November 17, 2005
Devils: The check's in the mail
The city of Newark broke ground for a new $310 million New Jersey Devils arena last month, but it may have to call off the steam shovels if the team doesn't come up with its share of the money soon. According to the arena deal, the Devils must show proof of $100 million in private financing before the city can go past $25 million in spending on site prep work, a figure it's fast approaching. Devils owner Jeff Vanderbeek insists "it's really down to the short strokes with the lawyers," but Newark business administrator Richard Monteilh says potential lenders are wary of signing a binding agreement. Banks? Not eager to loan money for sports facilities? Who could have seen that coming?
Wasn't there a scandal recently with the NJ Housing Department siphoning off $$ from poor people to help pay for the new arena?
Posted by Bertell Ollman on November 17, 2005 01:15 PM