Jump to content


How will stadium funding be affected by the current financial crisis?


mountainfish
 Share

Recommended Posts

Ok I tried to start a similar thread before. I was wondering if the financing was in jeopardy? Prinmemito had this comment.

 

The credit markets may prevent the County from issuing the General Obligation Bonds they need to finance the stadium.

 

I'm not in So.Fla. Has any of this has been discussed in the local media? Do any experts out there know the answer?

Link to comment
Share on other sites


Inflation shouldn't be a problem, as we could be headed for a depression, which means that some materials may actually become cheaper. Its gonna be bizzare to see this gleaming new shining star going up, while the rest of the economy sinks. I'm begininng to wonder if they go through with it after all, only because of economic issues, just not the ones we thought would originally effect the team.

 

I wonder if the downturn in the economy will effect the payroll for next year ? Does Loria have a lot less money ? Will he be able to put in the money for the stadium ? Especially if he has to borrow to get the money ?

Link to comment
Share on other sites

Anyone with a lot of money just doesn't have it sitting in the bank doing nothing. I wouldn't be surprised if loria has taken huge hits the past few months.

 

I have the utmost confidence if Loria truly does not have the funds to complete the project MLB will make him sell the team to someone committed to the market who does have the funds, or they will give him a loan to make it happen

Link to comment
Share on other sites

As far as inflation, a recession doesn't necessarily mean lower costs; reference stagflation. My biggest concern is the Fed will continue to lower interest rates and print money to spur economic growth as they have the past 7 years or so, but the deep, mortgage-based troubled credit market and slumping Dow create a recipe for Economic woe circa the late 70's.

 

That doesn't mean if there is continued inflation that it will derail the stadium. The Marlins are on the hook for construction overruns provided they are not caused by delays on the part of the city or county, so the impact there (to the gov't and taxayers, anyway) is negligible.

 

I do believe what the original message said where it might be more difficult to issue the munincipal bonds becuase of market instability and the credit crunch, bu in the end, they will be able to secure the cash because government and municipal bonds are some of the safest investments, especially right now. A lot of investors are leaving the equity markets and putting their money in bonds. The 0 million GOB has been secured and issued, so that's not the problem, but the rest of the bonds HAVEN'T because the stadium deal is not finalized yet, and no underwriter (which I am) would not sign off on one before all of the i's are dotted bc of the Braman lawsuit throwing everything up in the air.

 

I personally feel the real concern here isn't construcion costs or the ability to secure the bonds, but actually the tourist tax revenue the county will use to help pay off the debt. In times like these, travel and entertainment are some of the first things to go.

 

The other thing to consider is how politically pushing through the final stadium votes will be with the elections coming up. I feel that's the real reason for the delay in the final votes and renderings from the team, not the final judgement from the Judge (Which she has already indicated as being favorable). It was just several weeks ago the city/county and team said they were going to press on regrdless.

Link to comment
Share on other sites

I just read that on ballparkdigest.com Miami-Dade County Commissioner Katy Sorensen was quoted as saying that the downturn in the economy could delay or kill the ballpark deal. much of it stems from decreased revenues from hotel taxes---see for yourself

 

 

 

just read it. damn it!!! we dont catch a break.

 

i had a bad feeling this economy was gonna play a major role. and if we dont get this stadium, we are sh*t out of luck. the marlins will leave miami. thinking back, if it wasnt for that cock sucker, norman braman, the consturction agreement wouldve been passed by now...but with current circumstances, who knows what will happen.

Link to comment
Share on other sites

I just read that on ballparkdigest.com Miami-Dade County Commissioner Katy Sorensen was quoted as saying that the downturn in the economy could delay or kill the ballpark deal. much of it stems from decreased revenues from hotel taxes---see for yourself

 

 

 

just read it. damn it!!! we dont catch a break.

