Maricopa County’s plan to sell Chase Field has been scratched, as the prospective buyer of the deal has ended negotiations.
Stadium Real Estate Partners II LLC had entered into negotiations to purchase the home of the Arizona Diamondbacks. For Maricopa County, the sale represented a potential out, as it had been locked into a dispute with the D-Backs over ballpark maintenance.
Lease terms for Chase Field allow the D-Backs to veto a sale of the facility, meaning that talks between the team and Stadium Real Estate Partners II were essential to making the agreement work. In backing out of the deal, Stadium Real Estate Partners II cited complications in coming to terms with the team as a factor. More from the Phoenix Business Journal:
Milwaukee attorney Martin Greenberg, a partner and representative of the stadium group, said his group had problems coming to terms with even meeting with the D-backs about the potential ballpark sale.
In a letter to the county, Greenberg said the D-backs wanted to see the stadium group’s business plan and finances before meeting.
The D-Backs responded to that claim in a statement. More from AZCentral:
“We have been informed of the prospective buyer’s decision and are deeply offended that Mr. Greenberg would suggest we have been uncooperative when we have merely asked for answers to the same questions the buyer agreed to provide to the County. In fact, in the agreement between the two parties, it was agreed upon that, ‘Upon written request the Buyer shall provide proof of financial capability.’ For any sophisticated business arrangement, and as a partner in the stadium, this basic information is more than reasonable. We have always been willing to meet and would do so enthusiastically if a basic legitimacy of the buyers were to first be established.”
The question now for both Maricopa County and the D-Backs will be how to proceed with Chase Field. The team has previously claimed that there is $187 million in deferred maintenance at Chase Field, and openly discussed leaving the facility if the issues were not addressed. Maricopa County turned down the request, prompting an impasse in the talks.
Under the terms of their agreement with Maricopa County, the D-Backs have the option to purchase Chase Field.
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