St. Pete to Rays: Actually, there’s no deadline for us to fix your stadium roof, read your damn lease

If you’re wondering what’s going on with repairs to the Tropicana Field roof, Tampa Bay Rays execs are waiting on the city of St. Petersburg to tell them when work will begin. Team co-president Matt Silverman wrote to city officials on December 30 declaring that a “partial 2026 season in Tropicana Field would present massive logistical and revenue challenge” and “it is therefore critical that the rebuild start in earnest as soon as possible.” City manager Rob Gerdes has now responded, and it looks like Rays management didn’t read their fine print too clearly:

We look forward to cooperating to attempt to achieve the mutual goal of making Tropicana Field suitable for Major League Baseball games by opening day of the 2026 season. However … the Use Agreement requires the City of St. Petersburg to diligently pursue repairs to Tropicana Field, but it does not establish a deadline for completing those repairs.

It’s true! According to the “force majeure” clause in the Rays’ use agreement, the city only needs to begin repairs within three months of damage that has made the building unplayable, which it has done. There’s no set date for it to finish, though — and the only consequence is that for any amount of time the Rays are homeless, their lease gets extended by an equal amount of time, which is surely no skin off the nose of St. Petersburg.

It’s kind of hilarious that Rays owner Stu Sternberg is falling victim to sloppy wording of a stadium agreement, which is usually city lawyers’ signature move. (To be fair, Sternberg didn’t hire the lawyers who wrote up this use agreement, former Rays owner Vince Naimoli did; still, you’d think he and his execs would have at least read it.) With Sternberg and the city still at loggerheads over whether the Rays owner will accept the offer of $1 billion in public money for a new stadium or demand even more, we’ll likely see more of this brinksmanship in the coming weeks and months and … years? There’s nothing stopping the city from dragging its heels for years, honestly. It’ll almost certainly be resolved before then by either negotiations or lawsuit, but it’s still fun to watch in the meantime.

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Was the Carolina Panthers’ $650m renovation deal really the worst of 2024? An investimagation

The Center for Economic Accountability, a friend of this site, announced its annual “Worst Economic Development Deal of the Year” award for 2024 this week, and the winner was the city of Charlotte, for giving $650 million to Carolina Panthers owner David Tepper for renovations of his team’s stadium. CEA said in a press release that “Charlotte’s Bank of America Stadium deal stood out from the rest of the competition for a combination of factors that included its high cost, lack of transparency, poor returns, questionable economic justifications and the Panthers ownership’s checkered history with subsidized projects.”

There’s certainly a lot to be said for the Panthers deal as a terrible one: The city of Charlotte put up $650 million out of $800 million for renovations to a 28-year-old stadium it didn’t build and doesn’t own, in exchange for Tepper extending his lease for just 15 years and getting to open “good faith” negotiations for a new stadium as early as 2037. Still, it’s worth looking at some of the other contenders from 2024:

All worthy candidates, even if there can be only one winner. The lesson here isn’t that Charlotte is singularly bone-headed when it comes to handing out public money to local billionaires; it’s that siphoning off public money for private profit is a pandemic with no end in sight, and even the less-bad deals would be scandalous in a saner world.

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