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POST OFFICE TURNS DOWN RAPTORS OFFER FOR ARENA SITE
Published November 30, 1994
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).