The Memphis (TN) City Council on Monday changed the terms of the proposed deal in which the city would buy AutoZone Park and the St. Louis Cardinals would buy the Triple-A Memphis Redbirds (Pacific Coast League). The council then delayed a vote on the amended terms until its meeting on Dec. 17. Read more here. Watch news report here.
Category Archives: Money & Financials
On the eve of a critical vote by the Memphis City Council, a report from Moody’s Investors Service gives a “negative” outlook to its Aa3 rating of $23.6 million in revenue bonds the city plans to use to finance the purchase of AutoZone Park and improvements to it. Read more here.
Downtown Memphis Commission Approves Bond Funding for AutoZone Park, Contingent Upon City Council Vote
The Center City Revenue Finance Corp. on Wednesday unanimously voted to issue up to $27 million in sports facility revenue bonds for the city’s acquisition of AutoZone Park, home of the Triple-A Memphis Redbirds (Pacific Coast League), which is a prerequisite to – and conditioned on – the Memphis City Council approving a $20 million deal next Monday to buy out of the facility. Read more here.
Auburn Community Baseball, the not-for-profit organization charged with managing the Single-A Auburn Doubledays (New York-Penn League) and Falcon Park for the city is requesting $125,000 from the city to pay outstanding debts owed to various vendors and suppliers. A vote on the request is scheduled for Dec. 5. Read more here.
The city of Memphis (TN) would reportedly spend $20 million to buy AutoZone Park and another $5 million for upgrades in a multiparty deal that would also see the St. Louis Cardinals take control of the Triple-A Memphis Redbirds (Pacific Coast League). The Cardinals would buy the team and pony up $15 million for ballpark upgrades. Read more here. Read week-old article here.
Arkansas native and Philadelphia Phillies pitcher Cliff Lee and his wife, Kristen, are working to get historic Lamar Porter Field back in tournament-quality shape with a $300,000 commitment of matching funds to start phase one of a $5.6 million renovation. Opening in 1937, Lamar Porter is reportedly the oldest operating ballpark in Arkansas. It is on the National Register of Historic Places. Read more and Continue reading
The seven years since Nashville’s Metro Council last approved a new ballpark for the Triple-A Nashville Sounds (Pacific Coast League) have brought a new council, new mayor, new owners of the minor league baseball team, and a lower construction price tag. Read more and view great historic Sulphur Dell photo gallery here.
The partners planning to build a $29 million baseball stadium in Fredericksburg (VA) for the Single-A Hagerstown Suns (South Atlantic League) have gotten approval for financing from two banks, though they are still negotiating the terms, City Manager Bev Cameron said Tuesday. Read more here.
Paul Cantiani says the new summer collegiate Futures League team in Worcester ought to listen to his advice to make sure the franchise is profitable. Cantiani, who has operated Cantiani Insurance Agency in the area for over 40 years, was involved with the indy pro Worcester Tornadoes (Can-Am League) when it was launched in 2005. Cantiani reportedly parted ways with the Continue reading
The total cost of the new ballpark project at Sulphur Dell for the Triple-A Nashville Sounds (Pacific Coast League) will be about $150 million, officials announced Monday. As part of the project’s public-private partnership, the city’s portion of the tab will be $65 million. Read more here.
The Ocala (FL) City Council on Tuesday sent a request to the Marion County Commission to put a five-year half-cent sales tax to build a baseball stadium for the Single-A Tampa Yankees (Florida State League) on the ballot no later than March 31 for voter approval. Read more here.
In an investigative report, NBC 5 News Chicago found that taxpayers in Zion (IL) lost at least $7.8 million for the ballpark that was never built for the defunct indy pro Lake County Fielders (Northern League/North American League). Read more and watch news report here. Thanks to John Cerone for the link.
Bloomberg has released its valuations for all 30 Major League Baseball franchises, using a cool interactive graphical chart. View valuations here.
The city of St. Paul (MN) voted Wednesday to issue $8.5 million in bonds toward construction of the new 7,000-seat, $63 million ballpark in Lowertown for the indy pro St. Paul Saints (American Association). The balance of the city’s $24 million contribution will be covered by an internal cash loan, proceeds from the sale of Midway Stadium, various cash accounts and the TIF district. Read more here.
PRESS RELEASE – The World Series is always an exciting event but this year we’re adding to the excitement! The St. Louis Cardinals will be playing for their 12th World Series title AND the Sliders are offering an unprecedented savings on 2014 Sliders season tickets in conjunction with the World Series. Continue reading
The summer collegiate Quincy Gems (Prospect League), owned by the Oakley-Lindsay Civic Center Board, are for sale after reporting $76,000 in losses. The owner of the league’s West Virginia Miners is puzzled by the Gems’ finances. He says there is no reason why the Gems shouldn’t be turning a profit. If the 921 per game average attendance the team reported in 2013 is accurate, we have to wonder too. Read more here.
The Lexington County (SC) Recreation and Aging Commission had proposed a $23 million facilities bond that reportedly included $3 million for a new ballpark to attract the summer collegiate Columbia Blowfish (Coastal Plain League), but the county council on Tuesday approved the bond without the baseball stadium plan. Read more here.
Plans for a new ballpark in Bakersfield (CA) for the Single-A Bakersfield Blaze (California League) are apparently dead, as team owners Gene Voiland and Chad Hathaway said Monday that their tireless efforts to raise money for a privately funded facility have fallen substantially short of what is needed to make the project happen. Read more here. Thanks to Joe Mock for the link.
