The Rogers Centre Gets A $300 Million Facelift
Huddle Up is a 3x weekly newsletter that breaks down the business and money behind sports. If you are not already a subscriber, sign up and join 100,000+ others who receive it directly in their inbox each week. Today At A Glance:The Rogers Centre, which opened in 1989, was once a modern marvel of sports stadiums. But after nearly 35 years, stadiums have modernized at lightning speed, and Toronto’s baseball stadium has become a relic of the past. So today’s newsletter breaks down the stadium’s currently ongoing $300 million, privately-financed renovation. This newsletter is also available via podcast on Apple or Spotify. Enjoy! Today’s Newsletter Is Brought To You By OKX!
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But fast forward 35 years, and the 65,000-seat stadium formerly known as the SkyDome isn’t nearly as impressive. I mean, sure, the roof is still pretty cool, and nothing necessarily changed. But that’s the problem — nothing has changed. The SkyDome is now known as the Rogers Centre. It has been sold four times since its opening in 1989, and its latest sale price of $25 million in 2004 represented just 4% of the stadium’s $570 million in initial construction costs. This is because it’s saddled with debt. For example, the stadium was projected to cost just $150 million, with $90 million covered by the Canadian government. But, by the time it was finished, the total cost had ballooned to $570 million ($1.4 billion when adjusted for inflation), and the stadium had a $400 million debt load by 1993. The stadium hasn’t kept up with the times, either. The outfield concourse is dark, and some seats don’t directly face the field. There is a severe lack of premium experience options, and attendance has sat between 42% and 85% of capacity over the last decade. Major League Baseball’s Oldest Ballparks
So with the Blue Jays getting better and attendance increasing 50% last year — 1.75 million fans to 2.65 million fans — the Rogers Centre needed a serious facelift. And that’s why they’re now completing a $300 million, privately-funded renovation.
The Rogers Centre is being renovated in two phases. The first phase has already been completed, and the second phase is expected to be done by the start of the 2024 season. The updates include the following:
“The largest focus [is] modernizing the fan experience,” said Blue Jays president and CEO Mark Shapiro. “Taking a 1980s perspective of what an experience was and turning that into a 2020s [notion] and beyond of what a compelling fan experience should be in our modern sports entertainment landscape.” These changes will reduce the overall capacity by 7% to 41,500 — but more importantly, it will instantly turn one of MLB’s oldest ballparks into one of its best. Here are a few pictures of the renovations that have been completed so far:
And when you combine these upgrades with Toronto’s brand-new, publicly-financed Spring Training facility in Florida, the Blue Jays will have gone from having one of the worst facilities in Major League Baseball to one of the best in just five years.
Here’s what the Spring Training Facility looked like before:
And here’s what it looks like now:
And the financials behind the Rogers Centre renovation are fascinating, too. The $300 million renovation project is privately financed — and significantly cheaper than a new build. For example, at $300 million, the Blue Jays are spending 46% to 87% less than other MLB teams have spent over the past 15 years to build a new stadium. Cost of Prospective and Newest MLB Ballparks (2008 to current)
Now, of course, this renovation doesn’t necessarily make the Rogers Centre new. But it does provide a necessary refresh at an affordable price for a cool stadium in a great location. And when you combine that with the Toronto Blue Jays young core of impressive players, the sky’s the limit for the only remaining Canadian MLB team. If you enjoyed this breakdown, please consider sharing it with your friends. My team and I work hard to create quality content consistently, and every new subscriber helps. I hope everyone has a great day. We’ll talk on Friday. Listen to The Joe Pomp Show on Apple or Spotify. Interested in advertising with Huddle Up? Email me. Your feedback helps me improve Huddle Up. How did you like today’s post? Loved | Great | Good | Meh | Bad Extra Credit: How Formula 1 Makes BillionsHuddle Up is a 3x weekly newsletter that breaks down the business and money behind sports. If you are not already a subscriber, sign up and join 100,000+ others who receive it directly in their inbox each week.
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