The Baltimore Ravens are getting tax money from the state of Maryland as the state’s treasurer, Dereck Davis, is a major opponent of the move. While speaking to the newspaper The Baltimore Sun, Davis said that the move is not in the ideal interest of taxpayers and that it is reckless and callous:
“They seem to believe that they exist for the benefit of private entities, is the only thing I can think. And now I’m seriously considering … requesting legislation that would take that authority away,” “This is clear: They’re being callous and reckless with the people’s money.”
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Maryland is the owner of the stadiums, and it has agreements with its residents of the stadiums. The Baltimore Orioles of the MLB and the Ravens decide how to divide up revenue from special events.
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However, the Maryland Stadium Authority has signed off on requests from privately owned teams to stop it from enhancing its profits this summer. This leaves potentially hundreds of thousands of dollars on the proverbial table.
The July 16 soccer match between Arsenal and Everton will be played at the home of the Ravens, M&T Bank Stadium. In this case, the stadium authority will give $150K of its tax proceeds to the team.
How the Ravens received the tax money
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At a meeting of the stadium authority’s board of directors last month, members voted on a request from the franchise to get a share of the stadium authority’s tax revenue. The revenue will be made from the upcoming Arsenal vs. Everton matchup.
The stadium authority stated that the team sought greater than $150K but that was the amount the board members agreed upon to allocate.
The stadium authority’s executive director, Michael Frenz, called it a “long-standing practice” to disperse some of the tax money to the team. The stadium authority gave the franchise $150K of its tax money for M&T Bank Stadium’s most recent concert: the rock band Metallica back in 2017.
Of the forthcoming soccer match’s total profit or loss, separate from the tax, the team will take in 55%, while the stadium authority gets the remaining 45%. This was mentioned in the teams’ leases. The lease expires after the 2027 season for the team and their stadium they’ve called home since 1998.
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