With Nationwide and the Columbus Blue Jackets attempting to sell Nationwide Arena to Franklin County, another privately financed, single-tenant arena bites the dust. Given the financial problems with other similar facilities, we may see the end of private arenas.
With Nationwide and the Columbus Blue Jackets attempting to sell Nationwide Arena to Franklin County, another privately financed, single-tenant arena bites the dust. Given the financial problems with other similar facilities, will we see the end of private arenas?
It's not an academic question. Public financing and funding of arenas is always a touchy subject, and many taxpayers would rather see the prime tenant of the facility pay the freight. But that's not proving to be an economically feasible proposition, either, as the last three major privately financed arenas are running into financial issues. The Columbus Blue Jackets (NHL) say they've lost $80 million in recent years and want to get rid of the financial millstone known as Nationwide Arena. In Newark, the owners of the New Jersey Devils (NHL) want to see competing Izod Center closed down to bring more events to Prudential Center. And in Minneapolis, the Minnesota Timberwolves (NBA) bailed on Target Center, which has proven to be a money drain for the city despite public assistance for the purchase. Only the Palace in Auburn Hills seems to have been immune to these issues.
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