THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Friday, July 1, 1994 TAG: 9407010010
SECTION: FRONT PAGE: A14 EDITION: FINAL
TYPE: Letter
LENGTH: Short : 42 lines
Your June 24 feature sports article indicated that the big obstacle to getting a major-league franchise for Hampton Roads is money, specifically the lack of an individual with deep pockets to act as owner.
Not necessarily. If market research supports the intuition that there is enough audience to produce adequate revenue from ticket sales, then needed equity could be raised by a public stock issue sponsored and promoted by the Hampton Roads Sports Authority.
A widely held public ownership for the franchise would have several advantages. For one thing, we wouldn't have to suffer the antics of the big egos who own some other franchises. More important, the franchise couldn't be arbitrarily yanked away to another metro area. It would be ours. Finally, nothing would do more to solidify our regional identity and pride.
Similarly, with the equity and ownership in the hands of the general public, all the cities could participate in floating the bond issue needed to build the facility. Brad Face lined up all the cities for the NASCAR race track. It could be done again. The bond participations, along with a proportional formula for distributing the entertainment taxes, would provide the mathematical basis for each city's share in the financial results.
In fact the best way to test the feasibility of the project is to raise the money. Let's encourage the Sports Authority to take the initiative to select the sport to be franchised, spot its location, promote the idea widely, then float the stock subscription, the bond subscription and the ticket subscription.
To do all of this takes only leadership, of which we have plenty. It doesn't take a single rich individual, just a lot of folks who want a great team in Hampton Roads.
JAMES F. BABCOCK, co-chairman
Plan 2007
Norfolk, June 24, 1994 by CNB