Edmonton rejects Oiler [Arena] bid for more taxpayer dollars
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09-19-2012, 11:14 PM
Join Date: Nov 2007
Lifelong Edmontonian here...
This whole mess could be easily solved if Mr. Katz would allow the use of PSL's, whereby private citizens would buy the rights to their seat for X years by way of a lump-sum payment up front. This method has been used countless time by NFL owners, & while I think it's repugnant, it does generate the necessary capital that would be needed to build, or partially build, an arena/stadium.
However, Mr. Katz has declined to entertain this option, because it would mean taking away future revenues from his pocket, & why use your own money when someone else's will do?
Oh, & you might want to think about this tidbit... Katz ain't as rich as he makes himself out to be. Back in 2009, CIT Financial declared bankruptcy - guess who they helped purchase a local hockey team with a $200M loan? You may have money, but you're always someone's *****.
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