The Houston Astros and Washington Nationals may have to take a swing at getting Florida lawmakers to contribute up to $50 million in state funds quicker than a 37-year period in order to strike a deal for a new $100 million spring training stadium in Palm Beach County (FL) to host the two teams. Read more here.
Category Archives: Money & Financials
Some fans of the indy pro St. Paul Saints (American Association) are reportedly up in arms over the reality that the comfortable seatback chairs with cupholders behind home plate at the new Lowertown ballpark will be more expensive than the crappy bleacher seats behind home plate at Midway Stadium. Saints GM Derek Sharrer does a nice job explaining the pricing. Watch news report here. Read more here.
The Virginia House of Delegates on Wednesday passed a bill that would allow the city of Fredericksburg (VA) to capture additional revenue from its planned minor league baseball complex to be built to house the relocating Single-A Hagerstown Suns (South Atlantic League). Read more here.
The Eugene (OR) School Board on Wednesday selected the city’s $4.5 million bid to buy the shuttered Civic Stadium property, but the deal won’t be consummated by the city unless supporters raise $3 million in the next few months to renovate the old wooden grandstand and install a new sports field. Read more here. Visit Friends of Civic Stadium here.
The city of Columbia (SC) is looking at three revenue sources that could fund a new baseball stadium for an affiliated club, two of which are bonds that could cost the city roughly $70 million or $80 million over the next several decades. Read more here.
The Biloxi (MS) Council is expected to vote next Tuesday whether to issue $21 million in bonds to build a minor league baseball stadium for the relocating Double-A Huntsville Stars (Southern League). Read more here.
Backers of bringing a MLB franchise to Portland (OR) have the blueprint for a state-of-the-art baseball-only stadium, which would have a retractable roof and seat 35,000. They have community support, including that of the current city administration. A site endorsed by mayor Charlie Hales has been chosen. Read more here. Thanks to John Cerone for the Link.
Shelby County Commissioners reluctantly approved county government’s part of the AutoZone Park deal Monday, Jan. 27, despite delaying a vote on it at committee sessions last week. Read more here.
Tampa Mayor Bob Buckhorn‘s idea to put $100 million of downtown tax money toward a potential new Tampa Bay Rays stadium is getting a skeptical look from the Straz Center for the Performing Arts and other nonprofits. Read more here.
The city of St. Paul has received a $748,000 grant from the Metropolitan Council to help offset the cost of environmental cleanup at the new regional ballpark in Lowertown for the indy pro St. Paul Saints (American Association). Read more here
Pima County Administrator Chuck Huckelberry said that while public use of Kino Sports Complex continues to grow, the county will have to dedicate roughly $1.5 million a year to maintain current operations. Kino Stadium, located at the complex, is the soon-to-be-former home of the Triple-A Tucson Padres (Pacific Coast League). Read more here.
While negotiations with potential ownership groups have been ongoing since the financially troubled summer collegiate Quincy Gems (Prospect League) were put on the market by the Quincy Civic Center Authority in October, no group has stepped up to the plate to purchase the franchise. The authority will continue prepare for the start of the 2014 season with the team still on the market. Read more here.
The Memphis (TN) City Council agreed Tuesday to purchase AutoZone Park for $24 million, allowing the completion of a deal that will see the St. Louis Cardinals take financial control of the Triple-A Memphis Redbirds. Read more here.
After receiving a withdrawal request from the Single-A Tampa Yankees (Florida State League), Ocala (FL) shelved plans to relocate the minor-league baseball team to Marion County (FL) amid public concerns over using tax dollars to build a stadium. Read more here.
Despite bids that came in some $5 million higher than what city officials said a new Sulphur Dell ballpark for the Triple-A Nashville Sounds (Pacific Coast League) would cost, Nashville (TN) Mayor Karl Dean says the the new facility will come in on budget. Read more here.
With a focus on the ballpark built for the indy pro Rockland Boulders (Can-Am League) in 2010-2011 and the minor league baseball stadium building boom from 1993-2003, Bloomberg takes a look at a select number of ballpark projects and the promises made to taxpayers to get them built. Read more here.
Facing public heat on a proposal to put a sales tax hike on the countywide ballot for March 18 to pay for a $53 million ballpark to attract the Single-A Tampa Yankees (Florida State League) to Orlando, Marion County commissioners agreed to postpone their decision to work on another way to finance the project. Read more and watch news report here.
Citing missed payments, a bank that helped finance the development of Campbell’s Field, home of the indy pro Camden Riversharks (Atlantic League), is suing to recover $4.6 million in loans. CFDA Baseball Property Inc., which took out the loans, and the Riversharks ownership group, the guarantor of the loans, have been named in the suit. Read more here and here. Thanks to John Cerone for the links.
The summer collegiate Martinsville Mustangs (Coastal Plain League) had their first profitable season this year, which prompted Martinsville (VA) City Council last Tuesday to award a five-year contract to Team Cole & Associates of Gastonia (NC), the private firm hired to manage the city-owned baseball team this past season. Read more here.
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.
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.