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Chukchansi Gold Helps Put Grizzlies in the Black

By Justin Willis, KSEE24 News
June 21, 2012 Updated Jun 21, 2012 at 6:23 PM PDT

It's no secret that the Grizzlies have been struggling financially.

But the advance today is a major step towards getting the team in good financial standing.

Nancy Ayala, Tribal Council Vice Chair: "It is with that spirit of friendship and collaboration that we announce today that Chukchansi will be bringing forward the amount that the Grizzlies need to start fresh with the amount due to the City of Fresno."

That amount is $350,000.

The city's budget director says the money will bring the team's finances to where they should be.

The team still owes the city about $300,000, but that's typically where the Grizzlies are at this point in the season.

Mayor Ashley Swearengin: "When you look at the rent credits they have due, as well as the additional naming rights funds that they have coming between now and September, the city has a reasonable level of confidence that they're going to be current at the close of the season."

In January, the Grizzlies owed the city about $375,000.

They paid off about $200,000 of that by opening day.

The city says the contribution made today covers the remainder of that debt, and should put them in a better financial position for the coming fiscal year.

Mayor Swearengin: "This contribution really comes at a critical time from a cash flow standpoint both from the city's perspective, but also for the team."

Grizzlies Managing General Partner, CEO and Team President Chris Cummings expressed his thanks to the city, and for the advance from Chukchansi, and issued a statement.

In part, it reads "Chukchansi's support gives the Grizzlies the flexibility a seasonal business needs."

He goes on to say, "Chukchansi's willingness to help allows the Grizzlies to focus on delivering a great product to all of our wonderful fans in Fresno."

The contribution means Chukchansi will now pay only $650,000 for the annual September naming rights payment, as opposed to $1,000,000.

Assistant City Manager Rene Smith says the $350,000, along with the Grizzlies' anticipated rent credits, will bring the team's finances current.

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