After JR

[supernuke]

So if there any actual information out there about what happens to the Sox after JR eventually passes? I understand his kids would inherit his shares but would they also inherit being Chairman or would the other owners be able to select a new chairman at that point?

[Dick Allen]

7 hours ago, supernuke said:

So if there any actual information out there about what happens to the Sox after JR eventually passes? I understand his kids would inherit his shares but would they also inherit being Chairman or would the other owners be able to select a new chairman at that point?

Yes, they would inherit his total control. 

[South Side Hit Men]

25 minutes ago, Dick Allen said:

Yes, they would inherit his total control. 

God help us all if they don't sell the White Sox. 43 years and counting has been brutal enough.

 

[Lip Man 1]

In the rare times that JR has spoken publicly about this he has been consistent. He has told his family that when he passes they should keep the Bulls and sell the White Sox.

He has said the Bulls make Michael (Reinsdorf) money because of the salary cap/structure in the NBA, the Sox do not because there is no salary cap. (Most business sites feel the notion that he hasn't made money with the Sox even without a salary cap is posturing.) 

I've been told by some who have knowledge of the situation that most likely when JR leaves his estate will put the team up for sale and more than likely be bought by a corporation. Those folks have told me they have a hard time thinking a single individual will buy the club because of the price tag.

The latest Forbes estimate had the Sox valued at 1.75 billion dollars.  

Edited October 9, 2023 by Lip Man 1

[pcq]

13 hours ago, supernuke said:

So if there any actual information out there about what happens to the Sox after JR eventually passes? I understand his kids would inherit his shares but would they also inherit being Chairman or would the other owners be able to select a new chairman at that point? 

What happens is we will all be deceased first so succession will not matter. His progeny are unlikely to field a successful squad. They might as well sell. 

[South Side Hit Men]

Does the City get more or less the approximate $6 spent for $1 in return on the White Sox that it reportedly received from the NASCAR Debacle?

NASCAR = At least $3.5M spent for $620K in return. 2024 was extended in secret with no Aldermanic input per the article below.

https://www.chicagotribune.com/politics/ct-cost-of-2023-nascar-chicago-street-race-20231009-fzjifp3hlfdx7h3ldate2pe6f4-story.html

[Dick Allen]

2 hours ago, South Side Hit Men said:

Does the City get more or less the approximate $6 spent for $1 in return on the White Sox that it reportedly received from the NASCAR Debacle?

NASCAR = At least $3.5M spent for $620K in return. 2024 was extended in secret with no Aldermanic input per the article below.

https://www.chicagotribune.com/politics/ct-cost-of-2023-nascar-chicago-street-race-20231009-fzjifp3hlfdx7h3ldate2pe6f4-story.html

Nascar rips off the city. The Sox rip off the state.

[South Side Hit Men]

1 hour ago, Dick Allen said:

Nascar rips off the city. The Sox rip off the state.

The White Sox have multiple provisions in their lease which impact city, county and state tax revenue.

https://www.isfauthority.com/assets/management-agreement-with-all-amendments2.pdf

https://www.fitchratings.com/research/us-public-finance/fitch-affirms-illinois-sports-facilities-auth-bonds-at-bb-outlook-stable-30-06-2022

1. The Sox and their landlord does not pay real estate tax to Cook County or the City of Chicago.
2. The Sox are credited back up to 50% of all current and future City and County sales and entertainment taxes levied on tickets and other stadium revenues based on attendance.
3. The 2% IHSA hotel tax levied across all of Illinois is remitted back to the IHSA, is split 50% State / 50% City of the $10M annual subsidies.

This doesn't include the $15M and growing annually the ISFA must pay Jerry for stadium maintenance and capital improvements.

https://www.nbcchicago.com/investigations/taxpayers-still-owe-640m-on-2002-soldier-field-renovation/2981068/

Even more egregious than the Sox deal is the fact the ISFA borrowed $398M to renovate Soldier Field, have made 20 years of bond payments and now owes $640M, paying down $15M in debt but accruing over $256M in interest over this period. And now these assholes want to move to AH.

https://www.isfauthority.com/wp-content/uploads/2023/03/2022-ISFA-Audit-ANNUAL-REPORT-FORMAT.pdf

In addition, the state transferred $20M in additional funds from the General Fund to cover the shortfall after the Governor and Mayor lock downed businesses including hotels over the past few years.

Edited October 10, 2023 by South Side Hit Men

[Texsox]

I imagine non fans would want the team to move instead of ripping off everyone like that. 

[BamaDoc]

How crazy that after 20 years of payments, the owed debt on soldier field is 640 million instead of original 398!  What interest rate and who grants a loan knowing the payor can’t/won’t make normal amortized payments?  Government bs again in making numbers ok short term and kicking the payment can down the road. No one gets to buy a house that way or run a business that way but let’s just put the cost on our children and grandchildren. 

