Wednesday, November 12, 2008
Dallas Cowboys looking to borrow $350 million for new stadium
Photo not provided by the Dallas Cowboys
ARLINGTON — It appears that the Dallas Cowboys are strapped for cash due to the new stadium, several reports are stating. The team is looking to borrow as much as $350 million by December 1st to finance the construction of their state-of-the-art stadium in Arlington.
The primary need for the cash has been cost overruns at the new stadium. In 2004, the team estimated that the arena would cost around $650 million, roughly half of which would be paid for by a tax increase for Arlington residents. Four years later, the cost has nearly doubled to $1.2 billion.
The loan is especially difficult in the current economic climate, where lending is practically unheard-of. The team and its lend leader, Bank of America, have allegedly included in any potential deal nearly all the revenue lines from the new stadium.
Posted by Todd M.
