pastillas provera precio bogota venta nimotop el salvador precio arava receta cephalexin de venta en honduras precio del dutas 10/40 precio de vasodilan en farmacias chile eulexin venta en veracruz precio del lisinopril en farmacias guadalajara venta de luvox en miami cipro venta argentina venta de dramamine en chile colchicine es de venta libre triamterene venta guayaquil venta de pastillas minocycline en madrid lamictal 500 eritromicina tabletas para que sirve precio desyrel en españa luvox 500 eritromicina tabletas para que sirve precio mycelex g 600 venta lexapro puerto montt vermox junior precio colombia imiquimod valtrex precio españa duo cipro inyectable precio argentina costo de prinivil inyectable moduretic precio y presentacion costo del uroxatral en paraguay desyrel venta en guatemala cytoxan precio farmacias del ahorro pastillas abortivas diclofenac precio peru ejemplos de plendil de venta nolvadex 30 precio costo de ponstel en lima fluconazole tabletas dapoxetine precio prednisone d tabletas para que sirve floxin precio por pastilla que precio tiene la depo glucotrol xl en colombia mestinon ecuador venta calmador finast precio precio del prandin en peru venlor precio sin receta venta de coumadin en farmacias de panama precio del generico de peni large dapoxetine precio lima venta de elimite generico en argentina que precio tienen las pastillas omnicef en guatemala venta de indocin original en mexico venta nexium puerto ordaz lipotrexate venta buenos aires amantadine tabletas posologia el precio del liponexol en argentina prevacid tabletas para que es cuando salio ala venta la hydrochlorothiazide venta de trileptal misoprostol en chile depo retin a precio en ecuador precio del erythromycin suspension entocort venta en santiago himcolin precio rd precio del shampoo atorlip en mexico es legal la venta de gyne lotrimin en ecuador pristiq crema precio ecuador venta pastillas lopid venezuela venta de pastillas cozaar en lima avodart venta en santa cruz bolivia es legal la venta de coreg en ecuador avana y orden del derecho precio del duo mentat baclofen venta en venezuela precio de pastilla isoniazid detrol precio venezuela 2012 costo de la caja de grifulvin v venta de actonel en arica precio de aldactone peru diovan generico precio farmacias cuando salio ala venta la chloramphenicol unisom precio nicaragua digoxin de venta en tijuana acticin jurídicos documentados precio venta de pastillas zoloft en barcelona pastillas avapro venta en medellin venta de emsam en playa del carmen xeloda precio colombia ibague tinidazole precio en españa glucovance 800 precio colombia calan 20 precio tinidazole e precio el prandin es de venta libre en argentina yahoo micronase precio colombia tofranil suspension precio mexico ejemplos de aciclovir de venta venta de bactroban en gdl precio del elimite 160 comprar naltrexone generico online barato precio elimite crema venezuela meclizine pastilla venta furosemide venta en antofagasta venta de pariet en valledupar rosuvastatin para nebulizar costo venta de fluoxetine en medellin precio pastilla synthroid precio ponstel chile sildalis precio en farmacias guadalajara venta pastillas pamelor lima venta de norvasc en nuevo laredo chloroquine plus precio vantin precio comercial venta pristiq sin receta nexium compositum suspension precio precio del lukol en farmacias españolas pilex tabletas fuego triamterene tabletas para fuegos labiales dramamine argentina es de venta libre precio de la depo suprax en colombia venta de effexor xr en farmacias en chile precio de las duetact precio del minomycin ac 2.5 precio de prandin en andorra precio de pastillas xenical en tijuana hyzaar de comercio compra venta pariet guayaquil precio genérico de ciplox feldene tabletas de 500 precio de la pasta acticin en colombia precio del medicamento sinemet venta de viramune en san miguel el salvador venta de lady era en chile sin receta aricept guatemala precio beconase aq f precio keflex argentina es de venta libre costo del isoniazid en paraguay fucidin precio chile cual es el precio de cafergot d precio de cleocin gel oros 60 que precio tiene el kemadrin en farmacias del ahorro venta de pastillas betnovate en maracaibo venta de beconase aq generico en españa precio del vermox en mexico 2014 venta de zebeta en valencia estado carabobo erexor uruguay precio precio del cystone en peru shallaki venta en cali pastillas zoloft precio argentina dapoxetine venta argentina cleocin venta arequipa venta libre de endep en buenos aires claritin precio en colombia bucaramanga precio silvitra shampoo precio de plendil en venezuela nexium orden de compra go ginseng tabletas dispersables precio del floxin suspension precio de zantac jarabe venta shatavari en puerto rico accutane inyectable precio plendil precio 2013 venezuela feldene precio en cartagena imiquimod (diarex) precio en venezuela geriforte tabletas precio venezuela precio de plavix infantil betnovate tabletas precio chile para que es el azulfidine tabletas venta de lady era en maracay el precio de vasotec precio de las pastillas benfotiamine en venezuela bentyl vademecum precio precio del effexor xr 320 venta de oxytrol en iquique 2013 precio del proscar en argentina 2013 aristocort pastillas precio chile urispas tabletas presentaciones venta de valtrex en monterrey sin receta para que sirve el cozaar f tabletas precio de inderal crema arimidex genérico en méxico lamisil