What if Saints owner got his wish? - Ingles

Back in the halcyon days of "Saturday Night Live," Steve Martin once hosted a hysterical skit about a television show called "What If?"

As the show's host, Martin considered the implications of various "What if?" scenarios in world history, among them: What if Napoleon had a B-52 bomber at the Battle of Waterloo?
Colleague James Gill played the game last week when he contemplated the fates of local shysters Mark St. Pierre and Gregg Meffert, if Ray Nagin had lost the 2006 mayoral election.

And now it's fair to ponder another scenario: What if Tom Benson had won his pre-Katrina fight for a new stadium?

It's a good time to revisit the topic, with the last phase of a $320 million renovation of the Superdome in its final stages and the NFL lockout approaching its third month.

I'm certain the thought has crossed Benson's mind a time or two during these idle days. And when he ponders the possibility, he undoubtedly thanks his lucky stars the stadium never became a reality.

This was one battle Benson should be glad he lost. Otherwise, he'd be in the same listing boat as some of his debt-saddled peers.

New stadium debt is at the heart of the labor war between the owners and players.

Once the envy of their peers, those football palaces like Cowboys Stadium with their marble columns, fancy luxury suites and high-def video boards have become money pits in today's sagging economy.

A core of deep-pocketed and deeply indebted owners, among them Jerry Jones in Dallas, are driving the league's rigid stance with players.

Many have imposed layoffs, furloughs or salary cuts for employees. At last count, the Bills, Buccaneers, Cardinals, Chiefs, Dolphins, Falcons, Jets and Lions have instituted some form of pay cuts or unpaid furloughs

To their credit, the Saints have done none of the above. The club has frozen a couple of open positions until the lockout is resolved. Otherwise, it's been business as usual on Airline Drive.

That's a credit in part to the front office's shrewd bookkeeping. But mostly it's a credit to the sweetheart deal the club has with the state of Louisiana.

Thanks to the creative lease agreement they reached with the state in 2009, the Saints are well-positioned to weather a protracted work stoppage.

Although they stand to potentially lose millions in game-day revenue if the lockout stretches into the season, built-in revenue streams from the Saints' leases with the state at Benson Tower will be unaffected.

This new deal makes the Saints one of the most profitable clubs in the NFL.

Forbes Magazine calculated the Saints' 2009 operating income -- earnings before interest, taxes and depreciation -- at $36.7 million. That total ranked 10th in the NFL, a remarkable perch considering the club's small market size.

The main reason for the Saints' strong financial health is their lack of debt. Unlike many teams, the Saints have no debt to pay on their stadium or the purchase of the team.

Benson didn't have to contribute a penny to the $320 million in post-Katrina renovations to the Superdome. For all intents and purposes, he got his new stadium without having to pay for it.

Essentially, Benson doesn't have a mortgage. His house is paid for. That's a huge asset in this economy.

That's not to say there aren't concerns. Local sponsors might understandably be hesitant to re-up deals for the 2011 season. Operating costs like payroll and utilities remain.

But Benson can sleep relatively well at night knowing he's not stuck with the millions in debt he'd have incurred if he'd built that fancy new stadium he wanted.

It might be the best deal Benson ever failed to win.

If there's one thing we've learned during this NFL lockout, it's not the king with the most gold who wins. It's the one with the least debt. This article was written by Jeff Duncan and appeared in The New Orleans Times-Picayune.