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SBJ/June 12 - 18, 2000/Finance
Published June 12, 2000
Ilitch paying for overruns
Detroit Tigers owner Mike Ilitch and Olympia Entertainment are using cash and loans to cover nearly $100 million in additional costs for the team's new Comerica Park, according to a Detroit Free Press report. The park's total cost was posted as at least $361 million. Olympia is owned by the Ilitch family and handles concessions at Comerica Park and other Detroit venues. Comerica Park opened this season.
Catalog firm joins Amex
Dallas-based sports-equipment catalog company Collegiate Pacific Inc. moved to the American Stock Exchange from over-the-counter trading on Wednesday. The company's common stock is trading under the ticker symbol BOO.
Lacrosse team for sale
The Pittsburgh CrosseFire, a National Lacrosse League franchise that relocated to Pittsburgh last year from Baltimore, has been put up for sale. In its first season at Mellon Arena, the team averaged 4,500 fans a game, less than anticipated. Team officials said owner Dennis Townsend, a Baltimore real estate investor, is not putting the team up for sale because of attendance but rather because he was disappointed in the team's record. The CrosseFire finished 6-6 and missed the playoffs.
Oilers tap fans, hit goal
The Edmonton Oilers reached the mark of 13,000 season tickets sold for next season to qualify for the NHL's Canadian currency equalization program. The program is intended to financially aid the league's Canadian teams relative to U.S. teams as they battle the weak Canadian dollar.
Pittsburgh work reviewed
Federal authorities are investigating whether contractors to build the new PNC Park for the Pittsburgh Pirates and the Pittsburgh Steelers' planned new stadium offered payments to women- and minority-owned firms to publicly proclaim their involvement in the projects without actually receiving work contracts, according to a Pittsburgh Post-Gazette report. Prime contractors were expected to subcontract at least 25 percent of the work to companies owned by minorities and 10 percent to companies owned by women. Contractors and the Pittsburgh Sports & Exhibition Authority, which is overseeing the construction work, denied the claims.