“But the city is paying for most of the renovations.”
Of the $230 million costs of the renovation, the City is footing $150 million of it. That puts an $80 million burden on the Phoenix Suns. In addition to those contributions, part of the agreement required the Suns to build a new practice facility, completely funded on their own.
That facility, which is currently under construction, will cost around $50 million dollars.
On top of all that, the Suns agreed to contribute another $10 million toward community benefits (including $2.6 million towards pre-school programs).
So, when you add it all up, the Suns are dishing out $140 million and at the end of the day, the franchise is a business that will most certainly recoup that money one way or another.
One of those ways, unfortunately for fans, is an increase in ticket pricing.
To put it more pragmatically in a poor and admittedly condescending analogy: you have to pay for your new toys. And make no mistake, there are lots of new toys.
Some of the revenue generation will come in the form of bars with what will likely be even more expensive beers, wine, and cocktails. Probably hotdogs too.
The Suns are banking on the overall feel will be more upscale and that will be worth it. The fans will have to decide for themselves.