The Nationals made a stink splash at the start of baseball’s winter meetings with this $126 million contract for Jayson Werth.
Everyone seems to have an opinion on the rationale (or lack or rationale) in the acquisition. Most people are shocked by the sudden development of the Lerner family’s finances stupidity (or gusto) to agree to this large and lengthy of a contract. But the sporting world seems to be focusing on two main things 1) this does little to better the perpetually last place Nationals to contender status and 2) this is the Nationals announcing their presence as one of the few big boy teams that can bring beer and hot chicks (or big money contracts if you will) to the MLB party.
However, I believe there is a much deeper purpose to the signing, one that few analysts seem to think is at play. One that I even felt the need to call in to MLB XM175 to discuss tonight… and that is that Jayson Werth doesn’t represent wins, nor does he represent the Nationals seriousness to woo and sign big names… What Jayson is to the Nationals is an attraction, hes a tool to build value, he’s a capital investment.
The Lerner’s got a taste of what a sold out weekday crowd can be when Stephen Strasburg pitched last season. In a completely lost season in which a single team win meant nothing more than a worse draft selection, Washingtonians packed out Nats stadium to see “what everyone was talking about.” And if the goal is to get people talking, look at how much the baseball world is a buzz going to the winter meetings about the Washington Nationals and Jayson Werth. The team didn’t need to be good when Strasburg pitched because fans just needs to feel special to spend money. In a top 10 market full of transplanted residents the goal is not to raise and culture a lifetime fan but to get residents to come to the ballpark in the short term and spend as much money as possible while the getting is good.

The owner of the Nations, the Lerner family, obviously know real estate, and they bought in to a team and stadium that was supposed to revitalize the Navy Yards - an investment that was going to create a new waterfront for Washington DC. It was envisioned as an area that would thrive much Baltimore where people flock to the stadium and surrounding attractions regardless of the team’s success on the field. But with the recession hitting hard all that has been developed along half street and near the ballpark is an open air bar that features cover bands and cornhole and a handful of apartment towers in the distance.
The next 4 years will be the materialization of the new waterfront and what happens with that development relies heavily on the city’s perception of a baseball team that can make or break the operation. The luxury shops that ran from the table back in 2008, the restaurants that choose to relocate new franchises to other parts of the city in 2009, and the building plans that ran out of investors, all of these stakeholders will slowly come back and develop the vision that is still splashed along the walls as you walk to the ballpark from the Green Line metro station. In the next 4 years the Nationals want to have a team that people will talk about. The team is the centerpiece of all of the investments - and the Lerner’s want a team that looks attractive to the casual observer even if it doesn’t make perfect “baseball sense”. Jason Werth is the granite counter tops and new bathroom fixtures that help make a property more attractive to buyers and consumers.

By showing the city that the Nationals are “the real deal” it provides comfort and hope to the investors and helps to drive interest in the ballpark area for buyers. Much like the ballpark in Arlington, Texas and a unsupportable investment in Alex Rodriguez, the goal was partly to drive up land value around the park. The Lerner’s want to present a team that people want to be around because there is a belief that they will stay interesting and that the team will spend money to remain relevant. Between Harper, Strasburg, Zimmerman (and Zimmerman), and now Werth, a recognizable name from within their own division, there is plenty of hope and fodder the fickle fans of Washington to point at and say “there is potential here, NEXT year is the year” … which sounds oddly similar to the real estate agent that says “the market is great for buying, there is real potential here to make it big in the next few years.” This is how the Lerner’s see their business and that is why things have been conducted like this since they took over the team.
Many people say it was dumb to sign Werth and let Dunn go for less money, but what excitement is the return of Adam Dunn? Others say Werth is too old and injury prone to get a 7 year contract. But the goal is only the next 4 years and what Werth becomes in his late 30’s is inconsequential to ownership who cares more about the overall development of an investment rather than the achievement of a pennant. The time to strike is now and Werth represents one of few players in the market this off season so they HAD to overpay to get what they wanted or else they miss their chance at a capital investment.
I’ll support the move either way and pay my commission, if I am one of the wallets the Lerner family wants to drain, I am already sold.