By Andrew Chapman
David Freeman, co-owner of the Jackson Generals, tells Andrew Chapman, Broadcaster and Media Coordinator with the Generals, an article written by ‘the local newspaper’ has targeted the Generals and its ownership group with what are widely perceived to be false and distorted claims, or ‘extortion journalism,’ surrounding the team’s contractual relationship with the City of Jackson.
Freeman and Reese Smith, both Nashville businessmen, purchased the club in 2008 to prevent a pending relocation of the franchise to South Carolina. In hindsight, the team was not nearly as successful as represented and the attendance figures were inflated.
“It was bleeding mid-six figures annually for the first three years,” Freeman acknowledged. “I spoke with (then-Jackson) Mayor (Jerry) Gist and asked if the City would consider covering some marketing and stadium-related expenses in exchange for a long-term commitment from the team. We provided the City with our audited financial statements. The Mayor made us an offer. It was dollars and a TIF.”
A TIF or Tax increment financing is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects.
Freeman said Gist also asked he and Smith to change the name of the club to “Jackson” to promote the City.
“From his perspective, the City needed a tenant for its ballpark, which is probably a $40-50 million asset in today’s market,” Freeman said, “It’s a beautiful park. The Mayor also commissioned an economic impact study and was advised that the team generated a $6,000,000 (in 2011 dollars) economic impact within the City annually. We accepted his offer. From our perspective, we didn’t want to be anywhere but in the State of Tennessee. The Mayor’s offer got us to almost break-even cash flow.”
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