DALLAS COWBOYS STADIUM ANALYSIS

John Vrooman, Vanderbilt University

4/4/2010

Dallas Cowboys Stadium Costs

Public Share
Arlington Bonds .5% sales tax
Tarrant County Infrastructure
Total Public
Private Bonds 10% ticket tax and $3 parking fee
NFL G-3 Loan
Bank of America Bonds Secured by Club Seat Options
Cowboys Cash Contribution
Total Private
Total Stadium Cost

$325,000,000
25,000,000
$350,000,000

29.2%

$148,000,000
$76,000,000
$350,000,000
$276,000,000
$850,000,000
$1,200,000,000

70.8%
100.0%

Source: John Vrooman, Vanderbilt University

Dallas Cowboys Stadium Revenue Estimates

Ticket Revenue
Reserved Seats ($790, $890, $990, $1250)
Loge Seats ($1250)
Club Seats ($1250/$3400)
Founders All Access ($1,250/$3400)
Suite Seats (90%)($1250)
Total Tickets
Visiting Team Share (34%)
Home Team Share (66%)
Suite Lease Premium
320 Suites (90%)($100,000 - $500,000)
Suite Seat Tickets (shared ticket revenue)
Luxury Suite Premium (unshared)

# Seats
50,000
1,200
14,000
1,000
12,000
78,200

288 Suites
12,000

Club Seat Premium

Club Premium ($3,400-$1,250=$2,150)
Visiting Team Share (VTS=34%)
G-3 Loan 9 years @ 5% repaid from VTS
Net VTS years 10-30 @ 5%
Home Team Share
Personal Seat Options
Reserved Seat ($2000, $4000, $5000)
Loge Seat ($12,000)
Club Seat ($16,000, $30,000, $50,000)
Founders Seats ($150,000)
Total Personal Seat Options
Sponsorships and Marketing (unshared)
Legends Concessions and Parking* (unshared)
Annual Revenue Not Including Seat Options
Present Value to NFL
Present Value to Cowboys
Total Value of Cowboys Stadium Revenue

15,000

34,000
1,200
14,000
1,000

Price
$900
$1,250
$1,250
$1,250
$1,250

$250,000
$1,250

$2,150

$4,000
$12,000
$30,000
$150,000

Tickets
$45,000,000
$1,500,000
$17,500,000
$1,250,000
$13,500,000
$78,750,000
$26,775,000
$51,975,000

PV (.05,30)

$411,600,000
$799,000,000

$72,500,000
13,500,000
$59,000,000

$907,000,000

$32,250,000
$10,965,000

$21,285,000

$76,000,000
$92,600,000
$327,200,000

$136,000,000
$14,400,000
$420,000,000
$150,000,000
$720,400,000

$720,400,000

$90,000,000
$30,000,000
$120,000,000
$290,000,000

$1,844,700,000

$504,200,000
$4,674,300,000
$5,178,500,000

*Cowboys one-third partner in Legends Hospitality Management with New York Yankees, Goldman Sacs and CIC Partners in 2008.
Source: John Vrooman, Vanderbilt University 4/6/2010

22

John Vrooman

NFL Stadiums after Joe Robbies Revolution

NFL Franchise
Premium Waiver
Miami Dolphins
Atlanta Falcons
San Diego Chargers
Washington Redskins
Tampa Bay Bucs
Cincinnati Bengals
Pittsburgh Steelers
Expansion-Relocation
Jacksonville Jaguars
St. Louis Rams
Oakland Raiders
Carolina Panthers
Baltimore Ravens
Tennessee Titans
Cleveland Browns
Houston Texans
G-3 Loan Program
Denver Broncos
New England Patriots
Detroit Lions
Seattle Seahawks
Philadelphia Eagles
Chicago Bears
Green Bay Packers
Arizona Cardinals
Indianapolis Colts
Dallas Cowboys
Kansas City Chiefs
New York Giants/Jets
Proposed post G-3
San Francisco 49ers

