REPORT: White Sox Ballpark could cost Chicago & Illinois $1B
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- čas přidán 19. 02. 2024
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Original reporting: www.chicagobusiness.com/polit...
Also here: sports.yahoo.com/white-sox-re...
The Chicago White Sox's desired price for their new stadium is coming into focus, and it is not small.
White Sox owner Jerry Reinsdorf is preparing to ask Illinois Gov. J.B. Pritzker and other state leaders for roughly $1 billion in public money to fund the construction of the team's proposed stadium in the South Loop, according to Justin Laurence of Crain's Chicago Business.
For perspective, that amount of money would cover the majority of the purchase price of an entire MLB team, as the Baltimore Orioles recently sold at a valuation of $1.75 billion. The White Sox were estimated by Forbes to be worth $2.05 billion last year.
Earlier this month, the club unveiled its plans to move to the currently unoccupied 78 South Loop development near Clark Street and Roosevelt Road. The stadium would replace Guaranteed Rate Field, which was opened as Comiskey Park in 1991, the last field of the era before Camden Yards transformed the aesthetics of modern ballparks.
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Public money should never be used to help a billionaire build a sports complex
Agreed.
We did 34 years ago! How stupid
Or billions in funding wars we're not even apart of, but here we are! Sadly, there's nothing we can do!
as a sox fan and a resident of cook county, no. whatever money Jerry is asking for should go to support the CITIZENS of Chicago.
You mean migrants and people who haven't worked for generations?
I live in Chicago in the Bridgeport neighborhood; Jerry can just fuck off at this point. One of the cheapest owners in all of sports who refuses to spend any money on or off the field, yet always has his hand out. It's not a shock that the two teams he owns also has the least amount of development around it (United Center finally getting a hotel maybe based purely off the Blackhawks). If you can't afford the new stadium, stay in Bridgeport. You have acres of parking that is never used that could easily be redeveloped but Jerry loves his parking income even if it's only for a few cars or a crappy Xmas lights drive thru during the winter. Blue Jays have completely transformed Rogers Centre with renovations, same can be done to Sox Park. Let the Chicago Fire take the 78 location for a soccer stadium because I can at least believe that owner will be willing to foot the actual bill.
The fact Jerry wants the public to pay for this is such a Reinsdorf move.
It's mind blowing how the same people who whine about crime and homelessness in cities see zero issue with public money being thrown at billionaires. You can't have it both ways
You're right.
Public funds should never be used for private ventures. Billionaires are able to afford billion dollar ventures. This is a joke.
THANK YOU
Any public money used needs to be offered back with a rebate for every ticket sold till the debit is paid
Yes! So let’s start with the $50 million that Uncle Jerry still owes.
Debit? 😂 you mean debt. Please learn to spell lol
I've been to half of the MLB stadiums and thought the White Sox's stadium was fine when I went in 2019. The best I've been to? No, it's average but a perfectly adequate place to watch a game. Wrigley is better but also costs 2-3x more, so it's good value. It's barely over 30 years old and more like 20 since there were significant renovations done in the early 2000's. Illinois is already extremely tax disadvantaged compared to other Midwest states and has some serious budget issues, I hope their elected officials choose to help their own citizens before a billionaire.
Knowing Chicago Politics....these "Rat Infested Politicians" would want a kickback $$$$ in their pockets if the deal gets done.
In fairness to Jerry, a man who can’t afford to pay the luxury tax and has never signed a player to $100 million contract, we should subsidize the stadium to the tune of $600 million more than the next highest stadium handout in North America. He’s obviously short on cash and that’s the compassionate thing to do.
Jerry is using this to have an excuse to leave. Bye jerry.
Jerry would be around in 2029 it will be bye Jerry before that
@@michaelleroy9281 Median life expectancy for 87 year old man is 4.56 so never say never.
BILLIONAIRE MLB OWNERS : '''GIVE US WHAT WE WANT OR WE MOVE''.........by the way the current White Sox Ballpark was opened in 1991...they need a new ballpark?????
Corporate welfare at its worst.
The stadium is boring as hell and right next to the hood
@@lukec6d9
This ain’t Vegas, Sonny.
@@mdwrob why did you say that
The 1991 ballpark was built to prevent the white sox from leaving the state.
