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The Extra 2%: How Wall Street Strategies Took a Major League Baseball Team from Worst to First
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Product details
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Audible Audiobook
Listening Length: 9 hours and 43 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Dreamscape Media, LLC
Audible.com Release Date: June 8, 2011
Whispersync for Voice: Ready
Language: English, English
ASIN: B0054U2WPW
Amazon Best Sellers Rank:
One of the best accomplishments a sports team can achieve is to jump from last place one season to first place the next. In 2008, the Tampa Bay major league baseball club not only changed its name from Devil Rays to Rays, they jumped from fifth place to first in one of the toughest divisions in baseball, and then went on to capture the American League pennant. This book by Jonah Keri attempts to describe the strategies that the front office team of Stuart Sternberg, Matt Silverman and Andrew Friedman employed to take the team from worst to first.The strategy of trying harder by that extra 2% in the title is not clear while reading or listening to this book. There is an exhaustive description of all the poor practices of the previous ownership team led by Vince Naimoli – everything from overpaying for aging sluggers to harassing fans who brought their own food into the ballpark. When the trio of former Wall Street businessmen take over, it is almost like the cavalry came in to rescue the Devil Rays. While their record speaks for itself – improving by 31 wins from 2007 to 2008 – the way this was done did not seem to use Wall Street strategies.Because of this, the book fell a little flat in that aspect as I expected it to have more groundbreaking strategies for building a winning baseball team. Instead, Keri discusses the problems that Tampa has in generating revenue with a poorly located stadium, limited media revenue and poor luck in being in the same division as the New York Yankees and Boston Red Sox, two teams with huge revenue streams. There is some “Moneyball†aspects, some wise drafting and investments and recognition that spending a lot of money on a bad team to gain a few more wins won’t improve long-range success. While all of those were key reasons why Tampa Bay became a better team, none of it seemed like a breakthrough discovery that was expected.There is one other topic that Keri discusses in depth, not only about Tampa Bay but other locations as well, and that is how baseball teams will extort cities and states to finance new ballparks with the threat to move. While this was very interesting material, what seemed a little off to me was that other teams such as the Florida/Miami Marlins and Minnesota Twins were discussed when this topic was covered instead of the Rays and what they are doing to try to get a new stadium.Overall, this book was okay because the material is interesting and it is always good to hear success stories. However, what was expected from the title and book description and what was actually presented were two different things which left me feeling a little disappointed when I completed the book. This book is recommended for fans of the Rays, but if one wants to learn more about building a winning team, this isn’t the best source.
Before getting to the review of "The Extra 2%," here's a relevant story:I spent six years working for a professional sports franchise. There were good parts and bad parts about it, and one of the good parts was the chance to see a sports team from up close.And in this case, I learned that there were reasons why this particular sports team was mediocre. The organization as a whole had something of a commitment to mediocrity at the time. There was lip service to winning it all, of course, but generally the entire organization didn't put winning at the top of its priorities. And the results showed it.Jonah Keri never worked for the Tampa Bay Devil Rays or Rays, but he did the next-best thing. He interviewed all sorts of people with connections to the franchise, past and present. That includes the decade that the franchise spent wandering in the proverbial desert, and the time after that when they finally reached the oasis of postseason play.The resulting book, "The Extra 2%," is a terrific look at what the world of major league baseball was like in 2011.The then-Devil Rays did just about everything wrong in those early years. It started with the original owner, Vince Naimoli, who knew all about stripping businesses and selling them off at a profit but who knew nothing about the unique aspects of the baseball business. The team went from an emphasis on experience to youth to experience, depending on the whims of the moment. Sometimes the spending was merely wasteful, sometimes the checkbook was firmly closed.Keri has great fun in talking with some of the veterans of those times. Even the team's first general manager reviews his mistakes and miscalculations with good humor and candor. Everyone will love the story about how a lone scout thought a prospect was worth a flier as a draft choice. When his opinion went unnoticed, he left ... and the player soon started a Hall of Fame career. (No spoilers here.)Finally, and mercifully, former Wall Street workers Stuart Sternberg and Matthew Silverman took control of the team in 2005. They accumulated smart people wherever they could find them, seemingly from a variety of walks of life. All of their work didn't produce results immediately, but the team eventually had a magical last-to-first season in 2008 that put the team in the World Series.The baseball business sure has changed in the last 20 years. Every team has a statistical department filled with people who probably could make huge money elsewhere if they weren't so busy having fun. Throw in the matter of regional sports networks, international scouting, stadium issues, and so on, and it's a complicated world. Sternberg and Silverman were looking for that extra two percent that would give them the edge over the competition, and they found it eventually.This could have been really dry material, but Keri works in real-life, first-person stories into the narrative. About the only part that drags a bit is a chapter that explains what the new ownership group did in financial circles -- but it's really necessary to the story.Keri is one of the smart people who used to work for Baseball Prospectus -- not that there aren't some bright folks there now. He's done a number of stories for a variety of publications about baseball and business. Keri knows his stuff, but he's also gone through a variety of sources -- from 175 interviews to checking out blogs and bloggers -- to find information.This was one of the best baseball books of its year. "The Extra 2%" is a superb case study about the baseball business.
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