Earlier this summer, the state of Rhode Island rejected a request by the owners of the Pawtucket Red Sox to fund a new stadium in Pawtucket. On Friday, the team owners announced their decision: They will be moving the franchise to Worcester, which will build a new stadium with public funds that the team will be repaying with rent and other team-related revenues, in a major win for the Massachusetts city.

All of that previous paragraph was reported in various media over the weekend. Virtually none of it is 100% true.

Let’s start where we left off: With the June legislative vote of the Rhode Island legislature, which actually approved $38 million in state and city subsidies toward a new Pawtucket stadium. What it didn’t do was promise that the state would cover any shortfalls in tax revenues set to pay off the stadium bonds, which could have raised interest rates to the point that the PawSox owners got snippy about it.

At the time — really, at just about any time in the last three years — Worcester was out there as a potential relocation threat, but nothing more specific than that, as nobody had publicly talked about how to pay for building a stadium there. That’s what changed on Friday, as the PawSox owners and the city of Worcester signed a “letter of intent” to build a $90 million, 10,000-seat stadium as part of a $200 million mixed-use development with hotels, apartments, and retail.

As for how it would all be paid for, here’s what the news media — at least those not too busy declaring the deal an “economic grand slam” for Worcester — is reporting it:

The city would borrow $100.8 million, while the team owners would kick in $6 million in cash. Of the city’s portion, rent payment from the team will pay for $30.2 million over 30 years — it’s not clear from the reporting if that’s $30.2 million in total rent payments, or enough rent payments to pay off $30.2 million in borrowing, which would be a whole lot more. (Just like $30.2 million in mortgage payments wouldn’t be enough to pay of a $30.2 million house, unless you got a no-interest loan.)

Assuming it’s the latter, that still leaves $70.6 million to be repaid by new tax revenues from the development — in other words, our old friend tax increment financing. But this is a TIF with a twist: Instead of just kicking back tax revenue from the stadium itself, the project would come packaged with that pile of hotels and housing and retail space — all of which would pay property (and other? reporting is unclear) taxes not to the city treasury to pay for services for all this new development, but toward the stadium’s construction debt.

The state would also kick in $35 million for a parking garage and “unspecified infrastructure improvements,” according to the Worcester Business Journal.

That brings the total public subsidy to at least $105.6 million, and possibly closer to $120 million if those rent payments are actual dollar amounts on the team owners’ checks. Either way, I’m pretty sure that this would be easily the largest public subsidy for any minor-league baseball team ever, and would blow away Rhode Island’s offer, even if that state hadn’t capped its debt responsibilities in the final bill.

So Worcester has just bought itself a really expensive Triple-A team, right? Not quite yet: The city council still needs to sign off on the whole mess, and while Massachusetts Gov. Charlie Baker is in favor of the state garage money, it may yet require state legislative approval as well. So notwithstanding all the talk about stadium construction starting next July, there may be some bothersome hearings and votes and such yet to go.

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Officials in Rhode Island, and Pawtucket, meanwhile, are understandably steamed that after approving what they thought was a pretty good offer in June, the next thing they heard from PawSox officials was a letter on Friday saying, “Sorry, we found someone with more money.” PawSox CEO Larry Lucchino, meanwhile, put the blame squarely on Rhode Island for not scurrying to cough up more money more promptly, as it is the state’s job to do:

“As I said in our meeting on Monday, Aug. 6, ‘Where have you been?’ That’s not directed at your personally, but at all of those involved in the process.” “The state’s delays cost Pawtucket dearly,” the baseball executive said.

In the end — if this is the end, which it probably isn’t yet — it’s an indication of how negotiating with minor-league team owners is exponentially harder than doing so with major-league ones, because there’s a near-infinite number of equally middling-sized cities to move to. Pawtucket’s best hope was that no cities within easy reach of Boston (where the Red Sox want their top minor-league teams close by) would take the bait and deliver a suitcase full of cash to Lucchino’s door; instead, Worcester came up with the fattest suitcase in history. Score one against Roger Noll’s theory that the tide is turning.