Gov Pritzker: Bears new stadium is “non-starter” for state

[dennehy]

How are the Bears paying for a top notch stadium? They don't have the money to do it without money from the state.

They would pay for it in the same way that any developer pays for a huge development, with loans.

 

[Montucky]

They would pay for it in the same way that any developer pays for a huge development, with loans.

This is the hard hitting business savvy you can only find on the computer. I didn’t know we had a Harvard MBA on the board.

 

[remydat]

So the data actually concluded that only a select few performers can afford to have an event in an NFL stadium? I didn't see ANYTHING LIKE THAT in the data you cited. Also, if this doesn't tie into revenue produced, then how is it relevant to the discussion?

Then you can't read.

The data show that other than NBA/NHL arenas, most sports venues are rarely used outside of regular-season games. In fact, in an average year the typical NFL, MLB, or MLS facility plays host to fewer than five major entertainment or sporting events other than regular season games played by the primary tenant. Outside of “mega-acts” like Taylor Swift or Bruce Springsteen, NFL stadiums are simply too large for most concert acts.

It literally says that outside of mega-acts NFL stadiums are too large for most concert acts. SMH!

 

[TheEarlofRobin]

You'll piss and shit in the port-a-potty that you rent for $200/month and you'll like it

They actually had those the year Soldier Field was being renovated and the games were at U of I

 

[Montucky]

They actually had those the year Soldier Field was being renovated and the games were at U of I

yea wow the horror

 

[TheEarlofRobin]

This is the hard hitting business savvy you can only find on the computer. I didn’t know we had a Harvard MBA on the board.

Not sure of your tone, but I'm not understanding why people are unable to grasp how stadium finances work.

 

[Gustavus Adolphus]

Pat Ryan is worth over 12 billion himself so maybe he could make a power move to invest more in the stadium and reap more of the rewards

He's also 87 years old.

 

[remydat]

They would pay for it in the same way that any developer pays for a huge development, with loans.

NFL caps debt at 700m (up from 600m). The Bears said they had 2.1 billion to commit to a stadium so without any public funding they still need 2.2 billion more.

NFL Teams Take Advantage of New Debt Limits, Float $1.5B in Loans

NFL franchises are selling nearly $1.5 billion in new debt to finance operations, according to information contained in a new ratings note from Fitch.

www.sportico.com

NFL Stadium Financing Thrives Despite Inflation, Borrowing Costs

High borrowing costs and greater construction expenses don't appear to be making a dent in the ability of NFL franchises to build new stadiums.

www.sportico.com

 

[Montucky]

He's also 87 years old.

Is he into older women? The Bears have a certain widow ready to get married off…..

 

[TheEarlofRobin]

Then you can't read.

The data show that other than NBA/NHL arenas, most sports venues are rarely used outside of regular-season games. In fact, in an average year the typical NFL, MLB, or MLS facility plays host to fewer than five major entertainment or sporting events other than regular season games played by the primary tenant. Outside of “mega-acts” like Taylor Swift or Bruce Springsteen, NFL stadiums are simply too large for most concert acts.

It literally says that outside of mega-acts NFL stadiums are too large for most concert acts. SMH!

As much as I reference "Sportico" on a daily basis, there is no data to back up their claim. OK, NFL stadiums are simply too large for most concert acts....what does that mean? What data are they citing? What is a "mega act", and why is Bruce Springsteen mentioned?

 

[remydat]

As much as I reference "Sportico" on a daily basis, there is no data to back up their claim. OK, NFL stadiums are simply too large for most concert acts....what does that mean? What data are they citing? What is a "mega act", and why is Bruce Springsteen mentioned?

Ok more goalpost moving. You claimed they didnt say it when in fact they did. Read the article if you want to find out.

 

[TheEarlofRobin]

NFL caps debt at 700m (up from 600m). The Bears said they had 2.1 billion to commit to a stadium so without any public funding they still need 2.2 billion more.

NFL Teams Take Advantage of New Debt Limits, Float $1.5B in Loans

NFL franchises are selling nearly $1.5 billion in new debt to finance operations, according to information contained in a new ratings note from Fitch.

www.sportico.com

NFL Stadium Financing Thrives Despite Inflation, Borrowing Costs

High borrowing costs and greater construction expenses don't appear to be making a dent in the ability of NFL franchises to build new stadiums.

www.sportico.com

The NFL does not cap debt at $700M.