 

i had a bad feeling this economy was gonna play a major role. and if we dont get this stadium, we are sh*t out of luck. the marlins will leave miami. thinking back, if it wasnt for that cock sucker, norman braman, the consturction agreement wouldve been passed by now...but with current circumstances, who knows what will happen.

Katy Sorenson is the most Anti-Marlins voter on the County Commission. If she even feels like showing up to vote, because she didn't last time, she'll spend it going on about how the Marlins have no fans. Her vote has been a resounding no since the beginning. I wouldn't take her word for anything.

Link to comment
Share on other sites

I just read that on ballparkdigest.com Miami-Dade County Commissioner Katy Sorensen was quoted as saying that the downturn in the economy could delay or kill the ballpark deal. much of it stems from decreased revenues from hotel taxes---see for yourself

 

 

 

just read it. damn it!!! we dont catch a break.

 

i had a bad feeling this economy was gonna play a major role. and if we dont get this stadium, we are sh*t out of luck. the marlins will leave miami. thinking back, if it wasnt for that cock sucker, norman braman, the consturction agreement wouldve been passed by now...but with current circumstances, who knows what will happen.

Katy Sorenson is the most Anti-Marlins voter on the County Commission. If she even feels like showing up to vote, because she didn't last time, she'll spend it going on about how the Marlins have no fans. Her vote has been a resounding no since the beginning. I wouldn't take her word for anything.

 

youve got a point. i actually thought about that a few moments after i posted my comments.

Link to comment
Share on other sites

This is the article in question.

 

Commissioner: Financial situation will delay, perhaps kill new Marlins ballpark

Posted Oct. 14, 2008

We may have our first high-profile casualty in the sports-facilities world directly linked to unrest in the world's financial markets: Miami-Dade County Commissioner Katy Sorensen says decreased tax revenues and issues with raising money may delay or even kill a proposed new Florida Marlins ballpark on the site of the former Orange Bowl. The issue: much of the financing for the new ballpark comes from hotel and tourism taxes, which have declined markedly over the year. Decreased tax revenue decreases the amount of money that can be borrowed toward the $515-million project. And if bonds cannot be issued against the taxes, then the ballpark cannot be built. In addition, there's no final approval yet regarding the project, and commissioners will need to approve on at some point. With everyone nervous about the state of the economy, you can expect many citizens -- and some former supporters -- to stand up and demand the ballpark project be scrapped until the economy improves. Not necessarily good public policy, but a political reality. Bruno Barreiro says he expects to present a final budget plan and lease for the new ballpark, but even he admits it may be delayed because of the current financial atmosphere.

--------------------------------------------------

 

 

The last sentence is the one that worries me the most.

Link to comment
Share on other sites

This is the article in question.

 

Commissioner: Financial situation will delay, perhaps kill new Marlins ballpark

Posted Oct. 14, 2008

We may have our first high-profile casualty in the sports-facilities world directly linked to unrest in the world's financial markets: Miami-Dade County Commissioner Katy Sorensen says decreased tax revenues and issues with raising money may delay or even kill a proposed new Florida Marlins ballpark on the site of the former Orange Bowl. The issue: much of the financing for the new ballpark comes from hotel and tourism taxes, which have declined markedly over the year. Decreased tax revenue decreases the amount of money that can be borrowed toward the $515-million project. And if bonds cannot be issued against the taxes, then the ballpark cannot be built. In addition, there's no final approval yet regarding the project, and commissioners will need to approve on at some point. With everyone nervous about the state of the economy, you can expect many citizens -- and some former supporters -- to stand up and demand the ballpark project be scrapped until the economy improves. Not necessarily good public policy, but a political reality. Bruno Barreiro says he expects to present a final budget plan and lease for the new ballpark, but even he admits it may be delayed because of the current financial atmosphere.

