Fernando Tatis Jr. Owes investment fund valued at $ 27.2 million after Padres contract | Launderer report
Denis Poroy / Associated Press
Ken rosenthal Athletic originally reported on Friday that when Tatis was a 19-year-old playing in the minors, he made a deal with Advance of the big league, “a company that offers upfront payments to certain minor leaguers in exchange for a percentage of their future earnings in Major League Baseball.
Through Jared Diamond of the Wall Street newspaperTatis will owe BLA around $ 27.2 million under the deal he signed with the company in the offseason ahead of the 2018 minor-league campaign.
ESPN Jeff Passan reported on Wednesday that Tatis had agreed to a 14-year, $ 340 million extension with the Padres.
Michael Schwimer, a former Philadelphia Phillies Farm System pitcher who is now the BLA Chairman and CEO, said Rosenthal in April 2018, the company’s mission is no different from that of the stock market, but players owe nothing if they never make it to the big boys.
“I say to every investor, ‘If you invest in the stock market and you lose, you lose money on Apple stocks or whatever,” Schwimer said. “If you invest in Big League Advance and you lose, you changed someone’s life. ‘”
According to Diamond, the company uses a proprietary algorithm to project player performance and future income to determine how much it will loan to a player.
“For example, if Big League Advance offers a minor player $ 100,000 upfront for 1% of their winnings, then that player can decide to accept $ 500,000 in exchange for 5% or $ 1 million for 10% ” , wrote Diamond.
The company has gained the attention of players and agents across the sport for its business practices. According to Rosenthal, the MLB Players Association sent a note in January 2016 in which the union said it “does not categorically endorse or endorse BLA and its products and warns that the future earnings the company is seeking from players is “important”.
Padres wide receiver Francisco Mejia filed a complaint against BLA in February 2018, citing the “unreasonable” tactics used to get him to accept a payment of $ 360,000 in exchange for 10 percent of his future earnings.
Mejia finally fall the trial, saying it is “happy with my agreement with Big League Advance “and not”I believe Big League Advance has never cheated on me. “
Rosenthal noted that Major League Baseball said Baseball America in 2017, that BLA representatives attempted to recruit players using media credentials they received from the outlet.
In 2018, Tatis spoke to Rosenthal about his deal with BLA, saying: “If I’m a successful player and win a lot of money, I won’t bother giving that money away. It will be nothing if I make that much money. “
The $ 340 million deal between Tatis and the Padres is the third largest in MLB history, behind Mookie Betts’ $ 365 million contract with the Los Angeles Dodgers and Mike Trout’s $ 360 million extension with the Los Angeles Angels.
At just 22 years old, Tatis has established himself as the best young player in MLB. He’s reached 0.301 / 0.374 / 0.582 with 39 homers and 98 RBIs in 143 games over the past two seasons.