Time to Rethink that new Dome for your Favorite Sports Team?

Discussion in 'Current Events' started by wkmac, Sep 8, 2010.

  1. wkmac

    wkmac Well-Known Member

    Seems longterm to the taxpayer, it's a pure loser

    I know the good folks of NJ will be more than willing to cough up the $13 per resident to retire their new parking lot debt. Better do it now or interest makes it even more! Take heart as you are not alone by any stretch.
     
  2. pickup

    pickup Well-Known Member

    bread and circuses, wkmac, bread and circuses.
     
  3. klein

    klein Für Meno :)

    I say keep building them, esspecially the Ice Hockey arenas...
    So,, our Canadian Superstars can make tons of money there ! :)
     
  4. pickup

    pickup Well-Known Member

    Who's the troll? This thread , with its initial post, stood for two days with no response. I post a response and within an hour, the Chairman of "all things Canadian are great" board follows up my post . I ain't taking the bait , kleineken. Go find someone else to do the two step with .
     
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    The problem I have with this is that the franchises hold their host cities hostage, threatening to leave if they don't build them a new stadium and, unlike Jerry Jones, most don't have an extra billion lying around to pay for it themselves.
     
  6. klein

    klein Für Meno :)

    Get off my back , you troll !
    Unlike you, I didn't mention your name, and didn't respond to your stupid post.

    Go get your helper troll, he must just be around the corner.

    I was just proving a point. The US has the highest paid athletes in sports..... because the american public pays for it.
     
  7. pickup

    pickup Well-Known Member

    "yaaaaaaaaaaawwwwwwwwnnnnnnnnnnnn!"
     
  8. cachsux

    cachsux Wah

    You get what you pay for. Maybe if you guys paid them in something other than that Monopoly money you might keep the good ones there. Doe`s that stuff come on a roll in the toiletries dept at the store?
     
  9. klein

    klein Für Meno :)

    It's great toilette paper, it's good enough to buy properties all over the US, esspecially Arizona, Florida and California !

    I guess that's all you need to get a house there, isn't it ?

    Oh and yes, we don't have sport buildings here that are still being payed by citizens or tax payers.
    Besides, maybe the Vancouver Olympics...
    But, nothing in seasonal pro sports.
     
    Last edited: Sep 10, 2010
  10. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    How long did it take for Olympic Stadium in Montreal to get paid off?
     
  11. klein

    klein Für Meno :)

    LOL, thAT WAS like 30 years ! But, for the Olymipics...... thats a bit different, then buliding something for a sports team.

    I heard Socie, or whatever that Russian city is called, is going to be the most expensive Olympics ever in history (summer or winter)....
    They will be paying for them forever, too !
     
  12. cachsux

    cachsux Wah

    That and a job. Oops......I`m sorry, too soon?
     
  13. pickup

    pickup Well-Known Member

    What about the Skydome where the Toronto Bluejays play. Looks like public financing was involved:

    Taken from wikipedia:

