SBD/23/Facilities Venues

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  • CASH PROBLEMS MAY PUT AN END TO NEW TIGER STADIUM PLANS

         Tigers President John McHale says the issues of "financing,
    financing, and financing" loom large in the future of a new Tiger
    Stadium.  Valarie Basheda of the DETROIT NEWS reports that McHale
    says that even if the state helps in the stadium effort, he
    "isn't sure" how the team can get the financing together.  Last
    year, the Tigers lost $20M during the strike.  As a result,
    Tigers Owner Mike Ilitch says he cannot offer the full $175M he
    originally promised to the effort.  This, in addition to the
    team's "dwindling" profits and state lawmakers' unwillingness to
    commit tax money to "help out," have caused club officials to
    scale back plans for a $400M stadium to $200M-$250M.  McHale:
    "There are a lot of big, tough issues to solve.  I just can't sit
    here today and say I'm x-percent sure we can get it together"
    (DETROIT NEWS, 5/22).
    

    Print | Tags: Detroit Tigers, Facilities
  • PATRIOTS AGREE TO SIGN LEASE AT MEGAPLEX

         A "key step" was taken yesterday in plans to build a
    convention and sports facility in Boston as the Patriots agreed
    to sign a reported 25-year lease and become the "main tenant" of
    the proposed megaplex, according to Richard Kindleberger in
    today's BOSTON GLOBE.  Although no details were released, the
    team and members of the megaplex commission said they reached an
    "agreement in principle."  Kindleberger notes, "Although signing
    the Patriots was seen as critical to advancing the project, the
    commission must still come up with other funding for the
    complex."  According to commission co-chair Kevin Fitzgerald, "If
    a private corporation were to step forward with a major
    contribution, that could help clinch the deal."  As reported in
    yesterday's SPORT BUSINESS DAILY, ITT is interested in investing
    in the megaplex (BOSTON GLOBE, 5/23).  In the BOSTON HERALD, Phil
    Primack reports that the deal is worth $100M over 20 years, and
    negotiations will now continue with the Red Sox.  State Sen.
    Robert Havern:  "The Red Sox will be very happy with how this is
    concluded.  We want the Red Sox to be involved in this deal"
    (BOSTON HERALD, 5/23).
    

    Print | Tags: Boston Red Sox, Facilities, New England Patriots
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