Fresno Grizzlies $1.5 Million Rent May Be Cut in Half

It’s no secret that the Fresno Grizzlies have been looking for new buyers for some time now. But the problem has been with the price tag on the rent, and that may soon change, said Derek Franks, general manager of the Fresno Grizzlies.

The Grizzlies are preparing to open their season Thursday, and excitement around baseball season is building.

"Oh yeah. I was off on Monday, and that’s all I did all day was watch baseball," said Peter Beck.

Now the Grizzlies may also have something to look forward to as the Fresno City Council considers cutting the rent from $ 1.5 million to $ 750,000 a year.

"What the City and the current ownership group have been able to do is come up with terms that will make it marketable to a new owner," said Derek Franks, general manager of the Fresno Grizzlies.

This amendment includes incentives. If new buyers make up to $ 1 million in improvements to the stadium, the city would match it.          

Even though rent would be cut in half, Assistant City Manager Renena Smith said it doesn’t mean the City would be losing out on revenue.

"Essentially, the revenues aren’t being cut in half because the City’s already providing credits anyway," Smith said.

That’s because when the current owners pay rent, they pay about half of that through credits.

It’s complicated–the credits are what’s collected through parking fees, what’s spent on stadium maintenance, and other credits.

The new deal would simplify the price tag, eliminating the credit system.

The changes could go a long way.

"The annual [financial] losses are a challenge that we can get past and show that there’s an up side, but the lease has been the other side that’s been hard to get past," Franks said.

The Grizzlies open their season Thursday at 7:05 p.m. against the Las Vegas 51s.

Meanwhile, the Fresno City Council will consider the amendment during their meeting Thursday.