Tuesday, February 28, 2006

NHL's take and possible private funding plan in Pittsburgh

OK, so the NHL, Pittsburgh's Mayor and the Allegheny County Chief Executive met about an alternative arena proposal and have agreed to improve communication.

However, the league came out in support of the Penguins/Isle of Capri proposal and suggested "local leaders get behind the existing arena funding plan".

NHL committed to helping Pens solve arena issue

To be honest, I don't know how this affects whether the Penguins move or not. Things will really start happening in June.

You can't say people in Pittsburgh aren't trying to find creative ways to finance a new arena.

A conservative think tank proposes creating an "arena corporation" to find private money to fund a new arena for the city.

Possible avenues for private money, the institute said, included the issuance of shares in the corporation or the recruitment of investor partners and the sale of naming rights, with a goal of raising $100 million to $150 million from those sources.

Other revenues for financing the arena, which is expected to cost about $300 million, could be generated through the sale of seat licenses, luxury box rentals, concessions, in-arena advertising and event fees.

The Penguins say they already have a plan to privately fund an arena.

Funny...because they do...the only problem with the Penguins proposal is that it isn't lining the Governor's pockets.


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