In an "effort to build support for a new arena," the
Spurs released financial projections Wednesday "showing the
team would lose" $15.6M over the next three years by playing
in the Alamodome, according to Christopher Anderson of the
SAN ANTONIO EXPRESS-NEWS. The Spurs said that if a new
18,500-seat arena with improved luxury boxes, more parking
spaces and lucrative concessions is built in time for the
2001-02 season, the team "would start to make at least a
modest profit." Spurs VP Leo Gomez said releasing the data
"helps everyone understand why we are in the process of
proposing a mid-sized arena for San Antonio." If the team
continued to play in the Alamodome, its losses would
increase every year until they reached $10.7M during the
2005-06 season. While San Antonio Mayor Howard Peak said
that he couldn't "imagine" the team being able to sustain
those losses for very long, he added that taxing entities
shouldn't "damage themselves by helping build an arena to
protect the Spurs." The Spurs have pledged to pay $20M and
sign a long-term lease toward a $157M arena at the abandoned
Longhorn Quarry. The City Council will decide December 17
"whether to authorize the creation of a tax-increment
financing (TIF) reinvestment zone to pay for most of the
proposed facility" (S.A. EXPRESS-NEWS, 11/19).
SEASON OF DEBTS: Figures showed the Spurs "recorded"
operating losses of almost $2M last season. In '96-97, the
team had operating losses of $4.22M on revenue of $51.9M.
They have lost money each regular season since showing a
profit of $154,000 in '94-95 (EXPRESS-NEWS, 11/19).
