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http://www.myfoxdetroit.com/dpp/news/silverdome-sale-091116
Group Suing to Block Silverdome Sale
By BILL GALLAGHER
myFOXDetroit.com
PONTIAC, Mich. (myFOXDetroit.com) - A group that once offered $20-million dollars for the Silverdome has filed an injunction to block the sale of the sports stadium.
Silver Stallion Development Corporation's legal move comes after the Silverdome was sold in a closed door auction for $583,000 to a Canadian real estate group.
Pontiac's emergency financial manager, who oversaw the auction, says the Canadian group plans to refurbish the Silverdome and use it as a venue for Major League Soccer.
The building cost $55-million to build in 1975. The paltry selling price shocked many.
"I think that if they knew that price range existed, there's plenty of people locally in this town that would have stepped up and wrote the check that day," said real estate broker David J. Leitch.
Pontiac City Council Member Everett Seay tells FOX 2 the purpose for selling the city-owned dome was to retire its debt, create jobs and be a revenue generator. He says the present deal doesn't do any of that. He also objects to the identity of the bidder being kept secret for now.
Leitch sees flaws in the deal. "I think the party is going to find that the cost to renovate is going to be higher than (they're) thinking and probably put the property back on the market at a higher price," he said.
The Silverdome deal looks far from done.
"I think it's probably going to be back on the market at a higher price," Leitch said.
Group Suing to Block Silverdome Sale
By BILL GALLAGHER
myFOXDetroit.com
PONTIAC, Mich. (myFOXDetroit.com) - A group that once offered $20-million dollars for the Silverdome has filed an injunction to block the sale of the sports stadium.
Silver Stallion Development Corporation's legal move comes after the Silverdome was sold in a closed door auction for $583,000 to a Canadian real estate group.
Pontiac's emergency financial manager, who oversaw the auction, says the Canadian group plans to refurbish the Silverdome and use it as a venue for Major League Soccer.
The building cost $55-million to build in 1975. The paltry selling price shocked many.
"I think that if they knew that price range existed, there's plenty of people locally in this town that would have stepped up and wrote the check that day," said real estate broker David J. Leitch.
Pontiac City Council Member Everett Seay tells FOX 2 the purpose for selling the city-owned dome was to retire its debt, create jobs and be a revenue generator. He says the present deal doesn't do any of that. He also objects to the identity of the bidder being kept secret for now.
Leitch sees flaws in the deal. "I think the party is going to find that the cost to renovate is going to be higher than (they're) thinking and probably put the property back on the market at a higher price," he said.
The Silverdome deal looks far from done.
"I think it's probably going to be back on the market at a higher price," Leitch said.