A judge is set to rule today on how to open up bidding
for the "financially strapped" SkyDome after hearing
"conflicting arguments that the process could either be an
excellent opportunity for stakeholders or nothing but a big
gamble," according to Tony Van Alphen of the TORONTO STAR.
The decision will be "crucial" in determining the ownership
of the facility, which is currently under court protection
from creditors. Yesterday's "eight hours of arguments"
ended with SkyDome attorney David Baird calling current
bidder Sportsco Corp. "nothing more than a `tire kicker'
with a name who `hasn't put a cent on the table.'"
Sportsco's C$100M bid has prompted bondholders to intervene
and ask the court "to appoint a receiver to pursue the
Sportsco offer" while "still considering any other bids."
This plan "assures they will get full payment," and a formal
bidding process "poses the strong risk that Sportsco. ...
will drop out or make a lower bid if no other viable suitor
emerges" (Tony Van Alphen, TORONTO STAR, 12/18).
LABATT ON DECK? A court was told yesterday that Labatt
Brewing Co., which owns 48% of SkyDome, "will make an offer
to buy all of [the stadium] if it has a chance." Labatt
attorney James Dube: "There will likely be a Labatt bid, but
in an open process. We also say that Labatt at this time is
not entertaining any offers to purchase its interest in the
Blue Jays." A ruling on the bidding process is expected at
3:00pm ET today (Dick Chapman, TORONTO SUN, 12/18).