So now they are pulling that threat again?
no thanks Jerry. One free stadium to a customer. If you don't want to sell the team, enjoy Nashville!
As a White Sox fan and an Illinois resident, I hope both the city and the state tell Jerry to go pound sand. The state already paid for a stadium 35 years ago, which they are still paying for, and now he wants another one? What Jerry really wants is for the state/city to pay for this so that it inflates the value of the franchise so that his kids can sell the franchise for $3 billion after he dies. If he wants to do this, then he should pay for it himself. If not, well, he can sell the franchise, leave for another market, or extend the lease at GRP. The White Sox have survived for 125 years at the same location and this isn't a move that is being proposed out of necessity.
This. When a new stadium is built, the team massively increases in value making it an ever shrinking fraction of a percent who could afford to buy a team.
But it doesn't mean that your city gets exponentially wealthier. The old stadium generated revenue too.
Billionaire owners are too blinded by their own greed. They’re only making the sport worse for fans by playing this game every time they need a renovation or new stadium. This ugly, greedy tactic needs to stop.
How can you spend a billion dollars of public money on a stadium in good faith
Approving this boondoggle would be the dumbest move by the City of Chicago and State of Illinois since the parking meter fiasco of 2008.
Let these billionaire owners pay for their own stadiums to hell with using taxpayers dollars for this crap. Enough is enough
The City of Chicago did NOT approve the financing for New Comiskey Park (I will never say that new “corporate” name!), The State of Illinois did….in Springfield! It was Governor Jim Thompson who got the General Assembly to approve the financing on the 11th hour.
I think we all are sick and tired of teams begging to city, county and state governments (Keith Sweat style) for public money for new stadiums!
It should be against the law to use taxpayer funds to give tax breaks or subsidies to billionaire owners for their stadia.
Learn from the dirty tricks of the Oakland A’s owner…purposely don’t maintain the stadium you are in so that your demands seem all the more reasonable. In fact, Uncle Jerry let Old Comiskey Park fall into a profound before demanding his new park.
It sucks to be a taxpayer in Chicago/Illinois.
Try California! It’s no walk in the park either!
The city and state are broke, and people are moving away as taxes keep going up. The mayor and governor couldn't run a lemonade stand.
JB has said he's against this kind of deal in the past, so let's see if he sticks to his word before we tar him with a broad brush.
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Are billion dollar stadiums worth the cost to cities is? Probably not in most cases. Trickle Down Economics in action. Yes, Stadiums create jobs and all major sports teams do community work, but majority of the money that goes into a sports is spent on player salaries and ownership profits. These owners have a hard time showing specifics of how they are supposed to be generating a net profit for their cities. Honestly, a big problem right now is that owners haven't kept up with their own spending. If you were an MLB owner back when teams and stadiums costed a few hundred million dollars you probably can't afford to still be an owner when the costs are in the billions. If an owner can't afford to privately finance a stadium they shouldn't own that team.
Correct! Reinsdorf wants to use taxpayer’s money to play
in the sandbox with actual billionaire owners because his net worth is all tied up in the team. Time to SELL
The problem with most US sports teams’ owners is that most of them don’t have enough money to build new stadiums or extensive renovations. Most owners don’t even have as much money as their teams are worth. It’s all a major cluster that needs to change but it won’t because billionaires and politicians (no matter what party) are in each other’s pockets all while ignoring the Americans that are struggling the most.
The public should always have a stake of the ownership for sports venues. Even if they are privately owned, they are still built for the public. Let the people get rich of these stadiums too.
Whatever happens it's going to be a long 5 years of news
Now White Sox fans can finally convert to Cubs fans if they leavea! Lol On a serious note Jerry Reinsforf is an aweful human being, the ways he's been running the White Sox and Bulls and holding those teams back from glory is a crime to the fans and the city.
I live in Los Angeles county and the Rams owner built Sofi Stadium with his own money and the Clippers owner built his new arena with his own money. Jerry has the money, however he is just being frugal. He should pay for at least 75% of the new stadium that he wants. The citizens of Chicago, should have a say of what they want their taxpayer dollars to go towards and support
The team value then shoots up even more. The city/state should get a piece of that. At least in California, owners pretty much pay for their own facilities. Except the Fish who seeked the Vegas handout and is leaving.
