Blue Bombers give nod to stadium deal

The Winnipeg Blue Bombers board of directors has unanimously approved the team's role in a deal to construct a $190-million stadium on the University of Manitoba campus.

Board members met Monday evening to discuss and vote on an agreement that will see the club repay the province $85 million of the cost of the stadium over a 44-year period.

"The football club feels this is a positive move for the organization on and off the field, and for its loyal fans," a spokesperson for the Canadian Football League team said in a statement issued after the vote.

"Furthermore, the transaction has been structured to ensure continued viability of the team, allowing it to sustain and develop for the future under all circumstances."

Board chair Bill Watchorn told CBC News after the meeting thatit was a unanimous vote and theboard isn't worried about the long-term viability of the club being burdened with that much debt.

"The football club today this year will be profitable. We have great fans and great fan support, great sponsor support. We have managed our costs well and so we're starting from a profitable base," he said.

And fansshould not expect ticket prices to skyrocket, Watchorn added. Theclub will earn additionalrevenue from naming rights, sponsorships, and luxury suites, he suggested.

As well,thefootball club is considering selling shares in the team.

"As shareholders you get to see your board, hear the annual report and vote on your board.We want to broaden the involvement of fans in the football team so we're going to look at that," he said.

Thatidea will be studied over the coming year, he said.

U of M to vote

On Tuesday, a similar meeting will be held for officials at the U of M to discuss the overall financial arrangement.

Should they approve, Winnipeg city council will vote Wednesday on whether to cover $12.5 million of the cost, to be financed from the sale of the old stadium site near Polo Park.

The city and province will also combine for the remaining $17.5 through a variety of grants.

Itwould bethe last council vote of the year.

The new 33,000-seat stadium would replace the Bombers' current home, the Canad Inns stadium at Polo Park, which needs more than $50 million in repairs. The new facility would also be able to expand seating to accommodate 40,000 for major events such as the Grey Cup.

In addition to the stadium, the eight-hectare site at Chancellor-Matheson Road and University Crescent will feature a multiplex athletic facility for the university and its Bison sports teams.

Excavation of the future stadium site has already begun.