Quote:
Originally Posted by Wormius
Who put in the money to build Rogers Arena, in the second most expensive city in Canada?
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It was privately funded to house both the Canucks and the Grizzlies in a much larger market with many more off-season events (meaning it would have nearly 100% occupancy for much of the year), required the owner to bring on a minority partner to help finance its construction and financing costs, was done at a time when construction was far cheaper than today, and involved a sweetheart land purchase. The total equivalent cost in today's dollars (with the recent spikes in material costs) would be about $300M, which is less than CSEC was prepared to put into this project.
Let's face it, arenas built in small to medium sized markets will not be profitable in themselves. It's only when you consider the boost to the food, retail, and tourism industries that it makes any financial sense at all, but those aren't benefits that are reaped by the franchise owners, but by the community as a whole. Which is why a partnership between the franchise and the municipality makes sense when you're not dealing with a large market. If we don't want that, fine, but then we will have to live without the pride and prestige that come with having a major league sports team and a venue that attracts top artists.