EXCLUSIVE: Top Rhode Island Businessman Pushing to Build Baseball Stadium in Providence

EXCLUSIVE: Top Rhode Island Businessman Pushing to Build Baseball Stadium in Providence

Providence-based businessman Art Solomon owns one baseball team, once tried to buy the Pawtucket Red Sox, and is now working to build a new minor league stadium in Providence.

In 2004, Solomon’s bid to purchase the PawSox from the late Ben Mondor was rebuffed.

But within a year or so Solomon had purchased the major interest in the Double-A New Hampshire Fisher Cats — the affiliate of the Toronto Blue Jays.

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

Solomon has owned the team since.

For five years, he owned another minor league team — a high-A Minor League Baseball affiliate of the Tampa Bay Rays located in Bowling Green, Kentucky.

In December 2013, Solomon sold the team to Manhattan Capital Sports, headed by Stuart Katzoff. Solomon's children own the Hartford Yard Goats. who play in the Eastern League and are a Double-A affiliate of the Colorado Rockies.

Solomon literally wrote the book on minor league sports ownership, "Making It in the Minors: A Team Owner's Lessons in the Business of Baseball."

Make no mistake about it: Solomon made his wealth on Wall Street and in real estate.

Owning minor league teams has been a passion.

 

State House Meetings

GoLocal has confirmed Solomon has held a number of meetings with State House leaders, including with Senate President Dominick Ruggerio, regarding a new proposal in Rhode Island. 

Solomon’s plan is for the state to build a minor league stadium located at Rhode Island College. Then, a minor league team would be located at the college.

"I want to bring major league-affiliated baseball back to Rhode Island," said Solomon in a phone interview on Sunday.

Solomon says this team would play in Major League Baseball’s Draft League.

According to MLB, “The MLB Draft League is a six-team baseball league featuring a split-season amateur-professional format. The first half of the MLB Draft League season features Draft-eligible players aiming to improve their stock ahead of the annual MLB Draft in July. The League switches to a professional format in the second half, with paid players comprising the six rosters.”

Solomon says the league is looking to add two more teams — which is “Rhode Island’s opportunity."

“Since its inception in 2021, the MLB Draft League has produced 133 MLB Draft picks and had more than 70 undrafted free agents sign with a Major League organization. Additionally, eight players from the Professional half of the 2022 and 2023 MLB Draft League season had their contracts purchased by a Major League organization,” says MLB.

See the list of players who were selected in the Major League draft HERE.

 

Stadium and Financing

The structure of this proposal stands in stark contrast to the proposed PawSox deals in Providence and Pawtucket in size, scope and public ownership.

Presently, Rhode Island College’s baseball facility seats between 500 and 700 fans. Solomon says the new stadium would seat 3,500.

Solomon said the cost to build a stadium would be about $18 million.

“I would like them to include this as a part of the higher education bonds — it is a cost of about $18 million and the facility would be owned by the college,” said Solomon.

Solomon said the annual cost each year for the 20 years of the bonds would be about $1.6 million.

“RIC would benefit, as we would rent the dorms and pay for the food services and the college would generate hundreds of thousands in new revenue annually,” said Solomon.

“The state would benefit from visiting teams using hotels, restaurants, gas stations, and so on,” he added.

The plan would need to be included in the FY2024 budget by McKee and would need to be approved both by the legislature and ultimately by voters.

“It would be great to have a major league-affiliated baseball team back in Rhode Island," said Solomon. “It is a small investment in comparison to other projects. The Hartford stadium in which the Yard Goats play cost $90 million."

And, in contrast to the proposed $137.7 million minor league soccer stadium in Pawtucket — the state via Rhode Island College would own the baseball facility.

In Pawtucket, despite the state and Pawtucket paying for 40% of the project — neither has any ownership interest.

"I would buy the team, pay the salaries and all the costs of the club," said Solomon. He thinks there are significant community benefits for clinics with youth teams and more.

 

Solomon’s Business Experience

In 2019, in an interview with New Hampshire Business Review, Solomon admitted owning a minor league team is a labor of love rather than a financial money-maker.

“It’s primarily a hobby. I’m a business guy. I don’t want to lose money, just [make] a modest profit. I went into it with that in mind and that’s how it turned out,” said Solomon.

According to a 2011 feature on Solomon in Brown Alumni Monthly, “After graduation, Solomon went on to found lucrative real estate groups at the Wall Street investment firm Drexel Burnham, and later headed the Lazard Fréres real estate unit, eventually amassing $10 billion in real estate assets for the firm. He has also done stints as the CFO of Fannie Mae and as president of the Berkshire Group, a national real estate and financial services firm.”

Solomon is married to Sally Lapides -- the owner of Residential Properties.

This story was first published 11/26/23 6:30 PM