It's one of the largest naming-rights deals ever and, according to the Mercury News, is larger than the naming-rights deals "scored by the San Francisco Giants, Oakland Raiders, Oakland A's, Golden State Warriors and San Jose Sharks -- combined."
Unlike many other teams' naming rights deals, 70% of these proceeds will help pay off Santa Clara's $450 million in short-term construction bonds. Add that to $300 million in seat licenses going toward the city, and Field of Schemes' Neil deMaus gives this stadium subsidy a rare thumbs-up (so far):
"...taxpayers should have their butts mostly covered, anyway, though it’ll likely require selling some 20-year bonds that can raise money now and be paid off over time with the Levi’s boodle.
"So Santa Clara’s big gamble looks to be working out relatively well: If taxpayers do end up on the hook for something toward the stadium costs, it should only be a tiny fraction of the $1.2 billion total construction cost. Which doesn’t necessarily make such a risky maneuver a good idea for other cities — not every team can sell its naming rights for $11 million a year, and Santa Clara got very lucky that the 49ers got good just in time for those PSLs to go on sale — but at least those who were worried this would be a Cincinnati-style taxpayer albatross can breathe a little easier."
The SF bay area corporate largess can never be equaled in Tampa Bay,
ReplyDeletetwo different worlds.
As a whole, no, but you can't say Tampa doesn't have companies that couldn't come close to providing the finances for the naming rights. Think about it, Publix Park, WellCare Health Plans Park, Carlton Fields, the Fountain Group Field, Streamline Defense Field, Home Shopping stadium???
ReplyDeleteBeazy