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Wednesday, April 23, 2014

Coliseum Authority accuses Athletics of not paying rent

Here’s A’s president Mike Crowley response to the Coliseum Authority’s accustaions below:

“First, we owe no back rent or any other amounts. We did deduct rent payments in the past for items that we are allowed under our lease, but that was our negotiated right.

Second, there is absolutely nothing in either our lease offer to them or their counter proposal to us that mentions any kind of subsidy. In fact, under our final offer we would immediately invest no less than $10 million in the facility and our rent would rise from the amounts that we have paid over the last decade.

We have nothing additional to offer and as a result there will be no further negotiations.”

The Chronicles of Reddick Posted: April 23, 2014 at 06:21 PM | 28 comment(s) Login to Bookmark
  Tags: athletics, oakland coliseum

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   1. valuearbitrageur Posted: April 23, 2014 at 07:00 PM (#4692611)
Among the issues cited by the Authority are that the Oakland Athletics owe the City and County more than $5 million because they have not been paying their rent for over five years. While the team is asking that this debt be written off, the Authority insists that this money could be used for public purposes such has hiring more police officers or funding public health services.

Additionally, the Athletics are demanding that the Authority give the team rent subsidies of $3.5 million per year. This is despite the team being an MLB franchise with a market value of nearly $1 billion.


While I don't think Oakland should subsidize the As one red penny, this release and it's language is clearly political posturing. My guess is they knew the As wouldn't come back to the table so fire the first shot in the next PR battle.

It's great they realize they can do better things with those funds, but admitting you have a problem is only step 1. The next step is getting out of the public stadium business. If the As must be given public handouts, let San Jose do it, at least they can afford it.
   2. bobm Posted: April 23, 2014 at 07:28 PM (#4692624)
Among the issues cited by the Authority are that the Oakland Athletics owe the City and County more than $5 million because they have not been paying their rent for over five years.

Good luck trying to collect five years of back rent. Laches applies at some point. Did they not think to demand the rent a few years ago, if it was really due to the Authority?
   3. willcarrolldoesnotsuk Posted: April 23, 2014 at 08:18 PM (#4692670)
Blowing off debts is the new market inefficiency.
   4. Dr. Vaux Posted: April 23, 2014 at 08:24 PM (#4692676)
The A's have a market value of nearly $1 billion? Isn't that what the Dodgers sold for?
   5. Bote Man Posted: April 23, 2014 at 08:33 PM (#4692683)
While the team is asking that this debt be written off, the Authority insists that this money could be used for public purposes such has hiring more police officers or funding public health services.

Except that all those services that make the bosoms of Oakland residents swell with pride are already budgeted. More likely that this money would go into a discretionary slush fund, the better to be squandered on politicians' pet projects/pockets.

This all assumes that anything released to the public is in the remote vicinity of the truth.
   6. Robert in Manhattan Beach Posted: April 23, 2014 at 08:36 PM (#4692689)
The A's have a market value of nearly $1 billion? Isn't that what the Dodgers sold for?

It was $2 billion for the Boys in Blue.
   7. Dr. Vaux Posted: April 23, 2014 at 08:42 PM (#4692696)
My God!
   8. BDC Posted: April 23, 2014 at 08:48 PM (#4692702)
Wow, then the Astros must be worth at least $65,000.
   9. Walt Davis Posted: April 23, 2014 at 09:22 PM (#4692728)
The A's have a market value of nearly $1 billion?

I would wildly guess not quite but the Padres sold for $800 M in Aug 2012 although Forbes/Bloomberg value them at about $650 M.

They valued the A's at about $550 M. (Bloomberg values much higher than Forbes, at least for those two teams.)

Here's Cots on the Padres:

A group led by Ron Fowler bought the Padres for about $800M in August 2012. Former owner John Moores had purchased the team for $94M in 1995. In April 2009, a group led by Jeff Moorad purchased 35 percent of the club in a deal that valued the franchise at $500 million and gave the group a five-year window to buy the team in its entirety. In March 2012, Moorad withdrew his bid to buy a controlling stake in the club.

That's just insane. From 94 to 800 in 17 years and 500 to 800 in 3.5 years are both around 12.5-13.5% return per year.
   10. Renegade (((JE))) Posted: April 23, 2014 at 11:09 PM (#4692863)
On a related note, With Warriors gone, Oakland's Coliseum City faces new hurdles:
The struggle for Oakland to keep its sports teams suffered a twin blow this week when the Golden State Warriors made clear they are leaving for San Francisco and the Oakland Raiders appeared to backtrack on their desire to stay.

To the surprise of city officials, the Raiders missed a 5 p.m. Monday deadline to submit a Letter of Interest in working on a project to transform the 132-acre Coliseum complex into a sports and entertainment hub with new sports stadiums.

Team spokesman Mike Taylor declined to comment as to why owner Mark Davis, who has expressed interest in Coliseum City publicly, so far has declined to issue the letter.

While the Raiders' hesitation isn't a deathblow to the multibillion dollar project -- the letter could still be issued and could just as easily be rescinded at a future date -- the Raiders' failure to meet the deadline raises fresh doubts about the project's viability. ...

Unfortunately for Oakland, it doesn't have the luxury of making a choice. By failing to issue the Letter of Interest, the Raiders appear to be hedging on building at the Coliseum complex, where a proposed football stadium already faces at least a $500 million shortfall. The A's only want a long-term lease at their current home field while still holding out hope that the team can move to San Jose.

Further complicating matters is that the two clubs appear to view each other as rivals rather than partners. The Raiders have stated a preference for a new football stadium to be built on the footprint of the existing O.co Coliseum, potentially leaving the A's without a home.

