Polar Park Deficit: WooSox President Charles Steinberg Explains the Three-Legged Funding Model and Future Development Challenges

In a previous segment of The Worcester Red Sox Show, WooSox President Dr. Charles Steinberg, spoke about the almost $800K Polar Park Fund deficit. Steinberg said the way to think of how the ballpark is paid for is it’s a three legged stool and one part is the Worcester Red Sox. The WooSox paid all overruns on the construction of the park.

The park though is a public, not private, ball park. The WooSox pay the highest rent in minor league baseball. The WooSox fund their portion of the ballpark costs along with the over two million in annual rent. The second leg of the stool is the city and the money they raise toward the park through parking fees, etc. The third part is the development. The Cove, The Revington, District 120 but he admits you don’t have the announcements on other projects, such as a hotel and left field office building, that were anticipated.

Madison Properties is the developer on those parcels. Steinberg said he doesn’t feel that there is any doubt the park will pay for itself but acknowledges it is frustrating to the public that those projects haven’t happened yet. Steinberg said the ownership group of the Worcester Red Sox, Diamond Baseball Holdings, is enormously invested in the welfare of the city and the surrounding area and they will be taking a look at how they can help. Might they be an investor in a hotel?