NFL lends Falcons $200 million for new stadium

Posted by Michael David Smith on May 21, 2013, 12:16 PM EDT
AP

The 32 NFL team owners voted today to lend the Falcons $200 million for their new stadium in Atlanta.

“Today’s approval by the NFL team owners is an important milestone in moving the new stadium project forward,” Falcons owner Arthur Blank said in a statement. “We are pleased with the outcome of today’s vote, and we look forward to continued progress in designing and constructing the new multi-purpose stadium over the next four years. We, along with our City of Atlanta and State of Georgia partners, are excited to participate in a project that will benefit the city and state for many years to come.”

Taxpayers will pick up $200 million of the cost of the stadium, and Blank will foot the bill for the rest. The total cost is expected to come in at around $1 billion.

The Falcons currently play in the Georgia Dome, which opened in 1992. Plans call for the Georgia Dome to be demolished and the new stadium to be ready to go by 2017.

Permalink 29 Comments Feed for comments Back to top

29 responses to “NFL lends Falcons $200 million for new stadium”

  5. What are the terms of repayment? Do they vary depending on how Blank toes the official Kraft/Mara line?

  7. Travesty for the fans who will have to cough up more $$$ for tickets and probably PSLs.

  9. if im a tax payer i would be furious theres nothing wrong with that stadium that couldnt be fixed by renovations that the nfl loan couldve paid for

  11. 25 yr life span? Thats pathetic.

    Here hoping they finally decide to play outside. Do away with domes in the nfl!!!

  12. elkmoundsucks says: May 21, 2013 12:24 PM

    How does a stadium become obsolete in 20 years?!? Absolute travesty to those who pay for these buildings…

    —

    Construction cost US$214 million($350 million in 2013 dollars[1])
    Years operating: 1992-2015 = approx 23 years

    It is not uncommon for an NFL team to average 5-10million of revenue per home game. Not including all of the sharing and blah blah blah. Lets call it 5 million per game (40 mill per year). Keep in mind all the concerts, WWE etc etc. Its not hard to see that this stadium was paid off long ago and the owner just wants to do it all over again.

    A travesty to have a quality stadium that pays for itself and entertains a city of people. Boo this man!

  13. Is the $200 million from the city like a 30 year mortgage on a stadium that apparently has a 20 year lifespan?

    I want to buy a $1 million house. I’ll pay for 60% of it as long as the City of Philadelphia throws in $200,000 and a registered nonprofit – Habitat for Humanity maybe? – throws in the other $200,000. Otherwise, I hear homes in Los Angeles are pretty cheap.

  14. Now this is more like it! Billionaires lending other billionaires hundreds of millions.

    Now why won’t they do that in Miami?

  15. The fact of the matter is the stadium is not just the problem. Its the location of the stadium. For those of you who have never been to the GA dome which is used for many events other than just the Falcons home games do some research on the area then complain.

    Blank is also footing most of the bill for this endeavor himself. The part that is not being covered by Blank or the NFL is being covered by a hotel tax. So, for the most part the tax payers of Atlanta will not be paying for this new stadium. Not really much different than MN wanting to tax smokers more for their stadium.

    Blank has also promised millions more to renovate and update the surrounding areas of the new stadium. He has promised this money out his own pocket.

    The city of Atlanta wanted to keep the team as close to downtown as possible which is why they are having to pony some money up themselves via the hotel tax.

    So in the end most of the complaints about this ordeal are either irrational or misinformed. Compare this to how many more cities have been swindled on new stadium deals and you will see Blank and the Falcons are doing their part.

  16. This is so sad that an owner of a team needs financial help just sad. The late great owner of the Redskins JACK KENT COOKE needed no money at all to build at the time it was called REDSKIN STADIUM. He put down 700 million of his own money to build that stadium and it was built in 17 months time as well. Just sad that all these owners today are looking out for hand outs. Just makes me SICK TO MY STOMACH.!!!!! Thats why THE REDSKINS ARE A CUT ABOVE ALL NFL TEAMS PERIOD.!!!!!!!!!!!!!!!!!!!

