https://www.youtube.com/watch?v=t0hXG5mZczw
Oakland News Now Blog – vlog by Zennie62 YouTube. Zennie62Blog.com is the original blog post for this content.
The news from the LA Times Bill Shaikin that “The A’s have hired Galatioto Sports Partners to attract an investor” is simply not true according to a number of my friends in the sports financing industry. Moreover, that Bill Shaikin didn’t reveal or even hint at source (in fact, he didn’t even use the common phrase “according to sources” rankled a number of people.
What is clear is one thing: the public and the mainstream media do not understand that the process of stadium and ballpark financing is not a fast-to-the-finish event; it’s long and at times extremely time consuming. Moreover, the formation of a deal involves a lot of people; to think that anyone or any organization works completely alone is wrong.
So financing has to wait for the Las Vegas Stadium Authority to get to the place where it completely refoms to have a budget structure for the Oakland A’s Las Vegas Ballpark, and then approves the non-relocation agreement (the Nevada Legislature’s approval is not the final step), before public money can start flowing, but even then, the Las Vegas Stadium Authority’s march toward groundbreaking does not have to wait for the non-relocation agreement to be approved.
If anyone wants a comparable situation, just look at that for the Oakland Raiders Allegiant Stadium. The groundbreaking ceremony was done on November 13th, 2017, but the non-relocation agreement was approved by the Las Vegas Stadium Authority March 23rd, 2018. What was triggered by the approval of the non-relocation agreement was the $645 million bond issue.
Public financing industry standard is to have the non-relocation agreement, which spans the life of a stadium lease, and the revenue-for-bond-debt-service collection period, signed before the bonds are prepared for public sale, and then the proceeds required (in this case, for the $120 million bond, not associated with the tax credits), delivered to the bond underwriter, who then gives it to the Oakland A’s as part of the total payment for construction.
Where the majority of the $1.5 billion needed to build the ballpark comes into play is the point where both Goldman Sachs and Galatioto Sports Partners, and other partners, including financial advisors, come into play. The process here is not public and highly secret, as it was for the Raiders case (far different from that for the Tennesee Titans new stadium and because the vast majority of its cost is paid for by the Tennesee Government and The City of Nashville).
So, the news out today flies in the face of convention. For one thing, Galatioto Sports Partners is not known for tooting its horn to the press, nor leaking information. That, plus the fact that Goldman Sachs has worked with the Athletics as far back as Howard Terminal, and other factors I am prohibited from explaining, mean that the LA Times article is wrong. But that’s not the first time the mainstream media got something wrong regarding the A’s and the Las Vegas Ballpark. Just look at Terry Leftton and the Sports Business Journal.
Last, Terry Leftton, a long-time and very good sports reporter, wrote that “according to various industry sources” CAA Sports was hired to lead the search for a naming rights partner at the Las Vegas Ballpark. But then comes the news directly from the Oakland A’s this year that Legends and not CAA Sports was hired to lead sales and the search for a naming rights partner.
A lot of lay people are talking in regarding the Oakland A’s Las Vegas Ballpark, and most of the time, they’re wrong. Some of the time, it’s just to make a project that’s really on track look like it’s off-base. Don’t believe it.
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