CLEVELAND -- Cleveland Indians President Gabe Paul said Tuesday the baseball strike insurance from Lloyd's of London has been of little help to his club.
'Everybody says that the strike insurance is this bonanza and that we are making money,' Paul said. 'No way. All it did was keep us afloat for a few weeks during the strike. In a strike situation like this, there are no winners.'
Estimates are that the team will lose about $2 million if the strike ends and the season resumes by Aug. 6 -- unless public mood shifts and fans flock to remaining games.
To break even, the Indians would have to average 20,000 over their last 29 home dates.
If the season is canceled, losses may amount to more than $2 million, but some insist that it would be no more than $1 million because the team would have few expenses.
The team lost about $2 million last season.
Paul is reluctant to make estimates but says it is unlikely the team will be profitable this season.
'I cannot say what we will lose,' Paul said. 'But I see us taking a financial bath no matter what we draw if the season starts again. If the season does not start again, it will be even tougher.
'I cannot see us making money this year unless something dramatic happens. No one knows how the fans will react, so it is impossible to project attendance.'
To break even this year, Paul said the Indians need to attract 1.5 million fans, about 475,000 more than last year.
Before the strike the Indians drew 468,221 fans. Estimates are that the owners' strike insurance ($50,000 per date) was worth another 340,000 fans. That insurance, however, runs out Aug. 6.
The Indians also have lost their radio and television revenues, but this has been more than offset by not paying players' salaries.