[South Side Hit Men]

17 minutes ago, BamaDoc said:

How crazy that after 20 years of payments, the owed debt on soldier field is 640 million instead of original 398!  What interest rate and who grants a loan knowing the payor can’t/won’t make normal amortized payments?  Government bs again in making numbers ok short term and kicking the payment can down the road. No one gets to buy a house that way or run a business that way but let’s just put the cost on our children and grandchildren. 

Celebrated the day Richie Daley finished in dead last in the 2016 Olympic Bid. The city would have lost billions, literally would have had to declared bankruptcy by now. It has only been kept afloat by massive infusion of "COVID" funds which have come to an end.

[CWSpalehoseCWS]

On 10/8/2023 at 10:51 PM, supernuke said:

So if there any actual information out there about what happens to the Sox after JR eventually passes?

What happens is I go on a 24 hour bender celebrating.

[tray]

19 hours ago, South Side Hit Men said:

Celebrated the day Richie Daley finished in dead last in the 2016 Olympic Bid. The city would have lost billions, literally would have had to declared bankruptcy by now. It has only been kept afloat by massive infusion of "COVID" funds which have come to an end.

Really short-sighted, foolish and crazy pre maga carp.

 

Edited October 12, 2023 by tray

[cuban_sammiches]

19 hours ago, South Side Hit Men said:

Celebrated the day Richie Daley finished in dead last in the 2016 Olympic Bid. The city would have lost billions, literally would have had to declared bankruptcy by now. It has only been kept afloat by massive infusion of "COVID" funds which have come to an end.

I was downtown at Daley Plaza for that. What an enjoyable moment! There are two organizations more corrupt than Chicago - the IOC and FIFA!

[South Side Hit Men]

56 minutes ago, tray said:

Really short-sighted, foolish and crazy pre maga carp.

 

No, what was short-sighted, foolish and mega crazy was handing billionaires like the McCaskeys and Reinsdorfs free sports stadiums, and handing the Chicago Skyway to bankers for chump change among thousands of corrupt schemes and criminal deals over the years.

I care about the City and the people who live here, not the corrupt scum who have stolen everything including the hubcaps over the past century.

I root for Chicago, always have, always will.

Meanwhile, in Rio, this is what the  “winners” received for spending billions on bread and circuses.

https://www.businessinsider.com/rio-olympic-venues-are-abandoned-just-6-months-after-games-2017-2?op=1#now-check-out-the-50-most-influential-people-in-sports-22

Quote

Time and again we have seen Olympic hosts promise that the billions of dollars spent on the two-week spectacle would have a lasting effect on the local economy and its citizens only to watch silently as the venues are abandoned and begin to decay.

 

Edited October 12, 2023 by South Side Hit Men

[nrockway]

18 hours ago, South Side Hit Men said:

No, what was short-sighted, foolish and mega crazy was handing billionaires like the McCaskeys and Reinsdorfs free sports stadiums, and handing the Chicago Skyway to bankers for chump change among thousands of corrupt schemes and criminal deals over the years.

I care about the City and the people who live here, not the corrupt scum who have stolen everything including the hubcaps over the past century.

I root for Chicago, always have, always will.

Meanwhile, in Rio, this is what the  “winners” received for spending billions on bread and circuses.

https://www.businessinsider.com/rio-olympic-venues-are-abandoned-just-6-months-after-games-2017-2?op=1#now-check-out-the-50-most-influential-people-in-sports-22

 

I think in this analogy, Chicago might be closer to Beijing than it is to Rio. Chances are it would’ve been a spectacular failure but look what they’re doing with the Olympic village site now (Michael Reese hospital site). The cost is five times higher and for something arguably much dumber and unnecessary. At least I like sports and it could’ve easily been converted into something useful.  

[ewokpelts]

On 10/12/2023 at 3:30 PM, nrockway said:

I think in this analogy, Chicago might be closer to Beijing than it is to Rio. Chances are it would’ve been a spectacular failure but look what they’re doing with the Olympic village site now (Michael Reese hospital site). The cost is five times higher and for something arguably much dumber and unnecessary. At least I like sports and it could’ve easily been converted into something useful.  

People forget that Daley's plan was to get corporate interests to fund the Olympics. G-ROD already said he wasn't paying for the olympics, and the feds rarely give money. US Olympic bids are financed locally. And the IOC did NOT like a corporate financed Chicago 2016, never mind the olympics is a giant ad for coke.

That, coupled with the fallout of the Salt Lake City bribery fiasco, meant chicago never had a chance. Even with Richie calling a favor from Obama, who was a rock star to European leaders at the time.

The long-term future of the Olympic sites was the corporate interests controlling most of the facilities, and favorable deals for land to develop nearby.  While the washington park stadium was to be dismantled after the games, the park and the area around it was going to be "cleaned up" and be ready for gentrification. Even now, that plan is happening, just with the Obama Museum and the eventual tiger woods golf course nearby.