The take-no-prisoners economy is threatening to take down yet another target: the naming rights deal for Gwinnett County’s new baseball stadium.
“The expectation of doing a naming rights deal right now is not as good as it was eight or 10 months ago,” project manager Preston Williams said Friday….
While Williams believes a deal will get done eventually, the lack of an early deal could pose at least a short-term headache for county officials. The county built the sale of naming rights into its financing package for the stadium, counting on the deal to provide $500,000 a year to help repay money borrowed to build the ballpark.
The county projected selling naming rights for $800,000, but a portion of the proceeds would go to the Braves. If the county can’t make a deal by September, the Braves get to sell the rights and keep more of the money.
If naming rights don’t bring in enough to cover the debt, the county might have to cover the cost even as it is cutting staff and expenses amid an effort to trim $35 million from its annual budget, said County Administrator Jock Connell.
While the poor economy isn’t helping, the expected revenue stream from naming rights was too high to begin with.
More taxes and shedding employees, this stadium continues to be an engine of economic development. I should drop a “pay for itself from day one” jab, but it’s just so played.