February 13, 2007
What goes to Memphis stays in Vegas?
Robin Leach - yes, that Robin Leach - reports that there is a "strong possibility of the Memphis Grizzlies being sold to a Vegas investor group. ... You can expect the monumental news confirmed in 48 hours, with all the details being announced prior to or during Sunday's All-Star Game."
There's nothing I can add to that. Except to note that the Grizzlies have seven years to go on their lease at the $250 million arena that Memphis taxpayers built for them in 2004. And that Las Vegas doesn't have an arena for a team to play in, and there's lots of local opposition to spending public money on one.
Okay, so turns out there was a lot I had to add. But jeez, Robin Leach, man.
This statement sums up the entire stadium debate so beautifully, it should be posted in every city, county, and state legistlature.
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"Imagine if Las Vegas resort developers argued that the public should pay part of their construction costs because the new business would bring jobs to the state and raise tax revenues.
Voters wouldn't treat the idea kindly, said Alan Feldman, spokesman for MGM Mirage, Nevada's largest casino operator. "I am confident that of our 1.8 million people, it would be 1.8 million to zero not to build a hotel."
Yet local officials are considering the same financing equation for a proposed arena - and Feldman is among the Las Vegas public and private figures who believe that the idea is equally bad. "I think the notion of public funding for an arena is absurd..."
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The most ironic part is that a hotel is a much better investment than a stadium. A hotel doesn't demand that all taxes generated there go back to the hotel owner for bond payments, maintenance, etc...
Neil,
IIRC, even if the Grizzlies left at the end of their lease, they would have to pay heavy penalties to the city and county, and even to FedEx, because of the naming rights.
They can't leave without financial penalty for another SEVENTEEN years, lease or not.
Posted by LeftWingCracker on February 13, 2007 05:12 PM
The Maloofs are denying it's them with the following statement:
"We have a great thing going in Sacramento," Joe Maloof said in a cell phone interview. "We've been there eight years. We've built a lot of friendships, and we want to get it done in Sacramento."
That's not very compelling. That doesn't really goes a long way to answering the question of how they go from an 80-20 loss to a 2/3 supermajority win.
That's the question they need to answer, especially when it doesn't look like anything's happening to build an arena in Sacramento right now.
Posted by MikeM on February 13, 2007 06:40 PM
The Grizzlies should have never went to Memphis in the first place.
Posted by Daniel F. on February 14, 2007 06:52 PM