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PGE Park – a money pit
Daily Blog//September 9, 2010//
A presentation Tuesday night on the state of the city’s Spectator Fund by fund manager David Logsdon was rather eye opening. It turns out, Memorial Coliseum isn’t the only big stadium losing money in Portland.
Six percent of all ticket revenues, as well as 100 percent of Rose Quarter parking revenues, go into the city’s Spectator Fund. Though the fund pays an average of $1 million per year, most of that money is dedicated to PGE Park, where a major renovation is under way to turn the stadium into a Major League Soccer facility for the Portland Timbers.
Unfortunately, PGE Park hasn’t fared so well over the past five years. Logsdon said that the stadium has been operating at losses between $500,000 and $1.2 million over the past five years. Comparatively, Memorial Coliseum has been operating at losses between $200,000 and $300,000.
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