The City of Toronto is looking at taking over the debt-plagued Lakeshore Lions Arena, also known as the MasterCard Centre for Hockey Excellence, where the Toronto Maple Leafs train.
Under a rescue plan going to council’s executive committee next week, the city would assume responsibility for repaying about $40 million borrowed to build the four-pad arena on Kipling Ave.
Since it opened in September, 2009, the centre has been making about $1.6 million a year with the major tenant being the Leafs and Marlies, and 500 hours a year of no-charge ice time allocated to the public school board, which owns the land.
But there’s been no money to cover debt payments and the Lakeshore Lions Club was in danger of defaulting, a city staff report said.
Arena president Bob Harris declined comment.
The facility — the first built in Toronto in two decades — features four NHL-sized rinks, one of which can be expanded to Olympic size. It replaced the single-rink Lakeshore Lions Arena, which opened in 1951.
And the rescue plan would not be the first time the city has decided to step in and take over from outside operators.
Full Article
Source: Toronto Star
Under a rescue plan going to council’s executive committee next week, the city would assume responsibility for repaying about $40 million borrowed to build the four-pad arena on Kipling Ave.
Since it opened in September, 2009, the centre has been making about $1.6 million a year with the major tenant being the Leafs and Marlies, and 500 hours a year of no-charge ice time allocated to the public school board, which owns the land.
But there’s been no money to cover debt payments and the Lakeshore Lions Club was in danger of defaulting, a city staff report said.
Arena president Bob Harris declined comment.
The facility — the first built in Toronto in two decades — features four NHL-sized rinks, one of which can be expanded to Olympic size. It replaced the single-rink Lakeshore Lions Arena, which opened in 1951.
And the rescue plan would not be the first time the city has decided to step in and take over from outside operators.
Full Article
Source: Toronto Star
No comments:
Post a Comment