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