler, two years, not really much pressure and expectations.
15:29I mean...
15:30Made man also.
15:31Yep.
15:31Okay.
15:32Purdy, massive pressure.
15:34Shoot.
15:34Massive expectations.
15:36I think both are the same.
15:37And number four on the list, like...
15:38Well, I don't think anybody matches Purdy, but I hear you.
15:41Correct.
15:41And then you get to Devers.
15:42And I think about Devers with eight years and 254 left.
15:45It's like, okay, you're the guy who's now making the big money.
15:49You're the big piece here.
15:50The pressure doesn't happen immediately, obviously, in an eight-year deal.
15:54But it just struck me that, you know, when you're making the fifth most average annual
15:59in the market, you've got to be that dude.
16:02And I know they think he is the dude.
16:04But now you've got to go out and be the dude.
16:06Yeah.
16:08It's funny.
16:08I was just like, as you were talking about pressure, how would you answer this real quick?
16:12Like, who's got more pressure on him right now, Devers or Adamus?
16:17Devers.
16:17Why?
16:18Because he has the longer deal and he's making more money.
16:22See, I don't feel that way, but I'm willing to acknowledge I might not feel that way for
16:28two reasons.
16:29A, Devers just got here.
16:31And B, we have therefore built up no sort of like angst or ill will.
16:39And Devers has been a more successful hitter in his career.
16:42Like, his resume is better as an offensive player than Willie Adamus.
16:47And he's got a ring.
16:48So, I look at those players and I'm like, in a way, even though Adamus was only money,
16:56Devers came here by way of actual players that you gave up.
17:00I look at it almost differently.
17:03I'm like, they're two different experiences in terms of how you brought them here.
17:08Adamus is also being asked to be a leader of the clubhouse.
17:12Devers is asked to hit ball hard.
17:15That's it.
17:16Hit ball hard.
17:17In fact, I don't even think they've got designs on first base for him long term.
17:22It's DH hit ball hard.
17:24That's what they're going to want him to do for eight years.
17:27And so, there's a piece of me that feels, and maybe this is just in this moment.
17:31In this moment, it feels like there's more pressure on Willie than Rafi.
17:35Yeah, and I think that stems from what we've seen.
17:38And that's fair because you expected Willie Adamus to be better than this.
17:42You expected the glove to be better, the bat to be better, and it hasn't been.
17:46And so, the longer this goes on, the more you start to think, geez, I mean, you've got to revert to your baseball card here, kid.
17:54This is not what we signed up for.
17:55So, I do think that there's implied pressure in that.
17:58But I look at how groundbreaking this was for this team to give out that deal.
18:05And they didn't give out the deal, but they took on the deal.
18:07Took on the deal.
18:08Eight years.
18:09That's the deal.
18:09And 254 remaining.
18:11And they're saying, we think you're the dude.
18:14Now, go be the dude.
18:15And it's been three games.
18:16And I don't think he's homered yet, Mark.
18:18No, he hasn't.
18:19Although, I do, I'm going to take this opportunity to refute something that our partner, Matt Steinmetz, said earlier today on the show.
18:30I was driving around, and only because my brain works the way it does, I'm like, he's being unfair today.
18:36He is being unfair because he was making points.
18:40And it was sort of like they were little mini, like, steiny pot shots at the Giants.
18:45That's what he does.
18:46I know.
18:47I know the game.
18:49And I'm like, I don't really care that you take pot shots at the Giants if they're based in reality.
18:54But at one point, he goes, are you feeling that way about Rafi Devers because he's won for 12 since he got here?
19:01He's not won for 12 since he got here.
19:03He had two hits in his first five at-bats.
19:06Where is this Rafi slumped through the Cleveland series thing?
19:11Not accurate.
19:12Not accurate.
19:13And then he starts talking about how the Giants kind of got lucky this year.
19:17It was wrong.
19:18They've missed all of the other team's best starters.
19:21And the first example out of his mouth, he goes, ha, they missed Paul Skeens.
19:27And my mind immediately turned into the Matrix, and it went, blub, blub, blub, blub, blub, blub, blub.
19:33Nope.
19:33They haven't even played Pittsburgh yet this year.
19:35Well, they haven't played Skeens.
19:36Yeah, you're right.
19:37They haven't played the Pittsburgh Pirates yet this year.
19:41It is funny.
19:41Well, it wasn't funny.
19:43So, anyway.
19:45Didn't they face Yamamoto?
19:47They did.
19:47And wouldn't he be there?
19:49He's their ace right now.
19:50Because the other aces are all hurt.
19:52But, yeah.
19:52I mean, he's their ace right now.
19:55Yes, he is.
19:55But that's always a curious one for me because you face who you face.
20:00And there's no disgrace.
20:02No.
20:02Like, you don't get to pick your opponents.
20:03We're 75 games in.
20:05Like, we're not.
20:06I don't think the baseball season at this point.
20:08If the Giants were 12-3, like I think they were, or something like that.
20:13Yep.
20:1312-3.
20:13Kind of like the Warriors were.
20:15They're 12-3.
20:16Everybody's 12-3 to start the year.
20:18At that point, you can be like, well, hey, you played the Reds a whole lot.
20:22That's fine.
20:23We're 75 games in.
20:26Giants are good.
20:27Deal with it.
20:29Deal with it, negative Nancys.
20:31They're a good baseball team.
20:33Sour Stineys actually works, too.
20:35They're really better at this stage.
20:37Like, they're winning games.
20:39Here's another one.
20:40You know what?
20:41Like, we were thinking about this earlier today.
20:43I don't know if this does anything for everybody.
20:46The Giants, oh, they can't hit.
20:49They're averaging 4.2 runs per game.
20:52Do you want to know what the average is across baseball?
20:54Just all baseball.
20:55Yeah.
20:55Oh, yeah.
20:56I was wondering that myself.
20:57It's 4.3.
20:59So, are they good?
21:00No.
21:01Is that below average?
21:02Slightly.
21:03Every 10 games, they're one run worse than the rest of the league.
21:06Here you go.
21:07That's what it is.
21:08Yep.
21:08That, like, the ball's dead.
21:12It's dead.
21:12The ball is completely dead right now.
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