White Sox, Guaranteed Rate Partner On Naming Rights Sources: A's Fisher Tours Potential Ballpark Site Saints, Superdome Unveil New Video Boards Hartford Mayor Turns Down Loan For Ballpark Facility Notes Banc of California Signs Deal With LAFC Vikings Building Glass-Walled Bar Outside Stadium Red Wings' Arena To Have Outdoor Plaza Real Salt Lake Breaks Ground On $50M Facility TiqIQ Rebrands As TicketIQ
SAINTS DEAL HAS UNIQUE "ESCAPE CLAUSE"
Published October 7, 1994
In an examination of the new stadium deal between the Saints and the Superdome, Jeffrey Meitrodt writes that an "unusual part" is the escape clause. If, for whatever reason, the team leaves New Orleans before 2006, Saints owner Tom Benson would have to pay $25M, after which the penalty would decline by $1M per year providing for a minimum penalty of $13M. Under the previous deal, the most Benson could be penalized was $1M. The new lease runs through 2018 (New Orleans TIMES-PICAYUNE, 10/6).