Venue Detail
Lake County Captains
Revenues From Sports Venues Pro Facilities Report
January, 2010
Lake County Captains
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35353 Curtis Blvd. Ste 421 Eastlake, OH 44095 Phone: 440-975-8085 Fax: 440-975-8958 URL: www.captainsbaseball.com Owner: Rita Murphy-Carfagna and other investors League: Midwest League Eastern
Venue
Classic Park, 35300 Vine St, Eastlake, OH 44095 Owner: City of Eastlake Built: 2003 Capacity: 7,273
Naming rights
Sold to: Classic Automotive Group Term: 15 years Expires: 2020
Ticket prices
Season tickets range from $630 to $630 Single tickets range from $7.00 to $9.00 2007 average attendance: 5,082 2008 average attendance: 4,796
Luxury Suites
Quantity: 20 Price: $25,000 to $25,000 Seats: 16 to 16
Financing
The $25 million ballpark was funded by the city. The city owes about $12.5 million over the next 25 years in long-term bonds and another $11.6 million in short-term notes. The city plans to pay back the long-term debt with $400,000 a year in lease payments by the Captains and another $200,000 a year for 10 years from an increase in the county hotel bed tax. Pct. public: 100
The team, formerly the Columbus RedStixx, moved to Ohio and its new ballpark in 2003. More than 435,000 fans have jammed Classic Park during the rookie season of the Class A Lake County Captains. That put the team in the top five among Single A teams and the top 25 among all Minor League Baseball teams.
The team purchased naming rights from the city for $4.26 million in 2005 and resold them to Classic Automotive Group. The price was not disclosed.
The city is proud of its ballpark, but the price tag is causing problems with the city's budget. Originally pegged at $22 million, the Venue came in at $28 million, including a parking lot, pedestrian bridge, plaza and architectural and engineering fees.
Some of the costs were to be covered by grants and naming rights, but neither source has materialized, leaving the city liable for more expenses than it anticipated. That means the city's general fund must be used to cover the overhead.
For now, the issue is one of cash flow. There is enough money in the reserve fund to make upcoming debt payments, but problems could arise in 2006.
The team gets all the revenue from concessions, luxury suites and advertising. It pays $75,000 a year into a capital improvement fund and $331,000 in annual rent. (Baseball. Facilities, Financial, MinorTeam, Professional Sports, Venue)