Thursday, September 14, 2000
Firstar Center has seen both highs and lows
The Cincinnati Enquirer
Seemingly since it opened 25 years ago last weekend, the former
Riverfront Coliseum has been buffeted by trouble from all sides.
By 1977, it was ranked as the second-highest-grossing arena in
America. That came to a sudden end Dec. 3, 1979, when 11 people died
at the building while waiting to enter a concert by the Who.
The arena deteriorated physically and struggled under local
private ownership for years before Doug Kirchhofer and his group,
called Cincinnati Entertainment Associates Ltd., bought it in
February 1997 for $21 million. They spent another $14 million to
expand the concourse and replace the seats.
The ownership group was divided into three parts: Mr. Kirchhofer
and the Cyclones; his brother John and the Ashton Capital unit of
Stone Holdings in Dallas; and the Nederlander concert promoting
giant.
Nederlander eventually was bought by SFX Inc.; Ashton Capital
bought its share and now owns a controlling interest in the parent
company, CEA Holdings Inc.
CEA Holdings owns both the Cyclones and the Firstar Center.
During the 12 months ended in August 2000, Mr. Kirchhofer's group
paid city admission tax of $404,122, compared to only $154,806 for
the last full year before it took control.
And it attracted nearly 1 million people last year, easily a
record since the current ownership group took control.
In early 1999, Firstar Corp. bought naming rights to the building
• Arena needs financial help
Arena needs financial help
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