Angels Bring No Profit to Disney
LOS ANGELES (AP) _ The Anaheim Angels are The Walt Disney Co.’s only money-losing venture, but Disney chief executive officer Michael Eisner doesn’t care.
The Angels are a minor part of a very profitable entertainment conglomerate, one that reported a $2 billion profit last year. The team has claimed operating losses of more than $42 million in three seasons under Disney.
During the offseason, the Angels gave first baseman Mo Vaughn an $80 million, six-year contract, a deal that dispelled doubts among players and fans that Disney would spend to win.
``We have to be competitive,″ Eisner told the Los Angeles Times during a visit to the Angels spring training home in Tempe, Ariz. ``Our own pride demands it, and I don’t think our fans in Orange County would accept the Disney Co. not being competitive.
``They don’t care if this might not be the greatest financial thing for Disney Co. They see other things we are doing well. And I kind of agree with that. If we’re going to be on the field, we’re going to be on the field in a successful way.″
Eisner was so proud of getting Vaughn that he saluted the first baseman in Disney’s annual report, citing him even before Mickey Mouse in a letter to shareholders.
``The Angels are the one thing in our series of assets that does not turn a profit and that I don’t think has the potential to turn a profit. That’s discouraging. But that’s OK,″ Eisner told the Times.