It’s the time of the year in the NFL where hope springs eternal for every team.
We’re fresh off of the draft, optional team activities are in full-swing, teams and fans are getting first looks at their newly acquired talent and after the schedule release it seems like every fan of every team is finding a way to predict a winning season for their team.
To summarize where we should be right now, there should be no bad news coming out of the camps of any NFL franchise.
However, leave it to the New Orleans Saints to take what should be a hopeful time and find a way to muddy those waters.
The Times-Picayune reported on Wednesday that the franchise is behind on its payments for the current round of renovations that are on-going on the Caesars Superdome.
It’s a vital round of sprucing up as the city prepares to host the Super Bowl this season and was instrumental towards New Orleans securing the bid for the league’s signature event.
However, with the renovation totaling $200 million and their still needing to be an estimated $58 million of work to be done, the Saints and the Louisiana Stadium and Exposition District (LSED) are in partnership to fund the remaining balance.
The LSED is due to fund $17 million and the Saints the remaining $41 million. But, the allegation is that the Saints are past due on $11.5 million of that balance.
There are, of course, two sides to every story. The LSED claims the franchise doesn’t have the cash. Meanwhile, the Saints released an official statement saying that they have "no issue with making the current payment of $11.5 million or, for that matter, the remaining balance. We have, however, asked for certain documentation over an extended period and have not received that documentation."
The franchise also claims that as soon as the documents are received, the payment can and will be made without incident.
What it comes down to, ultimately, is the good old-fashioned dollar.
The LSED’s claim that the Saints do not have the cash on-hand to make the past due payments do seem far-fetched. After all, the Saints model of how they handle payments almost assuredly means they have to have liquid cash available at all times.
In their infamous annual game of salary cap limbo, New Orleans has restructured contracts to turn salaries into signing bonuses.
To make that more understandable, and put so eloquently by Matt Moscana on his “After Further Review” radio program, it’s the equivalent of taking the lump sum over the annuity were you to win the lottery.
You receive the money at once, and it lessens the hit on the state’s revenue down the line. Same principle. You’re just emptying the safe all at-once.
Under that model, it’s nearly impossible to believe the Saints can’t make the payment as previously stated.
However, it doesn’t stop this from being yet another black eye on how the franchise does business.
I will mostly go to bat for the on-field product provided in New Orleans. I am a diehard Saints fan and will remain that way.
However, I’ve been vocal in these pages in not loving the way they’ve handled financials in the past.
And look, if this is a red tape issue, then it will get solved in due time. In most situations, the Saints and the state go to battle over issues pertaining to the Superdome’s lease and they get solved peacefully and without incident.
But, it doesn’t take away from this simple fact. Ownership of the New Orleans Saints does a poor job of staying out of its own way and business being business.
I’m sure this will get resolved peacefully, as it always does, the repairs will be done and the Dome will be beautiful in time for the Super Bowl in 2025.
But, for now, the Saints are once again their own worst enemies.
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