November 22, 2002
Gateway Corp. faces bankruptcy
The Gateway Economic Development Corp., owner of Cleveland's Jacobs Field and Gund Arena, is on the brink of insolvency, according to indefatigable Cleveland journalist Roldo Bartimole. The non-profit agency is losing millions a year, and is not expected to be able to make property tax payments in January. Their tenants, the Cleveland Indians, meanwhile, are the seventh most valuable team in baseball, though club revenues have begun to slip what with Jacobs Field having just passed through its eighth-year attendance slump. On the bright side... hmm, give me a minute... Wil Cordero is finally gone?
Posted by Neil deMause
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