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Two Congressmen Say Citigroup Shouldn't Pay NY Mets $400 Million for Naming Rights When Sucking $350 Billion from Federal Government

DOn,' Heres how I remember the deal. Roski and Anshutz used Inglewood as leverage against LA. When Al Davis was doing his number on the colisium, Ingled wood offered him something like 40-50 million in funds towards a stadium built where Hollywood Park is which wasn't enough; he wanted it all. So when the whole new arena thing started up that 50 million came up again. LA wouldn't pony up so they were going to to Inglewood but supposedly the owner of Hollywood park upped his price....by alot. that got LA back in the game. There was somebody on the city council trying to push thing s along. the problem was R & A wanted sales tax revenue to pay off the bonds and that would absolutely not get past the voters which was what Joel Wachs wanted to do. R & A decided they would guarantee to pay back the bonds themselves. It was supposed to be 50 some million in munis and 10-15 million from something called the Community Redevelopment Agency of the City of Los Angeles. It ended up at 76 million and LA made Anshutz give them a letter of credit for it before they ever broke ground. I think Staples was open less that 5 years when LA recindes the LC requirement because it was doing so well. So despite johnnys claims to the contrary, it as though it did not cost LA an arm and a leg and that they are making money. I don't know if you've ever been there Don but it is a beautiful arena. We've been there probably a few dozen times. Concerts($500 each for the Boss on opening nite), Lakers and Kings(no Clippers), WNBA and even team tennis. There are no bad seats anywhere. But if people think Petco is expensive, forget about Staples. $10 beer, $20 parking,$10 McD combo, $8 hotdogs and peanuts. and if you go into the premier level to eat try $30 buck for a burger and a beer We had free tickets to a Lakers game and still spend $100. Even so if you have the money, best place I've ever been to. By the way here's their list of some of the annual revenue Staples produce just from basketball and hockey: Suites 160 suites from $197,500 to $307,500 per season Total: $35 million Premier seats 2,476 seats from $12,800 to $14,800 per season Total: $33 million Concessions 2 million fans at an average of $20 each Total: $40 million Parking $12 average for each of 4,000 spaces at 200 events Total: $9.6 million Sponsorship Naming rights $116 million for 20 years from Staples Total: $5.8 million Founding partners 10 corporations at $2 million to $3 million each. Total: $25 million
— January 31, 2009 11:59 p.m.

Two Congressmen Say Citigroup Shouldn't Pay NY Mets $400 Million for Naming Rights When Sucking $350 Billion from Federal Government

No google needed a$$hoele. We read about Staples almost everyday for at least 2 years or more till the damned thing was done. A BofA loan for 305 million(later refied with bonds) and 76 million in muni bonds and other loans from the city(which Roski and Anschutz guarenteed THEY would pay back). Not much cost to the city. If you want addional factual details, which I'm sure are of little importance to you, look it up yourself. From the LAT from 10/10/99: "As for the city of Los Angeles, it is now rooting hard for the arena to succeed. Insiders estimate the city will collect more than $70 million in property, parking, sales and utility taxes over the next 27 years." That's in addition to the leases. I don't know, it sure doesn't sound like much in the way of tax concessions to me. My comment was directed towards Don's question on naming rights fees. I never said LA was making money, though apparently THEY seem to think they are. I said they are recouping or have recouped their initial investment. But everybody seems to like that 100 million revenue stream. And since I dipped into the archive, here's another one for you: On Oct. 21, 1997, the City Council approved financial and environmental agreements for the arena, leaving Councilman Joel Wachs to proclaim that he had saved the city $126 million by standing tough.". "Two years later, the deal still has people buzzing. "Worst arena deal in the country" for the developers, says Pat Lynch, general manager of the Los Angeles Memorial Coliseum and Sports Arena. "Great for L.A., but not so good for the developers, who are paying for virtually everything." The only issue I recall reading about is that parking fees weren't quite what what everyone thought they would be so Anshutz's company ponied up a few million up front to cover what the shortfall would be over the remaining years of the original agreement. You apparently still have much to learn johnnyvegas. Such as reading the posting thoroughly and responding to what was actually written and actually having some facts. Oh wait, I'm sorry. I forgot that you post without caring about your accuracy as long as what you post supports your opinion . For some reason you seem to have a problem with people who like to deal in facts not just the basic premise of an ideas like you do. Now that's the height of ignorance.
— January 31, 2009 10:26 p.m.

Two Congressmen Say Citigroup Shouldn't Pay NY Mets $400 Million for Naming Rights When Sucking $350 Billion from Federal Government

#6 I don't know about every stadium, but I do know about the Staples Center. It was part if the deal with the city. Staples signed a 20 yr contract for 100 million. The arena ended up costing about 400 million but LA only put in about 70 million. Roski and Anschutz had financing for the rest and after it was done they sold a 40% interest to Rupert Murdoch, to get part of their money back I guess.They have to pay for the land use so the Lakers and Kings each signed 25 yr leases which came out to 7 million ayear total if I remember right. The always cheap Donald Sterling only signed a 6 yr lease but renewed it for 10, I think it was. All of that money goes to the city, so they are getting back more than double their investment. In fact after being open 9 years they probably have recouped their initial investmentand the next 16yrs are gravy.
— January 31, 2009 5:15 p.m.

Two Congressmen Say Citigroup Shouldn't Pay NY Mets $400 Million for Naming Rights When Sucking $350 Billion from Federal Government

#5 It's not the Home Depot Arena, it's the Home Depot Center in Carson. It's an "official olympic training site" for the US olympic teams. Since Home Depot announced a few weeks ago that they are dropping their USOC sponsorship, I would image the name comes down too.
— January 31, 2009 4:38 p.m.

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Two Congressmen Say Citigroup Shouldn't Pay NY Mets $400 Million for Naming Rights When Sucking $350 Billion from Federal Government

Two Congressmen Say Citigroup Shouldn't Pay NY Mets $400 Million for Naming Rights When Sucking $350 Billion from Federal Government

Two Congressmen Say Citigroup Shouldn't Pay NY Mets $400 Million for Naming Rights When Sucking $350 Billion from Federal Government

Two Congressmen Say Citigroup Shouldn't Pay NY Mets $400 Million for Naming Rights When Sucking $350 Billion from Federal Government

L.A. Times Says Chargers Closer to Moving North. Fabiani Suggests It's True

L.A. Times Says Chargers Closer to Moving North. Fabiani Suggests It's True

L.A. Times Says Chargers Closer to Moving North. Fabiani Suggests It's True

L.A. Times Says Chargers Closer to Moving North. Fabiani Suggests It's True

L.A. Times Says Chargers Closer to Moving North. Fabiani Suggests It's True

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