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The Anne Arundel County (MD) Economic Development Corp., a nonprofit organization, commissioned the consulting firm of Arthur Andersen to conduct an economic study of the proposed $160M, 78,600-seat stadium that Jack Kent Cooke would like to build in Laurel, MD. The study will examine three main areas: the money spent in the county and state on the project; the number of jobs that would be created; and public sector revenues generated by the project (WASHINGTON TIMES, 11/8)....Under the headline, "Divided on United," Daryl Van Schouwen writes about fans reactions to the new United Center under subhead: "Season- ticket holders giving mixed reviews" (CHICAGO SUN-TIMES, 11/6).
The Detroit Lions have long sought a more user friendly lease at the Pontiac Silverdome. The team does not receive any revenues from parking, advertising or concessions -- one of the few NFL teams with that contract. The city of Pontiac enjoys the lease situation, as in 1993 they made approximately $1 million in profit. Today, THE SPORTS BUSINESS DAILY examines the Pontiac Silverdome.
STADIUM: Pontiac Silverdome, Pontiac, MI AGE: Completed in 1973. CAPACITY: 80,311 OWNERSHIP: Owned by the City of Pontiac. MANAGEMENT: Managed by city employees and governed by PontiacStadium
RENT: $2.66 million. LUXURY
102 owned and operated by the Stadium Building
COST: Total cost was $55.7 million, including $15.9M in general
obligation notes and $25 in revenue bonds.
PARKING: 12,637 parking spots on site. $7 a car, all revenue goes to the
ADVERTISING: All advertising handled by the Stadium. Lions get no percentage
of advertising revenue.
CONCESSIONS: Elias Brothers Restaurant. Stadium Authority gets 30% of the
split. Lions do not share in the revenue.
LEASE: Lions lease expires in 2004. RENOVATION: Ongoing -- with playing field resurfaced in '93. PUBLIC $: Zero. There is approximately $35 million debt with the stadium.
In Dallas, David Jackson and David Dillion examine the growing trend in NHL & NBA cities to build new arenas. Martin Greenberg, Dir of the National Sports Law Institute at Marquette: "Professional sports is in the midst of the largest building boom ever. ... If you don't have a state-of-the-art facility, you don't have a team." Jackson & Dillion note that it is "this fear" that has inspired Dallas to pursue a new $170M facility. Since '88, 14 cities have made various deals for new hockey and basketball arenas; four more are under construction. "These projects have a common denominator: The desires of team owners to make more money from the luxury boxes, private clubs and expanded concession stands that are turning modern sports arenas into upscale entertainment centers." The cities involved "face a common challenge: How much public money should they gamble on projects that some economists consider financial risks?" The piece focuses on ten new arenas that have already opened or are being built: Gund (Cleveland), Rose Garden (Portland), New Seattle Center, The Palace at Auburn Hills (Detroit), Crossroads Arena (Buffalo), America West (Phoenix), Arrowhead Pond (Anaheim), San Jose Arena, Kiel Center (St. Louis) and the United Center (Chicago) (DALLAS MORNING NEWS, 11/6).