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A bad precedent was set long ago. |
Ticket sales are huge money even in down years like this. The suite is $160K/yr with a three year lease. The average bill this year has been about $1,200/gm for food and beverage.
They're raking in money with a new "theater box" this year that cost about $70k for four people. Those all sell because they're used to entertain clients, not so much for dedicated fans to watch games. In short, it doesn't really matter if the team is good. They're still making huge money and can afford their own renovations. |
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Thanks for those pics AnthonyPHX - Central Station project is looking pretty cool imo! Happy Thanksgiving and Go Suns. :notacrook: |
Talking like there's nothing going on unless there's a game is very 2007. That's all. Not looking for an argument, bud.
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That's what banks are for.
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1) Even though the Suns paid half of the original construction costs in the early 1990s, the Phoenix Suns do not own Talking Stick Resort Arena. They are contractually obligated to remain a tennant through 2022. Any expectation that the Suns should pay for all the renovations on an asset they do not own, isn’t realistic.
Its worth noting that the City of Phoenix is STILL making payments on the original construction. 2) Robert Starver is one of the ‘poorest’ pro owners in the country, in all the leagues. Frankly, he doesn’t have much business being an owner and couldn’t buy the Suns today at market value even if he wanted to. Case in point: the Suns are one of the very few pro franchises that doesn’t even have a dedicated practice facility. Hell, the University of Arizona player facilities are MUCH, MUCH better than the Suns. If he can’t even afford to build a dedicated practice facility... 3) Ticket Sales and Arena Sales repesent a small portion of total revenue for the teams. In fact, ticket sales don’t cover much more than the cost of the holding games, maintaining Suns operated arena assets, arena staff, security, offices etc. Havent even gotten to other costs like player salaries. Gate receipts are less than 35MM for the Suns, per season. You guys pointing to ticket sales as a reason for (almost) every team to fund renovations are way off. There are a couple exceptions like the Knicks, whom bring in more than 130MM in ticket sales per season. I could keep going, but it’s a holiday... summary: even if the Suns could afford a 300MM bill to renovate (which would be a MAJOR stretch under current ownership), they wouldn’t do so under the current agreement with the City of Phoenix. |
I did not know the Suns didn't in tsra. You're right, expecting the tenant to fund renovations is nuts.
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Making it sound like the Suns didn't get anything out of the original deal is malarkey--their entire business is dependent on heavy city involvement. Maybe an actual ownership stake would be worthwhile if they got an adequate share of other revenue (concerts, arena football, Mercury, etc) but I don't know where I could find the information to make that judgment. I'm going to just blame Jerry Colangelo and the desperate Phoenix leadership of the 1990s that gave in to his every whim and desire. The Suns Arena was built as a basketball-only facility and I'm sure he was happy to see the Coyotes and the concerts leave for Glendale. It's an astounding lack of foresight on his and others' part that gave Phoenix the bum deal it's trying to tread water around. |
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If DT wants to keep the Suns in their current venue, city leadership needs to pony up. The Suns have zero obligation to stay downtown. It would be INCREDIBLY foolish to loose the Suns to Scottsdale over renovation costs. Here's the worst case scenario: Its entirely possible that downtown loses the Dbacks and the Suns in the next 5-10 years. Teams have nothing personal against downtown, there is simply no loyalty in sports business. They COULD have much more favorable options elsewhere. |
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phoenixwillrise makes solid points including Sarver paying $400 million against a current value of $1.3 billion; the average is $1.65 billion. Quote:
But this is also why, I assume, that a renovation is deemed sufficient. While Sarver should pay half... it's up to the city. If they can continue to exist for $150 million it sounds like a decent investment (by the city) to me. |
And I think everyone forgot that the city just sold the Sheraton for what was it, 100, 150 million? This is where the money is coming from I guess, right? That's what the conversation was about during the sale of the Sheraton. I sure hope that lady loses the election for mayor and that fire fight guy wins. Sports are so important for the culture and sense of community for a great big city.
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Um. Nope.
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Big Difference
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