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MEGAPLEX IN NEED OF PRIVATE FINANCING IN ORDER TO SURVIVE
Published June 20, 1995
MA House Speaker Charles Flaherty indicated yesterday that unless private financing for a full megaplex materializes soon, the Legislature may decide to consider a convention center only, according to Phil Primack & Robert Connolly in the BOSTON HERALD. Flaherty did not set a deadline, but other State House sources said the Weld administration and other megaplex supporters have two weeks to prove that private financial support is in place. Gov. William Weld, who talked with ITT Corp. again yesterday, said he hopes to have financing news this week (BOSTON HERALD, 6/20). Weld, to the BOSTON GLOBE: "ITT had called last week to talk with me about its decision to leave Boston. When I returned the call, I said you just help us build the megaplex and [the ITT exec] said, 'I may well take you up on that'" (Meg Vaillancourt, BOSTON GLOBE, 6/20). RED SOX INVESTIGATE PRIVATE FINANCING: Red Sox VP John Buckley is visiting Cleveland this week to research the Jacobs Field project, and specifically Gateway, Inc., the "fiscal arm" of the project, and how it pulled off one of the most "cost-effective" ballparks in baseball. While Jacobs Field was paid for through a 50-50 public/private split, the Red Sox are hoping to eliminate the public role. Buckley is looking into "silver seat" licensing as a way to raise revenue and several hotel chains are reportedly interested in becoming equity partners. Most prominently mentioned is ITT Sheraton, but Hilton, Guest Quarters and Doubletree are all interested in discussing a role with the Red Sox, who are looking to have a hotel in center or right field like Toronto's SkyDome. Buckley: "We're still in the exploratory stages on many issues. We're taking things one step at a time" (Nick Cafardo, BOSTON GLOBE, 6/19).