White Sox Could Have Rent Increase - NBC Chicago
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White Sox Could Have Rent Increase

The Illinois Sports Facility Authority is re-examining the team's lease agreement.



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    The White Sox may need to pay higher rent at U.S. Cellular Field as the state agency that runs the ball-park re-examines the team's lease agreement.

    The White Sox owner, Jerry Reinsdorf, pays $1.5 million in rent annually and keeps proceeds from ticket sales, parking, concession and growing merchandise operations, according to Crain's Chicago Business.

    "If you compare [lease terms] to other sports stadiums around the country, the Sox pay the lowest rent of all the facilities," Emil Jones, chairman of the Illinois Sports Facility Authority told Crain's.

    The plans to look at the contract have come up as Reinsdorf prepares to open a new team retail store across from the stadium and after the Bacardi at the Park restaurant opened a few months ago, Crain's said. Both are located on state-owned property and, according to the lease agreement, all profit on state-owned property goes to Reinsdorf.

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    The lease runs through 2029 and the new retail venues arrangement is an extension of the agreement, which were added when James Thompson was the chairman of the ISFA said Crain's.

    Gov. Pat Quinn appointed Jones as chairman of the sports authority this year, replacing Thompson. 

    The ISFA was created by the Illinois General Assembly in 1987 and its purpose is to construct and renovate sports stadiums for professional sports teams in Illinois, according to their website.