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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).