What’s insane is that it supposedly cost $5B to build SoFi Stadium and it was all financed by Kroenke. I think it helps immensely that there are two teams (Rams/Chargers) generating revenue instead of one. NY Jets and Giants also privately financed the entire stadium.
But the SoFi Complex cost 10 times as much as Ford Field.
From what I’ve gathered through research is that the initial cost of Ford Field was projected at $400M. 51% were financed by the government through Bond sales ($204M) and Ford paid the rest as well as the overages (Final construction cost was $550M).
Taxes were assessed on Hotels, Rental Cars/Taxi’s and casino’s (1%-2%), those taxes go to pay down the debt from the bond sales for Ford Field as well as CoAmerica Park.
The Tigers and the Lions pay for all maintenance costs on the property.
The lease is 35 years for each property and at the end of the 35 years, the city/county owns the building and property.
SoFi was approached more like an all inclusive business/real estate investment rather than “just” a stadium. So its an entire campus with hotels, shopping, office lease space, etc. The NFL even has an office on the campus. So instead of building a stadium and a bunch of 3rd party businesses making money from events…Kroenke is able to cash in all around with tons of revenue streams. One cool thing I like about how they built it is there are 4 locker rooms, and those locker rooms were designed to easily split into 8 locker rooms for a basketball tournament type event. I am easily amused. LOL
Ford Field’s costs were also helped by incorporating an existing building into the stadium. Funny how the owners will find a way to keep costs down when they are paying a more reasonable chunk of the tab.
Ahhhhh…Sales and Delivery…so very different things sometimes
Its the sole reason why California has lost teams
However part of that reason is the proposals by the teams that ask for so much public money
With mixed results from studies that show how much these teams and stadiums actually help the average citizen.
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