Pro sports team owners need to pay for their own stadiums. Period.
Jerry has a billion dollars, so no! Pay for it yourself. Better yet, put a better product on the field and maybe it will pay for itself. SMH I am tired of Jerry and is teams that cannot even win a playoff game - if they even get there. . SMH
Exactly the same pattern is happening with the Tampa Bay Rays here in St. Petersburg. Please cover us.
There is ZERO chance Reinsdorf moves the team if he doesn't get a new stadium, and for that reason the state/city should negotiate hard and not just give him everything he wants like Thompson (his law school buddy) did last time.
Baseball is not a popular sport anymore and Reinsdorf has a 130 year generational fanbase right where he is, in the nations third largest market, and moving to an area where no one cares about baseball would be insane. Think of how much of a disaster it would have been if he moved the team to Tampa 30 years ago, and now the sport is way less popular.
Utterly predictable. And this scenario is about to play out in at least a half a dozen other markets, maybe more. Just like the majority of big business entities that formed in the late 1800's, Baseball had plenty of time to buy itself enough political protection to avoid serious regulation amidst the trust busting efforts of the Progressives. The railroads have been screwing over American business and getting stuff for free (namely, land) since their inception. The only check or balance they have had to answer to is competition from the trucking industry. The utilities operate in the gray latitudes of semi-regulation by state PUCs, but now that the majority have been privatized and conglomerated, that regulation is feckless. If you live in Los Angeles or Sacramento, you were largely immune to the Enron price shocks because the city owned your power supply...In 1922 the Supreme Court came to the absolutely mind-bending conclusion that Baseball "was not engaged in interstate commerce" - a staggeringly corrupt decision that stands to this day. MLB teams travel interstate as a course of business every single day during its season. The cherry on top of this shit sundae is that MLB actually uses the fact that they ARE INTERSTATE - international even - in order to extort the cities where they are located into paying ransoms to keep their teams, and to fund gilded luxury boxes where the wealthy can lord over top of the masses, to be topped off by ungodly high ticket prices, obscenely priced merch, stadium "food", alcohol, and other "services" to the Great Unwashed like us...There is and has been a class war raging in earnest for several decades now, since "Trickle Down Economics" actually made it from Reagan's lips into the lexicon. The haves and have-nots. I don't really know if there is a fix for this short of cataclysmic social upheaval - at which point we won't care too much about sports anymore anyway. But my message to all would be to disengage from the emotions of pro sports. They promote and sell you on the fact that you, Chicago, have your own teams. You obviously don't. They just play there. They put your handsome heroes onto baseball cards. They give you bobbleheads of them on occasion. They sell you their jerseys. They extoll the sanctity of the history and pristine simplicity of their respective sports. They engage in often disingenuous shows of public generosity - giving a sick kid a toy for Christmas. MLB is not a benevolent organization people. In fact, MLB much closer fits the definition of a Mob than it does a charity...I was intrigued by the 78 renderings too, although I was throwing a bag of salt over my shoulder. Maybe they figured out how to 3P this thing, I thought. But alas, no...I have been an A's fan since childhood. But I emotionally disengaged from them as a team 20 years ago (Schott was enough for me). The A's can move to Vladivostok for all I care. I stay in this argument because I care for the people of Oakland and the East Bay who keep getting hosed by these professional leagues. If the A's end up staying, great. If not, c'est la guerre. But I will keep typing until Oakland gets its piece of John Fisher's financial hide for his feudalistic behavior, and I want MLB for once to answer for their misdeads...
The teams that most need new stadiums in the cities they are based are the A's in Oakland (Howard Terminal) and the Rays in Tampa. Everyone else can wait.
This will put expansion talk on hold again. It was supposed to start when the A’s and Ray’s got things figured out. Now they’ll push it back until WS get resolved. No new teams in Nashville, Salt Lake City, Portland, Charlotte, Texas, Oakland. 😏
I don't have a problem with the city putting this together as a way of giving workers some real jobs, but they don't need to build ballparks this big with all the luxury suites and gigantic scoreboards, 20 craft beer bars and a swimming pool for toddlers. They could also spend some time renovating the crap stadium they built in the first place.
