Legislation being introduced for future funding of American Family Field: UPDATE New lease through 2050

[Jastro]

$600 million in funding, with some local county and city chipping in 

Lease gets extended to 2050

Though I'm sure there'll be some give and take from when the legislation is officially introduced and by the time it gets passed or denied 

https://www.jsonline.com/story/money/real-estate/commercial/2023/09/15/600-million-american-family-field-spending-plan-could-have-local-cash/70868156007/

[Jastro]

Brewers chipping in as well

 

[homer]

extends the lease to 2050. So $24 million a year for 25+ years....then we do it all over again. I know I'm getting old because this is really starting to aggravate me.

[MVP2110]

 

 

[torts]

Good!

[True Blue Brew Crew]

If this goes through, you've got a stable, modernized stadium through 2050, a top 5 farm system, a winning ballclub, and only one bad, long term contract on the books. And you're an owner who last week more than doubled your stake in a soccer team, with an eye on soon acquiring a controlling interest. Hard to imagine a more opportune time to exit from one and cash in, while setting your sights and primary focus on your other new toy. It doesn't make much sense for a guy who is already way, way down the pecking order in MLB wealth to further dilute himself by investing in another sports franchise and spreading yourself that much thinner as opposed to simply pouring additional wealth into your first endeavor.

At least, much like Herb Kohl, you've secured the team's future in Milwaukee before ending your run. Right down to committing some of your own dollars to the team's future stadium situation upon your exit. Here's to hopefully deeper pockets taking the reins.

[MrTPlush]

2 hours ago, True Blue Brew Crew said:

If this goes through, you've got a stable, modernized stadium through 2050, a top 5 farm system, a winning ballclub, and only one bad, long term contract on the books. And you're an owner who last week more than doubled your stake in a soccer team, with an eye on soon acquiring a controlling interest. Hard to imagine a more opportune time to exit from one and cash in, while setting your sights and primary focus on your other new toy. It doesn't make much sense for a guy who is already way, way down the pecking order in MLB wealth to further dilute himself by investing in another sports franchise and spreading yourself that much thinner as opposed to simply pouring additional wealth into your first endeavor.

At least, much like Herb Kohl, you've secured the team's future in Milwaukee before ending your run. Right down to committing some of your own dollars to the team's future stadium situation upon your exit. Here's to hopefully deeper pockets taking the reins.

He isn’t diluting himself. He doesn’t need to invest more into the Brewers. The valuation of the franchise is what it is. It goes up with the general value of MLB as a whole. That is why a completely dysfunctional and disaster of a sports franchise can be put up for sale and break records when sold.

 

[sveumrules]

2 hours ago, True Blue Brew Crew said:

It doesn't make much sense for a guy who is already way, way down the pecking order in MLB wealth to further dilute himself by investing in another sports franchise and spreading yourself that much thinner as opposed to simply pouring additional wealth into your first endeavor.

Makes sense to me. Diversifying the portfolio. Attanasio’s personal wealth has minimal impact on the team’s valuation, but owning the team has a major impact on his personal wealth.

Instead of passing along just a baseball team, his sons will inherit a baseball team and a soccer team, both of which will likely continue to increase in value ad infinitum until the economy or environment collapses.

[True Blue Brew Crew]

We'll see soon enough

[patrickgpe]

This is good,  but has the city and county said that they will chip in 200 million. 

[sveumrules]

43 minutes ago, True Blue Brew Crew said:

We'll see soon enough

What entails soon enough?

Still expect the team to be sold or on the block by spring of 2025 or possibly even as soon as this coming February?

[Brock Beauchamp]

$700 million package:

• -$400 million from state
• -$200 million from city, county
• -$100-125 million from Brewers

I know it's just how the world works but these numbers are upside-down from where they rightfully should be.

[Fear The Chorizo]

1 hour ago, Brock Beauchamp said:

$700 million package:

• -$400 million from state
• -$200 million from city, county
• -$100-125 million from Brewers

I know it's just how the world works but these numbers are upside-down from where they rightfully should be.

The Brewers don't own the stadium or the land it sits on - so like it or not the current arrangement has to be a public/private partnership.  if people want to get government out of ballpark financing in this instance, sell the land and park to the team for $1 and tell them theyre 100 % on the hook for any improvements along with property taxes and call it a day. 

The state would never do that, so its kind of foolish to expect a tenant to heavily finance renovations on something they don't own.

[homer]

37 minutes ago, Fear The Chorizo said:

The Brewers don't own the stadium or the land it sits on - so like it or not the current arrangement has to be a public/private partnership.  if people want to get government out of ballpark financing in this instance, sell the land and park to the team for $1 and tell them theyre 100 % on the hook for any improvements along with property taxes and call it a day. 

