Golden State Warriors must pay off $40 million Oracle Arena debt

[TexasTowelie]

OAKLAND — The Golden State Warriors can’t leave for the City without paying the Town, an arbitrator ruled Monday.

When the team crosses the bay next season for its gleaming, new $1 billion arena in San Francisco, it will still be on the hook for about $40 million to retire the debt for renovation costs at its current home, Oracle Arena.

Arbitrator Rebecca Westerfield’s ruling settled an argument between the Warriors and the city of Oakland and Alameda County, which own the arena, over language in a 1996 contract.

“This was an after-the-fact attempt by the Warriors to rewrite the parties’ deal, and it would have left the people of Oakland and Alameda County holding the bag,” said Daniel Purcell, a partner Keker, Van Nest & Peters, which represented the city and county. “We are grateful that the arbitrator saw it our way.”

Read more: https://www.mercurynews.com/2018/10/29/aribrator-golden-state-warriors-must-pay-off-oracle-arena-debt/

Cross-posted in the Sports Group.

[TeamPooka]

1. Sports stadiums are the biggest ripoffs of taxpayer dollars in most cities.

billionaire welfare

[Jamaal510]

2. As profitable

as their team is these days, they could've easily paid this off already. Both them and the Raiders have done this city wrong as they try to skip town without paying their dues (and I say this as someone who grew up rooting for both teams), and I'm grateful that at least the A's are willing to stay and to not try to swindle us. Hopefully our local leaders will spend that money wisely.