One detail that I am unclear on after this week’s announcement by Mayor Johnson: who will own the arena?
If Burkle’s involvement is centered on the downtown arena portion, does that mean he will operate the arena or own it? If the city is still planning to put up the $255m it had pledged as the lions share of the arena costs under the rejected 2012 deal, shouldn’t the city own the arena, as it would have under that plan?
Johnson seemed to indicate that he supports protecting taxpayers from subsidizing the arena and team. But mortgaging the city’s parking revenue for a limited stake in the resulting ESC would be a downgrade.
I suppose we’ll have to wait to find out when Preliminary Terms Sheet Part III: Return of The Returnening is released.