New Arena Financing Deal Finally on the Table but Time is Running Out on Stay-or-Go Scenario

CHARLOTTE-The clock is ticking as the city and the Hornets race to seal a deal that would give the NBA team a new arena for its Oct. 1, 2003 season opener. On the table for the first time is a proposal that both sides strive to meet on the planned $235 million new arena.

The Hornets would sign a 25-year lease with the city valued at an estimated $200 million. The city would pay an estimated $235 million for the construction, land acquisition and infrastructure of the property. Voters would need to approve the deal on a November referendum during the city’s general election. But Hornet officials feel that date may be too late for them to make contingent relocation plans for the team.

City Council is racing to move the November date up to June so that Hornets co-owner Ray Wooldridge will get the answer he is seeking on whether to keep the team in Charlotte or move it to another city. The council meets March 5.