November 27, 2006
There is an interesting article today in the sports section of the Commercial Appeal. Click below to read this article.
Click to read the latest on the Grizzlies
The stupid one sided contract signed by Mayor Herenton and Mayor Rout and approved by the City Council and the County Commission is coming home to roost. Michael Heisley completely pulled the wool over their eyes and now we see the truth of the matter. Heisley is trying to unload this loser on someone, preferabley the 30% owners but anyone will due. If the ticket sales lag (shortfall) then the taxpayers have to pick up the slack. And remember that these are full faith and credit bonds backed up by the taxing powers of the City and County except for property taxes. But you can be assured that if they have to raise property taxes to pay off this debt, the politicians will tell you that it is not because of the Arena finances. Don't believe it.
Brian Davis and Christian Laettner have got it right. The salaries are too high all over the league and that is why Heisley and many other owners looked for and found SUCKER cities like Memphis and sold them a bill of goods that PRO teams are good for the local economy. The only way for them to sustain these over the top salaries is to get a City like Memphis (and many other cities) to finance arenas, give away naming rights and turn over all revenues sources to the team management. Lowering salaries for one teams is not going to work until all teams come to the same conclusion. Click below to read parts of the stupid operating agreement that Memphis and Shelby County politicians signed to bring us to this result.
Click here to see the section 7(b) of the operating agreement which holds the Grizzlies to clean up and run the Arena but leaving all the real costs to the taxpayers.
Click here to see what the taxpayers got hooked for in the operating agreement negotiated by Herenton and Rout.
Click here to see the section that prevents us from having events in the Pyramid and the Coliseum and assures the Grizzlies of all the plums and leaves the pits to the taxpayers.
Click here to see the early termination section.
There is an interesting article today in the sports section of the Commercial Appeal. Click below to read this article.
Click to read the latest on the Grizzlies
The stupid one sided contract signed by Mayor Herenton and Mayor Rout and approved by the City Council and the County Commission is coming home to roost. Michael Heisley completely pulled the wool over their eyes and now we see the truth of the matter. Heisley is trying to unload this loser on someone, preferabley the 30% owners but anyone will due. If the ticket sales lag (shortfall) then the taxpayers have to pick up the slack. And remember that these are full faith and credit bonds backed up by the taxing powers of the City and County except for property taxes. But you can be assured that if they have to raise property taxes to pay off this debt, the politicians will tell you that it is not because of the Arena finances. Don't believe it.
Brian Davis and Christian Laettner have got it right. The salaries are too high all over the league and that is why Heisley and many other owners looked for and found SUCKER cities like Memphis and sold them a bill of goods that PRO teams are good for the local economy. The only way for them to sustain these over the top salaries is to get a City like Memphis (and many other cities) to finance arenas, give away naming rights and turn over all revenues sources to the team management. Lowering salaries for one teams is not going to work until all teams come to the same conclusion. Click below to read parts of the stupid operating agreement that Memphis and Shelby County politicians signed to bring us to this result.
Click here to see the section 7(b) of the operating agreement which holds the Grizzlies to clean up and run the Arena but leaving all the real costs to the taxpayers.
Click here to see what the taxpayers got hooked for in the operating agreement negotiated by Herenton and Rout.
Click here to see the section that prevents us from having events in the Pyramid and the Coliseum and assures the Grizzlies of all the plums and leaves the pits to the taxpayers.
Click here to see the early termination section.
posted by watchdog at
9:59 AM
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