Adelson Ready To Walk Away From Raiders Plan Developers Exploring Arena Near Scottsdale Facility Notes Hansen Group Offers To Fund Seattle Arena Privately Chargers Have L.A. Options If Ballot Measure Fails Yankee Stadium Adding Social Gathering Areas Plans Revealed For Phase II Of Ballpark Village Sources: Fortress Backing Lott-Raiders Group Facility Notes San Diego Voters Still Skeptical Of Stadium
REPORT SAYS NEW STADIUM FOR BREWERS IS FINANCIALLY FEASIBLE
Published December 21, 1994
A study by the MILWAUKEE SENTINEL claims a new stadium for the Brewers would "put the team on a more solid economic footing." The study assumes that the stadium would be built by a public authority and the Brewers would pay rent and maintain and make other contributions to the stadium. The SENTINEL's plan proposes raising funds through a sports lottery and a 0.25% tax on restaurant meals -- two options outlined last month by the Greater Milwaukee Committee. Although financing through these means "would fall about $5.9 million short of the annual debt service on bonds needed to build the facility," the shortfall could be made up through "rent and stadium revenue and still leave the Milwaukee Brewers with a positive cash flow." Projections estimate the team drawing 2.6M fans to a convertible- roof stadium with ticket prices similar to Baltimore's Camden Yards. These figures would raise team revenue by $27M. The team is dependant on the city, according to the report: "Even if the Brewers used every dollar of positive cash flow the stadium produced for them, they still could not borrow enough money to finance the stadium themselves." Under the plan, the stadium would be rented to the Brewers by an authority created by the WI Legislature. Brewers General Counsel Wendy Selig-Preib: "We can't do it alone" (Lank & Haudricourt, MILWAUKEE SENTINEL, 12/20).