Dynamo Near Stadium Deal
by: Laurie Johnson, May 20, 2009 9:05:29 pm
The Dynamo stadium proposed for the eastern edge of downtown may soon be a reality.
Dynamo General Manager Oliver Luck says there are still some legal details to be worked out, but the team is close to securing the $60 million required for their part of the stadium investment.
"It is, as everyone knows, a challenging credit environment, a challenging banking environment. I think banks are being extraordinarily cautious, as they probably should be, and so it just takes longer to look at you know all the underlying assets, the credit-worthiness of the business. So we need to finalize some of those banking relationships, but the majority of decisions have been made. And I think as most business folks know, when you have lawyers engaged to, as they say, paper the deal that means you're getting awfully close to a final resolution."
The remaining $20 million required to fund the stadium comes from the City of Houston and Harris County. Basically the city will own the land that the privately built stadium sits on.
"I'm hoping that by the summer that we can have all these issues resolved. We've made a lot of progress, certainly the last four or five weeks there's been sort of a quantum leap in some of the things we've been able to resolve. But now it's more important to make sure it's done right and all the issues are resolved, than to jump into something a little prematurely and still have ongoing issues that haven't been addressed."
Luck says he hopes the fans' patience will be rewarded with a new open-air stadium by the start of the 2011 season.
Laurie Johnson. KUHF-Houston Public Radio News.