Magic Money

[MarlinGuru]

Since it looks like the stadium deal isn't going to go through the senate, the Marlins are gonna need some magic money to finally plug in the stadium.

 

Where are we going to get the money?

 

Discuss.

 

***Gets on the phone with Bill Gates***

[prinmemito]

Reorganize the Marlins by buying out some of the minority owners, changing the shares out of the bought-out shares (giving those shares more authority), and then selling off those shares to some investors for a higher price. A reorganization of the Marlins LP could generate the $30 million needed to complete the stadium funding. Alternatively, the Marlins could create a new company (call it Marlins Stadium, Inc.), incorporate it, put in the $192 million the Marlins have already pledged for the stadium into this new company, and get some venture capitalists to pitch in the needed $200 million and make them half owners of the new company (Marlins LP being the owners of the other half). They just need to be creative. Good business men can make this happen. The Marlins Stadium, Inc. could really make a ton of money off that stadium. This is basically what Wayne "Crater Face" Huizenga did.

[FishFan24]

Reorganize the Marlins by buying out some of the minority owners, changing the shares out of the bought-out shares (giving those shares more authority), and then selling off those shares to some investors for a higher price. A reorganization of the Marlins LP could generate the $30 million needed to complete the stadium funding. Alternatively, the Marlins could create a new company (call it Marlins Stadium, Inc.), incorporate it, put in the $192 million the Marlins have already pledged for the stadium into this new company, and get some venture capitalists to pitch in the needed $200 million and make them half owners of the new company (Marlins LP being the owners of the other half). They just need to be creative. Good business men can make this happen. The Marlins Stadium, Inc. could really make a ton of money off that stadium. This is basically what Wayne "Crater Face" Huizenga did.

760552[/snapback]

 

 

Wow! :o :thumbup

[CapeFish]

Only issue with Marlins Stadium, Inc. as proposed is that Dade County would own the stadium.

 

The best thing to do would to get some more partners that have the capital needed to complete this project.

[prinmemito]

Only issue with Marlins Stadium, Inc. as proposed is that Dade County would own the stadium.

 

The best thing to do would to get some more partners that have the capital needed to complete this project.

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Right. Marlins Stadium, Inc. would only exist if we wanted the stadium to be entirely privately funded. The County has said all bets are off if the state does not grant the funding, so, if possible, it might make more business sense to do it this way. Like I said in my post, if the Marlins want to continue with the current plan, they could just bring in new partners to help fill the funding gap. You get a brand new stadium either way.

[CapeFish]

The County has not said all bets are off. The County has said that this specific deal would not work if the State said no because the agreement stated state support. They could always do a new agreement or amend this one though.

[OrlandoFish]

Most probably know the history of Dolphins stadium. So just wondering why Loria couldn't do something similar to what Joe Robbie did when he built it. See below.

 

 

In the late 1970?s and early 1980?s after playing at the Orange Bowl for many years, Dolphins owner Joe Robbie began lobbying for a new stadium for his team. After voters continually rejected tax increases for a stadium to be built, Joe Robbie decided to have the stadium built himself. After finding a site to build the stadium, construction began in December 1985. The facility was paid for by the selling of luxury suites, club seats, private funds, and long term agreements with season ticket holders. Dolphins Stadium was completed in just over two years.

[Boog Sciambi]

but miami dade is donating the land arenn't they?

[BasesLoadedWalk]

I would think that if the Marlins do decide to go the private financing route, that may entail a new location or even back at the DS complex. Lest we forget, the OB location wasn't Loria's first choice for placing the stadium. The OB location only became possible once Loria understood it was the location to be if he wanted some public dollars for the stadium, coming with certain stipulations set by the county. Miami-Dade is expecting tax revenues to pay off the bonds they would raise under the current plan. If the Marlins Stadium goes private the owners will definitely insist on owning the facility and controlling most revenues from non-baseball events. I would support it on principle. However, that would entail a not-so-small problem for the county. The county would want to own the baseball stadium to go along with the OB so that they can increase their collections on events other than baseball.

 

One big key is who would purchase the properties where the stadium's supposed to go. Teams love it when public entities own the land where facilities are located because they can then enjoy the tax benefits. The Marlins would still like to ask the county/city to purchase the land but don't look for that to happen without public ownership of the stadium itself. A deal-breaker right there. Should that be the plan, Broward and Palm Beach counties could re-enter the stadium competition. Now let's say that the spring training plan doesn't pass and the Baltimore Orioles leave the state. Their ST site could then open up.

 

Just thinking of the possible scenarios that may come with a private plan.

[CapeFish]

Private ownership won't happen. Dade County wants this facility badly. I think the additional $1 million a year needed for contruction could come from the Marlins though. Raise the rent a bit more.

[Marlins2003]

The problem that faces the Marlins today (as opposed to when Joe Robbie built JRS) is two-fold - finding a tract big enough and well situated AND is affordable. Trying to find a developable parcel of the size needed to do this without the use of eminent domain (by either city or county) is virtually impossible.