The sweet deal Jerry Reinsdorf has at U.S. Cellular Field is prompting the state agency that runs the ballpark to re-examine its lease agreement, which requires the White Sox owner to pay $1.5 million annually in rent while keeping all proceeds from ticket sales, parking, concessions and his growing merchandise operations.
“If you compare (lease terms) to other sports stadiums around the country, the Sox pay the lowest rent of all the facilities,” said Emil Jones, chairman of the Illinois Sports Facilities Authority, which oversees the Cell and Soldier Field.
“It's something we'll be looking at," Mr. Jones told me.
Mr. Reinsdorf didn't return a call, and a spokesman declined to comment.
Plans to re-evaluate the contract come as the White Sox owner prepares to open a retail location across from the South Side ballpark on state-owned property.
The store, which will sell sports apparel and paraphernalia, represents another revenue stream for Mr. Reinsdorf at the stadium he persuaded the state to build back in 1990. (He had threatened to move the team to Tampa, Fla.) Along with being permitted to retain all the income from the shop, the club owner gets to keep money from the Bacardi at the Park restaurant, which opened next door last spring.
The arrangement with the new retail venues is an extension of Mr. Reinsdorf's lease agreement, which runs through 2029 and allows all profit on the state-owned property to go to Mr. Reinsdorf.
The lease agreement came about when James Thompson was governor, and the additions to the agreement — the shop and restaurant — were added when Mr. Thompson was chairman of the Illinois Sports Facilities Authority.
Gov. Pat Quinn replaced four members of the board, including Mr. Thompson, earlier this year and appointed Mr. Jones, the former president of the state Senate.
Read more:
Illinois authority plans to examine Reinsdorf's U.S. Cellular Field lease | Blogs Taking Names | Crain's Chicago Business
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