Latest news with #DerrickHall
Yahoo
2 days ago
- Business
- Yahoo
Arizona Diamondbacks Expected to Slash Payroll in 2026, Examining Impact on Offseason
The Arizona Diamondbacks entered the regular season with aspirations of being one of the best teams in the National League, led by a deep roster that featured the likes of Eugenio Suarez, Josh Naylor, and Merrill Kelly. Instead, all three players were dealt at the MLB trade deadline, and even more changes are coming. Diamondbacks CEO Derrick Hall told Nick Piecoro of the Arizona Republic that the club would likely need to slash payroll from what it was coming into the season. Related: 'Do I think we need to have the payroll number where it was this year? Probably not. But I think we can have just as good a team as we constructed by reinvesting the money that we have (saved) and then some.' Derrick Hall on the Arizona Diamondbacks payroll in 2026 Arizona came into the season with its payroll at approximately $187 million. While the club lost first baseman Christian Walker (three years, $60 million) to the Houston Astros, it added perennial All-Star pitcher Corbin Burnes on a six-year, $210 million contract. Unfortunately for Arizona, its historic splurge in MLB free agency backfired quickly. Burnes underwent Tommy John surgery in June, a procedure that is expected to sideline him for a majority of the 2026 MLB season. To make matters worse, for a team that fell out of contention during the summer, many of its top players (Naylor, Suarez, Kelly, and Zac Gallen) were all on expiring contracts. Read More: In total, about $17 million was taken off the Diamondbacks' payroll at the MLB trade deadline this year. Hall noted that the money will be 'reinvested' in the club, but it was also made clear that Arizona won't approach the $180-plus million payroll it had coming into the year. According to Spotrac, the projected Diamondbacks payroll in 2026 is $112.508 million. However, that doesn't include raises in arbitration for players like Ryne Nelson, Gabriel Moreno, Alek Thomas, Jake McCarthy, Pavin Smith, and pre-arbitration raises for younger players. So, while some of the money might be invested into next season's roster, it is unlikely that Gallen is re-signed or that either Suarez or Naylor returns to the club via free agency. With last winter's big free-agent addition also expected to miss most of next season, ownership will likely be even more cautious with spending on top free agents this winter. Related Headlines Latest Patriots 53-Man Roster Projection Is Bad News For Two Wide Receivers Promising Patriots Rookie Placed On Injured Reserve Following Preseason Opener Patriots' rookie continues to stand above the rest after impressive preseason debut NFL Teams Prepping for Tyreek Hill Trade in Near Future
Yahoo
01-07-2025
- Business
- Yahoo
Arizona Governor Signs Bill for Chase Field Upgrades
PHOENIX — The Arizona Diamondbacks now have the funding mechanism in place for what will be at least a $750 million refurbishment of Chase Field, where the team has a lease through the 2027 season. Both sides of the state legislature passed House Bill 2704, which captures some of the sales taxes spent by patrons at the ballpark and earmarks it toward the improvements. Advertisement More from Arizona Gov. Katie Hobbs signed the bill Friday, passing it into law, the team confirmed. Diamondbacks representatives joined Hobbs at a corresponding ceremony. 'We're ecstatic over the legislative approval of HB2704,' Diamondbacks president Derrick Hall said in a statement this week. 'This [is] a monumental victory for baseball and Diamondbacks fans.' Hall said the Diamondbacks will now turn their attention to extending their Chase Field lease with the Maricopa County Board of Supervisors. Maricopa County owns Chase Field, which was built mostly on public dollars and opened in 1998, the D-backs' first season after expanding into the National League. Advertisement The original cost of the stadium was $364 million—$717 million in today's dollars—with $253 million provided by the county through a quarter cent raise in the sales tax, and the remainder of cost overruns paid by the ballclub. The legislation doesn't create a new tax, but it captures sales taxes patrons spend at Chase Field and adjacent facilities owned by the D-backs up to $500 million over 30 years. It's a special fund similar to the mechanism the NFL's Arizona Cardinals use to improve State Farm Stadium in nearby Glendale, Ariz. The D-backs are then expected to spend at least $250 million of their own money in ballpark improvements and commit to remain in Arizona for the term of the deal. 'I'm thrilled that the legislature has passed a bill that will keep the Diamondbacks in Phoenix and create good-paying jobs,' Hobbs said in a statement published on X. 'This is a huge win for every Arizonan.' HB2704 was introduced in January by state representative Jeff Weninger, and it passed the House by a 35-25 margin at the end of February. The Senate, after four months of internal negotiations, also finally passed it 19-11 on June 19, sending the bill with changes back to the House for reconciliation. The House approved it Monday 35-20, sending it to the governor's desk. Advertisement The legislation ensures that enough money from the 8.6% sales tax will go to the county, state and city to at least partially pay for services such as public education, fire, police, first responders and public safety. The remainder would go into the fund managed by the county to handle ballpark refurbishment, repairs and maintenance. The D-backs are counting on having access to $15-$20 million a year from that fund to borrow on over the course of 30 years, Hall said in March. But the team has its own tranche of money to get started: $250-$300 million, he added. The bill specifies $250 million. Though the ballpark is owned by the county, it's operated by the D-backs—the result of a 2018 settlement of a lawsuit between the parties in which the ballclub also agreed to underwrite the year-to-year maintenance. The team has put $200 million into the building since then, Hall said, including most recently new LED lights and a $2 million fix of the retractable roof. Best of Sign up for Sportico's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
