The group looking to build an NHL-sized arena north of Toronto announced a new financial proposal on Tuesday that would see no public money used towards the construction of the building.
The new option from GTA Sports & Entertainment means the GTA Centre would be 100 per cent privately funded and the City of Markham would not have to borrow $325 million, a deal that was approved by City Council in 2012.
"We believe that our new option should be considered seriously by Council members," said W. Graeme Roustan, Chairman and CEO, GTA Sports & Entertainment in a statement on Tuesday. "I have met with several private sector developers who support the GTA Centre and want to make financial contributions to the city towards its development. I am very confident that the City of Markham will come up with a satisfactory way to receive the contributions from the private sector developers."
GTASE also announced that two investment banking firms, Wall Street firm Jefferies LLC and Bay Street firm Canaccord Genuity, have joined the group to support the new option.
"We joined the GTA Centre team because we strongly believe in the GTA Centre project and Graeme Roustan," said Andrew Whittaker, Vice Chairman, Jefferies LLC. "We have worked for Graeme Roustan as his financial advisor since 1995 on a number of large scale transactions, including the acquisition of Bauer from Nike and in his bid to acquire the Montreal Canadiens."