Joined
·
4,064 Posts
York pulls plug on stadium plan
Thursday, May 12, 2005 Updated at 12:47 PM EDT
Canadian Press
Toronto — York University has pulled out of a planned stadium project, citing a lack of time and the Toronto Argos' recent decision to withdraw.
The news is a body blow to the Canadian Soccer Association, which had insisted the stadium would be built.
But FIFA, the sport's world governing body, has said the 2007 World Youth Championship will go ahead in Canada as scheduled whether the Toronto stadium was built or not.
The York stadium, along with Edmonton's Commonwealth Stadium, were to be the major homes for the tournament.
"The university was very committed to this project and was working hard to bring it to reality," the university said in a statement Thursday. "However, the circumstances around that decision have changed.
"The stadium was approved on the basis of an arrangement which included important financial contributions and guarantees. The unexpected decision by the Argos so close to the construction deadline effectively set the project back six months and has made it impossible for us to proceed in the given timeframe."
The Argos were to have contributed $20 million and any cost overruns to the $70-million, 25,000-seat stadium. But they balked at the last minute, opting to accept a sweeter deal to stay at the Rogers Centre, formerly SkyDome.
The federal government committed $27 million and the provincial government another $8 million to the York project. The university was to donate the land and $15 million.
The government money came because the Canadian Soccer Association had made the Toronto stadium the cornerstone of a bid for the 2007 world youth championship.
FIFA vice-president Jack Warner said last week the under-20 tournament will go ahead in Canada no matter what happened with the Toronto stadium.
The 24-team tournament had been slated to take place in Toronto, Edmonton, Ottawa, Montreal, Vancouver and Victoria.
In its statement, York said it had faced an immediate commitment of $5 million for major site preparations to meet the 2007 project completion deadline.
The university said it would have been required to assume all of the risks and operating costs for a 20,000-seat stadium "with significantly reduced usage by outside parties."
""We have been working intensively to make this project happen, but, frankly, we are out of time. Our priority must always be the best interests of the York University community," university vice-president Gary Brewer said in a statement.
"We cannot, in good conscience, spend university money without knowing exact costs and funding arrangements for the project, and without the certainty that we will be able to meet the required timeline. The clock ran out on us."
Thursday, May 12, 2005 Updated at 12:47 PM EDT
Canadian Press
Toronto — York University has pulled out of a planned stadium project, citing a lack of time and the Toronto Argos' recent decision to withdraw.
The news is a body blow to the Canadian Soccer Association, which had insisted the stadium would be built.
But FIFA, the sport's world governing body, has said the 2007 World Youth Championship will go ahead in Canada as scheduled whether the Toronto stadium was built or not.
The York stadium, along with Edmonton's Commonwealth Stadium, were to be the major homes for the tournament.
"The university was very committed to this project and was working hard to bring it to reality," the university said in a statement Thursday. "However, the circumstances around that decision have changed.
"The stadium was approved on the basis of an arrangement which included important financial contributions and guarantees. The unexpected decision by the Argos so close to the construction deadline effectively set the project back six months and has made it impossible for us to proceed in the given timeframe."
The Argos were to have contributed $20 million and any cost overruns to the $70-million, 25,000-seat stadium. But they balked at the last minute, opting to accept a sweeter deal to stay at the Rogers Centre, formerly SkyDome.
The federal government committed $27 million and the provincial government another $8 million to the York project. The university was to donate the land and $15 million.
The government money came because the Canadian Soccer Association had made the Toronto stadium the cornerstone of a bid for the 2007 world youth championship.
FIFA vice-president Jack Warner said last week the under-20 tournament will go ahead in Canada no matter what happened with the Toronto stadium.
The 24-team tournament had been slated to take place in Toronto, Edmonton, Ottawa, Montreal, Vancouver and Victoria.
In its statement, York said it had faced an immediate commitment of $5 million for major site preparations to meet the 2007 project completion deadline.
The university said it would have been required to assume all of the risks and operating costs for a 20,000-seat stadium "with significantly reduced usage by outside parties."
""We have been working intensively to make this project happen, but, frankly, we are out of time. Our priority must always be the best interests of the York University community," university vice-president Gary Brewer said in a statement.
"We cannot, in good conscience, spend university money without knowing exact costs and funding arrangements for the project, and without the certainty that we will be able to meet the required timeline. The clock ran out on us."