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Facilities Venues

WITH FINANCING IN PLACE, WILL RAPTORS TURN OVER NEW LEAFS?

     The Raptors announced yesterday that they have acquired
financing from Bank of Nova Scotia, Canadian Imperial Bank of
Commerce and NationsBank to proceed with their C$200M basketball
arena, according to Craig Daniels in the TORONTO SUN.  Raptors
President John Bitove: "This is being financed for the Raptors to
play basketball, nothing else.  That doesn't preclude
discussions, or trying to pursue anything else to try and make it
that much better a financial proposition."  An NBA source
believes the Raptors have invested equity "amounting to as much"
as 30%, and no less than 15% of the C$200M cost.  The SUN's
Daniels adds that the team has already spent C$40M on the
project, with C$20M in development cost (TORONTO SUN, 9/27).
     BITOVE CHEWS OVER DEAL:  Bitove said the building could be
fully paid off "in less than ten years" but that he's "not sure"
when construction will begin.  Bitove: "All I can tell you is, we
know we can comfortably have this building open by October '98."
The team will continue to play in SkyDome (Robert MacLeod,
Toronto GLOBE & MAIL, 9/27).  Bitove said Scotia Bank owns 9% of
the team and that Charlotte, N.C., based NationsBank is
experienced at financing sports facilities.  Bitove: "Because of
the incredible size and complexity of the project, the process
did not move as expediently as we all would have liked.  But, all
things considered, this timing has worked out just fine ... This
is the first major sports project in Ontario built with no public
money in half a century" (David Israelson, TORONTO STAR, 9/27).
     COUSINS: There has been speculation the Raptors and Maple
Leafs would combine for a joint facility, and MLG Minority Owner
Larry Tanenbaum said, "I'm delighted to hear they've obtained
their financing.  A lot of other steps now have to happen.  It
doesn't mean they're going to spend it necessarily.  We're still
vitally interested in working to see only one arena built in
Toronto.  The question is how do we get there?" (TORONTO SUN,
9/27).  But MLG Chair Steve Stavro told the TORONTO SUN last
night the Raptors deal "will have no effect on our (arena) plans.
We're making our own headway.  We know hockey and basketball
can't mix in this city" (Lance Hornby, TORONTO SUN, 9/27).
Bitove: "I'm sure the Maple Leafs ... can do a building on their
own."  Maple Leafs COO/GM Cliff Fletcher: "I don't know what will
happen in the end, but we're moving ahead on our own.  We're
proceeding with our own plans" (TORONTO STAR, 9/27).

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