Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Technically yes. They can always pull the plug. Unfinished major construction projects are not unusual if funding dries up, costs balloon, contractors don't get paid, etc. Of course, pulling the plug means eating whatever has already been spent to-date and likely having to fork over a chunk of additional money outlined in contracts in other commitments that are being breached/broken.
So whether it's "worth it" depends. Does pulling the plug now and watching tens of millions vanish into thin air (not to mention leaving a site partially developed) look to be a better alternative than paying the inflated 2023 estimate to complete the project? Or worse - paying tens of millions more, only to see costs balloon even higher in 6 months or a year? At least with completing it, there's hope for a return on the investment, even if it takes longer break even. But $140 million for a developmental league soccer team stadium is inching near the point of absurdity. City and state backing helps a lot, but it's going to be hard for lenders to continue to finance this bloating price tag. So if losing financing at some point seems to be an inevitability, it may be more appealing to just drop it now rather than sink more money into it.
Keep in mind that Brett Johnson has put a ton of money in this. Pulling the plug would mean he needs to be reimbursed, I think. If that's the case, it makes more sense for the city to put up the money to finish it.
Keep in mind that Brett Johnson has put a ton of money in this. Pulling the plug would mean he needs to be reimbursed, I think. If that's the case, it makes more sense for the city to put up the money to finish it.
Maybe. I have no idea what is in the contract(s). I'm assuming that there are clauses allowing outs under certain conditions. And protections against massive cost overruns would (or should) be a primary consideration when making these agreements. But again, I don't know the specifics and I wouldn't be completely surprised if the state didn't negotiate those safety nets.
Keep in mind that Brett Johnson has put a ton of money in this.
Has he? How do we know this to be true? Because he said so? He’s also claimed to be a director of the EFL Championship team Ipswich Town FC (he isn’t… in fact he owns less than a 1% stake in the team according to the club’s financial disclosure forms), claimed to have broken ground on a stadium for esports entity Glytch (he hadn’t), and claimed to be working on a 10,000-to-15,000-seat stadium for his USL 1 team FC Tucson (the facility never materialized and he subsequently sold the club).
Brett Johnson could generously be labeled a fabulist, so one would be best served by regarding any claims he makes with skepticism.
Keep in mind that Brett Johnson has put a ton of money in this.
Quote:
Originally Posted by IslandOwen86
Has he? How do we know this to be true? Because he said so? He’s also claimed to be a director of the EFL Championship team Ipswich Town FC (he isn’t… in fact he owns less than a 1% stake in the team according to the club’s financial disclosure forms), claimed to have broken ground on a stadium for esports entity Glytch (he hadn’t), and claimed to be working on a 10,000-to-15,000-seat stadium for his USL 1 team FC Tucson (the facility never materialized and he subsequently sold the club).
Brett Johnson could generously be labeled a fabulist, so one would be best served by regarding any claims he makes with skepticism.
Yes, he has put a ton of money in this. Now whether it was actually his money is another story.
When looking for an article about how much money Brett Johnson has put in (I couldn't find one), I stumbled upon this article from December 2019. It's a good read.
When looking for an article about how much money Brett Johnson has put in (I couldn't find one), I stumbled upon this article from December 2019. It's a good read.
It would have been “a good read” if anyone in City of Pawtucket Mayor’s Office, State of Rhode Island Governor’s Office, and Rhode Island Commerce CEO/Secretary of Commerce’s Office had exhibited the savvy necessary to not only pore over the article’s contents but recognize the warning signs about Brett Johnson and the way he does business that were contained therein. It is stomach-turning to remember how disinterested in and/or out-to-lunch RI’s pols were when it came to holding Brett Johnson’s feet to the fire over the question marks surrounding his business partners and practices.
The political leadership in this state has really outdone themselves with regard to being asleep at the wheel on this project. And given the state’s past business dealings, that’s saying something. What a mess.
Last edited by IslandOwen86; 11-20-2023 at 06:37 PM..
"The State of Rhode Island has committed tens of millions of dollars and the City of Pawtucket is poised to issue $48,450,000 in bonds to support the construction of the minor league soccer stadium in Pawtucket, but if the proposed Rhode Island FC team folds, the state and Pawtucket could be left with an empty stadium.
The state and city would continue to be obligated to make bond payments for decades."
^ Let's keep in mind that Brett Johnson's minor league soccer team in San Diego folded after 4 years.
They had their kit reveal at the Guild tonight. They said they were expecting a big crowd and the overflow area would be outside with heat lamps. I was on the list but didn't feel well. My husband just got back, but couldn't get in; they opened a 2nd parking lot across the street but both were full. After circling a few times looking for parking he left. Guess I'll have to check social media for the kit reveal!
They had their kit reveal at the Guild tonight. They said they were expecting a big crowd and the overflow area would be outside with heat lamps. I was on the list but didn't feel well. My husband just got back, but couldn't get in; they opened a 2nd parking lot across the street but both were full. After circling a few times looking for parking he left. Guess I'll have to check social media for the kit reveal!
Let's keep in mind that Brett Johnson's minor league soccer team in San Diego folded after 4 years.
Brett Johnson didn’t have minor league soccer team in San Diego when it folded.
San Diego Loyal was founded by a sports exec named Warren Smith in 2019. Landon Donovan was Smith’s partner starting the team. In July and August of 2019 Smith & Donovan were considering entering into joint venture with Johnson & Fortuitous Partners to start San Diego USL team. So they signed preliminary term sheet for that deal in August 2019 that created exclusivity period for Smith, Donovan, & Johnson to negotiate terms. But Smith & Donovan ended up having some disagreements with Johnson & Fortuitous about term sheet for their deal. So Smith & Donovan ended up bringing in Andrew Vassiliadis as San Diego USL team’s majority owner. Before signing a partnership with Vassiliadis in October of 2029, Smith & Donovan had to buy out Johnson & Fortuitous with a payment to end their exclusive negotiation period.
Johnson and Fortuitous were out of the picture in San Diego by September 2019. That was before Vassiliadis signed on as San Diego Loyal majority owner in October 2019 and before the San Diego Loyal played its first match in March 2020.
USL’s San Diego Loyal folded because Major League Soccer announced it was putting an expansion team in San Diego and Vassiliadis, Smith & Donovan couldn’t get a deal done for soccer specific stadium in northern San Diego County that would let the team get out from under new MLS team’s shadow.
Plenty of reasons for Pawtucket and RI leaders to cut ties with sketchy Brett Johnson, but the San Diego Loyal folding isn’t one of them. I suspect the reason Smith & Donovan opted for Vassiliadis as lead owner in San Diego instead of Johnson is that they got a sketchy vibe from the latter. Brett Johnson is a guy who likes spending other people’s money. In the case of RIFC, he’s dipping into the pockets of RI taxpayers.
Last edited by IslandOwen86; 12-06-2023 at 08:09 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
