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troutman · 10-17-2014, 11:14 AM

Unpaid Arena Loans Illustrate Calamity Of Blue Jackets In Columbus

http://www.forbes.com/sites/mikeozan...s-in-columbus/

The Columbus Blue Jackets may be economically nonviable in Columbus, Ohio.

The NHL team, which entered the league in 2000, lost a fortune during its first several years in Columbus in part because of costs associated with its arena. In March 2012, the city of Columbus, Franklin County, Nationwide, Columbus Blue Jackets, Ohio State University and the Authority agreed upon a plan for Nationwide Arena to transition it from private to public ownership so that the Blue Jackets would not be burdened by the arena’s financial obligations.

The Franklin County Convention Facilities Authority bought Nationwide Arena and gave the team free rent. The city-county authority financed the $52 million deal through loans from Nationwide ($42 million) and the State of Ohio ($10 million). The arena costs were supposed to be covered with money from a casino. But the casino has crapped out, and WOSU Public Meida reported yesterday that no payments have been made to pay off either loan. Zero.

10-17-2014, 11:14 AM	#77
troutman Unfrozen Caveman Lawyer Join Date: Oct 2002 Location: Crowsnest Pass Exp:	Unpaid Arena Loans Illustrate Calamity Of Blue Jackets In Columbus http://www.forbes.com/sites/mikeozan...s-in-columbus/ The Columbus Blue Jackets may be economically nonviable in Columbus, Ohio. The NHL team, which entered the league in 2000, lost a fortune during its first several years in Columbus in part because of costs associated with its arena. In March 2012, the city of Columbus, Franklin County, Nationwide, Columbus Blue Jackets, Ohio State University and the Authority agreed upon a plan for Nationwide Arena to transition it from private to public ownership so that the Blue Jackets would not be burdened by the arena’s financial obligations. The Franklin County Convention Facilities Authority bought Nationwide Arena and gave the team free rent. The city-county authority financed the $52 million deal through loans from Nationwide ($42 million) and the State of Ohio ($10 million). The arena costs were supposed to be covered with money from a casino. But the casino has crapped out, and WOSU Public Meida reported yesterday that no payments have been made to pay off either loan. Zero.