The latest details of Twins Owner Carl Pohlad's
proposal for a new stadium are "quite a change-up" from the
originally-announced deal, according to Terry Fiedler in the
Minneapolis STAR TRIBUNE. The announced deal called for the
Pohlad family to contribute an $82.5M direct cash
investment, up-front project revenues of $25M and a 49%
ownership stake for the public valued at approximately $50M.
But Fiedler calls the Pohlads' direct cash investment "more
akin to a loan paid back with interest," and notes the
public's minority share of stock "probably would produce
little cash to help construct the stadium," while
appreciation in the team's value may go partly to the
Pohlads rather than entirely to the public. Fiedler adds
that the sale of naming rights and similar ventures to earn
up-front revenues would raise more than the $25M earmarked
for stadium construction, with the remainder going toward
team operations. State Senator John Marty called the
representation "just plain dishonest. This is not cash at
all." Metropolitan Sports Facilities Chair Henry Savelkoul
did acknowledge the "direct cash investment" is actually
"more akin to debt" to be repaid to the Pohlads from stadium
profits and by state taxpayers with interest if the Pohlads
sell their stake (Minneapolis STAR TRIBUNE, 1/25).
POLL POSITION: The results of a Minneapolis STAR
TRIBUNE poll showed most Minnesotans are unwilling to help
build a $340M baseball stadium in return for owning part of
the team, according to Robert Whereatt in the Minneapolis
STAR TRIBUNE. According the poll of 699 adults, 69% are
against the deal proposed by Twins Owner Carl Pohlad, while
21% favor it, and more than six in ten said they wouldn't
spend any of their taxes on a new stadium, if they had a
choice (Minneapolis STAR TRIBUNE, 1/26).
