Report: Markham arena deal could be dead in September
The hopes of seeing a new arena built in the Toronto suburbs to bring a second NHL team to the area may soon be dashed.
Ken Campbell of The Hockey News reports Markham, Ontario deputy mayor Jack Heath is looking to put forth a motion on September 17 to kill the financial framework of the project.
“When you add it all up, a second franchise for the GTA is not a priority,” Heath said. “I have no interest in duplicating Copps Coliseum.”
It was just last year Heath declared the project had lost his support and now he’s hoping to put a bullet in it for good and it’s likely because the financial details of the project would put Markham in a big hole.
For what it’s worth, Copps Coliseum is the too-small-for-the-NHL arena in Hamilton, Ontario that Jim Balsillie wanted to move both the Predators and Coyotes to.
As Campbell notes, the city will need to borrow $365 million of which only $162.5 million will be paid back by former Bauer chairman Graeme Roustan. One way or another, the city gets stuck with a hefty bill and no guarantees they’ll get an NHL team to play there.
Roustan said the arena doesn’t need an NHL anchor tenant, good luck selling that to the city council.