Colts Improve Stadium

[Malakai432]

Words of the great Bruce Campbell. Philosopher. Humanitarian. Devil slayer.

He would've made a great diablo 3 character.

[colts_mp]

Wow. The taxpayers put $2 million into the pocket of  billionaire Jim Irsay and people on here defend that?  It's a shame that so many are severely misinformed about the way the Irsay fleeces the taxpayer on LOS.

[colts_mp]

I think it is unfair to say that the tax payer is paying for it all.  It is only 2 million, and im sure the upgrades will cost more than the 2 million.  Plus new electronic boards that the team is paying for, plus they are paying $70,000 back to the state.  It is the board that is raising taxes on admissions, but you wont be going to nearly enough games to pay back the 2 million.  It would take a few years for the city to earn back the 1.93 million. 

 

The team itself pays taxes. 

 

The Indiana corporate tax rate is 8%, the county tax rate is compounded on top of this at 5.75%.  So its very conceivable that the Colts team is paying 15 - 20% in taxes to the state and city.    With the teams revenue in 2012 being $268 Million, the amount of taxes that they conceivable pay (at minimum of 13.75%), is $36,850,000.  Even with tax loopholes and write offs, i can almost guarantee with 99% certainty that they will pay more taxes next year alone than they received for help on renovation. 

 

The team probably requires the city to pay for some of the upgrades just so that they have some skin in the game, seeing as the city owns it.  Since the Colts are doing so much for the state and the City, it only makes sense that the city do something back.  Asking the city to pay $2 milion is a favor from Irsay and being nice and not asking for more, considering all the above.

 

Then on top of that, due to th e$70,000 they are paying due to the conflicting reports about the concessions revenue, it seems that the Colts share some of their profit with the city anyways.  Then the two boards that they are getting, similiar to the ones they got in 2011 that cost $700,000, will be over $1.5 million. 

 

Furthermore, the $2 million is coming out of money ALREADY BUDGETED for cost overruns on the stadium. For $2 million the city can return their investment within a year by increasing seating capacity and adding more boxes for other events. The city owns the stadium, not the Colts, so they have to approve any work to it.

where did you get this information?

[Narcosys]

where did you get this information?

Um open source. Look up the corporate tax rate, look up city taxes, look up their revenue, and the guy that wrote this story failed to look at all the info that he was sourcing. Plus look up what the cost if those banners cost when they purchased them before. I mean which specifically are you talking about?

It's all facts, the stadium is owned by the city, the city has to help in providing upkeep for the stadium. It's in their city budget for that. Plus again, just by doing the math, you know the colts organization pays tons in taxes, way more than what the city pitches in. Don't be a homer and think the 'rich' and Irsay don't pay it provide anything. It's propaganda so the government can increase taxes and social distribution programs. The rich are in it to make money tho. I can't fault them for that, isn't that what everyone wants? To make more money?

[Narcosys]

where did you get this information?

Here's the info about it coming out if the budget

http://www.indystar.com/article/20130408/NEWS05/304080039/City-to-pay-2-million-for-suite-expansion-at-Lucas-Oil-Stadium

[Narcosys]

Wow. The taxpayers put $2 million into the pocket of billionaire Jim Irsay and people on here defend that? It's a shame that so many are severely misinformed about the way the Irsay fleeces the taxpayer on LOS.

It's not going into it says pocket as he doesn't own the stadium. About everything else...where's you get this information.

[colts_mp]

It's not going into it says pocket as he doesn't own the stadium. About everything else...where's you get this information.

I can't find the documents at the moment.  We don't know how much the Colts pay in taxes until we see the income statement from them.  And besides that, they pay the taxes they owe.  why should they get a rebate?

 

. Also the Colts get 100% of the revenue from all Colts games and 50% of all non Colts revenue.  How does that make sense that Irsay gets money from non Colts events from a stadium owned by the taxpayers?  He pays a paltry 250,000 year to rent the stadium that cost around 500 million.

 

http://advanceindiana.blogspot.com/2011/06/irsay-to-make-10-15-million-from-big.html

 

Also Irsay gets money from the naming rights to Lucas oil. Again, why does he get money for the naming rights to a publicly owned building?  This is our building and any revenues from it should be put towards paying down the debt owed from its construction.  We didn't even have the dome paid for when we built Lucas Oil.

[colts_mp]

also from the article:

 

"Irsay did not pay $100 million of his own money. He didn't have that kind of money laying around. The CIB was charged a $50 million break up fee even though it was Irsay who was demanding a new stadium or he might break up the lease on the RCA Dome (which still had about $70 million debt) and take the team to another city. Irsay forgave the $50 million break up fee and got credit for the more than $100 million generated from selling the naming rights on a stadium built with taxpayer dollars. "

[Narcosys]

I can't find the documents at the moment.  We don't know how much the Colts pay in taxes until we see the income statement from them.  And besides that, they pay the taxes they owe.  why should they get a rebate?

 

. Also the Colts get 100% of the revenue from all Colts games and 50% of all non Colts revenue.  How does that make sense that Irsay gets money from non Colts events from a stadium owned by the taxpayers?  He pays a paltry 250,000 year to rent the stadium that cost around 500 million.

 

http://advanceindiana.blogspot.com/2011/06/irsay-to-make-10-15-million-from-big.html

 

Also Irsay gets money from the naming rights to Lucas oil. Again, why does he get money for the naming rights to a publicly owned building?  This is our building and any revenues from it should be put towards paying down the debt owed from its construction.  We didn't even have the dome paid for when we built Lucas Oil.

