: News Article:
New Arena deal agreed to by city and Katz group:mod warning #616
View Single Post
05-11-2013, 03:57 AM
Up the Irons
Join Date: Mar 2008
Originally Posted by
There was a team with local investors before Katz bought it, they didnt have money to invest in an arena but as Katz is showing you dont need any!
As for risk involved in this deal there is tons for the city. They've committed to investing as much money as they expect to gain from downtown revitalization created by the arena. If those projections fall short the city loses.
financially, yes. but, this is not a 'business' deal for the City, residents and Oiler fans. this is a cultural deal.. a 'quality of life' thing.. in this God forsaken wasteland for 7 months a year. do pools make money? Rec centres? that would be 'no'. this is what is lost by the naysayers. will Katz make money from the arena? sure; about 20 million on a good year, could lose on a bad year, might average 10 mil/year. Katz will make his money peripherally. the people who will make money from the arena are the players. the Mark Fistrics will make 2 mil a year from the profits that the City does not get.
this is about shoring up NHL hockey in our city for 35 years, and building a spectacular architectural masterpiece in our city for the first time in its history. in fact, there is not one single world class architectural achievement in this province. we can be the first.
Up the Irons
View Public Profile
Up the Irons's albums
Find More Posts by Up the Irons