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Gold/Mining/Energy : SMM on TSE - Simmonds Capital -- Ignore unavailable to you. Want to Upgrade?

To: Brad who wrote (278)	6/1/1999 1:31:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 372

A sign of the times to come....This NR and others will definitely affect the future value ofSMM:... techstocks.com This article in the Toronto Star might be eventually relative also... Stronach ventures closer to his dream Austrian soccer stadium, theme park in works By Tony Van Alphen Toronto Star Business Reporter Fledgling sports magnate Frank Stronach says he is pursuing a soccer stadium and theme park complex near Salzburg in his native Austria that will cost more than $100 million (U.S.). Stronach, founder and chairman of auto parts giant Magna International Inc., said yesterday that the company subsidiary, Ventures, has signed a letter of understanding with the Salzburg provincial government for the project and cost sharing. The project calls for construction of a stadium seating 20,000 to 30,000 with the theme park underneath the stands. The park would be based on a fairy tale theme, including possibly characters from tales of the brothers Grimm, Stronach said. Government officials say Ventures would pay 51 per cent of the stadium's construction and 100 per cent of the theme park. Stronach said building a soccer stadium alone in Salzburg doesn't make much sense since the city's top pro club plays only 20-25 home dates a year. Including the theme park increases the stadium's use and feasibility, he added. ''I think it's very economically viable,'' Stronach said. ''We've signed something like a letter of understanding. It's a win-win for everyone.'' Ventures, which Aurora-based Magna will spin off into a separate public company this fall, has already completed some positive research work on the project's viability, he said. Stronach said Ventures' contribution is still uncertain because it is seeking partners for the project. The cost of the project could reach as high as $120 million, Stronach said. He added that construction should start next year or 2001 and probably finish in 2002. The project, like other recent Stronach initiatives in Austria, is facing some opposition despite the provincial government's approval. A citizen's group has launched a campaign against the ''fairy tale stadium.'' Some local and provincial politicians have also raised objections on the grounds that it will lead to traffic congestion in the area. ''That's for them (the government) to deal with,'' Stronach said. ''It has nothing to do with us. They have to decide.'' Stronach, who will probably head Ventures, has become a busy figure in Austrian and American sports circles during the last two years. He is president of the Austrian soccer league and has gained the marketing rights for several premier division teams with the goal of creating a sports television network that contains a betting channel. Stronach also wants to build a horse race track and theme park near Vienna but a local municipal authority has rejected a request for rezoning. Magna Europe will resubmit a new proposal soon, a company official said. A Magna subsidiary bought the Santa Anita race track in California for Ventures late last year for $126 million. Ventures is spending about $20 million on track renovations in a first stage and plans further commercial and residential development, according to Stronach. Ventures is also actively scouting for more tracks in the United States so it can create a network that would lead to betting via the Internet. Stronach, who was chosen the top thoroughbred horse owner in North America last year, believes international gaming and tourism offer huge business opportunities. Magna is moving about $300 million in non-auto assets and $250 million in cash into Ventures to pursue projects outside the auto industry. ...ed