--------------------------------------------------

 

 

The last sentence is the one that worries me the most.

if that happen i not sure marlin will do their want out were play now their lossing money

Link to comment
Share on other sites

October 15, 2008

Marlins Stadium v. the economy

 

> Posted by Sarah Talalay at 11:52 PM

A considerable amount of concern from pro-Marlins ballpark ranks has arisen over a story in Tuesday's Wall Street Journal that looked at how sports franchises are faring in this tumultuous economy. It's a wide-ranging story explaining how sports are not immune from the economic downturn: stadiums await naming rights deals, teams worry about selling tickets and are taking steps to offer discounts or payment plans.

 

The story even quotes New Jersey Nets CEO Brett Yormark (twin brother of Panthers President Michael Yormark), saying sports are no longer competing just against other entertainment options: "We're going up against milk and orange juice," Yormark told the paper.

 

But the section that has some concerned about the prospects for a new Marlins ballpark at the site of the former Orange Bowl quoted veteran stadium opponent Miami-Dade County Commissioner Katy Sorensen saying support for the project is likely to wane:

 

"Everybody is a little skittish right now," added Ms. Sorensen, who has always opposed the project. "It's going to be a tough sell to the public to approve something like this."

The Marlins declined to comment. Bruno Barreiro, the county commission's chairman and a supporter of the project, said he hopes to submit a final deal for a vote in coming months, but he acknowledged that securing financing for the project might take a while.

 

"We have to wait until the market stabilizes," he said.

 

Sure the economic crisis will affect the price of the proposed $515 million stadium, but it wasn't unexpected the cost would go up, given the ongoing delays. (Some have always believed the price was much higher anyway).

Sorenson expressed concern about there being enough hotel bed taxes to cover the construction debt, but county officials have repeatedly said those dollars have already been identified and accounted for. And in fact, history shows governments sometimes like to embark on large public projects in difficult economic times because they stimulate the economy and create jobs. (Think the New Deal).

 

I'm told county, city of Miami and Marlins officials continue to negotiate definitive documents spelling out the details of construction management, non-relocation and other agreements. It's always been known receiving the nine county commission votes needed for each of those agreements will be an uphill battle, regardless of the economy.

Additionally, it's possible the Marlins are waiting until after Miami Circuit Court Judge Jeri Beth Cohen rules on the final count in auto dealer Norman Braman's case before unveiling renderings of the ballpark. But it's also possible the renderings just aren't ready yet.

 

As always, stay tuned...

---------------------------------------------------------

 

The Braman lawsuit delay and the financial crisis will probably delay the construction of the stadium at least a year. That is the message I get when reading between the lines. Things are not moving fast enough for construction to start next month.

I fear the price of building the stadium will continue to rise as the delays continue.

Link to comment
Share on other sites

If this project is delayed it will never get done . Now believe it or not probably would be the best time to build a new stadium the construction industry needs jobs and this is a prject that will last at least two years. Second , the Marlins are not like Joe and Jane six pack who brought a half million dollar house on combined 70k salaries with no money down and a ARM , in addition to their 25k in credit card debt and 50k in strudent loans. The Marlins actualy have ownership of something of significant value and have the where with all to payback a loan. The government is pumping so much liquidity into the system an entity like the Marlins should be able to get a low interest loan if needed before interest rates jump up which they will big time in a year or so. There will be a million false premises that will be presented to stop this mark my word if it doesnt get done soon it will not happen and the marlins will leave . I have to admit I would not blame the Marlins if they left Miami at this point because if they had an agreement to build a stadium and the County backs out on the final vote Miami Dade County Commissioners have shown themselves as a non trustworthy business partner .

Link to comment
Share on other sites

Sorenson expressed concern about there being enough hotel bed taxes to cover the construction debt, but county officials have repeatedly said those dollars have already been identified and accounted for. And in fact, history shows governments sometimes like to embark on large public projects in difficult economic times because they stimulate the economy and create jobs. (Think the New Deal).

 

see, not all is bad news...

