Quote:
Originally Posted by old-fart
So Katz pays $5.5M per year plus $10M per year to run it, but wants $6M per year from the taxpayer, $2M per year in advertising from the city, and $3M per year in naming rights (plus tax breaks and a casino licence).
That works out to the Oilers paying $4.5M per year to run the building (on expected operating costs of $10M), and keeping all the revenue from basically everything except for one month (I assume either June or July when he building is largely empty). Concessions alone is expected to make $20M, so the Oilers make $15.5M off nothing but concessions - add in all the tickets, parking, other advertising, etc.
The city on the other hand gets to pay $700M and up to build the thing, and will never, ever get it back.
Seems like a good deal to me....
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Its a grim deal, but as ludicrous as his demands are, hes not asking the city to pay the whole $700M, just the majority of it with no real expectation of profit.
Reading the TSN article about the CRL (taxpayer fund) contribution being a shell game is really interesting.
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