lowes credit card 0 interest 18 months buy prepaid international credit cards no annual fee credit card with rewards barclays international student credit card credit card balance transfer fee calculator virtual visa card uk prepaid visa credit card no fees consolidate credit cards canada best new credit card bonus offers united mileage plus credit card review accept credit cards online square apply for a visa credit card with no credit history payday online loans no faxing how to pay off high credit card debt fast capital one platinum card payment toys r us credit card customer service number capital one credit card for high school students first premier credit card processing fee are secured credit cards good for rebuilding credit cash back credit card comparison uk which credit card is the easiest to get approval in canada standard chartered credit card balance transfer rate apply chase secured credit card best buy master credit card payment what is a credit card cvv number visa student credit card canada real visa credit card information easiest credit card to get approved for philippines lord and taylor credit card contact quick payday loans no credit check uk small business credit card processing mobile new horizon credit union credit card is it bad to sign up for a credit card and not use it mobile credit card processing canada android cash back visa credit cards canada natwest credit card points should i consolidate all my credit cards capital one first credit card virgin credit card balance transfer deals best credit card for travel rewards uk icici platinum credit card review prepaid reloadable credit cards natwest black card login icici credit card settlement letter format long term personal loans with bad credit ace payday loans promo code what are the best reward credit card programs best low interest credit cards 2011 where is the credit card number on a visa compare commonwealth bank credit cards online cash loans south africa icici credit card late payment charges mastercard careers purchase payday lenders only online payday loans compare new credit card fees in canada $10000 unsecured bad credit loan united credit card bonuses top credit cards in canada 2011 how do you calculate interest charges on a credit card citibank online credit card generator best online payday advance loans cheap mobile credit card machines low fixed interest credit card offers tips for paying off credit card debt quickly top credit cards for business travelers best bank first credit card virtual credit card terminal sears credit card services address make credit card payments with paypal credit card online payment standard chartered credit card no credit check australia how to choose a credit card for college students canada credit card debt reduction instant online cash loans no paperwork south africa first time credit cards no credit best credit card deals to use abroad airtel balance transfer code 2012 easy payday loans uk united credit card offer 50000 apply for a credit card online nationwide royal bank visa card exchange rate hdfc credit card offer on goibibo government travel credit card rules student loans with bad credit history instant credit card number online credit card number validator pay aqua credit card online does applying for a store credit card hurt your credit score average credit card rate 2011 credit limit calculator for hdfc credit card provident gold card check balance best credit card processing company for small business in canada student credit cards instant approval no credit standard chartered credit card payment gateway how to get a credit card if your under 18 canadian tire credit card contact associates visa student credit card instant cash loans no brokers arco gas business credit card mastercard prepaid credit card uk can you consolidate credit card debt with mortgage visa card security code number cibc credit card insurance certificate credit card with travel rewards points how do i apply for a walmart credit card online in canada visa credit cards with low apr where to get prepaid visa cards canada credit card fraud bust nj credit cards after chapter 7 bankruptcy discharge ann taylor credit card payment loft discover credit card payment address want to apply for credit card online hdfc bank ann taylor loft credit card login consolidating credit card debt into a loan payday lenders online no credit check how to negotiate with credit card companies to pay off balance fast easy cash loans for unemployed how do credit card consolidation services work transfer credit card balance 0 interest free online credit card checker petro canada credit card cibc natwest gold card travel insurance reputable credit card debt relief companies santander cash back credit card uk credit cards with travel insurance pay standard chartered credit card payment master credit card numbers that work need a credit card with bad credit 0 percent interest credit cards credit card for no credit rating chase cash advance credit card fees best mastercard credit cards visa credit card applications canada chase credit card business phone number get a payday loan with bad credit and no bank account faxless bad credit payday loans compare credit card how to prevent credit card fraud at gas stations no fee no credit credit card ebay credit card review halifax credit card complaints address what is cash back credit card rewards credit card rewards taxable income leaving us credit card debt credit card debt advice uk credit card apps secured credit card with no annual fee hdfc indigo offer credit card new york and company credit card payment how can i send money online using my credit card can credit card companies garnish your wages in california ibc bank visa cash card aqua credit card apply virgin credit cards online login unsecured credit cards bad credit no bank account citibank credit card settlement process india best credit card for paying student loans flagship mobile credit card processing reviews chase credit card apr walmart credit cards pay bill get credit cards no credit check same day cash payday loans uk can you use ann taylor credit card loft easy payday loans no fees standard chartered bank credit card customer care marriott credit card authorization form fairfield inn new payday lenders online anz nz credit card insurance bank of america alaska airlines credit card canada pay walmart credit card payment top credit cards in canada 2013 do any credit cards offer free travel insurance good credit card deals uk ge money bank toys