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With just months to go before the first pitch financial issues at the Winston-Salem Ballpark Project have led to the owner, Billy Prim, to ask for $16 Million to cover shortfalls due to a 65 percent increase in the stadium cost. The project original set at $22.6 million is now projected at $38 million with partner Andrew Filipowski, divesting himself out of the project.

It has been reported that Filipowski has had trouble with creditors calling in debt due to his exposure with his own businesses and the ballpark. Southern Community Bank called in $4 million while BB&T has sought to cover their $4 million line of credit with Filipowski. Prim has been trying to find further investors for the ballpark and team but so far the likes of Richard Childress Racing and ISP Sports which so far have not panned out. Both Prim and Filipowski are co-founders of Blue Rhino Corporation and served as Directors per proxy statements and LinkedIn profiles.

So once again we have a private business with it’s hand out to the local tax payers. Reports have the request at $16 million which would be on top of the already $12 million the city provided in funds. Repayment of the original $12 million was to be from ticket sales and taxes on the stadium however this was all contingent on the ballpark being completed by March of 2010. Just how many tickets will have to be sold to collect $28 million?

Sources: LinkedIn, Winston-Salem Journal, The Business Journal

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One Response to “Here We Go Again, BaseBall Parks Wants $16 Million More From Tax Payers”
  1. Sophist says:

    This was going to be a boondoggle in a good economy designed to line the pockets of the Winston-Salem political elite and financial elite. The idea that this idiotic project will clear the original 12 million dollars before crumbling into dust was absurd. The notion of adding 16 million to get this grifter out of trouble for not having the business acumen to predict the total cost or complete te project in a timely fashion is equally absurd. The political leadership of Winston-Salem should be run out of town on a rail for even listening to this stupidity much less acting on it. What’s next, n elevator to the moon?

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