The Buccaneers agreed Friday to a financing plan that would
keep the team in Tampa in a new $168M stadium, but the deal faces
"stiff opposition from several political leaders who say the Bucs
aren't worth it," according to Charean Williams of the ORLANDO
SENTINEL. The deal must be approved by Thursday by the Tampa
Sports Authority, the Hillsborough County Commission and the
Tampa City Council. It also needs approval from the FL
Legislature over the local-option 5% rental car tax that is
included and from Hillsborough voters in a September referendum
(ORLANDO SENTINEL, 3/24).
DETAILS: The city and county would pay $8M annually toward
the stadium. But if funding is not approved, the deal allows the
Bucs to leave Tampa without being sued. It also gives the team
rights to all design issues. The season-ticket guarantee "would
hit taxpayers" with a $15M penalty if 75 luxury suites and 7,500
club seats are not sold by May '98. Bucs Owner Malcolm Glazer
agreed to contribute $5.9M annually from club seat revenues
toward the $17.7M in debt service -- "if their target ticket
numbers are reached" (ORLANDO SENTINEL, 3/23). The TAMPA TRIBUNE
notes the Bucs would gain control of the stadium in three years,
with the Tampa Sports Authority managing existing events, such as
college football and pro soccer. The facility would be open by
'98, with the county and city paying $12M toward a practice
facility. County Commission Chair Jim Norman and Commissioner
Joe Chillura both lean against the deal (Joe Henderson, TAMPA
TRIBUNE, 3/24).
