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).
