The Brewers announced Friday that they secured their $90M
share of the $250M necessary for their proposed new stadium to be
called Miller Park. Brewers VP Laurel Prieb: "Our confidence has
always been there for this project and we continue to have that
faith that things are going to get done" ("SportsView," CNBC,
3/22). Details were kept secret, and the Stadium Board is
expected to meet to study the proposal "to determine whether it
meets the requirements of the team's financial commitment." One
"key question" is whether the team's share is in "upfront
financial contributions, as is required." Amy Rinard of the
MILWAUKEE JOURNAL SENTINEL writes the Brewers' package "probably
includes a letter of commitment" for a $50M loan from
NationsBank, with several local companies and individuals co-
signing for $15M. The $40M naming rights deal with Miller,
converted to present value, is worth about $20M. One source said
the last $20M could come in part from concession agreements, and
another source said as back-up, the Brewers would offer the board
"first lien" -- shared with NationsBank (MILWAUKEE JOURNAL
SENTINEL, 3/24).
NEW LEASE: The Milwaukee County Board extended the county's
lease with the Brewers. The team previously did not want to
exercise the option for the final year because they believed
stadium ownership would fall to the new Professional Baseball
District. However, that transfer has not yet occurred. Under
the deal, the team will pay insurance costs applicable to the
stadium, which formerly were picked up by the county, to the cost
of $17,000 last year (Gretchen Schuldt, MILWAUKEE JOURNAL
SENTINEL, 3/22).
