The WI Stadium Board has acquired a mortgage from the
Brewers that would require the team to surrender its 36%
ownership interest in the new ballpark to the board "in the
event the team faces financial difficulty," according to
Kenneth Lamke of the MILWAUKEE JOURNAL SENTINEL. The
mortgage is an "added guarantee" that the Brewers will pay
its portion of stadium costs and not sell its ownership
interest in the ballpark. Also, the consortium of the city,
the business community and two foundations that is giving
$50M in loans to the team for the ballpark -- also is
pursuing a mortgage from the Brewers for the same reason.
The stadium board is now paying $160M, or 64% of the stadium
cost, whereas the Brewers are providing $90M, or 36%
collected from "various sources," including the $50M.
Stadium Board Attorney Norm Matar said the Brewers and its
creditors, including Charlotte, N.C.-based NationsBank,
Chicago's LaSalle National Bank and Milwaukee's Northwestern
Mutual Life Insurance Co., have agreed to the mortgage
(MILWAUKEE JOURNAL SENTINEL, 1/25).