r us credit card hilton credit card points guy halifax credit card contact address secured business credit card bank of america prepaid credit cards business plan cheap car finance bad credit reward cards hearthstone discovery credit card contact details capital one credit card uk contact best credit card travel deals what is a bad credit score 2013 credit card balance transfer offers for life same day cash advances online visa credit cards after bankruptcy discharge post office credit card payment address credit card fraud detection project download capital one balance transfer to current account hsbc credit card mastercard uk interest free credit card halifax small business start up credit cards for bad credit free real working credit card numbers credit card company target visa credit card payment address apply for business credit card bad credit american express air miles credit card application guaranteed payday loan lenders only best way for a college student to get a credit card credit card calculator spreadsheet template visa credit card numbers list prepaid credit cards visa international use best credit cards after filing bankruptcy department store credit cards with 600 credit score best prepaid credit card total us credit card debt capital one credit card customer service axis bank credit card reward points offers hdfc credit card application form for change of mobile number zero percent credit cards on purchases online credit card fraud detection aqua credit card cash withdrawal limit credit cards offers cash back uob credit card rewards catalogue malaysia canadian credit cards cash back activate td visa card number what are the starting numbers for credit cards sunoco gas credit card login free prepaid visa card can i purchase gift cards with my walmart credit card bank of america corporate credit card rewards western union gold card points uk halifax credit card deals for existing customers can you pay household bills with a credit card top 10 uk credit card companies new york and company rewards credit card login credit card merchant services comparison chart top store rewards cards mastercard exchange rate app canadian credit cards with travel medical insurance myfico credit card finder visa credit card number format wiki hdfc credit card payment emi options how to make an iphone/ipod touch stand from a credit card student credit cards martin lewis american airlines credit card miles 75000 credit card comparison frequent flyer points credit cards comparison chart compare quick loans online rbs business credit card services best capital one student credit card best american airlines credit card offer best credit card rewards comparison apply for discover student credit card low interest rate credit card transfers air miles rewards cards applications instant same day cash loans south africa uml diagrams for analysis on credit card fraud detection methods apply for a credit card online and get instant approval cpp credit card protection review how to get a prepaid credit card in usa southwest rapid rewards credit card 50000 british airways airmiles credit card uk top 10 zero interest credit cards legalsounds not accepting credit cards can i get a chase credit card after bankruptcy us airways credit card offer no annual fee credit card merchant agreement visa getting a credit card with no job international credit card processing merchant account us airways credit card comparison student visa credit card canada consumer credit card protection act 2009 credit card information form html american airlines business credit card and 75 000 miles southwest chase credit card application status bad credit car finance warrington how to use sbi credit card reward points american express platinum card benefits regus starbucks platinum card sold out south west trains network gold card travel rewards credit cards canada 2012 the best credit card for bad credit history american express prepaid credit card application i need a credit card asap bad credit bank of america credit card protection claim international travel tips credit cards canadian tire cash back credit cards apply visa credit cards online payday loans online no credit check australia instant direct payday loan lender recurring credit card authorization form pdf retail store credit cards for bad credit pay walmart credit card visa bad credit cards apply for a credit card online with instant approval your access to natwest credit card online services is locked out hsbc corporate credit card malaysia online payment for hsbc credit cards in india walmart credit card promotions best business credit cards no foreign transaction fees credit card rate reduction services check chase credit card application status how to buy a house with bad credit sbi credit card online apply sears financial credit card review credit card low interest rate balance transfer how do air mile credit cards work 0 interest credit cards offers check my credit score no credit card required hdfc titanium international credit card login credit cards travel rewards comparison apply online credit cards in india icici credit card reward points redeem online apply for a debit mastercard online icici platinum credit card details citibank credit cards contact how to know sbi credit card status analysis on credit card fraud detection methods ieee paper walmart credit card payments visa credit cards for bad credit with no deposit average household credit card debt canada discover credit card phone number customer service online payday loan ontario no credit check direct auto loan lenders bad credit chevron texaco credit card payment login visa credit cards with travel rewards what credit cards can i apply for with bad credit report online credit card fraud how to commit credit card frauds credit card bin number search sainsburys credit card bank of scotland guarantor loans online uk corporate credit card credit check automatic bank of america credit card payment no annual fee rewards credit card australia credit card balance transfer calculator credit card online services rbs what credit card can i get with a 575 credit score hdfc credit card payment through sbi credit card premium credit cards canada how to use a credit card swipe machine icici credit card interest rates in india wells fargo credit card cash advance fees is it worth getting a credit card at 18 hdfc credit card payment types american express credit cards wikipedia delta credit card offers visa visa debit card credit history hdfc platinum credit