San Jose officials are not amused with the Johnny-come-lately appearance of the mothership's
The Giants will claim one of four seats on the San Jose club's board; if they agree to purchase a controlling interest, they would occupy three of five board seats.
Industry sources pegged the value of San Jose's franchise at $7-10 million, making the Giants' investment worth an estimated $2-3 million.
San Jose is a bit upset because the Muni renovations, which the City and the SJ Giants have been arguing about for years, could've been made more complete had the mothership lended a hand.
Reaction from San Jose city leaders was not warm. Mayor Chuck Reed will not participate in Thursday's event at Municipal Stadium, according to an aide.
Councilman Sam Liccardo, a big-league-ballpark booster who has been meeting with community leaders to draft a pitch for the A's, was blunt about the Giants' move, calling the timing "notable."
"The only time I see pitchers from the Giants in San Jose is when they're on a rehab assignment," he said. "And this pitch looks like an attempt to rehabilitate a San Francisco ballclub's image in San Jose.
"Everyone's assumption is that this is a plea to the commissioner, and I don't think it changes anyone's mind in the end."
This move is not about reinforcing the Giants' major league territorial rights. It is about C-A-S-H. It looks like the baseball equivalent of flipping a house. Look at it this way. When a public company, like recent example Genentech, faces a takeover, the interested buyer (Roche) has to pay a premium over the prevailing market share price. In Genentech's case, the premium was 16%.
I've mentioned this in passing, but I'll say it again: Both the SF and SJ Giants would need to be compensated if the A's moved to San Jose. Obviously the terms would be different for each team. The parent team's $2-3 million investment could yield $1 million or more if they played their cards right, not including the costs associated with moving the team to a smaller market - say the North Bay, for instance. Should they raise their stake to the 55% controlling interest, they'd get even more.
Who'd figure out the compensation? I'm guessing the blue ribbon committee that's sorting out the East Bay situation. Smart move, Neukom. Smart move.