Stadium Update

April 24, 2008

In response to recent comments made by the Vancouver Fraser Port Authority (Port), Vancouver Whitecaps FC offer the following response regarding the club's negotiations for a waterfront land agreement with the Port.

“We were shocked by the Vancouver Port Authority’s sudden and unilateral decision to publicize the terms of confidential land exchange negotiations," said Vancouver Whitecaps FC president Bob Lenarduzzi. "The decision significantly reduces the level of professionalism surrounding these negotiations.”

The Whitecaps have been working towards a fair and reasonable land exchange agreement with the Port for over 18 months. The most recent offer from the Whitecaps was a lease or land exchange ratio of 3:1 in favour of the Port – 30,000 square meters of Whitecaps land in exchange for 10,000 square meters of Port land.

In response to statements recently made by Mr. McLaughlin on behalf of the Port, to the media, the Whitecaps offer clarification on the following points:

Port Statement: The Whitecaps offered $1 for Port land.
Whitecaps Response: This is completely inaccurate, and has been taken out of the context of the full offer. The offer includes a 3:1 lease or land exchange (30,000 square meters of Whitecaps land in exchange for 10,000 square meters of Port land). The lease offer includes a $1 annual transaction for implementation purposes.

Port Statement: There is a land valuation discrepancy of $30 - $35 million.
Whitecaps Response: The Whitecaps’ independent land valuation suggests that a 3:1 land exchange ratio is more than reasonable compensation based on market value.

Port Statement: The Whitecaps-owned land is one of three major rail yards used by The Port on the south shore, and it is absolutely essential to the long-term operation of the south shore terminals.
Whitecaps Response: The Vancouver Fraser Port Authority maintains that the tracks are essential for Port operation, but refuses to attach any financial value to them.

The Whitecaps vision for the stadium has remained constant over the past five years – a community amenity that is:
Accessible
Socially, environmentally and economically sustainable
Adjacent to the main transportation hub
A community gathering place
A home for soccer, rugby, concerts, and other community, sport, and cultural events

The Whitecaps remain committed to building a soccer-specific stadium on Downtown Vancouver’s Central Waterfront and Rail Lands. For more information on the proposed Whitecaps Waterfront Stadium, please visit whitecapsfc.com/stadium/waterfront/.

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