A group headed by former Blue Jays GM Pat Gillick "is
the winning bidder in the auction for SkyDome Corp.," with
an offer that includes C$80M in cash and a new name for the
stadium, according to MacDonald & Waldie of the Toronto
GLOBE & MAIL. Court documents show the Sportsco bid
includes a move to give the stadium "some other name which
does not include the word SkyDome or any similar word."
Selected by court-appointed monitor PricewaterhouseCoopers,
Sportsco "topped a rival offer" from Labatt Brewing Co.,
which currently owns 49% of the facility and 90% of the
Jays. Along with the C$80M in cash, the bid also includes
C$7.5M for a bus shelter at the stadium and C$43M for
arrangements already made with suppliers and customers.
Though Labatt's offer included C$105M in cash, sources of
SkyDome creditors said Sportsco's bid was more attractive
because it was "a straightforward asset sale, while the
Labatt bid was more complex and required several rounds of
creditor approval." The deal also puts the ownership of the
Jays "in question," as Labatt Owner Interbrew has considered
"selling it in the past" (GLOBE & MAIL, 2/10). But Labatt
Dir of Public Affairs Jim Villeneuve said his company will
keep the team: "We have no desire to sell" (TORONTO STAR,
2/10). Jays President Gord Ash: "We've operated in a tenant
relationship for 22 years. So I don't see how this will
change the dynamics of how we operate" (GLOBE & MAIL, 2/10).
