Well, surprise, surprise! The proposed new stadium in Pawtucket, Rhode Island for the AAA affiliate of the Boston Red Sox
has hit a stumbling block. While the PawSox owners (including former Red Sox honcho
Larry Lucchino) have handed over "a balance sheet and other financial data", they have
not turned over the more
detailed financial information demanded by the Rhode Island Senate Finance Committee. After all, the proposed deal would fork over $71 million in bonding to the team—$38 million of which would fall in the laps of Little Rhody's taxpayers. The state wants more proof that the team is—
in fact—solvent. The team replied thusly,
"The Team has endeavored to provide the Committee with as much financial information possible without disclosing sensitive proprietary information. The materials submitted accurately paint a picture of the Team’s financially stable but somewhat stagnant and challenging current business model at McCoy Stadium, and the Team most recently shared a consolidated balance sheet that we think adds specificity to this picture. In thinking about possible returns in a new ballpark, the Committee is encouraged to refer to the sustained success seen by teams in new ballparks across the [International] league." Replied Rhode Island Governor
Gina Raimondo:
"If they want the state to be their partner, they can’t hide anything from us. That’s sort of part of the deal. And if they don’t want to, then, fine. Finance it on [your] own." Hello, Worcester!
