In response to the lobbying efforts secretly funded by the PawSox, the Rhode Island Senate Finance Committee has written new legislation to build a new stadium to bail out the wealthy PawSox owners, who are refusing to publicly disclose their profit and loss statements. First, this legislation increases the taxpayer subsidy for the new stadium from $38 million with interest to $44 million plus millions in interest. Second, it allows bonds to be issued without any voter approval. Additionally, it includes provisions, which will do little to protect taxpayers such as penalizing the PawSox $275 per day if there is not 50,000 square feet of real estate development around the new ball park.
In response, Republican Party Chairman Brandon S. Bell stated: “I did not think it would be possible for the Senate Finance Committee to revise the original bill to make it worse for the taxpayers….. but they have. Now, taxpayers will pay even more money to build a new stadium for the PawSox owners than what was originally proposed. On top of it, the voters still have no say on whether they want to be responsible to pay for millions in new debt. Even the provisions included in the new bill to protect the taxpayers are irrelevant. A fine of $275 per day is insignificant to the PawSox owners. These wealthy PawSox owners spend that much money every day on their lunch.”
Bell concluded: “The new PawSox owners made a huge mistake when they overpaid to acquire the team. The PawSox owners think they can lobby State House politicians to build them a new stadium to bail them out of their mistake. State House politicians would be making a big mistake if they think they can vote for this new PawSox deal and get re-elected.”
