The marlins obviously have a funding mechanism in place or you wouldn't have had this announcement today. Whether it is a loan they have secured, an equity partner or wherever.

 

The tax ramifications are complicated if a loan is involved (unless, say it isn't so MLB stepped up?? just guessing) I'm thnking this because the Marlins make no rent payments under this plan so they must be servicing debt instead.

 

As I said, the other day the PSFT had grown to a point where there was enough money to build three stadiums and if you'll notice the parking garage is back.

 

Keep in mind btw, MLB owns 20% of the profits the Marlins make in the first five years of a new stadium.

 

I'm assuming that the Marlins were familiar with what this plan was going to be prior to the announcement. Hopefully the fact that they know have to pay $155 upfront wasn't just sprung on them tonight...The article kind of makes it sound like it was, but that can't be the case, right?

 

 

 

According to the Memo, the Marlins are still reviewing the Agreement, as is the City. So we are still far from having a stadium in the works. Obviously, the Marlins and MLB want a deal, it just has to be a deal that works from their perspective. They rightly do not feel obligated to lose money just so they will be considered "good owners" by a few fans and pundits. Expect many proposals from the team and the City that will make it a challenge to get this done.

 

That said, I hope the Marlins and MLB can move from this, to a final deal acceptable to all. But that will take the agreement of our local politicos, who are notorious for gumming up the works. The "concerns" expressed by 2 County Commissioners, coupled with the ongoing "review" of the Agreement by the City, do not bode well for this particular plan.

3. I believe Huizenga gets the lion's share of parking and the marlins get a piece after the net as determined by HH.

My understanding (I have personally reviewed the financials of Dolphins Stadium, although it was a few years ago, so the arrangement may have changed) is that Wayne receives a portion of the gross to pay for stadium employees and police, but that after those are paid the Marlins receive the bulk of the rest, which turns out to be around 75% of the gross. So, while the money flows first to Wayne, the vast majority of the money goes to the Marlins.

 

As for the concessions, Wayne has contracted out the concession duties to a third party for all DS events, with Wayne receiving a fixed stream of income from the contractor regardless of whether sales are good or bad. From that, Wayne pays a small fraction to Loria for each Marlins game. So, Loria has pretty much no control over the items offered, the prices charged, or the revenues received.

 

I wholeheartedly agree that the Marlins would receive more at a new stadium, but the parking revenue IMO is not the problem with their lease at DS.

 

Also, I am in complete agreement that the advertising money would be HUGE at a new stadium, and that is really what Loria is after. If he is allowed to keep the revenues generated from naming rights, etc., he will reap huge profits.

Keep in mind btw, MLB owns 20% of the profits the Marlins make in the first five years of a new stadium.

 

I was under the impression that if a stadium deal wasn't in place 5 years after the new ownership group took control that this part of the original agreement was null and void. Please explain.

I was under the same impression.

Im still cautiously optimistic.

 

I'll get really excited when the shovel hits the dirt. Thanks for the updates though 2003.

 

 

So, if this goes through, what will be the quikest way for fans to get to the game who are coming from North Broward County that live near the FL Turnpike?

 

Where exactly?

 

I mean. I so want to stalk you. :-P

 

 

 

 

I smell a Festa/TheDon carpool in 2011. :mischief

Keep in mind btw, MLB owns 20% of the profits the Marlins make in the first five years of a new stadium.

 

I was under the impression that if a stadium deal wasn't in place 5 years after the new ownership group took control that this part of the original agreement was null and void. Please explain.

I was under the same impression.

 

I could be wrong, I'm darting in and out of here, but I believe the 20% is tied to the loan forgiveness and the low-rate loan. it's not hard to find, someone can google it, you should be able to find news stories explaining the deal structure.

Do the f***ing deal.

Im still cautiously optimistic.

 

I'll get really excited when the shovel hits the dirt. Thanks for the updates though 2003.

 

 

So, if this goes through, what will be the quikest way for fans to get to the game who are coming from North Broward County that live near the FL Turnpike?

 

Where exactly?

 

I mean. I so want to stalk you. :-P

 

 

 

 

I smell a Festa/TheDon carpool in 2011. :mischief

 

 

You're car is big enough to get the deed done. :shifty

Also, I am in complete agreement that the advertising money would be HUGE at a new stadium, and that is really what Loria is after. If he is allowed to keep the revenues generated from naming rights, etc., he will reap huge profits.

 

And he will still spend the bare minimum. He will just have to come up with a better excuse as to why.

from Cape's website - see link - from a barry jackson 2006 columm

 

"After the 2001 season, MLB paid Loria $120 million for the Expos, then loaned him $38.5 million so he could complete the $158.5 million purchase of the Marlins from Henry, who bought the Boston Red Sox.

 

But under terms of the deal, $15 million of the loan will be forgiven if a ballpark is not under construction within five years of his purchase of the team. Because it's impossible to envision construction beginning as early as next February, Loria will be obligated to pay back only $23.5 million of the loan, with no interest.

 

Under any timetable, baseball will receive 20 percent of the Marlins' operating profit during the first five years in a new stadium."

 

 

http://capefish.blogspot.com/2006_10_01_archive.html

Will the Marlins be responsible for rent payments? If so, how much?

Also, I am in complete agreement that the advertising money would be HUGE at a new stadium, and that is really what Loria is after. If he is allowed to keep the revenues generated from naming rights, etc., he will reap huge profits.