NFL Stadium

Year

Seats

Suites

Dolphins Stadium
Georgia Dome
Qualcomm Stadium
FedEx Stadium
Raymond James Stadium
Paul Brown Stadium
Heinz Field

1987
1992
1997
1997
1998
2000
2001

75.4
71.2
71.5
91.7
66.3
65.6
64.5

216
203
113
284
195
114
129

Altell Stadium
Edward Jones Dome
McAfee Coliseum
Bank America Stadium
M&T Bank Stadium
LP Field
Browns Stadium
Reliant Stadium

1995
1995
1995
1996
1998
1999
1999
2002

73.0
65.3
63.1
73.4
69.3
67.7
73.2
69.5

Invesco at Mile High

Gillette Stadium
Ford Field
Qwest Field
Lincoln Financial Field
New Soldier Field
Lambeau Field
University of Phoenix
Lucas Oil Stadium
Cowboys Stadium
Arrowhead Stadium
New Meadowlands

2001
2002
2002
2002
2003
2003
2003
2006
2008
2009
2010
2010

Santa Clara Proposal

2012

Club

$Cost

$Team

$NFL

$PSL

%Private

10,209
4,688
7,800
15,000
12,300
7,600
6,600

115
214
78
251
169
458
284

102
0
18
180
15
44
113

30
20
0
90
0
0
0

0
0
0
0
0
26
37

.887
.000
.231
.720
.089
.096
.398

85
124
143
158
108
143
147
191

11,200
6,150
6,300
11,358
7,900
9,600
8,754
8,250

141
299
128
248
229
292
314
449

20
0
0
187
29
71
79
132

0
0
0
34
0
0
48
0

0
78
68
122
65
71
25
50

.142
.000
.000
.763
.127
.243
.252
.331

76.2
68.8
64.4
67.0
67.6
61.5
71.0
63.4
63.0
80.0
77.1
82.5

124
80
132
82
172
133
167
88
142
320
133
217

8,200
6,000
8,641
7,700
10,828
8,600
6,260
7,500
7,100
15,000
10,000
10,000

401
412
500
430
518
632
295
455
675
1,150
375
1,600

100
340
375
130
330
200
126
147
100
800
125
1,600

48
141
100
63
125
100
13
42
33
76
43
300

0
0
0
17
70
70
93
0
0
470
0
355

.250
.825
.750
.302
.637
.316
.427
.323
.148
.696
.333
1.000

68.5

150

8,000

937

823

150

.878

EXHIBIT C
PRELIMINARY COWBOYS COMPLEX PROJECT BUDGET
CITY OF ARLINGTON, TEXAS
Budget
SF Total Structure
SF Footprint

2,115,433
414,272

Excavation / Dewatering
Plaza Landscape/Hardscape
Foundations
Basement Walls
Access Tunnel to Event Level
Playing Field
Stadium Structure
Seating Bowl Structure
Roof Structure (Operable & Fixed)
Total Structure Cost

$
$
$
$
$
$
$
$
$
$

14,528,269
4,188,950
12,196,862
11,849,880
4,460,304
2,860,167
63,684,636
15,669,569
107,086,927
236,525,564

Exterior Skin
End Zone Build Out - Operable End Zone
Total Skin Cost

$
$
$

27,822,797
4,364,260
32,187,057

General Finish Out

Suite Finish Out
Misc Specialties
Food Service
Stadium Seating
Scoreboards / Video Boards
Audio / Visual Systems
Elevators / Escalators
Total Finish Out Cost

$
$
$
$
$
$
$
$
$

25,767,722
9,614,068
1,760,040
9,509,277
6,385,760
12,611,716
7,349,144
7,500,000
80,497,727