 

irishharrington, do you really think the marlins will move during this economic crisis??? where will they go??? san antonio???? lol. portland??? lol. and las vegas is currently going bankrupt. do you think miami is in the only city struggling financially??? ALL cities are struggling, the entire country is struggling. what other city will have the funds to build them a stadium??? think about that. miami is still the best market for major league baseball compared to any other alternative. cmon, miami is the only city, with its tourism revenues, that will be able to pull this off. and we will. my only concern with a delay will be payroll issues.

 

also, i think the county vote will come soon after judge cohen gives her final ruling. as far as the commissioners are concerned, it may be a problem...but i think we probably have just enough votes; even considering the economy. but i wouldnt count on that...thats why ive been posting this for months: WE MUST GET INVOLVED. everyone here should try to contact your local officials/commisioners and pledge your support for the stadium, now is the time. we are headed down the finish line.

 

here is their contact info:

http://www.miamidade.gov/commiss/

 

USE IT! WE ALL CAN MAKE A DIFFERENCE!

Link to comment
Share on other sites

Sorenson expressed concern about there being enough hotel bed taxes to cover the construction debt, but county officials have repeatedly said those dollars have already been identified and accounted for. And in fact, history shows governments sometimes like to embark on large public projects in difficult economic times because they stimulate the economy and create jobs. (Think the New Deal).

 

see, not all is bad news...

 

irishharrington, do you really think the marlins will move during this economic crisis??? where will they go??? san antonio???? lol. portland??? lol. and las vegas is currently going bankrupt. do you think miami is in the only city struggling financially??? ALL cities are struggling, the entire country is struggling. what other city will have the funds to build them a stadium??? think about that. miami is still the best market for major league baseball compared to any other alternative. cmon, miami is the only city, with its tourism revenues, that will be able to pull this off. and we will. my only concern with a delay will be payroll issues.

 

also, i think the county vote will come soon after judge cohen gives her final ruling. as far as the commissioners are concerned, it may be a problem...but i think we probably have just enough votes; even considering the economy. but i wouldnt count on that...thats why ive been posting this for months: WE MUST GET INVOLVED. everyone here should try to contact your local officials/commisioners and pledge your support for the stadium, now is the time. we are headed down the finish line.

 

here is their contact info:

http://www.miamidade.gov/commiss/

 

USE IT! WE ALL CAN MAKE A DIFFERENCE!

 

That is my primary concern . A gutting of the payroll again , trading every player again , it has retarded the development of our fan base enough already . I dont fear an immediate move as you correctly point out right now there is probably not one city willing or able to spend 100's of millions of dollars on a baseball stadium, but when the economy turns around what little support Miami has provided the Marlins maybe gone. Sooner or later of the team has no support and no home the Marlins will HAVE to move

Link to comment
Share on other sites

Sorenson expressed concern about there being enough hotel bed taxes to cover the construction debt, but county officials have repeatedly said those dollars have already been identified and accounted for. And in fact, history shows governments sometimes like to embark on large public projects in difficult economic times because they stimulate the economy and create jobs. (Think the New Deal).

 

see, not all is bad news...

 

irishharrington, do you really think the marlins will move during this economic crisis??? where will they go??? san antonio???? lol. portland??? lol. and las vegas is currently going bankrupt. do you think miami is in the only city struggling financially??? ALL cities are struggling, the entire country is struggling. what other city will have the funds to build them a stadium??? think about that. miami is still the best market for major league baseball compared to any other alternative. cmon, miami is the only city, with its tourism revenues, that will be able to pull this off. and we will. my only concern with a delay will be payroll issues.

 

also, i think the county vote will come soon after judge cohen gives her final ruling. as far as the commissioners are concerned, it may be a problem...but i think we probably have just enough votes; even considering the economy. but i wouldnt count on that...thats why ive been posting this for months: WE MUST GET INVOLVED. everyone here should try to contact your local officials/commisioners and pledge your support for the stadium, now is the time. we are headed down the finish line.

 

here is their contact info:

http://www.miamidade.gov/commiss/

 

USE IT! WE ALL CAN MAKE A DIFFERENCE!

