PATRIOTS AGREE TO SIGN LEASE AT MEGAPLEX
A "key step" was taken yesterday in plans to build a
convention and sports facility in Boston as the Patriots agreed
to sign a reported 25-year lease and become the "main tenant" of
the proposed megaplex, according to Richard Kindleberger in
today's BOSTON GLOBE. Although no details were released, the
team and members of the megaplex commission said they reached an
"agreement in principle." Kindleberger notes, "Although signing
the Patriots was seen as critical to advancing the project, the
commission must still come up with other funding for the
complex." According to commission co-chair Kevin Fitzgerald, "If
a private corporation were to step forward with a major
contribution, that could help clinch the deal." As reported in
yesterday's SPORT BUSINESS DAILY, ITT is interested in investing
in the megaplex (BOSTON GLOBE, 5/23). In the BOSTON HERALD, Phil
Primack reports that the deal is worth $100M over 20 years, and
negotiations will now continue with the Red Sox. State Sen.
Robert Havern: "The Red Sox will be very happy with how this is
concluded. We want the Red Sox to be involved in this deal"
(BOSTON HERALD, 5/23).