Indiana

Ain?t Life Grand? Yeah, About 250 Grand!

By Abdul Hakim-Shabazz

As Indiana lawmakers continue to work out a deal on solving the Capital Improvement Board $47 million operational shortfall, I thought I would take a few minutes to talk about Jim Irsay’s perpetual argument that he pays $250,000 in rent for Lucas Oil.   

Once again, a factually accurate statement , but not the whole story.

You see, the Colts do pay $250,000 in rent, but they get it all back and then some.  Under the terms of the lease, the Colts get reimbursed up to $1.5 million annually for their game day expenses.  Game day expenses are things like security, ushers, the folks who work in press box and those guys who work the chains on the sidelines, etc. etc.  The Colts send the CIB a bill at the end of the season.  Last season the CIB paid the Colts, guess what?  $1.5 million.

In addition, the Colts also get up to $3.5 million annually from all non-game events.  So if there is a tractor show, high school football game, wallpaper show, the Colts get money.  And guess how much they got last year?  You got it.  $3.5 million. And those events had nothing to do with football.

So even though Jim Irsay likes to tell everyone he pays $250,000 in rent, last year he got back $5 million.  

Cry me a river, Jim.

Full post as published by Indiana Barrister on April 28, 2009 (boomark / email).