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Major League Baseball Appendix 1 to Sports Facility Reports, Volume 1, Number 1 (© 2000 National Sports Law Institute of Marquette University Law School) MAJOR LEAGUE BASEBALL Note: Information complied from Sports Business Daily, RSV Fax, Stadium Insider, Sports Industry Update, Sports Business Journal, Sports Industry News, and other sources published on or before April 24, 2000. Team Principal Owner Most Recent Purchase Price Current Value ($/Mil) ($/Mil) Anaheim Angels Walt Disney Co. $195 Stadium ETA Cost % Facility Financing (millions) Publicly Financed Edison 1966 $24 100% In April 1998, Disney completed a $117 M renovation. International Field Disney contributed $87 M toward the project while the of Anaheim City of Anaheim contributed $30 M through the retention of $10 M in external stadium advertising and $20 M in hotel taxes and reserve funds. UPDATE Since Disney took over ownership of the Angels in 1996, the stadium formerly known as the Big “A,” has undergone massive changes. In 1997, the naming rights to the Big “A,” were sold to Edison International, a power company in California. Immediately after Disney took over ownership, $117 million of renovations began at Edison International Field of Anaheim. A club level was added, as well as additional restrooms and concession stands. In addition, keeping with the Disney theme, a special kid's section was added in the outfield with various activities geared toward younger fans. Team Principal Owner Most Recent Purchase Price Current Value ($/Mil) ($/Mil) Arizona Jerry Colangelo $130 (1995) $291 Diamondbacks Stadium ETA Cost % Facility Financing (millions) Publicly Financed Bank One Ballpark 1998 $355 76% The Maricopa County Stadium District provided $238 M for the construction through a .25% increase in the county sales tax from April 1995 to November 30, 1997. In addition, the Stadium District issued $15 M in bonds that will be paid off with stadium generated revenue. The remainder was paid through private financing, including a naming rights deal worth $66 M over 30 years. Team Principal Owner Most Recent Purchase Price Current Value ($/Mil) ($/Mil) Atlanta Braves Time Warner $357 Stadium ETA Cost % Facility Financing (millions) Publicly Financed Turner Field 1997 $235 0% The original stadium was built for the 1996 Summer Olympics at a cost of $209 M. After the games, it was converted into a 50,000-seat baseball stadium for the Braves. The Braves paid for the conversion. Team Principal Owner Most Recent Purchase Price Current Value ($/Mil) ($/Mil) Baltimore Orioles Peter Angelos $173 (1993) $351 Stadium ETA Cost % Facility Financing (millions) Publicly Financed Oriole Park at 1992 $235 96% Financed with $137 M in lease revenue bonds and $60 M Camden Yards in lease revenue notes issued by the stadium authority. The debt is being repaid from revenue generated by special sports themed lottery tickets. The remaining costs were covered with cash that accumulated in the lottery fund since it was established in 1988 to finance sports stadiums. The team contributed $9 M for construction of skyboxes. The Maryland Sports Authority spent $1.5 M on improvements in 1998. UPDATE Camden Yards continues to be one of the most-loved baseball stadiums in the league. 1998 saw the Maryland Sports Authority spend $1.5 million in improvements. Improvements included new paint, a backup generator, soap dispensers and a landscaping project. Team Principal Owner Most Recent Purchase Price Current Value ($/Mil) ($/Mil) Boston Red Sox Jean R. Yawkey Trust $256 Stadium ETA Cost % Facility Financing (millions) Publicly Financed Fenway Park 1912 $420,000 UPDATE Historic Fenway Park, the oldest stadium in the league, is on the verge of extinction. Recently, plans were unveiled for a new Fenway Park to be built adjacent to the existing relic. There is some opposition to this by a group called Save Fenway Park, who believes that renovations should be made to the current stadium because of the fond place it holds in every baseball fan’s heart. The new plan attempts to have the best of both worlds. The new Fenway Park would retain all the amenities of the old Fenway Park, including the Green Monster and the manual scoreboard. However, the inconveniences and quirks of a ballpark built over 85 years ago will be eliminated. The seats will become wider and unobstructed and the number of restrooms will be increased. The old Fenway Park would be turned into a park, with the “Green Monster” serving as an entrance to the new Fenway Park The new 44,130-seat stadium would open in 2003 and feature 100 luxury suites and 5500 club seats. The initial estimate has the stadium priced at $545 million, which includes $350 million for design and construction, $65 million for land acquisition, $80 million for two parking structures and $50 million for infrastructure improvements. It is possible that the Red Sox will attempt to acquire a