In their history, Colorado already lost the Rockies once, when the NHL franchise moved to New Jersey in 1982 and became the Devils. Thanks to a last-minute deal, the Mile High City has ensured the baseball team of the same name will be around for a long time.
On Thursday, the 22-year lease between the Colorado Rockies and the Metropolitan Baseball Stadium District for Coors Field was set to expire. On Wednesday, they reached a new 30-year lease, worth $200 million. Major League Baseball had to approve the agreement, which they did on Wednesday.
“We are proud that Coors Field will continue to be a vital part of a vibrant city, drawing fans from near and far and making our Colorado residents proud,” Rockies owner and CEO Dick Monfort said in a statement.
$125 million of money will be for the ability to lease and develop the West Lot (the area between Jackson’s and the Denver Chophouse/Fado) for the next 99 years (all the money will be paid in the first 30 years, after that, they will pay $100 each year). The other $75 million ($2.5 million annually) will go towards rent for Coors Field, $45 million of that will be specifically allocated for improvements to the ballpark.
Having opened in 1995, Coors Field is the third oldest ballpark in the National League (trailing only Wrigley Field and Dodger Stadium). Coors owns the stadium naming rights in perpetuity.