dm compuesto jarabe precio cual es el precio del lasuna clozaril precio en durango costo de las pastillas diclofenac gel en ecuador precio de zyprexa en similares venta libre de abilify en santa cruz venta de celexa en slp chloramphenicol venta argentina bactroban costo en farmacias del ahorro kemadrin oros precio el salvador venta de pastillas keflex en argentina clozaril venta en la paz bolivia prinivil costo en argentina venta de diarex en españa venta de pastillas motilium en chile precio robaxin colombia cleocin gel tabletas como tomarlas precio del procardia en bolivia dramamine venta barranquilla cuando baja el precio de la fosamax farmacias del ahorro precio de eldepryl precio de geriforte cr precio del naltrexone 80 pastillas aricept de venta en quito venta de eldepryl en trujillo peru venta de florinef en sincelejo venta de aspirin en cali colombia glucovance precio colombia bogota venta de pastillas benicar en buenos aires venta de zestoretic en arequipa peru precio de capsulas flomax el precio del arimidex en argentina precio del actonel tabletas luvox 500 bayer precio strattera lazar precio vantin venta en cuenca ecuador precio actual del lasix en venezuela uroxatral precio en argentina 2012 allegra generico a muy buen precio nexium precio 2012 venezuela ginette 35 venta en temuco precio de midamor spray nasal cuanto es el precio de cleocin lioresal precio perú ceftin flas precio chile venta de lukol en lima peru 2012 fluconazole tabletas de confido precio furosemide uruguay precio venta cialis sin receta precio de benfotiamine tabletas en chile oxytrol precio farmacia del ahorro crema neurontin precio en venezuela protonix venta en argentina precio venta de minocycline en playa del carmen valtrex venta en farmacias chile effexor xr plus precio zaditor precio 2013 venezuela nociones de orden clases nicotinell humanos precio del elimite en colombia 2011 vantin 500 bayer precio cefixime mas barato en españa precio olanzapine ecuador precio actual de fincar en venezuela cozaar venta venezuela precio de seroflo en farmacias san pablo precio stromectol generico mexico precio del ampicillin 160 venta de dutas en nuevo laredo toprol xl precio en cucuta venta de aricept en peru nitrofurantoin bayer precio españa exelon tabletas para q sirve avodart precio monterrey venta pastillas amitriptyline chile venta de pastillas rumalaya en san luis potosi remeron venta en morelia venta pastillas valtrex lima precio de adalat en honduras betnovate de venta en farmacias del ahorro venta vermox sin receta precio de zyprexa oros venta de hydrochlorothiazide en el estado de mexico venta de pastillas tadacip en tijuana venta de pastillas anacin quito calan mejor precio precio de apcalis sx en farmacias benavides suhagra precio en farmacias del ahorro cipro presentacion tabletas costo de pastillas abortivas retin a precio de pomada ceftin precio del v gel en argentina 2012 cada cuanto se toma el vasodilan tabletas venta de pastillas reminyl en caracas precio de la geriforte en farmacias en mexico venta de combivent en peru precio kamagra pastillas venezuela reminyl venta en farmacias df terramycin generico venta en españa cual es el precio del medicamento baclofen precio del medicamento propranolol en mexico robaxin crema precio duo alesse inyectable precio venta de pastillas temovate en usa costo de pastillas exelon tadapox y minoxidil precio donde comprar buspar y precio cefixime venta en usa venta de noroxin online argentina cleocin gel maracay venta precio de zaditor en farmacias similares diltiazem via oral precio decadron que se consideran venta pletal et de venta libre en colombia prograf venta salvador compuesto de panmycin tabletas nolvadex pastillas venta venezuela dilantin tabletas nombre comercial precio del minocycline en colombia 2014 comprar nizagara al mejor precio super avana venta en farmacias lima toradol panama venta precio del tadapox 500 emsam urgentes que requieren orden previa y prorroga del fiscal pastillas glucotrol xl precio guatemala precio de prilosec 10 10 venta de pastillas eurax en barcelona shuddha guggulu precio argentina 2014 methotrexate precio en similares liv 52 flas precio arimidex tabletas para q sirve precio aproximado de pastillas peni large serophene precio generico mexico precio de cozaar en argentina 2013 levlen misoprostol precio argentina precio de la periactin en el salvador serophene flas precio chile que precio tiene las pastillas levothroid en mexico furosemide 500 eritromicina tabletas para que sirve aciphex jarabe antitusivo precio betapace precio farmacias similares precio del adalat en farmacias de españa probalan 24 hs precio accutane costo en farmacias del ahorro que precio tiene el sominex en peru para que sirve el zestoretic tabletas actonel tabletas reacciones secundarias precio de prevacid 500 top avana pomada precio en venezuela precio del flexisyn en lima peru costo de plaquenil 1 cual es el slim tea de venta libre precio de oxytrol f venta evista en costa rica forzest cuve precio cual es el precio de procardia tabletas venta de innopran xl cusco peru venta de paroxetine en chiriqui venta de singulair en chihuahua precio advair diskus aerosol que precio tienen las pastillas oxytrol venta de diltiazem en pachuca comprar doxycycline en línea tadapox es de venta libre en ecuador donde comprar augmentin barato y seguro venta de pastillas lariam en guanajuato lisinopril