The University of Illinois at Chicago (UIC) held a groundbreaking recently for the new multi-million dollar baseball stadium now under construction for the UIC Flames baseball team and area youth programs. The ballpark is being bankrolled by UIC alum and New York Yankess centerfielder Curtis Granderson. Read more here. Read construction update here. Read original announcement here.
Marking a new era for the Triple-A Syracuse Chiefs (International League), the team’s board of directors on Monday approved a local re-organizational proposal that infuses money into the cash-strapped franchise and ends more than four decades of Simone-family rule. Read more here.
The Triple-A Syracuse Chiefs (International League) lost at least a half-million dollars this year, by far its worst in at least four decades, according to a financial report presented this week to its board of directors. Read more here.
MountainStar Sports Group, the owner of the Triple-A Tucson Padres (Pacific Coast League) relocating to El Paso (TX), told city officials on Saturday that the new ballpark under construction in downtown El Paso could cost an additional $10 million to build. Read more here.
The disappointing performance by the Minnesota Twins on the field has translated into lower attendance numbers at Target Field and fewer patrons at area businesses like bars and restaurants. Read more here.
While the city of Hillsboro (OR) awaits a full accounting of its share of revenues from the Single-A Hillsboro Hops’ (Northwest League) inaugural season at their new $15.5 million baseball stadium, officials are already calling the season a success. Read more here.
The city of El Paso (TX) will reportedly have to spend an extra $17 million on bonds to finance its new downtown ballpark for the relocating Triple-A Tucson Padres (Pacific Coast League) after an initial attempt to sell the debt failed. Read more here.
John Hazlehurst from the Colorado Springs Independent weekly newspaper takes a look at the possible rough road ahead for the proposed new downtown ballpark for the Triple-A Colorado Springs Sky Sox (Pacific Coast League). Read more here. Thanks to John Cerone for the link.
After some tough times, the Negro Leagues Baseball Museum (NLBM) in Kansas City (MO) appears to be back on track with nearly 60,000 visitors and $300,000 in profit in 2012. While relatively new NLBM president Bob Kendrick and the 2012 MLB All-Star Game at Kaufmann Stadium were the driving forces behind the museum’s best year since 2007, we’re proud to say Continue reading
Consistent with the story posted over the weekend regarding the financial troubles facing the indy pro United League’s Fort Worth Cats, the former field manager, broadcaster, and other players and employees of the now-dormant or defunct first-year Alexandria Aces claim the league still owes them paychecks. When asked by the Alexandria newspaper about money owed, former Aces GM and Continue reading
In an investigative report, ABC News 8 in Dallas-Fort Worth (TX) looks into claims by employees and vendors that they have not been paid by the indy pro Fort Worth Cats (United League). When GM Craig Brasfield is confronted on camera by reporter Byron Harris, he defensively responds with “I’m an employee here, not the owner,” and repeats “Not true” and “Everybody’s paid” when asked Continue reading
The Aiken County (SC) School Board voted 7-2 Tuesday night to approve the district’s portion of TIF financing needed for Project Jackson, which incorporates a new baseball stadium for the Single-A Augusta GreenJackets (South Atlantic League). It was agreed that none of the district’s financing would go toward the baseball portion of the development. Read more here.
The Aiken County (SC) school board is schedules to vote on a revised TIF financing plan to fund a proposed $150 million development on the North Augusta (SC) riverfront that would include a new home for the Single-A Augusta GreenJackets (South Atlantic League). Read more here.
Brockton Enterprise staff writer Morgan True takes a look at the Brockton Rox’s attendance and financials two seasons after jumping from the indy pro Can-Am League to the summer collegiate Futures Collegiate Baseball League. Read more here. Thanks to John Cerone for the link.
The Tampa Bay Rays may be asked to put up $200 million or more toward any future stadium in Hillsborough County (FL), or at least a third of the project’s cost, Tampa Mayor Bob Buckhorn said Friday. Read more here.
The city of El Paso’s (TX) long-term debt for the Downtown ballpark for the relocating Triple-A Tucson Padres (Pacific Coast League) will increase by about $17 million after a change to the interest rates on the bonds to finance it was approved by the El Paso Downtown Development Corp. on Thursday. Read more here.
The indy pro Vallejo Admirals (Pacific Association) announced two weeks ago on July 16 that a new ownership group, headed by Tito Fuentes Baseball Academy and local businessman Buck Kamphausen, took control of the troubled first-year baseball franchise. Read more here. The team has been racking up a few wins since then. Read more here.
The St. Paul (MN) City Council on Wednesday unanimously approved $9 million to plug the funding gap in the $63 million budget for the new Lowertown ballpark for the indy pro St. Paul Saints (American Association), keeping the project on track for a 2015 opening. Read more here.
The St. Paul (MN) City Council on Wednesday will consider a plan to cover the additional $8.8 million needed for the new Lowertown ballpark for the indy pro St. Paul Saints (American Association) because of unanticipated environmental cleanup of the building site. Read more here.
The city of St. Paul (MN) cleared two major hurdles Thursday to building its $63 million Lowertown ballpark, laying out a plan to close a $8.8 million funding gap resulting from unanticipated environmental cleanup of the construction site and reaching an agreement with the indy pro St. Paul Saints (American Association) on operation costs and revenue sharing. Read more here and here. Watch news report here.