And the fiscal affair is far from done.
Call it a financial show and tell - Salt Lake County's Debt Review Committee (DRC) has at least two more chances to crunch numbers - that could yield an answer by next week on a proposed $110 million Sandy soccer-and-entertainment venue.
Flanked by the team's attorney, economic brain trust and Major League Soccer President Mark Abbott, RSL owner Dave Checketts expressed "great confidence" in the numbers that were scrutinized nearly line by line by the DRC.
"We're hopeful," Checketts said afterward, while characterizing the stadium struggle as "herding cats."
"To get there, we have to work very hard. These numbers seem so conservative to me. But I recognize I haven't been in this market for a while."
The DRC has been. And the nine-member panel peppered the team, albeit with a professionalism not always afforded by politicians.
Queries ranged from RSL's ability to repay loans secured by Goldman Sachs to "exactly" what the county would receive for its $30 million investment in old and new hotel taxes.
After four hours, DRC members said they were "delighted" with RSL's openness, but insisted they have more questions.
"The picture is much more clear," said county Auditor Jeff Hatch. "I'm not sure the answer is more clear."
Part of the team's pitch came from Abbott, who outlined the ownership clout of the MLS, which he called the strongest for any start-up sport in U.S. history. RSL, he added, fits right in.
"I believe [RSL] is viable today," county Mayor Peter Corroon told the DRC at the outset. "The question is: Will they also be viable with the financial model that includes the stadium?"
Yes, Checketts said. In fact, the stadium would be the money-maker. Without it, he noted, RSL is losing $3 million to $4 million a year. With it, the team could count on concessions, merchandise, sponsorships and a naming-rights deal that collectively could net $3.4 million a year by 2010.
Naming rights alone would generate $1.5 million annually, which Checketts said he can "guarantee."
When pressed about RSL's $7.5 million promised donation for youth fields in northwest Salt Lake City, Checketts said the team has an "irrevocable" letter of credit at the ready.
All told, the team is aiming for 60 to 70 events - from games and rodeos to receptions and motocross - over a six-month season at its proposed Sandy home.
Checketts also defended RSL's wish list of family-friendly concerts - he will tap contacts from New York to St. Louis - and handed out a reference letter in which the president of the Rock and Roll Hall of Fame called the figures "easily attainable."
On Friday, the DRC will see a new set of numbers - an analysis of the deal from an independent consultant - which could guide the final verdict.
djensen@sltrib.com
