SportsBusiness Daily — Sports Business Resources — your sports business news and information source. Learn More
Advanced
Home About Us Advertise With Us Marketplace/Classifieds College & University Program Subscribe/Trial My Account

Friday
July 25, 2008
Print This Issue


 
MOST VIEWED STORIES
  1. Demise Of "Moneyball" Film Examined
  2. UCLA Unveils Ticket Plan For Pauley Pavilion
  3. HSMG Folds, Sends Staff To Rangers, Stars
  4. Murray Could Cash In With Wimbledon Win
  5. Isles Sign One-Year Deal With BlackBerry
View the top 20 stories
 
Recent Issues
Facilities & Venues

Louisville Arena Funding Delayed Due To Bond Uncertainty

Louisville Arena Funding On
Hold Due To Bond Uncertainty 
Louisville Arena Authority (LAA) Chair Jim Host said that using bonds to pay for the new $249M downtown arena "now is 'on hold'" and that the authority "will likely have to craft a new deal," according to Marcus Green of the Louisville COURIER-JOURNAL. The announcement follows Monday's move by Moody's Investors Service (MIS) "to consider downgrading its opinion of the financial strength of the arena's bond insurer, Bermuda-based Assured Guaranty." Host said that the move by MIS "could add more than $60[M] to the project's total debt cost, which is about $600[M]." Host said that Goldman Sachs officials are "expected in Louisville early next week to discuss possible financing scenarios." Host "declined to name all the scenarios but said they could include a short-term construction loan or a line of credit from several banks to replace the insurance-backed bonds." Host added that a "new plan could be in place as early as the middle of next week." The LAA "needs to have money for construction in hand within 60 days for the arena to stay on track for a fall 2010 opening" (Louisville COURIER-JOURNAL, 7/25).

Print This Article

Reader Comments

To post comments on this article, log in or register for a free trial.

ALSO IN THIS SECTION


Go To Events & Attractions

A Publication of Street & Smith's Sports Group.
Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (REVISED 2009-06-23) and Privacy Policy (REVISED 2009-06-23).

© 2009 Street & Smith's Sports Group and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Street & Smith's Sports Group.