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You are here: Minor League News Captains make early naming-rights payment, negotiate rent extension

Captains make early naming-rights payment, negotiate rent extension

Thursday, 19 February 2009 09:26
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High finance in Eastlake, as the owners of the Lake County Captains continue to mend what had been a strained relationship with the city. The Lake County Captains (Low Class A; Sally League) made an early payment of $996,500 to the city of Eastlake for naming rights to Classic Park, while also negotiating an extension of a 2008 lease-payment deadline to June.

The naming-rights money wasn't due until June 30, and the early payment allows the city to earn interest on almost a million dollars. Eastlake officials, some of whom were not happy with the Captains while the city struggled in recent years to meet the ballpark's debt service, were pleased to see the early payment, which undoubtedly bought the team some goodwill when owners requested an extension of the remaining 2008 rent payment -- $172,000 -- to June 30.

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