 

That is my primary concern . A gutting of the payroll again , trading every player again , it has retarded the development of our fan base enough already . I dont fear an immediate move as you correctly point out right now there is probably not one city willing or able to spend 100's of millions of dollars on a baseball stadium, but when the economy turns around what little support Miami has provided the Marlins maybe gone. Sooner or later of the team has no support and no home the Marlins will HAVE to move

 

good point. your right...but i dont think they will "gut the payroll". infact, i heard the marlins will up their payroll to 35 - 40 million. but that is still not enough for me. it will still be the lowest in baseabll. i want them to go out and sign some big names to put us over the top in the east. that is my main concern. that is why we need this stadium pronto. cant afford a delay.

 

and dont worry about relocation...the marlins aint goin anywhere...ive worried about the same thing myself, but i came to my senses when i realized there is no other market that could support this team, now or in the near future. just look it up on the web, google it...they have done extensive reseasrch in this very topic (reasearching the altertinative cities; san antonio, portland, charlotte, columbus, las vegas; they cant support a major leagur baseball team). major league baseball will keep the marlins in south florida at all cost dispite recent attendance. mlb believes in this market as they have said time and time again. besides, attendance will go up. mlb knows south florida has alot of potential. just think about this, we are the only fan base in baseball that has had to deal with 2 fire sales, losing all our franchise players to bigger market teams, bad stadium location and comfort, horrible weather, etc., etc., etc.,...dude, and people still come out to support this team. not in huge numbers like in ny or chicago, but the fan base here is extremely loyal and resilient. it will grow in the coming years. plus, we even have higher tv ratings than the yankees. and just look at how this place went crazy during 97 and 03. it would be the biggest mistake mlb has ever done to relocate this team to another city...it will not happen.

Link to comment
Share on other sites

Miami-Dade won't seek financing for $515 million ballpark until spring, two years before Marlins' lease with Dolphin Stadium expires

 

By Risa Polansky and Yudislaidy Fernandez

It will be about Major League Baseball's opening day before Miami-Dade County begins to seek financing for a $515 million Marlins ballpark.

The plan is to go to the bond market in March or April, County Manager George Burgess said ? only two years before the stadium is due to open in April 2011, when the Marlins' lease at Dolphin Stadium expires.

He declined to address how that deadline may be affected, saying that's "a question more fairly asked of the team."

Marlins spokesman P.J. Loyello said "We're still too early in the process to come up with a definitive timeline."

In announcing stadium plans last December, local officials said they expected to break ground by the end of 2008.

Miami-Dade's financing timetable is "absolutely not" a matter of waiting for market disarray to settle, Mr. Burgess said.

In continuing to plan for the stadium, it will simply take until spring to get to the financing stage, he said.

Miami-Dade Commission Chairman Bruno Barreiro told The Wall Street Journal differently last week. His quote: "We have to wait until the market stabilizes."

He did not respond to interview requests.

But Mr. Burgess maintained today's shaky market has nothing to do with the county's plan to not step up to the financing plate for nearly half a year.

"Right now you have an issue of liquidity and you have an issue of money in the market. We're not going to the market now," he said. "We have every confidence that the market is going to be stabilized" by the time the county is ready to seek financing next year.

Before then, commissioners must approve five stadium agreements. They OK'd a preliminary pact with the team and the City of Miami in February that required that subsequent contracts be set by July.

But auto dealer Norman Braman sent the process into extra innings, suing the governments and the team over the deal.

Though stadium plans survived the suit, the trial ate up months, Mr. Burgess said, predicting commissioners should see construction, management, non-relocation, assurance and parking agreements in November or December.

In summer, he'd hoped for a September vote.

But deadlines are less important than negotiating a solid deal for the public, he said.

"The deadline here is to make sure you have an agreement you're comfortable with. Getting those documents prepared correctly is what drives the deadline."

No major issues hold the documents back from commissioners, he said. It's ironing out details of multiple lengthy agreements that's taking time.

