SBD/3/Facilities Venues

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  • POLLIN AGREES TO FUND NEW ARENA IN DOWNTOWN DC

         Bullets and Capitals Owner Abe Pollin agreed to finance a
    proposed $180M, 23,000+ seat arena in downtown DC.  The deal,
    announced on December 28, will relieve DC from the $92M which the
    city was expected to contribute under previous plans.  Pollin
    will provide the money for all construction costs, including
    overruns, while DC will provide the site and some infrastructure
    such as water and sewers.  In return, DC will be given ownership
    of the arena in 30 years (Howard Schneider, WASHINGTON POST,
    12/29).  Pollin called the project the city's "last chance for a
    serious economic revival."  But he did not explain how he would
    fund the project: "I have no idea where the money is coming from
    at this moment. ... I decided to take a risk" (David Alan Coia,
    WASHINGTON TIMES, 12/29).  Pollin said his change of heart in
    deciding to finance the entire project had nothing to do with
    Black Entertainment Television President Robert Johnson's offer
    to finance the project in exchange for a possible stake in the
    Bullets and Capitals.  Johnson had threatened to push for defeat
    of a publicly funded project if Pollin did not work under his
    proposal  (William Gildea, WASHINGTON POST, 1/1.)
         QUESTIONS REMAIN:  Analysts believe Pollin will be asked to
    put up "a big chunk of cash from his personal coffers -- possibly
    $50 million or more" before receiving additional financing.
    "Pollin is expected to try to prove to bankers that the new arena
    will boost the value of his teams by millions of dollars.
    Analysts say that he will need to win that point because he will
    need to use at leats part of the value of his teams, along with
    the new arena itself, as collateral for his massive debt to build
    the new arena."  Pollin also faces dealing with the fate of USAir
    Arena, of which he is majority owner.  According to county
    records, his debt on the property is more than $35M (Anthony
    Faiolo, WASHINGTON POST, 12/29).
    

    Print | Tags: Facilities, Washington Capitals
  • ROCKY MOUNTAIN BUILDING BOOM

         The Denver Nuggets are close to a deal with the City of
    Denver that would allow the team to build a privately-financed
    $135M arena downtown.  Talks are proceeding and a final agreement
    is expected soon after a city task force gives Mayor Wellington
    Webb its recommendation (Brian Weber, ROCKY MOUNTAIN NEWS,
    12/28)....Coors Field will not be the home of any football games
    or monster truck rallies, says Tom Gleason of the Denver
    Metropolitan Major League Baseball Stadium District.  The
    prospects of crowds and stages trampling the new park's $495,000
    field don't please stadium or team officials (ROCKY MOUNTAIN
    NEWS, 12/31)....A ROCKY MOUNTAIN NEWS editorial states that the
    paper is "not crazy" about the Broncos' proposal for a new
    stadium paid for by $150M in public funds and $50M from the team.
    The paper does call for the team's present lease with Mile High
    to be renegotiated (ROCKY MOUNTAIN NEWS, 12/28).
    

    Print | Tags: Denver Broncos, Denver Nuggets, Facilities
  • STADIUM NOTES

         MI Governor John Engler has agreed to back a plan to build a
    new stadium for the Tigers in downtown Detroit, joining Detroit
    Mayor Dennis Archer and Tigers owner Mike Ilitch (Mult.,
    1/2)....MA House Speaker Charles Flaherty said he will convene a
    summit meeting "by mid January at the latest," in an effort to
    get an agreement on the possible construction of a $500M megaplex
    convention and sports stadium complex in downtown Boston (BOSTON
    GLOBE, 12/28).... Richardson Sports, the owners of the Carolina
    Panthers, responded to accusations of a lack of minority
    contractors.  According to Richardson, 30 minority firms have
    accounted for 20% of the dollar value of the work done on the new
    Carolinas Stadium (Tawn Nhan, CHARLOTTE OBSERVER, 12/26).
    

    Print | Tags: Detroit Tigers, Facilities
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