Silver Optimistic About New Bucks' Arena Hurricanes Seeing Smaller Crowds So Far PNC Arena Expansion Plans Revised Plans Advance For DC Soccer Stadium DePaul Arena Will Cost More Than Once Thought Reds Upgrading GABP Ahead Of All-Star Game Flames Close To Arena Announcement? Vegas Arena Could Be First With Retractable Roof Univ. Of Nevada Proposes Mackay Upgrades Facility Notes
AUTHORITY PRESSURES HURRICANES FOR $14M ARENA PAYMENT
Published August 19, 1998
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).