Mechanical Systems
Electrical Systems
Total Systems Cost

$
$
$

68,209,733
27,222,033
95,431,766

$
$
$
Not Included

16,002,000
17,305,991
33,456,507

General Conditions(3.5%)
Fee / Bonds (Fee - 3% / Bonds - 1%)
Contingency (3.5% Construction / 3.5% Design)
Escalation

ARL400/20000
Dallas Stadium - Master Agreement (with updated Exhibit A) Re Dallas Cowboys Complex Development Project (2).DOC

C-1

Total Stadium Contractor Fees / Contingencies

66,764,498

Architectural Design 3.5%

Structural Design 1.75%
MEP Design .8%
Other Design 3.2%
Total Design Cost 9.25%

$
$
$
$
$

17,919,933
8,959,966
4,095,995
16,329,517
47,305,411

Total Stadium Facility

558,712,023

Surface Parking (10,000spc)

Cowboys Hall of Fame
Fixtures Furnishings and Equipment (Stadium)
Land Acquisition
Utility Improvements
On Site Road Improvements
Grading & Hardscape
Demolition & Remediation
Total Site Development

$
$
$
$
$
$
$
$
$

10,698,000
6,874,400
4,000,000
42,000,000
8,853,000
5,560,990
6,513,000
6,900,000
91,399,390

Total Facility, Site & Land Cost

650,111,413

Disclaimer
The amounts contained in this Budget are preliminary. They may not be relied upon. They may
be adjusted in the future. The final Budget will be based upon final plans for the Project
prepared for and acceptable to the Dallas Cowboys Football Club.

ARL400/20000
Dallas Stadium - Master Agreement (with updated Exhibit A) Re Dallas Cowboys Complex Development Project (2).DOC

C-2

20

John Vrooman

Green Bay Packers Operating Income 1997-2009

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

National Revenue
Television and radio
Road games
NFL Properties income
Expansion Fees
Total National Revenue

94.48
16.18
36.46

147.12

87.58
15.14
32.85

135.58

84.66
14.12
26.09

124.87

87.33
12.92
15.07

115.33

84.23
12.04
14.53

110.80

81.18
11.38
7.31
3.33
103.20

77.14
10.77
4.70
5.00
97.61

69.40
10.20
5.29
4.96
89.85

65.11
9.41
6.19
5.00
85.72

61.00
9.40
4.16
5.00
79.56

61.82
8.34
4.25
16.79
91.19

42.57
8.14
3.72
0.63
55.05

41.41
7.25
3.13
2.57
54.37

Local Revenue
Home games
Private box income
Venue Revenue
Total Local Revenue

31.10
12.83
56.89
100.81

30.89
12.06
62.81
105.76

29.00
11.78
52.42
93.20

28.45
11.29
53.34
93.08

26.64
10.95
51.95
89.54

26.54
10.48
42.20
79.23

20.50
10.53
29.46
60.49

17.84
7.63
21.64
47.11

17.89
5.79
19.40
43.08

14.58
5.79
13.88
34.25

12.43
4.38
11.48
28.30

12.47
4.38
10.92
27.77

10.85
3.78
9.14
23.76

Total Operating Revenue

247.93

241.34

218.07

208.41

200.34

182.43

158.10

136.97

128.80

113.81

119.49

82.82

78.13

Operating Expenses
Player costs
Other Operating Expenses
Total Operating Expenses

