Katz Group statement re: Stadium Financing
“The Katz Group studied the concept of seat mortgages years ago as part of our due diligence. We determined that it would not work for the new downtown arena.
The concept is not proprietary and we understand it well. Had we considered it viable, we would have pursued it on our own. We would not require a middle man like Stadium Capital.
We since reviewed both Stadium Capital’s written and verbal presentations to City Council today, and our views are unchanged. What they put forward is not achievable in our market and we consider the numbers projected to be something of a flight of fancy.
Moreover, such a scheme would sacrifice the Oilers’ long-term financial viability in order to fund arena construction costs. For this - and many other reasons - neither the Katz Group nor the NHL will support it.”
Bob Black
Executive Vice President
Sports and Entertainment
Katz Group
