April 14, 200620 yr What are the details about that business about MLB forgiving part of a loan to Loria if a stadium deal is not in place by a certain time? Has that time come and gone? How many millions are involved. Details please.
April 14, 200620 yr If he makes a good faith attempt to build a stadium in Miami and has to relocate, the loan is forgiven. If he gets a stadium in Miami, it's an interest free loan.
April 14, 200620 yr Author If he makes a good faith attempt to build a stadium in Miami and has to relocate, the loan is forgiven. If he gets a stadium in Miami, it's an interest free loan. I thought there was some deadline or date to it. I don't believe it's open-ended.
April 14, 200620 yr If he makes a good faith attempt to build a stadium in Miami and has to relocate, the loan is forgiven. If he gets a stadium in Miami, it's an interest free loan. I thought there was some deadline or date to it. I don't believe it's open-ended. if memory serves, the deadline is five years after he bought the team. he bought the team just prior to 2002, so the deadline is coming up soon!
April 14, 200620 yr "The $38.5 million difference between what Loria is getting for the Expos and paying for the Marlins will be loaned to him by major league baseball, a baseball lawyer said on the condition that he not be identified." "Loria must pay off the Expos' current debt, but if the Marlins do not obtain a new ballpark within five years, Loria would have to pay back only $23.5 million of the loan and would not have to pay interest. If the team does get a ballpark, baseball would get 20 percent of the team's operating profit during its first five years in the new stadium." http://sports.espn.go.com/espn/print?id=1321084&type=news I've seen a similiar story on a couple of different sites. February 2007 would seem to be the end of the 5 year period.
April 14, 200620 yr Author "The $38.5 million difference between what Loria is getting for the Expos and paying for the Marlins will be loaned to him by major league baseball, a baseball lawyer said on the condition that he not be identified." "Loria must pay off the Expos' current debt, but if the Marlins do not obtain a new ballpark within five years, Loria would have to pay back only $23.5 million of the loan and would not have to pay interest. If the team does get a ballpark, baseball would get 20 percent of the team's operating profit during its first five years in the new stadium." http://sports.espn.go.com/espn/print?id=1321084&type=news I've seen a similiar story on a couple of different sites. February 2007 would seem to be the end of the 5 year period. Well, that's interesting. Perhaps it's the lure of the 15 million(with interest more like 25-30 million) plus giving up 20% of the profits that's hampering Loria's progress on getting a stadium deal done. Maybe we'll wind up going another year in limbo, and then they'll make a deal in spring 2007.
April 14, 200620 yr Well, that's interesting. Perhaps it's the lure of the 15 million(with interest more like 25-30 million) plus giving up 20% of the profits that's hampering Loria's progress on getting a stadium deal done. Maybe we'll wind up going another year in limbo, and then they'll make a deal in spring 2007. Maybe the market correction was to save up funds to do the ballpark deal and pay off the loan in 2006? :shifty
April 14, 200620 yr "The $38.5 million difference between what Loria is getting for the Expos and paying for the Marlins will be loaned to him by major league baseball, a baseball lawyer said on the condition that he not be identified." "Loria must pay off the Expos' current debt, but if the Marlins do not obtain a new ballpark within five years, Loria would have to pay back only $23.5 million of the loan and would not have to pay interest. If the team does get a ballpark, baseball would get 20 percent of the team's operating profit during its first five years in the new stadium." http://sports.espn.go.com/espn/print?id=1321084&type=news I've seen a similiar story on a couple of different sites. February 2007 would seem to be the end of the 5 year period. Well, that's interesting. Perhaps it's the lure of the 15 million(with interest more like 25-30 million) plus giving up 20% of the profits that's hampering Loria's progress on getting a stadium deal done. Maybe we'll wind up going another year in limbo, and then they'll make a deal in spring 2007. Imputed interest on $15 million would not accrue anywhere fast enough to increase the amount to $25-30 million in five years. And with interest rates being at historically low levels over the period, without doing the math I'd guess maybe $3-3.75 million in interest over the period, making the total amount closer to $18-19 million.
