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SENATORS SEEK TAX BREAK FROM REVENUE CANADA TO REDUCE DEBT
Published May 22, 1998
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).