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(EMAILWIRE.COM, April 13, 2013 ) San Francisco, CA -- According to the latest reports, the Miami Dolphins are reporting earnings of about $25 million a year for the operating profits within the recent handful of years; however, debt payments and auxiliary costs that are tied to the Sun Life Stadium led to what is a series of losses and slim profits.
There have been two consultants hired by the Miami-Dade County in order to review the team's finances. The consultants have concluded that the Dolphins are not able to afford to finance what was a planned $350 million renovation of Sun Life Stadium without Outside Money. Still, the consultants report offers a look into the books of the most storied franchise in the region.
While the Dolphins team have loaded their payroll with high-level free agents during the offseason, the team predicts a rather rough year when it comes to the bottom line. An operating profit of $25 million has to swing all the way to a $14 million loss by the spring of 2014. That is based off documents released by the Miami-Dade County mayor's office.
A loss of that magnitude is tough, but is still the only in the tenure of Stephen Ross. “It’s payroll,” and other costs, CEO Mike Dee said Wednesday after County Commissioners endorsed sending a plan to voters to raise hotel taxes to pay for part of the renovation. “We’ve been operating at a loss. Those numbers speak for themselves.”
The debate among commissioners has touched on a point of contention, which has inflamed the critics of the stadium. The team is owned by a billionaire who is asking for tax dollars to improve the NFL franchise. And it is no surprise that is a scenario that will surely infuriate some. Ross is worth an estimated $5 billion, and did not attend the meeting that specifically requires him to guarantee repayment to the county at totals reaching $120 million in 30 years, along with $120 million in renovated stadium creation that do not attract a minimum number of major sporting events. One such event is the coveted Super Bowl.
All of the team's financial numbers that were released by the county appear in a single-page report. Thus, a lack of details is apparent, and wards off any attempt to gain a deeper understanding of the lack of profitability.
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