Report: Dodgers settle parking rent
The Los Angeles Dodgers' new owners will pay $14 million per year to rent the parking lots surrounding Dodger Stadium from a newly created joint venture between the new Dodgers owners and former owner Frank McCourt, the Los Angeles Times reported Friday, citing land-use documents.
The documents said the land could be used for parking, shops, restaurants, homes, offices, or another sports venue, according to the Times, but Dodgers' controlling owner Mark Walter said his group is not considering new development.
"Someday, there could be," he told the Times. "We have no plans to build now. We have no plans for parking structures now. In the next 100 years, that could easily happen."
Walter told reporters on Wednesday that McCourt would receive some profits from the joint venture in a "complex formula" but that McCourt doesn't own the land and that parking revenue would go to the Dodgers.
"[McCourt is] not getting any revenue out of it," Walter said. "He does have an economic interest in some profits."
The lease is for 99 years, the Times reported.
Information from ESPNLosAngeles.com's Ramona Shelburne was used in this report.