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REPORT: CRACKS "ALREADY SURFACING" IN WARRIORS ARENA DEAL
Published May 11, 1998
Cracks "are already surfacing" in the new $140M Warriors arena deal, and "once again, it looks like taxpayers will get stuck," according to Matier & Ross of the S.F. CHRONICLE. The Warriors, who have been negotiating with Oakland and Alameda County to take over the management of the renovated Oakland Coliseum Arena, "have asked that the deal be put on ice for at least a year" due to "fear of a possible NBA players strike next season." East Bay officials "are scrambling to find an outside firm to manage both the arena" and the Oakland Coliseum stadium, and two names "being mentioned for the job" are SMG and Ogden Ent. Meanwhile, Joint Powers Authority officials overseeing the arena "say they don't know if it's operating in the black, and they've brought in an outside auditor to look at the books." Matier & Ross also report that the Warriors "are only guaranteeing to pick up" about $7.4M of the $11.4M in annual costs from the new arena. The team says it "hopes to cover" the remaining $4M from a 5% ticket surcharge and from the sale of naming rights (S.F. CHRONICLE, 5/11).