Many critics had "balked at the generous taxpayer-funded incentives" that were paid to keep the Saints in New Orleans after Hurricane Katrina, which led to Owner Tom Benson agreeing to renegotiate terms with the state in '09, and now seven years later, the resulting deal has proven "just as lucrative to Louisiana's richest man -- and potentially more so," according to Robert McClendon of the New Orleans TIMES-PICAYUNE. SMG Exec VP/Stadiums & Arenas Doug Thornton, serving as the agent of the Louisiana Stadium & Exposition District (LSED), "was at the center of the negotiations on a new deal." He said that "everyone had an incentive to deal." The new deal, good for 15 years, saves the state "millions in annual out-of-pocket expenses." But that is "not to say that Benson took a loss," as it is "likely he will end up making even more money than he did before." Rather than paying Benson $23.5M every year, the state "agreed to make a one-time" $85M investment in Mercedes-Benz Superdome upgrades. The overhaul "added 3,200 seats, club lounges, 16 new box suites, a new team store and more concession options." Whatever money Benson could "squeeze out of the new amenities was his to keep." To close the deal, LSED also "agreed to let Benson sell the naming rights to the stadium." When counting the naming-rights money at the NFL venue, the stadium improvements and revenue from the real estate deal, Benson is "almost certainly clearing" more than $23.5M. Thornton said that the deal is "mutually beneficial to the teams and the state" and that those "arrangements should be viewed in light of New Orleans' relatively small market size" (New Orleans TIMES-PICAYUNE, 8/5).
