June 25, 2004
Louisiana approves Saints subsidy loan
The Louisiana state legislature has approved a $7.5 million loan from the state Department of Economic Development to the Superdome Commission to cover this year's shortfall in reverse rent payments to the New Orleans Saints. Still to be determined: How the commission will repay the state for the loan, and what the state will do next year, when the shortfall is expected to be still larger. The state is paying the Saints a total of $186 million over ten years, as part of a deal brokered to keep the team in town without building them a new stadium.
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