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SEVERAL SIDES TO THIS STORY: BREWERS FINANCING STILL CLOUDED
Published March 21, 1996
A Brewers source said yesterday the team would meet the noon Friday deadline set by the local Stadium Board to obtain the team's $90M share of a new stadium, according to this morning's MILWAUKEE JOURNAL SENTINEL. But Kenneth Lamke quotes two separate sources close to discussions who claim the team does not have its "financial packaged nailed down." One "big problem" for the team obtaining a $50M loan from their bank, NationsBank, is the fact they want to use a $3.85M annual maintenance payment from the stadium board as backing for about $35-40M of the loan. A stadium board source noted the $3.85M is not expected to "pay back indebtedness," and that it is a variable, and depends on actual maintenance cost. The team source still expects the team to secure the $50M loan from NationsBank with guarantees from up to 10 local businesses. The team reportedly has been in "marathon meetings" with officials from Miller regarding a large sponsorship package including stadium naming rights (MILWAUKEE JOURNAL SENTINEL, 3/21).