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Houston-based PFA Acquisition and Development Co. is the latest company to join the list of "would-be" buyers for the Charlotte Coliseum, according to this morning's CHARLOTTE OBSERVER. The company has "lined up" a brokerage firm, an entertainment management company and a law firm to fashion a public-private partnership with the city to own the Coliseum. PFA also wants to bring a NHL team to the city. However, Mayor Richard Vinroot says that it's "premature" to entertain other offers for the Coliseum until negotiations with the Hornets are concluded. Talks between the Hornets and the city continue this week and "are focusing on restructuring the Hornets lease." Vinroot said yesterday that he has received two letters from potential buyers other than the Hornets, one of which is reportedly worth around $80M. The Hornets "peg the Coliseum's worth" at $60-65M, "which the city deems too low." PFA reportedly will wait to see the city's and team's revenue figures before suggesting a price (CHARLOTTE OBSERVER, 2/21).
In Pittsburgh, Steelers President Dan Rooney is "skeptical" of Mayor Tom Murphy's plans to build a new ballpark for the Pirates, saying that it "won't cure the Pirates financial ills -- and the city can't afford it." With a $44M debt still "hanging over" Three Rivers Stadium, Rooney questions whether the city can afford to finance a new park. According to Kenneth Shropshire, an economist at Wharton School of Economics, since '92, American cities "have spent more than" $1B to renovate or construct new stadiums or arenas, and $6B will likely be spent by 1999. But, Rooney doesn't feel that building new facilities is the only way to make more money. Rather, Rooney suggest that the NFL share stadium revenues as they do with gate and TV receipts (Steve Halvonik, PITTSBURGH POST-GAZETTE, 2/21).