Loria finds yet another way to extract money from Marlins stadium deal

If you lost out in your Super Bowl betting pool, you still have a chance at redemption — provide that you had money on “Can the Miami Marlins stadium deal possibly get any worse than it was already?” From Charles Rabin of the Miami Herald:

Part of the deal the baseball team negotiated with Miami-Dade allows the Marlins to keep all construction savings, and apply the money to future maintenance and improvement costs at the ballpark. Because the Marlins are responsible for a big chunk of those expenses anyway, the lower construction costs could mean a windfall for a team that is cutting player payroll and facing continued backlash over public dollars poured into the county-owned stadium.

As of the end of December, the team had spent only about $102 million of the $131 million it had agreed to kick toward construction.

Stadium construction was budgeted at $515 million, with the team benefiting from any savings from the total cost if the ballpark came in under budget.

Yes, that’s right: Not only are Miami taxpayers going to be on the hook for something like $800 million worth of debt payments on a new stadium for their historically awful baseball team, but now that it turns out the stadium will cost less than $515 million, they don’t even get any of the savings. Instead, it’ll all go to this guy.

On the bright side, Jeffrey Loria will eventually have to spend this money on upkeep to his stadium, since the savings get redirected into a fund to do that. Though, of course, Loria was going to spend some money on that anyway (unless he plans on making Giancarlo Stanton paint the restrooms), so really this just saves him from having to dip into his pocket as much to pay for upkeep of the stadium that the people of Miami bought him. At least the Marlins’ fan will appreciate the improvements.


Leave a Reply

Your email address will not be published. Required fields are marked *

242,284 Spambots Blocked by Simple Comments

HTML tags are not allowed.