A Sports Illustrated survey of minor league organizations, sent to all teams in late April, shows just how desperate the situation has become. The responses of 68 clubs—in addition to interviews with executives representing 21 of those teams—make clear that the minor leagues are facing a crisis that could destroy professional baseball in cities across the country. Read more here. This could apply to independent professional and summer collegiate clubs as well.
Category Archives: Money & Financials
The Worcester City Council has approved a revised financing plan to address about $30 million in increased costs for a new baseball stadium being built in the city for the coming Worcester Red Sox (Triple-A, International League). Read more here.
Binghamton University’s sports facilities in Vestal (NY) will be transformed with a $60 million anonymous gift that will create a new Baseball Stadium Complex for the Bearcats. Read more here. View renderings here. Of course, there always has to be one critic in the house. Read more here. While we get where Michael Poliakoff, president of the American Council of Trustees and Alumni, is coming from, this scolding is unwarranted: Continue reading
Worcester (MA) expects to borrow an additional $32 million to cover construction and acquisition costs related to the new Polar Park under construction for the Worcester Red Sox (Triple-A, International League). In a memo, City Manager Edward Augustus Jr. stated that no existing city tax revenue will be used to fund the new ballpark. The team and City plan to make up for these costs in part by increasing ticket fees and parking prices at the stadium. Read more here and here.
Construction costs for Polar Park have increased by $9.5 million over initial estimates, while costs to acquire the properties needed for the ballpark, relocate businesses and prepare the site for development have run roughly $20 million more than what was anticipated. Read more here.
The Wichita City Council on Tuesday approved a 2 percent sales tax within a newly established Community Improvement District, or CID, encompassing the area around the new baseball stadium and parts of the east bank of the Arkansas River. Read more here.
An item on the Wichita (KS) City Council agenda is a proposal to establish a Community Improvement District, or CID, for an area around the new baseball stadium which would raise sales tax by 2%. If approved, the funds from the CID will go to the ballpark’s developers for a period of up to 22 years. The City Council will discuss the idea during the meeting on January 7th. Read more here.