Monday, November 30, 2009

49ers Stadium: The REAL costs of a $937M NFL stadium...

Dear Santa Clarans:

Here are...

A member of Santa Clara Plays Fair helped me put together the above pie chart.

Now, you've already seen the team's own sleight-of-hand : Lump the contribution of a "Santa Clara Stadium Authority" in with the team's own contribution - and then try to tell Santa Clarans that we're only paying some 'fraction' of the stadium's cost.

Sorry, but it's not true.
Not one penny of the 49ers' own money will go into the $330,400,000 contribution being made by any "Stadium Authority".

That joint-powers authority will be issuing some handsome pieces of high-risk, high-coupon paper - yes, that's more bonds - in order to raise a good deal of that money.

After that, they'll be squeezing concessionaires for deposits and selling fans some very expensive Personal Seat Licenses to raise the rest.

This is still very much
a publicly-subsidized NFL stadium - and a "stadium authority" contribution to that is anything but 'funny money'.

Thanks for all of your support - as well as for contributions like this one,

Bill Bailey, Treasurer
Santa Clara Plays Fair

Ref.: City Council - Term Sheet of June 2, 2009 - Exhibit 14

Ref.: "The $800 MILLION MYTH"

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