Tuesday, April 17, 2007

San Jose stadium deal might be falling apart

Early today the City of San Jose released some documents related to the development of a new stadium that will serve as home pitch for a reborn San Jose Earthquakes. In these documents they stressed that the city would not move forward unless developer Lew Wolff and San Jose State University worked out a deal for sharing the new complex. Now comes word that the negotiations between the two sides are breaking down.

The main issue is that San Jose University wants to "earn about $6 million guaranteed annually" but Wolff is only offering $1 million plus a percentage of future revenues. The University would give about 25 of the campuses 63-acre South Campus to serve Wolff's needs for practice fields and surface parking, thus they feel entitled to more money.

Wolff is set to meet with University President Don Kassing later this week for what might be their last chance to hammer out a deal. If one cannot be reached, Wolff says there are still other possible locations, however he has not named any such locals.

It looks like we might know by Friday if this deal is going to happen.

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