Also TOYOTA's sponorship of the stadium is coming up, I wonder if they will renew or a new sponor will be on the stadium in 2015 or 2016. If they renew I hope it's more than the 750,000 a year we are getting from the current one.
Doubtful. One big factor in the financial problems plaguing the village and the stadium is that they aren't getting anywhere near the number of events they thought they would get. The "Toyota Park" video billboard on I-55 is a steel skeleton now after the defaulted on the rent (I presume.) I think the best solution would be to give naming rights to the bank (is it Bridgeview Bank?) that holds the paper on the stadium and have them write down some of the debt in lieu of a cash sponsorship. Who gets the naming rights anyway? The Fire? If none of it is going to the village, then scrap that last suggestion as the Fire would likely tell the city to go pound sand before they would give up the revenue.
2/3rds of naming rights money goes to the city, 1/3 to the Fire. I'm pretty sure that Bridgeview sold municipal bonds to various investors to fund the stadium, so there is no one bondholder to negotiate with. Bridgeview Bank is too small to shell out a seven figure sponsorship. They might do it anyway, the president of that bank is also the Bridgeview Mayor.
Didn't BB offer that much to sponsor the stadium initially, but the whoever-it-was went with Toyota instead because it is a bigger brand?
I thought it was for more and a done deal (that's why the seats were blue not red), but they went with TOYOTA.
I'm assuming the biggest mistake AEG ever made with the Fire was getting rid of Wilt, and eventually most of the other management that had been in place for years? In my opinion, Wilt + Bridgeview = a much more popular, vibrant, and successful team and franchise than the state it currently exists in. Frankly, and again in my opinion, Wilt + Bridgeview >> Wilt + Soldier Field.
The two are also directly related. Wilt had a plan for the buildup to the opening of Toyota Park, a grassroots community blitz to make residents in the nearby areas stakeholders and connect them to the existing base before a ball was kicked. When he got booted, that plan evaporated with him.
Bridgeview's problems are in the news again... wonder how this latest outlook will effect the already chilly relationship as we head into the coldest months of the year. Bridgeview slides further into debt to support stadium Village borrowing $27 million, which could stave off steeper tax hikes — for now
Sounds like Illinois style politics as usual...That Steve Landek is quite a "politician" moving in a shadowy backroom kinda way... Dec 2012 article: http://www.beachwoodreporter.com/politics/fire_stadium_burning_taxpayers.php June 2012 article: http://articles.chicagotribune.com/...30_1_bridgeview-village-trustee-steven-landek Stevie and the mobs' stripclub...Hey...he's gotta earn a living! http://articles.chicagotribune.com/...b-20111120_1_strip-club-liquor-license-felons http://www.chicagonow.com/chicago-m...ation-of-landek-for-allegedly-offering-bribe/
Roughly 30 years before a stadium was demolished. Abandoning can happen much sooner if a team switches cities. I think the Fire's lease at Toyota Park is somewhere between 15-30 years. Frankly, Bridgeview's financial problems aren't the Fire's problem except for the extent that it affects operational spending at Toyota Park and bad PR. One of the big reasons Bridgeview is in trouble is that they gave the Fire generous lease terms.
The Fire's initial lease terms were not generously in favor of the Fire. Quite the opposite. Look at the initial ticket prices Guppy set and you'll see the Fire were charging a lot more than they are now. That should give you some idea of the revenue that was necessary based on the initial lease. A bigger reason is that the Village contracted friends to do a lot of work and those friends were paid well. They then took out loans to cover payments.The Village owed a lot of businesses/individuals money and they all got paid money they were owed from years before. That money is now in the form of loans to the Village they have to pay back over years. Outside of that the death spiral really starts with the fact that they haven't been able to book concerts. If they got the ten big name concerts a year they needed/expected they'd probably be in fine shape. Once AEG left the skill, desire, understanding, etc., on how to book acts left town. If the Village could just properly run that aspect of the business the rest could theoretically fall into place.
I guess when I said "generous" I meant "more generous than the other bidders for the stadium site search under Wilt".
Yeah except for keeping the parking money it was a very good deal for aeg. What I can't understand is why the redstars can't get a good deal out of bridgeview who should be dying to get any customer.
Because a merely good deal is still too expensive for the Red Stars. Also remember how the Fire doesn't like to play early round USOC games at Toyota Park: it doesn't make financial sense to open and operate the stadium for 2,000 people.
That's what everyone says but I would like to know exactly how much it costs to open a stadium that is already there.You could have minimum ushers just have GA.Why does it cost so much more to open TP than the college at lisle? If they played at a decent stadium like tp they might draw more.
Pure and simple-Bridgeview took a very big gamble based on greed and lost. The planned developement around the stadium would have been a huge money maker for the city so they figured they would hold onto as much revenue as they could by keeping a big a stake in the stadium as they could. But shortly afterwards the whole economy tanked so the plans for developement around the stadium evaporated. So did Bridgeview's vision of a vast money-making machine. If anything, the Fire are lucky they got sqeezed out of as much liability as they did. And yes, I truly believe things would have gone better those first few years in Toyota Park had Peter Wilt still been in charge.
In 98 we won the Cup in 2000 we won the cup 2003 we won the cup 2006 we won the cup We all dream of winning the open cup Winning the open cup.
This^^^ When you are in charge of the city and in charge of the stadium you can make an official decision to approve a payment to yourself for privately consulting yourself that recommends that you should start your own private business to handle the stadium business then hire yourself to perform that business in an undisclosed sealed bid on behalf of the city business and the stadium business and when you bill yourself and cannot pay yourself because you are charging yourself too much for both conducting business and consulting yourself, you can just take another bank loan out on behalf of city business to pay your private businesses off and then stick the bill to the taxpayers who voted you in to handle their business...phew. Bridgeview residents need to correct this because clearly the people getting rich off this gross mismanagement are going to continue to milk this cow dry.