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Leagues and Governing Bodies

NEW BOND PROPOSAL FLOATED AS POSSIBLE SOLUTION TO NHL AID

          A venture that "combines an investment bond with a
     lottery is receiving attention as a possible lifeline" for
     some of Canada's NHL teams now that help from the federal
     government is unlikely, according to David Shoalts of the
     Toronto GLOBE & MAIL.  The Alberta Sports Prize Bond
     Foundation (ASPBF) has "received all of the necessary
     regulatory approval from various governments and securities
     bodies."  As part of the plan, "bonds will be sold in units
     of $100 and there will be regular draws of bond numbers for
     cash prizes.  All of the bond money will go into a fund and
     the prize money will comes from interest on the fund.  The
     interest income will provide capital funds for maintenance
     and improvements to community-owned sports facilities in
     Alberta."  The funds could be "used to pay for the rent on
     sports arenas."  The "drawback is that interest income will
     not be available until enough bonds have been sold to
     provide sufficient principal."  Shoalts: "From an NHL
     standpoint, using this plan to raise money would mean the
     league could step away [from] its recent announcement that
     it would accept lottery money from Canadian teams that was
     raised by betting on games" (Toronto GLOBE & MAIL, 10/27). 
          

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