SBD/19/Facilities Venues

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).

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