They're very complex with respect to the amount of time it takes to build the building. You have to structure your financing around that so you have drawdowns on your facility that are consistent with the projection in the building schedule.
NEW YORK (PRWEB) September 29, 2008
In this second installment, entitled Hard Wired: Financing Sports Venues, Gordon Saint-Denis, Managing Director of CIT Communications, Media and Entertainment, Sports, provides his perspective on financing new stadiums and the impact these venues have on local municipalities.
In commenting on the complexity of arranging stadium financing transactions Saint-Denis says, "They're very complex with respect to the amount of time it takes to build the building. You have to structure your financing around that so you have drawdowns on your facility that are consistent with the projection in the building schedule."
In discussing the opportunities to finance arenas outside the United States he says, "The European sports market has changed quite a bit. You've had a number of U.S. owners come over and purchase teams there and one of the things they're doing is taking their experience with the building boom of new stadiums and arenas and you're seeing either major renovations or new stadiums going up throughout Europe - primarily with the premier soccer league in the United Kingdom and some of the other markets in Spain and France as well."
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CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $70 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT is celebrating its Centennial throughout 2008. http://www.cit.com