Hornets co-Owner Ray Wooldridge "confirmed details" of
the team's proposal for a $220M downtown arena yesterday
that calls for the public to pay the entire cost of the new
arena, according to Markoe, Chandler & Bonnell in a front-
page report in the CHARLOTTE OBSERVER that features the
headline, "Team Wants Public To Pay All Arena Costs." The
plan would ask for a $150M contribution from the city and
$70M from the state, while the Hornets would pay nothing.
Wooldridge justified the proposal by saying that "the public
would more than recoup its investment because an arena would
spark new development that would generate some $500[M] in
new taxes over 30 years." But Charlotte city officials
"expressed shock and outrage" at the request. Mayor Pro Tem
Susan Burgess: "The magnitude of this proposal is absolutely
unacceptable and insulting." City Council member Lynn
Wheeler: "It would lead one to presume that [Wooldridge] is
not interested in keeping his team in Charlotte and is
entertaining an offer from Las Vegas or New Orleans." But
Wooldridge said that he "intends to stay in Charlotte [and]
... hasn't spoken with any other cities about moving the
team." However, he added that if a local arena deal fails,
"he'd have to look at other cities." The plan was
initially presented to City Council members two weeks ago,
and Wooldridge was "disappointed with the city's skeptical
response and [is] now reconsidering the plans." Although he
may "revise" his numbers, Wooldridge "doesn't expect
dramatic changes." He added that he is aware his request is
"controversial," but said the team "is losing several
million dollars a year." Wooldridge: "I'm very proud of what
we're presenting, and I think it's an incredible opportunity
for everybody" (CHARLOTTE OBSERVER, 3/30).
WOOLDRIDGE MEANS BUSINESS: In Charlotte, Don Hudson:
"Wooldridge is serious. We either break ground [on a new
arena] this summer, or he walks. ... My advice? Take a
hike, Ray" (CHARLOTTE OBSERVER, 3/30). A CHARLOTTE OBSERVER
editorial calls the arena proposal "creative" but "out of
touch with political reality" (CHARLOTTE OBSERVER, 3/30).
