Lincoln Financial Field

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  • Topic: Philadelphia Eagles, Philadelphia, Lincoln Financial Field
  • Pages : 10 (3933 words )
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  • Published : April 29, 2013
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Lincoln Financial Field

EXECUTIVE SUMMARY
Lincoln Financial Field was something that was dreamed up by a fresh management team headed by new team owner Jeff Lurie in 1994. It wasn’t until five years later, in 1999, that a plan was set in motion by the Pennsylvania government when they announced $320 million would be set aside for the construction of 4 new professional stadiums in the state, 2 in Philadelphia and 2 in Pittsburgh. It took a few years longer than Pittsburgh, especially with the poor local growth coalition in Philadelphia, for the project to begin after the announcement to get everything straightened out so that what would be called Lincoln Financial Field could be built. With little public input and few objections to the football stadium that was to be the new home of the Eagles they were able to start building before the baseball stadium. However, the concerns and issues were not just for the baseball stadium; because both teams shared their previous stadium the city of Philadelphia took both the creation of a new baseball stadium and football stadium together.

This resulted in any draw backs that were caused by issues with the baseball stadium to be directly reflected onto the football stadium as well. Because the city of Philadelphia took the two stadiums together the budget along with many other financial plans and projections where for the two combined. The total cost was assumed to be $1.01 billion for the two stadiums. It was assumed that the Eagle’s stadium would cost approximately $400 million and the Phillies’ stadium would cost in the range of $350 million. The remaining $250 million was to go toward site development and capital reserves. A plan was approved in December 2000, was for the Eagles to contribute $310 million, the Phillies $172 million, the state of Pennsylvania $170 million, and the city $300 million plus another $90 million that will go specifically toward operating and maintaining the Eagles’ stadium. The cost of the Eagle’s stadium ending up being approximately $512 million, over $100 million more than anticipated in December 2000.

There were few key influential figures that made the building of the new stadiums in Philadelphia possible. The mayor at the time of the Ed Rendell was a major component in initiating the deal; however, his time in office was over before the deal was signed. Because of this the candidate who ended up winning John Street was able to use the competition of a new stadium deal as leverage in his campaign. Once he won office he did just that and finalized the deals for both stadiums in the city of Philadelphia.

Due to the local growth coalition being so weak in Philadelphia it was very difficult for the finances of the deal to build the new stadiums to be justified. There were few residents within the city that were able to contribute a large amount of money so that they may build a new stadium there, unlike many other professional sports teams’ cities. This resulted in the amount of money that was needed to build each stadium to directly come from the teams that would be playing within the stadium. In the end it resulted in both the Eagles and Phillies having to put up almost double what their counterparts in Pittsburgh had to for their respective stadiums. The Eagles were able to lessen this burden by offsetting their share of the expenses by creating deals with multiple companies located in Philadelphia such as Lincoln Financial Group as well as the Philadelphia Industrial Development Corporation.

Lincoln Financial Field
Lincoln Financial Field is located in Philadelphia, Pennsylvania. It is the home of the professional football team the Philadelphia Eagles. The stadium opened in 2003. Its first ticketed event was 19 days before the first Eagles game; it was a soccer match between two European powerhouses, Manchester United and Barcelona. It is also host to multiple other sporting events concerning both teams from around Philadelphia as...
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