The proposal for a new Giants ballpark gained "overwhelming
support" from S.F. voters in yesterday's election. With all
precincts reporting, Proposition B to approve a privately
financed $255M, 42,000-seat ballpark, passed with 66% (AP/ESPNET,
3/27). This was the Giants fifth try at the ballot box. The
team still faces hurdles before moving to China Basin, including
an environmental impact review and "a host of official
approvals." Ballpark opponents threatened legal action or
another campaign to block construction (Epstein & King, S.F.
CHRONICLE, 3/27).
NEXT STEPS: Giants President Peter Magowan said the team
will set procedures for 15,000 lifetime "charter seat licenses,"
as buyers will be asked to make a non-monetary commitment this
year. Preferences will go to '96 full- or partial-season ticket
holders. This will be the first time an MLB team will sell seat
licenses, and the Giants plan to raise $45M from the sale.
Groundbreaking is planned by October '97, in time for an opening
in 2000. Magowan will also start "more serious talks" with
potential stadium sponsors, as the team hopes to raise up to $55M
from sale of naming, advertising, concession and hi-tech rights.
Another $145M would come from the private-debt market, with
insurance companies, pension funds and banks the "most likely
investors" (Edward Epstein, S.F. CHRONICLE, 3/27).
