Page 1 of 2 12 LastLast
Results 1 to 10 of 11
  1. #1
    singersp's Avatar
    singersp is offline PPO Newshound
    Join Date
    Sep 2005
    Posts
    52,262

    Anoka will not like Wilf's idea of a stadium 'contribution'

    [size=18px]My View: Anoka County residents will not like Wilf's idea of a stadium 'contribution'[/size]

    James Hafner
    Last update: April 04, 2006 – 10:54 AM


    One significant aspect of the Anoka County stadium debate has yet to be explored in detail. The Vikings say they will make a $280 million "contribution" toward the cost of building the new stadium. It is part of the $1 billion private investment they are promoting.

    Here is an excerpt from the legislation regarding the team contribution: "Team contributions may include, but are not limited to, initial cash contributions, guaranteed annual payments, and assignments of naming rights and permanent seat licenses." That being the case, let's take a hard look at how Zygi Wilf, the owner of the Minnesota Vikings, can entice someone else to make his stadium "contribution" for him. He won't have to spend a dime of his own money or pay any income tax whatsoever and still get full credit for his "contribution."

    The Metrodome does not provide the Vikings with an opportunity to sell the stadium naming rights. It is already named after Hubert H. Humphrey. But a new stadium is a different story. Anoka County has already agreed to give the stadium naming rights to Wilf.

    Just to give you an idea of what other NFL stadium naming rights are going for, Reliant Energy paid the Houston Texans $300 million for the privilege of putting its name on the stadium. That was three years ago. The shared New York Giants and Jets football stadium naming rights will be worth significantly more than that. Isn't Wilf going to "contribute" just $280 million toward stadium construction?

    One example of corporate sponsorships could be the General Mills Wheaties Bowl. The "Breakfast of Champions" might be premature. How about the Hormel Pork Palace? While the title would be fitting, it may not be the type of pork self-respecting pigskin fans want to be associated with.

    Wilf and his special corporate partner will hold a big news conference and announce the winner of the naming sweepstakes. Instead of writing a check to Wilf, the corporation will pay the stadium authority and in turn give Wilf credit for making his "contribution." Wilf pays no out-of-pocket cash or any income taxes as a result of the deal.

    And it gets worse. Anoka County failed to get a share of the permanent seat licenses. The Carolina Panthers received $130 million nearly 10 years ago for those rights. For people unfamiliar with this concept, think of a personal seat license as a one-time country club membership. Because most hard-working Anoka County residents aren't country club members, think of a permanent seat license fee as a really expensive Costco membership. Season ticket holders can expect to pay $2,000 or more per seat depending upon the location. The better the seat, the more you have to pay. The fans are only paying for the right to buy a ticket. The cost of the ticket is extra.

    While not all seats will be licensed, season ticket holders should be prepared to pay a premium for the right to buy a good seat. The Green Bay Packers raised nearly $120 million through the sale of seat licenses. But don't mention Green Bay. Brown County actually held a referendum for the sales tax increase to fund the Lambeau Field renovation.

    The NFL also has a generous stadium loan program. Wilf is upset because his $95 million low-interest NFL-backed loan might not be enough. He wants nearly $150 million. This loan will also be part of the private investment amount.

    Just wait until Wilf gets all the parking and advertising revenues from his new stadium. Did you know he will be able to project advertising on the inside of the new stadium roof? The Vikings tell us there will be 4 acres of new roof. The state should take this money to pay for the roof and the road improvements.

    I almost forgot about luxury suites and club seats. Luxury suite sales over a 10-year lease period will bring in more than $100 million. The Vikings estimate 7,500 club seats will sell for approximately $215 each. A 10-game club seat season ticket package would cost $2,150. Multiply that by 7,500 seats and you come up with more than $16 million a year. And don't even ask about the hundreds of millions of dollars in property development rights our economically handicapped county commissioners completely overlooked. Other stadium revenue opportunities include exclusive beverage pouring rights, food exclusives and concessions.

    The reason Wilf is so eager to get a new stadium is simple. He gets very little of this revenue under his Metrodome agreement. He wants to control every bit of revenue and profits from a new stadium. Sharing a stadium means sharing revenue.

    Using approximate totals from the revenues detailed above, Wilf can nearly cover the full $1 billion private investment without opening his wallet.

    Our trusted Anoka County commissioners clearly don't understand how to negotiate a business deal. The hard-working taxpayers of Anoka County would be happy to show them how it's done. Put this stadium proposal on the ballot this fall, and you will see Wilf cough up enough of his pork-laden profits to eliminate the proposed countywide sales tax completely! This stadium deal isn't so complicated after all. Just follow the money.

    James Hafner of Coon Rapids is a financial analyst.

