Braves' New Stadium Deal APPROVED

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Tonight, according to multiple media reports, the Cobb County Commision vot4ed 4-1 to approve the new stadium deal to move the Atlanta Braves twelve miles north from Fulton County and into Cobb.

Thus the new stadium plan is a ‘Go’!

Quotes and Reactions:

 

From the ESPN/Associated Press Story:

  • “The Cobb County Commission voted 4-1 to enter into a memorandum of understanding [MOU] with the baseball team following more than an hour of public comment both for and against the deal, which will require millions of dollars in public funds. Under the plan, the new stadium would open in 2017.”
  • “Mike Plant, the Braves executive vice president of business operations, said the deal couldn’t wait any longer if the stadium and entertainment complex are to be completed in time for the 2017 season.”

 

braves3.0_standard_709.0[1]The County Commission was obviously won over by the comprehensive plan presented by the Braves’ front office.  There was nonetheless one ‘no’ vote – that from commissioner Lisa Cupid, whose quotes seemed to indicate not so much an opposition to the plan, but a hesitation regarding the (admittedly) breathtaking speed in which all of this has been taking place.  Opponents attending the meeting seemed to echo this – not being pleased about the lack of detailed information available to the general public – a public now effectively committed to funding a minimum of $300 million for the project.  The AP story mentions that there will apparently be additional funds shared between the County and the team for maintenance cost and the inevitable capital improvements over the 30 year MOU and subsequent lease agreement.  The estimated amount involved for this portion of the project has remained undisclosed (and frankly, is likely unknown at this point, being a future cost for updates yet to be identified).

Liberty Media, parent corporation of the Atlanta National League Baseball Club Inc., is now on the hook for the first $280 million to get the project underway.  $92 million more will be covered via debt assigned by the County (something like the County borrows the money and the Braves sign the paperwork for it).  The Braves are also responsible for any/all cost overruns, though with one nice caveat:  if it comes in under budget, then the Braves can pocket the savings.  In this writer’s opinion, that’s a reasonable trade for assuming all of the risk.

Next stop:  2017’s Opening Day.  They are now off and running.

 

Tags: Atlanta Braves Cobb County Stadium

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