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By PeterF (registered) | Posted January 22, 2011 at 13:50:10
The Blue Bombers are community owned, not city owned. They have their own Board of Directors and are a seperate entity from the city. If they were to fold the creditors cannot come after the city, in fact the city would be their biggest creditor. The $85M is a loan to the club which has to be payed back by the club. Of course in the past the community owned teams have gone to their respective cities for help but the ownership of the team is not the city.
Assuming the situation does not change in Winnepeg, the city loans the money initially and gets it back over 44 years.
Whether this is a better situation than what we have who knows. Winnepeg is laying out $85M and hopes to recoup it. We are using FF money and hope to recoup it from indirect means.
I found this story earlier today.
http://www.building.ca/issues/story.aspx...
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