    My View: Anoka County residents will not like Wilf's idea of a stadium 'contribution'

    "If at first you don't succeed, parachuting is not for you"

  2. #2
    vikeswin2005's Avatar
    vikeswin2005 is offline Hall of Famer
    Join Date
    Dec 1969
    Posts
    1,641

    Re: Anoka will not like Wilf's idea of a stadium 'contribution'

    WOW good post singer. I think Wilf is a genius although I dont want to pay for a psl people need to realize how much they appreciate over the years for example -this past Christmas many of you know I went to Baltimore for the Vikes game I had front row tix on the 45 yard line in the lower level the guy I bought them from said he paid $2k for the psl whn the stadium opened I dont remember how long he said but it was less than 10 years now he said the owners of the same psl's in his area are selling for 8k+

  3. #3
    COJOMAY is offline Jersey Retired
    Join Date
    Dec 1969
    Posts
    7,005

    Re: Anoka will not like Wilf's idea of a stadium 'contribution'

    He's doing nothing that any other owner hasn't done. The press just wants to create controversy again. If this came from the Tribune, no wonder because the Tribune has some "ownership" in the Metrodome.
    Kentucky Vikes Fan

    When you require nothing, you get nothing; when you expect nothing, you will find nothing; when you embrace nothing, all you will have is nothing.

  4. #4
    Ultrapurple's Avatar
    Ultrapurple is offline Rookie
    Join Date
    Dec 1969
    Location
    Conroe, Tx
    Posts
    102

    Re: Anoka will not like Wilf's idea of a stadium 'contribution'

    I can see both sides of this issue. Zygi IS persuing a new stadium because it will seriously bump up the profitability of the team. Does this surprise anyone? He didn't get where he is by being a lousy buisness man! On the other hand it is the county commisioners responsibility to make sure the public dosn't get screwed in the deal. I would desperately love to see the Northern Lights deal get done. We need a state of the art facility in Minnesota. But by the same token it needs to be a fair deal without the public bearing all of the financial load and the owners skimming all of the revenue. I do not like the idea of PSL's, it sounds like they will drive the costs of a season ticket right out of the range of the very people who will be taxed on every dollar they earn as well as spend to fund the project in the first place.
    UltraPurple, USAF (Ret)
    The Woodlands, Texas

  5. #5
    Join Date
    Dec 1969
    Posts
    281

    Re: Anoka will not like Wilf's idea of a stadium 'contribution'

    In Rochester we have a 7 percent sales tax, for what? God question. They never make it explicitly clear where the money is going nor do we see anything happening. Just some road construction, taxes don't go up for that. I would pay extra taxes to see something happening except for
    Mayo owning the city again. Besides, as if anybody who vistis the stadium won't by anything in the city at the extra tax making the city more money. As if no one will buy food or gas. The tax is an investment the city will receive in return.
    We can solve poverty today.

  6. #6
    Join Date
    Dec 1969
    Posts
    281

    Re: Anoka will not like Wilf's idea of a stadium 'contribution'

    I meant good question. Didn't mean to use the Lord's name in vain.
    We can solve poverty today.

  7. #7
    NodakPaul's Avatar
    NodakPaul is offline Jersey Retired
    Join Date
    Dec 1969
    Location
    West Fargo, ND
    Posts
    17,601
    Blog Entries
    1

    Re: Anoka will not like Wilf's idea of a stadium 'contribution'

    James Hafner is the one who wrote this. He is also the only one who goes to the house to speak out against both the Twins and Vikings stadium. He has publically stated that he doesn't like either sport, and therefore, doesn't think he should have to pay for any of it. For a "financial analyst" he really has a hard time understanding that the State, the County of Anoka, and Zygi will all benefit from a new stadium. Apparently he thinks that only the state and county should...
    Zeus wrote:
    When are you going to realize that picking out the 20 bad throws this year and ignoring the 300 good ones does not make your point?

    =Z=

  8. #8
    Webby's Avatar
    Webby is offline Administrator
    Join Date
    Aug 1998
    Location
    A, A
    Posts
    8,976
    Blog Entries
    6

    Re: Anoka will not like Wilf's idea of a stadium 'contribution'

    "singersp" wrote:
    [size=18px]My View: Anoka County residents will not like Wilf's idea of a stadium 'contribution'[/size]

    James Hafner
    Last update: April 04, 2006 – 10:54 AM


    One significant aspect of the Anoka County stadium debate has yet to be explored in detail. The Vikings say they will make a $280 million "contribution" toward the cost of building the new stadium. It is part of the $1 billion private investment they are promoting.

    Here is an excerpt from the legislation regarding the team contribution: "Team contributions may include, but are not limited to, initial cash contributions, guaranteed annual payments, and assignments of naming rights and permanent seat licenses." That being the case, let's take a hard look at how Zygi Wilf, the owner of the Minnesota Vikings, can entice someone else to make his stadium "contribution" for him. He won't have to spend a dime of his own money or pay any income tax whatsoever and still get full credit for his "contribution."

    The Metrodome does not provide the Vikings with an opportunity to sell the stadium naming rights. It is already named after Hubert H. Humphrey. But a new stadium is a different story. Anoka County has already agreed to give the stadium naming rights to Wilf.

    Just to give you an idea of what other NFL stadium naming rights are going for, Reliant Energy paid the Houston Texans $300 million for the privilege of putting its name on the stadium. That was three years ago. The shared New York Giants and Jets football stadium naming rights will be worth significantly more than that. Isn't Wilf going to "contribute" just $280 million toward stadium construction?

