Dec 2, 2013, 4:21 PM EDT
The city has been wrestling for some time with a proposal to build a $325-million arena that would hopefully house an NHL team. Mayor Frank Scarpitti revealed a modified version of the funding structure on Friday with a murky new $70-million extracted from unnamed developers. The plan is still full of holes, with at least $50-million not covered, and council is expected to vote on a previous version of the funding structure Monday or Tuesday. And between now and then, someone should tell them that they are risking an enormous amount of money for a project that is somewhere between risky and outright insane.
Arthur goes on to cite an NHL source that calls the Markham project “delusional,” at least with respect to the league’s plans for the market (translation: there aren’t any, really).
There’s more in the piece, including a quote from NHL commissioner Gary Bettman: “We have never been encouraging of this project. And we have repeatedly said that if this building is built, it should be built with the expectation that they will not get a team.”
After you read Arthur’s column, please do read our piece on Quebec City, and why expansion or relocation to that particular market seems inevitable.
Update (5:24 p.m. ET)
- Cory Sarich hospitalized following cycling accident, expects ‘full recovery’ 2
- Stamkos shrugs off talk of LeBron-like homecoming to Toronto in 2016 23
- Avs and O’Reilly agree on two-year deal, but questions remain 30
- Rangers and Kreider avoid arbitration, agree on two-year deal 34
- Zuccarello takes Rangers’ one year, $3.5M deal 42
- Advancement? Leafs sign Booth for one year, $1.1M 25
- Leafs hire 28-year-old stats advocate as assistant GM 30
- NBC Sports to air over 100 NHL regular-season games in 2014-15 68
- Stars, Roussel agree on four-year, $8 million deal 3
- Vanek connected to federal gambling investigation 61
- Babcock fires back over allegations that free agents avoid him (77)
- Babcock: Cleary a ‘calculated risk’ after playing last year ‘on one leg’ (70)
- NBC Sports to air over 100 NHL regular-season games in 2014-15 (68)
- Vanek connected to federal gambling investigation (61)
- Report: Zuccarello wants $4.5M per on new deal, Brassard eyeing $5.5M (58)