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Thread: How to pay for your own MLB Ball park

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    nic34's Avatar Senior Member
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    How to pay for your own MLB Ball park

    On Dec. 15, six days after their news conference to introduce Mark Melancon as their $62 million closer, the Giants made the final payment on AT&T Park.
    The 20-year mortgage on the $170 million loan that helped fund construction of the waterfront park at Third and King was quietly paid off without fanfare or a news release.
    It was big money at the time, and there were important baseball people who were absolutely appalled that the Giants were going to pay for it themselves.

    From 1996:
    One of the most influential owners in pro sports, Jerry Reinsdorf of the Chicago White Sox and the mega-successful Chicago Bulls, does not think it can be done.
    "The best they will be able to do is cover their debt service. So what's the point of building it?" he said at the conference organized by the National Council for Urban Economic Development and several corporate sponsors.

    You visionless tub of entitlement. Look at where we are now. The Giants own their ballpark, and the White Sox still pay $1.5 million every year in rent. Which is a bargain, sure. And, also, U.S. Cellular seems like an ongoing scam on several levels. So they’re doing fine. BUT WHEN YOU HAVE TO RE-NEGOTIATE IN 2029, WE WILL BE THERE TO LAUGH AT YOU NOT OWNING THE BALLPARK, REINSDORF.


    The debt service was $20 million every year, though the organization refinanced at one point to develop the area around the park, which got payments down to $18 million.
    The debt service is gone. Let us celebrate, even if it isn’t going to change the payroll much. It’s just more proof that the Giants are financially thriving in a way that no one could have predicted 20 years ago.


    Take that Chicago. Go Giants.





    http://www.mccoveychronicles.com/201...r-embezzlement
    "Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children."
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    Nattering naybob

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    DGUtley's Avatar tPF Moderator
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    Wow. Kudos to them. That's awesome. That is something that I did not know.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

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    Newpublius's Avatar Senior Member
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    Quote Originally Posted by DGUtley View Post
    Wow. Kudos to them. That's awesome. That is something that I did not know.
    And of course the salient point is that when these $#@!s tell you they need taxpayer money to build these things, tell them to stick it.

    On the flip side, the Giants dont have to pay the debt service anymore but over 20 theybpaid $400mn? Am I reading that right. Over that same time period White Sox paid $30mn in rent, so in theory the White Sox have $370mn in the bank and they are paying 1.5mn in rent and the 370mn can generate, even at 1% can generate $3.7mn plis per year.....

    So I'm not really sure the numbers are altogether that favorable for the Goants' choice here. Naturally the question of how much additional revenue the Giants park was able to generate is material to the issue.
    Last edited by Newpublius; 02-24-2017 at 09:48 AM.

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    Or you can do what Pittsburgh did.

    Have a vote referendum, see the voters say "no" then build it anyway with taxpayer dollars.

    Hooray for democracy...
    my junk is ugly

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    nic34's Avatar Senior Member
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    Quote Originally Posted by Newpublius View Post
    And of course the salient point is that when these $#@!s tell you they need taxpayer money to build these things, tell them to stick it.

    On the flip side, the Giants dont have to pay the debt service anymore but over 20 theybpaid $400mn? Am I reading that right. Over that same time period White Sox paid $30mn in rent, so in theory the White Sox have $370mn in the bank and they are paying 1.5mn in rent and the 370mn can generate, even at 1% can generate $3.7mn plis per year.....

    So I'm not really sure the numbers are altogether that favorable for the Goants' choice here. Naturally the question of how much additional revenue the Giants park was able to generate is material to the issue.

    You must have missed this:

    The Giants can be proud of having one of the only privately financed ballparks in baseball. They’re an example for the rest of professional sports, and I hope like heck that the A’s do the same thing soon. After years and years of failure and dumb ideas*, the Giants finally did it. Now the payments are gone, and it’s over. We don’t even have to worry about the team deciding they need a new ballpark in the near future, like the Rangers or Braves. (Edit: Though I should point out that when you factor in the property taxes that San Francisco isn’t collecting from the Giants, it’s disingenuous to say the team paid for the whole thing themselves.)

    The city of SF helped make this work for the GO Ants.
    "Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children."
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    Nattering naybob

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