    One example of corporate sponsorships could be the General Mills Wheaties Bowl. The "Breakfast of Champions" might be premature. How about the Hormel Pork Palace? While the title would be fitting, it may not be the type of pork self-respecting pigskin fans want to be associated with.

    Wilf and his special corporate partner will hold a big news conference and announce the winner of the naming sweepstakes. Instead of writing a check to Wilf, the corporation will pay the stadium authority and in turn give Wilf credit for making his "contribution." Wilf pays no out-of-pocket cash or any income taxes as a result of the deal.

    And it gets worse. Anoka County failed to get a share of the permanent seat licenses. The Carolina Panthers received $130 million nearly 10 years ago for those rights. For people unfamiliar with this concept, think of a personal seat license as a one-time country club membership. Because most hard-working Anoka County residents aren't country club members, think of a permanent seat license fee as a really expensive Costco membership. Season ticket holders can expect to pay $2,000 or more per seat depending upon the location. The better the seat, the more you have to pay. The fans are only paying for the right to buy a ticket. The cost of the ticket is extra.

    While not all seats will be licensed, season ticket holders should be prepared to pay a premium for the right to buy a good seat. The Green Bay Packers raised nearly $120 million through the sale of seat licenses. But don't mention Green Bay. Brown County actually held a referendum for the sales tax increase to fund the Lambeau Field renovation.

    The NFL also has a generous stadium loan program. Wilf is upset because his $95 million low-interest NFL-backed loan might not be enough. He wants nearly $150 million. This loan will also be part of the private investment amount.

    Just wait until Wilf gets all the parking and advertising revenues from his new stadium. Did you know he will be able to project advertising on the inside of the new stadium roof? The Vikings tell us there will be 4 acres of new roof. The state should take this money to pay for the roof and the road improvements.

    I almost forgot about luxury suites and club seats. Luxury suite sales over a 10-year lease period will bring in more than $100 million. The Vikings estimate 7,500 club seats will sell for approximately $215 each. A 10-game club seat season ticket package would cost $2,150. Multiply that by 7,500 seats and you come up with more than $16 million a year. And don't even ask about the hundreds of millions of dollars in property development rights our economically handicapped county commissioners completely overlooked. Other stadium revenue opportunities include exclusive beverage pouring rights, food exclusives and concessions.

    The reason Wilf is so eager to get a new stadium is simple. He gets very little of this revenue under his Metrodome agreement. He wants to control every bit of revenue and profits from a new stadium. Sharing a stadium means sharing revenue.

    Using approximate totals from the revenues detailed above, Wilf can nearly cover the full $1 billion private investment without opening his wallet.

    Our trusted Anoka County commissioners clearly don't understand how to negotiate a business deal. The hard-working taxpayers of Anoka County would be happy to show them how it's done. Put this stadium proposal on the ballot this fall, and you will see Wilf cough up enough of his pork-laden profits to eliminate the proposed countywide sales tax completely! This stadium deal isn't so complicated after all. Just follow the money.

    James Hafner of Coon Rapids is a financial analyst.

    My View: Anoka County residents will not like Wilf's idea of a stadium 'contribution'
    What a whiny moron. He is one of the poorest financial analysts I have ever heard of; clearly he has little understanding of business means.

  9. #9
    collegeguyjeff's Avatar
    collegeguyjeff is offline Hall of Famer
    Join Date
    Dec 1969
    Posts
    1,304

    Re: Anoka will not like Wilf's idea of a stadium 'contributi

    yeah right like the vikings stadium will get even close to 300 mil for naming rights. they will get 100 mil or so and thats it; we don't have any billion dollar oil companies and stuff like that to fork out that kind of cash.
    I don t buy Wisconsin cheese.

  10. #10
    COJOMAY is offline Jersey Retired
    Join Date
    Dec 1969
    Posts
    7,005

    Re: Anoka will not like Wilf's idea of a stadium 'contributi

    Ahhhh, maybe 3M or General Mills

    We could call it the "Doughboy Stadium" after Pillsbury and all the "dough" it's taking to build it!
    Kentucky Vikes Fan

    When you require nothing, you get nothing; when you expect nothing, you will find nothing; when you embrace nothing, all you will have is nothing.

Page 1 of 2 12 LastLast

Similar Threads

  1. Replies: 11
    Last Post: 08-01-2007, 06:39 AM
  2. Replies: 13
    Last Post: 07-16-2007, 09:37 PM
  3. Building a winning team, with stadium, is Wilf's goal
    By singersp in forum Vikings Fan Forum
    Replies: 12
    Last Post: 04-22-2007, 01:03 PM
  4. Vikings, Anoka County Close To Stadium Deal
    By COJOMAY in forum Vikings Fan Forum
    Replies: 47
    Last Post: 05-18-2006, 02:48 AM
  5. Vikings, Anoka County ready to announce stadium plan
    By singersp in forum Vikings Fan Forum
    Replies: 1
    Last Post: 09-20-2005, 05:19 AM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •