In 2009, the Dolphins went $7.7 million in the red.....While player costs for the Dolphins increased 9 percent ($123 million in 2008 to $134 million in '09 according to Forbes), the Dolphins refinanced $235 million of stadium debt in a deal that includes a $159 million letter of credit that backs taxable municipal bonds sold through a government conduit but for which the stadium corporation is responsible. The deal, arranged by Goldman Sachs, contains a credit reserve that is significantly bigger than it otherwise would have been to account for the possibility of a work stoppage in 2011.
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Saturday, January 22, 2011
Posted by David Kennedy
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