The private equity firm that recently bought the Gwinnett Stripers will operate under the same contract that Gwinnett County forged with the Atlanta Braves for the minor league franchise.
Gwinnett County owns the stadium, Coolray Field, which was constructed with $64 million in public money — including $33 million in bonds that will be paid off in 2038.
Terms of the lease agreement between the Stripers and the county allow the team to back out after the 2023 season if there is an irreconcilable disagreement with the county over the stadium’s capital maintenance expenses.
According to the contract, the team’s ownership is responsible for routine maintenance at Coolray Field, while the county pays for capital improvements and repairs.
“The new ownership has assumed the entire contract,” said Stan Hall, CEO of Explore Gwinnett, the county’s convention and visitors bureau. “We don’t see any effect on us as far as new ownership goes, because it’s just a different group owning the team, but the same stipulations relative to the contract will remain in place.”
The Stripers remain the Braves’ AAA affiliate. Gwinnett lured the team from Virginia in 2009 after using tax dollars to finance construction in the county’s unincorporated northern area.
The Stripers’ new owner, sports and entertainment conglomerate Endeavor Group Holdings, will pay the county the same amount in stadium rent, currently about $289,000 per year. Per the contract, the team’s owner also pays the county an additional $1 per ticket sold or $400,000 per year, whichever is higher.
The Stripers, formerly the Gwinnett Braves, have struggled with low attendance since coming to Georgia and the additional rent has never topped $400,000. Attendance this year hit a historic low of about 162,000 after the coronavirus pandemic cancelled all minor league games in 2020.
Some have pointed to the Stripers’ location, within 40 miles of the Atlanta Braves’ stadium, as a detriment to attendance. Hall said there was no sign the new ownership plans to relocate the team, noting the facility they play in is relatively new.
“They’ve made no indication, even as far as a mention, of anything to do with relocation,” Hall said.
A spokesperson for Diamond Baseball Holdings, the subsidiary that will operate the Stripers, declined to comment on the terms of the acquisition, saying it is still subject to customary closing conditions.
The company also bought the Braves’ AA affiliate in Mississippi and High-A affiliate in Rome, both named the Braves, as well as the Augusta GreenJackets, the low-A affiliate.
When Coolray Field was built, Gwinnett leaders expected the county’s investment to pay dividends by sparking development in the surrounding area. They envisioned a smaller version of The Battery, the popular mixed-use development near Truist Park, where the Atlanta Braves play. But the growth never came as anticipated.
A 252-unit apartment complex named The Fieldhouse, overlooking left field with ground-level retail space, is almost complete.
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