    Stadium financing


    Overhead view of Rogers Centre with the roof closed, as seen from the CN Tower
    The stadium was funded by a public/private partnership, with the government paying the largest percentage of the tab. The initial cost was greatly underestimated, with the final tab coming in at $570 million (all dollar figures used are in Canadian funds and have not been adjusted for inflation). All three levels of government (Metro Toronto, Provincial, Federal) initially contributed $30 million. This does not include the actual value of the land the stadium sits on (as it was part of a deal with the Crown agency – CN Rail). Canada's three main breweries (Labatt's, Molsons, and Carling O'Keefe) each paid $5 million to help fund the stadium. In addition 28 Canadian corporations (selected by invitation only – no tendering of contract) contributed $5 million, for which they received one of the 161 Skyboxes with four parking spaces (for ten years, with an opportunity for renewal) and a 99 year exclusive option on stadium advertising. Skyboxes initially leased for $150,000 up to $225,000 a year in 1989 – plus the cost of tickets for all events.
    But the financing was not without controversy. First of all there was no public tender for supplies and equipment. Secondly, companies that paid the $5 million fee received 100% stadium exclusivity for the life of their contract that could be extended up to 99 years. Some of the companies that signed on included Coca-Cola, TSN and CIBC. This exclusivity even extended to advertising. This was most notable when Pepsi-Cola was banned from raising promotional banners during a Madonna concert performance. Many companies signed on without the contracts being bid on. Pepsi stated at the time that had they known the terms of the contract they would have paid far more than $5 million for the rights. Local media like NOW Magazine called the amount charged "scandalously low" (Now Dec 3-9, 1998).
    In a CBC Television interview in the days before the stadium, a member of the general public goes on to ponder "It will be interesting to see five years from now whose stadium it will be, Toronto's dome or a business centre like TD Centre". The stadium was completed two months late, having been planned to open for the first regular season Toronto Blue Jays game. Because of its location south of major railway corridor, new pedestrian connections had to be built; the infrastructure was part of the reason for the high cost of the stadium. Skywalk is a (1/2 km – est.) enclosed walkway that leads from the base of the CN Tower and via a bridge connects to Union Station (and is part of the PATH network). The John St. bridge was built to provide North/South passage over the rail tracks linking Front Street with the stadium.
    [edit]
     
  14. pickup

    pickup Well-Known Member

    More about the skydome:

    Financial problems and fallout


    The SkyDome logo (1989-2005).
    The stadium would later become a thorn in the side of David Peterson's Ontario Liberal government for its overspending in the venture. The Ontario Liberal Party was defeated by the Ontario New Democratic Party in the 1990 Ontario election. A review by the new Bob Rae government in October 1990 revealed that the stadium was so in debt that it would have to be booked 600 days a year to turn a profit. The stadium had only made $17 million in its first year of operations, while servicing the debt was costing $40 million. It was determined that the abrupt late inclusion by Stadco of a luxurious hotel and health club added an additional $112 million to the cost of the building.
    As the Province slipped into a recession, Bob Rae appointed University of Toronto professor Bruce Kidd and Bob White (then president of the Canadian Auto Workers) to the Stadco board to help deal with the stadium's growing debt. But by this time it was too late to reverse the costs. The completed stadium started life with a $165 million debt that ballooned to $400 million by 1993. The stadium became a huge liability to the Provincial Government, and as the economy soured, so did public support for the so-called "white elephant". In March 1994, Bob Rae's Ontario NDP government paid off all outstanding debts from the Provincial treasury, and sold the stadium for the massively discounted price of $151 million to a private consortium (including Labatt's parent company – Interbrew).[citation needed]
    In November 1998, the stadium filed for bankruptcy protection. One of the main reasons was that most of the Skybox contracts were up for renewal. Most of the 161 Skybox tenants had signed on for 10 year leases; this oversight in business planning, and a marked decrease in interest in the stadium's two sports teams, resulted in a massive decrease in the amount companies were willing to pay for the Skybox. In addition, the Air Canada Centre was under construction just down the road, and selling highly desired boxes for the civic favourite Toronto Maple Leafs and new upstart Toronto Raptors, who originally played in the SkyDome since their establishment in 1995. Many companies could not justify owning box suites at both stadiums. That same month, the Blue Jays re-signed on for an additional ten years in the facility.[citation needed]
    In late 1998, Sportsco International LP bought the stadium out of bankruptcy protection for $85 million.
     
  15. pickup

    pickup Well-Known Member

    This is an excerpt about the Palladium where the Ottawa Senators play:. I can see that the government gave a private entity 6 million dollars to build this thing and a loan guarantee for part of the project from the government as well.

    The two year period was used seeking financing for the site and interchange by Terrace Corporation. The corporation received a $6 million grant from the federal government, but needed to borrow to pay for the rest of the costs of construction. On August 17, 1993, Bruce Firestone, the Senators owner, was replaced by Rod Bryden, a former high tech tycoon, who assumed control of Terrace Corporation. Bryden managed to borrow enough to pay for the $188 million project[2] through a consortium of U.S. banks and Ogden Entertainment, but could not find financing for the highway interchange. Only after the provincial government provided a loan guarantee for the highway interchange financing did construction proceed.