SkyDome will file for bankruptcy protection on Thursday
in an effort to restructure "some sweetheart deals" signed
before it opened "in the haste to get cash," according to a
source of Brent & Bouw of the FINANCIAL POST. SkyDome
spokesperson Joanne Hayes: "We have a lot of historical
things that we have to work out." SkyDome, which pays
"about" C$12M annually in municipal taxes, estimates that
the Blue Jays make C$30-40M less than teams that own their
own buildings (FINANCIAL POST, 11/25). SkyDome officials
"continued to deny" that SkyDome would file for bankruptcy
protection. Hayes: "No final agreement has been reached by
shareholders on how to proceed. ... We do want to end the
speculation, that's for sure" (EDMONTON SUN, 11/25).
SOLUTIONS: In Toronto, Philip Lee-Shanok writes that
the "only alternative" to filing for bankruptcy is "solving
ownership problems." A source said that ownership of the
Jays and SkyDome would be "exactly the same" if Penfund
Management and Controlled Media Investments sell their
SkyDome shares to Interbrew SA (TORONTO SUN, 11/25). A SUN
editorial said that SkyDome's problems aren't mechanical or
aesthetical, but financial, and "money problems can almost
always be fixed." From the editorial: "We would all do well
to remember that the SkyDome is staying put. It can't be
converted into condos, or into a Wal-Mart" (STAR, 11/25).
NEW LEASE ON LIFE: Tony Van Alphen writes that the Jays
could "receive multi-million dollar annual rebates" to play
at SkyDome under the terms of a proposed 10-15 year lease.
The lease would have the Jays paying rent "similar to a
formula that was in effect during past season," but the team
would receive C$4M in years 2-4, C$8M in years 5-7 and C$12M
in years 8-12. A source: "These payments amount to a
subsidy for the Jays. In fact, they'll be paid to play at
the stadium (Tony Van Alphen, TORONTO STAR, 11/25).
