The Raptors want Canada Post to be "part owners of a proposed downtown" arena, but the postal company will not "play ball." Sources say that the latest offer for the site is a mix of "some upfront cash and a percentage of revenue over 50 years leading to part ownership of the stadium." But sources told the TORONTO STAR: "This sort of risk-sharing between the Canada Post Corp. and a sports franchise would not be an appropriate way to handle public funds." It is also "not consistent with the good business practices of the corporation." But Canada Post reportedly "remains open to an offer that would provide (it) with a fair value for the property in question, with no strings attached." So talks between the post office and the Raptors will continue. Canada Post directors are "believed to have serious concerns about rushing into a deal for the property," valued at C$200M before the Toronto real estate market "dived" in '90 (David Israelson, TORONTO STAR, 11/30).
The Rockies will pay $30M of an estimated $215M in construction costs at Coors Field under a new long-term lease agreement. The details of the proposed 22-year agreement between the Rockies and the Denver Metropolitan Major League Baseball Stadium District were released Monday. About $32M in baseball revenue will be distributed among six Denver metro counties between 2000-2016. The former lease had allowed the Rockies to keep profits from several sources of stadium revenue, including parking and concerts among other non-baseball events. Also, the team would not have been required to pay for construction costs (AP, 11/29).
Last week, Cardinal's Owner Bill Bidwill told the BusinessJournal of Phoenix that the current stadium at Sun Devil Stadiumin Tempe is inadequeate and that he desires a new, state-of-the-art domed facility for his team. The Cardinals have played atSun Devil at ASU since 1988:
Sun Devil Stadium, Tempe, AZ.
|AGE:||Built in 1956.|
|LUXURY SEATS:||60 luxury boxes, 8 suites team recieves all revenue from luxury seating.|
|OWNERSHIP:||Owned by the State of Arizona.|
|MANAGEMENT:||Operated by Arizona State University.|
|CONCESSIONS:||Fine Host Catering. Team gets an estimated 20% of concession revenue.|
|PARKING:||10,000 spots average $4 a car revenue split between the Cardinals and ASU.|
|ADVERTISING:||Cardinals began to share advertising this year with ASU roughly 50/50 split in revenue.|
|LEASE:||Sucession of three 10-year terms first expires in 1997.|
|RENT:||$1.1 million 16th highest.|
(Source: Tom Sadler/Sun Devil Stadium; rent figure from theFlorida Times-Union article on July 24, 1994).