Menu
Facilities Venues

MA LEGISLATURE OK'S RED SOX DEAL; CAN TEAM GET FINANCING?

          Red Sox CEO John Harrington "offered only a subdued,
     three-sentence response" thanking the MA Legislature for
     passing legislation on a new Fenway Park over the weekend,
     "underscoring his fears the team may not be able to afford
     its portion" of the $665M project, according to Vaillancourt
     & Bollman of the BOSTON GLOBE.  Harrington "made no
     commitment the team will be able to secure private
     financing" for the park and said, "We have to be candid
     about the realities we face."  On Saturday, the MA Senate
     and House each passed the bill authorizing $312M in state
     and city aid for the project and calls for the Red Sox to
     pay the full $352M cost of the ballpark plus overruns, which
     team execs say means the team "will be required to make the
     largest private investment any team has ever made in a new
     stadium in the history of modern sports" (BOSTON GLOBE,
     7/30).  Also in Boston, Guarino & Crummy wrote that the
     legislature approved "by comfortable margins" the measure
     less than four days after it was "unveiled" by Gov. Paul
     Cellucci, Mayor Thomas Menino and House Speaker Thomas
     Finneran and Senate President Thomas Birmingham.  However,
     the package "still faces an uncertain future given the Sox
     admitted financing woes and a majority opposition on the
     City Council."  The team secured "only one of their" seven
     "11th-hour demanded changes" to the bill, an expansion of
     the definition of a tax zone around the ballpark site to
     include street-level shops and restaurants planned for the
     ballpark "to help the team meet its payback to the city." 
     But legislators "turned away" other demands by the team,
     including a bid that the city "revive its guarantee" of $7M
     annually in revenue to the team (BOSTON HERALD, 7/30). 
          A DEAL IS A DEAL: The BOSTON HERALD's Cosmo Macero
     wrote that with the "last-minute menu" of proposed changes,
     Harrington "burned up enough political capital to conjure up
     memories of [Patriots Owner] Robert Kraft's South Boston
     fiasco."  Macero: "The team's brazen overture at Friday's
     legislative hearing on the ballpark bill even surprised some
     Sox advisers.  And it created bad feelings" (BOSTON HERALD,
     7/30).  The team's proposed bill changes "left government
     leaders shocked and angered" (BOSTON HERALD, 7/29).  In
     Boston, Dan Shaughnessy wrote on Harrington's "complaining"
     that the team does not have "enough money" to finance it's
     portion of the $665M project.  Shaughnessy to Harrington:
     "Then sell the team or bring in a moneybags partner.  This
     whining only makes it sound as if the Sox don't really want
     to go ahead with the project" (BOSTON GLOBE, 7/29).    
          RESCUE MISSION: Also in Boston, Meg Vaillancourt wrote
     on the role of local business leaders on the ballpark deal
     under the header, "Businessmen Rescue Bid."  John Hancock
     CEO David D'Alessandro, ad exec Jack Connors and FleetBoston
     Financial President Chad Gifford told Red Sox execs during
     ballpark negotiations last Tuesday night that the latest
     offer by state leaders was the best the team would receive.
     The team accepted the deal "after the Red Sox realized the
     politicians were, in effect, offering them a take-it-or-
     leave-it proposition."  Leaders "warned that if Harrington
     rejected the deal it wasn't clear when they might consider a
     ballpark project again" (BOSTON HERALD, 7/30).  
          BUT IS THE DESIGN FLAWED? In Boston, Robert Campbell
     wrote, "I'm wondering why everyone is talking about politics
     and money and nobody is talking about the fact that this is
     a terrible design for a ballpark."  Campbell criticizes a
     replica Green Monster: "[The Green Monster] exists today for
     a logical reason: because a city street sliced off a corner
     of the lot the ballpark was built on.  Once you replicate
     the Monster on a different site, you've transformed it from
     reality to stage set" (BOSTON GLOBE, 7/30).

SBJ Morning Buzzcast: May 3, 2024

Seismic change coming for NCAA? Churchill Downs rolls out major premium build out and Jeff Pash, a key advisor to Roger Goodell, steps down

Learfield's Cory Moss, MASN/ESPN's Ben McDonald, and Canelo

On this week’s pod, SBJ’s Austin Karp has two Big Get interviews. The first is with Learfield's Cory Moss as he talks about his company’s collaboration on EA Sports College Football. Later in the show, we hear from MASN/ESPN baseball analyst Ben McDonald on how he sees the college and professional baseball scene shaking out. SBJ’s Adam Stern shares his thoughts on the upcoming Canelo-Mungia bout on Prime Video and DAZN.

SBJ I Factor: Molly Mazzolini

SBJ I Factor features an interview with Molly Mazzolini. Elevate's Senior Operating Advisor – Design + Strategic Alliances chats with SBJ’s Ross Nethery about the power of taking chances. Mazzolini is a member of the SBJ Game Changers Class of 2016. She shares stories of her career including co-founding sports design consultancy Infinite Scale career journey and how a chance encounter while working at a stationery store launched her career in the sports industry. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/2000/07/31/Facilities-Venues/MA-LEGISLATURE-OKS-RED-SOX-DEAL-CAN-TEAM-GET-FINANCING.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/2000/07/31/Facilities-Venues/MA-LEGISLATURE-OKS-RED-SOX-DEAL-CAN-TEAM-GET-FINANCING.aspx

CLOSE