Sunrise Sports Seeks To Restructure BankAtlantic Center Debt
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SSE Hopes Debt On BankAtlantic Center Can
Be Restructured To Provide Panthers Relief |
Sunrise Sports & Entertainment (SSE) "has asked Broward County to restructure its debt on the county-owned BankAtlantic Center to provide the money-losing" NHL Panthers with "some financial relief," according to Sarah Talalay of the South Florida SUN-SENTINEL. SSE also had requested a $2M "short-term loan from the county," but SSE President Michael Yormark Thursday said that the company is "no longer seeking the loan." Yormark said that SSE's debt payments, "combined with increased insurance premiums and an obligation to help pay for a ramp to the Sawgrass Expressway, have become increasingly onerous." Yormark: "We're not looking for a handout; we're looking to see how we can perhaps revise, change, modify the partnership so it's better for all parties." The issue is "scheduled to come before commissioners at their Sept. 22 meeting," and County Commissioner John Rodstrom noted the county's risk is "elevated by giving them more time to pay." Rodstrom: "I'd want to know how bad things really are." Talalay notes SSE under its agreement with the county "contributes annually to repayment of construction costs of the arena and operates the building," and if SSE is "unable to meet its obligations, the county would need to take over operation of the arena and cover the payments." Yormark said that SSE's annual payments, "plus insurance and ramp costs," are about $9.1M (South Florida SUN-SENTINEL, 9/11).
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