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Whoever replaces Fabiani...
Where are you getting you're information because it's either dated or incorrect. First off, the viability of these stadium projects is assessed by analyzing the project generated revenue streams ability to cover the project costs. No owner is dipping into their own pockets, that's simply not how corporate finance works. In fact every NFL team who has been involved in a recent stadium deal created a "stadium builders" LLC to shield the team's assets from any stadium related liability. The primary revenue streams are 2 sets of PSLs tax free, naming rights for a 2 team stadium tax free, and 2 NFL G4 grant/loans. The Chargers and Raiders have estimated to each generate $350M to $400M from PSLs, my conservative estimate is $325M to $350M each. The Jets earned $325M and they went on sale at the bottom of our great recession. No team is going to match the 49ers $531.5 M. The 49ers charge their fans who have to finance their PSL purchases 8.5% interest while their 26 year bonds from GS are 5%. Naming rights for Carson will not match the Farmers Field terms of $1 billion over 30 years for 2 teams. The Metlife stadium deal is $17 million a year and the Jets/Giants had a better deal with Allianz for over $20 M per year but the NYC JDL killed it. The PV of $20M per year for 30 years at 5% is about $300. Grubman says both teams are eligible for G4 money which is $200M per team and repaid with Visiting Teams' Share of ticket sales over 15 years. These 3 sources alone will cover at least $1.35 B to $1.4 B in PV terms and we haven't touched luxury suite revenues. This leaves each team with about $200M to finance that can easily be serviced from operating income. The LA relocation fee rumors make me laugh because it's spread by a bunch of sportswriters who don't know the difference between the Oilers 1997 $29 million relocation fee and the Houston Texans 1998 $700 million expansion franchise fee. The last three relocation fees were $29M regardless of location and they've always been negligible.— December 4, 2015 1:33 a.m.
Whoever replaces Fabiani...
Don, your numbers are ancient history. The Colts stadium was the last NFL venue with a public contribution over 50%. That's the old economy before the 2008 economic crash, those days have gone the way of the dodo. Also, make sure you differentiate between public funding and public financing.— December 3, 2015 10:23 p.m.
Whoever replaces Fabiani...
Gillette stadium only cost Kraft $325 million and $150 million of that came from the NFL's G3 grant/loan program. That stadium is very profitable. I know the cost of steel and other construction materials has skyrocketed in the last decade but the price tag of these new stadiums is out of control.— December 3, 2015 10:15 p.m.
Whoever replaces Fabiani...
Don, you are making a huge mistake assuming that Carson is not a real alternative. Not only is it a real alternative, it's the only realistic NFL stadium project LA has had since the Rams and Raiders left in 1995 and it has the support of most of the owners. A single team simply can't generate the revenues required to make a $1.7 to $1.85 billion stadium a reality. It will take two teams, just like the Giants and Jets in their shared $1.6 billion Metlife stadium. The Carson stadium plan will get the approval of the necessary 24 teams once the St. Louis Board of Alderman pass their funding bill which is only weeks away, as long as they don't screw it up and fail at the finish line. Not likely since the union has already signed their labor agreement. It's bad for dems to vote against union jobs. The NFL's ultimate goal is for all 3 teams to get new stadiums, no team is left empty handed stuck in their current market, this is the only way that will happen. Read the Carson and Inglewood initiatives, yes I read the 300+ pages, and you will learn that the Inglewood plan is a farce. The absolute most important factor for building a 100% privately funded $1.8 billion stadium is to get a city, county, or state to own the stadium for the $100s of millions worth of tax avoidance. The team gets all of the revenue regardless of ownership, that's the NFL's way. Read the real reports on the topic from economists list Vrooman and ignore our ignorant sportswriters and sports radio hosts. The 49ers were able to avoid all taxation, including Federal and State Income taxes, on the sale of $531.5 million worth of PSLs by selling them through the Santa Clara Stadium Authority and those funds are still considered the team's contribution. Same for naming rights, vending rights, and any other - or a portion of other - revenue streams dedicated to paying for the stadium. That's the NFL way. Carson's initiative gives the City the power to create a Stadium Authority that will own the stadium and the Inglewood initiative has no provision for a public entity owning the stadium. The Inglewood initiative does change the zoning to allow for a giant Retail Center with a 99,999 square foot Walmart to be built instead of a stadium. A Walmart that the Inglewood residents spent years fighting to keep out of their neighborhood. Do you know who sold the 60 acres in Inglewood to Stan Kroenke? One guess, his wife's maiden name. Oh and the Inglewood initiative created an open ended tax reimbursement plan which gives HPLC $100s of millions with or without the stadium. I realized most people might not understand the importance of a tax avoidance scheme worth $100s of millions but everything else is in the initiatives that pretty much no one bothered to read because that's the American way. I have have zero sympathy for Chargers fans or the residents of Inglewood who are too lazy to read the fine print. Ignorance deserves to be punished.— December 3, 2015 2:53 a.m.
Whoever replaces Fabiani...
Don the Chargers move to LA will be approved in a matter of weeks.— December 3, 2015 2:47 a.m.