VANCOUVER - The taxpayer-owned company that operates B.C. Place Stadium paid $1.88 million to host next year’s Grey Cup.
"The agreement to secure the 2011 Grey Cup to showcase the revitalization of B.C. Place was fully funded by Province of B.C.,” said the B.C. Pavilion Corporation financial report for the year ended March 31. “The cost will be amortized into operations in fiscal 2012."
The Nov. 27, 2011 game will be the eighth since the stadium opened in 1983 and 99th in Canadian football history.
B.C. Place closed in April for a $563 million government-financed renovation, including replacement of the air-supported fabric roof with a retractable system. The B.C. Lions are playing at a temporary stadium on Empire Field at the Pacific National Exhibition until B.C. Place reopens in summer or fall 2011.
The Thursday-published report said PavCo will begin repaying a government loan in April 2013 with semi-annual blended payments of principal and interest at a fixed 4.89 percent interest rate through 2049.
"The loan is secured by the assets of B.C. Place and the Vancouver Convention Centre,” said the report.
B.C. Place hosted 2010 Winter Olympics opening, closing and medals ceremonies in February. PavCo’s other property, the Vancouver Convention Centre, was the main media centre for the Games. The PavCo balance sheet showed an $18.8 million loss on operations before amortization and deductions.
Chief executive Warren Buckley remained among the highest-paid public employees in British Columbia with $562,307 in salary and benefits. Vancouver Convention Centre general manager Ken Cretney’s $335,347 pay packet was greater than B.C. Place counterpart Howard Crosley’s $215,283.
