Diamondbacks Say They'll Talk With Potential Stadium Buyers
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The Arizona Diamondbacks say they’ll talk with a group of buyers interested in purchasing Chase Field.
The Maricopa County Board of Supervisors have approved signing a letter of intent with the buyers.
The team has the power to block the deal before it goes any further, and it released a written statement on Thursday from attorney Leo R. Beus.
“Nothing new has occurred from the D-backs’ perspective, as we continue to gather facts on this proposal,” the statement said. “Now that it has been approved by the county, the team has given me the authority to speak with their representatives and we expect to interact and discuss the proposal.”
Taxpayers spent $238 million in the 1990s to build Chase Field. If the building and the land are sold to private owners, the minimum price would be $60 million.
Maricopa County should be cautious of selling the stadium at a marked down price, even though a sale would mean a short-term revenue gain on a facility that’s losing value, said Dr. David Swindell, director of Arizona State University’s Center for Urban Innovation and associate professor at the School of Public Affairs.
“This sounds like we’re underselling a bit,” Swindell said. “You know, we’re going to take a hit. So that’s unfortunate.”
The Diamondbacks have threatened to break their lease and leave Chase Field. Selling a stadium or arena usually happens after a team has moved out, said attorney John Kaites, who’s represented more than a dozen Major League Baseball teams.
“This is a very difficult transaction if you can’t get the tenant or the team to be a cooperative partner in the process,” Kaites said.
The Diamondbacks and the county have fought for months over who should pay to upgrade Chase Field. County officials have said selling the stadium may be a way to satisfy the team and protect taxpayers.
