The Frisco arrangement is similar to a deal Guber struck in 1999 involving the Rockford, Illinois, Cubbies. According to a person close to the club, Guber scooped up the franchise for $4 million, renamed the team the Dragons, and forged an affiliation with the Cincinnati Reds. An intermediary introduced Mandalay to city executives in Dayton, Ohio, who offered to finance a $23 million downtown ballpark in order to entice a team to move there.

As part of that deal, the city of Dayton and Montgomery County issued municipal bonds worth $18 million to pay for most of the stadium’s cost. Mandalay put in $4 million. In return, it secured a 20-year operating lease with an option for an additional 10 years. Mandalay is currently working with the city on a multiuse real estate development surrounding the park. If the deal, worth $250 million, goes through, Mandalay will be an equity partner. At the time Mandalay connected with Dayton, “baseball people thought we were crazy,” Guber says. “They said we were too close to the fan base of the Reds, that depopulated Dayton couldn’t support a team, that I was just another Hollywood guy with a silly jones for baseball.... Well, sure, I’m a fan, but this is not philanthropy for me.”

Though Guber is prone to making exaggerated statements, this doesn’t appear to be one. Over the past decade, minor-league teams have become the toy of choice among wealthy businesspeople and are known for performing better financially than their major-league parents. The teams are relatively cheap, costing anywhere from $1 million to $25 million, depending on their class affiliation. There is also a built-in financial advantage, in that major-league affiliates pay minor leaguers’ salaries and injury costs. Minor-league team owners, who don’t get involved in scouting, trading players, or hiring and firing coaches, operate like movie-theater owners: Guber makes money through sponsors, ticket sales, and concessions, which can generate profit margins of 15 to 20 percent.

While the rate at which team values were appreciating has recently slowed, the minor leagues retain some advantages. Major-league teams, for example, collect only 6 percent of their minor-league affiliates’ ticket sales. And minor-league owners are allowed to keep all the revenue from concessions and merchandise sales.

Tonight, though, Guber’s attention is on the RoughRiders, who are taking on the Midland RockHounds at Dr. Pepper Ballpark. While the Rough­Riders go through their pregame drills, Guber, who is attending the game with his two 14-year-old sons, looks down at the crowd-pleasing Newlywed Game unfolding atop the visiting team’s dugout. The action is broadcast on the stadium’s giant outfield screen, bringing roars and howls from the crowd. Guber cheers right along.

“I love this team. I love all our teams, because I love this game,” he says. Just then, the crack of the bat echoes in the stands. All heads turn—except Guber’s.

He is counting the house.