The Oilers' stadium lease with Nashville allows the city
more power to retain the team leases other NFL cities have with
their teams, according to Trebor Banstetter of the NASHVILLE
BANNER. The most restrictive feature of the lease designed by
Nashville Mayor Phil Bredensen is the penalty the team would have
to pay for departure. Should the Oilers break the lease in the
first 12 years, they would have to pay $117M. For the next 10
years, the penalty is $87M. After that point, however, the fine
drops "drastically" --$34M the next eight years and $15M for
breaking the lease in the following 10-year extension.
Banstetter writes, "It's not inconceivable that some sports-
hungry city would consider paying the penalty to lure Nashville
away in 2002." But should the city and state maintain their part
of the deal, the pact also makes relocation a breach of contract
thereby allowing Nashville to issue an injunction barring the
move, an aspect of the lease that Oilers VP Mike McClure admits
is "one of the toughest in the league." Still, Nashville gives
up naming rights. Not only will the Oilers be able to choose a
corporate sponsor for the stadium, they will keep all the
proceeds, which in other cities has been about $1M a year
(NASHVILLE BANNER, 4/17).
REFERENDUM REVS UP: Early voting began Wednesday for the
May 7 referendum on whether to spend public money to build a
stadium for the Oilers. A TENNESSEAN editorial urged citizens to
vote and claimed "as an NFL city," Nashville will see more
business and more business expansion." "Yes for Nashville," a
group supporting the plan, and NationsBank both held downtown
rallies to encourage citizens to vote (Nashville TENNESSEAN,
4/17).
