Why couldn't we buy this???
Posted
#239149
(In Topic #37182)
VIP DONOR
Member since 2005
Why couldn't we buy this???
$500K. The whole thing. everything inside, the land around it, and the stadium.
Could we have not bought it and brought it down in pieces? I would have helped!
Silverdome sale price disappoints | The Detroit News
Posted
Administrator
Member since 2006
Re: Why couldn't we buy this???
"Nearly 35 years after taxpayers spent $55.7 million".
Any time you put the government in charge of ANYTHING there is extreme waste, frivolous spending, and poor management.
Sick and tired of being sick and tired of seeing this crap happen.
And, now, they want control of 20% of our GDP to throw away.
Ridiculous.
Ok, sorry, off the soap box now!
But, yeah, we could have boxed the thing up and moved it here, even paying 10M to do it, and come out ahead…lol
;D
Posted
Wise Owl
Member since 2007
Re: Why couldn't we buy this???
I looked up some info and Detroit averages 54,000 at games, and the average ticket sold is 66 dollars at Ford Field. Multiply that by 8 games and that is $28.5 Million/year on Lions games alone. Obviously this gets split with the team but seriously.. Now we have to remember that in the 1970's Detroit was bigger, and the Silverdome actually held more people than Ford Field, and the Lions were better, although prices were probably lower. This is just ticket sales. Add in revenue from concessions and the benefit of jobs created, not to mention concerts, wrestlemania, monster trucks, college football games, and anything else you can imagine and I am positive it paid itself off many many times over. I ran the numbers at a 5% discount rate and the stadium only would have had to net $3.4 M/year to pay for itself, which frankly is small change.
That being said, yes the property and the actual stadium are worth more than $500,000, but the Stadium Authority doesn't really care what its worth, because its not bringing in revenue. They paid it off and made plenty of money and jobs for the city and now they just want it to be useful again. Word has it the investment group that bought it is looking to convert it to a MLS stadium.
I would love to see evidence that the Detroit-Wayne County Stadium Authority was extremely wasteful, spending frivolously, or poorly managed from 1975-2009. I understand your disdain for bureaucracy but DWCSA is hardly some monstrosity of big government sucking up money. In fact it is the opposite, creating jobs and revenue for a city hard pressed to pay for even the most basic of social services.
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Posted
Wise Owl
Member since 2007
Re: Why couldn't we buy this???
Wow, this stadium looks pretty nice…I do wish we were on top of this, the seats are even the right color, and its 80,000 seats means it wouldnt have to be expanded EVER….and its even a dome like we wanted! Heck we could take 3/4 of it, leave off the dome, and we'd have a nice horseshoe with like 65k seats.
Florida Atlantic University Owls
2007 Sun Belt Football Champions 2007 New Orleans Bowl Champions 2008 Motor City Bowl Champions 2011 Sun Belt Basketball Champions No Bowls without Owls
2007 Sun Belt Football Champions 2007 New Orleans Bowl Champions 2008 Motor City Bowl Champions 2011 Sun Belt Basketball Champions No Bowls without Owls
Posted
VIP DONOR
Member since 2005
Re: Why couldn't we buy this???
**obviously I know that moving a giant dome isn't a feasible idea**
Posted
Administrator
Member since 2006
Re: Why couldn't we buy this???
SeminOWL2006 said
Rick, I am almost positive that they paid off the stadium in those 35 years.
I looked up some info and Detroit averages 54,000 at games, and the average ticket sold is 66 dollars at Ford Field. Multiply that by 8 games and that is $28.5 Million/year on Lions games alone. Obviously this gets split with the team but seriously.. Now we have to remember that in the 1970's Detroit was bigger, and the Silverdome actually held more people than Ford Field, and the Lions were better, although prices were probably lower. This is just ticket sales. Add in revenue from concessions and the benefit of jobs created, not to mention concerts, wrestlemania, monster trucks, college football games, and anything else you can imagine and I am positive it paid itself off many many times over. I ran the numbers at a 5% discount rate and the stadium only would have had to net $3.4 M/year to pay for itself, which frankly is small change.
That being said, yes the property and the actual stadium are worth more than $500,000, but the Stadium Authority doesn't really care what its worth, because its not bringing in revenue. They paid it off and made plenty of money and jobs for the city and now they just want it to be useful again. Word has it the investment group that bought it is looking to convert it to a MLS stadium.
I would love to see evidence that the Detroit-Wayne County Stadium Authority was extremely wasteful, spending frivolously, or poorly managed from 1975-2009. I understand your disdain for bureaucracy but DWCSA is hardly some monstrosity of big government sucking up money. In fact it is the opposite, creating jobs and revenue for a city hard pressed to pay for even the most basic of social services.
I get that piece and agree with you!
And, of course, a stadium is considered to be an annuity in revenue streams, etc…
BUT to let an asset go like that for the price that was paid is a joke…
Posted
Wise Owl
Member since 2003
Re: Why couldn't we buy this???
Posted
Wise Owl
Member since 2007
Re: Why couldn't we buy this???
Florida Atlantic University Owls
2007 Sun Belt Football Champions 2007 New Orleans Bowl Champions 2008 Motor City Bowl Champions 2011 Sun Belt Basketball Champions No Bowls without Owls
2007 Sun Belt Football Champions 2007 New Orleans Bowl Champions 2008 Motor City Bowl Champions 2011 Sun Belt Basketball Champions No Bowls without Owls
Posted
VIP DONOR
Member since 2006
Re: Why couldn't we buy this???
Teambeer is the most knowledgeable FAU sports fan I know, way smarter than me.
Posted
VIP DONOR
Member since 2008
Re: Why couldn't we buy this???
Buy the other 40,000 BLUE seats at a real cheap price ($50K or 10% of their original investment capital back already) and use them in our new stadium. Think how much cash that will save in building our new "home".
But don't ya wish we could just move that monster down here and plop it down on campus!
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