Santa Clara continues to claim that the 49ers are hiding financial information from the city. A civil grand report from last year claims that the city of Santa Clara hadn't seen any revenue from…events in six years nor have they seen any money from…events from the stadium's most recent fiscal year. When it was announced last year that a report was being done by a civil grand jury, the 49ers responded with an unusual act of having a 49ers executive follow, investigate and harass the jurors.
The city's side, called the Pittsburgh Sports & Exhibition Authority (SEA), noted in a filing that the Pittsburgh Pirates and Penguins both paid for their scoreboard upgrades. In fact, the Pirates really did the exact same thing as the Steelers. They made the video size bigger and the picture resolution improved. In summary, the city is saying that the scoreboard upgrade was a “major expansion” rather than just a simple upgrade.
Yet even with the questions and people pre-selected, the Chicago Bears GM, Kevin Warren, still got “confrontational” and threatened people who asked questions. The original price of the Stadium and Entertainment District for the Bears new stadium was projected around $5 billion. Billionaires don't become billionaires without keeping every last cent that they can, and I can only guess that is the attitude that the Bears are taking.
The city of Richmond at this time was dealing with “revenue shortfalls” that “forced (public) schools to cut millions of dollars … forcing scores of layoffs, furloughs and other job cuts”. What better time to help out a billionaire sports owner. That year, the Washington Redskins (Commanders will be used from now on) announced that their training camp would move 100 miles south to Richmond in the following year, 2013. The agreement states that summer training camps will be held in Richmond for the following 8 years. In addition, the team announced that their corporate headquarters (in Loudoun County) would receive a $30 million upgrade, some of this was to be paid for by Virginia taxpayers.
Yesterday, I read an interesting opinion piece in the Chicago Tribune. In it, a woman claims that the city of Chicago should just hand back naming rights money along with ownership of the Chicago Bears stadium land. Why? Because the Bears owners family is nice? I don't know. I couldn't find anything substantive or factual about her belief that the city doing this would make a single difference compared to today.
Jacksonville has already given so much to the Jaguars. Remember when the city hosted the Super Bowl in 2015? Around $40 million dollars in taxpayer money was given to the team to improve the stadium just for that game. In 2013, the city gave the team another $45 million for upgrades and renovations. In 2015, the city split the bill with the team on a $90 million project....so another $45 million.
This project has been cost-confusing since it first was introduced to the public years ago. Occasionally, it can be confusing to keep up with how much the cost is increasing. Other times, it can be from listening to Indy Eleven officials talk finances of the project and make no sense at all.
Last week, Crain's Chicago Business had a good article discussing the financial issues that the city is facing with the current Bears stadium. Even though the Bears are trying to scam another city into paying for a new stadium, their current one continues to cost the city of Chicago millions of dollars. Basically, the city… Continue reading Chicago has $700M left in debt payments for Solider Field, Hotel Tax revenues falter
Cleveland. For the love of all that is holy and important. Stop agreeing to pay for all capital repairs for your sports teams. It is costing you SO MUCH MONEY. Your city already has so many financial issues to worry about. Will your local banks go bankrupt? Will your local health centers continue to lose… Continue reading Why on earth did Cleveland agree to fund repairs for the Cavaliers arena?
Keep in mind that the stadium continues to kill the city of Jacksonville's finances every year. In one specific year, the stadium cost the city $23 million while bringing in just $4.5 million. Nothing says good deal like an 80% loss.