Hornets Owner George Shinn "abandoned his quest" for an
uptown arena yesterday, saying that he wanted to buy the
Charlotte Coliseum instead, according to Ames Alexander in
the CHARLOTTE OBSERVER. Shinn said that "he'd be
interested" in buying the 8 1/2-year-old arena for "roughly"
what the city owes on it -- about $29M -- and would then
renovate it. Shinn: "This is only a stopgap measure. It
is, however, a solution that will relieve the city of a
tremendous debt, protect our season ticket holders." By
purchasing the Coliseum, the Hornets would no longer have to
split parking, concessions, advertising and suite revenues
with the Coliseum Authority. Shinn's decision
"disheartened" those who felt a new arena "would spark"
activity in uptown and transform it into "a sports and
entertainment hub" (CHARLOTTE OBSERVER, 3/27). Shinn said
that buying and renovating the Coliseum would give the team,
"at most, a decade to compete financially." If the sale is
completed, the Hornets "would then add" up to 32 suites and
other premium seating. Shinn added that any new suites
would be built "only after" they were sold to area
businesses (Rick Bonnell, CHARLOTTE OBSERVER, 3/27).
