Are you looking for ways to reduce risk as you’re working on your outdoor sports or indoor sports facility business plan or building an indoor sports facility? Our sports consultants at Pinnacle have expertise in public-private partnerships, which your business may benefit from. A public-private partnership is a contractual arrangement between a public agency (federal, state or local) and a private sector entity or developer. Through this agreement, the skills and assets of each sector (public and private) are shared in delivering a service or facility for the use of the general public.
Public-private partnerships between a government agency and private-sector company can be used to finance, build and operate projects, such as indoor sports facilities, outdoor sports complex, sport and recreation centers.
Public-private partnerships generally have contract periods of 25 to 30 years or longer. Financing comes partly from the private sector but requires payments from the public sector and/or users over the project's lifetime. The private partner participates in designing, completing, implementing and funding the project, while the public partner focuses on defining and monitoring compliance with the objectives. Risks are distributed between the public and private partners according to the ability of each to assess, control and cope with them.
Pinnacle can help our clients seek out and put together partnerships that are win-win for both parties, and reduce your greatest risk as you’re building an outdoor sports complex, indoor sports facility or working on your indoor sports facility business plan. Risks can include unreasonable lease terms, lengths, or rent amounts, unrealistic performance goals, uneven cost-sharing formulas, and other variables that might be hard to find or notice up front.
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For more information on the advantages, and potential disadvantage of creating a public-private partnership for your outdoor sports or indoor sports facilities, call Pinnacle’s sports consultants.