April 15, 200620 yr "The $38.5 million difference between what Loria is getting for the Expos and paying for the Marlins will be loaned to him by major league baseball, a baseball lawyer said on the condition that he not be identified." "Loria must pay off the Expos' current debt, but if the Marlins do not obtain a new ballpark within five years, Loria would have to pay back only $23.5 million of the loan and would not have to pay interest. If the team does get a ballpark, baseball would get 20 percent of the team's operating profit during its first five years in the new stadium." http://sports.espn.go.com/espn/print?id=1321084&type=news I've seen a similiar story on a couple of different sites. February 2007 would seem to be the end of the 5 year period. Maybe I'm more of the optmistic ones regarding South Florida's potential, but I'd rather just pay the 23.5M
April 15, 200620 yr Author "The $38.5 million difference between what Loria is getting for the Expos and paying for the Marlins will be loaned to him by major league baseball, a baseball lawyer said on the condition that he not be identified." "Loria must pay off the Expos' current debt, but if the Marlins do not obtain a new ballpark within five years, Loria would have to pay back only $23.5 million of the loan and would not have to pay interest. If the team does get a ballpark, baseball would get 20 percent of the team's operating profit during its first five years in the new stadium." http://sports.espn.go.com/espn/print?id=1321084&type=news I've seen a similiar story on a couple of different sites. February 2007 would seem to be the end of the 5 year period. Well, that's interesting. Perhaps it's the lure of the 15 million(with interest more like 25-30 million) plus giving up 20% of the profits that's hampering Loria's progress on getting a stadium deal done. Maybe we'll wind up going another year in limbo, and then they'll make a deal in spring 2007. Imputed interest on $15 million would not accrue anywhere fast enough to increase the amount to $25-30 million in five years. And with interest rates being at historically low levels over the period, without doing the math I'd guess maybe $3-3.75 million in interest over the period, making the total amount closer to $18-19 million. As I understand it it's not the imputed interest on the 15 Million difference. It's the imputed interest on the 38.5 Million total. At 6% a year for 5 years, that's over 10 Million interest.
April 15, 200620 yr Well, that's interesting. Perhaps it's the lure of the 15 million(with interest more like 25-30 million) plus giving up 20% of the profits that's hampering Loria's progress on getting a stadium deal done. Maybe we'll wind up going another year in limbo, and then they'll make a deal in spring 2007. Maybe the market correction was to save up funds to do the ballpark deal and pay off the loan in 2006? :shifty I wish. :mischief
April 15, 200620 yr Author "The $38.5 million difference between what Loria is getting for the Expos and paying for the Marlins will be loaned to him by major league baseball, a baseball lawyer said on the condition that he not be identified." "Loria must pay off the Expos' current debt, but if the Marlins do not obtain a new ballpark within five years, Loria would have to pay back only $23.5 million of the loan and would not have to pay interest. If the team does get a ballpark, baseball would get 20 percent of the team's operating profit during its first five years in the new stadium." http://sports.espn.go.com/espn/print?id=1321084&type=news I've seen a similiar story on a couple of different sites. February 2007 would seem to be the end of the 5 year period. Maybe I'm more of the optmistic ones regarding South Florida's potential, but I'd rather just pay the 23.5M It's not a matter of optimism or pessimism. Loria is going to have to pay 23.5 Million whether a stadium solution is found in South Florida, San Antonio, somewhere else, or nowhere. My point is one of timing, and if these details are true then Loria has about a 27 Million dollar incentive plus 20% of profits(another 30 Million?....maybe 57 Million total incentive) to delay signing a stadium deal in South Florida until next spring.
April 15, 200620 yr I think this is a big reason why we haven't seen a deal completed Well the Miami deal failed because the Marlins really didn't want to close it with Arriola and the City of Miami. Plus, the gap in funding was an issue. But Hialeah is on-going with studies and negotiations going on between the City, County, and landowners.
April 15, 200620 yr Author I think this is a big reason why we haven't seen a deal completed Well the Miami deal failed because the Marlins really didn't want to close it with Arriola and the City of Miami. Plus, the gap in funding was an issue. But Hialeah is on-going with studies and negotiations going on between the City, County, and landowners. Cape, my point is that Loria has every incentive to not really get serious and to delay any on going negotiations...... be they in Hialeah, Miami, San Antonio, or anywhere else, until a deal is signed in Spring 2007. Come the spring of 2007, the gap will find funding, or the Hialeah project will come together, or San Antonio's obstacles will be overcome, etc. Until then, we're spinning our wheels.
April 15, 200620 yr Cape, my point is that Loria has every incentive to not really get serious and to delay any on going negotiations...... be they in Hialeah, Miami, San Antonio, or anywhere else, until a deal is signed in Spring 2007. Come the spring of 2007, the gap will find funding, or the Hialeah project will come together, or San Antonio's obstacles will be overcome, etc. Until then, we're spinning our wheels. Well of course, but that doesn't stop Hialeah from working on a serious package to get it done.
April 15, 200620 yr Author Cape, my point is that Loria has every incentive to not really get serious and to delay any on going negotiations...... be they in Hialeah, Miami, San Antonio, or anywhere else, until a deal is signed in Spring 2007. Come the spring of 2007, the gap will find funding, or the Hialeah project will come together, or San Antonio's obstacles will be overcome, etc. Until then, we're spinning our wheels. Well of course, but that doesn't stop Hialeah from working on a serious package to get it done. Of course, and let's hope that's exactly what they're doing. Keep us updated. You and Festa do good work.
April 15, 200620 yr Of course, and let's hope that's exactly what they're doing. Keep us updated. You and Festa do good work. Thanks for the compliment. I expect Loria is impatient enough (aka Bud Selig prodding him) to get it done in 2006 if a real deal comes down the turnpike.
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