 

[Montucky]

Even if the Bears had all the money and then some with no public funds whatsoever they wouldn’t get it done. Why? Because everyone hates them. It’s political at this point, to deny the Bears their worthless vanity project is to score a populist political win. It is a headwind they didn’t expect at all.

You nerds and **** talking about financing and “not understand the blah blah blah” can’t see the simple easy explanation staring you right in the face. Is it autism?

 

[dennehy]

NFL caps debt at 600 million which on a 5 billion stadium project is only 12%. The Bears said they had 2.1 billion to commit to a stadium so without any public funding they still need 2.3 billion more.

I don't think that has anything to do with building a stadium, I think it has to do with private equity ownership. Very few of the owners can just free up $5b to build a stadium.

Even so, there would be many ways to get around that, like taking on investors or creating a development corp not affiliated with the franchise.

 

[TheEarlofRobin]

Ok more goalpost moving. You claimed they didnt say it when in fact they did. Read the article if you want to find out.

No, I claimed there was no data cited. Which there wasn't. OK! So the data actually concluded that only a select few performers can afford to have an event in an NFL stadium? I didn't see ANYTHING LIKE THAT in the data you cited. Also, if this doesn't tie into revenue produced, then how is it relevant to the discussion?

 

[roadwarrior_joe]

At a 6 billion valuation that is only 600 million and likely falls far short of the additional funding they need to make AH a reality.

I could be wrong on this as I have not studied the the rules on this new private equity. But I don’t think that the 600 million would be the end of the story. I think the 10% partner would be able to stick in as much money as they want into their new investment. Such as helping to fund a new stadium.

When you think about it, if your new partner is a smart developer, has the cash resources , and can take the AH land, build a stadium, add hall of fame, and attract other investors who are willing to put in casinos, restaurants, shopping, etc, and share part of the revenue, it would be a cash cow for the McCaskeys, and most likely increase the teams value if they ever want to sell.

Just thinking out loud.

 

[TheEarlofRobin]

I don't think that has anything to do with building a stadium, I think it has to do with private equity ownership. Very few of the owners can just free up $5b to build a stadium.

Even so, there would be many ways to get around that, like taking on investors or creating a development corp not affiliated with the franchise.

Yes, I guess its amazing that Mark Davis can't afford to pay Khalil Mack and then a couple years later he's building a new stadium. The Raiders owe about $1.3B on Allegiant Stadium which is more than $700M.

Remydat, what is your point with any of this? I still have no idea what you are trying to 'prove', because everything that you've said up to this point has been incorrect and/or irrelevant with reality.

 

[remydat]

I don't think that has anything to do with building a stadium, I think it has to do with private equity ownership. Very few of the owners can just free up $5b to build a stadium.

Even so, there would be many ways to get around that, like taking on investors or creating a development corp not affiliated with the franchise.

Individual NFL teams benefit from the league’s remarkable financial discipline. “The bedrock of stadium finance is the NFL’s rules and regulations and the governance that the Commissioner’s Office hands down to the owners,” Vogel said. “The parameters and debt policies have been consistent for a very long time.”

Those include a $600 million cap on debt against a team—not much, considering the average team is now worth more than $5 billion.

Was raised to 700m in 2024. Even if you set up a Dev corp the problem is players get around 50% of NFL revenue. Once you factor in another 10-20% of other costs you dont have enough revenue left over to split with lenders and yourselves if you borrowing billions. The whole problem with borrowing for the stadium is the vast majority of the revenue coming from the stadium (ie NFL games) is off limits to lenders.

Other invesors require giving up equity. So if it costs 5 billion, you have 2.1b and borrow 700m. That leaves 2.2b which on a 6b valuation means you would need to sell a 37% stake. McCaskey family owns 80% so that would leave them with just 43%.

Doesnt really make sense as they probably can just make more from oldier Field and their 80% stake.

The McCaskey's are simply too poor to make AH work IMO.

 

[remydat]

No, I claimed there was no data cited. Which there wasn't. OK! So the data actually concluded that only a select few performers can afford to have an event in an NFL stadium? I didn't see ANYTHING LIKE THAT in the data you cited. Also, if this doesn't tie into revenue produced, then how is it relevant to the discussion?

Yeah I aint going back and forth just because you cant read or comprehend.

 

[Szlachcic]

If McCaskey's would put professional team on the football field, money they are looking for be easier to get. Simple concept.