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Charlotte Coliseum Articles
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Charlotte Coliseum Articles
CHARLOTTE CONSIDERS ITS OPTIONS
November 30, 2000
Copyright 2000 MediaVentures
It's not that the negotiations aren't going well, it's just that Charlotte wants to know its options if the Hornets decide to leave the city. That's why city officials asked their attorney to put together a briefing paper on the topic.
The city and team are working on a plan to finance a new arena. After December, the Hornets have the option of leaving the city. That's based on a lease clause that says the team can leave Charlotte Coliseum without penalty if the city fails to provide arena financing or if the team does not sell at least 15,750 season tickets. The team says it will not meet the ticket goal.
Missing the goal opens the door for the team to leave and rumors suggest that Louisville is interested in building a new arena for them. Team officials say they are not seeking a way to leave Charlotte.
The city attorney is suggesting that the city make some offer to the team before the end of the year so the team cannot say the city failed to make a proposal. The point is more political than practical since missing the season ticket goal clears the way for the team to leave. However, it could bolster the city's case if it decides to appeal to the NBA to block any team move.
The last talks were more than three weeks ago and another session is scheduled for today (Thursday). Both sides say they are positive, but observers suggest the city is frustrated in its talks with co-owner Ray Wooldridge.
CITY AGREES THAT HORNETS BLEED RED INK
October 26, 2000
Copyright 2000 MediaVenturesAfter reviewing financial documents, the City of Charlotte is convinced that the Hornets are losing money and need a new arena. The team claimed it was losing $1 million a month and city officials wanted proof of that before finalizing a plan to build a new arena.
Both sides continue to discuss the financing of a new arena and plan another negotiating session next month.
Meanwhile, a lower than expected appraisal for land under the Charlotte Coliseum is weakening support among some City Council members for funding to build a new arena for the Hornets. Other council members say it is too early to tell if the issue is enough to scuttle the plan.
The appraisal shows the 176 acres around the Coliseum is worth about $11 million while the eight acres the city wants downtown is valued at $20 million. It would also cost the city $3 million to raze the Coliseum. The downtown land is owned by First Union and is mostly undeveloped. The proposed arena was estimated to cost $250 million, including land.
If the appraisal holds, it would mean the city would have to come up with more money and several council members are already concerned about spending funds for the arena without a public vote.
CHARLOTTE FINDS LAND VALUE DOES NOT MEET EXPECTATIONS
October 19, 2000
Copyright 2000 MediaVenturesThe City of Charlotte hoped to swap land under Charlotte Coliseum for another site downtown to help fund a new arena, but appraisals say the Coliseum land is not worth as much as the city expected. The discrepancy could hurt the city's financial position in helping finance a new arena for the NBA Hornets.
The appraisal shows the 176 acres around the Coliseum is worth about $11 million while the eight acres the city wants downtown is valued at $20 million. It would also cost the city $3 million to raze the Coliseum. The downtown land is owned by First Union and is mostly undeveloped.
The proposed arena was estimated to cost $250 million, including land. The increase comes as the city and the Hornets are working out details of building the venue. The work must be complete by the end of the year or the Hornets have the option to leave the Coliseum without penalty. Both sides meet again next week.
HORNETS SAY NO MOVE PLANNED
October 12, 2000
Copyright 2000 MediaVenturesThe Charlotte Hornets say they are not planning a move to St. Louis and officials of the Savvis Center in St. Louis say they aren't talking with the team about a move. Still, Bill Laurie, the owner of the venue and the NHL Blues, has made no secret about the fact that he would like to put an NBA team in the building.
The Hornets are in negotiations with the city to fund a new arena. A clause in the team's lease would allow it to leave after this season if no deal is reached. Both sides said no communications had been made between them for several months, but did not comment on what may have been said before then.
Observers say the deal is not likely. Hornets owners George Shinn and Ray Wooldridge have said they don't want to sell the team. Laurie would rather own a team than simply be a landlord. Laurie has tried to buy the Denver Nuggets and Vancouver Grizzlies, but failed in both attempts.
HORNETS MOVING CLOSER TO DEAL WITH CITY
October 5, 2000
Copyright 2000 MediaVenturesThe Charlotte Hornets and the city came out of a second negotiating session this week saying more talks were needed and no decision had been made on how to divide the cost of a proposed $250 million arena. The next session will be the week of Oct. 23.
The city and team are working against a Dec. 31 deadline when the team will have the option of leaving the arena. The Hornets have said without a new building they would have to look to another city, but team officials said they were confident a deal could be reached. The team has pledged to pay about 25% of the cost of the arena.
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