card reward points value full list of payday loan lenders canada secured credit card compare credit card finder balance transfer easy to get credit cards online can i apply for a sears credit card online pay new york and company credit card online how long is a mastercard credit card number credit cards with no credit check halifax credit card online quick payday loans instant cash square credit card reader iphone ipad pay chase credit card online how to get approved for a car loan with bad credit compare credit cards rewards singapore credit cards compare uk coast capital credit card application online direct payday lenders no teletrack best airmiles credit card with no annual fee cibc low interest credit card valid credit card information online indusind bank credit cards offers pc credit card online banking reloadable credit cards uk credit card points guy free usa virtual credit card international credit card chip best no fee credit card canada paypal accept credit cards fees best us airways credit card offer 2013 barclay credit card online banking sbi irctc credit card reward points credit card machine hire south africa can you apply for credit cards online say no to 0870 natwest credit card halifax credit card uk call centre how to increase credit limit on credit card best student credit card visa credit cards in canada chase visa disney credit card login ge money bank walmart credit card hdfc virtual credit card charges applied bank visa business credit card axis bank credit card online application easy credit cards to get with no credit credit card for bad credit capital one credit card services login best no interest credit card hsbc credit card machine rolls bank of america instant credit card approval number best credit card transfer deals australia how do credit cards work interest rates best high limit credit cards for bad credit apply for chase business credit card pay amazon visa card online apply online icici credit card india how to accept credit card payments on etsy fnb silver credit card interest rates apple store ipod credit card scanner quick cash payday loans north augusta sc free valid visa credit card numbers that work what is the best credit card to use in america what;s the easiest credit card to get approved for with no credit how do i get a credit card if i have a bad credit rating square card credit card reader for iphone ipad & android who issues walmart credit cards chase mastercard credit card sbi credit card apply online in kanpur online visa card number generator square iphone credit card system air canada credit card rewards best types of credit cards to get consolidating credit card debt into mortgage top 10 credit cards in canada 2013 i don;t want a credit card on my apple id sears credit card customer service phone numbers secured credit card for bad credit canada where is the issue number on a visa debit card top rated cash reward credit cards top credit card processing companies in the us company credit card personal use sbi online apply credit cards do company credit cards affect credit score is there a chase student credit card 0 balance transfer no fee credit card offers sears choice rewards credit cards lost credit card cibc does going over credit limit student credit card with no credit iphone credit card reader apple store what is the minimum payment on my virgin credit card amscot payday advance faq discover card approval with bad credit high interest credit cards for bad credit canada hdfc credit cards customer care phone number abn amro credit card online payment india quick and easy online loans in south africa sbi personal loan apply online virtual prepaid credit card uk top ten best rewards credit cards template letter for claiming credit card charges prepaid visa credit cards australia my cash advance payday loans black cardigan women;s cheap does mobil gas station take credit cards low interest payday loans no credit check first premier bank secured credit card application status compare credit cards for travel rewards nationwide online loan quote credit limit calculator c++ disputing credit card charges american express neiman marcus credit card services phone number visa credit card application what is the best credit card to build credit fast capital one visa platinum credit cards random credit card number visa venture capital one credit card no annual fee apply for credit card with poor credit score barclays credit card lost us sbi credit card online application hdfc credit card toll free number hdfc credit card customer care number surat how do credit card companies make money on 0 visa credit card offers for college students what is the best way to consolidate my credit card debt free credit card numbers that work 2014 best reward credit card offers 2013 secure credit card wells fargo magento storing credit card information payday cash loans online credit card search engine uk net pay advance contact credit card debt mortgage difference between gold and platinum hdfc credit cards halifax credit card minimum payment rate bank of america credit card services login best payday loans over 3 months capital 1 credit card sign in alaska airlines visa credit card canada td canada trust gold visa card credit card 0 interest balance transfer united airlines credit card promotion 2012 best international credit card 2011 free online credit card processing for small business 0 transfer credit cards australia going over credit limit chase credit card 12 months no interest standard chartered credit card payment india online chase visa business credit card walmart 24 month interest free credit card barclays credit card contact telephone number bank of america prepaid credit card to build credit best credit card rates 2012 intuit small business credit card processing credit card fraud detection using data mining techniques fnb credit cards applications do all credit cards have 16 digits new york credit card for bad credit best smartphone credit card apps
Home All Articles A Detailed Look at Stadium Financing

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 973 guests online

Atom RSS

A Detailed Look at Stadium Financing PDF Print E-mail
User Rating: / 4
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. 


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.


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


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.”


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



Should MLB Force Jeffery Loria to Sell the Marlins?