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Team losing $12 million yearly
Published on Friday, Nov 06, 2009
From Beacon Journal wire services
Columbus might have trouble holding on to the NHL's Blue Jackets because the club has been losing $12 million a year in central Ohio, according to a report released Thursday by a business group.
The report commissioned by the Columbus Chamber offers a variety of options for strengthening the hockey team's financial position, such as new taxes or fees or selling shares to other investors or the general public.
Other suggestions include allowing the team to renegotiate its lease for Nationwide Arena or trying to attract a second major tenant, such as a basketball team.
''It is important that our community retain this team,'' said Dave Blom, chairman of the Columbus Chamber board. ''The Columbus Blue Jackets impact our regional economy, support thousands of jobs and bring millions of dollars in tax revenue that contribute to our quality of life.''
In the decade following 1998, the year after investors began the move to bring the team to Columbus, the city's downtown Arena District has attracted various retail, restaurants and other businesses, increasing property values by 267 percent and employing thousands, the report says.
Columbus Blue Jackets President Mike Priest said that the team's current economic model has ''significant disadvantages'' and that it plans to work with public and private groups to find a solution.
The $150 million arena was financed by Nationwide Mutual Insurance Co. It is one of the few NHL facilities in the country that is privately owned — largely because county voters wanted it that way. They have rejected arena tax issues three times between 1986 and 1997.
The team's owners unsuccessfully asked that the current state budget include a tax increase on beer, wine, liquor and cigarettes in Franklin County to raise $65 million to underwrite a county takeover of the arena.
More hockey: Boychuk promoted
• The Carolina Hurricanes promoted last year's first-round draft pick, Zach Boychuk, from AHL Albany.
• Boston Bruins center David Krejci is out indefinitely with the swine flu.
Baseball: Lincecum busted
• San Francisco Giants star pitcher Tim Lincecum is facing misdemeanor marijuana charges following a traffic stop in his home state. Washington State Patrol spokesman Steve Schatzel said Thursday that the 2008 Cy Young Award winner and former star at the University of Washington was pulled over for speeding on Interstate 5 in the town of Hazel Dell, about four miles north of the Oregon border, on Oct. 30.
• The Boston Red Sox acquired outfielder Jeremy Hermida from the Florida Marlins for left-handers Jose Alvarez and Hunter Jones.
• The Chicago White Sox agreed to terms on a one-year, $1.5-million contract with free agent infielder/outfielder Mark Kotsay.
• Chad Tracy's $7 million option has been declined by the Arizona Diamondbacks, who will pay the infielder a $1 million buyout.
• The Colorado Rockies agreed to terms on one-year deals with pitchers Matt Belisle and Randy Flores.
• Outfielder Bobby Abreu agreed to a $19 million, two-year contract to stay with the Los Angeles Angels rather than test the free-agent market again.
• The Dodgers have declined a $10 million mutual option on pitcher Jon Garland for next season, making him eligible for free agency.
• Former Rockies manager Clint Hurdle was hired as the new hitting coach for the Texas Rangers.
• Pitcher Tim Hudson and the Atlanta Braves are nearing agreement on a three-year contract.
Tennis: Djokovic wins easily
• Novak Djokovic won 6-0, 6-0 for the first time at an elite event, blanking Jan Hernych of the Czech Republic at the Swiss Indoors in Basel, Switzerland.
• Top-seeded Andy Murray reached the Valencia (Spain) Open quarterfinals, where a match with defending champion David Ferrer was averted when the Spaniard withdrew because of a hamstring injury. Murray, making his return from a wrist injury, lost his serve twice but defeated Leonardo Mayer of Argentina 6-4, 3-6, 6-3.
Other: Satire planned
• Comedy Central has ordered a pilot from the satirical news magazine The Onion. The prospective half-hour scripted series will be based on the Onion's Sports Network, an online video series that parodies sports shows, especially those on ESPN.
• The Columbus Crew's Chad Marshall has been selected Major League Soccer's defender of the year for the second straight season.
From Beacon Journal wire services
Get the full article here.
Comments
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Paradise, Oh
Posted 12:18 PM, 11/06/2009
What will they do without their Blue Jackets?
How sad for them.
Maybe the team can move to Lexington.
