The start of construction on a new stadium for the Brewers
could be delayed because of problems with the team's finances,
according to the MILWAUKEE JOURNAL SENTINEL. Although
groundbreaking is scheduled for March 17 or 18, a "delay of a few
weeks is almost inevitable," and one source said groundbreaking
"could be put off by three or four months." The "elements in
doubt" appear to be the team's $90M share of the stadium's cost,
including a $50M loan from the WI Housing and Economic
Development Authority and $40M that they agreed to raise
themselves. WHEDA Exec Dir Frank Ruf said the process was
running behind and said they are "very concerned. There are a
lot of hurdles if we're going to meet the March 17 deadline."
One problem complicating the WHEDA loan is the "fact that three
major financial institutions have liens on Brewers revenue
sources that could take precedence over the Brewers' obligation
to WHEDA bond-holders." The team also has not "nailed down their
direct" $40M funding -- $25M is to come from naming rights, but
the team just hired a new Vice President to sell those rights on
January 5 (MILWAUKEE JOURNAL SENTINEL, 1/18).