 

No we dont know how much they pay, but its more than 2 million.  And in the sense of a rebate, which its not, why should you get one?  Again, the city OWNS the stadium, it is part of the contract that they have to do some upkeep of it.  And no the Colts do not get 100%, as shown in the topic when dealing with concession revenues.  So he is paying $250,000 a year to rent the stadium, he is paying Millions in upgrades, he is paying Millions in taxes, he pays thousands in personell to keep it clean and kept up.  But no, the city shouldnt help in any way what so ever.  The city also benefits from having the Colts there.  If they didn't, then why did the go to all the trouble to get an NFL team to the Dome? 

 

There are parts where the contract could and/or should be renegotiated, but maybe they should have had the foresight when drawing up the original contract.  Again, good for Irsay.  But you know the people would  and the city would go  if the Colts left town.

Would anyone still follow them if this happened?  i mean anyone from the city, not the NFL fans in general.

[colts_mp]

No we dont know how much they pay, but its more than 2 million.  And in the sense of a rebate, which its not, why should you get one?  Again, the city OWNS the stadium, it is part of the contract that they have to do some upkeep of it.  And no the Colts do not get 100%, as shown in the topic when dealing with concession revenues.  So he is paying $250,000 a year to rent the stadium, he is paying Millions in upgrades, he is paying Millions in taxes, he pays thousands in personell to keep it clean and kept up.  But no, the city shouldnt help in any way what so ever.  The city also benefits from having the Colts there.  If they didn't, then why did the go to all the trouble to get an NFL team to the Dome? 

 

There are parts where the contract could and/or should be renegotiated, but maybe they should have had the foresight when drawing up the original contract.  Again, good for Irsay.  But you know the people would  and the city would go  if the Colts left town.

Would anyone still follow them if this happened?  i mean anyone from the city, not the NFL fans in general.

Again, how do you know how many millions the Colts are paying?  Without their financials, you are only guessing right?

 

I do not get a tax rebate and nor should Irsay.

[Narcosys]

Again, how do you know how many millions the Colts are paying? Without their financials, you are only guessing right?

I do not get a tax rebate and nor should Irsay.

So when you pay your taxes and file your tax returns, you never get anything back? One of only a few in the US then.

Yes it is only a guess, but an educated guess based on many of the facts that i provided. You really think that they made $268 million and pay nothing in taxes? Sorry, Irsay is an eccentric person but he isnt stupid. He knows better than to risk prosecution for tax evasion. So if you believe that he didn't pay more than 2 mil in taxes ( which is .008%), then this conversation is over because you have provided no information to dispute the facts that I have provided and removes any credibility you had going into this.

On the naming rights thing. Irsay paid 121 million for the naming rights over 20 years. So his 6 million he is getting back only makes him break even. Actually, its less if it is 6 million even, because he is paying 6.05 million every year over the 20 years. (http://www.theindychannel.com/sports/lucas-oil-gets-stadium-naming-rights-colts-confirm)

[colts_mp]

So when you pay your taxes and file your tax returns, you never get anything back? One of only a few in the US then.

Yes it is only a guess, but an educated guess based on many of the facts that i provided. You really think that they made $268 million and pay nothing in taxes? Sorry, Irsay is an eccentric person but he isnt stupid. He knows better than to risk prosecution for tax evasion. So if you believe that he didn't pay more than 2 mil in taxes ( which is .008%), then this conversation is over because you have provided no information to dispute the facts that I have provided and removes any credibility you had going into this.

On the naming rights thing. Irsay paid 121 million for the naming rights over 20 years. So his 6 million he is getting back only makes him break even. Actually, its less if it is 6 million even, because he is paying 6.05 million every year over the 20 years. (http://www.theindychannel.com/sports/lucas-oil-gets-stadium-naming-rights-colts-confirm)

you've got to be joking.   A refund and a tax rebate are two different things.  When you get a refund it is for overpaying tax throughout the year.  Irsay paid 121 million for naming rights?  NO!  Lucas Oil paid for the naming rights to our building that goes into Irsay's pocket.   You're right that this is a pointless conversation.

[Narcosys]

you've got to be joking.   A refund and a tax rebate are two different things.  When you get a refund it is for overpaying tax throughout the year.  Irsay paid 121 million for naming rights?  NO!  Lucas Oil paid for the naming rights to our building that goes into Irsay's pocket.   You're right that this is a pointless conversation.

Rebate and refund is semantics.  And your right, i misread the statement.  But other than what you copied and pasted from some persons comment on the article, which has no credibility because they have no identity other than "advanced Indiana".  But if that is how you want to argue by sourcing such reliable sources.  then also from that SAME article, Nate Dunlevy said:

 

"page 50 of the lease indicates that each year, the Colts receive a payment of $3.5 million intended to represent 50% of revenue from non-Colts events.

If I'm reading that clause correctly, it says the Colts are not entitled to any additional payment if revenue exceeds that mark. Therefore, it's untrue that the Colts make any additional money because of the Big 10 Title game. They get a guaranteed payment that 'represents' 50% of revenue, but they 'shall not be entitled to any other portion of revenues'."

 

Plus the statement you copied and pasted says nothing, nor can i find anywhere that he is receiving anything from the naming rights, about him receiving money from naming rights.  Rather that the money the city gained from selling the naming rights allowed for them to reduce the price for Irsay. 

 

So when you make claims, like the naming rights, be sure to source them.  And dont use anonymous people for your sources, makes you look stupid.