Council Statement on Mile One Centre Privatization
Businessman Dean MacDonald is floating the idea that he would be interested in purchasing Mile One. MacDonald has stated that private ownership could offer a lot of improvements to the facility.
The City of St. John's says that there is a lot to consider when it comes to selling a public asset such as Mile One.
A study prepared in 2019 on the possibility of third-party management for Mile One brought to light some key considerations.
The consultants could find no examples of any municipally-owned medium or large-capacity arena having been sold or leased, long-term, in Canada.
There is a risk of loss of control. For example, new owners could potentially change the use of that facility, leaving the City without a large sports and entertainment venue.
Hotels, restaurants, bars and retail stores benefit from an active sports and entertainment facility.
The City has hired the same consultant who completed the third-party management report to quickly provide advice on the sale/privatization model.