Why exactly is the city of Raleigh even entertaining the team if they want more money in the near future? The team pays $0 per year in rent yet collects 100% of revenue from “concessions, gameday advertising, television rights, parking and luxury and club suites”. Moreover, keep in mind that the team already gets $4.335 million per year to “offset arena operating expenses”. Doesn't the city do that anyway?
Two months ago, it was announced that the city of Calgary and the Calgary Flames, their NHL team, had come to an agreement to build a new arena for just the low, low price of $1.22 billion. This comes after last year's failed arena deal where the Flames decided to pull out of the deal.
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
Saskatoon announced that a proposed new arena would cost $178 million. If we apply 7% inflation to that number, then it now becomes $191 million in today's dollars. Except, we don't know whether construction costs, project costs or land acquisition were originally included in the cities estimate. If we include major capital projects into this project, the cost goes up towards $300 million.
Pittsburgh Penguins developers are demanding that a decision for a music venue must be made soon before, and let me get this straight, “international events destabilize economic calculations”. In reality, they just want the city to approve this development so that they can receive tax breaks.
In April 2021, the city of Calgary leased public land to a private company and promised to build a large parking lot near the agreed-upon new arena. All of this was done without the public knowing and was NOT INCLUDED in the new arena deal.
In fact, the Florida Marlins would stay at their place for several more years and win a World Series in Sun Life Stadium. It wasn't until 2009 that they were able to screw-over or con or get Miami to give them at least $300 million in taxpayer money for a new ballpark. Opps, I meant to say $500 million in taxpayer money.