Quote:
Originally Posted by EldrickOnIce
These 'public palaces' are in the National Hockey League.
But we should tell the whole story of these 100% privately funded Canadian facilities, because outside of the ACC, they are not outstanding success stories.
Bell Centre - Montreal
Molson funds construction of the $400 million Bell Centre, which opens in
1996. By 2001, Molson, seeking to “refocus on its core brewing business”, sells the team to American George Gillett.
GM Place - Vancouver
Arthur Griffiths spent approximately $180 million to build GM Place.
Having overextended himself funding the construction, he is forced to sell
a majority interest in the team to John McCaw
Scotiabank Place - Ottawa
Rob Bryden borrowed $184 million to fund construction of the Corel
Centre (now Scotiabank Place). His development company subsequently
declared bankruptcy and he lost control of the Senators to current owner,
Eugene Melnyk.
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Montreal - Molson rebought the team in 2009 for $500-$550 million after selling it in 2001 for $185 million, so they seem to be ok with everything.
Vancouver - the owner was forced to sell to McCaw, it wasn't like he wanted out. He just couldn't sell a portion of the team so the minority owner took over.
Ottawa was a mess from the get-go, so I agree there. It was a questionable market and they built the arena in the middle of nowhere.