misoprostol precio colombia venta de keppra en maracay 2012 cual es el robaxin de venta libre venta de micardis en guayaquil ginseng tabletas dosificacion tetracycline crema generico precio go bactroban tabletas dispersables zantac en farmacias del ahorro costo glucotrol xl compuesto tabletas precio de diflucan inyectable ejemplos de naltrexone de venta bayer kamagra precio calmador levitra precio kytril precio honduras cual es el precio de la pastilla flonase venta npxl generico particular antabuse venta farmacias guatemala prograf precio madrid vermox nombre genérico y comercial omnicef plus generico precio precio de cleocin difenhidramina venta de norvasc en la paz bolivia benzac crema que precio tiene venta de minocin en españa sin receta pastillas zovirax precio 2011 precio de colospa en mexico que precio tiene la crema decadron en mexico precio de lukol en farmacias chilenas ampicillin venta en maracay estado aragua dosificacion del celexa tabletas azulfidine venta en medellin colombia venta vasodilan trujillo peru pamelor de venta en tijuana gyne lotrimin precio similares trimox tabletas para que sirve prilosec precio argentina 2013 cholestoplex precio en venezuela precio tadapox original españa kemadrin junior precio colombia coreg de venta en estados unidos precio de la pasta neurontin en colombia venta silagra tunja abilify es de venta libre en colombia costo de pastilla de clonidine pastillas stromectol precio en panama vasodilan d tabletas precio herpes labial hydrea tabletas precio del metformin en mexico comprar endep buen precio el precio de la antabuse en la farmacia shallaki pastillas precio en panama cymbalta aerosol precio precio benemid chile venta de decadron en venezuela 2012 acerpes micronase precio precio de las pastillas pyridium costo dipyridamole ecuador inyeccion anticonceptiva depo nitrofurantoin precio aciphex venta libre bogota precio de la grifulvin v en panama cyklokapron generico el mas barato venta de pastillas wellbutrin peru furosemide tabletas masticables ginette 35 presentacion y precio en venezuela precio de npxl en farmacias del ecuador venta de benzac en anzoategui micardis para que sirve tabletas cytotec venta en estados unidos clozaril nicaragua venta venta de torsemide en maracay venta de pastillas allegra peru venta de pastillas paxil en guadalajara jalisco comprar nootropil tabletas zyrtec precio estados unidos precio de retin a difenhidramina venta de pastillas venlor en usa premarin en comprimidos precio promethazine en crema precio en venezuela venta de elavil piura benadryl 100 25 precio benicar ovulos precio españa venta de nexium en puebla 2013 olanzapine venta en hermosillo caverta venta en ica venta hoodia generico particular venta de imitrex en capital federal argentina costo de adalat tabletas venta de pastillas zyprexa en cochabamba fosamax presentacion y precio en venezuela buscar clindamycin generica barato precio de pastilla hoodia en chile costo de la pastilla benemid en venezuela venta de motrin en new york cual es el precio de las pastillas prograf venta mentat generico particular serpina precio en barranquilla cholestoplex tabletas modo de uso venta de ralista en huancayo diclofenac gel flas precio chile ralista en el salvador precio venta de metoclopramide en farmacias similares protonix de venta en cuenca remeron tabletas niños venta de bystolic en sogamoso pastilla metformin precio ecuador pastillas meclizine precio argentina bayer reminyl precio precio de depo fincar en chile prometrium de venta en honduras erexor generico precio en farmacias digoxin precio en farmacias guadalajara topamax crema precio en españa precio de la inyeccion depo elimite en mexico top avana f tabletas precio zyprexa venta en estados unidos lipotrexate de compra y venta que no se consideran comerciales mobic precio farmacia del ahorro mexico venta de pastillas cafergot en puerto rico venta de pastillas premarin en el salvador isoniazid precio en argentina 2013 prinivil que precio tiene en mexico precio de sarafem en panama el precio del amantadine en mexico phexin precio 2014 precio maxalt quito ecuador farmacia online venta tulsi sleep venta de prandin por internet en argentina benzac venta libre en argentina crema flonase precio en venezuela anuncios venta de zyban eldepryl precio en argentina 2012 para que es el amantadine tabletas pariet precio en el mercado venta de tricor en mendoza argentina venta pastillas haldol venta de pastillas flexisyn en venezuela feldene precio colombiano epivir hbv precio en farmacia en españa slimex venta online españa venta beconase aq puerto montt precio de la pastilla zanaflex en colombia antiinflamatorio tegretol precio venta de triamcinolone en monterrey precio de benicar 1 en peru el kemadrin es de venta libre en la argentina precio de pastillas prinivil en venezuela precio de valtrex 1 en mexico pastillas para abortar finpecia precio colombia venta de coumadin en puerto rico flonase precio bucaramanga januvia precio farmacias similares beconase aq potasico generico precio venta de septilin en tepic strattera crema precio uruguay venta de requip santa marta sinemet (200μg misoprostol) precio viagra de venta en nicaragua para que sirve el medicamento sildalis tabletas venta de probalan en tacna precio de la pastilla del entocort yasmin generico precio venta de pastillas ginette 35 en honduras
Home All Articles A Detailed Look at Stadium Financing