138.70
89.12
227.82

124.65
95.26
219.92

110.69
73.14
183.83

102.87
84.61
187.48

97.87
68.39
166.25

96.10
53.85
149.95

77.64
52.26
129.90

78.84
49.90
128.74

77.29
43.74
121.03

76.64
32.59
109.23

66.01
29.70
95.71

48.46
26.32
74.77

46.69
24.37
71.07

Total Operating Income

20.11

21.42

34.25

20.93

34.09

32.48

28.20

8.23

7.77

4.58

23.78

8.05

7.06

Packers Debt

34.06

34.18

35.85

46.96

35.56

34.55

34.88

20.24

16.86

16.17

11.05

13.93

8.92

1,019.0

1,023.0

927.0

911.0

849.0

756.0

609.0

474.0

392.0

337.0

320.0

244.0

186.0

Forbes Value Estimate

$225 million Lambeau Field renovation in 2003. Packers $126 million share of costs included $93 million PSLs and $13 million NFL G-3 loan.
Expansion fees: one-time $16.8 million from Cleveland Browns for 1/29 share of $487 million net fee in 1998 (actual $530 million fee includes $43 million NFL stadium loan).
Houston Texans $700 million expansion fee includes 1/30 share: $5 million annually1999-2003 and $3.3 million in 2004
Source: Green Bay Packers, Inc.

QuickAnalysisofArlingtonCowboysStadiumBondsbyJohnVrooman,EconomicsProfessor,Vanderbilt
University
BasedonpreviousknowledgeandestimatesandyourdocumentsthereseemtobetwoCityofArlingtonbond
issues:
$148millioninprivateissuetaxablemunicipalbondsatabout6.126%interestfor30years20072036.
Thesebondsaresecuredbya10%tickettaxanda$3/vehicleparkingtaxonalleventsatCowboysStadium.The
annualdebtserviceisapproximately$10.9millionperyear.TheCowboysestimatethatthesetaxesproduced
about$9.3millionin2009.Thebondsarealsoguaranteedbyanunspecifiedstadiumcashflowofabout$10.3
millionin2009.Thisadditionalguaranteegivesacoverageratioofabout2:1whichisrelativelysafe.TheCowboys
ticketandparkingestimatesincreaseat2%peryear.Theseestimatesarerealisticandontheconservativeside.
Theonlyissueliesinthenatureoftheguarantee,whichisapparentlyexplainedinanotherpartofthedocument.
Withouttheguaranteethecoverageratiosoflessthanoneareveryrisky.Asfarastheproformaanalysisgoesthe
coverageratiosaremorethanadequate,inspiteofvariousbusinessrisks,suchasthelossoftheBig12
Championshipgameafter2011.

$325millionintaxfreemunibondsissuedataguesstimateofabout4%for25years20102034(youshouldbe
abletoverifymyguesstimates)
Thesebondsaresecuredby.5%salestaxintheCityofArlington.TheCityestimatesthatthetaxwillraiseabout
$27millioninrevenuescomparedtotheaveragedebtserviceofabout$21million.Onitsfacethiscoverageratio
ofjustoveronelooksalittlesketchyandtheconvergenceofrevenueanddebtservice(especiallyduringtheten
years20182027)isprobablywhatcaughtyoueye.Asyoucantellfromthespreadsheet,however,the$6million
orsosurplusaccumulatesyearafteryearinthecolumnlabeleddebtserviceendingbalancesoforexamplethe
coverageratioreaches2:1in2015andthereafter.By2034thetaxwillhavegeneratedadebtservicefundofan
estimated$170million.BasedontheseestimatestheCitycouldevenretirethedebt5or6yearsearly.These
estimatesarealsorelativelysafeandconservative.TheCitysafelyassumeszerogrowthin$27millionsalestax
revenueafter2010.ItisalsoimportanttorememberthatthisisthesametaxbasethatretiredRangersstadium
debtearly.

ThisanalysisshouldconfirmthattheCityofArlingtonisrelativelysafe,butitdoesnotservetojustifytheuseof
publicmoneyforprivateDallasCowboysgain.Ifweconsiderthe$148millionbondissueaspublicspendingthe
private/publicCowboys/Arlingtonratioofspendingisabout60/40.Thegoodnewsisthatthisisabetterdealfor
thepublicthanmoststadiumdealsinsmallermarketsbutthisiswaytoomuchpublicinvolvementtohelp
Americasteamandoneoftheworldsmostvaluablesportsfranchises.Thebadnewsisthatinmyseparate
estimates,over30yearstheCowboysprivaterevenuesalonecaneasilycoverthetotal$1.2billioncostofJerry
Worldbyaratioofgreaterthan4to1.
July1,2010

