video: PawSox Deal Looks Dead for 2017, RI Speaker Mattiello Raises Concerns

Tuesday, November 07, 2017

GoLocalWorcester News Team

Speaker of the House Nick Mattiello

RI Speaker of the House Nick Mattiello said the chances of the PawSox deal moving forward in 2017 is highly unlikely.

Mattiello said on GoLocal LIVE’s Business Monday that he had a number of concerns about the proposed deal and that the now pending PawSox deal needs reworking.

He flagged that the “devil is in the details” and that the legislation negotiated by RI Commerce provides Rhode Islanders and legislatures with few insights into the deal.

Mattiello’s concerns about the lack of disclosure by the PawSox owners have been mirrored by Senate Finance Chairman William Conley, Jr.

“Normally, the Commerce Corporation conducts a financial review and assessment of a company’s financial viability prior to moving forward with an agreement. Because this protocol was not followed, our committee has been working with the team since August to gather and vet this information, while recognizing the proprietary nature of the disclosure,” said Conley.

“Several weeks ago we offered an arrangement by which the team would disclose necessary financial information to the Office of the Auditor General, which would assess the financial stability of the team as a partner to the proposed ballpark, subject to a non-disclosure agreement. Discussions are ongoing, however, the committee will not move forward without this necessary information.”

Prominent State Senator James Sheehan on Monday published a Guest MINDSETTER™ on GoLocal articulating his opposition to the PawSox deal, “Lastly, monies raised through bonds and used for the benefit of well-to-do business people translates into money that could be used for a higher purpose, such as for economic incentives that would yield better-paying jobs. We hear a lot about the jobs that will be generated by the building of a new baseball stadium. However, many of the better-paying jobs would be in construction and, as such, be short-lived. The jobs generated at the ballpark are seasonal and most often low-paying.”

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