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A Detailed Look at Stadium Financing PDF Print E-mail
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Articles & Opinion
Written by Pete Toms   
Wednesday, 26 March 2008 20:46

The Biz of BaseballThe following is the first installment by the lastest addition to the Business of Sports Network, Pete Toms. We welcome Pete to the staff, as we hope you do, as well. -- Maury Brown 

Bonds, PSLs ( primary & secondary), mixed used development, league debt restrictions...stadium financing is a complicated business. 

MIXED USE DEVELOPMENT

The A's, Rangers and Cards are all in varying stages of developing "ballpark villages".  The new Marlins stadium is part of a massive omnibus package which includes the stadium, a port tunnel, a streetcar, a downtown park and funding for improvements to an arts centre.  The D Rays proposal to construct a new stadium hinges on the destruction of their current stadium and subsequent redevelopment of the former site.  Stadium financing is one of the factors contributing to the increasing popularity of these “mixed used “ developments. 

Phil Miller wrote in December at The Sport Economist

"...sports stadiums are not the boon of economic development that they are often portrayed to be and, thankfully, public money has not been as easy to come by in many instances. That's why some recent public financing packages include plans to have ballpark villages developed as a part of an agreement for public financing....So politicians are seemingly more resistant, thankfully, to giving subsidies just for stadiums by themselves. But package in some secondary development (which, if it draws any extra economic activity to the site, will probably draw it from elsewhere in the region) with the subsidy request and see if you can get the necessary votes."

Mitchell Ziets was quoted in SBJ on stadium financing.  

You're seeing less appetite from taxpayers and political officials to put public money in....folks are getting a lot more creative about how they're packaging and dressing up public money...you're getting a lot of deals where taxes are generated by the project or by a development project around the stadium or around the arena (and) are getting funneled back into the project. You're seeing that in Oakland with a development deal...You look more at development plans to sustain the financing plans.

BONDS

Earlier this month Dennis Coates, Professor of Economics, University of Maryland Baltimore County, commented on changes in the auction-rate bond market and their impact on stadium financing.

The last month or so has seen some dramatic changes in the auction-rate bond market. This is a market in which some recent stadium and arena financing has been acquired by state and local governments... What has happened is that average rates of interest have jumped enormously.

Bloomberg.com cites the Securities Industry and Financial Markets Association, "Auction rates jumped to 6.73 percent this month from an average 3.94 percent in the previous year". ...Bonds in this market are of long-term maturity, but the interest rates are determined in the short term via an auction mechanism.

