Chase Field's $500 Million Gamble
What the Records Don’t Show — and Why Arizonans Should Care
When you buy a ticket, a beer, or a t-shirt at Chase Field — whether at a Diamondbacks game, a concert, or a special event — you’re already paying taxes that help fund Arizona’s schools, police, and roads. Now, the team's principal owner — billionaire Ken Kendrick — wants to reroute that money back into his own stadium renovations and real estate ventures.
Under House Bill 2704, sales and income taxes generated at Chase Field wouldn’t go into Arizona’s general fund anymore. Instead, those dollars would stay in the stadium district to help finance an estimated $400–$500 million renovation project.
The Diamondbacks say they’ll chip in at least $250 million, but there is nothing legally binding about their “pledge.” And there’s a catch: teams like the D-backs rarely pay with cash. According to public financing experts and past stadium deals, teams typically borrow funds through tax-exempt municipal bonds, create special taxing districts, or increase service and ticket fees to meet their share — ultimately shifting costs to fans and local governments. For instance, a bipartisan U.S. House report found that since 2000, taxpayers have lost more than $4.3 billion in federal revenue due to tax-exempt bonds used for professional sports venues. Additionally, Nevada created a sports and entertainment district to fund the A's (formerly of Oakland) Las Vegas stadium using hotel taxes. Meanwhile, taxpayers would lose millions every year — money meant for essential services — with no clear limit on how long the diversions could last.
What the Records Show (and Don’t)
To better understand the Diamondbacks’ claims and the stakes of HB2704, Fourth Estate 48 submitted multiple public records requests to the Maricopa County Stadium District. We asked for any recent engineering assessments, cost breakdowns from the team, and communications about the stadium’s physical condition and financial status.
The Maricopa County Stadium District confirmed that no third-party engineering report has been conducted since 2018. City officials said the Diamondbacks have not submitted any documentation outlining renovation needs or projected costs. Financial reports from FY2018 through FY2024 show Chase Field upkeep has been routine: HVAC repairs, roof drainage, lighting, and sound upgrades. No urgent safety or infrastructure failures were documented.
The stadium’s reserve fund has maintained a balance between $7 million and $13 million during that time — suggesting it's well-funded for typical maintenance. However, it’s unclear whether the Diamondbacks have consistently fulfilled their $2 million annual contribution requirement under the 2018 Memorandum of Understanding. The financial records reviewed don’t track deposits in a transparent way. The documents also do not show any money from non baseball events hosted at Chase Field contributing to the fund, which is explicitly laid out in the MOU.
On that point, the team told AZFamily back in December that “All of the payments that are required for under the MOU have been accounted for by the Team and have either been paid to the Chase Field Reserve Fund or accrued on the company’s books.”
But without proper documentation, it’s only as good as their word. Just like their pledge to spend at least $250 million.
Neil DeMause, who runs the stadium subsidy watchdog site FieldofSchemes.com, told AZFamily it’s common for sports franchises to withhold full compliance with existing agreements when they’re angling for a new deal. While Maricopa County might technically be able to challenge the Diamondbacks in court over unmet obligations, doing so could jeopardize future negotiations — especially if the goal is to keep the team in Phoenix.
“You don’t want to drive the D-backs out of town,” DeMause said. “At the same time, D-backs owners do not want to be driven out of town. It’s not like they have a ton of options. Look what Coyotes went through. It’s not like they can pick up and move to another metro area the size of Phoenix, because there aren’t any that don’t already have baseball teams.”
Here’s a breakdown of the most significant expenditures — and what they suggest about the actual condition of Chase Field:
Routine maintenance dominated spending. The stadium district’s financial reports show consistent outlays for standard upkeep: HVAC repairs, plumbing, elevator servicing, roof drainage maintenance, and lighting replacements.
Roof leaks and water intrusion were recurring issues. Several expenditures addressed roof drainage and water catchment systems, including work to fix leaks over the concourse and suite levels.
A new scoreboard was installed in 2024. The Diamondbacks purchased a state-of-the-art video board, which was not covered by public funds. The scoreboard is frequently referenced in the team’s renovation messaging, though it was paid for separately by the team, and the cost isn’t known.
Sound system and lighting upgrades were among the biggest capital investments. LED conversions and control room improvements accounted for some of the largest single-year expenses from the stadium fund.
No documented safety or structural emergencies. The records reviewed contain no evidence of foundational damage, code violations, or urgent hazards that would justify a $400–$500 million overhaul.
No clear line item showing $2 million team contributions. The financials do not explicitly reflect the Diamondbacks’ annual payments as required by the 2018 MOU, nor do they show deposits tied to non-baseball events — raising oversight concerns.
Reserve fund remained strong. The Capital Repair and Replacement Reserve Fund held steady between $7 million and $13 million each year, indicating ample resources for routine needs.
The Hidden Costs
Phoenix Mayor Kate Gallego has warned that HB2704 could siphon off $1 billion in public funds over the next three decades. And the way the bill is written, it doesn’t just fund stadium repairs. It opens the door to diverting tax dollars toward properties adjacent to Chase Field — including potential hotels, restaurants, and entertainment venues.
That’s a big deal. It means Arizona taxpayers could be subsidizing private development, even if they never step foot in the stadium or benefit from these additions.
Who Stands to Gain
One of the biggest concerns around HB2704 is how broadly the bill defines eligible projects. Properties merely “adjacent” to Chase Field could qualify for tax-diverted funding — with no clear boundaries or caps.
