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October 16, 2008
Stadiums and the Economy
The Washington Times, "Sports Biz" (blog)
By Tim Lemke
If there's one area that truly will impact the world of sports, its the credit markets, where lending has practically halted and no one is handing out tons of free cash like in the past. Any team looking to build a new arena or refinance is probably going to find themselves in a pinch.
The good news is that most of the teams entering new facilities in the next year or two had already nailed down funding before the big problems on Wall Street. The Cowboys, Giants, Jets, Yankees and Mets were well on their way to building their stadiums and should be in OK shape when their facilities open in 2009 or 2010.
The NBA's New Jersey Nets, on the other hand, are facing some problems in getting their new arena in Brooklyn.
Bruce Ratner's stalled Nets arena is the only example cited in the article, which reviews all of the recent roadblocks, from the credit crisis, to IRS rules governing tax-exempt bonds.
Posted by lumi at October 16, 2008 5:52 AM