 

WAAAAAAAAAAAAAAAAAAAAAAAAAAAAH.

Keep in mind btw, MLB owns 20% of the profits the Marlins make in the first five years of a new stadium.

 

I was under the impression that if a stadium deal wasn't in place 5 years after the new ownership group took control that this part of the original agreement was null and void. Please explain.

 

Unless the Marlins paid back the loan in the last five years and I'm assuming they haven't, the discounted or forgiveness portion of the MLB/Marlins loan agreement carries with it (as I remember it) this clause.

 

I can check it later if no one else posts further on it, but for another thread a few days/weeks ago I reread it. Now that doesn't mean it couldn't have been ammended, or as part of this deal the MLB won't enforce that provision - lots of things could be in this - but if I'm wrong someone will correct me.

 

Okay. Thanks. I'm probably jumping the gun in this response by not reading ahead first, but... Has that loan been paid off? Can we find out? I mean, it should be public record, shouldn't it? 20% of the first 5 years of profits in a new stadium could amount to a nice chunk of change if what I presume happens actually does. The new stadium will be pretty well packed for the first few years, or until the new car smell wears off.

Im still cautiously optimistic.

 

I'll get really excited when the shovel hits the dirt. Thanks for the updates though 2003.

 

 

So, if this goes through, what will be the quikest way for fans to get to the game who are coming from North Broward County that live near the FL Turnpike?

 

Where exactly?

 

I mean. I so want to stalk you. :-P

 

 

 

 

I smell a Festa/TheDon carpool in 2011. :mischief

 

 

You're car is big enough to get the deed done. :shifty

 

 

 

 

Oh it's big enough..........

 

 

 

 

 

 

 

 

 

And the car too.

 

 

 

 

 

 

 

:whistle

Why would it be public record? I think that part of the loan has been forgiven.

from Cape's website - see link - from a barry jackson 2006 columm

 

"After the 2001 season, MLB paid Loria $120 million for the Expos, then loaned him $38.5 million so he could complete the $158.5 million purchase of the Marlins from Henry, who bought the Boston Red Sox.

 

But under terms of the deal, $15 million of the loan will be forgiven if a ballpark is not under construction within five years of his purchase of the team. Because it's impossible to envision construction beginning as early as next February, Loria will be obligated to pay back only $23.5 million of the loan, with no interest.

 

Under any timetable, baseball will receive 20 percent of the Marlins' operating profit during the first five years in a new stadium."

 

 

http://capefish.blogspot.com/2006_10_01_archive.html

 

And thatr answers that. Thanks again.

Awesome news! Are there any concept drawings, or is it the same plan as before?

 

Ala this one:

The new stadium will be pretty well packed for the first few years, or until the new car smell wears off.

 

Until the next firesale, which unless its in writing of a stadium agreement, that the ownership has to keep a competitive salary, expect more of the same, with Loria reaping hundreds of millions by the time he sells the team.

 

Meanwhile expect 4th & 5th place finishes forever. We are the next Devil Rays....conform and accept the inevitable. :banghead

If this happens I will remove my Anit-Loria from my sig.

Call the stadium the Fish Bowl

The new stadium will be pretty well packed for the first few years, or until the new car smell wears off.

 

Until the next firesale, which unless its in writing of a stadium agreement, that the ownership has to keep a competitive salary, expect more of the same, with Loria reaping hundreds of millions by the time he sells the team.

 

Meanwhile expect 4th & 5th place finishes forever. We are the next Devil Rays....conform and accept the inevitable. :banghead

 

 

Your lack of faith is disturbing....yet so justified :confused

i wont be happy untill i see all of them at table sign the paper work in front of press conf. let see if we know by fanfest .

Call the stadium the Fish Bowl

Only if we sell the naming right to Starkist.

The new stadium will be pretty well packed for the first few years, or until the new car smell wears off.

 

Until the next firesale, which unless its in writing of a stadium agreement, that the ownership has to keep a competitive salary, expect more of the same, with Loria reaping hundreds of millions by the time he sells the team.

 

Meanwhile expect 4th & 5th place finishes forever. We are the next Devil Rays....conform and accept the inevitable. :banghead

uhhhh...he has spent the money in the past...and if he thought he would make more money by expanding the payroll...he would do it in a second...loria is a business man first, an art dealer 2nd, and a baseball fan 3rd...and when you understand this...you will realize why he does the things he does...even if you dont like it

I hate to add negative sentiments to an otherwise very positive thread. But I can only think of 2 things as I read through this deal

 

1) The Marlins are expected to put up half their net worth for a stadium in a crap area that is less convenient to their fan base than the already horribly inconvenient Dolphin Stadium? When I said before that putting up half your net worth for a dubious project is insane, the responses here were that it was spread over 30 years because of rent. Well, that's no longer the case. How on earth can they afford this? The financing issue is very shaky in my humble opinion. In this credit market, there ain't no bank crazy enough to float this kind of loan. Call me a skeptic.

 

2) Downtown is cheaper. W. T. F.

I just put up a summary of the plan.

 

I really like the clause that requires 7,200 "affordable" seats. That's almost 20% of the seats at a maximum $15 a game for 2011.

i wont be happy untill i see all of them at table sign the paper work in front of press conf. let see if we know by fanfest .

 

 

I won't be happy until shovel hits dirt.