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Tuesday, November 29, 2005

Portland City Council Set to OK New PGE Park Operator Deal

The process of transferring PGE Park's operating rights to the Portland Baseball Investment Group (PBIG) which started back in March of this year is about to near completion.

Roberto has the details over at his timbersblog which include news that the terms of the 5-year deal project the City will receive about $1.16 million per year of the deal through a 6% user fee on tickets sold; annual rent ($700,000 in 2006 growing to $850,000 in 2010) and an additional fee that will allow the City to recoup past-due payments from the previous operators.

The deal also projected that the City would make a $150,000 loss per year
of the deal after taking into account it's own costs.

The news of the deal implies that the sticking points with TIAA-CREF have been sorted out allowing the PBIG (investors include majority owner Abe Alizadeh and Jack Cain) to start running both the Timbers and the Beavers.



posted by the timberlog at 8:57 AM



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