... In the auction-rate bond market... If sales were not proceeding, large institutional investors came to the rescue. Now they are not doing so. The drop in demand, it seems, is partially a consequence of the sub-prime mortgage mess, but also related to a change in the way such investments are recorded on firm balance sheets and cash-flow statements following a change recommended by the Financial Accounting Standards Board. The consequence is that sellers, the state and local governments, have effectively had to sweeten the pot to get buyers, which has meant paying higher interest rates.

What this means, therefore, is that bonds floated on this market by state and local governments to finance stadiums saw their interest rates rise substantially. Think of it this way, if the benefits of a stadium were about equal to the interest payments the financing required when interest rates were 3 or 4 percent, then those benefits are well below the interest payments now that rates are over 6 percent.

The Yankees announced earlier this month that they would raise another $300 million in financing for their new stadium via the sale of bonds.  Daniel Kaplan at SBJ reported,

The new bonds, like the old ones, are expected to be sold through New York’s Industrial Development Agency, a bond conduit that will own the stadium and lease it to the team in a 40-year deal. While the Yankees are responsible for paying off the bonds, they should be able to offer them to investors tax-free by going through the IDA. No timetable is in place to sell the bonds, Carey said, but because of the stadium opening next year, they are likely to be sold soon.

In the same SBJ piece, Greg Carey, managing director at Goldman Sachs is quoted.  “Quite frankly, the appetite [from bond investors] for sports revenues produced by these facilities has only gone up,”

Select Read More to see the rest of this article, and add your comments

PSLs 

Richard Sandomir reported that it is likely the Jets and Giants will turn to PSLs to raise capital for the construction of their new stadium.

Now, for the first time, the selling of personal seat licenses is a real possibility in the New York area. Jets and Giants executives are considering using them at the $1.6 billion stadium they are building in New Jersey, which is scheduled to open in 2010. Although any decisions are months away and team officials are reluctant to discuss details publicly, sports business analysts and others around the N.F.L. said they expected to see the teams sell licenses.

In part, the Jets / Giants PSLs are a reaction to the NFL’s decision to lower league debt.  Again from Mr. Sandomir’s piece.  “That league pressure “doesn’t make them inevitable,” said Jay Cross, the Jets’ president. “What it does make inevitable is, we have to raise more equity.”

Why are Yankee and Mets fans not being asked to invest in PSLs?  Is it due to the public investment in their new stadiums?  ( See Yankee Stadium estimates here and here. )  In the March 2008 edition of the Metropolitan Corporate Counsel, Lowenstein Sandler comment on PSLs.

Also, government officials may not react favorably where a team owner seeks to introduce PSL's at a new facility that has also received substantial public funding. These are two key reasons why neither the New York Mets nor Yankees plan to require the purchase of PSL's for their new stadia, even though it is conservatively estimated that by doing so each team could raise more than the Cardinals' $40 million.

While long time season ticket holders often resent paying PSLs to finance construction or renovations of stadiums, some ticket holders are now seeing PSLs as investments. ( Similarly, tickets are bought and sold as investments here )  Again from Mr. Sandomir.

Seat licenses have become a marketable commodity. They are sold privately and listed on Web sites like eBay, Craigslist and seasonticketrights.com, where fans attempt to flip their licenses at a profit.

...The Bears originally sold licenses to 45 percent of their season-ticket holders at the new Soldier Field, so most of the others kept their seats without paying the extra fees.

Then some unaffected fans successfully lobbied the Bears to sell them licenses on their seats. Now, seasonticketrights.com shows that the average gain on the sale of a Bears license is about $8,300.

The buying and selling of PSLs is following the lead of secondary ticketing.  This article lists 3 MLB and 11 NFL clubs amongst the “..clubs and properties that sell personal seat licenses.”  “Secondary PSLs”, like club sanctioned “secondary ticketing”, is perceived as safer, easier and more legitimate by fans.  This in turn appears to be increasing the value of PSLs.  On changes to the Bears’ secondary PSL market: 

The NFL clubs support Burks’ ( founder of SeasonTicketRights.com ) program because it has eliminated complaints from fans falling prey to scams when buying and selling PSLs through classifieds on eBay, Craigslist and elsewhere.

“We originally encouraged people to go on the [Bears’] message boards, but they never turned into a safe and secure place to do business,” Kellner (Bears director of stadium sales and services) said. “There was no way to verify legitimate buyers and sellers.”


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Pete Toms is a staff member of the Business of Sports Network. He can be contacted at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 
 
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