Let us preface this by saying, we hope that this is a huge success.
At the same time somebody has to look at the agreement and ask questions? Here is our first question. BTW here is the Link to the agreement . If you have a question that you think would be of interest, please send to us.
.@RedSox moving top farm team from Pawtucket to Worcester which will build $100 milion stadium called Polar Park (@PolarBeverages won naming rights). https://t.co/xKp2dpEVen via @jonchesto
— Shirley Leung (@leung) August 18, 2018
- According to the Boston Globe, the annual rent paid by Larry L will be approximately $1,000,000 per year.
- According to the WooSox agreement, Larry L get 100% of the naming rights annually for 17 years
- According to the WooSox agreement, Larry L get 100% of the ballpark advertising
- According to the WooSox agreement, Larry L will get 100% of the Left Field Building advertising
- According to the WooSox agreement, Larry L will get 50% of the ballpark district adverting
- According to the WooSox agreement, Larry L. will get 50% of the “other”city advertising
- Ballpark (Larry L) also retains all revenues froom the operation of the ballpark including , but not limited to tickets, concesssions, liquor and pouring revenues, branding rights, premium seating, broadcast rights, merchandise and naming rights.
Does anyone have any idea what Polar is paying for the naming rights?
Between these naming rights and these revenue streams, what will the actual net expense be to rent this stadium from the City of Worcester??
*** Answers:: The team makes a $6,000,000 investment and pays rent to covers the payments on the $25,900,00o “Series B Bonds”.
***Answer: City estimates, their much lower portion of the advertising, to be $156,000. Ballpark estimates be at least $300,000.
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