San Francisco Giants Ask Congress for Federal Bailout from Barry Zito Contract
Washington, DC – Sue Burns and Bill Neukom, who manage the ownership group of Major League Baseball’s San Francisco Giants, appeared before congress today to request a federal bailout from Barry Zito’s seven-year, $126 million contract, as they fear any further payment on it may force the team to file for bankruptcy.
Neukom addressed the matter by saying, “When our GM, Brian Sabean, made this offer to Mr. Zito, we had no idea how awful of a deal it would become. The fact is, we would have gotten the same result for our money if we had just taken $126 million in cash and set it on fire. As a result, the contract has left our organization near financial ruin and we are now looking to the federal government for help. We are hoping that you will step up and take over Mr. Zito’s contract so that we may use that money to bring our organization back into profitability.”
After the meeting, Burns and Neukom were optimistic some sort of deal could be reached, especially since they offered Zito’s services as a congressional page if the bailout is passed.
Zito, who won a Cy Young Award with the Oakland Athletics in 2002, was considered one of the best pitchers in the American League when the Giants signed him as a free agent before the 2007 season. Giants GM Brian Sabean felt the same way and offered Zito an unbelievable seven-year $126 million contract. At the time, it was the largest contract ever signed by a pitcher (a title which now belongs to Johan Santana of the New York Mets).
While some people criticized the deal as an overpayment at the time, no one knew just how overpaid Zito would become over his first two years on the Giants. Zito’s descent into mediocrity has been a fast one as he has been well below average in almost every way imaginable since arriving in San Francisco. He has a record of 21-30 with an ERA of 4.85 as a Giant. He has also lost zip on his fastball and is often unable to control his curveball.
Because of Zito’s contract, the Giants have become both the butt of jokes as well as a cautionary tale to GM’s who may decide to overpay free agent talent in a year where there aren’t a whole lot of options.
As for GM Brian Sabean, he now wishes he taken that money and used it instead to bribe Mark Fainaru-Wada and Lance Williams out of publishing ‘Game of Shadows’, a book which chronicles alleged usage of performance-enhancing drugs by baseball players, especially ex-San Francisco Giant Barry Bonds.
