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SENATORS SEEK TAX BREAK FROM REVENUE CANADA TO REDUCE DEBT

          After completing the "most successful hockey season of
     their short life," the Senators say they "are facing
     insolvency and are seeking a complicated tax ruling from
     Revenue Canada to reduce their debt burden," according to
     Shawn Mccarthy of the Toronto GLOBE & MAIL.  In an interview
     yesterday, Senators Chair Rod Bryden confirmed that the team
     "has been unable to pay interest costs on its mountainous
     debt and is hoping for a favourable ruling from the federal
     government to ease the burden."  Bryden would not disclose
     the amount of debt that the team and its related Corel
     Centre is carrying.  However, sources close to the team say
     the ownership group, which includes U.S.-based Ogden Corp.,
     "owes more than [C$200M] on the building alone, and millions
     more on the Senators."  Bryden said the team's finances "are
     improving," but that it won't be enough to pay all its
     interest charges (Toronto GLOBE & MAIL, 5/22).

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