MARKHAM, Ont. – The city council in Markham, Ont., voted 11-2 on Wednesday night against the idea of using public money to build an NHL-sized arena.
This decision effectively ends a proposed financial arrangement with businessman Graham Roustan, who is the CEO of GTA Sports and Entertainment.
The initial plan was for Roustan’s company to fund half of the cost, which amounts to $162.5 million, for a 20,000-seat arena while the city would take care of the other half.
Last week, Roustan presented another proposal where he would raise his share of the costs to approximately $200 million.
Council decided to take more time to evaluate that new proposal.