As you have pointed out, the taxpayers still owe monies for Guaranteed Rate. The same can be said for the renovation of Soldier Field. Considering the current budget for Illinois assumes deficient spending, this should be a no go. Granted there will always be jurisdictions ready to throw good money after bad, but as a Chicagoan, I hope it is not ours.
What local governments have a $1 billion dollars for this? I am surprised Buffalo and NY gave so much. Chicago is a large fan base, so they should give some smaller amount
A billionaire asking for a billion dollar handout from Illinois taxpayers. Unreal 🤦🏻♂️
I can just imagine the Bears reaction to the Sox going after that hotel tax.🤯
Only sent that should go towards private stadiums is maybe infrastructure issues and tax breaks for years. Nothing towards the building construction itself.
Sears tower*
I mean what the hell are they thinking they just built that park like 30 years ago i mean this is ridiculous the cubs park is what 110 years old
The Bears need to be the focus of the city. White Sox in 10 years and they must contribute 50% or they can move to Salt Lake City or Portland
I’m all for not using Illinois, Cook County, or Chicago tax dollars. I think the proposal they are saying is to use the 2% tax on hotels which they are already doing to finance this new stadium.
They want the state to foot the bill for this new stadium, and they give NOTHING???
It's the age-old adage,
"How do the rich stay rich? By spending other people's money."
Absolutely not!!! Southern Illinois, and I’m talking about 300 miles south of Chicago, get nothing!! No state tax dollars!!!
The Tipping Pitches episode on this is gonna be wild
Actually...It Was Springfield...And Illinois Governor Jim Thompson...Who Managed To Twist Enough Arms To Get The Deal Done!!!
Lol. DID ANYONE THINK THAT JERRY REINSDORF WAS GONNA USE HIS MONEY TO PAY FOR A NEW PARK?!!!!!
Didn't chicago recently sell all their meter money for the next 50 years (or something crazy) to someone because they were desperate for some quick cash?
Yeah I'm kinda split on this, but the good thing is there's nowhere to run since Nashville and SLC already has groups wanting their own teams and Vegas seems covered.
@@curtis1997 yeah that's very true, hope it doesn't
Vegas is covered? By who? That clown that tries to run the team named the Oakland A’s?
Im sorry, but this stadium needs to be built. The economic impact on the city is too big to ignore and would give much needed new life to my white sox. I need this to happen
As a cub fan...how about they build a team that doesn't suck first.
They could move to Carolina- their AAA team is in Charlotte. & Carolina seems to be getting shut out of the expansion chase in favor of SLC. Or Indianapolis, roughly the same region and out of the Cubs’ shadow.
Every MLB owner should have to pay for a new stadium 🏟️ out of their own pocket. Using public funds for stadiums should be banned.
A lot of sports owners dont care about the players, fans or the sport. The only thing on their mind is money. What a slap in the face. The extremely rich dont pay enough in taxes as it is and now they want free money and retain all revenue. These people are so shameless.
This video is more sobering than your previous posts about the 78. Jerry Reisdorf is counting on the public to fall in love with the renderings, helping him to "sell" the handout to chicago and illinois.
Reinsdork cant get away with what they did 30 years ago today. Too much media coverage and information studies on stadiums economical impact on cities. While it would look cool its not happening unless he puts up at least 70% in private money. If he threatens to move the team let them leave to Nashville(which doesnt have one fourth the population of chicagoland) and move in the Rays or an expansion team can come into a renovated stadium on 35th(tbh the surrounding area needs to invested in to make it cool to actually be around the park before and after games and for concerts ect). ReinsDork already cheated money out of the sports committee by pricing the tickets per game lower than the threshold for revenue sharing with the state. I also believes he makes most of the money on the vending inside the stadium as well so this is ridiculous. The Bears are going to be getting a ton of money from the NFL to build their new building maybe the Sox as an older franchise can get some money from MLB for theirs because they ain't getting from my taxes.
The days of cities counties and states paying for these ballparks is over people need help in the communities and paying for rich guys toy is not it that’s the same in Oakland that’s the same in Las Vegas that 350 million that he’s going to get in Vegas. I bet he doesn’t get it.
The league is out of control with all these threats. Today I saw the Diamondbacks are also lobbing veiled threats to leave. Just gross. Oakland is just the latest to lose it's team over the greed, but seems it won't be the last.
