The San Francisco Giants’ November 1 World Series win will generate at least a US$10 million revenue boost for the team’s North Vancouver-born part-owner Jeff Mallett.
Mallett told Business in Vancouver in an email November 2 that the Major League Baseball championship’s “direct financial impact is over US$10 million positive top line but that is only the beginning with a large and devoted fan base that loves our baseball team.”
Mallett is the largest single owner in the San Francisco Giants although he owns the team with seven other principal investors. BIV asked him to estimate the impact of the win on his own financial position in the team.
Mallett, who is also a part owner in Major League Soccer’s Vancouver Whitecaps, did not explain exactly where he believes his baseball revenue windfall will arise. It could be from boosted attendance, merchandise sales or from more broadcast revenue.
The deal that saw Mallett and his partners buy the San Francisco Giants in 2002 resulted from he and his partners owning the largest private real estate holding in downtown San Francisco: AT&T Park. His group’s purchase of the Giants included buying one-third of the Comcast SportsNet Bay Area network.
All of Mallet’s baseball investments have not been profitable. He was one of the investors in the short-lived Canadian Baseball League in 2003.
Mallett made much of his money as president and COO of Yahoo Inc. when he grew the search portal from an 11-employee start-up in 1995 through to a 6000-plus-employee-company in 2002 (See Jeff Mallett's profile "Business goals"– issue 1015; April 7-13, 2009).
“[It has been a] unbelievable ride and result bringing the first ever World Series to San Francisco,” Mallett said in his November 2 email. “So pleased, especially for our players and fans – both very deserving.”