More about the skydome:
Financial problems and fallout
The SkyDome logo (1989-2005).
The stadium would later become a thorn in the side of David Peterson's Ontario Liberal government for its overspending in the venture. The Ontario Liberal Party was defeated by the Ontario New Democratic Party in the 1990 Ontario election. A review by the new Bob Rae government in October 1990 revealed that the stadium was so in debt that it would have to be booked 600 days a year to turn a profit. The stadium had only made $17 million in its first year of operations, while servicing the debt was costing $40 million. It was determined that the abrupt late inclusion by Stadco of a luxurious hotel and health club added an additional $112 million to the cost of the building.
As the Province slipped into a recession, Bob Rae appointed University of Toronto professor Bruce Kidd and Bob White (then president of the Canadian Auto Workers) to the Stadco board to help deal with the stadium's growing debt. But by this time it was too late to reverse the costs. The completed stadium started life with a $165 million debt that ballooned to $400 million by 1993. The stadium became a huge liability to the Provincial Government, and as the economy soured, so did public support for the so-called "white elephant". In March 1994, Bob Rae's Ontario NDP government paid off all outstanding debts from the Provincial treasury, and sold the stadium for the massively discounted price of $151 million to a private consortium (including Labatt's parent company – Interbrew).[citation needed]
In November 1998, the stadium filed for bankruptcy protection. One of the main reasons was that most of the Skybox contracts were up for renewal. Most of the 161 Skybox tenants had signed on for 10 year leases; this oversight in business planning, and a marked decrease in interest in the stadium's two sports teams, resulted in a massive decrease in the amount companies were willing to pay for the Skybox. In addition, the Air Canada Centre was under construction just down the road, and selling highly desired boxes for the civic favourite Toronto Maple Leafs and new upstart Toronto Raptors, who originally played in the SkyDome since their establishment in 1995. Many companies could not justify owning box suites at both stadiums. That same month, the Blue Jays re-signed on for an additional ten years in the facility.[citation needed]
In late 1998, Sportsco International LP bought the stadium out of bankruptcy protection for $85 million.
