« Rasmussen: California Senate Race is a Dead Heat | Main | Unmosqued: Moderate Bridge-Builder Imam Rauf Places Terrorism Firmly In Conventional, Legitimate History of Warfare; Says US Terrorism Causes Islamic Terrorism »
August 26, 2010

FL Marlins Conned Taxpayers Into Gifting Them a Stadium

Not an unfamiliar story in the "public works" setting. Florida politicians decided that the Marlins absolutely must have a new stadium or they'd leave the state. And since the Marlins couldn't pay for it...well, it's for the taxpayers' own good.

Wait, did I say the Marlins couldn't pay for it?

A look at the leak of the Marlins’ financial information to Deadspin confirmed the long-held belief that the team takes a healthy chunk of MLB-distributed money for profit. Owner Jeffrey Loria and president David Samson for years have contended the Marlins break even financially, the centerpiece fiscal argument that resulted in local governments gifting them a new stadium that will cost generations of taxpayers an estimated $2.4 billion. They said they had no money to do it alone and intimated they would have to move the team without public assistance.

In fact, documents show, the Marlins could have paid for a significant amount of the new stadium’s construction themselves and still turned an annual operating profit. Instead, they cried poor to con feckless politicians that sold out their constituents.

The ugliness of the Marlins’ ballpark situation is already apparent, and the building doesn’t open for another 18 months. Somehow a team that listed its operating income as a healthy $37.8 million in 2008 alone swung a deal in which it would pay only $155 million of the $634 million stadium complex. Meanwhile, Miami-Dade County agreed – without the consent of taxpayers – to take $409 million in loans loaded with balloon payments and long grace periods. By 2049, when the debt is due, the county will have paid billions.

Read the whole thing.

Although, as I said, this is a familiar story. Politicians and other "public servants" aren't spending their own money when they make the deals for this kind of thing (or for light-rail or a new wireless infrastructure or for underwater bike trails or whatever). So they've got much less incentive to really bargain or to keep costs down.


digg this
posted by Gabriel Malor at 10:34 AM

| Access Comments




Recent Comments
Jewells45: "Oh no Lin-duh! You caught the nasty flu?? ..."

junior: "@420 Both Tricia and Helfer dig motorcycles. So Bi ..."

Donna&&&&&&V has a shiny new laptop: "This excuse really pisses me off. This is infantil ..."

broseidon, semi-official komodo dragon shifter: "Margaret Atwood is a traitor, but only to the Engl ..."

Jewells45: "Top ten?? ..."

BurtTC: "Well maybe some women aren't speaking out about ho ..."

IC: "Nikki Haley memes are rather delicious! ..."

SGTYork: "Ace,RE Aziz Ansari.By the woman's own admission, t ..."

redbanzai: "Yep.. good points being made here. Women want to b ..."

Jewells45: "lol.. same her Burt.. I know I've been around at l ..."

Zaklog the Great: "You know, I think the morons here are a little sho ..."

The Inexplicable Dr. Julius Strangepork: "Thanks, WeirdDave. ..."

Recent Entries
Search


MuNuvians
Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
News/Chat
Archives
Powered by
Movable Type 2.64