Buster Posey defends Giants owner Greg Johnson after ‘break even’ comments

Johnson said a ‘goal’ of Giants ownership was to ‘break even’; Posey believes ‘whole-heartedly’ that a World Series is the top priority

SAN FRANCISCO (AP) — Despite his status as a part-owner, board member, and newly minted local resident, Buster Posey was not present Wednesday morning as the Giants introduced their new manager, Bob Melvin. He was watching remotely, so he didn’t miss his C-suite partner, club chairman Greg Johnson, briefly interrupting the fanfare with a dose of reality and a splash of cold water.

Johnson, the son of majority owner Charles Johnson, was asked about money in between promises to return to the postseason and promises to revamp the roster this offseason. Since handing over the reins to Farhan Zaidi five years ago, the club has not come close to returning to Bobby Evans-era spending levels. Would they think about raising the luxury tax threshold? Maybe for a year, maybe for the right player, said Johnson.

“But,” he went on to say, “we also represent a group that hopefully our goal is to somewhat break even, which is somewhat of a challenge in this business.”

Johnson’s remarks did not overshadow Melvin’s introduction, but their implications may loom over the new manager’s attempt to turn the club around, with a clear need for the kind of stabilizing forces in their lineup and pitching staff that only expensive star power can provide. Unsurprisingly, it did not go down well with fans.

According to Forbes, Johnson’s father is worth an estimated $4.8 billion, and the value of his franchise has increased more than 3,000% to $3.7 billion since his ownership group purchased the club for $100 million in 1992. The team-owned Mission Rock development, which protrudes from behind McCovey Cove, displaced hundreds of parking spaces but was expected to generate additional revenue to invest in the ballclub.

Posey was asked about Johnson’s comments and attempted to assuage fans’ concerns during an appearance Thursday morning on the club’s flagship radio station, KNBR 680-AM.

“I’ve gotten to know Greg really well,” said Posey, who became a member of the ownership group in 2022. “First and foremost, Greg adores the San Francisco Giants. I have no doubt in my mind that he intends to field a championship team. There is absolutely no doubt in my mind about that. I’m not sure if that helps people who were, I don’t know, upset or concerned about it. There’s no doubt in my mind about Greg’s intent, or the intent of the rest of the ownership group.”

In a year when league attendance was up nearly 10%, attendance at the Giants’ waterfront ballpark remained flat. They ranked 17th in MLB with 30,866 fans per game. Posey stated that recreating the draw the gameday experience was during his playing days, when the club sold out a National League record 530 consecutive games, is a top priority that Melvin gives them “instant credibility” in achieving.

“I’m hopeful for that feeling in the ballpark that we all love to be back,” Posey was quoted as saying. “For whatever reason since COVID, there’s probably a slew of reasons, but we’ve got to reclaim that feeling.” How you do that is often determined by winning games, but it is also determined by how you go about winning games. What intrigues me about Bob is that he has such a close relationship with the Bay Area. …

“As Bob stated, the Giants are the city, and the city is the Giants.” “We understand,” Posey went on. “We understand the importance of having the right group of players on the field for this city.” That is something that is frequently discussed. Probably the most talked about. How will we create that environment? How are we going to create a product that will bring fans and create joyful memories that people will be able to share with their grandchildren who are watching these teams in 50 years?

“I wholeheartedly believe Greg is 100% committed to assembling the best team possible so that we can not only win but also have fun.” There’s a fun team out there. Those teams from 2010 to 2017 were a lot of fun. You can do it in a variety of ways with a variety of personalities.”

Those teams were powered by a homegrown core, and Zaidi has stated that this is how he intends to build the next winner in San Francisco. But they were also willing to spend the money required to compete, ranking among the top eight payrolls from 2011 to 2019, and in four of those years, among the top five. This season’s estimated $188 million Opening Day payroll was the highest under Zaidi, ranking 10th in the league.

According to Cot’s Contracts, the luxury tax threshold for 2024 is set at $237 million, giving the Giants nearly $80 million in flexibility this winter.

“If you look at the luxury tax in a one-year number, you could go above that if necessary.” “I don’t think we want to do it for a long time,” Johnson said. “If you look at the teams that have jumped up in free agency, I don’t think they had great years this year.” I’m not convinced there’s a direct link. But we intend to be active, and if that means going through that, so be it.”

Regrettable contracts are the price of admission to free agency, and this season’s top three spending teams all missed the playoffs. However, if Spotrac’s projections are correct, the league will set a record with nine teams — nearly one-third — exceeding the luxury tax threshold.

Bruce Bochy is the best person to testify to a direct relationship between spending and winning. Two years ago, the San Francisco Giants won 107 games while the Texas Rangers lost 102. The Rangers have spent over $800 million over the last two winters, and Bochy spent Wednesday preparing for his fifth World Series while the Giants introduced a new manager.