  17. 200 Million from taxpayer money? I wouldn’t mind it as a resident of Georgia. I would much rather my money go to something like this, a sustainable business, (not to mention all the businesses that will benefit from it being built); rather than other government assistance programs where the majority of taxpayer money is already going.

  18. I agree…why isn’t this being done for the Dolphins? Maybe a story clarifying what team gets the nod, what factors go into the owners voting on which team to give money to to renovate/build stadiums, etc? Was Miami brought up for this? Could they still? If they want Superbowls there so much because of the weather, then why not help pay for it. It isn’t like they won’t get all that money back anyways.

  19. Yet the Raiders can’t get a cent from the NFL while the Coliseum continues to rot away.

  20. Call me crazy, but taxpayer money should go towards investing in our future like improving schools for our children, or infrastructure such as roads, freeways, bridges, parks, or community centers, emergency services such as police, firemen, or hospitals.

    We don’t need to be GIVING money multibillionaires. This story just proves the multibillion dollar NFL and multibillionaire owners are perfectly capable of funding their own lavish palaces and constant upgrades. Failing that, get a loan from a bank. The changes they demand are luxuries, not necessities. Nothing is wrong with the stadiums in Atlanta or Miami.

    Non-profit? What a laugh.

  21. cameron poe says:
    May 21, 2013 1:03 PM

    Blank is also footing most of the bill for this endeavor himself. The part that is not being covered by Blank or the NFL is being covered by a hotel tax. So, for the most part the tax payers of Atlanta will not be paying for this new stadium. Not really much different than MN wanting to tax smokers more for their stadium.
    ————————————-

    Actually, very much different than charging smokers.

    I really wish I could levy a hotel or cigarette tax against people who have no interest in my well being to buy me about 160 acres of land and a brand new house to put on it. I’ll even refund back any of the extra when I’m done.

  22. How is it different than charging smokers? You are charging people for a luxury. Staying in a hotel is a luxury. Affording cigarettes while unpopular amongst many, is still a luxury.

    And once again Blank clearly has an interest in the city of Atlanta. If he didnt then he wouldnt be investing extra money to renovate and rejuvenate the surrounding areas of the city.

    And the rest of your argument is just asinine and clearly shows no understanding of the issue.

    Wish in one hand and well… in the other.

  23. The argument that this doesn’t cost the local taxpayers is stupid. It costs the city of Atlanta because instead of the hotel tax money going to other projects it’s going to the stadium instead.

  24. Why are stadiums not built to last anymore?! KC’s Arrowhead Stadium (1972), Green Bay’s Lambeau Field (1957), and Chicago’s Soldier Field (1924) are still great and timeless stadiums.

  25. “ravensrooster94 says:
    May 21, 2013 12:55 PM
    Now this is more like it! Billionaires lending other billionaires hundreds of millions.

    Now why won’t they do that in Miami?”

    __________________________________

    I’m willing to guarantee that Goodell doesn’t authorize loans from the league unless it accompanies funding from cities/states/etc. The $200 million number is likely only $200 million because it exactly matches what Atlanta received in public funding.

    That seems to be his policy: maximizing league profits by shifting the financing burden to the public sector.

    It also likely is the reason why Los Angeles continues to not have a team: because the threat of moving a team to Los Angeles is too potent to waste it by actually putting a team there. Once this cycle of stadium building ends, largely funded through public money, Los Angeles will get a team.

  27. This means that taxpayers who dont even watch football must pay for HIS stadium! That’s like charging people a cover charge to enter Home Depot to BUY products! It’s HIS team, let him pay for HIS stadium. I have to pay the rent where my business is located. He should too!

  28. @chiefsnfl the bears have had a new stadium for about 5 -7 years. What planet are you living on.????? What planet.!!!!

  29. They want to get a Superbowl. That’s the only reason anyone would ever want to visit Atlanta other than if their team is playing there.

Leave a Reply

You must be logged in to leave a comment. Not a member? Register now!

This site uses Akismet to reduce spam. Learn how your comment data is processed.