No So Fast

According to reports in the Chicago media, Jerry Reinsdorf intends to ask for an estimated $1 billion in public subsidies for a new White Sox stadium in the South Loop. Go big or go home, I guess. Forbes puts the Sox value at just a shade over $2 billion. So, in other words, Reinsdorf wants a lump sum half the value of his franchise. In exchange for that, he no doubt will offer to sign a long-term lease as favorable to his team as all the other leases have been since the Sox entered the bizarro world of stadium tenants. Ladies and gentlemen, time for pitchforks and torches. Contract law is all about “consideration,” something tangible that each side gets in an agreement. No consideration, no deal. As it stands, all the public gets in a new stadium deal is pie-in-the-sky projections about future revenue while the Sox get new digs they’ll rent for pennies on the dollar. In addition, franchise value will take a shot in the arm, as it has numerous other times. Nope. No can do. This is how it should go down—you want assistance worth half the value of your organization, then the public gets to be a half partner. Deal?