Seven years after moving into new Yankee Stadium, the New York Yankees are seeking to refinance their share of the ballpark’s debt. (more…)
Tag Archives | debt
New Dash lease likely to be approved by Winston-Salem
A new lease for BB&T Ballpark, which would lead to a sale of the Winston-Salem Dash (High Class A; Carolina League) to a group led by the Chicago White Sox, is likely to be approved by the City Council. The plan calls for the potential new owners of the Dash to invest $8 million into […]
Nashville: We want to make sure there’s development with new Sounds ballpark
A Metro Council committee threw the Nashville Sounds (Class AAA; Pacific Coast League) a serious curveball today, debating whether to require the team to cover debt should associated development next to a new ballpark not happen. The funding plan for the new Sounds ballpark calls for the city to pay $37 million in construction costs, […]
Doubledays nonprofit owner seeks city help to cover debt
Auburn Community Baseball is seeking $125,000 in loaned city funds to cover debts associated with its management of the Auburn Doubledays (short season A; NY-Penn League). The Doubledays and Falcon Field are owned by the city of Auburn, but the team is managed by the nonprofit. So, basically, the debt is the responsibility of the […]
Peoria approves Chiefs debt restructuring
The Peoria City Council easily approved a $1.2-million debt-reduction package for the Peoria Chiefs (Low Class A; Midwest League), clearing the way for the team to restructure some $7.35 million in debt. The proposal, which passed 9-1, wipes out debt owed to the city on Peoria Chiefs Stadium. With city approval, private lenders will move […]
Peoria set to discuss Chiefs bailout plan tonight
A proposal to restructure debt on Peoria Chiefs Stadium, home of the Peoria Chiefs (Low Class A; Midwest League), will be discussed by the Peoria City Council tonight. The city is being asked to forgive $1.2 million on Chiefs ballpark debt as part of a larger debt-restructuring deal, with private lenders retiring and restructuring much […]
Could Aces end up leaving Reno?
With the Reno City Council rescinding a plan to pay $30 million toward Aces Ballpark debt, a threat made by team owner Herb Simon is thrust back into the spotlight: Would be follow through on a plan to move the Reno Aces (Class AAA; Pacific Coast League)? Simon is a multibillionaire, worth approximately $2.2 billion, […]
Reno withdraws funding plan for Aces Ballpark
Elections have consequences: the new majority on the Reno City Council voted to rescind a deal paying $1 million annually for 30 years to address debt on Aces Ballpark, home of the Reno Aces (Class AAA; Pacific Coast League). The vote wasn’t close — 6-1 — and it came after new members of the City […]
Reno preliminarily approves ballpark bailout
The threat by Reno Aces (Class AAA; Pacific Coast League) owner Herb Simon worked: the Reno City Council preliminarily approved a plan to refinance a $55-million Aces Ballpark construction debt. A final vote is scheduled for Nov. 7; it’s expected to go the same way unless something changes. The city would use general funds, to […]
More financial woes for W-Tornadoes; team uniforms seized
Worcester Tornadoes (independent; Can-Am League) uniforms were seized and replaced by league-supplied Grays traveling unis, as a local vendor attempts to collect on a $32,562 debt. The local Hilton Garden Inn filed suit against the team and owner Todd Breighner over nonpayment, saying that attempts to settle the debt ended with bounced checks and broken promises. A […]
New Flyers owner to pay off Fullerton debt?
Cal State-Fullerton officials would welcome the Orange County Flyers back to Goodwin Field — but only if the team’s new owners, Godfather Media, pays off the team’s $75,000 debt. Before the final version of the Flyers folded, the owners owed $75,000 in back rent at Goodwin Field. That debt has remained unpaid, but as Godfather […]
Missoula closes on purchase of Osprey home
The Missoula City Council is buying Ogren Park at Allegiance Field, the home of the Missoula Osprey (rookie; Pioneer League) for $3.55 million, bailing out the nonprofit Play Ball Missoula and providing a solid base for the ballpark’s future. The city is using $2 million in city redevelopment funds and issuing $1.55 million in new […]
Development and ballparks: today’s good and bad news
A development expected to help pay off debt on Camelback Ranch-Glendale is going into foreclosure as the developers enters bankruptcy, while the St. Louis Cardinals are finally ready to go ahead with the long-awaited Ballpark Village. Two tales of the sometimes awkward marriage between ballpark financing and development. First, the good news. The St. Louis […]