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. Detroit signs Smith to two-year, $5.5 million extension

    Jun 30, 2015, 3:54 PM EDT

    Brendan Smith AP

    RFA defenseman appeared in a career-high 76 games last year.

  2. Defensemen Hunwick, Bartkowski to become UFAs

    Jun 30, 2015, 3:39 PM EDT

    Tampa Bay Lightning v New York Rangers - Game Seven Getty Images

    Rangers and Bruins let their respective rearguards walk, thereby deepening the free agent pool.

  3. Hamilton signs six-year deal with Flames

    Jun 30, 2015, 2:04 PM EDT

    Dougie Hamilton AP

    Cap hit around $5.75 million.

  4. No buyout: Flyers will keep Gagner

    Jun 30, 2015, 1:31 PM EDT

    Arizona Coyotes v Buffalo Sabres Getty Images

    Former first-round pick is relieved after a “stressful” last few days.

  5. Habs re-sign deadline pickup Flynn: two years, $1.9 million

    Jun 30, 2015, 1:14 PM EDT

    Montreal Canadiens v Toronto Maple Leafs Getty Images

    Former Buffalo forward had three points in six playoff games for Montreal.

  6. Florida waives Boyes for buyout purposes

    Jun 30, 2015, 12:15 PM EDT

    Carolina Hurricanes v Florida Panthers Getty Images

    33-year-old had 14 goals and 38 points last year.

  7. Hurricanes to buy out Semin

    Jun 30, 2015, 12:13 PM EDT

    Carolina Hurricanes v Columbus Blue Jackets Getty Images

    Six goals in 57 games last season.

  8. What character concerns? Treliving has ‘slept like a baby’ since Hamilton trade

    Jun 30, 2015, 10:57 AM EDT

    Dougie Hamilton Getty Images

    “This doesn’t keep me awake at night. Since the day we got Dougie Hamilton, I’ve had the best sleeps of the past few years. “

  9. ‘Hawks sign No. 3 goalie Leighton to one-year extension

    Jun 30, 2015, 10:42 AM EDT

    Michael Leighton, Chicago Blackhawks Getty Images

    With Antti Raanta gone, he’s now set as the backup’s backup.

  10. Report: Isles, Hickey closing in three-year pact around $6.5M

    Jun 30, 2015, 10:24 AM EDT

    thomashickeygetty Getty Images

    26-year-old defenseman has missed just one game over the last two years.

  11. Lightning, Sustr agree on two-year extension

    Jun 30, 2015, 10:23 AM EDT

    Andrej Sustr Getty Images

    It’s reportedly worth $2.9 million.

  12. Lehtonen, Niemi see benefit in splitting goalie duties

    Jun 30, 2015, 9:50 AM EDT

    Kari Lehtonen Getty Images

    They both finished in the top 10 in minutes in 2014-15.

  13. Caps’ Wey retires at 24 due to concussions

    Jun 30, 2015, 8:57 AM EDT

    Patrick Wey Getty Images

    He made his NHL debut during the 2013-14 campaign before his career was derailed.

Top 10 NHL Player Searches
  1. D. Hamilton (2229)
  2. C. Talbot (2045)
  3. R. O'Reilly (1997)
  4. S. Gagner (1829)
  5. M. Richards (1802)
  1. R. Lehner (1669)
  2. E. Etem (1640)
  3. M. Lucic (1578)
  4. A. Niemi (1512)
  5. K. Letang (1432)