BrandDunk

Branding the World of Sports

Pontiac Silverdome sold for 1% of cost to build it

Posted by ZA on November 23, 2009

How bad are things in Detroit?  Pretty bad if the city is selling the former home of the NFL’s Detroit Lions for $583,000.  A stadium that cost more than $55 million dollars to build in 1975 just sold for a mere 1% of the cost to build it.  Now I’ve heard of depreciation, but that has to be a record for a major professional sports venue.  Particularly when you consider that the city had received offers to buy it for more than $22 million in the past decade.  I’m sure they are kicking themselves now that they didn’t sell it while it still had some value.

The buyer is an “anonymous Canadian firm” that plans to use the facility for a soccer league they are going to develop.  I’m not buying that they ever use for a professional sports team or league, at least not anytime soon.  I expect to see it sold again (quietly) in the coming months.  Perhaps to be used as a mega-Church like the one Joel Osteen has in Houston that used to be home of the Houston Rockets.  Because it seems that Detroit needs prayer a lot more than they need sports right now.

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