The Lake County Captains and the city of Eastlake reach a new lease agreement for Classic Park.
The Lake County Captains (Low Class A; Sally League) and the city of Eastlake have finalized a proposed lease agreement for Classic Park that features a sliding scale based on gate receipts.
The team is in the seventh year of a 25-year lease — traditionally the time when baseball franchises experience their first real slump. And the Captains are no exception, anticipating lower attendance this season because of challenges on the season-ticket front.
The response is a new lease that bases the rent on the gate receipts: if receipts are below $1.5 million, the rent is $200,000. As receipts rise in $250,000 increments, the rent will rise in $25,000 increments. If approved, the lease would be in effect for the next five seasons, beginning in 2009.
Subscribers to the weekly Ballpark Digest newsletter see major articles before they are posted to the site. You can sign up for a free subscription at the Newsletter Signup Page.
Join Ballpark Digest on Facebook and on Twitter!