Comment 81642

By Fred Street (anonymous) | Posted October 15, 2012 at 06:45:47 in reply to Comment 81635

Bob Young's "naming rights" investment amounts to a shell game. It is a similar arrangement to the one that Toronto FC owner MLSE struck over Toronto's then-unnamed soccer stadium in 2006, when they promised to pay $18m toward construction costs, a sum that included $10m coming from naming rights. The next year, they sold a decade of naming rights to BMO Financial for an estimated $27m. And at least in MLSE's case there was a more substantial buy-in: Their $18m commitment represented just over a quarter of the stadium's construction cost, where Young is kicking in around 5% (which may reflect the negligible market value of naming rights at IWS). Where I'm unclear is whether the naming rights have been purchased for the 50-year lifespan of the stadium or simply the term of the initial lease.

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