"I don't think it right for me to suggest that there are examples of major issues that we can't agree on because that's not the case," Mr. Burgess said. "We're really just working on language and the final details of the agreement."

Miami City Manager Pete Hernandez cited the lawsuit and the complexity of the necessary documents as delay factors. But he also mentioned financial market turmoil.

"We've been delayed by litigation. Now we are being impacted by the market," he said, noting that city commissioners also must approve a major use special permit for the stadium.

He said the permit, final agreements and adequate financing must be in place before a shovel can hit the ground.

Miami Today

 

Thought this article made more sense in this thread that a new post.

Link to comment
Share on other sites

Miami-Dade won't seek financing for $515 million ballpark until spring, two years before Marlins' lease with Dolphin Stadium expires

 

By Risa Polansky and Yudislaidy Fernandez

It will be about Major League Baseball's opening day before Miami-Dade County begins to seek financing for a $515 million Marlins ballpark.

The plan is to go to the bond market in March or April, County Manager George Burgess said ? only two years before the stadium is due to open in April 2011, when the Marlins' lease at Dolphin Stadium expires.

He declined to address how that deadline may be affected, saying that's "a question more fairly asked of the team."

Marlins spokesman P.J. Loyello said "We're still too early in the process to come up with a definitive timeline."

In announcing stadium plans last December, local officials said they expected to break ground by the end of 2008.

Miami-Dade's financing timetable is "absolutely not" a matter of waiting for market disarray to settle, Mr. Burgess said.

In continuing to plan for the stadium, it will simply take until spring to get to the financing stage, he said.

Miami-Dade Commission Chairman Bruno Barreiro told The Wall Street Journal differently last week. His quote: "We have to wait until the market stabilizes."

He did not respond to interview requests.

But Mr. Burgess maintained today's shaky market has nothing to do with the county's plan to not step up to the financing plate for nearly half a year.

"Right now you have an issue of liquidity and you have an issue of money in the market. We're not going to the market now," he said. "We have every confidence that the market is going to be stabilized" by the time the county is ready to seek financing next year.

Before then, commissioners must approve five stadium agreements. They OK'd a preliminary pact with the team and the City of Miami in February that required that subsequent contracts be set by July.

But auto dealer Norman Braman sent the process into extra innings, suing the governments and the team over the deal.

Though stadium plans survived the suit, the trial ate up months, Mr. Burgess said, predicting commissioners should see construction, management, non-relocation, assurance and parking agreements in November or December.

In summer, he'd hoped for a September vote.

But deadlines are less important than negotiating a solid deal for the public, he said.

"The deadline here is to make sure you have an agreement you're comfortable with. Getting those documents prepared correctly is what drives the deadline."

No major issues hold the documents back from commissioners, he said. It's ironing out details of multiple lengthy agreements that's taking time.

"I don't think it right for me to suggest that there are examples of major issues that we can't agree on because that's not the case," Mr. Burgess said. "We're really just working on language and the final details of the agreement."

Miami City Manager Pete Hernandez cited the lawsuit and the complexity of the necessary documents as delay factors. But he also mentioned financial market turmoil.

"We've been delayed by litigation. Now we are being impacted by the market," he said, noting that city commissioners also must approve a major use special permit for the stadium.

He said the permit, final agreements and adequate financing must be in place before a shovel can hit the ground.

Miami Today

 

Thought this article made more sense in this thread that a new post.

What a joke this stadium situation has been.Just move the team already.I'm sick of this.

Link to comment
Share on other sites

You guys keep on saying they will be moving, the question would be to where ? I think more likely the old "contraction" talk comes back to the forefront, and then I don't know what happens to the scheduling, but I doubt MLB will be playing 162 games, but probably schedule something a few less that works out that both leagues play the same amount of games, but with one less team.

Link to comment
Share on other sites

Miami-Dade won't seek financing for $515 million ballpark until spring, two years before Marlins' lease with Dolphin Stadium expires

 

By Risa Polansky and Yudislaidy Fernandez

It will be about Major League Baseball's opening day before Miami-Dade County begins to seek financing for a $515 million Marlins ballpark.

