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This morning's TORONTO STAR reports that the Raptors have offered Canada Post as little as C$14M for a "prime downtown site that's worth at least four times that much." The property is on Canada Post's books for C$65M. The package "recently pitched" to the post office by the Raptors is said to come in the form of C$3M cash and C$1M a year for 50 years, with half the money to come from "marketing rights." These "rights" could range from naming the arena after a sponsor to putting a logo on the roof to setting up a "giant video display ad board within view" of an area expressway. The Raptors are "under pressure" to find a site because "unless construction begins before next October 1, they must pay" C$1M to the Ontario government (David Israelson, TORONTO STAR, 11/9).
Marion Barry's victory yesterday could have an impact on Redskins Owner Jack Kent Cooke's desire to build a new stadium for his team. RFK is one of only two facilities in the NFL with no luxury boxes and has the lowest capacity of any facility in the league. Cooke would like to move to Laurel, MD, and build a privately financed 75,000-plus seat stadium. But a recent ruling by an Anne Arundel County official has increased speculation that Cooke and Barry will try to make a new deal to keep the team in Washington. THE SPORTS BUSINESS DAILY today looks at RFK Stadium.
STADIUM: RFK Stadium, Washington, DC AGE: Stadium built in 1961 CAPACITY: 57,000 -- lowest capacity in the NFL. LUXURY
None. Only the Raiders also lack luxury seating. OWNERSHIP: District of Columbia owns the stadium. U.S. Dept. of
Interior owns the land.
COST: $19.5 million, paid for by bonds. There is no debt on the
RENOVATION: $7M of structural and cosmetic renovation in the past 10
CONCESSIONS: B&B Caterers of Washington DC. Revenue split: 36% goes
to the stadium, 44% to B&B, and 20% to the Redskins.
PARKING: 12,000 parking spots with a $6-10 parking charge.
Redskins get 25% of total revenue.
LEASE: The team has an option on the lease in 1996. ADVERTISING: Team gets 25% of revenue, city gets 75% of stadium
RENT: Estimated at $2 million -- approximately 7th highest in the
PUBLIC $: Zero.