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* So, the Sports Facility Authority gets a piece of the sponsorship action, finally. Good…
The new naming rights deal for the publicly owned stadium where the White Sox play baseball is worth $25.1 million but will deliver no additional money to the team, documents associated with the agreement show.
The White Sox will receive only the remaining value of the original contract entered into with U.S. Cellular in 2003, which amounts to $20.4 million. The remaining $4.7 million will go to the state agency that serves as landlord of the ballpark, the Illinois Sports Facilities Authority.
The contract that will change the facility’s name to Guaranteed Rate Field runs through 2029. If the agreement is extended for a year, the authority would receive $6.4 million in all. The agency can use that money in any way it sees fit, according to general counsel Anthony J. O’Neill, who suggested it may be used to help retire debt.
The White Sox, Guaranteed Rate and U.S. Cellular have declined to discuss other financial details of the new contract, which requires U.S. Cellular to pay an undisclosed portion of the $20.4 million owed on the company’s 2003 agreement.
This stands in stark contrast to the goofy Bacardi at the Park deal that cost the taxpayers a small fortune.
posted by Rich Miller
Thursday, Sep 1, 16 @ 2:47 pm
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Great, now the Quinn Campaign Chairman-dude can get that raise he so desperately deserves.
Comment by Just Me Thursday, Sep 1, 16 @ 2:58 pm
Sorry, have never heard of Guaranteed Rate. Will this company exist when interest rates go from the 2’s/3’s to 5-6-7%?
Comment by Piece of Work Thursday, Sep 1, 16 @ 3:03 pm
Of course no one can predict the future, Guaranteed Rate made it through the worst housing crisis in memory. I think they can handle changes in interest rates.
Comment by Anonymous Thursday, Sep 1, 16 @ 3:19 pm
Say what you will about the Cubs ownership, past and present, Wrigley Field has always been privately owned and operated. It is a rarity in the era of publicly owned stadiums.
Comment by Anonymous Thursday, Sep 1, 16 @ 3:55 pm
=Say what you will about the Cubs ownership=
You mean the ownership that asked the city for money? That ownership?
Comment by JS Mill Thursday, Sep 1, 16 @ 3:59 pm
Cubs finish August 22-6. White Sox 12-15 over the same month.
Thought that might make some people happy today…
Comment by Big Muddy Thursday, Sep 1, 16 @ 4:00 pm
It may be good news for now, but I think it might be a prelude to the State sitting on a white elephant in the not too distant future when the Sox decide to demand a brand new stadium:
http://www.chicagotribune.com/business/columnists/ct-rosenthal-white-sox-guaranteed-rate-isfa-0828-biz-20160826-column.html
Comment by Arthur Sellers Thursday, Sep 1, 16 @ 5:11 pm
Guaranteed Rate is a solid company. I just prefer Comiskey.
Comment by burbanite Thursday, Sep 1, 16 @ 6:32 pm