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SBD/Issue 38/Facilities & Venues
Published November 3, 2010
|Red Sox Have Received $11.1M In Credits
For Fenway Park Renovations To Date
In Boston, Thomas Grillo reports the Red Sox are "seeking millions of dollars in historic rehabilitation tax credits as the team wraps up a decade-long Fenway Park renovation this offseason." The team has received $11.1M in credits thus far, and "hopes to score another $28.4 million on qualifying renovations" totaling nearly $200M. The state can provide up to a 20% "credit for work approved by the Massachusetts Historical Commission." Brian McNiff, a spokesperson for Secretary of State William Galvin, said that "given the size of the state’s historic credit budget and the competition, the team will not get the full credit" (BOSTON HERALD, 11/3).
COMING DOWN THE MOUNTAIN: BLOOMBERG NEWS' Doug Alexander cited sources as saying that Whistler Blackcomb Holdings Inc. raised $297M in "an initial public offering after cutting the share price twice." The company, owner of the Whistler ski resort, sold 25 million shares, or a 66% stake, for slightly less than $12 apiece. The company "had planned to sell shares" for as much as roughly $15. Alexander noted the "proceeds will be used to repay debt owed to Intrawest ULC" (BLOOMBERG NEWS, 11/2).
SPANISH ACQUISITION: Valderrama Golf Club in Sotogrande, Spain, has "agreed to be purchased" by the Greg Norman-owned Stripe Group. Soto Properties "will sell the property for an undisclosed sum," and the deal is "expected to close within weeks." The Stripe Group said that it is purchasing the club, a former Ryder Cup venue, "to strengthen its position in the business of golf events in Europe" (GOLFWEEK.com, 11/1).