CP story: Leafs pull out of Toronto stadium plan

[BC supporter]

Leafs, Raptors owner pulls out of stadium plan

Canadian Press

Toronto — Maple Leaf Sports and Entertainment Ltd. has pulled of a plan to build a $120-million sports complex at the University of Toronto.

MLSE, which owns the Toronto Maple Leafs and Toronto Raptors, was working in partnership with the Toronto Argonauts, U of T., and the Canadian Soccer Association to build a new sports complex that would include a 25,000-seat stadium with synthetic grass, an all-weather track, a shopping area, a new hockey arena and a separate practice rink for the Leafs.

MLSE's contribution was to be a reported $35-million.

“We assisted where we could in working together to come up with a plan that would satisfy us,” Maple Leaf Sports and Entertainment Ltd. president and CEO Richard Peddie said in a statement Saturday. “However, we found that the proposition simply does not work from our standpoint.”

The University of Toronto issued a statement Saturday morning saying they planned to go ahead with plans to revitalize the former Varsity Stadium site with other partners.

“Our paramount priority continues to be the development of high-quality athletic and recreational facilities for our students and campus community,” said Jon Dellandrea, vice-president and chief advancement officer. He said discussions were ongoing with the Argonauts and CSA.

Financing will now largely come from the university and government grants. The university has applied for a $25-million federal grant for the project and approached the provincial government to cover potential revenue shortfalls of up to $1.8-million a year.

http://www.theglobeandmail.com/servlet/story/RTGAM.20040313.wstad0313/BNStory/Sports/

[DJT]

A longer version of this article was already posted in the General Discussion section. Let's keep the stadium discussion there.