Sale of Chase Field Cancelled by Potential Buyer
Phoenix – November 21, 2016 - The Maricopa County Stadium District Board of Directors received a letter Monday afternoon notifying the county that Stadium Real Estate Partners II (the potential buyer of Chase Field) is terminating the Letter of Intent that was signed August 17, 2016.
That letter from Martin J. Greenberg, partner and representative of the buyer group, is attached to this release and gives the public insight into the challenges faced as they tried to make a three party deal come together. The Diamondbacks have to agree to any transfer of ownership of the stadium under the original contracts signed with the county. The team still has the option to purchase Chase Field.
Board members always looked at this as an opportunity to put the stadium in the hands of private developers who could meet team demands for upgrades and it is disappointing to see it vanish. They remain committed to honoring all original agreements to keep the Diamondbacks at Chase Field through the 2028 season. The stadium is maintained using rent paid by the team and outside events therefore costing taxpayers nothing beyond the original cost of building Chase Field.
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