Originally posted on Rays Index  |  Last updated 12/3/11
The U.S. Securities and Exchange Commission has opened an investigation into the deal made between the Miami (neé Florida) Marlins, the city of Miami and Miami-Dade County for the building of the Marlins new stadium. In short, the deal called for the city and county to pay for 80 percent of the new stadium through $500 million in bond sales. By the time the bonds are paid off, the city and county will have paid $2.4 billion over 40 years for the new stadium, with the Marlins paying less than $200 million. At the time, the Marlins claimed they were breaking even and couldn’t afford a new stadium. However, when the Marlins financial documents were leaked on Deadspin.com, it painted a different picture. [for a more in-depth look at how the Marlins played the system, read THIS and THIS by Jeff Passan of Yahoo! Sports] So, how does this impact the Rays? The Rays want/need a new stadium. And back in 2007, when the Rays proposed the waterfront ballpark, the Rays were expected to contribute $150
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