Rendell to unveil plan B on thursday

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Rendell to unveil plan B on thursday

Postby newarenanow on Fri Mar 24, 2006 2:54 pm

Here is the link. Hope it is at least considered. I don't see it flying though with the Pens as they have a plan where no money is spent. I think Rendell has false hopes.

http://www.post-gazette.com/pg/06083/676149.stm
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Postby Stoosh on Fri Mar 24, 2006 3:10 pm

Madden said earlier in the week that a source told him the plan would be something similar to this...

$90 million from the state
$100 million from the Pens
$100 million from a combo of naming rights and seat licenses

He immediately shot the plan down for two reasons...

1. The Pens cannot afford to chip in $100M and,

2. PSL's are not an effective means of generating revenue unless there is trememdous demand for tickets (read: every game being sold out). This is why PSL's work so well in the NFL - the smaller schedule helps generate even more demand. On top of that, PSL's work well for clubs like the Steelers, whose fans are being told that it'll take 12-15 years for their name work its way through a season ticket waiting list.

Madden also said that the Pens apply the revenue they get from naming rights to their operating costs, so it's kind of incorrect to count this money towards the funding of the new arena. They already count on this money to meet their operating costs.
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Postby DrBoni on Fri Mar 24, 2006 3:15 pm

If that is indeed the plan, then I sure hope they didn't have an actual meeting to hash out the details. "Hundred Million here, a hundred there, throw in some phantom money...we're done!"

But, i take this with a grain of salt seeing that Madden is the source. I do remember Rendell or some figure coming forward with similair numbers one time before. I hope they've changed.
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Postby bill from turtle creek on Fri Mar 24, 2006 3:19 pm

First, Madden makes stuff up all the time. He's a liar, plain and simple.

Second, $100 million is definitely a "significant" amount, to anybody except Warren Buffett and Bill Gates. Rendell said that the Pens would not need to put in a "significant" amount.

Third, this is probably a starting point for negotiations, anyhow. The first unveiling is never the final product.

Let's hope, anyhow.
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plan B for bogus

Postby penny lane on Fri Mar 24, 2006 3:21 pm

DrBoni wrote:If that is indeed the plan, then I sure hope they didn't have an actual meeting to hash out the details. "Hundred Million here, a hundred there, throw in some phantom money...we're done!"

But, i take this with a grain of salt seeing that Madden is the source. I do remember Rendell or some figure coming forward with similair numbers one time before. I hope they've changed.


yes mayor & county exec quoted with saying PCL's & parking fees
(how high can they go?) will help build new arena.
Really how many tickets are sold with PCL's? I know this is
done in the air canada centre but we're not Toronto , Ontario.

i'll leave pgh if pens leave but new arena is built with PA residents
tax monies.
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