Thursday, March 29, 2018

Stu Sternberg is Willing to Spend Magic Fairy Dust Money on a New Stadium

I want to dive deeper into comments Stu Sternberg made at Thursday's opener, suggesting he'd open up his wallet a little wider if the Rays got a $25M/yr naming rights deal, similar to the Mets.

So generous! 

Except:
  1. The Mets' deal was worth $20M a year, not $25M;
  2. The Mets play in the No. 1 media market in the country;
  3. The Rays' current deal with Tropicana deal is reportedly worth just $1M a year, and its hard to imagine a new deal in the same market would be worth any more than $3-5M per year.
    1. CORRECTION: According to TampaBayRays2020 co-founder Chuck Sykes, the Rays are earning $3.5 million per year currently. 
  4. A number of teams reportedly seeking naming rights deals, such as the Marlins and Nats, haven't found anyone willing to meet their prices.
And on top of it all, Sternberg offered "to go halfsies" on a hypothetical $800M ballpark if a magical fairy dust CEO gave him that unprecedented naming rights deal.

Except Sternberg knows the ballpark will never cost $800 million.  NOTE: I have received quite a number of criticisms on this number - it is something I plan to continue to dive into. 





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3 comments:

  1. In other related news, Bronfman told the press this week that he need to start negotiating naming rights with Bell Media for the new stadium in Montreal and he don't need any money from the city of Montreal, just help.

    Bronfman said that getting public money to build such stadium doesn't work, it's not the way Quebecers want it.

    Bronfman also said that that they want cool stadium, Jarry Park 2.0, they don't have the money to build something big and out of proportion. The downtown stadium will look like Montrealers and will fit with all the massive investments done in Montreal over the past 3-5 years.

    Always interesting to read that the same topics are discussed in both cities with different point of views!

    Stay Tuned!

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  2. Continuing with Stu’s $25 million per year naming rights fantasy, let’s assume the deal is for 30 years, which would finance $440 million at 4%. Add Stu’s generous initial offer of $150 million, and we now have a total of $590 million. Voila – no public money needed for a $600 million stadium!

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  3. You should go back to being a mascot for the Sox. You were better at impersonating Wally the Green Monster than you are at impersonating an unbiased reporter.

    ReplyDelete