Thursday, February 27, 2014

Hamilton Council Approves Ticat Tim Horton Lease in 9 to 7 Vote

Here's the Spec article with the pertinent details. The raw numbers:

The deal, approved 9-7 late Wednesday after a long session behind closed doors, is worth $750,000 a year to the city for naming rights for Tim Hortons Field, as well as $450,000 in football rent and another $150,000 if a professional soccer team comes to town.

By contrast, the Ticats paid less than $30,000 in rent for the team's final year playing at Ivor Wynne Stadium. 

So at least the city is doing a lot better off than off Ivor Wynne. There's been reports the naming rights were worth between $1 million and $1.5 million per year so the city is getting a large proportion (but so would the team). I don't think this is a bad deal for the city, although I don't want to be a Scott Mitchell apologist either. The fact Lloyd Ferguson voted against it is interesting. Also how it compares to other deals in the CFL, like say Ottawa.

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