August 27, 201016 yr This doesn't endanger the stadium, but the City of Miami is exploring how to reopen the part of the Marlins stadium contract that involves the parking garages, mainly as a result of the recent leak of Marlins team financial information to the Internet. Fanhouse.com Miami Could Reopen Marlins Stadium Deal After Financial Details Emerge 8/26/2010 2:55 PM ET By Josh Alper We know that Marlins president David Samson was already furious that Deadspin published the team's financial records, but it's a good bet that his anger level is even higher now that their publication is creating some issues with their stadium contract. Miami mayor Tomas Regalado asked the city attorney to look into reopening the city's contract with the Marlins for a parking garage at the team's new stadium, according to the Miami Herald. His request comes on the heels of Miami-Dade Commissioner Rebeca Sosa's request that county administrators try to get the team to pony up more money for the stadium's construction. In both cases, the revelation that the team made in excess of $30 million in 2008 and 2009. "If the answer is in the negative, what recourse do we have to expose those who misinformed the commission and public during a public hearing?" Regalado, who voted against the stadium deal, asked the city attorney. The deal with the city involves a $125 million contribution for the garage and other infrastructure improvements with the city and club splitting proceeds from advertising on the garage on a 50-50 basis. Regalado wants the city to get all of the proceeds. The county will spend about $362 million while the Marlins are on the hook for $155 million, with about $35 million coming from a loan from the county that will be repaid via rent payments. Samson and the Marlins have long maintained that getting a stadium was vital to their ability to survive financially in Miami. These reports don't really disprove that since they do need to come up with some money, but there's little doubt they would have wound up with different terms if the true financial picture was known before the deal was finalized. Samson replied to Sosa's request by saying that "a contract is a contract" but surely some lawyer has already told him that things aren't quite that simple. When one party is guilty of fraud or misrepresentation, a contract can quickly become null and void. We're a long way from any finding of that type, of course, but if the city is really going to make an issue of this, things could get sticky. http://mlb.fanhouse.com/2010/08/26/miami-looks-into-reopening-marlins-stadium-deal-after-financial/?synd=1
August 27, 201016 yr why does no one mention that even with the 49 million dollar profit that the marlins still need to come up with another 106 million. i just dont understand why this is becoming such an issue. tell me the marlins made 200 million is one thing but this is 49 million dollars dramatically inflated by revenue sharing money.
August 27, 201016 yr why does no one mention that even with the 49 million dollar profit that the marlins still need to come up with another 106 million. i just dont understand why this is becoming such an issue. tell me the marlins made 200 million is one thing but this is 49 million dollars dramatically inflated by revenue sharing money. I dont know about you, but I'd be pissed if I gave someone money because they told me they needed it to survive and then they pocketed $49 million! At this point the stadium is past the point of no return which is great for the Marlins, but it is REALLY sleazy of them to not disclose all of their info. Sadly, its not the politians who can be blamed this time...
August 27, 201016 yr why does no one mention that even with the 49 million dollar profit that the marlins still need to come up with another 106 million. i just dont understand why this is becoming such an issue. tell me the marlins made 200 million is one thing but this is 49 million dollars dramatically inflated by revenue sharing money. I dont know about you, but I'd be pissed if I gave someone money because they told me they needed it to survive and then they pocketed $49 million! At this point the stadium is past the point of no return which is great for the Marlins, but it is REALLY sleazy of them to not disclose all of their info. Sadly, its not the politians who can be blamed this time... i understand but if people could prove that the 49 million is in excess of the 155 million the marlins owe then i would understand their frustration. but this does not seem to be the case.
August 27, 201016 yr Author why does no one mention that even with the 49 million dollar profit that the marlins still need to come up with another 106 million. i just dont understand why this is becoming such an issue. tell me the marlins made 200 million is one thing but this is 49 million dollars dramatically inflated by revenue sharing money. That $106 million isn't due immediately, it's over time. And some of it comes from the Marlins making rent payments on the new stadium, which is a bit stupid.
August 27, 201016 yr why does no one mention that even with the 49 million dollar profit that the marlins still need to come up with another 106 million. i just dont understand why this is becoming such an issue. tell me the marlins made 200 million is one thing but this is 49 million dollars dramatically inflated by revenue sharing money. I dont know about you, but I'd be pissed if I gave someone money because they told me they needed it to survive and then they pocketed $49 million! At this point the stadium is past the point of no return which is great for the Marlins, but it is REALLY sleazy of them to not disclose all of their info. Sadly, its not the politians who can be blamed this time... They didn't though. First off, the number isn't $49M. The media has been using that because it sounds bigger therefor makes people mad. That's the operating income. The profit is the net income, which was $33M over two years. Not just that, but $29M was before the stadium deal, $3.9M was after the stadium deal. And on top of that, while the marlins made $33M in profits over the last two years they in general have lost money and are $61M in debt. And finally, the reason I call out the politicians, is because they had already seen the documents that were leaked. This is just political gasbagging.
September 9, 201016 yr yeah - november must be around the corner................. nothing to see except the dirty stench of politics
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