03 September 2008

Mile One runs huge deficit

St. John's Sport and Entertainment, the municipally-owned corporation that runs Mile One Stadium, known to some as the Wells-Coombs Memorial Money Pit is reported to have posted a surplus or even a profit.

Read a bit more closely and you'll see the devil in the details.

Taxpayers of St. John's are pumping almost $2.0 million into the thing as a subsidy.

That supposed surplus of $110,000 is actually a deficit of almost $2.0 million.

There'll be no right-sizing Mile One until the subsidy is down-sized, rather than up-sized as Council has done since 2006.