Helping the Spurs

We’re talking about the opportunity to have concerts and plays in the North Side

Manny Pelaez

Dear Manny

We will not be hearing a concert is via the Symphony at the Tobin or the Majestic. The musicians were being paid the same as a starting VIA bus driver, about $36,000 a year. But now they are offered half that as well as half the full time orchestra.

Positive social mood results in stock market manias and bigger than ever projects. Right on schedule we have we have the Spurs campus ($500M) and the Big Bore (too big to estimate) from the airport to the downtown.

Hard to imagine a group in less need of a government hand out than the spurs. Consider

For the last reporting year the spurs grossed $ 255 M and had net of $63 M, a tidy 24% return on sales.

Forbes rates the team value at $1.85 billion.

The least paid play for 2022 will make $1.2 million.

The highest makes $16.5 Million.

The article says the Spurs will invest $246 Million so the city county contribution is 32/246 or 13%. But the whole thing is estimated at

$ 500 m which makes the effort 32/500 = 6.4%.

Thousands of residents gladly advertise the Spurs with purchase of logo wear (hats, t shirts, etc). With gate receipts of $55 M it seems logo sales are well more than the $ 32 M requested.

So why do the Spurs needs such a small contribution? With interest rates near all time lows, it might be reasonable to allow the Spurs to issue $250 M of municipal bonds, and why not, they would certainly have an investment grade rating.

The location could hardly be worse.   I 10 and NW 1604 are a parking lot not a highway by Friday Afternoon. The last thing we need is more traffic congestion here. How about south Zarzamora below south 410? There is plenty of space and little traffic.

So the city and county ignore a single digit million dollar problem The Symphony had a $ 2 M deficit for its last pre covid season. Why not create an endowment for the Symphony of this $ 32 M? The Symphony needs it the Spurs, not so much.

Or how about a group that cannot speak for themselves? We have yet to reach the worthwhile no kill dog shelter goal   Every week these homeless dogs are put to death through no fault of their own. Instead we are rewarding millionaire basketball players.

I won’t be gushing over Mayor Ron or Judge Nelson as the SA EN did today. This is a misuse of taxpayer money. Where is the outrage?