RAPTORS STADIUM CLOSER TO FINE?

     Jay Cross, Stadium Project Dir for the Raptors, said Friday
the team is closer to breaking ground on their new arena,
according to the TORONTO STAR.  Cross said the team is "there in
every technical sense.  All of the agreements are settled."  But
details left to be worked out include team ownership of the land
and financing.  The Raptors have retained investment firms
ScotiaMcLeod and Prudential Securities to secure long-term
financing.  The franchise "will likely seek backing from a
syndicate of insurance companies, rather than banks, because the
insurance firms offer longer-term arrangements and this is the
time to lock in at today's relatively low interest rates" (David
Israelson, TORONTO STAR, 5/11).

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