Since a new/renovated stadium is under discussion, the province of Manitoba has now written off almost the entire stadium debt, because of course stadiums and arena's are definitely financial winners (like the Olympics...)
Quote:
The Manitoba government is writing off the second of two loan segments that helped finance a new stadium for the Winnipeg Blue Bombers of the Canadian Football League.
Premier Brian Pallister said Wednesday there is no reasonable chance that the Bombers and others in the consortium that owns Investors Group Field can repay the $82 million.
"Despite the best efforts of the team on the field last year, where they profited to the tune ... of over $2 million, that wouldn't even come halfway towards the obligations the [former NDP government] set up for them," Pallister said.
The province has already written off another $118-million loan portion that helped get the stadium built in 2013.
Finance Minister Scott Fielding said the new loan writeoff will affect the final deficit figure for the last fiscal year, which is to be revealed later this week.
Investors Group Field has faced challenges since the beginning. There were cost overruns and repairs needed soon after it opened. Commercial development on the old stadium site, which was to help pay for the new facility, stalled.
The Bombers were given a break on loan interest until this year, and the interest payments at current rates would work out to an extra $4 million in annual costs for a facility that hosts 10 regular season games each year and a handful of other events such as concerts.
|
https://www.cbc.ca/news/canada/manit...839478?cmp=rss