Doesn't change the good points you made much, but it was the State not the City that agreed to pay for the new Comiskey in the famous midnight deal. Not a thing wrong with the current stadium anyway. I would go so far as to use public money for infrastructure improvements if the Big Money decides to build it themselves.
Chicago has ALOT of problems
.52 ahem Sears tower
Is the upper deck going to be a mile high again?
It would be beautiful... but that's a terrible deal for the people. Pony up your own money Jerry!
Jerry Reinsdorf made his fortune in real estate
If anyone can pull this deal off it’s him whether folks like it or not
Baseball billionaires can afford to build their own dang stadiums! Ownets should pool money for new stadiums and let the borrower pay it back yearly without interest until paid. No Public money for these rich ass owners!
Many White Sox fans disagree with almost everything you say here. We like Guaranteed Rate Field, especially after years of upgrades. We don’t envy the Cubs and their exhorbitant ticket pricing scheme. We don’t need to see skyscrapers just outside the left field wall. We like our sea of parking lots which makes for much tailgating and socializing. We have the lively Bridgeport and Chinatown neighborhoods right next door with plenty of dining and drinking options.
This channel cries about what a cold owner is doing to the A’s, but is blind to what the ice cold owner of the White Sox is trying to pull here. Stop fawning over the pretty renderings. Reinsdorf cut himself a great deal years ago and needs to pay for his stadium himself this time.
I have to disagree with what you said the rate is landlocked between a railroad overpass and the Dan Ryan, I am a whitsox fan ,and music fan there is nothing around guaranty rate field no night lift only dive bars and no music scene, look at the economic numbers between Bridgeport and Wrigley vill ,Wrigley vill makes a killing year round, and Wrigley field has drawn all the top line music acts from fall out boy, pearl jam def Leppard and others, the only notable music that the rate has drawn is vanilla ice a washed whit rapper that stole a sample from queen, I would not give the whitesox a single penny .
@@ariaperez8968
I have had the experience of $175 bleacher seats for a routine weekday afternoon game…no thanks! Guess what? Those same train tracks are present on the new proposed property.
"Blind to"? Brodie literally said it's a "pattern" what MLB owners like Reinsdorf & Fisher are pulling.
The area around the ballpark is shite. If the owner invested in more than parking lots it could actually be cool
Who wants to go buy the Sox
They don't need a new ballpark let that grifter Reinsdorf pay for it all and Mayor Johnson
Move it then
Brodie, I'm not excited because it's only an idea. It's candy for the eyes before the catch and there is always a catch...which I call reality in the form of money.
Of course everybody got really excited prior...the cost wasn't discussed all that much, if at all, not to mention the exterior of this proposed ball park looks too much like a luxury shopping mall that one would find in Scottsdale, Arizona...but now that exciting artist rendering, and all of the "wouldn't it be nice" daydreaming is now over because that rendering costs money to build into a reality...
So the faces change when the inevitable business aspect comes into play...you begin with this face 😁 until the cost is mentioned which brings you to this face 😐 and the "how to pay for it" discussion brings you to this face 🤨....soon followed by this face when it's proposed with public funds 🤣....which will breathe life into this face if it's up for public vote 🤬.
(of which the embattled/and still homeless Arizona Coyotes found out the hard way last year).
As mentioned in this video...It'll be roughly a billion US dollars.....not surprised really, that's what I thought it would likely cost...for starters.
The American public in general, has been pushing back on these costs by not being keen on footing the bill for rich one percenters who don't want to pay for it themselves, and instead want to pass off all, or most of said cost to the taxpayers, along with tax break incentives and other things that mostly benefit said ownership, meanwhile, for example, we have teachers who are underpaid in school districts that are underfunded.
Do ya want to know what has been a punchline in Chicago for a long time?
The Chicago Public School system...
They could use a billion dollars right about now....priorities such as this matter....so if the plan gets adjusted to privately fund this entire project....I'm all for it....build away I say!
But if it isn't....and let's be honest, it's a Cubs town far more than it's a White Sox town because of Reinsdorf...such a thing, IF put to the voters will likely get shot down, and rightfully so.
In which case Jerry & the Sox can move on up to the east side, into some deluxe property in Nashville, Tennessee.
