Seattle reporter Danny Westneat says Seattle politics got Ballmered. It’ll be interesting to see if he’s right, because that implies maybe other cities as well..?
“The project backers have been adamant they need $200 million in bonds from the government as a way to get the upfront capital to both build the arena and buy a team… “Given the significant financial risks the investor group is shouldering and the amount of equity financing required for the team and Arena (well over $300 million), the investor group believes that the public contribution requested is required to make the project financially viable.”
Given that the Clippers just got a price tag of $2 billion… and although it may have been well above all other offers, it was apparently one of five and least one other offer beat out most profit-assessed valuations of the team (which Forbes sez is only worth $575 million)… how much straight-faced argumentation is going to be pitched at city councils regarding stadium redesigns and city bond issues, now?
I mean, if you’re looking to get (re-)elected, can you really afford to throw a few hundred million dollars of taxpayer money at a sports team at this point, without making yourself into a laughingstock?
(image credit: Rex Features, from The Guardian)