Stadium Name Changing?

[zach13]

Originally posted by FFiB


Excuse me if I hurt your heros feelings....

But here is my quote: "So while Joe R. did the "footwork" and invested some of his money he had the stadium largely financed. "

He paid 12 mill and the banks paid 90 mill. What is wrong with my statement?

My response was to a post which said that JR paid for the stadium which is utter nonsense.

Wow, I didn't say he was my hero. I was trying to explain to you that your paragraph could be misleading. Just like what you wrote above is misleading

"He paid 12 mill and the banks paid 90 mill"

In fact, he paid $12M and he borrowed $90M from the banks. The banks did not "pay" for it.

In much the same way, if you were to buy a house and put down 15% and take out a mortgage on the rest, it would be misleading to say that the banks paid for the house.

It is more customary to say that you bought the house.

 

[phins_4_ever]

Originally posted by zachseau13


Wow, I didn't say he was my hero. I was trying to explain to you that your paragraph could be misleading. Just like what you wrote above is misleading

"He paid 12 mill and the banks paid 90 mill"

In fact, he paid $12M and he borrowed $90M from the banks. The banks did not "pay" for it.

In much the same way, if you were to buy a house and put down 15% and take out a mortgage on the rest, it would be misleading to say that the banks paid for the house.

It is more customary to say that you bought the house.

Customerary saying or not but until you paid the mortgage off the house does not belong to you. You might be cited as the owner but the bank holds the title. If you don't pay the bank forecloses.

I could have phrased it differently. I could have said "the banks financed the stadium" but JR still didn't pay the 90 mill. The banks dished out and JR was supposed to pay it back. Which after his death his kids couldn't do because of high estate taxes so therefore Wayne bought his first shares.

While I give all the credit to JR for taking on the task of designing and building a stadium I think it is false to say that HE paid for the stadium.

 

[iceblizzard69]

If we are going to have our stadium named after a company, we better get paid for it. We have got to find a sponsor to name the stadium since Pro Player is out of business.

 

[phins_4_ever]

Originally posted by iceblizzard69
If we are going to have our stadium named after a company, we better get paid for it. We have got to find a sponsor to name the stadium since Pro Player is out of business.

You can't yet. Pro Player paid the lease therefore they own the naming rights still. The naming rights were listed as an asset in bankruptcy proceedings. We have to wait either until the lease runs out, the company is disolved, tghe contract will be terminated by the naming rights company or someone buys them out.

I don't know how long the deal was but I assume it was like 5 or so years.....should be done and over with by next year or th year thereafter.