Monday, April 12, 2004
Phillies Now Revved for the Revenue Race
On Citizens Bank Park's opening day, Larry Eichel of the Philadelphia Inquirer describes its likely economic impact on the Phillies. Eichel concludes that the new park could be worth $40 million/year:
$30 million at the turnstiles, with more fans attending and paying higher prices to do so.
$10 million at the concession stands, where the city of Philadelphia will no longer collect 18% of the gross.
An unspecified amount from the park's 78 luxury suites and 3,700 club seats.
Millions more from signage, naming rights ($2.3 million/year) and parking.
On the downside, the Phillies will pay <$10 million/year to service their ballpark-related debt, and will be responsible for all operating costs and maintenance-related expenses.
Last year the Phillies received about $10 million from the revenue sharing program. This year, they expect to pay about that much. Since clubs are required to share 34% of their local revenue, these figures suggest that the Phillies' local revenues will rise by $60 million in 2004.
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On Citizens Bank Park's opening day, Larry Eichel of the Philadelphia Inquirer describes its likely economic impact on the Phillies. Eichel concludes that the new park could be worth $40 million/year:
$30 million at the turnstiles, with more fans attending and paying higher prices to do so.
$10 million at the concession stands, where the city of Philadelphia will no longer collect 18% of the gross.
An unspecified amount from the park's 78 luxury suites and 3,700 club seats.
Millions more from signage, naming rights ($2.3 million/year) and parking.
On the downside, the Phillies will pay <$10 million/year to service their ballpark-related debt, and will be responsible for all operating costs and maintenance-related expenses.
Last year the Phillies received about $10 million from the revenue sharing program. This year, they expect to pay about that much. Since clubs are required to share 34% of their local revenue, these figures suggest that the Phillies' local revenues will rise by $60 million in 2004.
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