Something tells me, perhaps it's the Force, that some bloke will have an issue with me saying Chicago is a Cubs Town....well it is, and I say that as a Sox Fan...the Cubs put more asses into their seats in Wrigley Field and always will.
The 78 could alter that perception a bit, but first impressions are everything, so it will be in the Sox best interest to keep the bills off of the taxpayers kitchen tables.
All of this is Jerry's fault when he purchased the Sox with Einhorn back in '80/'81, when he pulled the Sox from being mostly on free tv (WSNS Channel 44-a UHF station at that times) to SportsVision...a subscription service, meanwhile the Cubs were free to watch on WGN Channel 9.
That was Jerry saying "Hello , nice to meet ya!" to Sox fans...first impressions are truly everything.
This made a LOT of people mad in Chicago. I knew a bunch of Sox fans who switched their alliance to the Cubs in response to this nonsense, but that's Jerry Reinsdorf for ya...
The 78 story is going to drag on for a very long time, it will be a rollercoaster of melodrama, and I advise anyone who can critically think to take The 78 with a huge grain of salt right now by dialing down on the "wow" optimism until it's revealed just how Illinois and the Sox plan to pay for this idea....which is all that this is right now.
Wouldn't it be funny if the Chicago Bears swooped in, bought that land to build their enclosed stadium right under Reinsdorf's nose?
Pritzker will say no.
The city already built them a stadium. If they want another then they need to build it themselves. The state still owes on the first one too so keep stadium up.
As nice as the rendering makes the stadium look, it's ridiculous for rich investors to ask for public funding. If a team, regardless of whichever sport, asks for public funding, then the city/state would need to receive some portion of the revenue as well as obtain some ownership of the team.
What a poverty franchise. Don’t see the Cubs getting money from the City/State.
The city told Ricketts to pay for his upgrades himself, and he did.
@@jcorona984 yes sir exactly.
Instead of sending money to the illegal state of Is it real and You crane....give the money to Jerry. Wait Jerry is already getting that Is it real money.
at this point just an idea. more like 2 billion needed. expect a lot of pushback from the southside politicians and cubs. south loop is not southside i'm sorry. cubs management will cry this is cubs territory.
tell Reinsdorf to stuff it
STOP THE SCHEME!
Thate nfp organization. Let the governor buy the bonds
Jerry can take his team and stuff it!!!!!!!!!!!!!!
Let 'em leave then. No more billion dollar subsidies for billionaires. They've stolen too much from us already.
Just ask the good folks in Detroit how much of the surrounding area actually gets developed. Hint, none......
Its sounds like Reinsdorf and Chris Illitch are kindred spirits in their love of surface parking lots.
Not the tax payers job to subsidize billionaires and their toys.
Here’s an idea… Instead of paying out $255,000,000 in salaries per season why not lower it to $155,000,000 then place the other $100,000,000 into an investment account. After 10 years each team would have 1 Billion+ to be used towards stadium improvements/ upgrades or towards building a new stadium.
If you build it...he(taxman) will come!!
Jerry just needs to sell the team!
Jerry poad
Let bear have the sox field
If the SOX still suck, it won’t matter anyway
No.
Sell the team.
VOTE NO! NOT FOR A TEAM that the owner cares NOTHING ABOUT. It makes Jerry money, but still the same garbage on the field. NO-he needs to put a reasonable team, a competitive team, a flippin' MLB caliber team on the field. Who is going to buy tickets to go see this product???? It's a HORRIBLE TEAM. And it's sadly my team.
I'm torn on my own prediction. On the one hand Illinois loves spending ridiculous amounts of public money. On the other hand this might make more people happy than it upsets which would be the reason for the city and state to shut it down immediately
Sell the team Jerry. You made a shitload of money. You gave us one championship in 43 years of your stewardship. Just sell the team.
As much as I love (LOVE) the renderings, Jerry lives in his own echo chamber. This tone-deaf ask is the last thing anyone in Chicago has the stomach for. That, and the dude is worth at least $2.5 billion. He's 87 too. Piss off.
As a Sox fan I would have asked for 2 billion and build a state of the art retractable roof that would allow Roger bossards crew to maintain the field .and can I get a Ricobene’s stand at the park!
F the hard working taxpayer's