The Braves will take on debt as part of their game plan for building a new stadium and mixed-use development in Cobb County.
“Fortunately, we have a lot of financial institutions that are interested in lending money to us to take care of our obligations,” Braves executive vice president of business operations Mike Plant said. “In the stadium project, we’re at a total maximum contribution of about $280 million, and that’ll come from a couple different resources we have access to as far as lending us money.
“In the mixed-use development, right now we’re looking at Phase 1, which is about $300 million, and that is 100 percent our responsibility. Fortunately, because of who we are and a 30-year commitment … (that) gives the financial markets a lot of confidence.”
Braves executive vice president of sales and marketing Derek Schiller said the team’s fiscal history helps.
“Part of the opportunity to go into the financial markets and have a lending situation occur is because of our past success and the way the franchise has been operated, meaning there has not been a lot of debt placed on the organization,” Schiller said.
Braves officials wouldn’t discuss the structure of the financial relationship they are negotiating with developers on the mixed-use complex.
What's next: On Tuesday, the Cobb County Board of Commissioners is scheduled to vote on a series of detailed stadium contracts between the Braves and the county.
The commissioners also are slated to vote on a joint Braves/county committee’s recommendation of a group consisting of Brasfield & Gorrie, Mortenson Construction, Barton Malow and New South Construction as the stadium’s general contractor. Collectively, the group calls itself American Builders 2017.
Mortenson built the Minnesota Twins’ stadium that opened in 2010. Brasfield & Gorrie is building the College Football Hall of Fame in Atlanta. Barton Malow built the Gwinnett Braves’ stadium, Coolray Field. New South has handled construction projects at Turner Field for the past 10-plus years.