National Post
28-06-2025
- Business
- National Post
Arizona governor approves up to $500M to upgrade Diamondbacks home
PHOENIX (AP) — Arizona Gov. Katie Hobbs signed legislation Friday that funds up to $500 million in renovations to Chase Field, home of the Arizona Diamondbacks. Article content The bill, which won bipartisan support in both of the state's GOP-controlled chambers, will use sales tax revenue from the stadium and nearby buildings for infrastructure upgrades over the next 30 years, including improvements to air conditioning systems and the stadium's retractable roof. Article content Article content Article content The team said it will also contribute $250 million for the renovations at the stadium, which is located in downtown Phoenix and is surrounded by small businesses and restaurants that see a boost of activity during the baseball season. Article content The legislation is one of a handful of bipartisan deals that Hobbs, a Democrat, prioritized negotiating during the session. She says the funding is a responsible use of taxpayer dollars, will provide good-paying jobs and ensure the Diamondbacks do not leave Phoenix. Article content Attendance at games has increased since the team's 2023 run to the World Series, where the Diamondbacks lost to the Texas Rangers. This season they are averaging 31,420 fans per game — the highest in two decades. Article content 'I'm not going to let Arizona lose the Diamondbacks,' Hobbs said Friday on the social platform X. Article content Derrick Hall, president and CEO of the Diamondbacks, praised the governor and said the team will now turn its attention to extending its lease with Maricopa County. Article content Article content The bill cleared the Legislature June 23 after months of debate that included the question of whether the Diamondbacks could potentially leave unless a public funding deal was reached. Article content Other MLB teams have threatened to leave host cities if they did not get public financing. Article content The Oakland A's, for example, complained for years about the Oakland Coliseum and an inability to gain government assistance for a new ballpark. Now the team is bound for Las Vegas, where a groundbreaking ceremony was held this month for a $1.75 billion ballpark that is expected to be completed in time for the 2028 season. Nevada and Clark County approved up to $380 million in public funds for the project. Article content And last year voters in Jackson County, Missouri, rejected an attempt to extend a sales tax that would have helped fund a ballpark for the Kansas City Royals and stadium renovations for the Kansas City Chiefs. Lawmakers in Kansas are trying to lure the teams with government subsidies, and Missouri is trying to keep them with its own financial incentives.
Edmonton Journal
28-06-2025
- Business
- Edmonton Journal
Arizona governor approves up to $500M to upgrade Diamondbacks home
Article content The team said it will also contribute $250 million for the renovations at the stadium, which is located in downtown Phoenix and is surrounded by small businesses and restaurants that see a boost of activity during the baseball season. The legislation is one of a handful of bipartisan deals that Hobbs, a Democrat, prioritized negotiating during the session. She says the funding is a responsible use of taxpayer dollars, will provide good-paying jobs and ensure the Diamondbacks do not leave Phoenix. Attendance at games has increased since the team's 2023 run to the World Series, where the Diamondbacks lost to the Texas Rangers. This season they are averaging 31,420 fans per game — the highest in two decades. 'I'm not going to let Arizona lose the Diamondbacks,' Hobbs said Friday on the social platform X. Derrick Hall, president and CEO of the Diamondbacks, praised the governor and said the team will now turn its attention to extending its lease with Maricopa County.
Reuters
28-06-2025
- Business
- Reuters
Arizona governor signs $500K bill for upgrades to Chase Field
June 28 - The Arizona Diamondbacks' home venue, Chase Field, will be upgraded after Arizona Gov. Katie Hobbs signed a bill Friday earmarking $500 million toward renovations. The measure will direct sales tax collected at the Phoenix stadium and nearby buildings, plus taxes from some club employees, to be used for the facility improvements. The Diamondbacks have also pledged $250 million to the project. Hobbs signed the bill in a ceremony attended by Diamondbacks players Corbin Burnes and Corbin Carroll. The governor tweeted, "I'm not going to let Arizona lose the Diamondbacks. Today, I signed a bipartisan deal to keep the @Dbacks in downtown Phoenix -- creating good-paying jobs and making sure families can enjoy baseball for generations. Let's play ball!" Diamondbacks CEO Derrick Hall told Phoenix's 12News, "We weren't sure what Plan B was going to be if we couldn't fund this building in a renovation. I'm grateful to (Hobbs). She's a supporter. She's a baseball fan, a Diamondbacks fan, and I'm a fan of hers." Diamondbacks manager Torey Lovullo said of the news, "This is an unbelievable measure. This was something that was passed and has been in the works for a long time. ... I'm grateful for everybody making the sacrifice and saying, 'Let's keep the Arizona Diamondbacks in Arizona where they belong.'" Upgrades will be made to Chase Field's retractable roof and to the venue's air conditioning in addition to other infrastructure areas. Attendance is up in Phoenix this year, two seasons after the Diamondbacks won the National League championship before falling to the Texas Rangers in the World Series. Arizona lost another major sports team last year when the NHL's Coyotes moved to Salt Lake City and were renamed the Utah Hockey Club and subsequently the Utah Mammoth. --Field Level Media
