SBD/19/Facilities Venues

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  • AUTHORITY PRESSURES HURRICANES FOR $14M ARENA PAYMENT

              NC State Univ. "has come through" with $5M in financing
         for cost-overruns at the Raleigh arena, "breaking a
         financing impasse and giving the arena authority leverage to
         press" the Hurricanes for $14M to help finish the job,
         according to Eisley & Alexander of the Raleigh NEWS &
         OBSERVER.  To complete the funding for the arena's estimated
         $26M overrun, the Centennial Authority also would seek a $7M
         bank loan.  The Hurricanes last month offered $5M, but
         authority and team reps plan to meet today to discuss a
         proposal where the 'Canes would give more, "which the team
         greeted cooly."  Gale Force Holdings President Dean Jordan:
         "We said we'd contribute $5 million, so we're a little
         disappointed they would ask for more."  Jordan said the team
         "will have to take a hard look" at the request.  Without
         financing, authority members said that the arena will not be
         ready for the Hurricanes' scheduled '99-2000 start date,
         which would mean the would play a third season at the
         Greensboro Coliseum.  Jordan: "We're almost at the point
         where we might have to plan on staying in Greensboro another
         year.  If we have to come up with $14 million with no way to
         get our money back, we'll have to analyze it and see if we'd
         be better off in Greensboro."  The team lost "more than"
         $30M in its first season there (NEWS & OBSERVER, 8/19).
    
    

    Print | Tags: Carolina Hurricanes, Facilities, Gale Force Holdings
  • FACILITY NOTES

              SUITE-NESS: In Baltimore, Jon Morgan reports that six
         Ravens players "are considering or have leased suites" at
         the team's new stadium, either by themselves or in
         combination with others.  The suites would be used by the
         players' families and friends during games.  Orioles 3B Cal
         Ripken also has a suite.  Ravens VP/Sales & Marketing David
         Cope said that he was "surprised" to find a ready market
         among the players.  Some players have businesses that allow
         them to take off suite expenses on taxes.  Ripken's suite is
         leased to his corporation, and Ravens WR Michael Jackson has
         a recording company in town (Baltimore SUN, 8/19).
              NOTES: NFL Giants co-Owner Robert Tisch "plans to send
         his plan for a new arena at the Meadowlands for the Nets and
         Devils" to NJ Gov. Christie Whitman next month.  Tisch said
         that Continental Airlines Arena is not "fair to the two
         teams playing there" (AP/Bergen RECORD, 8/18)....Yankees
         Owner George Steinbrenner, on if the team hits 3 million in
         attendance this season: "I want to make this very clear.  I
         never said I would stay [at Yankees Stadium] if we made 3
         million.  What I have always said is that if we make 3
         million, I would sit down and talk to [Bronx Borough
         President Fernando Ferrer]" (N.Y. POST, 8/19)....IMG "is
         planning to spend up to" $30M "to help build the largest
         tennis facility in the world" near Indian Wells, CA.  The
         $60M entertainment and tennis center, to be built in
         conjunction with a group headed by Indian Wells Tournament
         Dir Charlie Pasarell, would have a seating capacity of up to
         35,000 (Daniel Kaplan, SPORTSBUSINESS JOURNAL, 8/17).
    
    

    Print | Tags: Baltimore Orioles, Baltimore Ravens, Continental Airlines, Facilities, IMG, New Jersey Devils, Brooklyn Nets, New York Giants, New York Yankees, YankeeNets
  • STICKER SHOCK: DODGERS SCRAP LUXURY SUITES IN '99 DUE TO $$

              The cost of adding luxury suites to Dodger Stadium "is
         much higher than the Dodgers expected and could put the
         project in jeopardy or eventually cause the club to weigh
         renovating" its ballpark against building a new one,
         according to Kuwada & Kingsley of the ORANGE COUNTY
         REGISTER.  The team "thought" luxury suites and other
         enhancements could be completed before next season, helping
         offset a player payroll that has gone from $47M to $61M this
         season, but development and construction costs "could run as
         high as" $200M.  As a result, Dodgers President Bob Graziano
         said that the team will not add 60-75 planned luxury suites
         before next season.  He added that, "For next year, we're
         going to have to take a look at an increase in sponsorship,
         an increase in media income. ... We don't have luxury
         suites, we don't have much signage inside our stadium and
         relatively low ticket prices, yet we have the sixth-highest
         payroll in baseball."  Graziano, asked if the team could do
         without luxury suites: "It's possible, but unlikely I'd
         say."  Asked about replacing Dodger Stadium, he said, "We
         have not started evaluating that yet" (O.C. REGISTER, 8/18).
    
    

    Print | Tags: Facilities, Los Angeles Dodgers, News Corp./Fox
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