The plan is to go to the bond market in March or April, County Manager George Burgess said ? only two years before the stadium is due to open in April 2011, when the Marlins' lease at Dolphin Stadium expires.

He declined to address how that deadline may be affected, saying that's "a question more fairly asked of the team."

Marlins spokesman P.J. Loyello said "We're still too early in the process to come up with a definitive timeline."

In announcing stadium plans last December, local officials said they expected to break ground by the end of 2008.

Miami-Dade's financing timetable is "absolutely not" a matter of waiting for market disarray to settle, Mr. Burgess said.

In continuing to plan for the stadium, it will simply take until spring to get to the financing stage, he said.

Miami-Dade Commission Chairman Bruno Barreiro told The Wall Street Journal differently last week. His quote: "We have to wait until the market stabilizes."

He did not respond to interview requests.

But Mr. Burgess maintained today's shaky market has nothing to do with the county's plan to not step up to the financing plate for nearly half a year.

"Right now you have an issue of liquidity and you have an issue of money in the market. We're not going to the market now," he said. "We have every confidence that the market is going to be stabilized" by the time the county is ready to seek financing next year.

Before then, commissioners must approve five stadium agreements. They OK'd a preliminary pact with the team and the City of Miami in February that required that subsequent contracts be set by July.

But auto dealer Norman Braman sent the process into extra innings, suing the governments and the team over the deal.

Though stadium plans survived the suit, the trial ate up months, Mr. Burgess said, predicting commissioners should see construction, management, non-relocation, assurance and parking agreements in November or December.

In summer, he'd hoped for a September vote.

But deadlines are less important than negotiating a solid deal for the public, he said.

"The deadline here is to make sure you have an agreement you're comfortable with. Getting those documents prepared correctly is what drives the deadline."

No major issues hold the documents back from commissioners, he said. It's ironing out details of multiple lengthy agreements that's taking time.

"I don't think it right for me to suggest that there are examples of major issues that we can't agree on because that's not the case," Mr. Burgess said. "We're really just working on language and the final details of the agreement."

Miami City Manager Pete Hernandez cited the lawsuit and the complexity of the necessary documents as delay factors. But he also mentioned financial market turmoil.

"We've been delayed by litigation. Now we are being impacted by the market," he said, noting that city commissioners also must approve a major use special permit for the stadium.

He said the permit, final agreements and adequate financing must be in place before a shovel can hit the ground.

Miami Today

 

Thought this article made more sense in this thread that a new post.

What a joke this stadium situation has been.Just move the team already.I'm sick of this.

 

guys, dont freak out. this is part of the process. we are going through a financial drought in this country, this is just the way it has to be. the marlins are going nowhere lol. if we cant afford to do this, you think any other city can? look, the stadium will be built...its just not gonna be for opening day 2011. besides, the marlins, city and county are working on the construction agreement as we speak...they will finalize that within the next couple months and then we're ready to play ball. plus, the marlins are going to release the renderings after the judge makes here final ruling, which should be very soon.

 

try not to worry, a delay was expected. you guys are reading too much into this article...your kinda looking at the cup half empty instead of looking at it half full. all this article said is that the funds will be availabe in the spring, and thats fine with me considering the economic crisis. but the construction deal will be sealed way before then.

 

and just a side note, dont forget to equate this into the picture: the elections are here. ofcourse the commissioners are going to talk about delaying this a bit with the current financial crisis...people are worried and the commissioners want to get re-elected, so this makes perfect sense they would say this. all is good though. the marlins will stay...and we will have our new facility, but, we must be patient...things like this take time...its alot of money. i mean we've been waiting like 10 years for this, i think we can wait another winter.

 

here check out this current article on the new stadium from the florida marlins website: http://florida.marlins.mlb.com/news/articl...sp&c_id=fla

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...