The Tampa Bay Rays decided some time ago on a stadium move. The Rays must have been really convinced that the move to a new stadium would pay them substantial dividends in the not too distant future because of the compensation they will have to pay to St Petersburg for leaving their current home ground early. The two parties agreed that the Rays could end the lease early yet have to pay St Petersburg up to $24 Mil in compensation to do so.
In many respects this deal suited both parties, as it saved money compared to there being an expensive legal battle, in which only lawyers may have gained anything. For the Rays it meant that they could begin the move to a new stadium earlier without wasting millions of dollars on unnecessary legal costs. For St Petersburg receiving up to $24 mil compensation was also a good deal to make as they are getting an income whilst they are waiting for another team to occupy their stadium. The compensation allows them to cover the costs of maintaining and running the stadium whilst it is not being used. Potentially it could contribute to the cost of altering the stadium so that could be used for different sports. The deal was struck as both parties agreed that it was the best option to take.
The Tampa Bay Rays have wanted to move away from their current home for years yet St Petersburg had attempted to keep them there. However the situation was not doing either parties any good over the long-term. It was distracting the Rays from winning baseball whilst spoiling their relationship with St Petersburg. Who the deal turns out best for depends on how long it takes the Rays to move into a new stadium. If they move into their new home by 2018 then St Petersburg will receive the maximum amount of compensation, if the move is not completed until after 2023 then payments would be for a lesser amount.
For the Rays though a move to a new stadium could not come soon enough as their attendances have been dwindling for years, and a prolonged stay at the Tropicana could harm their financial position. The deal should it go through will give the Rays the opportunity to have a new stadium combined with a brighter future. The Rays will be determined to proceed as quickly as possible to make up for the five years they have been in stalemate with the City of St Petersburg about being able to leave the Tropicana.
However for the council, the deal came about after they realized that their efforts to play hard ball with the Rays were not going to pay off. The council had aimed to get the most money back for local taxpayers that it could. Previous deals had fallen through as they had insisted that the Rays pay them an exploration fee to find a site for a new stadium within Tampa Bay. In reality the deal is the best that St Petersburg could hope for. The sooner the Rays have moved into a new stadium the more compensation the city will receive.
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