1.10.2009

Coucilman Wants Answers on MLS Financial Health Ahead of Chester Stadium Vote

philly

Now I don't claim to know how stadiums or any other major construction gets it's financing. But in reading this deep piece on Delaware County Councilman Andy Lewis voting "No" on the Philly/Chester MLS stadium, one thing really stuck out to me. The soccer folks want the state, county & city to kick cash on it but won't show them the league's financials, which they (like every private company) don't make public.

Now I'm as big a cheerleader as you'll find for the league, and I think most of you know that. And although I am a New York fan I want a Philly stadium only slightly less than I want Red Bull Arena, and I think you'll find many of the New York hardcore fell the same way; we want a local rival. I am the anti-Andy Lewis.

But I have to say the guy has a point when he says "if you’re a private company, then you shouldn’t be looking for any public assistance”. Again I know nothing about financing but it just doesn't make sense to me, although it's the norm in sports. I'd hate to see this stadium not-happen, but I can see where the councilman is coming from; if I'm gonna get in bed with you and you've got your health records right there in your nightstand, I'd kinda like to see 'em before I start taking clothes off. I know you don't want to show 'em because of what I might see, but I think it's only fair. Just sayin'.

10 comments:

briguy said...

SF-

I pretty much agree with what you're saying here, and the dissenting councilman has a valid gripe.

I hate to nitpick, but Target is most definitely a publicly held company, who makes financial data readily available (to anyone with access to a computer) through its 10K filing. And, I'm quite certain that Target has received numerous corporate, municipal, and/or property tax concessions to build stores in certain areas, which is essentially a form of public financing.

Okay, back to Newcastle v. West Ham...

Anonymous said...

OK, not so fast here guys. Let's look at this from another angle.

Remember the Eagles, and Phillies, both who last I heard are private companies, and guess what, they play in nice new stadiums...paid for with...you guessed it...public funds. As do 99% of all other professional sports teams (99% of which are privately held).

So let's not go making new rules just for MLS, please.

caseyko74 said...

Lots of private companies get public assistance. I used to cover politics on a local level, and city and county councils are always helping new businesses to come in in various ways from tax breaks to land deals to public financing.

Sounds to me like the councilman either didn't get his payoff or wants something from someone else on the board. And is playing sour grapes and spoiling this project.

SF said...

Oh yeah, I got way wrong using Target as an example...and I'd be really curious as to whether the Eagles had to show thier books.

I know that's the way sports teams like to do it but it just doesn't make sense to me that someone wants you to part with millions of dollars and they won't let you see for yourself how much money they're capable of bringing in and expect you to take thier word for it. Call me simple.

SF said...

Oh yeah, I got way wrong using Target as an example...and I'd be really curious as to whether the Eagles had to show thier books.

I know that's the way sports teams like to do it but it just doesn't make sense to me that someone wants you to part with millions of dollars and they won't let you see for yourself how much money they're capable of bringing in and expect you to take thier word for it. Call me simple.

Tim said...

Looking at the picture of the philly stadium depresses me because i immediately think of the first design that was magnificant. But they changed it to the current design to save money.

Anonymous said...

Who cares about those bums, philly fails at life period!

Binks said...

I really don't care about a rivalry with New York when the idea that the media whores known as the "Sons of Ben" will have to spend that much more time whoring to get what they want.

To me that's funny. They're a parasite on the ass of the Screaming Eagles and Barra-Brava.
Besides raising money by stealing aluminum cans from bums and giving the proceeds to local causes for a photo op, they have no redeeming qualities what so ever.

Sons of Ben and Nick Sackiewicz. Match made in Heaven.

Anonymous said...

why not save money on a stadium.
And i dont understand with the material costs going down, whey they can't say to the General Contractor to rebid the job using todays figures. Thousands of other companies are doing it all over the US.

Personally can't wait for the Chester Molesters to start playing, it will be great for all the east coast teams

Anonymous said...

WTF are you talking about. All of a sudden a private company happens to be a Soccer company and there are new rules for public funding?
Please!

This man is only looking for an excuse. Does anyone on earth think MLS is making money? Of course not. Once he gets his figures you can bet he runs out and shouts I told you so!

This is bull, plain and simple.