How to Buy a Stadium

Contributor

By J. Morris
eHow Contributing Writer

Article Rating: (19 Ratings)

This could all be yours

Many well-to-do folks have the de rigueur yacht and mansion, but whom among them can say they literally own a stadium?

But any person planning on being the ultimate Monopoly game player was sadly disappointed when the city of Pontiac, Mich., sold their 80,000-seat Silverdome for the bargain-basement price of $583,000. That's cheaper than some homes! Considering it was built for $55.7 million in 1975, to sell at that price is the definition of desperation in an area hit hard by foreclosures and a failing economy. It makes each seat worth about $8, less than the price of a beer at many stadiums across the country. Do not pass Go, indeed.

As recently as 2008, H. Wallace Parker proposed buying the property for $21 million. What a difference a year makes. The Silverdome was the former home of the NFL Detroit Lions, but hasn't seen much action since they concluded their last season there in 2002. Alas, the stadium now belongs to an undisclosed Canadian company who plans to refurbish it to host men's Major League Soccer games. (And that's better than football how?)

But for a time it was available for sale and who knows? Maybe other cash-strapped cities will need to unload their own gargantuan properties. Their loss could be your gain. Join the elite at a fraction of the price! In that case, here are a few tips on how to buy your very own stadium when opportunity comes a' knocking.

Difficulty: Challenging

Instructions

Things You'll Need:

An available property to purchase
An adventurous spirit

Step 1

Be sure you know why you're buying it. A whim? For the mega-sports fan in your life? The extra storage space? (It would be a dream-come-true for the hoarders among you.) Or so you can display that obnoxious "The one with the most toys wins" bumper-sticker?
Step 2

If you can't afford to purchase it by yourself, consider finding a business partner, or better yet, a conglomerate of other fans. Forget the big screen TV when you've got the best seats in the house. Think of the news headline: "Stadium purchased by football fans." Now them's some bragging rights.
Step 3

Like buying a home, find a realtor you trust; have a financial plan; get an inspection; ask for the best deal; research the competition; and remember, location, location, location!
Step 4

Make sure your marriage is secure before purchasing, lest you lose half of it in a divorce. Though with its enormous size, you could probably both live comfortably under the same "dome."
Step 5

Have enough security. Owning the biggest house on the block may set your neighbors against you in a massive version of "Keeping Up With The Joneses." The "Green Monster" may physically reside in Boston, but it also lives in the minds of your friends.
Step 6

Be prepared to pay for the upkeep of the property. Pontiac sold the Silverdome in part because they could ill afford to pay the $1.5 million a year in maintenance costs. And you think where you live now is a money pit.
Step 7

Get a co-signature on your loan from the United Arab Emirates. That's the same country that's building the tallest building in the world, the Burj Dubai; the world's first underwater luxury resort, Hydropolis; or the man-made islands off their coast, The Palm Islands. With their money, the only limit to refurbishing a stadium is your own imagination.