After 11 months of negotiations, the Tigers and a
consortium of 12 banks "have yet to finalize" a $145M loan
to cover the ballclub's share of construction costs for a
new stadium, according to Patricia Montemurri of the DETROIT
FREE PRESS. As workers prepare to demolish vacant buildings
on the stadium site, "business and city hall insiders are
asking about the protracted deal making." Montemurri: "Does
it signal larger problems with the Tigers' finances? Team
owner Mike Ilitch's hardball negotiating style? Or is it
stalled because of the deal's complexity?" Tigers President
John McHale "cites the loan's complexity." Spokespeople for
the Ilitch family "deferred questions to Tigers officials,"
and Comerica Bank, the lead agent in the banking consortium,
"won't discuss specifics." Some observers "speculate that
the banks and Tigers are at odds over what assets the
ballclub and its owner can put up as collateral. The banks
may want to require Ilitch to personally guarantee the
loan," which he "may be resisting" (FREE PRESS, 1/13).
