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Saints Strike Deal to Stay in Superdome Until 2025

It only took a year of tough negotiating and a change in the resident of the Governor's mansion, but the New Orleans Saints and the State of Louisiana have struck a tentative deal to keep the Saints in New Orleans until 2025. The State will spend $85 million to renovate the Superdome, obviating the need for the construction of the new stadium Saints' owner Tom Benson had been demanding.

The deal is a complex financial package involving not just a renovation of the Superdome, but a complete restructuring of the Saints lease reducing the burden of the state's subsidies based on the Saints' revenue and eliminating the Saint's fixed rent, the sale of an adjacent high rise and parking garage to the Benson family and the development of the neighboring real estate and the creation of a new sports entertainment district.

This is great news for New Orleans as the Saints are a beloved fixture of the Crescent City and one of the true unifying forces in the city. As the recovery from Katrina slowly continues, the Saints continue to play a key role in lifting the spirits of a city still largely broken and forgotten by much of the country. It's great to know the Saints won't now be lured by the bright lights of Hollywood.

Full post as published by Sports Biz on May 01, 2009 (boomark / email).