Oh *HELL* no! " Sports Authority may need taxpayer rescue"

[Richardo]

http://www.chron.com/disp/story.mpl/metropolitan/6687627.html

(Cross-post from the Texas forum because it pisses me off. The sports financing, not the forum.)

Harris County taxpayers may have to inject up to $7 million a year into the Harris County-Houston Sports Authority for the next two years due to a financial crisis sparked by the souring of bonds used to build Minute Maid Park, Reliant Stadium and the Toyota Center.

Facing balloon payments on $117 million in variable-rate bonds, the authority now is obliged to pay off the debt in five years instead of 23 years. That would require $24 million a year — a figure that, together with more than $30 million in additional obligations, would push the authority to the brink of insolvency.

The alternative: Convince major banks to provide lines of credit that would give the authority a two-year window to refinance. That would cost $7 million a year.

Here's a novel idea: the multi-millionaire and billionaire owners of the franchises that play in these facilities could cover these financing costs from the change in their sofa cushions. Go to them first. Go to the wonderful companies who plastered their names and advertisements all over our buildings second.

Leave the citizens and our taxes the fuck out of it. :rant:

[Blue_Tires]

1. they used to be the big player down here until Dick's took over..

[petronius]

3. Yeah, I was pretty confused at first, too - why can't people just shop at Big 5

if the Sports Authority is in trouble? It took me a minute...

[AllentownJake]

2. I'm always amazed

That sports teams get government to finance their stadiums. Than I remember what are society emulates the most and I say make's sense.

[ixion]

4. We have a Sporting Authority here in Sarasota... it sucks

really. Poor service, poor selection, cheap merchandise. I avoid it at all costs.

[Richardo]

5. Yeah, I got it the first time.

[jtrockville]

6. Even though I see the link is from chron.com...

I refuse to click on it. That way, I might still be able to convince myself that it's really from the onion.

[Liberal_Stalwart71]

7. Perhaps if they'd lower some of their prices, folks like me *may* shop there.

I ain't paying $60 for a sports bra. What do I look like? Sally Stupid??!?!

[girl gone mad]

8. Here's another alternative:

declare bankruptcy.

Get the debt restructured. Let the judge tell the banks to choke on it.

[FarCenter]

10. The other advantage of bankruptcy is that you can modify the contracts with the team owners

Up their contribution to the Sports Authority. Put a special tax on player income -- even visiting players.

[valerief]

9. But the US Treasury is just an ATM for the wealthy. nt

[Richardo]

11. That's the US Treasury, I'm concerned about the Harris County Treasury

Especially the part I contribute.

[valerief]

12. Ah, yes, but I thought they all worked the same way in the U.S. nt

[Manifestor_of_Light]

13. And they charge us $8 to park at OUR Reliant Stadium.

Just like the Dome was the "Harris County Domed Stadium" and they charge us taxpayers money to park there. The Astrodome looks little next to Reliant Stadium now.

[Richardo]

14. And they're talking about servicing all this new financing with what? MORE parking fees.

For Christ's sake.

[newtothegame]

15. Yeah but the sports world is part of Hollywood and Hollywood votes 'D' so it's ok. n/t

[Richardo]

16. Um. OK.

[Xolodno]

17. I'm seem to vaguely recollect...

...that when the NFL was going to put out an expansion team that the finalist were Los Angeles and a city Texas....was it Houston?

The NFL wanted mo'money from the tax payers and LA basically gave them the finger. So it went to Texas. If it was Houston that beat out LA, then I gotta say, chickens coming home to roost.