Just saw this posted. $21,000,000 is absolutely insane. Incorrect listing maybe? if not who the heck would ever buy this for $21M
https://www.zillow.com/homedetails/20-Crowninshield-Rd-Marblehead-MA-01945/56942413_zpid/
I've been tracking the drama with the $600M Moda Center remodel. Everyone is mad at a billionaire asking for taxpayer money, but I think there's a fair middle ground people are missing.
Edit: a few people pointed out below that calling this a "normal landlord/tenant" situation isn't quite right, the Blazers haven't paid rent and have kept naming rights and non-game event revenue, so it's a more favorable arrangement for the team than a typical lease. Fair point, leaving the rest of the take as is though.
Since Portland bought the arena for $1, the city is the landlord and owns the building. Dundon owns 0% of the building itself. If the city refuses to maintain its asset, the team leaves in 2030 and we are left with a giant empty white elephant.
But here is where I draw the line: Dundon needs to pay for the boujee stuff.
According to the city's independent report (the Venue Solutions Group assessment), actual urgent structural repairs only cost about $253M. The rest of that massive $600M price tag includes revenue-generating premium suites, high-end clubs, and VIP areas.
Even the city's official Portland.gov facts page notes that tenant-specific upgrades like an owner's box should be privately funded.
The city should fix the actual building structure. But if a billionaire who bought the team for billions wants fancy new suites to boost his own corporate ticket revenue, he should pay for that part.
What do you guys think? Is splitting it by "structural vs. luxury" a fair compromise, or should Dundon still foot the whole bill?
Why does Tom Dundon want to pay the least amount possible for a head coach, but claims he has no problem spending as much as possible (even paying the luxury tax) to attract good players? He's getting a lot of heat right now, but he has to understand the tradeoff he's making, especially after losing Splitter to the Bulls over this exact issue. Firing so many people to free up money for players, while also being known as a cheap coaching employer, seems counterproductive. Doesn't that make it harder to attract free agents who want stability and a real culture around them? Portland is already a tough sell for free agents as it is.