Friday, June 14, 2013

Red Sox looking for a new Stadium

Total Cost: $268m
Loan: $150m
Team Payment: $118m

Payment Plan: $25m per season for 6 yrs

"Based on Boston's revemue even without the new stadium, we should be able to swing the $25m per relatively easily. Our profits for the last 4 seasons have been $37m, $73m, $82m, and $72m. We will probably try to pay this off earlier than planned, but the 6 year term will give us some flexibility."

Commisioner FGM had this to say about the Red SOx request "Given the fact that Boston has absolutely no financial need whatsoever and has demonstrated no such need, I will not support any loan for funding a new stadium for the Boston Red Sox. In fact, Boston provided evidence that they are doing quite well financially given $70+ million profits each of the past three seasons. Also Boston has over $150 million in cash on hand. All these factors show me that Boston has no financial need whatsoever."

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