Rays CEO Ken Babby said that there is “still ‘a lot of work to be done’ in finalizing agreements to fund construction of a new ballpark,” according to Marc Topkin of the TAMPA BAY TIMES. Babby “made clear” that work would not include “any substantial changes to the financial terms laid out in the nonbinding memorandum of understanding” that was approved last week by Tampa and Hillsborough County officials. Babby said, “Collectively we are not reopening a discussion on the economics in the MOU approved by the county commission and city council. We do recognize that there are many unresolved issues, and we will begin focusing on that this coming week.” The deal calls for a $976M public contribution, with $796M from the county and roughly $180M from the city. The Rays “will pay the remaining 55%” of the stadium project, roughly $1.27B, “plus any overruns, as well as maintenance.” Babby said that the numbers in the stadium deal “‘are what they are,’ with the team unlikely to make further concessions or additional contributions.” Babby said it took six months to reach the framework, and once brought to the public body, that “doesn’t open up the dynamic to renegotiate the framework.” He added they have acknowledged there are “definitive issues that still need to be resolved” before the final votes. Babby declined to identify specific issues (TAMPA BAY TIMES, 5/23).
Rays ballpark has more ahead in finalizing construction agreements
