: News Article:
New Arena deal agreed to by city and Katz group:mod warning #616
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05-14-2013, 07:17 AM
CDN Werewolf in LDN
Join Date: Sep 2003
Location: London, UK
Originally Posted by
Scary when you realize that all the owners that built rinks were forced to sell and declare bankruptcy. Yea, that's a model I want to see the Oiler's owner taking. And what about a big city with hockey interested fans? I can almost guarantee a team goes to Seattle if they build a new arena.
A lot of other factors contributed to Ottawa and Vancouver's owners having to sell. The loans for Scotiabank were called in because Enron croaked and they didn't have the capital to pay them right out. Vancouver had overruns on the arena, lost revenue on the 94 lockout and paying the expansion fee for the Grizzlies might have tipped the pot. Building a rink was not
reason for the bankruptcies and shouldn't scare off people wanting to build arena's privately.
Building the arena is exactly what this city needs, but I don't agree with the financing. The way I see it, Katz can pay for the arena and the city can pay for the infrastructure. I'm not Katz, but I would like to think if I was in his position I would try and get the financing privately to build this arena for my hometown.
I understand owning a NHL franchise is not some hand over fist money generating machine and he has already helped Edmonton out by buying the Oilers. However, end of the day if this arena gets built that value and asking price for the Oilers increases to Katz benefit.
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