Jul 11, 2006 2:08 pm Prepared by Banc of America Securities (DLC)

(Finance 5.018 Arlington, TX:STAR-MKWH_12) Page 8

NET DEBT SERVICE

CITY OF ARLINGTON, TEXAS
Ticket Tax Muncipal Revenue Bonds, Series 2006
(Dallas Cowboys Complex)
Municipal Taxable Fixed Rate Bonds - Limited Offering
Make Whole + 12.5, Old 30 Year T + 92bp
Market as of July 11, 2006 (Final Numbers)

Period
Ending

Total
Debt Service

Bond Insurance
(19.8 bps paid
semi-annual)

01/01/2007
07/01/2007
01/01/2008
07/01/2008
01/01/2009
07/01/2009
01/01/2010
07/01/2010
01/01/2011
07/01/2011
01/01/2012
07/01/2012
01/01/2013
07/01/2013
01/01/2014
07/01/2014
01/01/2015
07/01/2015
01/01/2016
07/01/2016
01/01/2017
07/01/2017
01/01/2018
07/01/2018
01/01/2019
07/01/2019
01/01/2020
07/01/2020
01/01/2021
07/01/2021
01/01/2022
07/01/2022

4,076,194.46
4,529,104.95
4,529,104.95
4,529,104.95
4,529,104.95
4,529,104.95
9,039,104.95
4,390,963.65
4,820,963.65
4,377,792.75
5,002,792.75
4,358,649.00
5,193,649.00
4,333,072.95
5,398,072.95
4,300,452.00
5,610,452.00
4,260,326.70
5,835,326.70
4,212,084.45
6,072,084.45
4,155,112.65
6,325,112.65
4,088,645.55
6,588,645.55
4,012,070.55
6,867,070.55
3,924,621.90
7,159,621.90
3,825,533.85
7,475,533.85
3,713,734.35

146,386.35
146,386.35
146,386.35
146,386.35
146,386.35
146,386.35
141,921.45
141,921.45
141,495.75
141,495.75
140,877.00
140,877.00
140,050.35
140,050.35
138,996.00
138,996.00
137,699.10
137,699.10
136,139.85
136,139.85
134,298.45
134,298.45
132,150.15
132,150.15
129,675.15
129,675.15
126,848.70
126,848.70
123,646.05
123,646.05
120,032.55
120,032.55

S&P
Monitoring

Trustee

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

Debt Service
Reserve Fund
(50%)

150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000

Capitalized
Interest
(through
07/01/2009)

Capitalized
Expenses
(through
07/01/2009)

4,076,194.46
4,529,104.95
4,529,104.95
4,529,104.95
4,529,104.95
4,529,104.95

162,386.35
146,386.35
162,386.35
146,386.35
162,386.35
146,386.35

Net
Debt Service

9,047,026.40
4,382,885.10
4,828,459.40
4,369,288.50
5,009,669.75
4,349,526.00
5,199,699.35
4,323,123.30
5,403,068.95
4,289,448.00
5,614,151.10
4,248,025.80
5,837,466.55
4,198,224.30
6,072,382.90
4,139,411.10
6,323,262.80
4,070,795.70
6,584,320.70
3,991,745.70
6,859,919.25
3,901,470.60
7,149,267.95
3,799,179.90
7,461,566.40
3,683,766.90

Jul 11, 2006 2:08 pm Prepared by Banc of America Securities (DLC)

(Finance 5.018 Arlington, TX:STAR-MKWH_12) Page 9

NET DEBT SERVICE

CITY OF ARLINGTON, TEXAS
Ticket Tax Muncipal Revenue Bonds, Series 2006
(Dallas Cowboys Complex)
Municipal Taxable Fixed Rate Bonds - Limited Offering
Make Whole + 12.5, Old 30 Year T + 92bp
Market as of July 11, 2006 (Final Numbers)

