Houston-based PFA Acquisition and Development Co. is the
latest company to join the list of "would-be" buyers for the
Charlotte Coliseum, according to this morning's CHARLOTTE
OBSERVER. The company has "lined up" a brokerage firm, an
entertainment management company and a law firm to fashion a
public-private partnership with the city to own the Coliseum.
PFA also wants to bring a NHL team to the city. However, Mayor
Richard Vinroot says that it's "premature" to entertain other
offers for the Coliseum until negotiations with the Hornets are
concluded. Talks between the Hornets and the city continue this
week and "are focusing on restructuring the Hornets lease."
Vinroot said yesterday that he has received two letters from
potential buyers other than the Hornets, one of which is
reportedly worth around $80M. The Hornets "peg the Coliseum's
worth" at $60-65M, "which the city deems too low." PFA
reportedly will wait to see the city's and team's revenue figures
before suggesting a price (CHARLOTTE OBSERVER, 2/21).
In Pittsburgh, Steelers President Dan Rooney is "skeptical"
of Mayor Tom Murphy's plans to build a new ballpark for the
Pirates, saying that it "won't cure the Pirates financial ills --
and the city can't afford it." With a $44M debt still "hanging
over" Three Rivers Stadium, Rooney questions whether the city can
afford to finance a new park. According to Kenneth Shropshire,
an economist at Wharton School of Economics, since '92, American
cities "have spent more than" $1B to renovate or construct new
stadiums or arenas, and $6B will likely be spent by 1999. But,
Rooney doesn't feel that building new facilities is the only way
to make more money. Rather, Rooney suggest that the NFL share
stadium revenues as they do with gate and TV receipts (Steve
Halvonik, PITTSBURGH POST-GAZETTE, 2/21).