The Hornets new uptown arena "moved closer to reality"
yesterday with the Coliseum Authority's "unanimous approval
of an amended lease" between the team and the city of
Charlotte, according to Dan Chapman of the CHARLOTTE
OBSERVER. The newly reworked lease "would satisfy" the
Hornets short-and long-term need, "provided" the Council and
Owner George Shinn approve the deal later this month. Under
its terms, the team would "take greater control" of the
Coliseum, "beefing up marketing and trying to lure more
events" to the facility. The Hornets hope to earn another
$1M a year from the Coliseum, and the "bulk of" any new
revenue for the team "could come from the proposed sale of
the Coliseum's name." Chapman writes that Charlotte-based
companies Duke Energy and First Union are possibilities to
buy naming rights, "valued at a minimum of" $500,000 a year.
The city council has "final say" on who obtains naming
rights. The new lease deal also calls for a decision "by
2000 on whether taxpayer dollars would be used to help build
a new arena," which is "tentatively" scheduled to open for
the 2004 season (CHARLOTTE OBSERVER, 3/12).
