Skip to content

New funding option for NHL-caliber arena in Toronto suburb

Sep 17, 2013, 1:36 PM EDT

Markham

There’s a new proposed financial framework to build an NHL-caliber rink in the Toronto suburb of Markham, according to the general partner of the project, GTA Sports & Entertainment.

From the press release:

This new option proposes that GTA Centre, LP would be responsible for funding all costs towards the construction of the GTA Centre above a maximum amount of $162.5 million, which the City of Markham would facilitate through receiving private sector developer contributions.

As a result of this new option for the financial framework, the City of Markham would no longer need to borrow $325 million — as in the original financial framework option that was approved by an 11-2 vote by City Council in April 2012 — and the GTA Centre would be 100% privately funded.

Two leading investment banking firms, Wall Street firm Jefferies LLC and Bay Street firm Canaccord Genuity have joined the GTA Centre team to support this new option.

Concerns were raised last year about the financial framework of the project. It was reported in August that the deal could be dead by September. Hence, the new proposed framework.

“We believe that our new option should be considered seriously by Council members,” said W. Graeme Roustan, Chairman and CEO, GTA Sports & Entertainment. “I have met with several private sector developers who support the GTA Centre and want to make financial contributions to the city towards its development. I am very confident that the City of Markham will come up with a satisfactory way to receive the contributions from the private sector developers.”

Roustan has claimed in the past that an NHL tenant is not required in order for the building to be profitable; however, if a new rink is indeed built, expect the expansion/relocation speculation to heat up again.

Latest Posts
  1. Arbitrator awards Marcus Johansson $3.75M contract

    Jul 31, 2015, 9:01 PM EDT

    Marcus Johansson Getty Images

    That’s close to the middle between his and Washington’s requests.

  2. Maloney: RFA Domingue will play in Europe

    Jul 31, 2015, 8:30 PM EDT

    Louis Domingue Getty Images

    The decision surprised Arizona’s general manager.

  3. Siegenthaler signs entry-level contract with Caps

    Jul 31, 2015, 7:01 PM EDT

    Jonas Siegenthaler Getty Images

    The defenseman spent the 2014-15 campaign in the Swiss League.

  4. One month later, Mike Richards’ future remains murky

    Jul 31, 2015, 2:46 PM EDT

    Los Angeles Kings v New York Rangers Getty Images

    There is a key deadline approaching though.

  5. Subban working out with former Olympian Ben Johnson

    Jul 31, 2015, 1:16 PM EDT

    P.K. Subban Getty Images

    Johnson won a gold medal in 1988, but it was taken away because of a positive steroids test.

  6. Quebecor seeks partners in Quebec City bid

    Jul 31, 2015, 11:50 AM EDT

    Calgary Flames v Ottawa Senators Getty Images

    There’s a $500 million expansion fee to consider.

  7. How do Voracek, Giroux compare to the most expensive duos?

    Jul 31, 2015, 9:00 AM EDT

    Carolina Hurricanes v Philadelphia Flyers Getty Images

    Because once Voracek’s eight-year contract kicks in, they’ll be part of that list.

  8. Report: Further coaching hires expected for Sharks

    Jul 30, 2015, 10:27 PM EDT

    Peter DeBoer Getty Images

    Former NHL stars are among the list of likely candidates.

  9. Habs’ Galchenyuk inks two-year extension

    Jul 30, 2015, 7:52 PM EDT

    Alex Galchenyuk Getty Images

    The deal is reportedly worth $5.6 million.

  10. Flames prospect Kylington cleared to play in North America

    Jul 30, 2015, 7:11 PM EDT

    Oliver Kylington Getty Images

    At one point he was listed as the top European skater in the 2015 draft.

  11. Voracek turns monster season into massive eight-year deal

    Jul 30, 2015, 5:52 PM EDT

    Jakub Voracek Getty Images

    The Flyers also have forwards Claude Giroux and Sean Couturier locked up.

  12. Zubrus clears waivers, is ‘surprised’ by buyout

    Jul 30, 2015, 4:22 PM EDT

    Dainius Zubrus Getty Images

    The 37-year-old still wants to continue his career.

  13. Coyotes want long-term deal with Glendale

    Jul 30, 2015, 2:01 PM EDT

    PNI Coyotes Deal 0611 PNI Coyotes Deal 0611

    “Nobody benefits from a short-term deal like this, in particular, our hockey department.”

Top 10 NHL Player Searches
  1. D. Stepan (2539)
  2. L. Couture (1722)
  3. J. Toews (1701)
  4. G. Bettman (1582)
  5. A. Chiasson (1506)
  1. A. Larsson (1378)
  2. B. Gionta (1345)
  3. C. Wilson (1329)
  4. B. Holtby (1241)
  5. M. Johansson (1215)