Raptors President John Bitove, Jr. is "substantially closer"
to obtaining the financing necessary to buy out partner Allan
Slaight's shares in the Raptors, according to Craig Daniels in
the TORONTO SUN. A "prominent" Houston-based group with ties to
the NBA is among the those vying to assist in Bitove's buyout of
Slaight's 39.5% of the team, which must take place by November 14
or Slaight will buy out Bitove. Bitove spent yesterday in New
York, gaining approval of financing for the Air Canada Centre,
but a source with links to the proposed arena project said that
the eventual owner of the Raptors faces "as much as" C$60M in
penalties "if the arena doesn't go ahead." The source suggested
that Slaight "is concerned that if he gets control of the team,
he'll be forced into building the arena because of stiff
penalties involved if he doesn't." Slaight can't guarantee he
can bring in the Maple Leafs as a co-tenant "to cover" his
financial position because the Leafs don't like the plans for Air
Canada Centre If Slaight is bought out, there is "further
indication" that the Canadian Imperial Bank of Commerce (CIBC)
will buy out the 10% of the Raptors held by Bank of Nova Scotia,
which "backs" Slaight. The CIBC is "behind" Bitove (TORONTO SUN,
10/31).
