Showing posts with label Major League Baseball. Show all posts
Showing posts with label Major League Baseball. Show all posts

Sunday, November 20, 2011

New Labor Agreement has minimum salaries at $480,000


As I mentioned yesterday, Baseball's new labor contract will include blood testing for human growth hormone..

Also there will be a rise in the minimum salary to $480,000 and luxury taxes on both amateur draft signings and international free agents coming to the major leagues.

Lawyers for players and owners are working to complete a memorandum of understanding on changes to sport's collective bargaining agreement and hope to sign the deal by Tuesday.

A person familiar with the negotiations disclosed some of the agreed-upon provisions to The Associated Press on Saturday, speaking on condition of anonymity because the deal had not yet been announced.

The blood testing provision was first reported by The New York Times.

Blood testing for human growth hormone will start when players report to spring training in February, putting MLB ahead of the NFL. The NFL wanted to start HGH testing this season, following that sport's new labor contract, but the NFL Players Association has not agreed, causing some congressmen to pressure the union.

There also will be a slight increase in the total of players eligible for salary arbitration after the 2012 season, when there also will be a new method to determine compensation for clubs losing top major league free agents. There also will be modifications to the luxury tax on high-payroll teams, but the threshold will remain at $178 million next year.

The changes are the most numerous since the 1997 agreement that came nearly two years after a 7½-month strike that wiped out the 1994 World Series. The five-year deal, replacing one set to expire Dec. 11, ensures 21 consecutive years of labor peace for MLB at a time when the NBA season is being threatened by a lockout that already has wiped out a quarter of the regular season.

As part of the deal, baseball's minimum salary will go from $414,000 this year to $480,000 in 2012 and $500,000 later in the deal -- matching what the average salary was in 1989.

Friday, February 25, 2011

Mets borrowed $25 Million from MLB


Major League Baseball loaned the New York Mets $25 million in November as the team faced a liquidity crisis, according to a person with direct knowledge of the matter.

The loan is expected to be repaid relatively quickly, the person said. But it underscores the extent of the Mets’ financial problems. The team’s owners are carrying about $400 million in debt and are being sued for up to $1 billion by the trustee representing Bernie Madoff’s victims.

In a statement released Friday evening, a Mets spokesman said: “We said in October that we expected to have a short-term liquidity issue. To address this, we did receive a loan from Major League Baseball in November. Beyond that, we will not discuss the matter any further.”
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