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The Florida Marlins professional baseball team, begging for a big government subsidy for a new ballpark, agreed this week to split its profits with the City of Miami and Dade County if the team is sold within nine years of the start of construction. If the team is peddled, the governments get 70 percent of profits in the first year, 60 percent in the second, 50 in the third, all the way down to 5 percent in the fifth year. Earlier, the team had agreed to an 18 percent split. The City of Miami Commission voted 3-2 in favor of the subsidy Thursday. Dade County votes next week, possibly Monday. Here's how the planned subsidized stadium deal goes down: the county drops in $297.5 million in tourist taxes and $50 million from a bond referendum. The city plunks down $13.5 million and the two governments add $24 million for roads and utilities. The Marlins would ante up $120 million. The city would spend $94 million on parking, but the team would purchase most of the spaces. Profit splitting in case of a sale? Good idea, San Diego.

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Comments

Fred Williams March 23, 2009 @ 1:33 a.m.

Oops,

John Moores already appears to have sold the Padres...sure, San Diego paid for all the expenses, and gave Moores vast swaths of valuable real estate, but only John Moores pockets all the profits from his bribery of public officials, and duping of gullible rubes who voted to support this theft.

In all seriousness, if I ever come within spitting distance of John Moores, he'll get a glob right between the eyes. That slime ball belongs in prison.

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Don Bauder March 23, 2009 @ 7:09 a.m.

Response to post #1: Your expectoration expectations may be dashed. While he may retain some equity in the Padres, he is not likely to be around San Diego much. After raking in huge bundles on the ballpark district real estate, Peregrine, and, presumably, the sale of the Padres (if this deal goes through), he left town. That happened in the Old West all the time. Best, Don Bauder

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