Illinois Gov. J.B Pritzker remains skeptical about Jerry Reinsdorf’s proposed plan to build a new stadium in the South Loop. The plan reportedly includes asking for $1 billion in public funding.
Pritzker spoke with the media on Monday and was asked by the Sun-Times about public subsidies for the new White Sox stadium. The Governor is not sold on the idea and says there is still a lot of work to be done by the White Sox and members of the Illinois General Assembly before that plan could come to fruition.
“I think I’ve been really clear about the fact the taxpayer’s dollars are precious. The idea of taking taxpayer dollars and subsidizing the building of a stadium as opposed to, for example, subsidizing the building of a birthing center, just to give the example, does not seem like the stadium ought to have higher priority,” Pritzker said.
“I start out really reluctant,” he later added. “And unless a case is made that the investment yields a long-term return for the taxpayers that we can justify in some way, I haven’t seen that yet.”
Pritzker also said that he is rooting for teams to succeed financially in the state, but added that they are private businesses and Illinois can’t afford to prioritize the project at this time.
Related Midwest, the property owners of “The 78”, released renderings of the project in early February. They argue the facility will draw 5 million annual visitors. Related Midwest also boasts in its renderings that the project is expected to be a $9 billion investment in Chicago, with $4 billion in stabilized annual economic impact. They also argue that the new stadium will help create 32,000 jobs, 1,000 affordable units, $200 million in annual tax revenue, over ten acres of space for the community, and 1,300 residential units. Of those 32,000 new jobs, 10,000 of them are expected to be construction jobs, while 22,000 would be permanent jobs, according to the Chicago Federation of Labor.
.@GovPritzker, responding to @TinaSfon’s question about public subsides for a new White Sox stadium: “I start out really reluctant. And unless a case is made that the investment yields a long-term return for the taxpayers that we can justify in some way, I haven’t seen that yet.” pic.twitter.com/ZkcoNgsGLc
— Brenden Moore (@brendenmoore13) February 26, 2024
Pritzker was impressed by the rendering but that still wasn’t enough for him to give it his stamp of approval.
“I think the pictures that we’ve all seen… all look terrific. But again, that’s not enough to make it a priority in my view for Springfield,” Pritzker told reporters on Monday.
White Sox chairman Jerry Reinsdorf argues that the White Sox need a new stadium to compete.
“The economics of baseball have completely changed, with top ballplayers signing contracts worth as much as $700 million,” Reinsdorf said in a recent interview with Crain’s. “At the location we’re at now, we cannot generate the revenue needed to pay those salaries.”
White Sox officials have already traveled down to Springfield twice, which indicates they are serious about getting the project started as soon as possible. However, Reinsdorf has not had a chance to speak with Pritzker yet.
Reinsdorf laid out his plans in the interview with Crain’s. The specific plan includes building the new stadium at The 78 and signing a long-term lease with the Illinois Sports Authority, which currently finances Guaranteed Rate Field. The Illinois Sports Authority would then issue tax bonds backed by the 2% hotel tax to finance the stadium. The lease would keep the team in Chicago long-term, which TReinsdorf argues may not be possible without a new stadium.
Reinsdorf noted in his interview with Crain’s that he is about to turn 88 and that when he is gone his son Micheal will “have an obligation to do what’s best” for other investors.
“That likely means putting the team up for sale,” Reinsodrf said. “The team will be worth more downtown.”
He predicts that without a new stadium, Chicago will lose the White Sox because the new owners will want to move the team to a more profitable location. Reinsdorf tried similar tactics when he strongarmed legislators into giving him funding to build Guaranteed Rate Field, after threatening to move the team to Florida.
