Source: Raiders Stadium Will Cost $200M Less Golden Knights' Practice Facility To Be Top-Flight St. Louis MLS Investors Hopeful Funding Vote Passes Georgia State Updates Turner Field Construction Rays' Ballpark Site Search Still Complicated Braves Will Help Fans With SunTrust Traffic Raiders' Vegas Stadium Financing Remains Complicated Sacramento, Kings To Refinance '97 Arena Loan Facility Notes Proposal Made To Lift Crandon Park Restrictions
CASH PROBLEMS MAY PUT AN END TO NEW TIGER STADIUM PLANS
Published May 23, 1995
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).