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MARINERS OPEN THEIR BOOKS TO SHOW "EYE-POPPING" LOSSES
Published August 9, 1995
In their bid to secure financing for a new stadium, the Mariners "offered a look at the sea of red ink that threatens to wash away" the franchise, according to Rebecca Boren of the SEATTLE POST-INTELLIGENCER. By the end of the year, losses will total $67M since Baseball Club of America, the consortium of Nintendo of America and local business leaders, bought the team for $100M in '92. In the ten month fiscal year in '94, the team lost $15M, and team President Chuck Armstrong predicted the team would "lose an eye-popping" $30M in '95. Team VP/Finance and Administration Brian Beggs: "Fifteen or 17 (million dollars in losses) causes consternation. But then when they pop up to $30 million, it's a whole different kettle of fish." The released statements are part of the "team's pitch" for public financing for a new retractable-dome facility. Voters in King County will vote on September 19 to raise the sales tax from 8.2% to 8.3% to build a new ballpark for the Mariners, and pay for renovation improvement to the Kingdome for the Seahawks (Rebecca Boren, SEATTLE POST-INTELLIGENCER, 8/9). Columnist Laura Vecsey asks when the Mariners will begin "this so-called stadium campaign." Vecsey: "When can I expect the first piece of direct mail that says we must build this stadium not for the owners and players but for ourselves?" (SEATTLE POST-INTELLIGENCER, 8/9).