NFL Owners News, Part II: Jones Considering Time-Share Tickets

Jones Says Cowboys Will Take Time-Share Approach With Tickets At New Stadium

WANING VALUE? The DALLAS BUSINESS JOURNAL's Dave Moore reports the Cowboys and the city of Arlington, "to insure their stadium debt," have hired MBIA Inc. and Ambac Financial Group (AFG). But Arlington and the Cowboys were "unaware that those companies were heavily exposed to subprime debt," as both MBIA and AFG have been "fending off challenges to their top-notch financial ratings, which reflect directly upon the quality of the stadium's debt in the marketplace." N.Y.-based Fitch Ratings, which rates companies and securities for their financial risk, "downgraded [AFG] from a AAA rating to AA." Moore notes it is "unclear exactly what the Cowboys' debt issues are drawing, in terms of interest rates, when they go to auction monthly." Bank of America, which takes the team to the market, declined comment. But AFG Managing Dir Mark Spinelli, who worked on the Cowboys deal, said, "Let's face it, the Cowboys' credit hasn't changed between December and January, and between January and February because they're still doing exceptionally well both on the field as a football team and even in their financials. The fundamentals behind the strength of the deal are still there" (DALLAS BUSINESS JOURNAL, 3/28 issue).

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