The state would never do that, so its kind of foolish to expect a tenant to heavily finance renovations on something they don't own.

I thought they owned 30%? and don't pay property taxes on it

https://archive.jsonline.com/newswatch/262635291.html

edit: this newer article says 36%

https://wisconsinwatch.org/2023/08/does-wisconsin-own-the-stadium-where-the-milwaukee-brewers-play/

 

[Brock Beauchamp]

42 minutes ago, Fear The Chorizo said:

The Brewers don't own the stadium or the land it sits on - so like it or not the current arrangement has to be a public/private partnership.  if people want to get government out of ballpark financing in this instance, sell the land and park to the team for $1 and tell them theyre 100 % on the hook for any improvements along with property taxes and call it a day. 

The state would never do that, so its kind of foolish to expect a tenant to heavily finance renovations on something they don't own.

Absolutely. I'm a big believer in the team owning the stadium. If the government wants to offer them free land and tax subsidies on revenue, that's the full extent the state should be involved. No money should go directly to the team for producing the on-field product.

The additional upside is that if a team owns the stadium, they have more buy-in to the community and more of an established presence in a metropolitan area.

[patrickgpe]

2 hours ago, Brock Beauchamp said:

Absolutely. I'm a big believer in the team owning the stadium. If the government wants to offer them free land and tax subsidies on revenue, that's the full extent the state should be involved. No money should go directly to the team for producing the on-field product.

The additional upside is that if a team owns the stadium, they have more buy-in to the community and more of an established presence in a metropolitan area.

I get it’s a bad deal for the taxpayers, owners have always used charlotte, Nashville, las  Vegas as threats to get what they want. I don’t it’s bad public money spent. The players do pay taxes on what they earn here and it overall contributes to a positive experience of living here. Cities that have pro teams are looked at differently than bigger cities that do not. 
It would be great for every city to get out of the stadium business but that will never happen. I hope this can get figured out 

 

[True Blue Brew Crew]

5 hours ago, sveumrules said:

What entails soon enough?

Still expect the team to be sold or on the block by spring of 2025 or possibly even as soon as this coming February?

Yes

[rickh150]

Great for Brewers fans! Totally against rich owners getting richer and letting little guy pay and all, but Brewers leaving would be way worse for me selfishly…summer nights, trips to the game with family and friends. Really can’t be replaced in same way. No idea what I would do.

Thinking little guy could win World Series, even maybe this year… surreal to be alive and a part of it.

Brewers in Six!

[MrTPlush]

I wouldn’t say it is a bad deal, at least for the state. They will make it back through income and sales tax. You can’t really make the argument the money could be spent better some other way because said money wouldn’t exist if the team left.

I will admit, I don’t really know enough on a city/county level how much value these franchises actually create. For some of these stadiums downtown it can certainly have a major impact on the quality of an entire area…AmFam isn’t exactly the same way though.

 

 

[Turnbows Barber]

Why is it that the Brewers are only paying 20% of the cost to renovate AmFam Field while the Rays are paying at least 50% of the cost of their new ballpark?

https://www.tampabay.com/sports/rays/2023/09/18/stadium-gas-plant-district-2028-tropicana-field-stuart-sternberg/

[shanedog19]

$700 million, wow! Did Miller Park originally cost that much to build? That kind of price tag almost seems more like a tear down and rebuild than it does a renovation.

[sveumrules]

2 minutes ago, Turnbows Barber said:

Why is it that the Brewers are only paying 20% of the cost to renovate AmFam Field while the Rays are paying at least 50% of the cost of their new ballpark?

https://www.tampabay.com/sports/rays/2023/09/18/stadium-gas-plant-district-2028-tropicana-field-stuart-sternberg/

Because each circumstance arises from unique economic and socio-political factors.

From my admittedly basic (& maybe even wrong) understanding, the Brewers contributions to renovations are more than they are required to make by the original stadium agreement, and are being made to help move the process along.

The Rays stadium situation has been tenuous and contentious for some time, so they have to pay a higher percentage of the costs because the public wouldn’t agree to pay more.

[sveumrules]

1 minute ago, shanedog19 said:

$700 million, wow! Did Miller Park originally cost that much to build? That kind of price tag almost seems more like a tear down and rebuild than it does a renovation.

Globe Life Park had a reported construction cost of $1.2B, though it looks like The Ballpark at Arlington is still standing so the Rangers didn’t have to pay for demolition. 

Original Miller Park price tag looks like $400M for a project that started almost 27 years ago now.

[Jastro]

 

[homer]

I was going to mention the player payroll as that was used to help finance Fiserv.