Originally posted by buck:
Originally posted by niners_guy:
Yeah I read it the same way, as 220/20 = 11M a year. 3.3M to the Niners and 7.7M to the City. Peanuts really when you consider the 49ers are paying 30M a season in rent. Those NFL teams are raking it in.
The money that goes to City is paying off the loan the 49ers received from public funds, isn't it.
If it is, then that 7.7 million is a direct benefit to the 49ers. If the team got that money directly, it would still have to pay the loan back.
Or I am confused again.
The team didn't take out the loan.
The City and the 49ers formed a 3rd entity known as the Stadium Authority. The Stadium Authority took out the loan of about 850 million from several banks. That 7.7 or so mil per year goes to the Stadium Authority to pay down the debt.
ANY money that goes into paying off the stadium is beneficial to the team, but that 7.7 doesn't go to the 49ers.
Also...."public funds" is incorrect. The only public funds going into the stadium were redevelopment $$$ already onhand for the city. Thats money that is set aside for large projects. That money will not be paid back, but once the Stadium is paid off, the city owns it. I don't remember the exact figures but that was about 100 mil of the 1.2 billion dollar stadium...or less than 10%.