The Hornets, claiming that revenues from the Charlotte
Coliseium will fail to keep them competitive in the future, are
searching for a site for a new arena. The team is
"concentrating" its search in Charlotte's suburbs, both in NC and
SC, and say "there would not be enough land" in uptown Charlotte
to build an arena and lot. Erik Spanberg reports in the current
CHARLOTTE BUSINESS JOURNAL that the team has hired Toronto-based
Stadium Consultants Int'l to study sites for a proposed $100M-
150M arena. SCI will focus on land availability, parking, access
to public transportation and proximity to restaurants and hotels.
The club's lease with the city at the Charlotte Coliseum expires
after next season. The team claims the eight 10-seat boxes and
four 18-seat boxes will not keep them competitive. Spanberg
reports the team now ranks in the bottom-third of the NBA in
revenue, but they pay one of the league's lowest rents at $8,000
per game. Muhleman Associates' Max Muhleman says the team will
need a new facility within five years to remain competitive
(Charlotte BUSINESS JOURNAL, 10/9 issue).
