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The Biz Beat

Power Breakfast: Gwinnett Braves, Disney, Madoff, GM

6:00 am September 1, 2009, by Henry Unger

One of the many lessons coming out of this Great Recession is that sports is not immune like many had thought.

The deadline has passed for Gwinnett County to garner the lion’s share of money from the sale of naming rights for the Gwinnett Braves Stadium in Lawrenceville, AJC reporter Pat Fox writes.

The county had until midnight Monday to secure a deal, which would have given it all the proceeds above the first $350,000. Terms of the contract now call for the Atlanta Braves to receive the first $350,000, the county to receive the second $350,000, and for both to split anything above that level.

That assumes a sponsor can be found in this economy. It wasn’t too long ago when some sports business “experts” thought the industry could weather nearly any economic storm. No longer.

The Gwinnett Convention and Visitors Bureau, which had been tabbed by the county to supervise stadium construction and find a corporate sponsor, came up dry amid the tough economy, Fox wrtites.

The county built the sale of naming rights into its financing package for the stadium, counting on the deal to bring in $300,000 a year to help repay the $33 million in bonds issued to fund construction. The total cost for the stadium, including land, is $64 million, Fox reports.

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