Claiming that it was losing money on the facility,
Maple Leaf Sports & Entertainment (MLSE) said that it will
either sell or "remain as owner of a drastically redesigned"
Maple Leaf Gardens, according to John Kryk of the TORONTO
SUN. MLSE President & CEO Richard Peddie "refused to reveal
whether" the preference would be to remodel or sell. Kryk
wrote that MLSE has hired Toronto-based realtor CB Richard
Ellis to "solicit bids from developers and investors"
(TORONTO SUN, 9/9). Maple Leafs President Ken Dryden: "We
tried to make it work and couldn't. Let's see if someone
else can" (Kerry Gillespie, TORONTO STAR, 9/9). Maple Leaf
Gardens "is projected to lose more than" C$1M this year and
"'several million' per year in the future." Air Canada
Centre and Maple Leaf Gardens GM Bob Hunter said that the
Gardens "requires more than 200 revenue generating events a
year to break even," and "only 60 are scheduled through next
April" (TORONTO SUN, 9/9). The Gardens' "occasional tenants"
are the NLL Toronto Rock and junior-hockey team St. Mike's
Majors, and the facility has staged "few concerts" since the
Air Canada Centre opened in February (TORONTO SUN, 9/9).
JUST ANOTHER BRICK IN THE WALL: In Toronto, Joel
Baglole writes that the Gardens could be sold "brick by
brick" rather than as a whole. Some sports memorabilia
insiders "put the sentimental value" of the Gardens near
C$50M. Dryden: "Memories are valuable. There's no way of
knowing how much those things inside would go for. The
tangible value may be X. But the emotional value may be
three times X." Sports Mint Collectibles Gallery Owner
Rocco Mazzaferro said that selling the Gardens' 15,800 seats
"would bring in about" C$8M (TORONTO STAR, 9/10).
