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BIDS FOR CHARLOTTE COLISEUM CONTINUE TO COME IN
Published February 21, 1995
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).