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| $20M Grant Will Aid Superdome Repairs |
The Louisiana Stadium & Exposition District (LSED) Board of Commissioners unanimously approved a funding agreement with the NFL “that would grant up to $20[M] for repairs and improvements” to the Superdome, according to Jeff Duncan of the New Orleans TIMES-PICAYUNE. The deal also includes an amendment to the Saints’ stadium agreement with the state, which “reduces the $81[M] exit penalty by $15[M], or $20[M] if the Saints opt out of their contract and relocate before” their current ten-year, $186.5M contract that expires after the 2010 season. The deal is still subject to approval by Louisiana Gov. Kathleen Blanco, the Saints and the NFL, but state officials said that “all parties will sign the two documents once they are finalized in the next two weeks.” In return for the $20M grant, the Saints “get exclusive marketing rights to a handful of advertising and sponsorship vehicles that could enhance their bottom line,” though LSED officials “had to ‘carve out’ certain exemptions for other clients.” SMG Regional VP Doug Thornton estimated the total value of the marketing rights to be $500,000-750,000 annually, adding, “The value of the marketing rights is worth much more to the Saints than they are to us because the Saints can bundle them in sponsorship packages” (
New Orleans TIMES-PICAYUNE, 7/14).
