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MAPLE LEAF GARDENS LOOKS FOR REVENUE AMID INTERNAL BATTLES
Published October 6, 1995
Maple Leaf Gardens President Cliff Fletcher wants to bring indoor soccer, arena football and other events to the facility in an effort to bring in more revenue. Fletcher told the company's stockholders that high salary costs for the Maple Leafs necessitate the need for more revenue. Thanks in part to the NHL lockout, MLG lost C$1.06M last year (TORONTO STAR, 10/6). Meanwhile, at yesterday's stockholder meeting, one shareholder was given an "enthusiastic ovation" after denouncing the takeover of the company by CEO Steve Stavro. When one investor rose in praise of Stavro, another asked "What planet did you come from? He's trying to take your shares" (William Houston, Toronto GLOBE & MAIL, 10/6). Stavro, who currently controls 91% of MLG shares, has made an offer to buy out remaining shareholders at C$34 a share. MLG shares currently go for C$43 on the TSE. A court ruling currently bars Stavro from acquiring any more shares (GLOBE & MAIL, 10/6).