In Toronto, the Board of Governors of Exhibition Place
approved the Maple Leafs' "proposal for an arena and related
development with record speed, but many questions surround
the matter," according to David Shoalts of the Toronto GLOBE
& MAIL. The board passed the team's plans for a $200-250M
investment in a 19,200-seat arena and a 1,400-space parking
garage. In addition, the team has "been granted" a five-
year option to develop another 12.5 acres of property around
the site. If the plan is approved by Toronto's Metro
Council on December 10, an 80-day period of due diligence
will follow, with "neither side being bound to the deal
financially or contractually." Shoalts writes that the
latter part of the deal "raises ... questions," since it
allows the Leafs to "walk away" from Exhibition Place "at
any time up to" the end of February. Shoalts writes that
speculation persists that the proposal is being used by the
Leafs to force a "favourable partnership" with the Raptors
at Air Canada Centre (Toronto GLOBE & MAIL, 11/25).
REAX: In Toronto, Damien Cox: "Don't read too much into
the latest Maple Leaf arena scheme ... [T]he probability
that all these bits and pieces can come together over the
next 80 days ... seems somewhat far-fetched" (TORONTO STAR,
11/25). Also in Toronto, Craig Daniels reports that Leafs
Minority Owner Larry Tanenbaum sat "four seats to the right"
of Raptors Owner Allan Slaight at courtside during last
night's Raptors game. Although "neither side is admitting
so," a "new dialogue" between the two teams "appears to be
under way." One source said that the Leafs are "using their
interest" in the site at Exhibition Place as "leverage to
... negotiate a buy-in at Air Canada Centre, which naturally
they would want to control" (TORONTO SUN, 11/25).
