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| Sox ticket revenue https://mail.chicagofanatics.com/viewtopic.php?f=33&t=94498 |
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| Author: | bigfan [ Tue Jun 16, 2015 8:44 am ] |
| Post subject: | Sox ticket revenue |
All per Crains, but explains "SOME" of the worst deal ever for the state. Doesnt include the constant $4.5M annually given to the Sox for "Capital Improvements" such as CHISOX bar or the ChicagoSports Depot...both of which all the revenue funds the Sox, but the state built it? Sure doesnt sound like a 'capital improvement' The Chicago White Sox say they will sell 250,000 more tickets this season than in 2014 and end an eight-year slide in paid attendance, but are unlikely to pay any ticket fees to the city-state agency that owns and operates U.S. Cellular Field. In an annual memo to the Illinois Sports Facilities Authority, the team predicted it will sell 1.9 million tickets this year, its highest paid attendance figure since 2012, when it sold 1,965,955. The Sox sold 1.65 million tickets in 2014. The team said it has sold 442,932 tickets to games played through May 31 and 874,306 tickets to games played after that date. The Sox estimate they'll sell 582,762 more tickets by the end of the season. The team's rental agreement with the publicly owned ballpark requires it to project its final paid attendance every year in early June and estimated rent and ticket fees it will pay ISFA after the season. The Sox also estimated that 130,000 of the 1.9 million tickets it sells this year will be "comp" tickets—given away to sponsors or sold for less than $3 apiece. Those giveaways are capped at 150,000 per season and have ranged between 110,000 and 140,000 for the past five years. As a result, the final projected net ticket sales figure will be 1,770,000, short of the 1.95 million figure the team must clear before it must pay ISFA a per-fan ticket fee. Under the terms of the rental agreement, the Sox pay ISFA $3 for every ticket it sells between 1.95 million and 2,425,000 and on a graduated pay scale beyond that. The last time it paid any of those fees was 2010, when the team drew nearly 2.2 million fans. Aside from U.S. Cellular Field's opening season in 1991, the most the Sox have paid in ticket fees is more than $3.5 million in 2006. The Sox still pay a base rent fee to ISFA that goes up incrementally each year at the same rate of the Consumer Price Index. The Sox project the team's rent this year will be $1,587,826. LOOMING DEBT Heading toward the end of a near-decade streak of dwindling attendance is good news for the South Siders, though the team's projections could shift up or down as the season progresses (the Sox are in second-to-last place in the AL Central). The team went on a spending spree this past off-season, acquiring free agents David Robertson, Melky Cabrera and Adam LaRoche among others in hopes of putting a better product on the field and getting more fans to come out to games. ISFA, meanwhile, will likely face another season of minimal help from the team in paying off its annual bond obligations for U.S. Cellular Field and Soldier Field. Luckily for the agency, the bulk of its funding comes from the city's hotel tax revenue, which has been strong after taking a big hit during the Great Recession. It also was able to reduce its payments by a total of $16 million over the life of the bonds thanks to a refunding of $291 million last summer. Still, the agency's obligations for U.S. Cellular Field balloon from $34 million this year to nearly $87 million in 2032. It has come up short of its debt payments only once since the Soldier Field renovation project was approved in 2001. The agency was forced to tap into the city's share of the state income tax in 2011 to cover a $185,000 shortfall in hotel tax revenue. |
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| Author: | walkrman5 [ Tue Jun 16, 2015 10:22 am ] |
| Post subject: | Re: Sox ticket revenue |
Curious what the terms are in this deal. That is with regards to say any length of agreement? Out clauses? Too bad those hotel taxes could not be put to better use...instead of enriching Jerry & the White Sox. |
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| Author: | SomeGuy [ Tue Jun 16, 2015 10:26 am ] |
| Post subject: | Re: Sox ticket revenue |
walkrman5 wrote: Curious what the terms are in this deal. That is with regards to say any length of agreement? Out clauses? Too bad those hotel taxes could not be put to better use...instead of enriching Jerry & the White Sox. Hey, Jerry is a tough negotiator |
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| Author: | Kirkwood [ Tue Jun 16, 2015 10:32 am ] |
| Post subject: | Re: Sox ticket revenue |
wow, that's a great deal for jerry and absolutely horrifying deal for the city/state. |
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| Author: | walkrman5 [ Tue Jun 16, 2015 10:35 am ] |
| Post subject: | Re: Sox ticket revenue |
SomeGuy wrote: walkrman5 wrote: Curious what the terms are in this deal. That is with regards to say any length of agreement? Out clauses? Too bad those hotel taxes could not be put to better use...instead of enriching Jerry & the White Sox. Hey, Jerry is a tough negotiator OK Big Jim [Thompson] |
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| Author: | Peoria Matt [ Tue Jun 16, 2015 10:44 am ] |
| Post subject: | Re: Sox ticket revenue |
SomeGuy wrote: walkrman5 wrote: Curious what the terms are in this deal. That is with regards to say any length of agreement? Out clauses? Too bad those hotel taxes could not be put to better use...instead of enriching Jerry & the White Sox. Hey, Jerry is a tough negotiator  Jim Thompson. What a joke. |
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| Author: | bigfan [ Tue Jun 16, 2015 10:50 am ] |
| Post subject: | Re: Sox ticket revenue |
walkrman5 wrote: Curious what the terms are in this deal. That is with regards to say any length of agreement? Out clauses? Too bad those hotel taxes could not be put to better use...instead of enriching Jerry & the White Sox. No out clauses, deal has been extended. Majority of the ISFA has always been FOJ. You can almost always find a Northwestern Alumni, A Banker, Venture Capital guy...all connected back. And yes, the tax money could have gone a million other places....Schools? CTA? But, as we move forward, Jerry got his sweetheart deal....thats fine... 2 things would be good. 1. Stop the addtional annual funding of the special revenue projects for the Sox...and then calling them capital improvements. $4.5 M annually 2. Sell the place to the Sox for $1. One more, thing, this deal was modified once when the naming rights came up and Jerry forgot to include them. Sox used that $38 mill Lump sump payment to redo the upper half of the park. That money should have also gone back the state. |
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| Author: | bigfan [ Mon Jun 22, 2015 9:31 am ] |
| Post subject: | Re: Sox ticket revenue |
Jerry dropping the "2005 was great, but cant live on it forever"....ya know when Jerry is dropping that on you, its time to put it to rest for the celebrations and comparisions on what to do to win. |
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