The A's, meanwhile, continue to control concession and signage rights at the facility, making money during Raiders home games.
   11. Los Angeles El Hombre de Anaheim Posted: April 24, 2014 at 12:54 AM (#4692905)
First the cow rancher in Nevada, now the Oakland A's. I'm waiting for thousands to gather in front of the Coliseum to fend off the feds.
   12. greenback changed his travels Posted: April 24, 2014 at 01:12 AM (#4692907)
First the cow rancher in Nevada, now the Oakland A's. I'm waiting for thousands to gather in front of the Coliseum to fend off the feds.

You are a bad person.
   13. RMc's Yelling Mob of Hackmen Posted: April 24, 2014 at 08:30 AM (#4692948)
Golden State Warriors made (it) clear they are leaving for San Francisco


Will they go back to being the San Francisco Warriors, then? "Golden State" is so 70s...
   14. Traderdave Posted: April 24, 2014 at 10:00 AM (#4693038)
Hypothetical question:

What would happen if the Coliseum Authority locked them out/evicted them for non payment?

Would the A's become the new Spiders, playing the whole season on the road? Would they scramble out a deal somewhere else, like a college stadium or minor league park? Would MLB be forced to allow them to move, in light of their homelessness? Or would Selig's contraction dream become reality?
   15. You Know Nothing JT Snow (YR) Posted: April 24, 2014 at 10:08 AM (#4693048)
Welfare team wants more freebies. Big story.
   16. RoyalsRetro (AG#1F) Posted: April 24, 2014 at 10:16 AM (#4693054)
The Raiders have stated a preference for a new football stadium to be built on the footprint of the existing O.co Coliseum, potentially leaving the A's without a home.



The joke is on them. There are plenty of community college and American Legion ball fields that would be thrilled to host the A's.
   17. Joey B. is counting the days to Trea Turner Posted: April 24, 2014 at 12:51 PM (#4693214)
Maybe the A's are upset that the toilets are all backed up and the landlord won't bring in the plumber.
   18. BDC Posted: April 24, 2014 at 01:24 PM (#4693240)
plenty of community college and American Legion ball fields

Or they could find a big parking lot and draw a diamond on it with sidewalk chalk.
   19. RoyalsRetro (AG#1F) Posted: April 24, 2014 at 01:34 PM (#4693251)
Or they could find a big parking lot and draw a diamond on it with sidewalk chalk.


Anything that lands on Old Man Withers' roof is an automatic home run.
   20. Jeff R. Posted: April 24, 2014 at 02:42 PM (#4693330)
   21. Zach Posted: April 24, 2014 at 06:54 PM (#4693618)
Among the issues cited by the Authority are that the Oakland Athletics owe the City and County more than $5 million because they have not been paying their rent for over five years. While the team is asking that this debt be written off, the Authority insists that this money could be used for public purposes such has hiring more police officers or funding public health services.

So wait... Oakland only funds public services with the rent money it gets from a 50 year old stadium, and not at all if they get stiffed?

Sounds about right, actually. Carry on.
   22. RMc's Yelling Mob of Hackmen Posted: April 24, 2014 at 07:18 PM (#4693632)
Move 'em back to Philly.
   23. Steve Treder Posted: April 24, 2014 at 07:23 PM (#4693633)
Will they go back to being the San Francisco Warriors, then? "Golden State" is so 70s...

The best part was that on their jerseys it didn't say "San Francisco," it just said "The City."
   24. I am Ted F'ing Williams Posted: April 24, 2014 at 07:31 PM (#4693636)
Would MLB be forced to allow them to move, in light of their homelessness? Or would Selig's contraction dream become reality?


I am hoping things come to an ugly head so that Selig's hypocrisy gets displayed one last time.

I assume Bud would do one of the following:

1) Offer the team the use of Miller Park for an extortionate rent
2) Let the team play in Sacramento
3) Let the team move into Montreal for a year (the apostrophe-S on the hats will make the Quebec language police throw a fit so I am rooting for this)

What is most likely to happen is the Expos/Coyotes fiascos, Act III - Bud gets the other 29 teams to force the current ownership out and MLB runs the club like they ran the Expos until the franchise is valued so low the other 29 teams lose money on the deal. Then MLB starts playing an extortion game with all the other cities just dying to throw taxpayer money down the toilet and moves the club to the winning loser city. Most likely Charlotte.

They'll force a nickname change and will ditch the green and gold, too. The Charlotte Vagabonds. The Charlotte Charlotteans. Ah heck, it'll be something even more stupid like the Charlotte Americans or the Charlotte Thumpers. The Royals will get forced into the AL West and the Blue Jays will get shoved into the AL Central.
   25. BDC Posted: April 24, 2014 at 07:40 PM (#4693642)
The Charlotte in Weimars.
   26. TerpNats Posted: April 24, 2014 at 07:50 PM (#4693650)
Golden State Warriors made (it) clear they are leaving for San Francisco
There was talk a few years back about building an arena near the Giants' ballpark. Does that remain a possibility?
   27. Steve Treder Posted: April 24, 2014 at 08:08 PM (#4693657)
There was talk a few years back about building an arena near the Giants' ballpark. Does that remain a possibility?

The site the Warriors really wanted was quite close to the Giants' ballpark, in between it and the Bay Bridge. But to build it there would require variances to several waterfront development restrictions, and had faced strong resistance, so the Warriors this week finally threw in the towel on that site, and instead just now purchased a parcel of land still near the Giants' ballpark, but to its south, and not directly on the waterfront, so without the development restrictions. No one foresees much difficulty in getting it built on this site.
   28. bobm Posted: April 24, 2014 at 10:08 PM (#4693717)
Your 2018 Charlotte Carpetbaggers!

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