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SBD/Issue 56/Facilities & VenuesPrint All
NAMING RIGHTS: CNNMONEY.com's Chris Isidore has created a Stadium Sponsors Stock Index to "track the performance of 50 publicly traded companies paying for the right to have their names on stadiums," and Isidore wrote that it is "not something that would inspire investing in the next company to sign such a deal. ... Year-to-date, the total value of those companies' stocks are down about 19[%], with a loss of about $265[B] in market capitalization." While Enron is struggling financially, Astros President of Business Operations Pam Gardner said that there have been "no discussions about Enron not being able to continue" its sponsorship of Enron Field. Gardner added, "I don't know what the market is for [a new naming rights deal]. We haven't been out there soliciting for that. At this point, we're hoping we don't have to" (CNNMONEY.com, 11/30). Meanwhile, MD-based Gilco Sports & Entertainment Marketing co-Founder David Cope said of naming-rights deals: "There is certainly a movement going on toward the bigger, safer companies. Teams want somebody who will not only sign today but be around for the long haul" (WASHINGTON TIMES, 12/2).
NOTES: Detroit city officials said that they have issued a six-month holding letter to MI-based Nonrahs-Sinacola Stadium Redevelopment to convert Tiger Stadium to a redevelopment "showcase with a sports club, condos, stores, offices and a preserved baseball diamond able to host concerts and games" (DETROIT FREE PRESS, 12/1)....In Denver, Mike Klis reported that Rockies execs "are devoting their winter thinking of ways to alter the dimensions of Coors Field to make it friendly for pitchers" (DENVER POST, 12/2).
K.C. Mayor Kay Burns on Friday unveiled plans to renovate the Truman Sports Complex as part of a $1.8B downtown revitalization initiative, according to Howard Richman of the K.C. STAR. The renovations, proposed by K.C.-based HOK Sport, "are numerous," and the price tag is $300M. While a new downtown arena "is on the mayor's wish list," the renovation of Arrowhead Stadium and Kauffman Stadium are "among the city's more immediate concerns." Richman: "Among the proposed changes are wider concourses at both stadiums; an increase in restroom and concession areas; new restaurants beyond the outfield and new group seating at Kauffman; and the possibility of adding luxury suites at Arrowhead, including lighted elevator towers to take fans to their new digs." Richman wrote the funds will come from $150M from a proposed extension of a bistate sales tax; $100M financed through diversion of state sales tax and withholding taxes created by the projects; and $50M from the Chiefs and Royals. MO Rep. Dennis Bonner, who is sponsoring the effort, said, "We have a tough road ahead of us in the Legislature. ... [But] we've got to strengthen our teams and keep them here in Kansas City. They are too important to lose" (K.C. STAR, 12/1).