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January 19, 2012Randy Lerner is In the Building and Buying In
January 19, 2012Cleveland Browns Stadium, recently deemed the Factory of Sadness, is allegedly in need of repairs due to the city’s inclement weather and the team would like to repair it sooner than later. In addition, the Browns would like the city of Cleveland to help foot the bill to the tune of $5.8 million.
Thomas Ott of The Plain Dealer reports that the original 30-year lease for Cleveland Browns Stadium calls for the city to put aside $850,000 per year for major repairs. The team, led by chief counsel Fred Nance, is hoping that Frank Jackson and the city of Cleveland can advance the NFL franchise this year’s amount plus that of the next six seasons.
The request has been met with some friction from specific councilmen due to the perception that tax-paying citizens are funding a billion-dollar industry. In 1995 following the departure of the Art Model-owned Browns to Baltimore, Cuyahoga County voters agreed to dedicate the sin tax to help build the stadium, which ended up costing more than $290 million, and eventually to cover $29 million in repairs.
Per Ott, in addition to the repair of concrete walkways in and outside of the stadium, the Browns would refurbish club seats on the north and south sides of the stadium and at the east end zone with another $750,000 going towards waterproofing the concrete under said seats.
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17 Comments
Bazillionaire owner seeks money from impoverished city government so he can fix up his mansion.
Unreal.
I would be all for giving money to the stadium if and only if, Lerner and those @ssholes would open up their pocket books and get this team some free agents! Buy us a team and we’ll pay for the repairs!
Billionaire asks homeless man for ham sandwich
The Browns have the worst sense of timing. They should probably try for this the next time they make the playoffs…in 2050.
the Browns are merely asking for an advance on what the city contractually owes them.
now, the city should have been saving up $$ as the sin tax ends in 2015 and the $850K/year goes through 2029 (city makes $13mil/year on that sin tax), but I am guessing that money hasn’t been put away.
does it stink that we will have given a man who is a billionaire $319mil when all is said and done with this lease? sure, I would wager he could have handled that cost over the 30yr lease. however, we were all so eager to get the team back in 1999 that we agreed to it. so, that is the cost of getting the team back.
and, it’s not like we’re in the same shape as Cinci ($555mil in public financing just to build the stadium + repair costs ongoing) – according to WSJ
Another way to state it, though, is “bazillionaire owner seeks money from impoverished city government, which impoverished city government promised to provide, so he can fix up his mansion – which is one of the only sources of reliable revenue for the impoverished city government responsible for impoverishing the city.”
Yeah. What you said.
Can you imagine if the Dolan’s had done this? People would be going insane.
Perhaps they should have a bake sale and a chinese auction.
How much revenue does the city really reap from the Browns? Eight dates a year they bring people downtown, more then likely they have a deal that limits or eliminates property taxes on the stadium (which Cle. built anyway so you would just be paying off the debt). Totally agree that it is the cities fault for getting into the mess but billionaire owner asking for an advance on the money given the current economic climate plus his crappy team shows a real lack of awareness.
Maybe, just maybe, it would really be a PR coup for Lerner to announce that he is dipping into his “paying off fired coaches” fund and relieving the city of its responsibitiliy. I bet if he acknowledged his crappy team doesn’t deserve our (your Portage county didn’t pay a dime for the stadium) money, he’d buy himself alot of of fans.
tangent
Once again the Indians who are at least actively trying to generate revenue downtown year round, who field competitive teams, who basically do all the things the Browns should do get killed for announcing losses. The Browns screw up, screw off burn money (its the factories #1 job) and yet they still get a pass.
“Billionaire asks homeless man for interest free loan.”
If Lerner wants the money in advance, then let him pay interest like everyone else who gets a loan does. After his first radio interview (in years?) yesterday, then this news comes out today, that’s convenient. Like the friend who never calls unless he needs money.
Fair enough. I’m just sloppily pointing out with a very broad brush that this “rich man/poor man” coin has two sides.
It’s not a loan if you’re entitled to the money and never have to pay it back. It’s a request for an advance on consideration owed to Lerner under the contract. Although not an accurate description of the transaction, it’s more akin to a creditor (Lerner) seeking early payment of an obligation from a debtor (the City) than it is to Lerner taking a loan from the City.
From this little blurb it appears the only part not previously agreed was the advance. So city council protests as to the repair money itself seems like political grandstanding to me. If their issue is the advance, don’t do it. Half million/year is pocket change to a billionaire, a fraction of what he’s paying Mangini not to coach this year.
Perhaps, but not necessarily. It really depends on whether the contract stipulates whether the money is to be made available upon request or whether it need be paid only once it has been accrued. In other words, whether the clause is truly $850K per year, in which case it is the Browns asking for an advance or whether that’s just an annualized number of a single sum the city owes according to the contract.
So what, the city collects a sin tax (that was voted for) to pay for this they should have the money. If they don’t I would like to know where that money went to
Cleveland has gotten players. They have either gotten hurt or not worked well within out system. Keep changing coaches and systems and what do you think happens??? lack of production. Everyone knows that Cleveland is cold in the winter. Players don’t like the cold weather…A few exceptions to players going to cold weather teams(GreenBay) Winning would cure that here. How about buying a ticket and staying for the whole game!