Critics Slam Orlando Amway Arena Deal
Posted on 30. Jan, 2007 by Ty Tribble in Uncategorized
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The Orlando Magic are putting more money on the table for a new arena than most any professional franchise of the same size, but once the team moves in, it stands to make millions.
Critics charge that local taxpayers will get shortchanged in the pending $480 million deal. That's because the team stands to gain huge profits -- perhaps tens of millions more than it earns now -- from selling luxury suites, premium seats, advertising and more.
Given that the city, and not the team, will pay to operate the new facility, Orlando taxpayers should get a better cut of the money that's made from it, said Orlando Commissioner Phil Diamond.
"Public funds will pay 90 percent of the cost of a new arena, but the public won't get near that share of the profits," said Diamond, who so far is one of the few city leaders to criticize the pending deal. "I think there ought to be a more equitable split."
Without a final design, it's impossible to say how much cash Orlando's new arena could churn out, but arenas in comparable markets have the ability to generate $17 million to $30 million a year from premium seating alone, industry experts say.
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