naming-rights deal with the new Fenway, despite an initial declaration that Fenway Park would never fall into the slippery slope of naming rights. It is estimated that a naming rights deal would fetch anywhere from $125-200 million. However, there is opposition to this plan. Massachusetts House Speaker Thomas Finneran “has opened the door for competing proposals” to the team’s plan for a new ballpark. Two possible other alternatives are to renovate the current Fenway Park, led by the Save Fenway Park group, or to build a new stadium around the “so-called” Crosstown site near the Southeast Expressway. The site would house the Red Sox and possibly the Patriots in two separate stadiums. Team Principal Owner Most Recent Current Value ($/Mil) Purchase Price ($/Mil) Chicago Cubs Tribune Company $224 Stadium ETA Cost % Facility Financing (millions) Publicly Financed Wrigley Field 1914 $250,000 Owned by the Tribune Company. Team Principal Owner Most Recent Current Value ($/Mil) Purchase Price ($/Mil) Chicago White Jerry Reinsdorf $178 Sox Stadium ETA Cost % Facility Financing (millions) Publicly Financed Comiskey Park 1991 $150 100% The Illinois Sports Facilities Authority issued $150 M in bonds for land and the construction of the new stadium. The debt is serviced primarily by monies from a 2% hotel tax levied on Chicago hotels. UPDATE It has been reported that the White Sox are looking into renovating the soon to be ten year old ballpark. Improvements would include a canopy roof covering the upper deck, a restaurant in the second-floor press box area behind home plate, a pavilion area in right field above the existing Bullpen Sports Bar, and a new entrance in the left-field corner, which is basically 35th Street and the Dan Ryan, helping to ease the flow of fans in the middle of the block. The improvements are only in the preliminary planning stages; any plans would have to be approved by the Illinois Sports Facilities Authority. Team Principal Owner Most Recent Current Value ($/Mil) Purchase Price ($/Mil) Cincinnati Reds Carl Lindner $163 Stadium ETA Cost % Facility Financing (millions) Publicly Financed Cinergy Field 1970 $44 100% Publicly financed through a $44 M revenue bond issue to accommodate football and baseball. Bond debt is serviced with stadium revenues. TBA 2003 $297 @17% The original plan called for the Reds to contribute $30 M up front toward construction, $10 M at groundbreaking and $10 M when the venue is completed. Rent will amount to $2.5 M annually for nine years, and then one dollar per year for the remaining 21 years of the 30-year lease. However, because of the rising costs of this project the team has agreed to expand its lease in the facility to 35 years. The county will pay most of the cost using proceeds from the half-cent sales tax increase voters approved in 1996. UPDATE The Reds have undergone drastic changes in the past year. In late April, owner Marge Schott sold 5 ½ of her 6 ½ shares to a group headed by Carl Lindner for $67 million. Major League Baseball offered Schott a choice of either selling her controlling shares or accepting yet another suspension for allegedly using the names of Reds employees on falsified sales documents at one of her auto dealerships. The deal is pending approval of major league owners at their June meeting. As one of her last acts as owner, Schott guaranteed that the Reds would play in a new 45,000-seat ballpark by 2003. In March 1996, Hamilton County voters approved a half-cent increase in their sales tax to help build new stadiums for the Bengals and the Reds, who have shared Riverfront Stadium/Cinergy Field since 1970. In July 1998, the team and Hamilton County reached an agreement ensuring that the facility would be built in an area of Cincinnati referred to as “the Wedge.” In November 1998, Hamilton County voters rejected a proposal that would have forced the stadium downtown or forced the Reds to stay at Cinergy Field. Team Principal Owner Most Recent Current Value ($/Mil) Purchase Price ($/Mil) Cleveland Indians Larry Dolan $320 (1999) $359 Stadium ETA Cost % Facility Financing (millions) Publicly Financed Jacobs Field 1994 $173 88% Built as part of a city sports complex that was funded both publicly and privately. The Gateway Economic Development Corp. issued $117 M in bonds backed by voter approved county-wide sin taxes on alcohol ($3/gallon on liquor, 16 cents/gallon on beer) and cigarettes (4.5 cents/pack) for 15 years. They also issued $31 M in stadium revenue bonds. The Gateway Corp. received about $20 M up front from early seat sales. Team Principal Owner Most Recent Current Value ($/Mil) Purchase Price ($/Mil) Colorado Rockies Jerry McNorris $95 (1991) $311 Stadium ETA Cost % Facility Financing (millions) Publicly Financed Coors Field 1995 $215 75% The legislature created the Denver Metropolitan Major League Baseball Stadium District in the six counties surrounding Denver.
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