Live from watching the St. Louis how-we’re-gonna-keep-the-Rams press conference on the interwebs:
Tuned in to STL stadium press conf just in time to hear: "You're talking $900m and $450m of public money…" Yikes. http://t.co/Twea2qlAJi
— Field of Schemes (@fieldofschemes) January 9, 2015
That was a question to Gov. Jay Nixon’s stadium negotiator (and Anheuser-Busch exec) Dave Peacock, who presented his proposal for a new stadium to make Rams owner Stan Kroenke re-up his lease in St. Louis. And yes, that’s a $900 million price tag, with $450 million of it coming from the public. More from the St. Louis Post-Dispatch:
The facility would feature 64,000 seats, with 7,500 club seats. Financing the project, he said, would involve public and private money, as well as seat licenses paid by fans.
“There are ways to source public financing and do it with the same or less burden on the taxpayers,” Peacock said.
The current Edward Jones Dome would become “a competitive asset to use” to attract conventions, Peacock said.
I will endeavor to get Heywood Sanders in here to comment on that one, if he ever stops laughing.
Anyway: 450 million smackeroos. That is a hell of a lot of money to keep a team that you just spent $600 million to lure to town 20 years ago, so either Peacock knows something we don’t know about the seriousness of Stan Kroenke’s threat to go to L.A., or he’s ignoring my advice about not bidding against yourself. Or he just figured most new stadiums cost around $900 million and thought, “Enh, let’s offer to go halfsies and see what they say. That sounds fair, right?” Dumber things have been done for dumber reasons.