PawSox Equity Contribution????

 

In the original letter of intent that was submitted to Council page 34

• Worcester Red Sox was to pay the City of Worcester $3,000,000 in December of 2019
  
• Worcester Red Sox was to pay the City of Worcester $3,000,000 in December of 2020
• $6,000,000 total in cash
• Nothing has been paid to date
  

 

The only check we have seen between the City of Worcester and the Red Sox is check number 11422 in the amount of $1,000,000 paid by the City of Worcester to the PawSox marked as consultants.   In other words, not only have they not made the $6,000,000 cash investment, we have paid them $1,000,000?
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Now when we look at the lease in Council Tuesday night, we see no mention of $6,000,000??  Now we could be wrong.   If someone finds it, please comment below.... 

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Lets take another look at Schedule D on page 34:

Ballpark

•     Team        
•           Cash 6.0
•           Rent Series B Bonds   25.9
•     Total      31.9

•     City 
•           Series A Bonds        54.1
•     Total        54.1 

Site costs

•     City
•           Series A Bonds          8.5
•   Total         8.5 

                                                        

                                                                    Total Costs    94.5   

Keep in mind this was only May of 2018 and less then 30 months later the costs have risen to $157 million from $94.50 Million....  

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Maybe we are wrong but we see no mention of the initial 6 million cash investment by the team from the letter of intent anywhere in the proposed lease????    

 

We could be wrong???       

 

Someone please correct us!!!