Warwick, RI - According to recent news reports, the PawSox ownership, which is still refusing to publicly disclose their profit and loss statements, is reporting losses, writing down the value of the team, and needs more money than the team currently generates in order to pay off any stadium bonds. Meanwhile, the R.I. Secretary of State appears to be investigating the failure of advocates for building a new PawSox stadium to disclose in reports a $171,400 lobbying campaign, which was funded, in part, by the PawSox.
In response, Rhode Island Republican Party Chairman Brandon S. Bell commented: “The current owners of the PawSox paid more for the team than it was actually worth, and they are now reporting losses. As a result, the PawSox owners are secretly spending thousands to lobby for Rhode Island taxpayers to spend millions to build them a new stadium to bail them out.”
Bell concluded: “The PawSox ownership won’t publicly disclose their profit and loss statements and have been hiding their financial involvement in a lobbying effort to get Rhode Island taxpayers to bail them out. Rhode Island taxpayers deserve to know all the facts about the PawSox’s financial condition and the extent to which the PawSox ownership has attempted to influence legislators. Until the PawSox’s profit and loss statements are made public and until a thorough investigation of the lobbying efforts by the PawSox and their allies is completed, the General Assembly should not even consider voting on any legislation for the PawSox. Secret finances and hidden lobbying efforts remind me of 38 Studios.”
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