Dear Santa Clarans,
Open up the stadium's Term Sheet and note from the last line of Section 7.3(b) on page 10:
- "Unless otherwise agreed by 49ers Stadium Company, Naming Rights Revenue will not include revenue from rights to name or sponsor components of the Stadium, or from advertising or promotional activites, all of which are included in the Team Revenue." [Emphasis mine.]
Really? Check out this evening's "Stadium Naming Rights Marketing Agreement," part 2.2:
- "The Parties acknowledge that Stadco and/or the Team may also separately retain the Naming Rights Broker to perform sponsorship brokerage services for Stadco and/or the Team."
Please. Let's not pretend for a minute that the Santa Clara Stadium Authority is going to get the best deal it can possibly get under those conditions. Putting even more cash into the pockets of the 49ers doesn't help us pay off the massive debts we'll have from the stadium's construction - or from operating it for the 49ers.
The massive stadium subsidy means well over $130 million in broadcast royalties, luxury box contracts and club seating for the 49ers in the first year of any stadium in our city.
It means a stinking $180,000 for our City's General Fund.
But - as usual - we saw this evening in City Council Chambers that the stadium subsidy "deal" isn't intended to benefit us.
It's only designed to benefit the 49ers.
Thank you for your continued support,
Bill Bailey, Treasurer,