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August 19, 2009
Wolff backs away from Quakes stadium plans
Has the MLS pixie dust worn off? San Jose Earthquakes owner Lew Wolff has told the San Jose Mercury News that his new soccer stadium isn't opening in 2012 as planned, as he hasn't been able to line up the necessary sponsors. And this even after getting
an offer of cut-rate land from the city of San Jose.
"You can't do it out of magic," said Wolff. "There's no sense building a stadium unless you have some flow of revenue." Guess he didn't like the view from the diving board.
Actually, he's already executed the land deal -- the stadium is only slated for a small percentage of the property. The rest is for retail, a hotel, and commercial space.
Thanks, made the correction.
Funny how these MLS stadium deals always seem to include development rights to shopping malls and such.
Most modern stadium deals not involving wealthy teams involve developmental rights, etc...
Not just a MLS thing.
Yep, blame Carroll Rosenbloom for that. If Anaheim hadn't have made that development offer the Rams would've stayed in LA.
I think the title of this little piece is a tad misleading. Wolff hasn't backed away from the Quakes Stadium, it's just taking longer than anticipated (not at all unusual in pro sports stadium building). And it's even more unsurprising since Wolff is completely privately financing the stadium in the current economic climate with a less than stellar expansion team on field.
Lew Wolff and his partners the Fishers have plenty of money. John Fisher is currently the fourth richest owner in the MLB, so he's got the money to finance a stadium without all the necessary sponsors lined up.