The Raptors' proposed Air Canada Centre may miss yet another
stadium-building deadline, which would force the team to pay a
C$1 million fine into the team's Foundation for Disadvantage
Youth, according to the TORONTO STAR. The fine is in conjunction
with the NBA's provision that basketball be dropped from the
province's ProLine lottery. In return, Ontario said the Raptors
had to start building their stadium by October 1, 1995 or pay C$1
million penalty each year construction is delayed. The start of
the arena "has been plagued by delays, while lawyers have haggled
over paperwork and the team has been searching" for as much as
C$200M in financing. Team President John Bitove said his team is
"close to arranging a financing deal. But it's too early to say
whether the team will begin the building" by the deadline.
Bitove hinted the Raptors would not play in the new arena until
at least '98, with construction time expected to be 22 months.
The delays have "heightened speculation that the Raptors are
playing a waiting game" with the Maple Leafs, who are considering
whether to renovate or replace Maple Leaf Gardens (TORONTO STAR,
8/20).
LEAF PLANS: Maple Leafs President Cliff Fletcher confirmed
the MLG Exec Committee "had 'entered phase II' in its research
aimed at building a new arena." The FINANCIAL POST reports
majority owner Steve Stavro and partners could break ground on a
new Maple Leaf Gardens within six months, with the 20,000-seat
arena possibly ready for the start of the '98-99 season. The
cost is pegged at around C$200M. Fletcher said the Raptors are
not in the Leafs' proposal but added "it's possible they could be
included at a later date" (FINANCIAL POST, 8/17).