Teddy Myers, a developer and restaurant owner who supports the legislation, owns multiple businesses in the stadium's orbit and could benefit directly. If public dollars are used to enhance the area’s entertainment and hospitality appeal — through infrastructure upgrades, signage, walkability improvements, or even tax breaks — nearby business owners like Myers stand to gain increased foot traffic, property value, and state-subsidized amenities. Myers owns hospitality group Pretty Decent Concepts, which operates several notable bars and restaurants within the vicinity of Chase Field and more set to open.1
And then there’s the Caesars Sportsbook, which opened across from Chase Field after Arizona legalized sports betting in 2021. That law, signed by Gov. Doug Ducey and backed by former Rep. Jeff Weninger — the current sponsor of HB2704 — gave teams like the Diamondbacks access to lucrative mobile and retail betting licenses. Kendrick was among the sports owners who financially benefited from that arrangement. This new legislation could extend his reach even further, with public funding mechanisms now aimed at enhancing the value of his real estate holdings. That bill notably received some opposition over how billionaire sports owners were set to benefit far greater than taxpayers.2
The Threat:
The Diamondbacks’ lease runs out after 2027. The team has heavily hinted it may relocate without a deal — and cities like Salt Lake City are reportedly interested. While moving would be costly for the team, the relocation threat is real enough to apply pressure on state lawmakers to act — and to act quickly.
However, not every state will provide a lucrative license like the one Kendrick currently has, and Utah is one of just a few states that bans sports betting.
Not to mention a possible MLB lockout looming in 2026.
The Politics:
Supporters, mostly business groups like the Chamber of Commerce, say HB2704 keeps the D-backs in Phoenix without raising new taxes. But this framing implies that Arizonans only care about what they pay — not where their tax dollars go. In truth, those diverted taxes would otherwise support schools, infrastructure, and public health programs.
Opponents — including the Arizona Center for Economic Progress and the League of Arizona Cities and Towns — argue the bill is yet another example of billionaires using public money to boost private profit. Hundreds of Arizona residents have also formally registered opposition, raising concerns about transparency, long-term revenue loss, and a lack of enforceable limits — a trend sports fans have seen play out in city after city. Where things currently stand, too, the city and the county are not supporting the bill.
Governor Katie Hobbs hasn’t tipped her hand on whether she supports or opposes, but has called for a “compromise” from all the major stakeholders.
The 2018 MOU: Forgotten Commitments
In 2018, the Diamondbacks signed a Memorandum of Understanding with the Maricopa County Stadium District. The deal gave the team full control over Chase Field’s operations and all revenue from non-baseball events. In exchange, the team agreed to cover maintenance and repairs, while the District deposited millions into a reserve fund.
Seven years later, the team is seeking public subsidies for the very repairs it agreed to fund — and has provided no recent documentation explaining why. People have blamed the county for not helping fix Chase Field too, but the MOU clearly states its on the team to handle repairs.
The $250 Million Mirage
While the Diamondbacks say they’ll contribute $250 million to the renovation, HB2704 doesn’t require them to. There’s no legally binding timeline, spending floor, or accountability mechanism. The team could delay or scale back its investment while continuing to capture redirected tax dollars. This has been a sticking point for Mayor Gallego.
“Without meaningful, enforceable parameters this bill has the potential to be a runaway train,” Gallego’s chief of staff told Fourth Estate 48.
Where Negotiations Stand
Although the Diamondbacks and county officials have been discussing stadium upgrades for nearly two years, today will mark the first time all stakeholders — including representatives from the Governor’s Office, City of Phoenix, Maricopa County, and the team — are expected to meet in one room, according to a source familiar with the planning. This will happen at the Governor’s Office.
Maricopa County Board of Supervisors Chairman Thomas Galvin, who has represented the county in negotiations, wrote in a recent op-ed that “a reimagined Chase Field can be a catalyst for downtown economic growth.” But he also called for safeguards to protect taxpayers and warned that “some proposals could create a slush fund for developers.”
The Diamondbacks declined to answer Fourth Estate 48’s specific questions about the $250 million pledge, adjacent development rights, or whether they have made their required payments under the MOU.
Why It Matters
Arizona taxpayers have heard this pitch before — for the Cardinals, the Coyotes, the Suns. Time and again, economic promises fall flat while the public shoulders the cost.
This bill isn’t just about keeping a baseball team downtown. It’s about whether Arizona continues to fund essential services — or subsidizes one of the state’s wealthiest businessmen, his development ambitions, and a growing list of politically connected allies.
This isn’t anti-sports. It’s pro-transparency. And right now, there are too many questions and not enough answers.
The Bottom Line:
You’re already paying for Chase Field. The only question is whether you’ll pay again — and how much more you’ll lose without even realizing it.
PDC has all of these places under its belt: Wren & Wolf: A chef-driven restaurant and cocktail bar offering elevated comfort food in a taxidermy-adorned setting; Trophy Room: An upscale cocktail bar known for its curated drinks and sophisticated ambiance; Carry On: A 1960s airplane-themed cocktail bar that recently won the Best Bar Design Award from North America’s 50 Best Bars for its immersive aviation-inspired interior; Cream Puff Donuts: A pastry and coffee shop in the Warehouse District, offering chef-driven donuts and specialty cronuts. And three more places will open soon at the Arizona Center.
In January, Arizonans wagered $864 million. The state general fund received $5.3 million from privilege fees