New Financial Framework Option for GTA Centre
Wall Street, Bay Street Join GTA Centre Team
FOR IMMEDIATE RELEASE
Markham, ON, September 17, 2013 — GTA Sports & Entertainment announced today a new option for the financial framework for the proposed GTA Centre. This new option proposes that GTA Centre, LP would be responsible for funding all costs towards the construction of the GTA Centre above a maximum amount of $162.5 million, which the City of Markham would facilitate through receiving private sector developer contributions.
As a result of this new option for the financial framework, the City of Markham would no longer need to borrow $325 million — as in the original financial framework option that was approved by an 11-2 vote by City Council in April 2012 — and the GTA Centre would be 100% privately funded.
Two leading investment banking firms, Wall Street firm Jefferies LLC and Bay Street firm Canaccord Genuity have joined the GTA Centre team to support this 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.”
“Canaccord Genuity believes in Graeme Roustan’s vision for the GTA Centre. We feel strongly that the GTA needs a centrally-located, first-class sports and entertainment facility to better serve the existing and ever-growing population,” said David J. Kassie, Group Chairman of Canaccord Financial Inc. “We first conveyed our support of Graeme and the GTA Centre to Mayor Frank Scarpitti, Deputy Mayor Jack Heath and Regional Councillor Jim Jones when all three councilors came to our offices and met with me three years ago today.”
“We believe that our new option should be considered seriously by Council members,” said W. Graeme Roustan, Chairman and CEO, GTA Sports & Entertainment. “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.”
About the GTA Centre
The GTA Centre is the proposed multi-purpose, NHL-size arena in Markham, Ontario. The state-of-the-art facility would welcome more than 130 events annually, including world-class sports and entertainment, large-scale productions, and theatre-style shows. The GTA Centre would also play host to civic and cultural celebrations, trade shows, conventions, and a wide array of Markham community events. GTA Sports & Entertainment is the General Partner of GTA Centre, LP and its Chairman and CEO is W. Graeme Roustan.
About Jefferies LLC
Jefferies, the global investment banking firm focused on serving clients for over 50 years, is a leader in providing insight, expertise and execution to investors, companies and governments. The firm provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income, foreign exchange, futures and commodities, and also select asset and wealth management strategies, in the Americas, Europe and Asia. Jefferies Group LLC is a wholly-owned subsidiary of Leucadia National Corporation (NYSE: LUK), a diversified holding company.
More information is available at: Jefferies.com
About Canaccord Genuity
Canaccord Genuity is the global capital markets division of Canaccord Financial Inc. (TSX: CF, LSE:CF.), offering institutional and corporate clients idea-driven investment banking, merger and acquisition, research, sales and trading services from offices in 12 countries worldwide. Our team of nearly 1,000 capital markets and advisory professionals has industry and transactional expertise in 18 key sectors of the global economy. We are committed to providing valued services to our clients throughout the entire lifecycle of their business and operating as a gold standard independent investment bank – expansive in resources and reach, but targeted in industry expertise, market focus and individual client attention.
More information is available at: CanaccordGenuity.com
Jesse J. Bernstein
GTA Sports & Entertainment