Agreement with David Asper scrapped because of cost overruns
Manitoba Premier Greg Selinger says Winnipeg’s new football stadium will be open for the 2012 season, and will include safeguards for taxpayer money.
Selinger says a deal is close to being finalized that will see the 33,000-seat stadium built at the University of Manitoba for a price of $190 million. He says $85 million will come in the form of a long-term loan to the Winnipeg Blue Bombers football club — a team that has required taxpayer bailouts in the past.
Selinger says if the Bombers struggle to make their payments, accountants will be brought in to revamp the team’s business plan. Team president Jim Bell says he’s confident the team can afford the debtload, because the new stadium will include luxury boxes and other money-making items.
The stadium was originally supposed to be built for $115 million and be supported largely by property developer David Asper, but that agreement fell apart because of cost overruns.
The Canadian Press