Yes, you read it well. Chase Field, home of the Arizona Diamondbacks, is up for sale.
Maricopa County offcials took an important step to sell the stadium. The county’s Stadium District Board of Directors unanimously voted to sign a letter of intent to open negotiations with Integral Group LLC to sell the ballpark. The minimum price would be $60 million. Board chairman Clint Hickman said they wanted to protect the taxpayer. If that is the case you can wonder why the county ever decided to build the ballpark. Especially when you know that the county still has some capital improvements to do worth an estimated $187 million. The county says it simply doesn’t have the money. The county even proposed that the Diamondbacks would pay for the improvements and maintenance themselves.
The investment group has made clear that they want to keep the D-Backs at Chase Field and that they would complete the stadium improvements in a two-year time frame.
Recently the Diamondbacks announced that they were looking for a way to get out of the ballpark before the lease contract with Maricopa County would end. The team had sent a couple of letters to the county to seek reimbursments for repairs and improvements that the team had paid for itself. The team was rather ticked off when the county said that its officials denied some items and said others might be approved with additional documentation. County officials agreed to continue funding structural issues such as repairs to concrete and steel, but said that other expenses were superficial.
The letter of intent will allow the county to choose an appraiser and potential buyer to visit and inspect the property. If a buyer later chooses not to purchase the property, the letter of intent will be void.
The Diamondbacks eventually must approve any final sale.