SBD/30/Facilities Venues

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  • POST OFFICE TURNS DOWN RAPTORS OFFER FOR ARENA SITE

         The Raptors want Canada Post to be "part owners of a
    proposed downtown" arena, but the postal company will not "play
    ball."  Sources say that the latest offer for the site is a mix
    of "some upfront cash and a percentage of revenue over 50 years
    leading to part ownership of the stadium."  But sources told the
    TORONTO STAR:  "This sort of risk-sharing between the Canada Post
    Corp. and a sports franchise would not be an appropriate way to
    handle public funds."  It is also "not consistent with the good
    business practices of the corporation."  But Canada Post
    reportedly "remains open to an offer that would provide (it) with
    a fair value for the property in question, with no strings
    attached."  So talks between the post office and the Raptors will
    continue.  Canada Post directors are "believed to have serious
    concerns about rushing into a deal for the property," valued at
    C$200M before the Toronto real estate market "dived" in '90
    (David Israelson, TORONTO STAR, 11/30).
    

    Print | Tags: Facilities, Maple Leaf Sports and Entertainment, Toronto Raptors
  • ROCKIES AGREE ON COORS FIELD LEASE

         The Rockies will pay $30M of an estimated $215M in
    construction costs at Coors Field under a new long-term lease
    agreement.  The details of the proposed 22-year agreement between
    the Rockies and the Denver Metropolitan Major League Baseball
    Stadium District were released Monday.  About $32M in baseball
    revenue will be distributed among six Denver metro counties
    between 2000-2016.  The former lease had allowed the Rockies to
    keep profits from several sources of stadium revenue, including
    parking and concerts among other non-baseball events.  Also, the
    team would not have been required to pay for construction costs
    (AP, 11/29).
    

    Print | Tags: Colorado Rockies, Facilities
  • STATE OF THE STADIUM: YOU LITTLE DEVIL

         Last week, Cardinal's Owner Bill Bidwill told the Business
    Journal of Phoenix that the current stadium at Sun Devil Stadium
    in Tempe is inadequeate and that he desires a new, state-of-the-
    art domed facility for his team.  The Cardinals have played at
    Sun Devil at ASU since 1988:
    STADIUM:
    Sun Devil Stadium, Tempe, AZ.
    AGE: Built in 1956.
    CAPACITY: 73,238
    LUXURY SEATS: 60 luxury boxes, 8 suites — team recieves all revenue from luxury seating.
    OWNERSHIP: Owned by the State of Arizona.
    MANAGEMENT: Operated by Arizona State University.
    CONCESSIONS: Fine Host Catering. Team gets an estimated 20% of concession revenue.
    PARKING: 10,000 spots — average $4 a car — revenue split between the Cardinals and ASU.
    ADVERTISING: Cardinals began to share advertising this year with ASU — roughly 50/50 split in revenue.
    LEASE: Sucession of three 10-year terms — first expires in 1997.
    RENT: $1.1 million — 16th highest.

    (Source: Tom Sadler/Sun Devil Stadium; rent figure from the Florida Times-Union article on July 24, 1994).

    Print | Tags: Facilities
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