Bond Insurance
(19.8 bps paid
semi-annual)

Period
Ending

Total
Debt Service

01/01/2023
07/01/2023
01/01/2024
07/01/2024
01/01/2025
07/01/2025
01/01/2026
07/01/2026
01/01/2027
07/01/2027
01/01/2028
07/01/2028
01/01/2029
07/01/2029
01/01/2030
07/01/2030
01/01/2031
07/01/2031
01/01/2032
07/01/2032
01/01/2033
07/01/2033
01/01/2034
07/01/2034
01/01/2035
07/01/2035
01/01/2036

7,803,734.35
3,588,457.65
8,148,457.65
3,448,784.85
8,518,784.85
3,293,490.75
8,903,490.75
3,121,656.45
9,316,656.45
2,931,903.60
9,751,903.60
2,723,007.00
10,208,007.00
2,493,741.45
10,693,741.45
2,242,575.45
11,207,575.45
1,967,977.50
11,752,977.50
1,668,262.95
12,328,262.95
1,341,747.15
12,936,747.15
986,592.30
13,581,592.30
600,807.45
20,215,807.45

115,983.45
115,983.45
111,469.05
111,469.05
106,449.75
106,449.75
100,895.85
100,895.85
94,762.80
94,762.80
88,011.00
88,011.00
80,600.85
80,600.85
72,482.85
72,482.85
63,607.50
63,607.50
53,920.35
53,920.35
43,366.95
43,366.95
31,887.90
31,887.90
19,418.85
19,418.85

347,839,953.96

6,331,693.50

S&P
Monitoring

Trustee

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000

6,000

10,000
300,000

174,000

Debt Service
Reserve Fund
(50%)

Capitalized
Interest
(through
07/01/2009)

Capitalized
Expenses
(through
07/01/2009)

150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
6,150,000
13,950,000

Net
Debt Service
7,785,717.80
3,554,441.10
8,125,926.70
3,410,253.90
8,491,234.60
3,249,940.50
8,870,386.60
3,072,552.30
9,277,419.25
2,876,666.40
9,705,914.60
2,661,018.00
10,154,607.85
2,424,342.30
10,632,224.30
2,165,058.30
11,137,182.95
1,881,585.00
11,672,897.85
1,572,183.30
12,237,629.90
1,235,114.10
12,834,635.05
868,480.20
13,467,011.15
470,226.30
14,075,807.45

26,721,719.21

926,318.10

313,047,610.15

FiscalYear
2006
2007

BegBalDS

2008
2009

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034

22,440,673
29,068,426
33,675,398
38,278,433
42,898,132
48,174,201
53,452,161
58,655,098
64,244,536
65,577,973
66,950,561
68,329,598
69,551,848
70,651,598
71,864,348
73,120,348
74,155,848
75,214,098
76,338,348
89,192,348
112,997,848
136,803,348
145,728,848
154,658,348
163,583,848

Revenues
24,225,351
24,894,730
25,698,720
25,856,662
27,034,404
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000

StadiumDebtService

EndBalDS

ReserveBalance

20,406,652
22,405,028
22,408,965
22,392,302
21,735,931
21,734,041
21,809,063
21,422,563
25,678,563
25,639,413
25,632,963
25,789,750
25,912,250
25,799,250
25,756,000
25,976,500
25,953,750
25,887,750
14,158,000
3,206,500
3,206,500
18,086,500
18,082,500
18,086,500
18,086,250
$ 525,253,479

29,068,426
33,675,398
38,278,433
42,898,132
48,174,201
53,452,161
58,655,098
64,244,536
65,577,973
66,950,561
68,329,598
69,551,848
70,651,598
71,864,348
73,120,348
74,155,848
75,214,098
76,338,348
89,192,348
112,997,848
136,803,348
145,728,848
154,658,348
163,583,848
172,509,598

20,494,574