Cincinnati's Firstar Center, which is "losing money" on
the IHL Cyclones and "trying to refinance nearly" $30M in
debt to Provident Bank and the Cincinnati Equity Fund, "is
entertaining offers to buy a stake in the downtown arena,"
according to Cliff Peale of the CINCINNATI ENQUIRER. CEA
Holdings President Doug Kirchhofer confirmed that several
national arena operators -- including Global Spectrum --
"have offered to manage" the 25-year-old building "and take
an ownership stake." The Cyclones have "cut its office
staff by more than half" to about 20 employees during the
past several years, and "should slash enough cost to break
even" during the FY that started July 1. Kirchhofer said
that while the team "has lost money each of the past three
years," he has "rejected dumping the Cyclones," as the team
"anchors the building with dozens" of annual dates.
Ownership last year also added the IBL Stuff. Dave Siehl,
Dir of the Nutter Center in Dayton, on the financial
struggles of Firstar: "Everybody without an NBA or NHL
tenant is struggling" (CINCINNATI ENQUIRER, 9/14).
