Interesting discussion on Prime Time Sports about this... apparently Selig has a massive discretionary fund given to him by the owners, which he uses to turn around and buy votes with. For example, the Jays approached him about the disparity between the Canadian and American dollars a few years back, and he gave them money out of the discretionary fund, with the implicit condition being that they voted for any motion he put forward. So he's got the old guard who will always vote for him, and then a bunch of owners that are indebted to him.
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