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. Report: Doan won’t be punished for Letang hit

    Mar 29, 2015, 1:38 PM EDT

    Kris Letang

    The Penguins defenseman suffered a concussion.

  2. Panthers sign Bjugstad’s former roommate, Minnesota Gophers captain Kyle Rau

    Mar 29, 2015, 12:55 PM EDT

    Kyle Rau Getty Images

    Rau recorded at least 40 points in each of his NCAA campaigns.

  3. Letang concussed, Penguins will dress five defensemen

    Mar 29, 2015, 12:11 PM EDT

    Kris Letang, Steve Downie, Rob Scuderi AP

    The good news is that he’s out of the hospital.

  4. Patrick Roy remains upbeat about Sabres’ Grigorenko

    Mar 29, 2015, 10:42 AM EDT

    Gabrioel Landeskog, Ryan O'Reilly, Mikhail Grigorenko AP

    Roy coached the forward in the QMJHL.

  5. Canucks earn single point in loss to the Stars

    Mar 29, 2015, 1:40 AM EDT

    Dallas Stars v Vancouver Canucks Dallas Stars v Vancouver Canucks

    Vancouver leads L.A. by three points in the Pacific Division.

  6. Western Conference playoff picture: Wild keep rolling, Ducks and Preds clinch

    Mar 29, 2015, 1:05 AM EDT

    Nino Niederreiter, Charlie Coyle,Jared Spurgeon,Ryan Carter, Marco Scandella AP

    Vancouver creates breathing room in the Pacific Division.

  7. Leafs deliver blow to Sens’ playoff hopes

    Mar 28, 2015, 10:15 PM EDT

    James van Riemsdyk, Jonathan Bernier AP

    Toronto won for just the sixth time in 34 games.

  8. Blues’ Steen leaves game vs. Jackets (Updated)

    Mar 28, 2015, 9:30 PM EDT

    Alexander Steen Getty Images

    Collided with Cody Goloubef in the first period.

  9. Jones replaces Quick in Kings’ net

    Mar 28, 2015, 9:15 PM EDT

    martinjonesap AP

    He allowed two goals on nine first period shots.

Featured video

Hammond leads Ottawa's turnaround
Top 10 NHL Player Searches
  1. E. Malkin (2364)
  2. P. Datsyuk (2256)
  3. H. Lundqvist (2244)
  4. D. Dubnyk (1851)
  5. B. Little (1765)