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Inopportune Time for Rich MLB Owners

Wall Street Journal

As baseball teams converge for their annual winter bonanza, let us pause for a moment to take pity on one group: the owners of the sport's richest teams. This year, these people face a heart-wrenching situation that threatens to spoil one of their favorite December rituals—using their money to crush the sport's financial underclass.

Put simply, they have too much money to spend and not enough fancy toys to buy.

New local television deals have made baseball's upper class bigger and richer than ever before. But as more teams retain homegrown stars with long-term contract extensions, fewer and fewer marquee players are reaching free agency.

Most of the buzz at the winter meetings in Nashville, Tenn. this week surrounds the fates of pitcher Zack Greinke...

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