Ticats, city tackle new lease deal for Ivor Wynne Stadium
February 05, 2009
Nicole Macintyre
The Hamilton Spectator
http://www.thespec.com/News/Local/article/507672
The city is negotiating a new lease for Ivor Wynne Stadium with the Tiger-Cats.
The old five-year agreement, which saw the team pay $25,000 a year to use the sporting facility, expired in December.
It costs the city $1.2 million a year to run the stadium with the football team as the prime tenant.
Joe Rinaldo, the city's former finance chief who is part of the negotiations, said he's hopeful the city will be able to secure more revenue in the new lease. But he's also mindful of the team's finances.
"They're trying to balance their books as well," he said. "It's a matter of how far you push."
The Ticats recently predicted its sixth money-losing season.
President Scott Mitchell said the team isn't willing to pay more for its lease, but is interested in additional revenue sharing with the city. For example, he said the team would look at a special ticket surcharge to support the stadium.
Mitchell said the lease cost doesn't accurately reflect the team's contribution. Over the years, the Ticats have invested more than $5 million in renovations to the stadium, from the video board to locker room upgrades, he said. "It's gone much farther than the $25,000."
The old lease price covered 11 games per year, plus office space, locker rooms and a neighbouring practice field. The team also benefits from the concession revenues. The city picks up the security costs for games. If the team made the playoffs, it would pay an additional $15,000 per game.
Diane Lapointe-Kay, director of recreation, noted the city must also consider the non-financial benefits of the team, including the fact the televised games give Hamilton national exposure. Besides the Ticats, the city pulled in about $45,000 in other revenue from the stadium.
Threaded Mode