Warriors Hold Lavish Arena Groundbreaking Glen Taylor Commits $9M More To Arena Upgrades Braves Moving Spring Home To Sarasota County Seattle Mayor Arranging Talks With NHL, NBA Facility Notes Braves Pursuing Palm Beach County ST Complex Target Field Debt Being Paid Off Early FAA Approves Inglewood Stadium Project Goldman Committed To Financing Raiders' Vegas Venue Broncos Continue Search For Venue Naming-Rights
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).