Public Venue? City Gives Stadium Revenues, Naming Rights to MLS Soccer Team
As an update to the corporate welfare giveaway in Orlando: The City of Orlando finalized a deal that gives 100% of the naming rights revenue of the new soccer stadium being built to the Orlando Major League Soccer team. In the agreement brokered by Mayor Buddy Dyer, the City gave up revenue from advertising, naming rights and stadium concessions along with the intellectual property rights of the “public” stadium.
The agreement with the soccer team also permits “exploiting such Stadium Intellectual Property for the purpose of generating revenue, including, but not limited to creating and offering products and sponsorships that incorporate the Stadium Intellectual Property (‘Commercial Purposes’).”
So this “public venue” sure is generating a lot of private profit. One would think the City could have used revenue from a “public” stadium to re-invest in Parramore where the stadium is being built, perhaps. Or that these “public” stadium revenues could have helped close the City’s budget deficit.
But no, the “public” stadium revenues and naming rights will go into the pockets of the millionaire team owners instead. And now it is official.
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