Penguins to pay half -- KC Star erroneously reports
The Star hurriedly chimed in on the Fingold/30-day negotiation period story.
Thirty-day period over, but Fingold, who talked of bringing Penguins to KC, can still buy team
One of those issues likely centers on the arena situation. The main hope for funding a new arena in downtown Pittsburgh would be if the Isle of Capri is granted the city’s license for slot machines. The Isle of Capri said it would commit $290 million toward the new arena if it wins the license. But if one of two other companies receives the license, a secondary Plan B would provide only half the necessary funding of the arena, and the new owner likely would be responsible for the remaining costs.
Wow. That is very, very incorrect.
Penguins officials react cautiously to Rendell's backup arena plan
The governor's proposal would require annual debt payments of $18.56 million for 30 years. That money would include a voluntary $7.5 million annual contribution from whichever group receives the slots license; $7 million a year from the state new Gaming Economic Development and Tourism fund derived from slots revenue; $2.9 million a year from the Penguins'; and $1.1 million a year from naming rights and food and beverage sales at the arena.
From that where does anyone get "new owner likely would be responsible for the remaining costs [half]"
Let's get this straight
$7.5M per year from whomever is awarded slots license
$7M per year from Gaming fund
$2.9M per year from Pens (plus $8.5M up front)
$1.1M per year from naming rights
I went to the William Allen White School of Journalism at KU, twice, so I'm no math wizard, but I come up with the Pens paying 17% for the arena, not the misleading "remainder after half" that the Star quotes.
“It’s apparent to me that the Isle of Capri has to pass in Pittsburgh,” McGannon said. “If it doesn’t, the current Plan B would mean the current or future Pittsburgh ownership group would have to fund half the building. Well, the Kansas City deal is a better deal.”
Is McGannon equally uninformed? Where do these guys get "half"?
Speechless. I'm simply speechless. The Star continues to take what AEG and NHL21 says at face value without questioning what they say or researching it to see if it is accurate.
Dear KC Star,
Here's a hint. When Fingold signed the LOI I put a note on my Yahoo! Calendar 30 days after the LOI. Then, I planned to post a story that day. Perhaps you could do the same thing in the future and be a little more timely.
Your friend at www.kchockeybuzz.com